The Southern Company Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Performance

  • Adjusted EPS: $1.13 per share in Q2 2026, +$0.21 vs. Q2 2025 and +$0.13 above prior estimate.
  • First Half 2026: Adjusted EPS of $2.46, above year-to-date expectations (driven by sales growth and execution at regulated utilities and Southern Power).
  • Full-Year 2026 Guidance: Projected near or at the top of $4.50–$4.60 range (up from prior outlook).
  • Q3 2026 Estimate: $1.50 per share.
  • Key Drivers vs. Q2 2025: Higher usage/customer growth, increased AFUDC, equity method investment earnings, and tax impacts; partially offset by interest expense and share dilution. Southern Company Gas and PowerSecure also contributed positively.

Operational & Sales Highlights

  • Retail Electricity Sales: Weather-normal sales +2.3% YTD vs. first half 2025 (highest growth through June in nearly 20 years). All customer classes up; commercial sales +6% YTD and +7.4% in Q2.
  • Data Centers: Usage +55% in Q2 and +49% YTD vs. 2025; system load now exceeds 1.2 GW (+500 MW YoY). Expected to accelerate with 17 GW contracted load.
  • Customer Additions: ~11,000 new residential electric customers in Q2; >40,000 net adds over the past year.

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Operator: Good afternoon. My name is Christine, and I will be your conference operator today. At this time, I would like to welcome everyone to The Southern Company's Second Quarter 2026 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. As a reminder, this conference is being recorded. I would now like to turn the call over to Mr. Gregg MacLeod, Director of Investor Relations. Please go ahead, sir. Gregg MacLeod: Thank you, Christine. Good afternoon, and welcome to Southern Company's second quarter 2026 Earnings Call. Joining me today are Christopher C. Womack, Chairman, President and Chief Executive Officer of Southern Company and David P. Poroch, chief financial officer. Let me remind you that we will make forward-looking statements today in addition to providing historical information. Various important factors could cause actual results to differ materially from those indicated in the forward-looking statements. Including those discussed in our Form 10-K, Form 10-Q, and subsequent securities filings. In addition, we will present non-GAAP financial information on this call. Reconciliations to the applicable GAAP measure are included in the financial information we released this morning as well as the slides for this conference call. Which are both available on our Investor Relations website at investor.southerncompany.com. At this time, I will turn the call over to Ch

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