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Southern Company

SO Q1 2026 Earnings

Reported Apr 30, 2026 at 8:08 AM ET · SEC Source

Q1 26 EPS

$1.32

Q1 26 Revenue

$8.40B

vs S&P Since Q1 26

+333.5%

BEATING MARKET

SO +333.5% vs S&P +0.0%

Market Reaction

Did SO Beat Earnings? Q1 2026 Results

Mississippi Power Co. Posted a solid first quarter for 2026, with parent Southern Company reporting adjusted earnings of $1.32 per share on revenue of $8.40 billion, as broad-based gains across electric and gas operations lifted total revenues 8.0% f… Read more Mississippi Power Co. Posted a solid first quarter for 2026, with parent Southern Company reporting adjusted earnings of $1.32 per share on revenue of $8.40 billion, as broad-based gains across electric and gas operations lifted total revenues 8.0% from $7.78 billion a year ago. The headline adjusted EPS figure, up from $1.23 in the prior-year period, was powered primarily by the Traditional Electric Operating Companies, alongside a jump in the allowance for equity funds used during construction to $121.00 million from $73.00 million, reflecting the company's accelerating capital investment program. Partially offsetting those tailwinds, milder-than-normal weather trimmed approximately $0.05 from per-share results, and interest expense climbed $64.00 million to $778.00 million. Underlying demand trends remained firm, with weather-adjusted retail kilowatt-hour sales growing 2.3% and customer count reaching 9.04 million. Looking ahead, Southern Company flagged approximately $335.00 million in remaining pre-tax accelerated depreciation charges tied to wind facility repowering projected for the rest of 2026, with an additional $100.00 million expected in 2027, as repowering work continues through the third quarter of that year.

Key Takeaways

  • • Higher utility revenues drove adjusted earnings growth
  • • Weather-adjusted retail kilowatt-hour sales grew 2.3%, with commercial sales up 4.6% and industrial up 1.5%
  • • Wholesale kilowatt-hour sales increased 12.9%
  • • Allowance for equity funds used during construction increased to $121 million from $73 million
  • • Milder than normal weather at regulated electric utilities reduced EPS by approximately $0.05
  • • Higher interest expense of $778 million vs. $714 million partially offset earnings growth
  • • Share dilution reduced EPS by approximately $0.03 as average shares grew from 1,100 million to 1,124 million

SO Forward Guidance & Outlook

Southern Company's remaining pre-tax accelerated depreciation related to wind facility repowering is projected to total approximately $335 million in 2026 and $100 million in 2027, with repowering projects expected to be completed through the third quarter of 2027. The company emphasized plans to invest in infrastructure to serve projected growth in the Southeast, with a focus on maintaining customer reliability and rate stability.

24/7 Wall St

SO YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

SO Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Southern Company is delivering on our plans to serve growth in a way that is both beneficial and protective for existing customers. As our region continues to grow, we're investing in the infrastructure needed to support that growth in a way that provides long-term value while staying grounded in what our customers value most – reliability they can count on and a focus on keeping rates stable. We're uniquely positioned to do this because of our scale, skill and expertise, all of which are focused on putting our customers and communities first.”

— Chris Womack, Q1 2026 Earnings Press Release

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