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SOUTHERN CO 8-K Report, Financial Results (Apr 30, 2026)

Reports
Earnings & Results
Filing Date
Filed April 30, 2026
Period End
April 30, 2026
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 · Oct ’21Oct ’21
  3. Leadership change8-K · Jul ’25Jul ’25

01—Abstract

Summary

Summary of the 8-K filed April 30, 2026. Cited figures are marked; the original filing is the authoritative source.

Southern Company (SO) reported first-quarter 2026 GAAP earnings of $1.4 billiona, or $1.21 per share, flat with the $1.21 per share reported in the first quarter of 2025.

Excluding non-GAAP items (primarily $154 millionb pre-tax accelerated depreciation tied to the repowering of certain Southern Power wind facilities), adjusted earnings rose to $1.5 billion, or $1.32 per share, versus $1.23 per share a year earlier, an increase of roughly 7%. Operating revenues grew 8.0% to $8.4 billion, driven by higher wholesale electric revenues (up $221 million) and natural gas revenues (up $352 million), though milder-than-normal weather at the regulated electric utilities was a drag. The quality of the adjusted growth was mixed.

Traditional electric operating companies contributed $0.08c per share of improvement, helped by higher allowance for equity funds used during construction (AFUDC equity) and retail sales growth, while higher interest expense (up $64 million) and about $0.03 of dilution from a 2.2% increase in average shares outstanding (1,124 million versus 1,100 million) offset part of the gain. Southern Power's reported net income fell 95% to $4 million, reflecting the repowering-related accelerated depreciation, while Southern Company Gas grew reported net income 6.9% to $447 million. Weather-adjusted retail sales grew 2.3%, with commercial load up 4.6% and wholesale sales up 12.9%, consistent with the data-center-driven demand growth management highlighted.

The filing also flags forward-looking risks that investors should monitor. Accelerated depreciation at Southern Power is expected to continue through the third quarter of 2027, with approximately $335 milliond pre-tax remaining in 2026 and $100 million in 2027. Management disclosed a $2 million estimated loss at Southern Company Gas tied to Nicor Gas capital investments disallowed by the Illinois Commerce Commission, and noted that further charges are possible.

The company also redeemed certain junior subordinated notes, producing an $11 million extinguishment cost. The filing's risk language emphasizes capital access and revenue recovery risks as the traditional electric operating companies invest heavily to serve large-load customers, along with customer affordability concerns.

02—Key points

Key Highlights

  1. GAAP EPS was flat at $1.21 year over year; net income attributable to Southern Company rose 1.6% to $1.356 billion.
  2. Adjusted (non-GAAP) EPS was $1.32, up from $1.23 (about 7%), excluding $154 million pre-tax accelerated depreciation from wind repowering at Southern Power and smaller items.
  3. Operating revenues increased 8.0% to $8.4 billion, led by natural gas revenues (+$352 million) and wholesale electric revenues (+$221 million).
  4. Traditional electric operating companies' net income rose 8.5% to $1.113 billion, contributing $0.08 per share of adjusted EPS growth.
  5. Southern Power's net income fell to $4 million from $87 million, reflecting repowering-related accelerated depreciation; accelerated depreciation will continue through Q3 2027 (about $335 million pre-tax remaining in 2026 and $100 million in 2027).
  6. Weather-adjusted retail sales grew 2.3%, with commercial sales up 4.6% and wholesale sales up 12.9%, signaling continued load growth.
  7. Share count rose to 1,124 million from 1,100 million, a roughly $0.03 per share dilutive effect; interest expense increased $64 million to $778 million.

03—Questions

Frequently Asked Questions

  1. Did Southern Company's earnings grow in Q1 2026?

    On a GAAP basis, earnings were flat at $1.21 per share, with net income attributable to Southern Company up 1.6% to $1.356 billion. Excluding non-GAAP items, adjusted EPS rose to $1.32 from $1.23, an increase of about 7%.

  2. Why did reported earnings lag adjusted earnings?

    The main difference is $154 million in pre-tax accelerated depreciation (about $120 million after tax, or roughly $0.08 per share) related to repowering certain wind facilities at Southern Power. Smaller items included an $11 million loss on debt extinguishment and a $2 million estimated loss at Southern Company Gas.

  3. What is the outlook for the Southern Power repowering charges?

    Accelerated depreciation will continue until the repowering projects are completed, projected through Q3 2027. Management estimates about $335 million pre-tax in 2026 and $100 million in 2027 remaining as of March 31, 2026, which will weigh on Southern Power's reported earnings.

  4. What drove demand and revenue growth?

    Weather-adjusted retail sales rose 2.3%, led by commercial customers (+4.6%), and wholesale sales jumped 12.9%. Total operating revenues rose 8.0%, mainly from natural gas and wholesale electric revenues. Milder-than-normal weather was a headwind of about $0.05 per share at the electric utilities.

  5. Are there risks investors should watch from this filing?

    Key risks include the Illinois Commerce Commission's disallowance of Nicor Gas capital investments (with possible further charges), rising interest expense and share count, and the capital access and cost-recovery risks tied to the heavy investment needed for data center and other large-load growth. The filing also cites customer affordability and regulatory outcomes as ongoing uncertainties.

04—Continue

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