Description

Can Southern Company Protect Rates While Scaling For 75 Gigawatts Of Interest?

Southern Company delivered adjusted EPS of $4.30 in 2025, at the top of guidance, up 6% year over year and reflecting a 9% average annual growth rate since 2023. It marked the 11th straight year of meeting or beating adjusted earnings guidance. Results were supported by investment in regulated utilities, customer additions, and higher electric usage, partly offset by higher operating costs, depreciation, amortization, and interest expense. The company also extended its dividend track record, with 24 consecutive annual increases and 78 straight years of payouts. Demand trends were strong across the Southeast. Weather-normalized retail electricity sales rose 1.7% in 2025, more than double the cumulative growth of the prior decade. All electric utilities posted positive sales growth, led by Georgia Power at 2.5%. Commercial sales benefited from large data center demand, with usage from those customers rising 17% for the second straight year.