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Southern Company SO Alternative revenue programs — Total operating revenues

Other product segments

Retail electric revenues
$4.62B
Residential
$2B-3.0%
Commercial
$1.66B+3.2%
Industrial
$942M+3.0%
PPA energy revenues
$496M+19.5%
Transportation
$440M+8.4%
Other natural gas revenues
$284M+9.2%
Non-PPA revenues
$169M+26.1%
PPA capacity revenues
$149M0.0%
Other
$31M0.0%

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Other financials

Income statement

See full
Revenue$8.4B+8.0%
Operating income$2.0B+0.4%
Net income$1.4B+1.6%
EPS (diluted)$1.20-0.8%

Balance sheet

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Cash & equivalents$987.0M-57.7%
Total debt$75.3B
Total equity$39.9B+7.2%
Total assets$157.03B

Cash flow

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Operating cash flow$1.2B-1.9%
CapEx$2.9B+20.8%
Free cash flow-$1.7B-44.7%

Valuation

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Market cap$106.87B+2.6%
Enterprise value$181.14B
P/E19.1×
P/S3.4×-0.4×

Profitability

See full
Operating margin18.7%-2.5pp
Net margin13.1%
FCF margin-5.1%

Returns & leverage

See full
Return on equity9%
Debt / equity1.9×
Current ratio0.7×

Where this comes from

Reported directly by Southern Company in its filing.

Tagged under the XBRL concept us-gaap:Revenues.

The source filing: Southern Company’s 10-Q, filed April 30, 2026.

Filed
Apr 29, 2026, 5:37 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0000092122-26-000034
Line itemFor the Three Months Ended March 31, 20262025
Retail electric revenues$4,640$4,601
Wholesale electric revenues965744
Other electric revenues265242
Natural gas revenues (includes alternative revenue programs of $(2) and $(19), respectively)2,1911,839
Other revenues336349
Total operating revenues8,3977,775
Operating Expenses:
Fuel1,4911,292

Item 1. Financial Statements (Unaudited).

FAQ

What is Southern Company's alternative revenue programs — total operating revenues?
Southern Company (SO) reported alternative revenue programs — total operating revenues of -$2M in Q1 2026.
How has Southern Company's alternative revenue programs — total operating revenues changed year-over-year?
Southern Company's alternative revenue programs — total operating revenues increased by 89.5% year-over-year, from -$19M to -$2M.
What does alternative revenue programs — total operating revenues mean?
This metric represents the total operating revenues generated from specialized utility programs that fall outside of traditional base rate-regulated service offerings. These programs often include energy efficiency initiatives, demand-side management incentives, or other regulatory-approved mechanisms designed to decouple utility earnings from volumetric sales. It reflects the company's ability to diversify income streams through non-traditional utility service models.

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