Southern Q4 Earnings Call Highlights Accelerating Demand, Larger Capital Plan

Utility company reports strong 2025 results, forecasts continued growth and investment.

Published on Feb. 26, 2026

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Southern Company (NYSE:SO) executives highlighted a year of adjusted results at the top end of guidance, accelerating demand growth led by large-load customers like data centers, and a materially larger capital plan aimed at meeting projected load while emphasizing rate stability and credit quality.

Why it matters

Southern is one of the largest utility companies in the U.S., serving millions of customers across the Southeast. Its financial performance and growth plans provide insights into broader industry trends and the economic outlook for the region.

The details

Southern reported adjusted earnings per share of $4.30 for 2025, at the top of its guidance range and representing 6% growth. Weather-normalized total retail electricity sales rose 1.7% in 2025, with particular strength in commercial demand from large-load customers like data centers, up 17% year-over-year for the second straight year. The company also cited continued customer growth, including 39,000 new residential electric customers and 25,000 new natural gas customers. Southern's base capital investment forecast is $81 billion over the next five years, a 30% increase from the prior year, focused on new generation, existing asset enhancements, and transmission/pipeline expansions.

  • Southern reported adjusted earnings per share of $4.30 for 2025.
  • Weather-normalized total retail electricity sales rose 1.7% in 2025 compared to 2024.
  • Commercial sales, led by data centers, were up 17% year-over-year for the second straight year.

The players

Southern Company

An Atlanta-based energy holding company that provides electric and gas utility services and owns power generation assets across the United States. Founded in 1945, the company operates a portfolio of regulated electric utilities and affiliated businesses.

David Poroch

Chief Financial Officer of Southern Company.

Chris Womack

Chairman, President and CEO of Southern Company.

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What they’re saying

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— Gordon Edgar, grocery employee (Instagram)

What’s next

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The takeaway

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