Q2 26 EPS
$1.13
BEAT +13.00%
Est. $1.00
Q2 26 Revenue
$6.98B
Did SO Beat Earnings? Q2 2026 Results
Southern Company delivered a strong second quarter for 2026, posting adjusted earnings of $1.13 per share and beating the $1.00 consensus estimate by 13.00%, as robust demand from data centers and large commercial customers powered results across its… Read more Southern Company delivered a strong second quarter for 2026, posting adjusted earnings of $1.13 per share and beating the $1.00 consensus estimate by 13.00%, as robust demand from data centers and large commercial customers powered results across its Southeast footprint. Revenue held essentially flat at $6.98 billion, up just 0.1% year over year, with gains in retail non-fuel electric and wholesale revenues largely offset by declines in fuel and natural gas revenues. The clearest driver of the earnings beat was the Traditional Electric Operating Companies, where net income climbed to $1.27 billion from $1.05 billion a year ago, fueled by rate base growth and a 7.3% surge in commercial kilowatt-hour sales reflecting intense data center appetite for power, a trend mirrored across the broader utility sector. Southern Power remained a headwind, recording a $25.00 million net loss tied to $143.00 million in accelerated depreciation from wind repowering projects expected to generate further charges of roughly $205.00 million in 2026 and $120.00 million in 2027, a known drag management says is tied to long-term renewable investment.
Key Takeaways
- • Investment in state-regulated utilities
- • Customer usage and growth, particularly 7.3% increase in commercial kilowatt-hour sales
- • Higher earnings from equity method investments
- • Lower income taxes
- • Total retail kilowatt-hour sales up 2.1% (2.3% weather-adjusted)
- • Total wholesale kilowatt-hour sales up 9.2%
- • Regulated utility customer base grew 0.7% to 9 million
SO Forward Guidance & Outlook
Southern Company expects continued strong demand for electricity driven by data center expansion and economic development across the Southeast. Wind facility repowering projects at Southern Power will continue to generate accelerated depreciation charges through Q3 2027, with remaining pre-tax costs projected at approximately $205 million in 2026 and $120 million in 2027. The company emphasizes responsible investment and long-term planning to serve new and existing customers while maintaining reliability and rate stability.
SO YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
SO Revenue by Segment
With YoY comparisons, source: SEC Filings
“Southern Company's strong performance reflects the strength of our customer-focused approach to serving growth. Across the Southeast, extraordinary economic development momentum and demand for power continue to create meaningful opportunities for the customers and communities we are privileged to serve. We are investing responsibly and planning for the long term to serve new and existing customers while keeping reliability and rate stability at the center of our work. Our approach is designed to protect customers today, create lasting value for the people and places we serve and ensure that when growth is done right, everyone benefits.”
— Chris Womack, Q2 2026 Earnings Press Release
SO Earnings Trends
SO vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SO EPS Trend
Earnings per share: estimate vs actual
SO Revenue Trend
Quarterly revenue: estimate vs actual
SO Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $1.00 | $1.13 | +13.00% | $6.98B | — |
| Q1 26 BEAT | $1.21 | $1.32 | +8.87% | $8.40B | +3.59% |
| Q4 25 MISS FY | $0.56 | $0.55 | -1.36% | $6.98B | +10.87% |
| FY Full Year | $4.29 | $4.30 | +0.31% | $29.55B | +3.30% |
| Q3 25 BEAT | $1.51 | $1.60 | +6.04% | $7.82B | -1.26% |
| Q2 25 BEAT | $0.88 | $0.92 | +4.96% | $6.97B | +8.89% |
| Q1 25 BEAT | $1.19 | $1.23 | +3.02% | $7.78B | +6.31% |