Southern Company (the) Stock Earnings Reports

Southern Company reported strong third-quarter 2025 results with adjusted EPS of $1.60 (up $0.10 vs. estimate) and year-to-date adjusted EPS of $3.76, on track to hit the top of 2025 guidance if Q4 meets the $0.54 estimate. Utility fundamentals are robust: weather-normal retail electricity sales are up ~1.8% year-to-date, with notable commercial and data-center growth (data center sales +17% in Q3) and roughly 12,000 net new residential customers added in the quarter. The company signed multiple large-load contracts (4 contracts >2 GW in the last 2 months) and reports a pipeline of more than 50 GW of potential incremental load by the mid-2030s (with ~7 GW contracted/committed through 2029). Georgia Power’s rate plan extension (base rates frozen through at least 2029, excluding storm recovery) and constructive regulatory engagement underpin the growth plan. On the capital and financing front, Southern issued $4 billion of long-term debt in Q3 and says it has fully satisfied subsidiary long-term debt needs for 2025. On equity, management has priced $1.8 billion of forward ATM sales and says it has “solidified over $7 billion” of a $9 billion equity need through 2029, pursuing the remainder in a shareholder- and credit-supportive manner while targeting ~17% FFO-to-debt over the planning horizon. Progress on generation: acquisitions and new gas and storage builds are underway (including the 900 MW Lindsay Hill purchase and ~2.5 GW under construction), and Southern Natural Gas expansion proceeds as planned. Management reiterated an update to the long-term plan (capital outlook, sales forecast, financing and 2026/long-term EPS guidance) is expected on the February 2026 earnings call. Nuclear remains of strategic interest but not yet actionable for Southern until key risks are mitigated. Overall, the company emphasizes constructive regulation, strong customer growth (especially large loads), disciplined contracting (cost recovery/minimum bills), and proactive, credit-focused financing.