Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 4493

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 3
Chunk 4493
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0.06 per 

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    Table of Contents                                Index to Financial Statements        COMBINED MANAGEMENT'S DISCUSSION AND ANALYSIS

share, respectively, as a result of increases in the average shares outstanding. See Note 8 to the financial statements under "Outstanding Classes of Capital Stock – Southern Company" for additional information.

Dividends paid per share of common stock were $2.86 in 2024 and $2.78 in 2023. In January 2025, Southern Company declared a quarterly dividend of 72 cents per share. For 2024, the dividend payout ratio was 71% compared to 76% for 2023.

Discussion of Southern Company's results of operations is divided into three parts – the Southern Company system's primary business of electricity sales, its gas business, and its other business activities.

20242023(in millions)Electricity business$4,473 $3,994 Gas business740 615 Other business activities(812)(633)Net Income$4,401 $3,976 

Electricity Business

Southern Company's electric utilities generate and sell electricity to retail and wholesale customers. A condensed statement of income for the electricity business follows:

 2024Increase (Decrease) from 2023 (in millions)Electric operating revenues$21,603 $1,605 Fuel4,096 (269)Purchased power883 — Cost of other sales237 66 Other operations and maintenance5,111 432 Depreciation and amortization4,034 169 Taxes other than income taxes1,288 129 Estimated loss on Plant Vogtle Units 3 and 4(21)47 Total electric operating expenses15,628 574 Operating income5,975 1,031 Allowance for equity funds used during construction209 (38)Interest expense, net of amounts capitalized1,372 98 Other income (expense), net523 (10)Income taxes1,003 420 Net income4,332 465 Net loss attributable to noncontrolling interests(141)(14)Net Income Attributable to Southern Company$4,473 $479 

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    Table of Contents                                Index to Financial Statements        COMBINED MANAGEMENT'S DISCUSSION AND ANALYSIS

Electric Operating Revenues

Electric operating revenues for 2024 were $21.6