The Southern Company · SO · FY2025 Q3 · Calendar Q4 2025
Southern Company: Strong Load Growth, Financing Progress, Risks Remain
The current and prior analyses support a constructive operating narrative: resilient demand, especially from data centers and commercial customers, is paired with expanded generation investment and financing progress. The thesis remains conditional because equity needs, regulatory uncertainty, financing costs, and execution could limit the conversion of demand into earnings growth.
Earnings scorecard
Reported versus consensusMarket reaction
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Transcript intelligence
What changed
Compared with the prior-quarter analysis, the current analysis adds reported third-quarter strength, further evidence of data-center load growth, progress on debt and equity financing, and the acquisition of a natural-gas generating facility. The analysis also continues to flag long-term EPS rebasing, regulatory, financing, and project-execution questions.
Guidance delta
Maintained; the analysis says third-quarter earnings put the full year at the top of guidance.
Key takeaways
- The current analysis describes adjusted EPS beating estimates and placing full-year earnings at the top of guidance.
- Management highlighted data-center and commercial load growth, with a large pipeline of potential incremental demand.
- Financing progress supports the capital plan, but equity needs, regulatory developments, and project execution remain key watchpoints.
Management priorities
- Expand generation capacity and battery storage in Georgia and Alabama.
- Advance gas pipeline expansion and support large-load customer growth.
- Continue equity financing and update the long-term capital and sales outlook.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 4, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Citigroup | Buy | Buy | Maintain | Sep 25, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Sep 18, 2026 |
| Truist Securities | Hold | Hold | Maintain | Aug 13, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Jul 27, 2026 |
| Keybanc | Underweight | Sector Weight | Downgrade | Jul 23, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 16, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jun 18, 2026 |
| Seaport Global | Neutral | Buy | Downgrade | Apr 20, 2026 |
| TD Cowen | Buy | Buy | Maintain | Mar 6, 2026 |
| Evercore ISI Group | Outperform | In Line | Upgrade | Mar 5, 2026 |
| Wells Fargo | Equal Weight | Underweight | Upgrade | Feb 20, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Feb 20, 2026 |
| Mizuho | Outperform | Neutral | Upgrade | Feb 20, 2026 |
| UBS | Neutral | Neutral | Maintain | Dec 17, 2025 |
| Jefferies | Neutral | Neutral | Maintain | Dec 15, 2025 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Dec 12, 2025 |
| Ladenburg Thalmann | Neutral | Buy | Downgrade | Oct 17, 2025 |
| Guggenheim | Neutral | Neutral | Maintain | May 2, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | Aug 29, 2024 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Aug 2, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Aug 2, 2024 |
| Argus Research | Buy | Buy | Maintain | May 15, 2024 |
| Credit Suisse | Underperform | Underperform | Maintain | Jan 18, 2023 |
| CFRA | Hold | Hold | Maintain | Feb 20, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Dec 18, 2019 |
| Bank of America | Neutral | Neutral | Maintain | Sep 12, 2019 |
| Deutsche Bank | Buy | Buy | Maintain | May 22, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Scotia Howard Weil | Perform | Sector Perform | Maintain | May 13, 2016 |
| CRT Capital | Hold | Hold | Maintain | Mar 3, 2014 |
| Hilliard Lyons | Buy | Neutral | Upgrade | Jan 31, 2014 |
| BGC Financial | Hold | Hold | Maintain | Jun 20, 2013 |
| ISI Group | Buy | Hold | Upgrade | Nov 6, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $83.72. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Analyst unavailable | $97 | $92.7 | +15.9% | Aug 13, 2026 |
| Mizuho Securities | Analyst unavailable | $106 | $94.34 | +26.6% | Jul 31, 2026 |
| BMO Capital | James Thalacker | $104 | $97.25 | +24.2% | Jul 27, 2026 |
| KeyBanc | Sophie Karp | $79 | $95.8 | -5.6% | Jul 23, 2026 |
| BMO Capital | James Thalacker | $102 | $94.8 | +21.8% | Jul 22, 2026 |
| Morgan Stanley | David Arcaro | $89 | $94.84 | +6.3% | Jun 24, 2026 |
| Jefferies | Analyst unavailable | $99 | $94 | +18.3% | Jun 22, 2026 |
| Barclays | Nicholas Campanella | $98 | $92.53 | +17.1% | Jun 18, 2026 |
| Truist Financial | Richard Sunderland | $100 | $91.93 | +19.4% | May 29, 2026 |
| Morgan Stanley | David Arcaro | $87 | $94.12 | +3.9% | May 21, 2026 |
| Mizuho Securities | Analyst unavailable | $105 | $97.11 | +25.4% | May 1, 2026 |
| Raymond James | Analyst unavailable | $104 | $97.05 | +24.2% | May 1, 2026 |
| Barclays | Analyst unavailable | $99 | $97.59 | +18.3% | Apr 9, 2026 |
| Cowen & Co. | Shelby Tucker | $112 | $97.11 | +33.8% | Mar 6, 2026 |
| Evercore ISI | Nicholas Amicucci | $111 | $96.29 | +32.6% | Mar 5, 2026 |
| Jefferies | Julien Dumoulin-Smith | $102 | $95.22 | +21.8% | Feb 23, 2026 |
| Scotiabank | Analyst unavailable | $103 | $94.44 | +23.0% | Feb 20, 2026 |
| Truist Financial | Analyst unavailable | $103 | $94.58 | +23.0% | Feb 20, 2026 |
| Mizuho Securities | Analyst unavailable | $104 | $95.05 | +24.2% | Feb 20, 2026 |
| Wells Fargo | Analyst unavailable | $96 | $95.05 | +14.7% | Feb 20, 2026 |
| RBC Capital | Stephen D'Ambrisi | $105 | $87.35 | +25.4% | Jan 23, 2026 |
| Morgan Stanley | David Arcaro | $85 | $88.16 | +1.5% | Jan 21, 2026 |
| Wells Fargo | Shahriar Pourreza | $84 | $88.9 | +0.3% | Jan 20, 2026 |
| Barclays | Analyst unavailable | $88 | $88.42 | +5.1% | Jan 15, 2026 |
| UBS | Analyst unavailable | $94 | $85.71 | +12.3% | Dec 17, 2025 |
| Morgan Stanley | Analyst unavailable | $81 | $86.1 | -3.2% | Dec 16, 2025 |
| RBC Capital | Stephen D'Ambrisi | $99 | $84.71 | +18.3% | Dec 12, 2025 |
| KeyBanc | Analyst unavailable | $76 | $84.73 | -9.2% | Dec 12, 2025 |
| Mizuho Securities | Anthony Crowdell | $88 | $84.06 | +5.1% | Dec 11, 2025 |
| Morgan Stanley | David Arcaro | $97 | $88.58 | +15.9% | Nov 20, 2025 |
| Barclays | Analyst unavailable | $91 | $88.99 | +8.7% | Nov 20, 2025 |
| Jefferies | Analyst unavailable | $103 | $92.73 | +23.0% | Nov 5, 2025 |
| Wells Fargo | Analyst unavailable | $97 | $95.4 | +15.9% | Oct 27, 2025 |
| RBC Capital | Stephen D'Ambrisi | $107 | $95.4 | +27.8% | Oct 27, 2025 |
| Morgan Stanley | Analyst unavailable | $99 | $97.94 | +18.3% | Oct 22, 2025 |
| KeyBanc | Analyst unavailable | $87 | $100.06 | +3.9% | Oct 15, 2025 |
| Barclays | Analyst unavailable | $70 | $98.08 | -16.4% | Oct 14, 2025 |
| UBS | Analyst unavailable | $104 | $96.13 | +24.2% | Oct 10, 2025 |
| Evercore ISI | Nicholas Amicucci | $103 | $95.49 | +23.0% | Oct 6, 2025 |
| Scotiabank | Analyst unavailable | $99 | $93.89 | +18.3% | Oct 3, 2025 |
| Morgan Stanley | David Arcaro | $92 | $93.8 | +9.9% | Sep 25, 2025 |
| Morgan Stanley | Analyst unavailable | $91 | $89.97 | +8.7% | Mar 20, 2025 |
| Barclays | Nicholas Campanella | $83 | $89.84 | -0.9% | Oct 15, 2024 |
| Mizuho Securities | Anthony Crowdel | $90 | $89.44 | +7.5% | Sep 16, 2024 |
| Argus Research | Marie Ferguson | $90 | $78.71 | +7.5% | May 15, 2024 |
| BMO Capital | James Thalacker | $80 | $75.46 | -4.4% | May 3, 2024 |
| Barclays | Nicholas Campanella | $66 | $68.73 | -21.2% | Apr 15, 2024 |
| Mizuho Securities | Paul Fremont | $76 | $71.1 | -9.2% | Apr 2, 2024 |
| Citigroup | Ryan Levine | $82 | $67.18 | -2.1% | Feb 6, 2024 |
| BMO Capital | James Thalacker | $77 | $70.58 | -8.0% | Jan 11, 2024 |
| BMO Capital | Analyst unavailable | $74 | $69.14 | -11.6% | Dec 16, 2022 |
| Morgan Stanley | Analyst unavailable | $63 | $70.37 | -24.7% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $59 | $65.09 | -29.5% | Nov 11, 2022 |
| Morgan Stanley | Analyst unavailable | $67 | $74.69 | -20.0% | Apr 26, 2022 |
| Credit Suisse | Analyst unavailable | $77 | $74.97 | -8.0% | Apr 26, 2022 |
| Mizuho Securities | Analyst unavailable | $76 | $76.5 | -9.2% | Apr 21, 2022 |
| Morgan Stanley | Analyst unavailable | $68 | $76.61 | -18.8% | Apr 20, 2022 |
| Wells Fargo | Analyst unavailable | $80 | $76.03 | -4.4% | Apr 19, 2022 |
| Bank of America Securities | Julien Dumoulin-Smith | $71 | $67.89 | -15.2% | Feb 8, 2022 |
| Mizuho Securities | Paul Fremont | $67 | $67.83 | -20.0% | Jan 10, 2022 |
| UBS | Ross Fowler | $71 | $67.55 | -15.2% | Jan 5, 2022 |
| Barclays | Eric Beaumont | $75 | $60.48 | -10.4% | Nov 30, 2021 |
| Guggenheim | Shahriar Pourreza | $72 | $64.83 | -14.0% | Sep 7, 2021 |
| Argus Research | Angus Kelleher-Ferguson | $73 | $62.04 | -12.8% | May 19, 2021 |
Track every rating change on SO the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationThe 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. The company also undertakes the development, construction, acquisition, ownership, and management of various power generation assets, including renewable energy ventures, and supplies electricity to the wholesale market. Complementing its power business, it distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, while also offering gas marketing services, wholesale gas services, and managing gas pipeline investments.…
Historical context
All SO earningsLatest beats and misses
Who reports nextBeat on EPS
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- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the SO recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-04T12:10:42.673051+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-04T12:10:42.669894+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-04. For educational purposes only; not investment advice.