Companies /Utilities

Southern Company

NYSE: SO Utilities - Regulated Electric
$88.25
▼ $0.80 (−0.90%) today
Markets closed · 7:54pm ET

Q1 2025 Earnings

Reported May 1, 2025, 8:11am ET · SEC source
$1.23
Beat +3.02%
EPS · est. $1.19
$7.8B
Beat +6.31%
Revenue · est. $7.3B
−8.8%
Trailing market
SO vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−1.6%−0.8%0+0.8%May 1May 2report 8:11am ETearnings+1.2%−0.9%
−1.6%−0.8%0+0.8%May 1May 2earnings+1.2%−0.9%
SO −0.9%S&P 500 +1.2%
−0.9%0+0.9%May 1May 2report 8:11am ETearnings+1.2%−0.9%
−0.9%0+0.9%May 1May 2earnings+1.2%−0.9%
SO −0.9%NASDAQ +1.2%
−2%0+2%Apr 30May 9report 8:11am ETearnings+1.3%−0.8%
−2%0+2%Apr 30May 9earnings+1.3%−0.8%
SO −0.8%S&P 500 +1.3%
−2%0+2%Apr 30May 9report 8:11am ETearnings+1.6%−0.8%
−2%0+2%Apr 30May 9earnings+1.6%−0.8%
SO −0.8%NASDAQ +1.6%
−0.47%
Day of report
−0.45%
Next session
−1.26%
One week
−2.04%
30 days

S&P 500 over the same 30 days: +6.74%.

Did SO Beat Earnings? Q1 2025 Results

Southern Company opened 2025 on firm footing, reporting first-quarter adjusted earnings of $1.23 per share — a 19.4% jump from $1.03 in the year-ago period — as total consolidated revenues climbed 17.0% to $7.78 billion. The Atlanta-based utility's Traditional Electric Operating Companies were the primary growth engine, with Georgia Power alone posting a 26.6% surge in operating revenues to $3.04 billion and net income climbing 36.4% to $596.00 million, reflecting rate case outcomes and robust load growth across its service territory. Rate-related retail electric revenue impacts contributed 25 cents per share year-over-year, with favorable weather adding another 8 cents, though higher O&M expenses, rising depreciation, and a $49.00 million increase in interest expense to $714.00 million partially offset those gains. Looking ahead, the company expects to continue incurring Kemper County dismantlement charges through year-end 2025, while the Kay Wind repowering project at Southern Power carries roughly $100.00 million in projected accelerated depreciation before its anticipated Q3 2026 commercial operation — a reminder that Southern Company's elevated capital program remains a defining feature of its long-term earnings profile.

Key Takeaways
  • Higher utility revenues, primarily retail revenue impacts (rate-related) contributing 25 cents per share YoY
  • Favorable weather impact contributing 8 cents per share YoY
  • Wholesale and other operating revenues contributing 10 cents per share YoY
  • Traditional Electric Operating Companies contributed $0.19 per share improvement
  • Total kilowatt-hour sales increased 4.2% YoY
  • Regulated utility customer base grew 0.8% to approximately 8.97 million

“We've had a solid start to the year for Southern Company, and we've demonstrated yet again that our customer-centric business model and focus on providing reliable and affordable energy for our 9 million customers continues to serve our stakeholders well.”

Southern Company CEO, on the earnings call

Forward Guidance & Outlook

Southern Company expects to continue incurring Kemper County dismantlement costs through the end of 2025. The Kay Wind facility repowering project at Southern Power is projected to reach commercial operation in Q3 2026, with associated accelerated depreciation charges of approximately $100 million pre-tax in 2025 and $40 million in 2026. The company remains focused on delivering regular, predictable, and sustainable results over the long term.

SO YoY Financials

Revenue$7.8B
Operating Income$2.0B
Net Income$1.3B

SO Revenue by Segment

Georgia Power$3.0B+26.6%
Alabama Power$2.0B+12.3%
Southern Company Gas$1.8B+7.7%
Southern Power$567.0M+19.9%
Mississippi Power$420.0M+22.8%

Figures from SEC filings and company reports. Not investment advice.