Southern earnings date and guidance
Southern's next results are expected on November 5, 2026. Watch whether Southern turns spending into approved rate base and recurring cash.
What has Southern guided for 2026?
Management guides to 2026 adjusted EPS of $4.50–$4.60 and 8–9% annual adjusted EPS growth through 2028. Its $81 billion 2026–2030 capital plan targets 9% regulated rate-base growth, 10% electric-sales growth and 17% FFO to debt by 2029.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| 2026 Full Year Adjusted EPS Guidance Range | Year to Dec 2026 | 4.50 | 4.60 | Jul 30, 2026 |
| projected adjusted EPS growth | 2026–2028 | 8.0% | 9.0% | Jul 30, 2026 |
| Long-term projected adjusted EPS growth | After 2028 | 7.0% | 8.0% | Jul 30, 2026 |
| 2028 adjusted EPS guidance range | Year to Dec 2028 | 5.25 | 5.45 | Feb 19, 2026 |
| projected capex (US$ billions) | 2026–2030 | 81 | 81 | Jul 30, 2026 |
| state-regulated electric & gas utility rate base growth | 2026–2030 | 9.0% | 9.0% | Jul 30, 2026 |
What this means. The 95.0% figure means the company expects almost all of its planned spending on buildings and equipment to go to utilities whose prices are regulated by states.
Did Southern keep its past earnings promise?
In February 2025, Southern forecast adjusted earnings per share of $4.20–$4.30. It delivered $4.30 adjusted earnings, while reported basic earnings were $3.94. Adjusted earnings remove selected items that management considers unusual, including losses on plants under construction and debt-extinguishment costs. The board used the adjusted figure for the financial goal, which reached a 176% payout.
What is Southern's revenue and profit trend over the last eight quarters?
The June 2026 quarter improved, but its earnings increase was larger than its operating improvement.
Cash generation improved, yet capital spending still exceeded it. The eight-quarter sequence reinforces the need for caution: seasonal earnings and operating cash vary sharply, so one quarter should not be annualized casually.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,977 | 8,397 | 6,981 | 7,823 | 6,973 | 7,775 | 6,341 | 7,274 |
| Operating income | 1,776 | 2,018 | 917 | 2,594 | 1,764 | 2,010 | 1,058 | 2,368 |
| Net income | 1,174 | 1,356 | 416 | 1,711 | 880 | 1,334 | 534 | 1,535 |
| EPS, diluted | 1.03 | 1.20 | 0.38 | 1.54 | 0.79 | 1.21 | 0.48 | 1.39 |
| Cash from operations | 3,054 | 1,226 | 2,597 | 3,774 | 2,181 | 1,250 | 2,173 | 3,616 |
| = Free cash flow | -330 | -1,716 | -1,688 | 559 | -676 | -1,130 | -576 | 1,305 |
What this means. The company brought in cash from its business, but it spent more on equipment, buildings, and software, so its free cash flow was negative.
What should investors watch in Southern's next results?
The next decisive events will determine which spending earns a return and which becomes a shareholder cost.