SOUTHERN CO Quarterly Report for Q1 Ended Mar 31, 2026

Summary

Southern Company (SO) reported a net income of $1.36 billion for the first quarter of 2026, a slight increase from $1.33 billion in the same period of 2025, resulting in diluted earnings per share of $1.20 for Q1 2026 compared to $1.21 in Q1 2025. The company experienced an increase in total operating revenues to $8.40 billion from $7.78 billion year-over-year, driven by higher natural gas revenues and wholesale electric revenues. While fuel costs and purchased power expenses increased, they were largely offset by corresponding revenue adjustments. Significant capital expenditures were noted, particularly at Georgia Power for construction projects, and Southern Power continued development on wind repowering and natural gas facility upgrades.

Key Highlights

• 1Consolidated net income increased slightly to $1.36 billion in Q1 2026 from $1.33 billion in Q1 2025.
• 2Total operating revenues rose to $8.40 billion in Q1 2026, up from $7.78 billion in Q1 2025, driven by natural gas and wholesale electric revenues.
• 3Georgia Power received initial advances of $1.0 billion under a DOE Loan Guarantee Facility for project financing.
• 4Southern Power's net income attributable to Southern Power decreased significantly to $4 million in Q1 2026 from $87 million in Q1 2025, largely due to accelerated depreciation from wind repowering projects.
• 5Southern Company Gas saw net income increase to $447 million in Q1 2026 from $418 million in Q1 2025, driven by higher natural gas revenues.
• 6Capital expenditures remained substantial, with Georgia Power investing $2.07 billion in property additions during the quarter.
• 7Alabama Power's retail revenues saw a slight increase, driven by sales growth and rate adjustments, although weather impacts partially offset gains.

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