Short answer
Southern Company (SO) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $29.6B (+10.6% year over year) and net income of $4.3B.
- Top risk flagged: Regulatory risk: Alabama PSC approved retail rates stable through 2027, potential cost recovery limitations from 2028 onward
FY2025 key financial metrics · XBRL
- Revenue
- $29.6B
- +10.6% YoY
- Net income
- $4.3B
- −1.4% YoY
- Operating margin
- 24.7%
- −1.8 pp YoY
- EPS (diluted)
- $3.92
- −1.8% YoY
- ROE
- 12.1%
- −1.2 pp YoY
- Operating cash flow
- $9.8B
- +0.1% YoY
Source: XBRL data from the Southern Company (SO) FY2025 10-K on SEC EDGAR. USD.
Southern Company FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Vertically integrated electric utilities serving Southeastern U.S. with wholesale and retail power plus natural gas distribution in four states
- New emphasis on battery energy storage projects within Southern Power's power generation portfolio
- Strategic integration of distributed energy and resilience solutions via PowerSecure, enhancing microgrid deployment capabilities
- Employee-related services centralized under SCS, supporting executive, engineering, IT, finance, and operations across subsidiaries
- Southern Linc digital wireless system coverage expanded to 122,000 square miles in the Southeast, supporting both company and public communications
Management Discussion & Analysis
- Risk of under recovery of costs $880M storm damage recovery deferred for Hurricane Helene restoration at Georgia Power
- Best performing segment not specified; risk highlighted from traditional electric and Southern Company Gas operations exposed to fuel price volatility and recovery delays
- Capital allocation details not provided; storm costs $75M capitalized, $780M deferred as regulatory asset, $25M deferred for transmission customers
- Forward-looking risk: volatile natural gas prices mid- to high-$3 per mmBtu through 2030, weather volatility, economic downturns, technology adoption uncertainties impacting demand
Risk Factors
- Regulatory risk: Alabama PSC approved retail rates stable through 2027, potential cost recovery limitations from 2028 onward
- Macroeconomic threat: Rising infrastructure costs and capital expenditures pressure profitability of electric and gas utilities
- Operational risk: Reliance on state regulators for cost recovery and rate of return approval affecting cash flow certainty
- Competitive risk: Reduced government incentives or regulations for renewables may depress demand for renewable energy projects
- Legal risk: Exposure to substantial monetary penalties for noncompliance with electric infrastructure protection and pipeline safety regulations
Generated from the filing text; verify against the original. How to read a 10-K
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