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Southern Company SO Non-PPA revenues — Total revenue from contracts with customers

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%
PPA capacity revenues
$149M0.0%
Other
$31M0.0%

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VSTRevenue from other wholesale contracts — Total revenue from contracts with customers
$350M+5.7%
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KMIProduct Other Than Natural Gas — Revenues from customers
$1.16B+57.0%
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GLPWholesale — Revenues Other Than From Contract With Customer
$2.79B+20.2%
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CEGTotal Power revenues — Revenues from contracts with customers
$6.45B+23.2%
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UHSOther Non Patient Revenue — Revenue From Contract With Customer Excluding Assessed Tax Percentage
7%+1.0pp
MTD
MTDRSales of purchased natural gas — Revenues from contracts with customers
$80.78M+28.7%

Other financials

Income statement

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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$109.63B+5.7%
Enterprise value$183.9B
P/E19.6×
P/S3.5×-0.5×

Profitability

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

Returns & leverage

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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:RevenueFromContractWithCustomerIncludingAssessedTax.

The official record: Southern Company’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Southern Company's non-ppa revenues — total revenue from contracts with customers?
Southern Company (SO) reported non-ppa revenues — total revenue from contracts with customers of $169M in Q1 2026.
How has Southern Company's non-ppa revenues — total revenue from contracts with customers changed year-over-year?
Southern Company's non-ppa revenues — total revenue from contracts with customers increased by 26.1% year-over-year, from $134M to $169M.
What does non-ppa revenues — total revenue from contracts with customers mean?
This metric represents revenue generated from wholesale electricity sales that are not governed by long-term Power Purchase Agreements (PPAs). These revenues typically stem from short-term market transactions, merchant power sales, or spot market activity within the wholesale energy sector. It reflects the company's exposure to merchant power pricing and market-based demand rather than fixed-contracted revenue streams.