Southern Company
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+ FollowMarket Cap$107.8B
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Earnings Call Q2 2026
July 30, 2026 - AI Summary
Strong Q2 results; earnings momentum continues
- Adjusted EPS: $1.13/share, +$0.21 YoY and +$0.13 vs prior estimate (drivers: higher usage/customer growth, higher AFUDC from construction, equity-method income, and tax-related impacts at regulated utilities).
- 1H26 adjusted EPS: $2.46, well above year-to-date expectations.
- Full-year outlook (forecast): near or at the top of 2026 adjusted EPS guidance $4.50–$4.60.
- Q3 expected adjusted EPS: $1.50/share.
Big load/data center growth is accelerating—and is translating into contracted MW visibility
- Large-load contracted total: now >17 GW by mid-2030s (including new agreements plus earlier signed deals).
- New examples cited:
- Alabama Power: three new contracts totaling ~3 GW.
- Georgia Power/OpenAI: 3.2 GW, 25-year contract near Savannah; service begins in phases starting 2028, with ~1 GW flexible demand response for peak reliability.
- Pipeline remains heavy: large industrial + data center projects >75 GW prospectively; +8 GW in late stages beyond the 17 GW already contracted (with ~3 GW expected to be finalized near-term).
- Operational/customer impact: systemwide data center load >1.2 GW (up 500+ MW YoY), expected to keep accelerating as contracted demand comes online.
Demand and retail sales trend unusually strong (surprising upside in volumes)
- Weather-normal retail electricity sales (YTD): +2.3% vs 1H25, described as the highest retail sales growth through June in ~two decades.
- Commercial: weather-normal commercial +7.4% in Q2; +6% YTD.
- Data center usage: +55% YoY in Q2 and +49% YTD.
- Customer growth: ~11,000 new residential electric customers in the quarter; net adds >40,000 over the last year.
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$37.06
60.3% downside
Current Fair Value
60.3% downsideOvervalued by 60.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $107.80 Billion |
|---|---|
| Enterprise Value | $180.75 Billion |
| Annual dividend | $3.00 |
| Dividend yield | 3.20% |
| Earnings per Share | $3.94 |
| Beta | 0.3 |
| Outstanding Shares | 1,137,000,000 |
Return
| Return on Equity | 11.00% |
|---|---|
| Return on Assets | NaN% |
| Return on Invested Capital | 9.18% |
Valuation & Multiples
| P/E Ratio | 22.47 |
|---|---|
| PEG | 67.26 |
| Price to Sales | 3.59 |
| Price to Book Ratio | -0.88 |
| Enterprise Value to Revenue | 5.99 |
| Enterprise Value to EBIT | -125.09 |
| Enterprise Value to Net Income | 38 |
| Total Debt to Enterprise | 0.4 |
| Debt to Equity | 1.72 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$1.65
Consensus analyst estimateRevenue Estimate
$8.24 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 106.21% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 171,600▼ 95.80% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.11%▼ 71.28% |
|---|---|
| Total Invested | $2.93B▼ 96.36% |
| Investors Holding | 984▼ 1440.00% |
About Southern Company
2,018 employees
CEO: Thomas Fanning
The Southern Company, through its various operating units, primarily focuses on the production, transmission, and supply of electrical power. Its business is structured into distinct segments: Gas Distribution Operations, Gas Pipeline In...