Southern Company (SO) Research

Forward Estimates

EPS Estimates

Current Qtr

$1.01

$1.00$1.05

vs $0.92+10.3%

10 analysts

Next Qtr

$1.67

$1.56$1.73

vs $1.60+4.5%

9 analysts

Current Yr

$4.57

$4.53$4.60

vs $4.30+6.2%

13 analysts

Next Yr

$4.92

$4.83$4.96

vs $4.57+7.7%

21 analysts

Revenue Estimates

Current Qtr

$7.34B

$7.24B$7.46B

vs $6.97B+5.2%

7 analysts

Next Qtr

$8.25B

$7.99B$8.46B

vs $7.82B+5.5%

7 analysts

Current Yr

$31.12B

$30.23B$31.82B

vs $29.55B+5.3%

16 analysts

Next Yr

$32.76B

$31.34B$34.02B

vs $31.12B+5.3%

17 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for SO on EDGAR.

SO filing events and research context
Filed	Item	Context
May 15, 2026	other	Southern Co. stockholders approved amendments to the Certificate of Incorporation, authorizing additional common and preferred stock.
Apr 30, 2026	earnings	Southern Company reported first-quarter 2026 earnings of $1.4 billion, or $1.21 per share.
Mar 19, 2026	debt_offering	Southern Company issued $1.3 billion Series 2026A 6.00% Junior Subordinated Notes due 2058.
Apr 30, 2026	Guidance: pre_tax_accelerated_depreciation	100.00 to not reported
Apr 30, 2026	Guidance: pre_tax_accelerated_depreciation	335.00 to not reported
Feb 25, 2026	Guidance: initial_advances	1.00 to 1.00
Apr 30, 2026	mda_quarterly	Southern Company's first-quarter 2026 consolidated net income increased 1.6% to $1.36 billion, with flat EPS at $1.21. This was primarily driven by retail electric sales growth, notably from data centers at Georgia Power, higher natural gas revenues due to base rate increases at Nicor Gas and Atlanta Gas Light, and increased non-fuel wholesale electric revenues, partially offset by higher depreciation and interest expense. Alabama Power's net income rose 13.3% from retail sales growth and reduced operations and maintenance expenses, supported by regulatory rate stability through 2027. Georgia Power's net income grew 5.4%, largely from increased Allowance for Funds Used During Construction (AFUDC) equity and non-fuel wholesale revenues. Conversely, Southern Power's net income plummeted 95.4% to $4 million, primarily due to $127 million in accelerated depreciation from wind repowering projects and hail damage at its Millers Branch solar facility. Southern Power is investing $660-725 million in turbine upgrades at Franklin and Wansley natural gas facilities, adding 400 MW by 2031, with 97% of its generation investment under contract through 2030. Future earnings depend on maintaining constructive regulatory environments for cost recovery, particularly for significant capital expenditures and environmental compliance. Demand growth from data centers and industrial customers, representing 11 gigawatts of new contracts since 2023, is a key trend. Risks include the impact of federal tax legislation (OBBB, CAMT) on renewable energy credits and ongoing accelerated depreciation from wind repowering projects.
Feb 19, 2026	business	Southern Company operates as a holding company with core businesses in regulated electric utilities and natural gas distribution. Its three traditional electric operating companies—Alabama Power, Georgia Power, and Mississippi Power—are vertically integrated utilities providing electric service to retail and wholesale customers across three Southeastern states. These utilities project significant demand increases, largely from data centers, necessitating substantial capital investments; Georgia Power, for instance, plans $19.5 billion for 9 GWs of new generation and battery storage through 2030. Southern Power Company develops, owns, and operates a 12.6 GW wholesale generation fleet, comprising natural gas, solar, and wind assets, selling electricity at market-based rates primarily through long-term power purchase agreements, with 97% of its investment covered by contracts through 2030. Southern Company Gas distributes natural gas to 4.4 million customers in Illinois, Georgia, Virginia, and Tennessee, complemented by gas pipeline investments. The company anticipates total capital expenditures of $15.9 billion in 2026 for construction programs. Key risks include managing rapid load growth, fuel price volatility, evolving environmental regulations, and competition from alternative energy sources, all under the oversight of state Public Service Commissions and the FERC.

Filed

Item

Context

May 15, 2026

other

Southern Co. stockholders approved amendments to the Certificate of Incorporation, authorizing additional common and preferred stock.

Apr 30, 2026

earnings

Southern Company reported first-quarter 2026 earnings of $1.4 billion, or $1.21 per share.

Mar 19, 2026

debt_offering

Southern Company issued $1.3 billion Series 2026A 6.00% Junior Subordinated Notes due 2058.

Apr 30, 2026

Guidance: pre_tax_accelerated_depreciation

100.00 to not reported

Apr 30, 2026

Guidance: pre_tax_accelerated_depreciation

335.00 to not reported

Feb 25, 2026

Guidance: initial_advances

1.00 to 1.00

Apr 30, 2026

mda_quarterly

Southern Company's first-quarter 2026 consolidated net income increased 1.6% to $1.36 billion, with flat EPS at $1.21. This was primarily driven by retail electric sales growth, notably from data centers at Georgia Power, higher natural gas revenues due to base rate increases at Nicor Gas and Atlanta Gas Light, and increased non-fuel wholesale electric revenues, partially offset by higher depreciation and interest expense. Alabama Power's net income rose 13.3% from retail sales growth and reduced operations and maintenance expenses, supported by regulatory rate stability through 2027. Georgia Power's net income grew 5.4%, largely from increased Allowance for Funds Used During Construction (AFUDC) equity and non-fuel wholesale revenues. Conversely, Southern Power's net income plummeted 95.4% to $4 million, primarily due to $127 million in accelerated depreciation from wind repowering projects and hail damage at its Millers Branch solar facility. Southern Power is investing $660-725 million in turbine upgrades at Franklin and Wansley natural gas facilities, adding 400 MW by 2031, with 97% of its generation investment under contract through 2030. Future earnings depend on maintaining constructive regulatory environments for cost recovery, particularly for significant capital expenditures and environmental compliance. Demand growth from data centers and industrial customers, representing 11 gigawatts of new contracts since 2023, is a key trend. Risks include the impact of federal tax legislation (OBBB, CAMT) on renewable energy credits and ongoing accelerated depreciation from wind repowering projects.

Feb 19, 2026

business

Southern Company operates as a holding company with core businesses in regulated electric utilities and natural gas distribution. Its three traditional electric operating companies—Alabama Power, Georgia Power, and Mississippi Power—are vertically integrated utilities providing electric service to retail and wholesale customers across three Southeastern states. These utilities project significant demand increases, largely from data centers, necessitating substantial capital investments; Georgia Power, for instance, plans $19.5 billion for 9 GWs of new generation and battery storage through 2030. Southern Power Company develops, owns, and operates a 12.6 GW wholesale generation fleet, comprising natural gas, solar, and wind assets, selling electricity at market-based rates primarily through long-term power purchase agreements, with 97% of its investment covered by contracts through 2030. Southern Company Gas distributes natural gas to 4.4 million customers in Illinois, Georgia, Virginia, and Tennessee, complemented by gas pipeline investments. The company anticipates total capital expenditures of $15.9 billion in 2026 for construction programs. Key risks include managing rapid load growth, fuel price volatility, evolving environmental regulations, and competition from alternative energy sources, all under the oversight of state Public Service Commissions and the FERC.

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SO filing events and research context

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