Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Q3 2026 Adjusted EPS | $1.94 | $0.34 higher than Q3 2025 |
| Q3 2026 Commercial Sales | 7.3% increase | Versus Q3 2025 |
| Q3 2026 Data Center Usage | 59% increase | Versus Q3 2025 |
| Year-to-date Adjusted EPS | $4.40 | Versus $3.76 in 2025 |
Guidance and outlook
- The company expects full-year 2026 adjusted earnings of $4.70 per share.
- The adjusted EPS estimate for the fourth quarter is $0.30 per share.
- Management plans to refresh the financial outlook through 2031 in February.
How management sounded
Positive (+7 on our -10 to +10 scale). Management raised full-year guidance, highlighted record sales growth, and expressed strong confidence in the durability of their long-term outlook despite regulatory changes. Management sounded more upbeat than on 48% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Regulatory Environment
Asked: How does the company view the recent PSC election results in Georgia regarding future rate cases?
Answer: Management expressed confidence in their performance and ability to share benefits with customers, noting that providing benefits from growth is a strong platform for engaging with new commissioners.
Capital Funding
Asked: Is the 40% equity funding target still appropriate given the cash flow nature of large load contracts?
Answer: Management stated that 40% remains the right target as they work toward their 17% FFO to debt goal by 2029.
Data Center Policy
Asked: Are there risks to data center projects from potential policy changes or executive orders?
Answer: Management feels confident in existing contracts and noted that these projects are not costing existing customers, as data centers pay their full share.
Capital Plan
Asked: How will the potential $100 billion capital plan be allocated?
Answer: Management expects 90% to 95% of investments to remain in state-regulated and federally regulated assets.
What to watch before the next call
- The outcome of ongoing RFP processes in Alabama and Georgia for additional generation.
- Regulatory discussions with new commissioners in Georgia and Alabama regarding affordability and rate stability.
- The pace of large load contract ramp-ups and their impact on capital deployment.
