The Southern Company Earnings Recaps
Q1 2026
May 3, 2026
Shares rose 3.4% following Southern Company’s first quarter results, as adjusted EPS and retail electricity sales growth both came in ahead of internal estimates, with particularly strong demand from large commercial customers and data centers.
Key takeaways
- Adjusted EPS of $1.32 beat management’s estimate by 12¢ and was 9¢ higher year-over-year; Q2 EPS estimate set at $1.00.
- Total weather-normalized retail electricity sales rose 2.3%, the highest Q1 retail sales growth in recent history; commercial class sales were up 4.5% and data center usage surged 42%.
- Company signed incremental 1.9 GW of high credit quality hyperscaler contracts in two months, bringing fully contracted large load agreements to over 11 GW.
- Construction progressing on multiple battery storage and natural gas projects, supporting a 10 GW portfolio of new generation resources scheduled through 2027.
- $26.5 billion in DOE loan agreements are expected to generate $7 billion in long-term customer savings and reduce capital market dependence.
Q3 2025
Oct 31, 2025
Southern Company delivered an impressive third-quarter performance with adjusted EPS of $1.60, surpassing estimates and demonstrating strong growth driven by investment in utilities and rising customer demand.
Key takeaways
- Adjusted EPS of $1.60 for Q3 2025, exceeding estimates by $0.10 and up $0.17 year-over-year.
- Year-to-date retail electricity sales increased by 1.8%, driven by robust growth across commercial and industrial sectors.
- Successfully secured four large contracts for over 2 gigawatts of demand in Georgia and Alabama, enhancing customer value without compromising existing rates.
- Issued $4 billion in long-term debt to satisfy 2025 financing needs, benefiting from strong investor demand and lower interest costs.
- Continued focus on maintaining investment-grade credit ratings while pursuing disciplined equity financing to support future growth.