The Southern Company · SO · FY2026 Q3 · Calendar Q4 2026

Southern Company beats Q3 estimates as large-load demand accelerates

Q3 results and management's account of accelerating data-center and large-load demand support the growth case. The outlook is balanced by a larger investment program, regulatory uncertainty and ongoing funding needs.

Why did SO rise 0.2% after beating EPS estimates in FY2026 Q3?

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Reported Before market openNYSEUtilities $107.37B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.94 Consensus $1.71
EPS surprise +13.5% Reported versus consensus
Reported revenue $8.84B Consensus $8.38B
Revenue surprise +5.6% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +0.2% Event window
SPY move -4.4% Same window
Abnormal move +4.6% Stock minus SPY
Volume 2.5× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
SOSPY benchmark

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Why did SO rise 0.2% after beating EPS estimates in FY2026 Q3?What changed in SO's guidance and outlook in FY2026 Q3?Give me the bull and bear case for SO after FY2026 Q3 earnings.

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Transcript intelligence

What changed

Compared with Q2, management described a larger large-load portfolio and stronger data-center usage, and said 2026 adjusted earnings are expected to exceed the original guidance. The prior quarter's guidance was maintained; Q3 management also discussed the possibility of raising the upper end of 2027–2028 guidance, without providing a revised range in the supplied analysis.

Guidance delta

Management said full-year 2026 adjusted earnings are on track to exceed the original guidance and indicated it may consider raising the upper end of 2027–2028 guidance. No revised numeric range was supplied in the analysis.

Key takeaways

  • Adjusted EPS and revenue exceeded estimates, according to the reported scorecard.
  • Management attributed demand momentum to data centers and other large-load customers.
  • The large-load portfolio reached 21 GW, with a further 7 GW in late-stage pipelines, per the call analysis.
  • Management described a possible expansion of the five-year capital outlook and highlighted a rate freeze through 2029.

Management priorities

  • Continue signing and executing large-load contracts.
  • Expand generation and battery-storage capacity while pursuing additional capital projects.
  • Maintain affordability commitments, including the stated rate freeze through 2029.
  • Refresh the longer-term financial outlook and evaluate potential guidance changes.

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Earnings History

Estimate Beat Miss Match
SO EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 2 future estimate-only quarters. Q4 '23 estimate $0.60 Q4 '23 actual $0.64, beat Q1 '24 estimate $0.91 Q1 '24 actual $1.03, beat Q2 '24 estimate $0.92 Q2 '24 actual $1.10, beat Q3 '24 estimate $1.34 Q3 '24 actual $1.43, beat Q2 '25 estimate $0.88 Q2 '25 actual $0.91, beat Q3 '25 estimate $1.51 Q3 '25 actual $1.60, beat Q4 '25 estimate $0.56 Q4 '25 actual $0.55, match Q1 '26 estimate $1.21 Q1 '26 actual $1.32, beat Q2 '26 estimate $1.01 Q2 '26 actual $1.13, beat Q3 '26 estimate $1.71 Q3 '26 actual $1.94, beat Q4 '26 estimate $0.59 Q1 '27 estimate $1.32
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Analyst Consensus ?

ConsensusHold33 ratings
Bullish1133.3%
Neutral1957.6%
Bearish39.1%

Analyst 52W Price Targets

$92.34Current
$71Low
$89.72Average
$112High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 6, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Morgan Stanley Underweight UnderweightMaintainOct 21, 2026
Jefferies Hold HoldMaintainOct 20, 2026
Barclays Equal Weight Equal WeightMaintainOct 16, 2026
Truist Securities Hold HoldMaintainOct 15, 2026
Keybanc Underweight UnderweightMaintainOct 13, 2026
Show 28 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $92.34. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
HSBCAnalyst unavailable$99.5$90.39 +7.8%Oct 22, 2026
Morgan StanleyDavid Arcaro$84$90.68 -9.0%Oct 21, 2026
D.A. DavidsonAnalyst unavailable$98$90.48 +6.1%Oct 21, 2026
JefferiesAnalyst unavailable$95$89.27 +2.9%Oct 20, 2026
BarclaysAnalyst unavailable$92$89.18 -0.4%Oct 16, 2026
See 66 more

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Company context

Snapshot as of publication

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. 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 earnings
-1.8%FY2026 Q2 · Calendar Q3 2026+3.4%FY2026 Q1 · Calendar Q2 2026+4.4%FY2025 Q4 · Calendar Q1 2026

Utilities peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
BIP Brookfield Infrastructure Partners L.P. FY2026 Q3 · Calendar Q4 2026 — +3.8% BIP reports 10% per-unit FFO growth as AI infrastructure expands
BIP-PA Brookfield Infrastructure Partners L.P. FY2026 Q3 · Calendar Q4 2026 — — Brookfield Infrastructure’s FFO growth meets rising AI execution demands
SREA Sempra FY2026 Q3 · Calendar Q4 2026 +14.8% -0.1% Sempra sees Texas transmission growth offset California regulatory risk
SOJD Southern Company (The) Series 2 FY2026 Q3 · Calendar Q4 2026 +3.5% -1.2% Southern Company sees stronger load growth, alongside investment and regulatory risks
SOJE Southern Company (The) Series 2 FY2026 Q3 · Calendar Q4 2026 +3.5% -1.3% Southern Company Q3: Large-load pipeline and capex plans expand
SRE Sempra FY2026 Q3 · Calendar Q4 2026 +14.8% -3.7% Sempra raises Oncor investment outlook as California regulatory risk persists

Latest beats and misses

Who reports next

Beat on EPS

Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-11-05T21:18:18.139878+00:00
  2. FN2 earnings calendar · 2026-11-06T01:23:16.275024+00:00
  3. Polygon adjusted daily market bars · 2026-11-06T11:00:45.386791+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-06T11:00:45.384035+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 2026-11-06. For educational purposes only; not investment advice.