01—Abstract
Summary
Summary of the 10-Q filed April 30, 2026. Cited figures are marked; the original filing is the authoritative source.
Southern Company (SO) reported a net income of $1.36 billiona 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 billionb 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.
02—Key points
Key Highlights
- Consolidated net income increased slightly to $1.36 billion in Q1 2026 from $1.33 billion in Q1 2025.
- Total 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.
- Georgia Power received initial advances of $1.0 billion under a DOE Loan Guarantee Facility for project financing.
- Southern 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.
- Southern Company Gas saw net income increase to $447 million in Q1 2026 from $418 million in Q1 2025, driven by higher natural gas revenues.
- Capital expenditures remained substantial, with Georgia Power investing $2.07 billion in property additions during the quarter.
- Alabama Power's retail revenues saw a slight increase, driven by sales growth and rate adjustments, although weather impacts partially offset gains.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed April 30, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $8.04B$7.59B | +5.9% |
| Operating Expenses | $6.38B$5.76B | +10.7% |
| Operating Income | $2.02B$2.01B | +0.4% |
| Net Income | $1.34B$1.33B | +0.3% |
| EPS (Basic) | $1.21$1.21 | 0.0% |
| EPS (Diluted) | $1.20$1.21 | −0.8% |
| Shares Outstanding (Basic) | 1.12B1.10B | +2.2% |
| Shares Outstanding (Diluted) | 1.13B1.10B | +2.1% |
05—Questions
Frequently Asked Questions
What was Southern Company's financial performance in the first quarter of 2026 compared to the same period in 2025?
Southern Company reported a slight increase in consolidated net income to $1.36 billion in the first quarter of 2026, compared to $1.33 billion in the first quarter of 2025. Total operating revenues also increased to $8.40 billion from $7.78 billion year-over-year.
How did Southern Power perform in the first quarter of 2026?
Southern Power's performance was significantly impacted by accelerated depreciation related to wind repowering projects, leading to a substantial decrease in net income attributable to Southern Power to $4 million in Q1 2026 from $87 million in Q1 2025. Despite this, operating revenues increased due to higher market prices and energy demand.
What significant capital investments or financing activities did Southern Company undertake in the first quarter of 2026?
Georgia Power received $1.0 billion in initial advances under a DOE Loan Guarantee Facility. Southern Company itself issued $1.3 billion in junior subordinated notes and redeemed $1.25 billion in junior subordinated notes. Capital expenditures were substantial across the subsidiaries, with Georgia Power investing $2.07 billion in property additions.
How did Southern Company Gas perform in the first quarter of 2026?
Southern Company Gas reported an increase in net income to $447 million in Q1 2026, up from $418 million in Q1 2025. This growth was primarily driven by higher natural gas revenues, fueled by increased commodity prices and base rate adjustments at its distribution utilities.
06—Continue