Southern Company reported a transformative year in 2025, characterized by significant revenue growth driven by increased demand and strategic investments. While the company navigated higher operating expenses and interest costs, it successfully managed its adjusted earnings and maintained a disciplined approach to serving projected generational growth.
Fourth-quarter 2025 operating revenues increased 10.1% to $7.0 billion, compared with $6.3 billion for the fourth quarter of 2024.
positiveFull-year 2025 operating revenues increased 10.6% to $29.6 billion, compared with $26.7 billion in 2024.
positiveAdjusted earnings per share (EPS) for the full-year 2025 were $4.30, an increase from $4.05 in 2024.
positiveTotal regulated utility customers increased by 0.8% to 9,005,000.
neutralReported net income for the fourth quarter of 2025 decreased to $416 million, or $0.38 per share, compared with $534 million, or $0.49 per share, in the fourth quarter of 2024.
negativeReported full-year 2025 net income decreased to $4.3 billion, or $3.94 per share, compared with $4.4 billion, or $4.02 per share, in 2024.
negativeHigher non-fuel operations and maintenance expenses, depreciation and amortization, and interest expense partially offset adjusted earnings drivers.
attentionLoss on extinguishment of debt of $123 million ($92 million after tax) in Q4 2025 and $252 million ($189 million after tax) for the full year 2025 due to repurchase of convertible senior notes.
attentionAccelerated depreciation charges of $116 million ($90 million after tax) for the three months and $284 million ($221 million after tax) for the twelve months ended December 31, 2025, related to wind facility repowering.
attentionEstimated loss of $63 million ($47 million after tax) at Southern Company Gas related to Nicor Gas capital investment disallowances.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Traditional Electric Operating Companies | N/A | — | — | — |
Southern Power | N/A | — | — | — |
Southern Company Gas | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
2025 was another outstanding year for Southern Company, and it was also a transformative one.
Southern Company is meeting the growing demand responsibly, while continuing to deliver value and benefits to all of our customers.
Taking a disciplined, all-of-the-above approach is how we will continue to operate our company to serve this projected generational growth in a way that supports rate stability and helps drive long-term savings for our customers.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.