Company: SOJE
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000092122-25-000018
Chunk: 259

Company: SOUTHERN CO
Filing Date: 2025-02-20
Form: 10-K
Item: Item 6
Chunk 259
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 and amortization, taxes other than income taxes, and cost of other sales.

Basic EPS was $4.02 in 2024 and $3.64 in 2023. Diluted EPS, which factors in additional shares primarily related to stock-based compensation, was $3.99 in 2024 and $3.62 in 2023. EPS for 2024 and 2023 was negatively impacted by $0.01 and $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,