The Southern Company Earnings Call Transcripts
Fiscal Year 2026
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The meeting featured strong financial results, major infrastructure investments, and a 25th consecutive annual dividend increase. All board nominees and company proposals passed with high support, while stockholder proposals on governance, data center costs, and climate due diligence were rejected.
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Q1 2026 adjusted EPS exceeded estimates, driven by strong customer and data center growth, with over 11 GW of large load contracts signed and robust economic development in the Southeast. Rate stability, major DOE loans, and a 25th consecutive dividend increase highlight a disciplined, growth-focused outlook.
Fiscal Year 2025
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Adjusted EPS reached $4.30 in 2025, at the top of guidance, with strong sales growth driven by data centers and robust customer additions. A $81 billion capital plan supports projected 8–9% annual EPS growth through 2028, underpinned by large load contracts and disciplined financing.
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Adjusted EPS for Q3 2025 exceeded expectations, driven by strong customer and usage growth, with full-year earnings expected at the top of guidance. Robust economic development and large load contracts support an 8% annual electric sales growth forecast through 2029.
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Adjusted Q2 2025 EPS exceeded estimates despite year-over-year decline, driven by strong retail sales and robust industrial demand. Capital plan increased to $76B with significant new generation filings, and proactive equity actions support credit targets. Regulatory settlements and economic growth underpin a positive long-term outlook.
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The meeting featured strong financial results, major infrastructure investments, and robust economic growth projections. All company proposals passed, including a dividend increase, while all stockholder proposals were rejected. Strategic focus remains on grid resilience, innovation, and balancing growth with affordability.
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Q1 2025 adjusted EPS exceeded estimates, driven by utility investments and strong commercial/industrial demand, especially from data centers. Dividend was raised for the 24th consecutive year, and robust economic development supports a positive outlook.
Fiscal Year 2024
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Adjusted EPS reached $4.05 in 2024, up 11% year-over-year, driven by strong customer and commercial growth, especially from data centers. The company projects robust long-term sales and earnings growth, with a $63 billion capital plan and potential for $10–$15 billion more pending regulatory outcomes.
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Q3 2024 saw solid financial results and strong operational performance despite historic storm impacts, with adjusted EPS up year-over-year and robust customer and economic growth. The company faces $1.1 billion in storm recovery costs and is planning for significant long-term capital investments.
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Q2 2024 adjusted EPS was $1.10, up $0.31 year-over-year, driven by strong utility performance and robust Southeast economic growth. Data center demand surged, with long-term load growth projections accelerating, and significant capital investment opportunities emerging.