Jun 2026 (Q2 FY26) — Jul 30, 2026
Southern Company Q2 FY26 — Strong Earnings and Massive Data Center Growth Drive Optimistic Outlook
Read the full callSouthern Company (SO) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Southern Company earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 8,397 | +8.0% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 24.0 | −1.8 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,356 | +1.6% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
9 of 9 judged targets kept · 16 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly adjusted EPS estimate | $1.00 per share | Mar 2026 | our adjusted EPS was $1.13 per share, $0.21 higher than the second quarter of 2025 and $0.13 above our estimate | Achieved |
| Full-year adjusted EPS | $4.50 to $4.60 per share | Dec 2025 | now project our full year 2026 adjusted earnings to be near or at the top of our 2026 adjusted EPS guidance of $4.50 to $4.60 | On Track |
| Five-year base capital investment plan (2026-2030) | $81 billion over 2026-2030, 95% at the state-regulated utilities | Dec 2025 | This incremental investment is projected to add approximately $700 million to our capital plan over the next several years | Revised Up |
16 of SOUTHERN CO's 25 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 22 more targets are in the full ledger.
Claimed
- Adjusted EPS of $1.13 per share for Q2 FY26, $0.13 above estimate and $0.21 higher than Q2 FY25.
- Newly contracted customer load of 6 gigawatts in Q2 FY26, bringing total contracted large load agreements to over 17 gigawatts by the mid-2030s.
- Year-to-date weather-normal retail electricity sales were 2.3% higher than H1 FY25, the highest in nearly two decades.
- Data center usage was 55% higher in Q2 FY26 compared to Q2 FY25, with system-wide data center load exceeding 1.2 gigawatts.
- Sourced an additional $700 million of equity through ATM program, reducing projected remaining equity need to $1.1 billion by 2030.
Qualified
- Interest expense from higher debt balances partially offset improved Q2 FY26 results.
- Dilution from additional shares outstanding partially offset improved Q2 FY26 results.
Price
$89.27 −2.09% · −$1.91
Performance −8.7% 1Y
1Y: $97.8 on 17 Oct 2025 → $89.27. High $99.11 (16 Mar 2026), low $82.35 (28 Sept 2026).
- Previous close
- $91.18
- 52-week range
- $82.35 – $99.11
- One year
- −8.62%
Overview
- Symbol
- SO
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
9 of 9 judged targets kept · 16 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Quarterly adjusted EPS estimate | $1.00 per share | Mar 2026 | our adjusted EPS was $1.13 per share, $0.21 higher than the second quarter of 2025 and $0.13 above our estimate | Achieved |
| Full-year adjusted EPS | $4.50 to $4.60 per share | Dec 2025 | now project our full year 2026 adjusted earnings to be near or at the top of our 2026 adjusted EPS guidance of $4.50 to $4.60 | On Track |
| Five-year base capital investment plan (2026-2030) | $81 billion over 2026-2030, 95% at the state-regulated utilities | Dec 2025 | This incremental investment is projected to add approximately $700 million to our capital plan over the next several years | Revised Up |
Claimed
- Adjusted EPS of $1.13 per share for Q2 FY26, $0.13 above estimate and $0.21 higher than Q2 FY25.
- Newly contracted customer load of 6 gigawatts in Q2 FY26, bringing total contracted large load agreements to over 17 gigawatts by the mid-2030s.
- Year-to-date weather-normal retail electricity sales were 2.3% higher than H1 FY25, the highest in nearly two decades.
- Data center usage was 55% higher in Q2 FY26 compared to Q2 FY25, with system-wide data center load exceeding 1.2 gigawatts.
- Sourced an additional $700 million of equity through ATM program, reducing projected remaining equity need to $1.1 billion by 2030.
Qualified
- Interest expense from higher debt balances partially offset improved Q2 FY26 results.
- Dilution from additional shares outstanding partially offset improved Q2 FY26 results.
The full ledger
Open SOUTHERN CO’s full ledger
A free account opens 5 company ledgers a month. All 25 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Southern Company Q1 FY26 — Strong Performance Driven by Large Load Growth and DOE Loan Agreements
Read the full callDec 2025 (Q4 FY25) — Feb 19, 2026
Southern Company Q4 FY25 — Strengthened Outlook Driven by Robust Large Load Growth
Read the full callEvery analysed call
Southern Company earnings calls (SO)
Financials
What the filings say
Net profit, year on year: +2% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 6,463 | 7,274 | 6,341 | 7,775 | 6,973 | 7,823 | 6,982 | 8,397 |
| Expenses | 4,524 | 4,906 | 5,283 | 5,765 | 5,209 | 5,229 | 6,065 | 6,379 |
| Operating profit | 1,939 | 2,368 | 1,058 | 2,010 | 1,764 | 2,594 | 917 | 2,018 |
| Operating margin | 30.0% | 32.5% | 16.7% | 25.9% | 25.3% | 33.2% | 13.1% | 24.0% |
| Other income | -461 | -456 | -513 | -460 | -622 | -483 | -721 | -452 |
| Profit before tax | 1,478 | 1,912 | 545 | 1,550 | 1,142 | 2,111 | 196 | 1,566 |
| Tax rate | 19.6% | 19.7% | 14.5% | 18.1% | 25.3% | 19.1% | −74.0% | 14.6% |
| Net profit | 1,203 | 1,535 | 534 | 1,334 | 880 | 1,711 | 416 | 1,356 |
| EPS ($ per share) | 1.10 | 1.40 | — | 1.21 | 0.80 | 1.55 | — | 1.21 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 5,164 | 5,257 | 5,268 | 5,279 | 5,417 | 5,423 | 5,446 | 5,554 |
| Reserves | 8,706 | 10,877 | 11,311 | 10,929 | 11,538 | 12,482 | 13,750 | 14,856 |
| Total liabilities | 87,584 | 86,650 | 90,410 | 94,967 | 100,359 | 104,106 | 108,506 | 116,853 |
| Fixed assets | 80,797 | 83,080 | 87,634 | 91,108 | 94,570 | 99,844 | — | — |
| Total assets | 116,914 | 118,700 | 122,935 | 127,534 | 134,891 | 139,331 | 145,180 | 155,720 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 6,945 | 5,781 | 6,696 | 6,169 | 6,302 | 7,553 | 9,788 | 9,802 |
| Cash from investing | -5,760 | -3,392 | -7,030 | -7,353 | -8,430 | -9,668 | -9,400 | -13,959 |
| Cash from financing | -1,813 | -1,930 | -576 | 1,945 | 2,336 | 999 | -208 | 4,696 |
| Capital expenditure | -8,001 | -7,555 | -7,522 | -7,586 | -7,923 | -9,095 | -8,955 | -12,737 |
| Free cash flow | -1,056 | -1,774 | -826 | -1,417 | -1,621 | -1,542 | 833 | -2,935 |
SO revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Traditional Electric Operating Companies and Southern Power | 86% | 80% | 74% | 83% | 89% | 76% | 72% | 84% | +0.4% |
| Traditional Electric Operating Companies | 79% | 75% | 68% | 77% | 82% | 71% | 65% | 77% | +0.3% |
| Southern Company Gas | 9% | 20% | 24% | 14% | 9% | 21% | 26% | 14% | -1.3% |
| Gas Distribution Operations | 8% | 17% | 20% | 13% | 9% | 19% | 23% | 13% | 0.0% |
| Southern Power | 8% | 7% | 7% | 8% | 8% | 7% | 8% | 8% | -2.0% |
| Gas Marketing Services | 1% | 3% | 3% | 1% | 1% | 3% | 3% | 1% | -12.0% |
| Gas Pipeline Investments | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% | 0.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
SO operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Change vs prior quarter |
|---|---|---|---|---|
| Customers | 9MThe tremendous value inherent in our 3 electric utilities and 4 natural gas distribution utilities is a function of our continuous focus on our 9 million customers, our constructive regulatory environments with orderly processes and service territories with strong long-term fundamentals.Source: earnings call transcript | 9M+Our state-regulated electric and gas utilities continue to provide long-term value to the more than 9 million customers across the Southeast and beyond with reliable and affordable energy.Source: earnings call transcript | 9MI'm incredibly proud of the way Southern Company's electric and gas teams safely performed under these harsh conditions for our 9 million customers.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
136 filings between Nov 6, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$5.63M
13 sales by 6 insiders
85% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 14
- Award — granted as compensation
- 45
- Option exercise — converted options into shares
- 59
- Tax withheld — shares kept back by the company to cover tax
Also filed: 4 gifts, 1 code i.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Greene Kimberly S, | — | $2.42M | Mar 30, 2026 |
| Connally Stan W | — | $1.21M | Mar 18, 2026 |
| Kim Matthew M. | — | $666.8K | Oct 1, 2026 |
| Cummiskey Christopher | — | $643.9K | Mar 19, 2026 |
| Sena Peter P III | — | $377.9K | Sep 3, 2026 |
| Spainhour Sterling A Jr. | — | $313.4K | Aug 6, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Kim Matthew M. Comptroller | Sale 10b5-1 plan | 100 | $8.3K |
| Sep 3, 2026 | Kim Matthew M. Comptroller | Sale | 1,400 | $124.4K |
| Sep 3, 2026 | Sena Peter P III Chairman,President & CEO, SNC | Sale 10b5-1 plan | 4,266 | $377.9K |
| Sep 1, 2026 | Kim Matthew M. Comptroller | Sale 10b5-1 plan | 100 | $8.8K |
| Aug 6, 2026 | Spainhour Sterling A Jr. EVP & CLO | Sale 10b5-1 plan | 3,333 | $313.4K |
| Aug 3, 2026 | Kim Matthew M. Comptroller | Sale 10b5-1 plan | 100 | $9.4K |
| Jul 1, 2026 | Kim Matthew M. Comptroller | Sale 10b5-1 plan | 100 | $9.6K |
| Jun 28, 2026 | Sena Peter P III Chairman,President & CEO, SNC | Option exercise | 712 | $0 |
| Jun 28, 2026 | Sena Peter P III Chairman,President & CEO, SNC | Tax withheld | 316 | $30.7K |
| Jun 1, 2026 | Kim Matthew M. Comptroller | Sale 10b5-1 plan | 100 | $9.1K |
| May 24, 2026 | WOMACK CHRISTOPHER C Chairman, President & CEO | Option exercise | 7,662 | $0 |
| May 24, 2026 | WOMACK CHRISTOPHER C Chairman, President & CEO | Tax withheld | 3,414 | $322.8K |
| May 1, 2026 | Kim Matthew M. Comptroller | Sale 10b5-1 plan | 100 | $9.7K |
| Apr 1, 2026 | Kim Matthew M. Comptroller | Option exercise | 82 | $0 |
| Apr 1, 2026 | Kim Matthew M. Comptroller | Tax withheld | 82 | $7.9K |
| Mar 30, 2026 | Greene Kimberly S, Chairman, President & CEO, GPC | Sale 10b5-1 plan | 25,000 | $2.42M |
| Mar 19, 2026 | Cummiskey Christopher EVP | Sale | 6,669 | $643.9K |
| Mar 18, 2026 | Connally Stan W EVP & COO | Sale 10b5-1 plan | 12,500 | $1.21M |
| Mar 8, 2026 | Drake Sloane N EVP & CHRO | Tax withheld | 633 | $61.7K |
| Mar 8, 2026 | Drake Sloane N EVP & CHRO | Option exercise | 1,420 | $0 |
| Mar 6, 2026 | Spainhour Sterling A Jr. EVP & CLO | Code I | 6,330 | $618.1K |
| Feb 26, 2026 | EARLEY ANTHONY F JR Director | Gift | 15,000 | $0 |
| Feb 24, 2026 | Kim Matthew M. Comptroller | Sale 10b5-1 plan | 5,123 | $487.5K |
| Feb 16, 2026 | WOMACK CHRISTOPHER C Chairman, President & CEO | Tax withheld | 52,259 | $4.75M |
| Feb 16, 2026 | WOMACK CHRISTOPHER C Chairman, President & CEO | Award | 117,327 | $0 |
| Feb 16, 2026 | WOMACK CHRISTOPHER C Chairman, President & CEO | Award | 62,223 | $0 |
| Feb 16, 2026 | WOMACK CHRISTOPHER C Chairman, President & CEO | Tax withheld | 6,772 | $615.3K |
| Feb 16, 2026 | WOMACK CHRISTOPHER C Chairman, President & CEO | Option exercise | 13,751 | $0 |
| Feb 16, 2026 | WOMACK CHRISTOPHER C Chairman, President & CEO | Tax withheld | 27,715 | $2.52M |
| Feb 11, 2026 | Cummiskey Christopher EVP | Tax withheld | 9,880 | $897.7K |
| Feb 11, 2026 | Cummiskey Christopher EVP | Award | 22,178 | $0 |
| Feb 11, 2026 | Connally Stan W EVP & COO | Option exercise | 2,369 | $0 |
| Feb 11, 2026 | Connally Stan W EVP & COO | Tax withheld | 18,199 | $1.65M |
| Feb 11, 2026 | Spainhour Sterling A Jr. EVP & CLO | Award | 30,641 | $0 |
| Feb 11, 2026 | Greene Kimberly S, Chairman, President & CEO, GPC | Tax withheld | 1,651 | $150.0K |
| Feb 11, 2026 | Greene Kimberly S, Chairman, President & CEO, GPC | Option exercise | 3,350 | $0 |
| Feb 11, 2026 | Connally Stan W EVP & COO | Award | 41,031 | $0 |
| Feb 11, 2026 | Greene Kimberly S, Chairman, President & CEO, GPC | Award | 51,855 | $0 |
| Feb 11, 2026 | Drake Sloane N EVP & CHRO | Tax withheld | 598 | $54.3K |
| Feb 11, 2026 | Drake Sloane N EVP & CHRO | Option exercise | 1,340 | $0 |
| Feb 11, 2026 | Drake Sloane N EVP & CHRO | Tax withheld | 8,107 | $736.6K |
| Feb 11, 2026 | Drake Sloane N EVP & CHRO | Award | 18,198 | $0 |
| Feb 11, 2026 | Peoples James Jeffrey Chairman, President & CEO, APC | Tax withheld | 1,438 | $130.7K |
| Feb 11, 2026 | Peoples James Jeffrey Chairman, President & CEO, APC | Option exercise | 2,929 | $0 |
| Feb 11, 2026 | Peoples James Jeffrey Chairman, President & CEO, APC | Tax withheld | 18,526 | $1.68M |
| Feb 11, 2026 | Greene Kimberly S, Chairman, President & CEO, GPC | Tax withheld | 23,097 | $2.10M |
| Feb 11, 2026 | Peoples James Jeffrey Chairman, President & CEO, APC | Award | 41,770 | $0 |
| Feb 11, 2026 | Anderson Bryan D EVP | Tax withheld | 941 | $85.5K |
| Feb 11, 2026 | Anderson Bryan D EVP | Option exercise | 1,716 | $0 |
| Feb 11, 2026 | Anderson Bryan D EVP | Tax withheld | 13,190 | $1.20M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for SOUTHERN CO
Free account. Everything above stays public.
Write why you follow SOUTHERN CO and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Other companies in Utilities
Nearest to Southern Company by market cap among the sector's top 20 companies at Q2 2026.