Southern Company (SO) — Cash Flow Reinvestment Rate
Southern Company (SO) has a Cash Flow Reinvestment Rate of 1.92x as of September 2025, reinvesting $7.25 Billion (capex $3.39 Billion plus investments $-3.87 Billion) from operating cash flow of $3.77 Billion. See Southern Company free cash flow efficiency to measure how efficiently the company converts operating cash flow to free cash.
Reinvestment Rate
Total Reinvested
Operating Cash Flow
Capital Expenditures
Southern Company Cash Flow Reinvestment Rate (1994–2024)
Historical reinvestment intensity for Southern Company across 31 annual periods. For the full cash flow conversion analysis, see SO cash flow metrics.
Annual Cash Flow Reinvestment Rate for Southern Company (1994–2024)
Year-by-year capital reinvestment analysis for Southern Company. See SO financial flexibility score to measure the company's free cash flow as a share of total liabilities.
| Year | Reinvestment Rate | Total Reinvested (USD) | Operating CF | Capex | YoY Change |
|---|---|---|---|---|---|
| 2024 | 1.88x | $18.36 Billion | $9.79 Billion | $8.96 Billion | ▼ -22.6% |
| 2023 | 2.42x | $18.29 Billion | $7.55 Billion | $9.10 Billion | ▲ +92.3% |
| 2022 | 1.26x | $7.94 Billion | $6.30 Billion | $7.92 Billion | ▲ +7.2% |
| 2021 | 1.17x | $7.25 Billion | $6.17 Billion | $7.24 Billion | ▲ +4.5% |
| 2020 | 1.12x | $7.53 Billion | $6.70 Billion | $7.44 Billion | ▼ -15.7% |
| 2019 | 1.33x | $7.71 Billion | $5.78 Billion | $7.55 Billion | ▲ +14.0% |
| 2018 | 1.17x | $8.12 Billion | $6.95 Billion | $8.00 Billion | ▼ -1.4% |
| 2017 | 1.19x | $7.58 Billion | $6.39 Billion | $7.42 Billion | ▼ -78.8% |
| 2016 | 5.59x | $27.36 Billion | $4.89 Billion | $7.31 Billion | ▲ +374.0% |
| 2015 | 1.18x | $7.40 Billion | $6.27 Billion | $7.39 Billion | ▲ +14.7% |
| 2014 | 1.03x | $5.98 Billion | $5.82 Billion | $5.98 Billion | ▲ +14.7% |
| 2013 | 0.90x | $5.46 Billion | $6.10 Billion | $5.46 Billion | ▼ -8.7% |
| 2012 | 0.98x | $4.81 Billion | $4.90 Billion | $4.81 Billion | ▲ +28.1% |
| 2011 | 0.77x | $4.53 Billion | $5.90 Billion | $4.53 Billion | ▼ -25.1% |
| 2010 | 1.02x | $4.09 Billion | $3.99 Billion | $4.09 Billion | ▼ -28.5% |
| 2009 | 1.43x | $4.67 Billion | $3.26 Billion | $4.67 Billion | ▲ +22.8% |
| 2008 | 1.17x | $3.96 Billion | $3.40 Billion | $3.96 Billion | ▲ +11.6% |
| 2007 | 1.04x | $3.54 Billion | $3.40 Billion | $3.54 Billion | ▼ -1.7% |
| 2006 | 1.06x | $2.99 Billion | $2.82 Billion | $2.99 Billion | ▲ +13.3% |
| 2005 | 0.94x | $2.37 Billion | $2.53 Billion | $2.37 Billion | ▲ +19.5% |
| 2004 | 0.78x | $2.11 Billion | $2.69 Billion | $2.11 Billion | ▲ +20.0% |
| 2003 | 0.65x | $2.00 Billion | $3.07 Billion | $2.00 Billion | ▼ -32.0% |
| 2002 | 0.96x | $2.72 Billion | $2.83 Billion | $2.72 Billion | ▼ -12.6% |
| 2001 | 1.10x | $2.62 Billion | $2.38 Billion | $2.62 Billion | ▲ +39.0% |
| 2000 | 0.79x | $2.23 Billion | $2.82 Billion | $2.23 Billion | ▼ -16.0% |
| 1999 | 0.94x | $2.56 Billion | $2.72 Billion | $2.56 Billion | ▲ +28.9% |
| 1998 | 0.73x | $2.00 Billion | $2.75 Billion | $2.00 Billion | ▲ +3.0% |
| 1997 | 0.71x | $1.86 Billion | $2.62 Billion | $1.86 Billion | ▲ +38.4% |
| 1996 | 0.51x | $1.23 Billion | $2.40 Billion | $1.23 Billion | ▼ -15.4% |
| 1995 | 0.61x | $1.40 Billion | $2.31 Billion | $1.40 Billion | ▼ -16.8% |
| 1994 | 0.73x | $1.54 Billion | $2.11 Billion | $1.54 Billion | — |