Southern Company Q2 2026: adjusted EPS $1.13 beats, revenue flat
Southern Company beat on adjusted earnings in the second quarter of 2026 — $1.13 a share against a $1.03 consensus — while revenue stayed flat at $6.98 billion. Read the beat carefully: lower income taxes and construction-related allowance income supplied most of the upside, not the top line. Below we separate what customers actually paid for from what taxes and accounting added.
1 · Expected vs. Actual
Free preview belowGAAP earnings were $1.174 billion, or $1.03 a share, versus $880 million, or $0.80, a year ago — roughly in line with the $1.03 consensus. Excluding items such as $143 million of accelerated depreciation from wind repowering, adjusted earnings were $1.289 billion, or $1.13 a share, about 9.6% above the consensus estimate. The bridge shows the beat came mostly from 8¢ of lower income taxes, 5¢ of retail sales and 4¢ from the allowance for equity funds used during construction, partly offset by 4¢ from more shares outstanding.
Revenue of $6.98 billion was essentially flat versus $6.97 billion a year earlier, up 0.1%. The mix moved more than the total: retail non-fuel electric revenue rose $63 million while retail fuel revenue fell $76 million, and natural gas revenue slipped 1.3%. Total kilowatt-hour sales rose 3.9%, with retail sales up 2.1% and up 2.3% after weather adjustments, so customers used more power even though the top line barely budged.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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