Companies · SO
Southern Company
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Aug 6, 2026
Southern Company raises $2.73B in convertible debt with short maturity profile and equity upside optionality.
Southern Company issued $833.75 million of 2.125% convertible notes due December 2027 and $1.90 billion of 3.50% convertible notes due September 2029, totaling $2.73 billion in aggregate principal. Both series are unsecured, unsubordinated obligations ranking equally with other unsubordinated debt and subordinated to secured indebtedness. The equity conversion mechanics embed significant optionality: Series 2026A converts at $104.56 per share (9.5641 shares per $1,000 principal) with maturity in 16 months; Series 2026B converts at $118.50 per share (8.4389 shares per $1,000 principal) with maturity in 37 months. The compressed maturity structure suggests Southern Company is accessing near-term liquidity for capital deployment or debt refinancing while preserving flexibility to convert equity in a rising stock environment.
Tone: neutralRevenue
$29.6B
SO 10-K · FY 2025
Employees
29,800
Revenue FY2024
$26.7B
Headquarters
Atlanta, GA
Profile
SO 10-K Item 1 · Feb 19, 2026Southern Company is a holding company providing electric and natural gas utility services across the southeastern United States. Its traditional electric operating subsidiaries — Alabama Power, Georgia Power, and Mississippi Power — are vertically integrated utilities serving retail and wholesale customers. Southern Company also owns Southern Power (wholesale generation), Southern Company Gas (natural gas distribution in four states), and several other subsidiaries including Southern Nuclear and PowerSecure.
Read filing description ↓ Collapse description ↑
Southern Company is a holding company that owns all of the outstanding common stock of three traditional electric operating companies, Southern Power Company, and Southern Company Gas. The traditional electric operating companies — Alabama Power, Georgia Power, and Mississippi Power — are each vertically integrated utilities providing electric service to retail customers in three Southeastern states in addition to wholesale customers in the Southeast. Southern Power Company develops, constructs, acquires, owns, operates, and manages power generation assets, including battery energy storage projects, and sells electricity at market-based rates in the wholesale market. Southern Company Gas is an energy services holding company whose primary business is the distribution of natural gas in four states — Illinois, Georgia, Virginia, and Tennessee — through the natural gas distribution utilities. Southern Company also owns SCS, Southern Linc, Southern Holdings, Southern Nuclear, PowerSecure, and other direct and indirect subsidiaries. Southern Nuclear operates and provides services to the Southern Company system's nuclear power plants. PowerSecure develops distributed energy and resilience solutions and deploys microgrids for commercial, industrial, governmental, and utility customers. Southern Linc provides digital wireless communications for use by Southern Company and its subsidiary companies and also markets these services to the public and provides fiber optics services through its subsidiary, Southern Telecom, Inc. The Southern Company system serves approximately 17 million people across approximately 116,000 square miles in the Southeast.
Primary products
- Retail electric service
- Wholesale electric service
- Natural gas distribution
- Gas marketing services
- Battery energy storage
- Power purchase agreements (PPAs)
Business segments
End markets
Geographies
Named customers
The contracts with these wholesale customers represented 12.9% of Mississippi Power's total operating revenues in 2025.
“Southern Power competes with investor-owned utilities, IPPs, and others for wholesale energy sales across various U.S. utility markets.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total operating revenues increased from $26.7 billion in 2024 to $29.6 billion in 2025, driven by growth in retail electric revenues and wholesale electric revenues across the traditional electric operating companies.
The rest of SO is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.