Southern Company reports second-quarter 2025 earnings

Southern Company today reported second-quarter earnings of $0.9 billion, or $0.80 per share, in 2025 compared with earnings of $1.2 billion, or $1.10 per share, in the second quarter of 2024. For the six months ended June 30, 2025, Southern Company reported earnings of $2.2 billion, or $2.01 per share, compared with $2.3 billion, or $2.13 per share, for the same period in 2024.

Excluding the items described under “Net Income – Excluding Items” in the table below, Southern Company earned $1.0 billion, or $0.92 per share, during the second quarter of 2025, compared with $1.2 billion, or $1.10 per share, during the second quarter of 2024. For the six months ended June 30, 2025, excluding these items, Southern Company earned $2.4 billion, or $2.15 per share, compared with $2.3 billion, or $2.13 per share, for the same period in 2024.

Non-GAAP Financial Measures	Three Months Ended June			Year-To-Date June
Net Income – Excluding Items (in millions)	2025	2024		2025	2024
Net Income – As Reported	$                   880	$                1,203		$                2,214	$                2,332
Less:
Estimated Loss on Plants Under Construction	(2)	17		(4)	14
Tax Impact	(4)	(18)		(3)	(17)
Accelerated Depreciation from Repowering	(40)	—		(65)	—
Tax Impact	9	—		14	—
Loss on Extinguishment of Debt	(129)	—		(129)	—
Tax Impact	32	—		32	—
Net Income – Excluding Items	$                1,014	$                1,204		$                2,369	$                2,335
Average Shares Outstanding – (in millions)	1,101	1,096		1,100	1,095
Basic Earnings Per Share – Excluding Items	$                  0.92	$                  1.10		$                  2.15	$                  2.13

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 second quarter 2025, as compared with the same period in 2024, were higher non-fuel operations and maintenance expenses, prior year gains on transmission asset sales, milder weather, and higher income taxes, depreciation and amortization, and interest expense, partially offset by higher utility revenues.

Second-quarter 2025 operating revenues were $7.0 billion, compared with $6.5 billion for the second quarter of 2024, an increase of 7.9%. For the six months ended June 30, 2025, operating revenues were $14.7 billion, compared with $13.1 billion for the corresponding period in 2024, an increase of 12.5%.

"This is an exciting time for Southern Company. We performed well both financially and operationally through the first half of the year and remain well positioned to deliver on our 2025 goals," said Chris Womack, chairman, president and CEO. "Our focus continues to be on balancing growth, reliability and affordability for all customers. The regulatory outcomes we have reached in our service territories demonstrate our ability to work with all stakeholders to deliver on all of our objectives. Because of our team's commitment to making the right investments, running our business efficiently and effectively, and keeping customers at the center of everything we do, we've accomplished a great deal so far this year and we’ve positioned Southern Company for an even brighter future ahead.”

Southern Company’s second-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, new Chief Financial Officer David P. Poroch and former 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.