Preliminary brief— based on press release only. Full analysis including management tone and Q&A will be added when the transcript is available.

SO · Q1 2025 Earnings

Southern Company

Reported April 30, 2026

30-second summary

The materials provided for this period are mismatched: the press release is Southern Company's Q1 FY2026 release (dated April 30, 2026; $1.32 adjusted EPS; David P. Poroch named as CFO), but the accompanying transcript is from the prior-year Q1 FY2025 earnings call (opens "welcome to Southern Company's first quarter 2025 earnings call"; cites $1.23 Q1 adjusted EPS and an $0.85 Q2 estimate; Dan Tucker as CFO). Per our quarter-consistency standard, a partial brief synthesized from the Q1 FY2026 press release alone — without the matching call commentary on guidance, capex, tariff exposure, large-load pipeline, and regulatory cadence — would be misleading. This brief is therefore being held pending retrieval of the Q1 FY2026 earnings call transcript (April 30, 2026 call featuring Chris Womack and David P. Poroch), and will be reissued once paired sources are in hand.

Headline numbers

EPS

Q1 FY2025

$1.32

Revenue

Q1 FY2025

$8.40B

+8.0% YoY

Operating margin

Q1 FY2025

24.0%

Key financials

Q1 FY2025

Metric	Q1 FY2025	YoY	Q4 FY2024	QoQ
Revenue	$8.40B	+8.0%	$7.00B	+20.0%
EPS	$1.32	—	$0.55	+140.0%
Operating margin	24.0%	—	13.1%	+1093bps

Guidance

FY2025 full-year EPS guidance reaffirmed at $4.20–$4.30; Q2 FY2025 new forward guidance set at $0.85 per share, with material weather headwinds and no sizable transactions anticipated versus prior year.

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
EPS (non-GAAP)	Q1 FY2025	—	—	No prior quarterly guidance provided	Beat

New guidance

Metric	Period	Guide	YoY
EPS (non-GAAP)	Q2 FY2025	0.85	—

Reaffirmed unchanged this quarter: EPS (non-GAAP) (4.20 to 4.30)

Segment KPIs

Q1 FY2025

Segment	Q1 FY2025	YoY
Southern Power	$0.681B	+20.1%
Southern Company Gas	$2.191B	+19.1%

Other KPIs

Q1 FY2025

Segment	Q1 FY2025
Total Regulated Utility Customers	9,037 thousand
Total Kilowatt-Hour Sales	50,192 million MWh
Total Retail Sales	36,600 million MWh
Retail Sales Growth (Weather-Adjusted)	2.3%
Wholesale Sales	13,592 million MWh
Operating Margin	24.03%

Management tone

No tone-shift analysis available for this quarter.

Recurring themes management leaned on this quarter:

Data center and large load pipeline acceleration with diversity beyond hyperscalersTariff mitigation strategy quantified and manageable (1-3% cost range)Georgia regulatory processes (IRP, RFPs) as capital plan catalysts for 2027 rebase potentialBalance sheet discipline toward 17% FFO-to-debt with equity financing in placeAffordability focus as primary consideration in Georgia Power rate case filingBroad-based Southeast economic resilience outperforming national averages

Risks management surfaced:

Policy uncertainty around tariff levels and duration creating cost estimation variabilityParent company interest refinancing headwinds near-term impacting EPS trajectoryData center customer concentration risk if hyperscaler capex guidance moderatesRegulatory outcomes on Georgia IRP and RFP awards (July timeline) creating execution uncertaintyPotential loss of IRA tax credit transferability impacting balance sheet efficiency (though quantified as 10-20 bps impact)

Sources

Southern Company Q1 FY2026 earnings press release (Exhibit 99), filed via 8-K on April 30, 2026.
Q1 FY2025 earnings call transcript — received in this package but not applicable to the Q1 FY2026 period; not used.
Prior full-year guidance (FY2025 adjusted EPS $4.20–$4.30, from Q4 FY2024 / Q1 FY2025 commentary) — referenced only for prior-period context; not used as a current-period figure.

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