Southern Company (NYSE: SO) reports third-quarter 2026 results on Thursday, November 5, 2026, with the release due by 7:30 a.m. Eastern and a conference call at 1 p.m. Eastern. Adjusted EPS rose 22.8% in the second quarter against a year earlier. This preview lines up the recent quarters against their year-earlier quarters, compares the company’s own third-quarter estimate with consensus, works out what guidance implies for the second half, and covers the dividend and what to watch.
The recent quarters, each against the same quarter a year earlier
| Metric | Q3 2025 (vs Q3 2024) | Q4 2025 (vs Q4 2024) | Q1 2026 (vs Q1 2025) | Q2 2026 (vs Q2 2025) |
|---|---|---|---|---|
| Adjusted EPS (excluding items) | $1.60 (from $1.43: +11.9%) | $0.55 (from $0.50: +10.0%) | $1.32 (from $1.23: +7.3%) | $1.13 (from $0.92: +22.8%) |
| Reported (GAAP) EPS | $1.55 (from $1.40) | $0.38 (from $0.49) | $1.21 (from $1.21) | $1.03 (from $0.80) |
| Operating revenues | $7,823 million (+7.5% from $7,274 million) | $6,981 million (+10.1% from $6,341 million) | $8,397 million (+8.0% from $7,775 million) | $6,977 million (+0.1% from $6,973 million) |
Sources: Southern Company’s earnings releases listed under Sources. All EPS figures are basic; the percentage changes in adjusted EPS are my calculations. Adjusted EPS excludes items such as accelerated depreciation on the repowering of Southern Power wind facilities and a loss on debt extinguishment. In Q2 2026 the company attributed the adjusted earnings increase to investment in state-regulated utilities, customer usage and growth, higher earnings from equity method investments and lower income taxes, partly offset by higher interest expense. Average shares rose to 1,137 million from 1,101 million, so adjusted EPS (+22.8%) grew more slowly than adjusted net income ($1,289 million against $1,014 million, +27.1%, my calculation).
The company’s own Q3 estimate against consensus
On the Q2 call on July 30, 2026, chief financial officer David Poroch said: “Our adjusted EPS estimate for the third quarter is $1.65 per share.” That is a company statement as recorded in call transcripts, not part of the press release. Analyst consensus has since moved above it. The consensus and price figures below are third-party data, not from the company; each carries its source and date.
| Q3 metric | Company estimate / consensus for Q3 2026 | Q3 2025 actual (company) | Change (my calculation) |
|---|---|---|---|
| Adjusted EPS, company estimate (CFO, July 30, 2026) | $1.65 | $1.60 | +3.1% |
| Adjusted EPS, consensus | $1.71 (Zacks, article dated November 2, 2026; MarketBeat page, snapshot around October 29, 2026) | $1.60 | +6.9% |
| Operating revenues, consensus | $8.38 billion (MarketBeat); $8.47 billion (Zacks, November 2, 2026) | $7,823 million | +7.1% to +8.3% |
Zacks showed a consensus of $1.65 in an article dated October 6, 2026, so the Street has moved up since early October. A report at the company’s $1.65 would sit about 3.5% below the $1.71 consensus (my calculation).
What full-year guidance implies for the second half (my calculation)
On the July call the company referred to its 2026 adjusted EPS guidance range of $4.50 to $4.60 and said it projects results “near or at the top” of that range, with first-half adjusted EPS of $2.46 “well above our year-to-date expectations” (Poroch, as quoted in the transcript). Full-year 2025 adjusted EPS was $4.30, and the first half of 2025 was $2.15.
| Item | Amount |
|---|---|
| Adjusted EPS, full year 2025 (company) | $4.30 |
| Adjusted EPS, first half 2025 / second half 2025 (Q3 $1.60 + Q4 $0.55) | $2.15 / $2.15 |
| Adjusted EPS, first half 2026 (company) | $2.46 (+14.4% vs first half 2025) |
| Full-year 2026 guidance range | $4.50 to $4.60 (+4.7% to +7.0% vs 2025) |
| Implied second half 2026 | $2.04 to $2.14 (-5.1% to -0.5% vs second half 2025) |
| Implied Q4 2026 if Q3 is $1.65 (company estimate) | $0.39 to $0.49 (Q4 2025: $0.55) |
| Implied Q4 2026 if Q3 is $1.71 (consensus) | $0.33 to $0.43 (Q4 2025: $0.55) |
The arithmetic shows that the guidance range, taken at face value, leaves the second half flat to lower than a year earlier after a first half up 14.4%. The company does not publish a second-half or fourth-quarter forecast; these figures are only subtraction. Zacks put the full-year consensus at $4.59 on October 6, 2026, inside the range.
Share price, yield and valuation
| Measure | Value |
|---|---|
| Share price (close, October 28, 2026; MarketBeat) | $91.48 |
| Quarterly dividend of $0.76, $3.04 a year | yield about 3.3% on the price above (my calculation) |
| Price to 2026 adjusted EPS guidance of $4.50 to $4.60 | about 19.9x to 20.3x (my calculation) |
| Annual dividend as a share of guided adjusted EPS | about 66% to 68% (my calculation) |
| Analyst consensus rating and average price target (MarketBeat, page dated October 26, 2026) | Hold; $98.24 (19 analysts) |
The price is the last dated close I could verify, not a live quote, and it moves daily; check it with your broker before the release.
What to watch on November 5
- Adjusted EPS against $1.60 in Q3 2025, against the company’s $1.65 estimate and against the $1.71 consensus. Adjusted EPS grew 7.3% in Q1 and 22.8% in Q2.
- The 2026 guidance range. Whether $4.50 to $4.60 is raised, narrowed or repeated, and how management describes the second half after a first half of $2.46.
- Large-load contracts. On the Q2 call the company said contracted large-load agreements total about 17 GW through the mid-2030s, including about 6 GW added since the first quarter, plus a further 8 GW at advanced stages of which about 3 GW it expected to finalize near term (as reported by Utility Dive on August 4, 2026). The OpenAI contract in Georgia is 3.2 GW over 25 years, including 1 GW of flexible demand response, with service expected to start in 2028. Data center electricity usage rose 55% in Q2 and 49% in the first half.
- Capital and funding. Management cited about 10 GW of approved new company-owned generation and expected selected RFP projects to be announced by year-end (Utility Dive, August 4, 2026). Watch for any change to the capital plan.
- Revenue. Q2 revenue was nearly flat (+0.1%) after +8.0% in Q1; consensus asks for roughly +7% to +8% in Q3.
The dividend
On October 20, 2026, Southern Company declared a regular quarterly dividend of $0.76 per share ($3.04 a year), the same rate as the $0.76 paid on September 8, 2026. It is payable on December 7, 2026 to shareholders of record on November 16, 2026. StockAnalysis lists November 16 as the ex-dividend date (in the U.S. the ex-date normally falls on the record date); confirm it with your broker. The company says it has paid a dividend equal to or greater than the previous quarter in every quarter for 79 consecutive years. A dividend is never guaranteed, and this release does not change that.
For investors in Europe
- SO pays in U.S. dollars, and U.S. withholding tax applies by default; the rate for non-U.S. investors depends on your broker holding a valid Form W-8BEN. See our W-8BEN guide and dividend withholding tax by country.
- The dollar-euro exchange rate changes the euro value of the dividend independently of anything Southern Company reports.
Sources
- Southern Company: Q3 2026 earnings release date notice (PR Newswire reprint, September 25, 2026)
- Southern Company: Q3 2025 results, Form 8-K exhibit (October 30, 2025)
- Southern Company: Q4 and full-year 2025 results, Form 8-K exhibit (February 19, 2026)
- Southern Company: Q1 2026 results (press release, April 30, 2026)
- Southern Company: Q2 2026 results (press release, July 30, 2026)
- Southern Company: Q2 2026 earnings release tables (PDF, July 30, 2026)
- Southern Company: quarterly dividend announcement (October 20, 2026)
- Third-party material, not from the company: Investing.com transcript of the Q2 2026 call (July 30, 2026); Earnings Whispers transcript of the Q2 2026 call; Utility Dive (August 4, 2026); Zacks Equity Research via Yahoo Finance (November 2, 2026); Zacks Equity Research via Yahoo Finance (October 6, 2026); MarketBeat: Q3 2026 earnings page (snapshot around October 29, 2026); MarketBeat: SO quote page (October 26, 2026); StockAnalysis: SO overview (ex-dividend date, October 26, 2026)
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Company figures are taken from the releases listed; the third-quarter estimate comes from call transcripts, consensus and the share price come from the third-party sources listed, as of the dates stated; and the growth rates, implied second-half and fourth-quarter figures, yield and valuation figures are my own arithmetic, not a company forecast. Confirm current figures with your broker or the company’s investor relations page. Investing involves risk, including the possible loss of capital, and a dividend payment is never guaranteed.
