Utilities
Southern Company reported Q1 2026 revenue of $8.40B (+8.0% YoY) driven by strong top-line growth, though operating margin compressed to 24.0% and cash balances fell sharply by 57.8%, reflecting heavy capital investment in its regulated utility infrastructure.
Key risk: Liquidity and Current Ratio Pressure
Southern Company's current ratio of 0.65 indicates current liabilities of $15.32B significantly exceed current assets of $9.96B, and cash has dropped 57.8% YoY to $981M. This near-term liquidity gap requires ongoing access to capital markets and credit facilities to fund operations and debt maturities. Any disruption to financing access could strain short-term financial flexibility.
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