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How Southern Company (SO) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · quarter ended 06/30/2026
Southern Company is an American gas and electric utility holding company based in the Southern United States. · Wikipedia
More about the company
It is headquartered in Atlanta, Georgia, with executive offices located in Birmingham, Alabama. As of 2021 it is the second largest utility company in the U.S. in terms of customer base. Through its subsidiaries it serves 9 million gas and electric utility customers in 6 states. Southern Company's regulated regional electric utilities serve a 120,000-square-mile (310,000 km2) territory with 27,000 miles (43,000 km) of distribution lines.
Key growth driver: Retail electric revenue was flat ($4,745M) — weather-normalized load growth from data centers is offsetting mild-weather softness; wholesale electric grew 2.6%. · by the Q2 2026 report
How does Southern Company make money?
Southern Company brought in $6.98 billion of revenue in Q2 2026, up 0.1% year over year. The largest source was Retail Electric: $4.75 billion, or 68% of the total, followed by Natural Gas ($966M, 14%) and Wholesale Electric ($699M, 10%); other lines add the remaining 8%. Net income for the quarter was $1.19 billion, up 39.3% year over year.
Revenue by source, Q2 2026
- Retail Electric$4.75B · 68% · −0.3%
- Natural Gas$966M · 14% · −1.3%
- Wholesale Electric$699M · 10% · +2.6%
- Other Revenue$325M · 5% · −3.0%
- Other Electric$242M · 3% · +10.0%
Shares of $6.98B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is SO’s next earnings date?
Thursday, November 5, 2026confirmed · before market open
Southern Company (SO) is scheduled to report results for the quarter ending Sep 2026 on Nov 5, 2026. Consensus EPS forecast: $1.65 (4 analysts), vs $1.60 in the same quarter last year.
What time does SO report? Usually before market open: the last 4 results releases reached the SEC at 8:12 am, 8:08 am, 8:10 am, 8:12 am ET.
Last report: Jul 30, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$6,977
+0.1%
Operating income
$1,776
+0.7%
25.5% margin
Net income
$1,188
+39.3%
Verdict: the regulated-utility engine idled at the top (revenue flat, operating income +0.7%) while everything below the line worked in shareholders' favor — interest expense fell 8.9%, the tax rate halved on investment tax credits, and a swing in noncontrolling interests lifted attributable net income 33% to $1.17B.
Data-center demand across the Southeast is the growth story management emphasizes. Adjusted EPS (excluding items) $1.13 vs $0.92. Revenue mix: retail electric $4,745M, natural gas $966M, wholesale electric $699M.
Source and notation
* marks non-cash / ≈ estimated. 'Other cost of sales' is the residual to total operating expenses. Source: Southern Company 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
SO earnings history: past report dates
| Apr 30, 2026 Thu | 8:08 ambefore market open | Mar 31, 2026 | $8.4B+8% y/y | $1.20−1% y/y |
| Feb 19, 2026 Thu | 8:10 ambefore market open | Dec 31, 2025 | ≈$7.0B+10% y/y | ≈$0.38−21% y/y |
| Oct 30, 2025 Thu | 8:12 ambefore market open | Sep 30, 2025 | $7.8B+8% y/y | $1.54+11% y/y |
| Jul 31, 2025 Thu | 8:12 ambefore market open | Jun 30, 2025 | $7.0B+8% y/y | $0.79−28% y/y |
| May 1, 2025 Thu | 8:11 ambefore market open | Mar 31, 2025 | $7.8B+17% y/y | $1.21+17% y/y |
| Feb 20, 2025 Thu | 8:13 ambefore market open | Dec 31, 2024 | ≈$6.3B+5% y/y | ≈$0.48−38% y/y |
| Oct 31, 2024 Thu | 8:15 ambefore market open | Sep 30, 2024 | $7.3B+4% y/y | $1.39+8% y/y |
| Aug 1, 2024 Thu | 8:12 ambefore market open | Jun 30, 2024 | $6.5B+12% y/y | $1.09+43% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Southern Company: 5-year financials
| 2025 | 29,553 | 7,285 | 4,341 | −2,935 | 3,015 |
| 2024 | 26,724 | 7,068 | 4,401 | 833 | 2,954 |
| 2023 | 25,253 | 5,826 | 3,976 | −1,542 | 3,035 |
| 2022 | 29,279 | 5,370 | 3,524 | −1,621 | 2,907 |
| 2021 | 23,113 | 3,698 | 2,393 | −1,417 | 2,777 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
1.5/2mostly good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 20212020 10-K: the shareholder class action over false statements about the Kemper plant was settled; the court granted final approval on January 14, 2021; paid from insurance. sec.gov ↗
- Aug 2020Southern Co. agreed to pay $87.5M to settle a shareholder suit over its “clean coal” Kemper plant. news.bloomberglaw.com ↗
- Feb 2026Cover of the 2025 10-K: 1,119.4M Southern Company shares as of January 31, 2026 (vs. 1,056.6M as of January 31, 2021). sec.gov ↗
- Feb 2026Declared dividend: $2.54 (2020) → $2.94 per share (2025), raised annually. data.sec.gov ↗
Scoring: 2.0 −0.5 (criterion 9: disclosure class action over the Kemper plant settled for $87.5M, 2020–2021) = 1.5
- Share classes
- One class of Southern Company common stock (NYSE: SO); shares of the subsidiary utilities are held by the parent.
- Dilution
- Shares 1,056.6M (January 31, 2021) → 1,119.4M (January 31, 2026) = +5.9% (<10%); SBC immaterial.
- Disclosure
- Full reporting, no violations.
- Dividends
- Dividend raised every year: $2.54 (2020) → $2.94 (2025), no cuts.
- Lawsuits & regulators
- The Monroe County ERS suit (over Kemper's schedule and costs) settled for $87.5M (approved January 14, 2021, paid by insurers) → −0.5; the DOJ civil suit over DOE grants (False Claims Act) does not concern investor disclosure; no SEC penalties.
- Related parties
- No material related-party transactions.
How the score works · checked as of Sep 2026
Southern Company (SO) earnings: FAQ
How does Southern Company make money?
Southern Company brought in $6.98 billion of revenue in Q2 2026, up 0.1% year over year. The largest source was Retail Electric: $4.75 billion, or 68% of the total, followed by Natural Gas ($966M, 14%) and Wholesale Electric ($699M, 10%); other lines add the remaining 8%. Net income for the quarter was $1.19 billion, up 39.3% year over year.
When is SO's next earnings date?
Southern Company (SO) is scheduled to report on Nov 5, 2026, before market open.
What time does SO report earnings?
Southern Company is scheduled to report before market open on Nov 5, 2026. Its last results releases were filed before market open, most recently at 8:12 am ET on Jul 30, 2026.
When did SO last report earnings?
Southern Company reported Q2 2026 results on Jul 30, 2026.
What is the EPS estimate for SO's next earnings?
The consensus EPS forecast is $1.65 (4 analysts), vs $1.60 in the same quarter last year.
Where can I find Southern Company's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to SO's filings; this page breaks the latest report down in a Sankey chart.
What was SO's net income in Q2 2026?
Southern Company reported net income of $1,188M for Q2 2026 (+39.3% year over year), under US GAAP.
Does Southern Company pay dividends?
Yes. In 2025, Southern Company paid $3,015M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/26/2026. How we make the breakdowns · Report an error
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