The Southern Company (SO) Earnings
The Southern Company is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $1.01. SO has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +4.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $1.21 | $1.32 | +9.1% | $8.4B | +4.0% |
| Feb 19, 2026 | $0.56 | $0.55 | -1.4% | $7.0B | +14.5% |
| Oct 30, 2025 | $1.51 | $1.60 | +6.0% | $7.8B | +2.7% |
| Jul 31, 2025 | $0.88 | $0.91 | +4.0% | $7.0B | +9.6% |
| May 1, 2025 | $1.20 | $1.23 | +2.5% | $7.8B | +8.7% |
| Feb 20, 2025 | $0.51 | $0.50 | -1.2% | $6.3B | +7.4% |
| Oct 31, 2024 | $1.34 | $1.43 | +6.7% | $7.3B | +1.9% |
| Aug 1, 2024 | $0.92 | $1.10 | +19.6% | $6.5B | +6.0% |
| May 2, 2024 | $0.91 | $1.03 | +13.2% | $6.6B | +0.8% |
| Feb 15, 2024 | $0.60 | $0.64 | +6.7% | $6.0B | -12.3% |
| Nov 2, 2023 | $1.32 | $1.42 | +7.6% | $7.0B | -16.2% |
| Aug 3, 2023 | $0.75 | $0.79 | +5.3% | $5.7B | -11.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Adjusted earnings results for the first quarter were above the estimate, with year-over-year growth across all major businesses. - There is extraordinary growth and economic development opportunities in the service territories, with 23 gigawatts of contracted or late-stage load, and 1.9 gigawatts of customer load added in the last two months. - Georgia Power achieved commercial operations for two battery energy storage systems. - The Southern Company Board of Directors approved an increase of $0.08 per share in the annual common dividend, marking the 25th consecutive annual increase.
Guidance
- The adjusted EPS estimate for the second quarter is $1 per share. - There is a projected remaining need for equity or equity equivalents of approximately $1.8 billion through 2030 to support the capital plan and long-term credit objectives. - Interest from large load customers in the electric service territories remains strong with a prospective pipeline of well over 75 gigawatts, and there are 12 gigawatts in active late-stage discussions with nearly 6 gigawatts expected to be finalized in the near term. - Southern Power will add 400 megawatts of capacity upgrades with commercial operation projected between 2029 and 2031, and is evaluating an additional 300 megawatts of natural gas upgrades.
Segment performance
In the first quarter of 2026, the adjusted EPS was $1.32 per share, which was 9 cents higher than the first quarter of 2025 and 12 cents above the estimate. Retail electricity sales to all classes were 2.3% higher than the first quarter of 2025. Data center usage saw a material expansion of 42% year over year. Industrial sales grew 1.5%. Southern Power is moving forward to add 400 megawatts of additional capacity upgrades. The $26.5 billion in loan agreements with the Department of Energy is projected to generate cumulative savings of $7 billion for customers over the approximately 30-year term.
Analyst Q&A
Q: Regarding new nuclear, interest in the consortium and Southern's interest?
A: Very excited about the Trump administration's support for new nuclear construction. Southern Company is not at a point to make a commitment about building a new unit but is excited about the work being led to support new nuclear construction.
Q: For Southern Power, renegotiation conversations and with hyperscalers?
A: Yes, there are recontracting opportunities underway and conversations with potential hyperscalers are taking place.
Q: How load affects the regulatory strategy and if ahead of plan?
A: In line with the plan, focused on rate stability and delivering as planned.
Q: About $850 million of cumulative bill credits, chance of revision higher?
A: Focus is on rate stability and looking for opportunities to lower bills for customers.
Q: Thoughts on the Georgia PSC election?
A: Primary on May 19 and runoff on June 16, issues are debated, and Southern Company is confident in having a constructive regulatory environment regardless of the election results.
Q: Timing of Georgia RFP and CapEx update?
A: The RFP process is year-long, and in-service dates for new generation resources are projected to be 2032 - 2033 with selection process through 2027.
Q: Equity outlook, DOE loans, and Southern Power upgrades?
A: DOE loans reduce capital market needs, Southern Power upgrades require equity with an approximately 40% equity proportion for incremental capital.
Q: Timing and visibility of Southern Power upgrades?
A: Tracking as expected, late-stage conversations are ongoing and likely to be contracted by the time of construction.
Q: Supply chain, turbines, labor?
A: Well-positioned due to the company's size and scale and relationships with suppliers, but continue to work on supply chain, and has good relationships with labor.
Q: New generation and RFP trigger?
A: Matching load forecast, with an all-source RFP for 2 - 6 gigawatts of new dispatchable generation resources projected for in-service in 2032 - 2033.
Q: Southern Power contracted capacity and consideration of 300 megawatts?
A: 400 megawatt upgrade conversations are late-stage, and the 300 megawatts is assessed on the ability to contract, with the same operating philosophy of dealing with high credit quality counterparties