10-K · February 19, 2026
Southern Company reports consolidated net income attributable of $4.341 billion and diluted EPS of $3.92 for 2025, with retail electric operating revenues of $23.777 billion for the electricity business. The company has…
Earnings analysis · 10-Q
SO earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
Southern Company reported Q1 2026 revenue of $7.78 billion, reflecting a 7.2% increase from Q1 2025's $7.27 billion. Gross margin decreased to 68.9% while operating margin improved slightly to 25.9%. EPS remained stable…
Read full summary
Southern Company reported Q1 2026 revenue of $7.78 billion, reflecting a 7.2% increase from Q1 2025's $7.27 billion. Gross margin decreased to 68.9% while operating margin improved slightly to 25.9%. EPS remained stable at $1.21. The company faced headwinds such as increased interest expenses and adverse weather impacts on retail electric revenues.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.21
- Segment
- Alabama Power
- Segment
- Georgia Power
- Segment
- Mississippi Power
- Segment
- Southern Power
- Segment
- Southern Company Gas
What stood out
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Revenue Growth Year-Over-Year
Q1 2026 revenue was $7.78 billion, a 7.2% increase from $7.27 billion in Q1 2025.
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Stable EPS Performance
Diluted EPS remained unchanged at $1.21 compared to Q1 2025.
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Improved Gross Margin
Gross margin improved to 68.9%, down from 77.2% in Q4 2025.
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Retail Electric Revenue Increase
Retail electric revenues increased slightly to $4.64 billion from $4.60 billion in Q1 2025.
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Net Income Stability
Net income for Q1 2026 was $1.36 billion, up from $1.33 billion in Q1 2025.
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Segment Performance
Southern Power projects to add up to 400 MWs of capacity by 2031, indicating growth prospects.
What to watch
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Increased Interest Expense
Interest expense increased, impacting overall profitability.
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Weather-Related Revenue Decline
Retail electric revenues decreased by $21 million due to adverse weather impacts.
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Depreciation and Amortization Raise
Increased depreciation and amortization costs negatively affected earnings.
Management's outlook
Management indicated focus on retail electric growth and mentioned expected increases in revenues.
Earlier filings 4
10-Q · May 1, 2025
Southern Company reported first-quarter 2025 revenue of $7,775 million (up $1,129 million, +17.0% vs Q1 2024) and consolidated operating income of $2,010 million, supporting diluted EPS of $1.21 (vs $1.03 in Q1 2024).…
10-Q · August 1, 2024
Southern Company reported Q2 revenue of $6,463 million (Q2 2023: $5,748 million) and diluted EPS of $1.09 (Q2 2023: $0.76), driven by higher retail electric revenues and improved operating income. Operating income rose…
10-Q · May 2, 2024
Southern Company reported Q1 operating revenues of $6,646 million (up $166 million, +2.6% YoY) and diluted EPS of $1.03 (vs $0.79 YoY), beating consensus. Operating income improved to $1,703 million (vs $1,218 million a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.