Southern Co Reports $4.30 EPS, Plans $9B Equity and 10% Sales Growth
Southern Co posted adjusted EPS of $4.30 in 2025 and saw retail electricity sales rise 1.7%, doubling decade-long growth. It will issue $9 billion equity by 2028, projects at least 3% retail sales growth in 2026 and 10% annual growth through 2030, backed by 120 corporate expansions creating 21,000 jobs.
1. 2025 Financial Results
Southern Co achieved adjusted earnings per share of $4.30 for 2025, hitting the top of its guidance range. Management noted uncertainty around timing of regulatory approvals for new generation projects and expansions.
2. Sales Growth and Corporate Expansions
Retail electricity sales increased 1.7% in 2025, more than double the cumulative growth of the past decade. Over 120 companies plan to locate or expand in Southern Co’s territories, supporting more than 21,000 new jobs.
3. Equity Financing Plan
The company outlined a $9 billion equity plan to fund growth initiatives, with nearly all equity expected to be issued or settled by 2028. This financing will support project deployment and balance sheet strength.
4. Growth Outlook and Risks
Southern Co forecasts at least 3% retail sales growth in 2026 and an average 10% annual growth through 2030. The utility expects to recontract capacity at rates two to three times current levels ($20–25 per kW-month), while monitoring regulatory and pricing challenges.