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Southern Company SO PPA capacity 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%
Non-PPA revenues
$169M+26.1%
Other
$31M0.0%

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CEGTotal Power revenues — Revenues from contracts with customers
$6.45B+23.2%
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PLUGPower Purchase Agreements — Revenue (Gross)
$26.29M+13.3%
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FIPPower Revenues — Total revenues
$45.63M+189%

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 PPA capacity revenues — total revenue from contracts with customers?
Southern Company (SO) reported PPA capacity revenues — total revenue from contracts with customers of $149M in Q1 2026.
How has Southern Company's PPA capacity revenues — total revenue from contracts with customers changed year-over-year?
Southern Company's PPA capacity revenues — total revenue from contracts with customers decreased by 0.0% year-over-year, from $149M to $149M.
What does PPA capacity revenues — total revenue from contracts with customers mean?
This metric represents the total revenue generated from long-term power purchase agreements (PPAs) where the company is compensated for providing generation capacity rather than just the volume of electricity delivered. These revenues are typically derived from fixed-fee arrangements with wholesale customers, providing stable, predictable cash flows that are largely independent of short-term market price fluctuations. It serves as a key indicator of the long-term contractual stability and revenue visibility of the company's wholesale power generation portfolio.