EarningsQ2 2026 Earnings Report
MX:SO Q2 2026 EPS Results
Actual EPS$19.13
Consensus EPS$17.12
Beat/MissBeat by +$2.02
One Year Ago EPS$15.58
MX:SO Q2 2026 Revenue Results
Actual Revenue$118.14B
Expected Revenue$122.43B
Beat/MissMissed by -$4.29B
YoY Revenue Growth+0.06%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:SO Upcoming Earnings
Southern Co's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SO Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call conveyed a strongly positive operational and financial picture: above-expectation EPS, accelerating retail and data center sales, major long-term large-load contracts (including a 3.2 GW OpenAI 25-year agreement), a deep development pipeline, proactive financing actions (reducing equity need to $1.1B by 2030), and ongoing execution on generation and transmission buildout. The primary negatives are higher interest expense and dilution, capital intensity and regulatory/timing uncertainty tied to RFPs and project certification, variable ramp rates for large loads, and local political noise around data centers. Management emphasized risk-mitigating contract structures (minimum bills and collateral) and a disciplined financing approach, which together with material growth opportunities lead to a favorable near- and long-term outlook.Company Guidance
Strong EPS Performance
Adjusted EPS of $1.13 in Q2 2026, up $0.21 versus Q2 2025 and $0.13 above the company's estimate; year-to-date adjusted EPS of $2.46; company now projects full-year 2026 adjusted EPS near or at the top of guidance range of $4.50–$4.60 and Q3 estimate of $1.50.
Robust Retail Sales and Customer Growth
Weather-normal retail electricity sales year-to-date up 2.3% versus H1 2025 (the highest through June in nearly two decades); ~11,000 new residential customers added in the quarter and net electric customer adds exceeding 40,000 over the past year.
Surging Data Center Load
Data center usage rose 55% in Q2 versus Q2 2025 and is up 49% year-to-date; system-wide data center load now exceeds 1.2 GW (an increase of >500 MW year-over-year); contracted large-load portfolio now totals over 17 GW across subsidiaries.
Major New Large-Load Contracts and Pipeline
Recent signings include ~3 GW across three Alabama projects and a 3.2 GW 25-year OpenAI contract in Georgia (including 1 GW of flexible demand response); these four projects add ~6 GW of newly contracted load and company-wide pipeline remains well above 75 GW with an additional ~8 GW in late stages (including ~3 GW near-term).
Economic Development and Local Investment
Second-quarter announcements included nearly $14 billion of investment and >3,000 new jobs (second-highest investment level ever recorded in company electric territories), underscoring regional economic momentum benefiting local communities.
Execution on Generation and Grid Buildout
Secured regulatory approvals supporting ~10 GW of new company-owned generation (thermal, battery, solar) and hundreds of miles of transmission; first two battery sites are operational and combustion turbines/Plant Yates progressing toward completion.
Proactive Financing and Equity Sourcing
Sourced an additional $700 million of equity via ATM with forward contracts (settlement discretion through 2028); combined with prior equity actions (including ~$2 billion settled previously) has reduced projected remaining equity need by 2030 to $1.1 billion and supports the target of ~17% FFO-to-debt by 2029.
Strong Contract Protections and Collateral
Large-load contracts include 25-year terms, minimum bills covering 100% of incremental cost to serve, termination payments and high-quality collateral; aggregate collateral backing the 17 GW portfolio approximates $21 billion, supporting credit protection.
MX:SO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed