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Southern Company
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Latest analysis
Updated Nov 5, 2026
Southern Company raises 2026 EPS guidance 9% above midpoint as data center usage surges 59% and contracted large load reaches 21 GW with $100B capital plan in view
Southern Company delivered Q3 2026 adjusted EPS of $1.94, $0.34 above the prior-year quarter and $0.29 above its own estimate, driving full-year 2026 guidance to $4.70 — $0.10 above the original guidance ceiling and representing 9% adjusted EPS growth. The accelerant is structural: data center usage rose 59% year-over-year in Q3 alone, contracted large load now stands at 21 GW with another 7 GW in late-stage negotiations, and total announced future business investment in Southern's Southeast service territory has reached $45 billion in a single year. Management is signaling a capital plan that could approach $100 billion over five years, with an equity need of only ~$2 billion remaining through 2030, underpinned by minimum-bill contract structures that decouple cost recovery from actual customer ramp rates.
Tone: bullishRevenue
$29.6B
SO 10-K · FY 2025
Employees
29,800
Revenue FY2024
$26.7B
Headquarters
Atlanta, GA
Profile
SO 10-K Item 1 · Feb 19, 2026Southern Company is a holding company providing electric and natural gas utility services across the southeastern United States. Its traditional electric operating subsidiaries — Alabama Power, Georgia Power, and Mississippi Power — are vertically integrated utilities serving retail and wholesale customers. Southern Company also owns Southern Power (wholesale generation), Southern Company Gas (natural gas distribution in four states), and several other subsidiaries including Southern Nuclear and PowerSecure.
Read filing description ↓ Collapse description ↑
Southern Company is a holding company that owns all of the outstanding common stock of three traditional electric operating companies, Southern Power Company, and Southern Company Gas. The traditional electric operating companies — Alabama Power, Georgia Power, and Mississippi Power — are each vertically integrated utilities providing electric service to retail customers in three Southeastern states in addition to wholesale customers in the Southeast. Southern Power Company develops, constructs, acquires, owns, operates, and manages power generation assets, including battery energy storage projects, and sells electricity at market-based rates in the wholesale market. Southern Company Gas is an energy services holding company whose primary business is the distribution of natural gas in four states — Illinois, Georgia, Virginia, and Tennessee — through the natural gas distribution utilities. Southern Company also owns SCS, Southern Linc, Southern Holdings, Southern Nuclear, PowerSecure, and other direct and indirect subsidiaries. Southern Nuclear operates and provides services to the Southern Company system's nuclear power plants. PowerSecure develops distributed energy and resilience solutions and deploys microgrids for commercial, industrial, governmental, and utility customers. Southern Linc provides digital wireless communications for use by Southern Company and its subsidiary companies and also markets these services to the public and provides fiber optics services through its subsidiary, Southern Telecom, Inc. The Southern Company system serves approximately 17 million people across approximately 116,000 square miles in the Southeast.
Primary products
- Retail electric service
- Wholesale electric service
- Natural gas distribution
- Gas marketing services
- Battery energy storage
- Power purchase agreements (PPAs)
Business segments
End markets
Geographies
Named customers
The contracts with these wholesale customers represented 12.9% of Mississippi Power's total operating revenues in 2025.
“Southern Power competes with investor-owned utilities, IPPs, and others for wholesale energy sales across various U.S. utility markets.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total operating revenues increased from $26.7 billion in 2024 to $29.6 billion in 2025, driven by growth in retail electric revenues and wholesale electric revenues across the traditional electric operating companies.
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