Southern Company
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+ FollowMarket Cap$108.31B
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Earnings Call Q3 2026
November 5, 2026 - AI Summary
Strong Q3 financial beat; raises/strengthens full-year outlook
- Adjusted EPS: $1.94 in Q3 2026, up $0.34 YoY vs Q3 2025 and $0.29 above last quarter’s estimate.
- Key YoY drivers: warmer weather + higher usage + customer growth; stronger revenue from large commercial/industrial (including data centers); higher Southern Power earnings.
- Partial offsets: higher nonfuel O&M and taxes (other than income taxes) plus dilution from additional shares.
- YTD adjusted EPS: $4.40 vs $3.76 YTD 2025.
- Q4 guidance: $0.30 adjusted EPS (management’s estimate). Implies 2026 full-year adjusted EPS of $4.70 (+$0.10 vs top of original guidance, ~9% YoY).
Demand/growth momentum is the core “upside” story (especially weather-normal + data centers)
- Management highlighted the “highest level of weather-normal sales growth in generations”.
- Weather-normal electricity sales growth: +3.5% in Q3 and +2.7% YTD; all customer classes higher, led by commercial (+7.3% YoY in Q3).
- Data centers: +59% usage this quarter and +52% YTD, tied to accelerating load ramps.
- Industrial broader strength: meaningful industrial sales growth across major segments (primary metals, lumber, transportation).
- Contracts/larger loads: signed large-load contracts increased to 21 GW, with +7 GW in late stages (Alabama, Georgia, Mississippi).
Capital plan accelerating toward ~$100B (opportunity) to support the demand wave
- Management says announced/approved incremental investment is ~$4B above the previously communicated $81B base capital plan.
- Portfolio initiatives noted:
- Southern Power: 400 MW upgrades at existing natural gas facilities (previously announced).
- Georgia Power: approved partnership with Google to unlock additional nuclear capacity via scheduled-maintenance upgrades (multi-year).
- Southern Natural Gas (50% owned): Southeast Connector pipeline expansion to support growth/diverse fuel access.
- Potential next step: if additional generation is selected via RFPs (Alabama and Georgia for early 2030s), total plan could approach ~$100B over 5 years.
- Management reiterated expected financing discipline and that incremental investments would be funded in a credit-supportive way on the path toward ~17% FFO-to-debt by 2029.
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$37.06
60.4% downside
Current Fair Value
60.4% downsideOvervalued by 60.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $108.31 Billion |
|---|---|
| Enterprise Value | $183.67 Billion |
| Annual dividend | $3.00 |
| Dividend yield | 3.21% |
| Earnings per Share | $3.94 |
| Beta | 0.29 |
| Outstanding Shares | 1,157,000,000 |
Return
| Return on Equity | 11.87% |
|---|---|
| Return on Assets | 3.04% |
| Return on Invested Capital | 0.39% |
Valuation & Multiples
| P/E Ratio | 21.32 |
|---|---|
| PEG | 108.89 |
| Price to Sales | 3.6 |
| Price to Book Ratio | 2.46 |
| Enterprise Value to Revenue | 5.89 |
| Enterprise Value to EBIT | 312.9 |
| Enterprise Value to Net Income | 36 |
| Total Debt to Enterprise | 0.42 |
| Debt to Equity | 1.83 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 5, 2026
EPS
$1.94
Est. $1.71Revenue
$8.84 B
Est. $8.38 BNext Earnings Call
Expected Date
February 18, 2027
EPS Estimate
$0.41
Consensus analyst estimateRevenue Estimate
$6.96 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.46, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.4621▼ 60.00% |
|---|---|
| Total Calls | 7,144,400▲ 85.63% |
| Total Puts | 3,301,600▼ 19.23% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 10.78%▼ 63.60% |
|---|---|
| Total Invested | $10.19B▼ 87.36% |
| Investors Holding | 1,367▼ 1057.00% |
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...