Southern Company reports third-quarter 2026 earnings

Southern Company today reported third-quarter earnings of $2.0 billion, or $1.77 per share, in 2026 compared with earnings of $1.7 billion, or $1.55 per share, in the third quarter of 2025. For the nine months ended September 30, 2026, Southern Company reported earnings of $4.6 billion, or $4.02 per share, compared with $3.9 billion, or $3.56 per share, for the same period in 2025.

Excluding the items described under “Net Income – Excluding Items” in the table below, Southern Company earned $2.2 billion, or $1.94 per share, during the third quarter of 2026, compared with $1.8 billion, or $1.60 per share, during the third quarter of 2025. For the nine months ended September 30, 2026, excluding these items, Southern Company earned $5.0 billion, or $4.40 per share, compared with $4.1 billion, or $3.76 per share, for the same period in 2025.

Non-GAAP Financial Measures	Three Months Ended September			Year-To-Date September
Net Income – Excluding Items (in millions)	2026	2025		2026	2025
Net Income – As Reported	$                2,046	$                1,711		$                4,577	$                3,925
Less:
Accelerated Depreciation from Repowering	(118)	(103)		(414)	(168)
Tax Impact	26	23		92	38
Loss on Extinguishment of Debt	(43)	—		(54)	(129)
Tax Impact	(54)	—		(52)	32
Estimated Loss on Nicor Gas Capital Investments	(9)	—		(19)	—
Tax Impact	2	—		5	—
Estimated Loss on Plants Under Construction	—	32		—	27
Tax Impact	—	(8)		(4)	(11)
Disposition Impacts	—	2		(2)	2
Tax Impact	—	(1)		8	(1)
Net Income – Excluding Items	$                2,242	$                1,766		$                5,017	$                4,135
Average Shares Outstanding – (in millions)	1,157	1,102		1,139	1,101
Basic Earnings Per Share – Excluding Items	$                  1.94	$                  1.60		$                  4.40	$                  3.76

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 third quarter of 2026, as compared with the same period in 2025, were warmer weather, increased usage and customer growth, growing revenue from large commercial and industrial customers along with higher earnings from Southern Power, partially offset by higher non-fuel operating expenses and taxes other than income taxes, along with dilution impacts from additional shares outstanding.

Third-quarter 2026 operating revenues were $8.8 billion, compared with $7.8 billion for the third quarter of 2025, an increase of 13.0%. For the nine months ended September 30, 2026, operating revenues were $24.2 billion, compared with $22.6 billion for the corresponding period in 2025, an increase of 7.3%.

"The Southeast is growing at a pace that is both unprecedented and transformational, and we believe Southern Company is well positioned for today and in the future," said Chris Womack, chairman, president and CEO of Southern Company. "Our scale, our experience and our customer-focused strategy allow us to serve this growing demand in a responsible and sustainable manner, with the same discipline, credibility and customer focus that have long defined our company. We know how important reliable energy is to our customers and take great pride in improving the communities and states we are privileged to serve."

Southern Company’s third-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.