Earnings call analysis

The Southern (SO) Q3 2026 Earnings Call: Guidance and Outlook

The company provided updated full-year 2026 adjusted earnings guidance of $4.70 per share and a fourth-quarter estimate of $0.30 per share.

About The Southern. The Southern Company operates as an energy utility, primarily involved in the production, transmission, and distribution of electricity. Its operations are segmented into Gas Distribution Operations, Gas Pipeline Investments, Wholesale Gas Services, and Gas Marketing Services.

Call date

Nov 5, 2026

Sentiment score

+45 Positive

Management tone, -100 to +100

Sentiment change

vs Q2 2026 call

Sector

Utilities, Electric Utilities

Next report

Feb 18, 2027

View calendar

Quarterly guidance

Q4 2026 Adjusted EPS: $0.30 per share.

Annual guidance

Full year 2026 Adjusted EPS: $4.70 per share, representing 9% year-over-year growth.

Outlook

Sales growth: The company is seeing the highest level of weather-normal sales growth in generations, with growth accelerating.
Large load contracts: The portfolio of signed large load contracts has grown to 21 gigawatts, with an additional 7 gigawatts in late stages.
Capital investment: The company's capital plan could potentially approach $100 billion over a 5-year period, with 90% to 95% focused on state-regulated investments.
Rate stability: The company has committed to holding base rates flat in Alabama and Georgia until at least 2029.
Credit objectives: The company remains committed to funding incremental capital investments in a credit-supportive manner on its path toward 17% FFO to debt by 2029.
Future updates: Management plans to refresh its financial outlook through 2031 in February 2027.

Sources and method

Dombey's summary of the The Southern Q3 2026 earnings call held Nov 5, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.

Updated Nov 9, 2026. All earnings call analyses

Research access

Research published before the catalyst, kept on the record after it.

Free AccountComplimentaryA DombeyAI account at no cost: the daily market view, earnings call analysis, a watchlist and every published pick tracked from the day it was named.Create a free account Standard Access$6.67 / monthOngoing catalyst coverage and the complete public-research archive, for readers who want to follow forthcoming events and revisit the firm's published thinking.Start Standard Access RecommendedFounding Membership$1,200 / yearInstitutional access to the complete research suite, proprietary models and execution strategy.Become a Founding Member