Southern Co
southerncompany.comWhat Do They Do?
Provides electric service to retail customers, sells power to wholesale buyers, and distributes natural gas to households and businesses.
10-K for FY2025, filed Feb 19, 2026The traditional electric operating companies – Alabama Power, Georgia Power, and Mississippi Power – are each vertically integrated…View ↗
Southern Power develops, constructs, acquires, owns, operates, and manages power generation assets, including battery energy storage…View ↗
Southern Company Gas is an energy services holding company whose primary business is the distribution of natural gas through the natural…View ↗
Gas distribution operations, the largest segment of Southern Company Gas' business, operates, constructs, and maintains approximately…View ↗
How Do They Make Money?
Retail electric customers are charged regulated rates for electricity delivered, with bills typically due the following month. Wholesale buyers pay under contracts for available capacity and delivered power; natural gas customers pay for gas distribution, sales, or transportation as volumes are delivered, with payment typically due the following month.
10-K for FY2025, filed Feb 19, 2026The majority of the revenues of the traditional electric operating companies are generated from contracts with retail electric customers.…View ↗
Wholesale capacity revenues from PPAs are recognized in amounts billable under the contract terms. Energy and other revenues are generally…View ↗
For both retail and wholesale revenues, the traditional electric operating companies have elected to recognize revenue for their sales of…View ↗
Southern Power sells capacity and energy at rates specified under contractual terms in long-term PPAs. These PPAs are accounted for as…View ↗
Southern Company Gas records revenues when goods or services are provided to customers. Those revenues are based on rates approved by the…View ↗
Southern Company Gas has elected to recognize revenue for sales of gas using the invoice practical expedient as it generally has a right to…View ↗
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10-K for FY2025, filed Feb 19, 2026
FY2025 revenue by product or service ↗
$29.6B
-
10-K for FY2025, filed Feb 19, 2026
$29.6B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Retail electric revenues
Usage-based
10-K for FY2025, filed Feb 19, 2026 |
65%
FY2022: 62%
|
Retail electric revenues, FY2025
$19.3B Sources
|
Usage-based |
|
Wholesale electric revenues
|
10.0%
FY2022: 12%
|
Wholesale electric revenues, FY2025
$2.9B Sources
|
|
|
Other electric revenues
|
3.2%
FY2022: 2.6%
|
Other electric revenues, FY2025
$953M Sources
|
|
|
Natural gas revenues
Usage-based
10-K for FY2025, filed Feb 19, 2026 |
17%
FY2022: 20%
|
Natural gas revenues, FY2025
$5B Sources
|
Usage-based |
|
Other revenues
|
4.3%
FY2022: 2.5%
|
Other revenues, FY2025
$1.3B Sources
|
Who Are Their Customers?
Electric operating companies serve retail and wholesale customers; Southern Power sells power to utilities, cooperatives, municipalities, and businesses. Gas distribution utilities serve households and businesses, while marketers sell gas and handle billing in Georgia.
10-K for FY2025, filed Feb 19, 2026The traditional electric operating companies – Alabama Power, Georgia Power, and Mississippi Power – are each vertically integrated…View ↗
Southern Power develops, constructs, acquires, owns, operates, and manages power generation assets, including battery energy storage…View ↗
Gas distribution operations, the largest segment of Southern Company Gas' business, operates, constructs, and maintains approximately…View ↗
Atlanta Gas Light operates in a deregulated natural gas market whereby Marketers, rather than a traditional utility, sell natural gas to…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 15 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$2.9B.
10-K for FY2025, filed Feb 19, 2026
$7.3BView ↗
10-K for FY2025, filed Feb 19, 2026
$4.3BView ↗
10-K for FY2025, filed Feb 19, 2026
−$2.9BView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
Growing. Revenue grew 28% in 4 years, from $23.1B in FY2021 to $29.6B in FY2025, about 6% a year.
Battery storage projects
Southern Power's latest business description includes battery energy storage projects among its generation assets; the older description referred to renewable energy projects.
10-K for FY2022, filed Feb 16, 2023 10-K for FY2025, filed Feb 19, 2026Southern Power develops, constructs, acquires, owns, and manages power generation assets, including renewable energy projects, and sells…View ↗
Southern Power develops, constructs, acquires, owns, operates, and manages power generation assets, including battery energy storage…View ↗
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