Southern Company reports first-quarter 2026 earnings

Southern Company today reported first-quarter earnings of $1.4 billion, or $1.21 per share, in 2026 compared with earnings of $1.3 billion, or $1.21 per share, in the first quarter of 2025.

Excluding the items described under “Net Income – Excluding Items” in the table below, Southern Company earned $1.5 billion, or $1.32 per share, during the first quarter of 2026, compared with $1.4 billion, or $1.23 per share, during the first quarter of 2025.

Non-GAAP Financial Measures	Three Months Ended March
Net Income – Excluding Items (in millions)	2026	2025
Net Income – As Reported	$                 1,356	$                 1,334
Less:
Accelerated Depreciation from Repowering	(154)	(26)
Tax Impact	34	6
Loss on Extinguishment of Debt	(11)	—
Tax Impact	3	—
Estimated Loss on Nicor Gas Capital Investments	(2)	—
Tax Impact	—	—
Estimated Loss on Plants Under Construction	—	(3)
Tax Impact	—	1
Net Income – Excluding Items	$                 1,486	$                 1,356
Average Shares Outstanding – (in millions)	1,124	1,100
Basic Earnings Per Share – Excluding Items	$                   1.32	$                   1.23

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 of 2026, as compared with 2025, were higher utility revenues, partially offset by milder than normal weather at the regulated electric utilities and higher interest expense.

First-quarter 2026 operating revenues were $8.4 billion, compared with $7.8 billion for the first quarter of 2025, an increase of 8.0%.

"Southern Company is delivering on our plans to serve growth in a way that is both beneficial and protective for existing customers,” said Chris Womack, chairman, president and CEO of Southern Company. "As our region continues to grow, we’re investing in the infrastructure needed to support that growth in a way that provides long-term value while staying grounded in what our customers value most – reliability they can count on and a focus on keeping rates stable. We're uniquely positioned to do this because of our scale, skill and expertise, all of which are focused on putting our customers and communities first.”

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 David P. Poroch 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.