The Southern Company
SO25 yrs growthUtilities · Utilities - Regulated Electric · Stock · quarterly payer
Forward Yield
3.36%
Annual Dividend
$3.04
Payout Ratio
72%
5-Yr Growth
3.0%
Ex-Date
Nov 16, 2026
Frequency
Quarterly
Key facts about SO's dividend
Data as of · Source: SmarterDividends data
- As of Oct 22, 2026, The Southern Company (SO) has a forward dividend yield of 3.36%, based on an annual dividend of $3.04 per share and a share price of $90.39.
- As of Oct 22, 2026, SO's dividend safety grade from SmarterDividends is A (90 out of 100), which rates the dividend as very safe.
- By SmarterDividends' count, The Southern Company (SO) has raised its dividend for 25 consecutive years as of Oct 22, 2026, which makes it a Dividend Aristocrat by the 25-year definition.
- SO has never cut its regular dividend in the payment history SmarterDividends has on record.
- SO's next ex-dividend date is Nov 16, 2026, with payment on Dec 7, 2026. Shares must be owned before that date to receive the dividend.
- As of Oct 22, 2026, SO pays out 72% of its trailing 12-month earnings as dividends (its payout ratio).
- SO's dividend has grown at an average rate of 3.0% a year over the past five years.
- As of Oct 22, 2026, SO's 3.36% yield is 11% below its five-year average yield of 3.76%.
- As of Oct 22, 2026, SmarterDividends' blended fair-value estimate for SO is $91.87 per share, 2% above the $90.39 share price, so SO screens as fairly valued.
- The Southern Company (SO) pays its dividend quarterly, 4 times a year.
- The Southern Company (SO) has raised its regular dividend 38 times and cut it 0 times across the 179 payments on record since 1982. Its most recent change was a 2.7% increase to $0.760 per share, going ex-dividend on May 18, 2026.
- Southern Company (SO) has declared its first higher dividend of the year in April in 5 of the last 5 years; its most recent raise, 2.7%, was declared on Apr 20, 2026.
Cite this page
SmarterDividends, "SO Dividend: Yield, Safety Grade & Next Ex-Date," updated Oct 22, 2026, https://smarterdividends.com/stocks/SO
Summary
As of Oct 22, 2026, The Southern Company (SO) yields 3.36% ($3.04 a year per share), has a dividend safety grade of A (90/100) and has 25 consecutive years of dividend increases on record.
Is SO a good dividend stock?
YesThe Southern Company (SO) pays a quarterly dividend yielding 3.36% ($3.04/yr), with 25 years of growth and a dividend-safety grade of A. It scores well across payout coverage, growth history and safety — a dependable income holding.
Advantages
- Dividend Aristocrat — 25 consecutive years of growth
- Never cut its dividend on record
- 49% total price return over 5 years
- Top-tier dividend safety score
Risks
- Single-stock concentration risk — diversify
Key Data
- Dividend Yield
- 3.36%
- Payout Ratio
- 72%
- Annual Dividend
- $3.04
- 5-Yr Avg Growth
- 3.0%
- Ex-Dividend Date
- Nov 16, 2026
- Years of Growth
- 25
- Frequency
- quarterly
- Beta
- 0.30
- Market Cap
- $104.0B
- P/E Ratio
- 21.8
- 5-Yr Total Return
- 49%
- 52-Week Range
- $81.69 – $99.58
- Dividend Safety
- A · 90/100
- Ever Cut?
- No
SO dividend raises and cuts
The Southern Company (SO) has raised its regular dividend 38 times and cut it 0 times across the 179 payments on record since 1982. Its most recent change was a 2.7% increase to $0.760 per share, going ex-dividend on May 18, 2026.
| Ex-date | Change | Old → new | Move |
|---|---|---|---|
| May 18, 2026 | Raise | $0.740 → $0.760 | +2.7% |
| May 19, 2025 | Raise | $0.720 → $0.740 | +2.8% |
| May 17, 2024 | Raise | $0.700 → $0.720 | +2.9% |
| May 12, 2023 | Raise | $0.680 → $0.700 | +2.9% |
| May 13, 2022 | Raise | $0.660 → $0.680 | +3.0% |
| May 14, 2021 | Raise | $0.640 → $0.660 | +3.1% |
| May 15, 2020 | Raise | $0.620 → $0.640 | +3.2% |
| May 17, 2019 | Raise | $0.600 → $0.620 | +3.3% |
| May 18, 2018 | Raise | $0.580 → $0.600 | +3.4% |
| May 11, 2017 | Raise | $0.560 → $0.580 | +3.6% |
| May 12, 2016 | Raise | $0.543 → $0.560 | +3.1% |
| May 14, 2015 | Raise | $0.525 → $0.543 | +3.4% |
Show all 38 changes since 1982
| Ex-date | Change | Old → new | Move |
|---|---|---|---|
| May 1, 2014 | Raise | $0.507 → $0.525 | +3.6% |
| May 2, 2013 | Raise | $0.490 → $0.507 | +3.5% |
| May 3, 2012 | Raise | $0.473 → $0.490 | +3.6% |
| Apr 28, 2011 | Raise | $0.455 → $0.473 | +4.0% |
| Apr 29, 2010 | Raise | $0.438 → $0.455 | +3.9% |
| Apr 30, 2009 | Raise | $0.420 → $0.438 | +4.3% |
| May 1, 2008 | Raise | $0.403 → $0.420 | +4.2% |
| May 3, 2007 | Raise | $0.388 → $0.403 | +3.9% |
| Apr 27, 2006 | Raise | $0.373 → $0.388 | +4.0% |
| Apr 28, 2005 | Raise | $0.358 → $0.373 | +4.2% |
| Jul 29, 2004 | Raise | $0.350 → $0.358 | +2.3% |
| Jul 31, 2003 | Raise | $0.342 → $0.350 | +2.3% |
| Aug 1, 2002 | Raise | $0.335 → $0.343 | +2.4% |
| May 3, 2001 | Raise | $0.205 → $0.335 | +63.7% |
| Jan 29, 1998 | Raise | $0.199 → $0.205 | +3.1% |
| Jan 30, 1997 | Raise | $0.192 → $0.199 | +3.2% |
| Feb 1, 1996 | Raise | $0.186 → $0.192 | +3.3% |
| Jan 31, 1995 | Raise | $0.180 → $0.186 | +3.4% |
| Feb 1, 1994 | Raise | $0.174 → $0.180 | +3.5% |
| Jan 26, 1993 | Raise | $0.168 → $0.174 | +3.6% |
| Jan 28, 1992 | Raise | $0.163 → $0.168 | +2.8% |
| Oct 28, 1986 | Raise | $0.156 → $0.163 | +4.9% |
| Oct 29, 1985 | Raise | $0.147 → $0.156 | +6.3% |
| Oct 30, 1984 | Raise | $0.137 → $0.147 | +6.7% |
| Nov 1, 1983 | Raise | $0.130 → $0.137 | +5.9% |
| Jul 27, 1982 | Raise | $0.124 → $0.130 | +4.9% |
Frequently Asked Questions
Is SO a good dividend stock?
Yes. The Southern Company (SO) pays a quarterly dividend yielding 3.36% ($3.04/yr), with 25 years of growth and a dividend-safety grade of A. It scores well across payout coverage, growth history and safety — a dependable income holding.
Is SO undervalued?
Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, SO's fair value is about $91.87 versus a $90.39 share price — so it looks fairly valued (+2% vs. fair value).
Is SO's dividend safe?
SO has a dividend-safety grade of A (90/100), based on its payout coverage, free-cash-flow, 25-year growth streak, a clean no-cut history, debt and yield-versus-history.
What is SO's fair value?
Our blended fair-value estimate for SO is about $91.87 per share, roughly 2% above the current $90.39 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.
Is SO a buy, hold, or sell?
We don't issue formal ratings, but on the data SO screens as "yes" and fairly valued. The Southern Company (SO) pays a quarterly dividend yielding 3.36% ($3.04/yr), with 25 years of growth and a dividend-safety grade of A. It scores well across payout coverage, growth history and safety — a dependable income holding. This is research for your own analysis, not investment advice.
Will SO cut its dividend?
SO earns a dividend-safety grade of A (90/100), with no dividend cut on record. A higher score means lower cut risk based on payout coverage, cash flow and history — but no score guarantees a dividend.
Does SO pay a dividend?
Yes. The Southern Company pays a quarterly dividend of about $3.04 per share annually, a forward yield of roughly 3.36%.
What is SO's dividend yield?
As of Oct 22, 2026, SO's forward dividend yield is 3.36%, based on a $3.04 annual dividend and a $90.39 share price.
What is SO's dividend per share?
As of Oct 22, 2026, SO pays $3.04 per share per year, distributed on a quarterly basis.
What is SO's dividend payout ratio?
As of Oct 22, 2026, SO's payout ratio is 72% of trailing 12-month earnings — a moderate level that's generally sustainable.
How many years has SO grown its dividend?
As of Oct 22, 2026, SO has increased its dividend for 25 consecutive years.
When is the next SO ex-dividend date?
As of Oct 22, 2026, the next ex-dividend date on record for SO is Nov 16, 2026.
SO Price — Last 12 Months
Daily close
Price Return
1 Year
+0%
3 Years
+28%
5 Years
+49%
52-Week Range
$81.69 – $99.58
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is SO worth?
Fairly valuedmedium confidenceOur blended fair-value estimate for The Southern Company is $91.87 per share, versus a market price of $90.39. That implies the stock is roughly fairly priced.
Fair Value
$91.87
Current Price
$90.39
Gap
+2%
Margin of Safety
2%
How we get there
Dividend discount
Discounts the future dividend stream back to today.
Earnings multiple (Graham)
Graham's earnings-multiple formula, anchored to bond yields.
At today's price, the market is pricing in about 40.0% annual free-cash-flow growth. We model 9.2% — so the price already assumes faster growth than we think is likely.
Assumptions: 8.0% discount rate (CAPM), 9.2% growth for five years fading to 2.5% over the next five, $4.15 EPS, $3.04 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
SO Dividend Safety Score
Very Safe
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
Full SO dividend history →| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Aug 17, 2026 | Sep 8, 2026 | $0.7600 | regular |
| May 18, 2026 | Jun 8, 2026 | $0.7600 | regular |
| Feb 17, 2026 | Mar 6, 2026 | $0.7400 | regular |
| Nov 17, 2025 | Dec 8, 2025 | $0.7400 | regular |
| Aug 18, 2025 | Sep 8, 2025 | $0.7400 | regular |
| May 19, 2025 | Jun 6, 2025 | $0.7400 | regular |
| Feb 18, 2025 | Mar 6, 2025 | $0.7200 | regular |
| Nov 18, 2024 | Dec 6, 2024 | $0.7200 | regular |
| Aug 19, 2024 | Sep 6, 2024 | $0.7200 | regular |
| May 17, 2024 | Jun 6, 2024 | $0.7200 | regular |
| Feb 16, 2024 | Mar 6, 2024 | $0.7000 | regular |
| Nov 17, 2023 | Dec 6, 2023 | $0.7000 | regular |
| Aug 18, 2023 | Sep 6, 2023 | $0.7000 | regular |
| May 12, 2023 | Jun 6, 2023 | $0.7000 | regular |
Income Calculator
At $3.04 / yr per share
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