Southern Company reports first-quarter 2025 earnings

Southern Company today reported first-quarter earnings of $1.3 billion, or $1.21 per share, in 2025 compared with earnings of $1.1 billion, or $1.03 per share, in the first quarter of 2024.

Excluding the items described under “Net Income – Excluding Items” in the table below, Southern Company earned $1.4 billion, or $1.23 per share, during the first quarter of 2025, compared with $1.1 billion, or $1.03 per share, during the first quarter of 2024.

Non-GAAP Financial Measures	Three Months Ended March
Net Income – Excluding Items (in millions)	2025	2024
Net Income – As Reported	$                 1,334	$                 1,129
Less:
Estimated Loss on Plants Under Construction	(3)	(4)
Tax Impact	1	1
Accelerated Depreciation from Repowering	(26)	—
Tax Impact	6	—
Net Income – Excluding Items	$                 1,356	$                 1,132
Average Shares Outstanding – (in millions)	1,100	1,094
Basic Earnings Per Share – Excluding Items	$                   1.23	$                   1.03

NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package.

 

Adjusted earnings drivers for the first quarter 2025, as compared with 2024, were higher utility revenues, partially offset by increased non-fuel operations and maintenance expenses and depreciation and amortization.

First-quarter 2025 operating revenues were $7.8 billion, compared with $6.6 billion for the first quarter of 2024, an increase of 17.0%.

“We’ve had a solid start to the year for Southern Company, and we’ve demonstrated yet again that our customer-centric business model and focus on providing reliable and affordable energy for our 9 million customers continues to serve our stakeholders well,” said Chris Womack, chairman, president and CEO. “We are excited about the future of this company and continue to be encouraged by the customer growth and enthusiasm we’re seeing for our service territories. We remain focused on our goal of delivering regular, predictable and sustainable results over the long-term.”

Southern Company’s first-quarter earnings slides with supplemental financial information are available at investor.southerncompany.com.

Southern Company’s financial analyst call will begin at 1 p.m. Eastern Time today, during which Womack and Chief Financial Officer Daniel S. Tucker will discuss earnings and provide a general business update. Investors, media and the public may listen to a live webcast of the call and view associated slides at investor.southerncompany.com. A replay of the webcast will be available on the site for 12 months.