$SO · SOUTHERN CO
Southern Company filed its Q3 2026 Form 10-Q. Diluted EPS was $1.76 versus $1.54 a year earlier, with revenue up 13.0% YoY to $8.84B. Net income attributable to Southern Company was $2.046B, up from $1.711B in Q3 2025, and operating margin was 33.9%.
- Q3 2026 diluted EPS of $1.76 vs $1.54 in Q3 2025.
- Revenue rose 13.0% YoY to $8.84B.
- Net income attributable to Southern Company was $2.046B, up from $1.711B.
- Operating margin was 33.9% for the quarter.
- Retail electric revenue grew to $6.62B from $5.71B a year ago.
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Solid double-digit revenue growth and EPS expansion, but the story hinges on executing large data-center-driven capital programs with rate recovery.
Utility results reflect rising electricity demand, with management flagging data centers and large-load customers as a key growth driver requiring substantial new generation and transmission investment.
The filing flags capital access and revenue-recovery risk tied to projected data-center-driven load growth, plus cost/schedule overrun risk on construction projects and inflation/tariff exposure.