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SOUTHERN CO 8-K Report, Financial Results (Oct 30, 2025)

Reports
Earnings & Results
Filing Date
Filed October 30, 2025
Period End
October 30, 2025
In the record · 2016–202610-K1110-Q328-K206

SO filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 206 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jan ’19Jan ’19
  2. Leadership change8-K · Jan ’23Jan ’23
  3. Leadership change8-K · Dec ’24Dec ’24

01—Abstract

Summary

Summary of the 8-K filed October 30, 2025. Cited figures are marked; the original filing is the authoritative source.

Southern Company (SO) reported third-quarter 2025 GAAP earnings of $1.7 billiona, or $1.55 per basic share, up from $1.40 in Q3 2024, and reported nine-month earnings of $3.93 billion, or $3.56 per share, versus $3.53 a year earlier.

Excluding items the company classifies as non-GAAP adjustments, including accelerated depreciation from wind repowering at Southern Power and a 2025 loss on debt extinguishment, adjusted Q3 EPS was $1.60b versus $1.43, and adjusted year-to-date EPS was $3.76 versus $3.56. Growth was driven mainly by higher utility retail revenues, partially offset by higher depreciation, amortization and interest expense, and milder weather. Total operating revenues rose 7.5% in the quarter to $7.8 billion and 10.7% year-to-date to $22.6 billion.

The quarter shows the traditional electric operating companies carrying earnings growth, contributing $0.28c of the $0.15 reported EPS change after offsets, while Southern Power's earnings fell sharply (net income of $3 million versus $82 million) as its wind repowering accelerated depreciation weighed on results. Parent company and other costs narrowed their drag year over year. Retail sales grew 1.1% in the quarter and 1.6% year-to-date, with weather-adjusted growth of 2.6% in Q3, and management cited rising electric demand growth opportunities across its service territories.

Customer count reached roughly 8.9 million regulated utility customers. The filing is a earnings release furnished under Item 2.02 and is not a new financial commitment, but it provides useful signals.

Investors should note that the remaining accelerated depreciation tied to repowering is projected at about $100 milliond in 2025, $320 million in 2026 and $25 million in 2027, and that Mississippi Power expects additional Kemper-related costs through year-end 2025. These items are excluded from adjusted EPS, so the gap between reported and adjusted results may persist for several quarters.

02—Key points

Key Highlights

  1. Q3 2025 GAAP EPS of $1.55 vs. $1.40 in Q3 2024 (up ~11%); net income attributable to Southern Company of $1.71 billion vs. $1.54 billion.
  2. Q3 2025 adjusted (non-GAAP) EPS of $1.60 vs. $1.43, a 12% increase; year-to-date adjusted EPS of $3.76 vs. $3.56.
  3. Operating revenues rose 7.5% to $7.8 billion in Q3 and 10.7% to $22.6 billion year-to-date, led by retail revenue growth and higher fuel revenues.
  4. Traditional electric operating companies drove the quarter, with net income of $1.92 billion vs. $1.62 billion; Southern Power net income fell to $3 million from $82 million.
  5. Accelerated depreciation from wind repowering at Southern Power reduced Q3 EPS by about $0.07 and is expected to continue into 2027 (about $100M in 2025, $320M in 2026, $25M in 2027, pre-tax, net of noncontrolling interests).
  6. Retail electricity sales grew 1.1% in Q3 (2.6% weather-adjusted), with commercial sales up 2.3% and residential sales down 0.3%; regulated utility customers reached 8.93 million.
  7. Year-to-date results include a $129 million pre-tax loss on debt extinguishment from repurchasing convertible senior notes, and Kemper County costs continue through 2025.

03—Questions

Frequently Asked Questions

  1. How did Southern Company perform in the third quarter of 2025?

    Southern Company reported GAAP earnings of $1.7 billion, or $1.55 per share, compared with $1.5 billion, or $1.40 per share, in Q3 2024. Excluding non-GAAP items, adjusted EPS was $1.60 versus $1.43 a year earlier.

  2. What is driving the difference between reported and adjusted earnings?

    The main adjustments are accelerated depreciation tied to repowering Southern Power's wind facilities, which cut Q3 EPS by about $0.07, and estimated losses on plants under construction, plus disposition gains and tax effects. The company says these items are excluded to show ongoing business performance.

  3. Is electricity demand growing for Southern Company?

    Yes. Retail sales rose 1.1% in Q3 and 1.6% year-to-date, and weather-adjusted Q3 retail growth was 2.6%. Management pointed to building momentum in electric demand growth opportunities across its service territories.

  4. What should investors watch going forward?

    Investors should monitor the remaining wind repowering accelerated depreciation, expected to be roughly $320 million in 2026, the Kemper County costs expected through 2025, and whether utility revenue growth continues to offset higher depreciation and interest expense.

  5. Did Southern Power's performance change significantly?

    Yes. Southern Power's Q3 net income fell to $3 million from $82 million, largely due to accelerated depreciation from wind repowering, and year-to-date net income fell to $141 million from $264 million.

04—Continue

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