# Southern Company (SO) Q2 2025 Financial Results Summary
Southern Company released its second-quarter financial report on July 31, 2025. Below is a detailed summary of the company’s performance for Q2 2025 compared to Q2 2024.
## Key Financial Metrics
– **Net Income (As Reported)**
– Q2 2025: $880 million ($0.80 per share)
– Q2 2024: $1,203 million ($1.10 per share)
– **Decrease**: -26.8% in net income and -27.3% in earnings per share (EPS) compared to Q2 2024.
– **Net Income (Excluding Items)**
– Q2 2025: $1,014 million ($0.92 per share)
– Q2 2024: $1,204 million ($1.10 per share)
– **Decrease**: -15.8% in net income and -16.4% in EPS year-over-year.
– **Year-to-Date Earnings (As Reported)**
– H1 2025: $2,214 million ($2.01 per share)
– H1 2024: $2,332 million ($2.13 per share)
– **Decrease**: -5.1% in net income and -5.6% in EPS.
– **Year-to-Date Earnings (Excluding Items)**
– H1 2025: $2,369 million ($2.15 per share)
– H1 2024: $2,335 million ($2.13 per share)
– **Increase**: +1.5% in net income and +0.9% in EPS.
## Revenue Breakdown
– **Operating Revenues**
– Q2 2025: $6.973 billion
– Q2 2024: $6.463 billion
– **Increase**: +7.9% in revenue year-over-year.
– **Year-to-Date Operating Revenues**
– H1 2025: $14.748 billion
– H1 2024: $13.109 billion
– **Increase**: +12.5% year-over-year.
## Earnings and Operational Insights
– **Drivers of Earnings**:
– Increased non-fuel operations and maintenance expenses.
– Previous year gains on transmission asset sales.
– Milder weather impacts on energy demand.
– Higher income taxes, depreciation, and amortization expenses.
– Increased interest expenses, partially offset by higher utility revenues.
– **Retail Sales Volumes**:
– Total sales decreased slightly by 0.1% to 49.858 million kilowatt-hours in Q2 2025.
– Total retail sales increased by 0.5% to 37.194 million kilowatt-hours year-over-year.
– **Operating Expenses**:
– Total operating expenses rose to $5.209 billion in Q2 2025 from $4.524 billion in Q2 2024.
– **Increase**: +15.1% in total operating expenses.
## Share Repurchase and Dividend Declaration
– Southern Company did not specify any declaration of quarterly dividends in this report.
– The company did report costs related to the extinguishment of certain debt as a result of the repurchase of convertible senior notes, indicating active management of capital structure.
## Conclusion
Southern Company demonstrated resilient operating revenues in Q2 2025, achieving a notable year-over-year growth in total revenues, despite a significant decline in net income and earnings per share compared to the same quarter in 2024. The company’s operational expenses and maintenance costs have risen, contributing to the decreasing profitability. Overall, Southern Company reflects a transition phase with measurements of performance indicating areas both for concern and continued operational strength.
### Condensed Consolidated Statements of Income
*Amounts in millions*
| Three Months Ended June 2025 | 2024 | Year-To-Date June 2025 | 2024 | |
|---|---|---|---|---|
| Net Income – As Reported | $880 | $1,203 | $2,214 | $2,332 |
| Less: | ||||
| Estimated Loss on Plants Under Construction | -2 | 17 | -4 | 14 |
| Tax Impact | -4 | -18 | -3 | -17 |
| Accelerated Depreciation from Repowering | -40 | -65 | ||
| Tax Impact | 9 | 14 | ||
| Loss on Extinguishment of Debt | -129 | -129 | ||
| Tax Impact | 32 | 32 | ||
| Net Income – Excluding Items | $1,014 | $1,204 | $2,369 | $2,335 |
| Average Shares Outstanding – (in millions) | 1,101 | 1,096 | 1,100 | 1,095 |
| Basic Earnings Per Share – Excluding Items | $0.92 | $1.10 | $2.15 | $2.13 |
### Condensed Consolidated Balance Sheets
*Amounts in millions*
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash and Cash Equivalents | $xxx | $xxx |
| Accounts Receivable | $xxx | $xxx |
| Inventory | $xxx | $xxx |
| Other Current Assets | $xxx | $xxx |
| Total Current Assets | $xxx | $xxx |
| Non-Current Assets | ||
| Property, Plant and Equipment | $xxx | $xxx |
| Less: Accumulated Depreciation | $xxx | $xxx |
| Total Non-Current Assets | $xxx | $xxx |
| TOTAL ASSETS | $xxx | $xxx |
| LIABILITIES AND EQUITY | ||
| Current Liabilities | ||
| Current Portion of Long-term Debt | $xxx | $xxx |
| Accounts Payable | $xxx | $xxx |
| Other Current Liabilities | $xxx | $xxx |
| Total Current Liabilities | $xxx | $xxx |
| Long-term Liabilities | ||
| Long-term Debt | $xxx | $xxx |
| Other Long-term Liabilities | $xxx | $xxx |
| Total Long-term Liabilities | $xxx | $xxx |
| Total Liabilities | $xxx | $xxx |
| Equity | ||
| Common Stock | $xxx | $xxx |
| Additional Paid-in Capital | $xxx | $xxx |
| Retained Earnings | $xxx | $xxx |
| Total Equity | $xxx | $xxx |
| TOTAL LIABILITIES AND EQUITY | $xxx | $xxx |
