The financials
Southern Company by the numbers
Southern Company (SO) reported revenue of $8.40B in Q1 2026 (quarter ended March 31, 2026), up 8.0% from the same quarter a year earlier. That came with net income of $1.34B (16% of revenue). For the full year FY2025, revenue was $29.6B (+11% year on year) and net income $4.17B. Its largest product in 2026-Q1 was Retail Electric Commercial at $1.66B, 19% of the disclosed total, just ahead of Natural Gas Distribution Residential at 12%.
| Income statement | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | $8.40B | $7.78B | +8.0% |
| Operating income | $2.02B | $2.01B | +0.4% |
| Net income | $1.34B | $1.27B | +5.4% |
| Diluted EPS | $1.20 | $1.21 | −0.8% |
| Product | Revenue | Share |
|---|---|---|
| Retail Electric Commercial | $1.66B | 19% |
| Natural Gas Distribution Residential | $1.03B | 12% |
| Wholesale Electric | $965M | 11% |
| Retail Electric Industrial | $942M | 11% |
| Wholesale Electric | $734M | 8.3% |
| Wholesale Electric PPA Energy | $496M | 5.6% |
| Other | $493M | 5.6% |
| Natural Gas Distribution Transportation | $440M | 5.0% |
| Product And Service Other | $336M | 3.8% |
| Other Natural Gas | $284M | 3.2% |
| Other Natural Gas Gas Marketing Services | $281M | 3.2% |
| Other Electric | $265M | 3.0% |
| Natural Gas Distribution Commercial | $253M | 2.9% |
| Wholesale Electric PPA Capacity | $149M | 1.7% |
| Natural Gas Distribution Other | $145M | 1.6% |
| Wholesale Affiliates | $119M | 1.3% |
| Wholesale Non Affiliates | $117M | 1.3% |
| Wholesale Electric Non PPA | $89M | 1.0% |
| Retail Electric Other | $31M | 0.4% |
| Natural Gas Distribution Industrial | $24M | 0.3% |
| Other Natural Gas Other Natural Gas | $3.0M | 0.0% |
Business Segments
Revenue split by product segment, from SEC XBRL filings.
Latest period: Q1 2026Total $8.86B (+21%)
Wholesale Affiliates grew +72% year on yearOther Natural Gas Other Natural Gas -25% year on year
Segment Latestquarter on quarteryear on year
- Retail Electric Commercial$1.66B$1.66BQoQ -20%year on year +3.2%-20%+3.2%
- Natural Gas Distribution Residential$1.03B$1.03BQoQ +336%year on year +22%+336%+22%
- Wholesale Electric$965.0M$965.0MQoQ +16%year on year +30%+16%+30%
- Retail Electric Industrial$942.0M$942.0MQoQ -21%year on year +3.0%-21%+3.0%
- Wholesale Electric$734.0M$734.0MQoQ +11%year on year +16%+11%+16%
- Wholesale Electric PPA Energy$496.0M$496.0MQoQ +33%year on year +20%+33%+20%
- Other$493.0M$493.0MQoQ +23%year on year 0.00%+23%0.00%
- Natural Gas Distribution Transportation$440.0M$440.0MQoQ +39%year on year +8.4%+39%+8.4%
- Product And Service Other$336.0M$336.0MQoQ +17%year on year -3.7%+17%-3.7%
- Other Natural Gas$284.0M$284.0MQoQ +398%year on year +9.2%+398%+9.2%
- Other Natural Gas Gas Marketing Services$281.0M$281.0MQoQ +402%year on year +9.8%+402%+9.8%
- Other Electric$265.0M$265.0MQoQ +1.1%year on year +9.5%+1.1%+9.5%
- Natural Gas Distribution Commercial$253.0M$253.0MQoQ +289%year on year +27%+289%+27%
- Wholesale Electric PPA Capacity$149.0M$149.0MQoQ -17%year on year 0.00%-17%0.00%
- Natural Gas Distribution Other$145.0M$145.0MQoQ +209%year on year +29%+209%+29%
- Wholesale Affiliates$119.0M$119.0MQoQ +325%year on year +72%+325%+72%
- Wholesale Non Affiliates$117.0M$117.0MQoQ -15%year on year +29%-15%+29%
- Wholesale Electric Non PPA$89.0M$89.0MQoQ -16%year on year +25%-16%+25%
- Retail Electric Other$31.0M$31.0MQoQ -3.1%year on year 0.00%-3.1%0.00%
- Natural Gas Distribution Industrial$24.0M$24.0MQoQ +500%year on year +33%+500%+33%
- Other Natural Gas Other Natural Gas$3.0M$3.0MQoQ +200%year on year -25%+200%-25%
- Alternative Energy−$2.0M−$2.0MQoQ -year on year ---
Utilities - Regulated Electric
Ranks #26 of 37 by Smart Score