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The Southern Company, taken apart.

Four panels built from the reported annual accounts, then the rest of the engine. Every figure below is The Southern Company’s own filing, not an estimate of ours.

Income statement, four years

Read across, not down. Each line is shown for four fiscal years, so the direction matters more than any single column.

The Southern Company annual income statement, as reported. Columns are fiscal years, most recent first.
LineFY2025FY2024FY2023FY2022
Revenue$29.55B$26.72B$25.25B$29.28B
Cost of revenue$15.23B$13.36B$13.48B$18.65B
Gross profit$14.32B$13.36B$11.78B$10.63B
Operating expenses$7.04B$6.29B$5.95B$5.26B
Operating income$7.29B$7.07B$5.83B$5.37B
Net income$4.34B$4.40B$3.98B$3.54B
Diluted EPS3.923.993.623.26

Net income moved +22.8% across these years while earnings per share moved +20.2% — less than the profit itself, because the share count changed. Profit split fewer ways is not the same as more profit.

The rest of the engine

The panels above are built from filings. These run against the live engine.