SOUTHERN (SO) Company Report

Record $26.5B ~30-year loan to Georgia Power ($22.4B) and Alabama Power ($4B) for over 16 GW of generation and grid upgrades
Financing supports 5–5.3 GW of new natural gas capacity; 6–6.3 GW of nuclear uprates and license renewals; hydropower modernization; battery storage; and 1,300+ miles of transmission and distribution improvements
DOE timeline targets three 1.3 GW gas turbines at Yates Power Plant by end-2027 and additional gas units at three plants by end-2030
Loans expected to reduce Southern’s interest expense by >$300 M annually and deliver over $7 B in customer electricity cost savings, though rate impacts remain unclear
Georgia Power’s base rates are frozen through end-2028; loan draws may extend through 2033, with anticipated job creation and enhanced reliability

2 days ago

Bloomberg

Southern Company secures historic $26.5B DOE loan guarantees

Debt Issuance

New Projects/Investments

Southern Company subsidiaries Georgia Power and Alabama Power have secured up to $26.54 billion in loan guarantees from the Department of Energy’s Office of Energy Dominance Financing to fund grid infrastructure projects.
The 30-year financing is projected to deliver $7 billion in customer savings by lowering energy costs and enhancing reliability.
Proceeds will support natural gas generation, nuclear uprates and license extensions, hydropower and battery storage, plus transmission and grid upgrades across its Southeast service territory.
Loan draws are subject to closing conditions and may be made through September 15, 2033.

3 days ago

Press Release

Southern Company reports Q4 2025 results and updates guidance

Earnings

Guidance Update

Dividends

Southern reported adjusted EPS of $4.30 for 2025, at the top of its guidance range (+6% YoY), and set 2026 EPS guidance of $4.50–$4.60, with 8–9% CAGR targets through 2028 ($4.85–$4.95 in 2027; $5.25–$5.45 in 2028).
Weather-normalized retail electricity sales grew 1.7% in 2025 (Georgia Power +2.5%), while the company added 39,000 residential electric and 25,000 gas customers, reflecting robust demand.
The large‐load pipeline reached 26 signed contracts covering 10 GW (up 2 GW QoQ), with another 3 GW in final stages and discussions for 10 GW more, underpinning long‐term sales growth of 10% (2026–2030).
Committed to a $81 billion five-year capital plan (95% at regulated utilities), supporting 9% annual rate base growth, and planning ~40% equity financing to preserve investment‐grade credit.
Maintains 78-year dividend streak (24 consecutive increases), projecting modest increases and a payout ratio in the low-to-mid-60% range in the latter half of its forecast horizon.

Feb 19, 2026, 6:00 PM

Transcript

Southern Company reports Q4 2025 results and updates outlook

Earnings

Guidance Update

New Projects/Investments

Southern Company delivered adjusted EPS at the top of its 2025 guidance range, reflecting strong operational execution and positioning for long-term growth.
Retail electric sales projected to grow 10% annually from 2026–2030, supported by a large-load pipeline now exceeding 75 GW and 26 signed contracts totaling 10 GW.
New five-year capital plan of $81 billion (up 30% year-over-year) will drive rate-base growth of ~9%, with 95% at regulated utilities and investments in generation, transmission, and pipelines.
2026 adjusted EPS guidance of $4.50–$4.60 (7% growth vs. 2025); 2027 and 2028 EPS ranges set at $4.85–$4.95 and $5.25–$5.45, respectively, targeting 8%–9% annual growth through 2028.
Raised $9 billion of equity in 2025 via ATM issuances and mandatory convertibles, with a remaining $2 billion equity need through 2030; dividend growth to remain modest, with payout ratios reaching mid-60%.

Feb 19, 2026, 6:00 PM

Transcript

Southern Company reports Q4 2025 earnings and growth outlook

Earnings

Guidance Update

New Projects/Investments

Southern Company delivered adjusted EPS of $4.30 for 2025, at the top of its guidance range, marking 6% growth YoY and the 11th consecutive year of meeting or exceeding guidance, alongside 24 years of dividend increases.
Weather-normalized retail electricity sales rose 1.7% in 2025, led by Georgia Power’s 2.5% growth; commercial sales jumped 17%, and the company added 39,000 new electric and 25,000 new gas customers.
Management forecasts 3% retail electric sales growth in 2026 and 10% annual average growth through 2030 (with Georgia Power at 13%), supported by a 75 GW large-load pipeline and 26 signed contracts for 10 GW of capacity.
The five-year capital plan totals $81 billion (95% at regulated utilities), driving 9% average annual rate-base growth, with over half earmarked for new generation, uprates, and grid expansion through 2030.
2026 adjusted EPS guidance is $4.50–$4.60 (+7% YoY) with Q1 EPS at $1.20, and long-term EPS growth of 8–9% through 2028 and 7–8% through 2030.

Feb 19, 2026, 6:00 PM

Transcript

Southern Company reports Q4 and full-year 2025 earnings

Earnings

Fourth-quarter 2025 net income was $416 million or $0.38 per share, down from $534 million or $0.49 per share in Q4 2024.
Full-year 2025 net income totaled $4.3 billion or $3.94 per share, compared with $4.4 billion or $4.02 per share in 2024.
Non-GAAP net income, excluding items, was $612 million (EPS $0.55) in Q4 and $4.7 billion (EPS $4.30) for 2025, versus $544 million (EPS $0.50) and $4.4 billion (EPS $4.05) in the prior periods.
Operating revenues rose 10.1% to $7.0 billion in Q4 and 10.6% to $29.6 billion for the full year.

Feb 19, 2026, 12:30 PM

Press Release

Southern Company named No. 1 utility on Fortune’s 2026 World's Most Admired Companies list

Southern Company earned the No. 1 spot in the electric and gas utilities industry on FORTUNE’s 2026 World's Most Admired Companies list for its financial soundness, long-term investment value, and community commitment.
The company plans more than $80 billion in infrastructure investments through 2030 to modernize and reinforce its electric and gas networks, with a goal of doubling current on‐the‐ground investment over the next five years.
Amid significant projected growth, Southern Company’s operating companies have kept base rates stable for customers in its jurisdictions, supporting economic prosperity while meeting rising energy demand.
Southern Company has maintained its dividend policy by paying a dividend equal to or greater than the previous quarter for 78 consecutive years, underscoring disciplined financial management.

Jan 21, 2026, 4:28 PM

Press Release

Southern Company celebrates 50 years of nuclear energy in Georgia

New Projects/Investments

Georgia’s nuclear fleet (Plants Hatch & Vogtle) provides approximately 25% of state electricity with a 94% capacity factor over the last decade.
Plant Hatch Unit 1 marks 50 years of continuous operation since December 1975, with over 1.2 billion MWh generated to date.
The Plant Vogtle expansion (Units 3 & 4), completed in May 2024, makes it the largest clean energy generator in the U.S., at 30 million MWh/year.
Southern Nuclear filed for a 20-year license renewal for Hatch Units 1 & 2 in May 2025 to extend operations.

Dec 30, 2025, 2:38 PM

Press Release

Southern’s Georgia Power plan approved to secure 9,900 MW and deliver customer savings

New Projects/Investments

The Georgia PSC approved Georgia Power’s plan to procure 9,900 MW of diverse generation resources to meet rising demand
Incremental large-load customer revenue will yield $556 million in annual benefits, equating to $8.50/month (~$102/year) savings for a typical residential customer
Planned resources include >3,600 MW of combined-cycle gas, >3,000 MW of battery storage, 350 MW of battery+solar, and >2,800 MW of power purchase agreements, with construction underway or pending
The initiative underpins a three-year base rate freeze (excluding storm costs) amid record state investment of $26 billion and 23,000 new private-sector jobs in the last fiscal year

Dec 19, 2025, 6:26 PM

Press Release

Georgia Power receives turbine and generator for Unit 9 at Plant Yates

New Projects/Investments

Georgia Power received the turbine and generator for the new Unit 9 simple-cycle gas turbine at Plant Yates; components for Unit 8 were delivered in August and Unit 10 components are expected in early 2026.
The three approved combustion turbines (Units 8–10) will add 1,300 MW of capacity and are slated to be online by the end of 2027 to meet Georgia’s growing energy demand.
Each Mitsubishi Power M501JAC turbine weighs ~350 tons (50 ft long, 18 ft wide), offers a ~30-minute start-up, can switch to oil if needed, and is paired with a 583 MVA, 99% efficient generator.
Natural gas currently supplies 40% of Georgia Power’s annual generation, highlighting its central role in the company’s diversified energy mix.

Dec 15, 2025, 5:00 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for SOUTHERN.

Q4 2025

Feb 19, 2026

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Q3 2025

Oct 30, 2025

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Q2 2025

Jul 31, 2025

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