Southern Reports Q4 Earnings, Forecasts Continued Large Loads Growth
Friday, February 20th, 2026
Southern Company today reported fourth-quarter earnings of $416 million, or $0.38 per share, in 2025 compared with earnings of $534 million, or $0.49 per share, in the fourth quarter of 2024. Southern Company also reported full-year 2025 earnings of $4.3 billion, or $3.94 per share, compared with $4.4 billion, or $4.02 per share, in 2024.
Excluding the items described under "Net Income – Excluding Items" in the table below, Southern Company earned $612 million, or $0.55 per share, during the fourth quarter of 2025, compared with $544 million, or $0.50 per share, during the fourth quarter of 2024. For the full-year 2025, excluding these items, Southern Company earned $4.7 billion, or $4.30 per share, compared with $4.4 billion, or $4.05 per share, for 2024.
|
Non-GAAP Financial Measures |
Three Months Ended December |
Year-To-Date December |
|||
|
Net Income – Excluding Items (in millions) |
2025 |
2024 |
2025 |
2024 |
|
|
Net Income – As Reported |
$ 416 |
$ 534 |
$ 4,341 |
$ 4,401 |
|
|
Less: |
|||||
|
Estimated Loss on Plants Under Construction |
19 |
(4) |
46 |
7 |
|
|
Tax Impact |
(5) |
1 |
(15) |
(15) |
|
|
Accelerated Depreciation from Repowering |
(116) |
(9) |
(284) |
(9) |
|
|
Tax Impact |
26 |
2 |
63 |
2 |
|
|
Loss on Extinguishment of Debt |
(123) |
— |
(252) |
— |
|
|
Tax Impact |
31 |
— |
63 |
— |
|
|
Disposition Impacts |
— |
— |
2 |
— |
|
|
Tax Impact |
— |
— |
(1) |
— |
|
|
Impairments |
— |
— |
— |
(36) |
|
|
Tax Impact |
— |
— |
— |
9 |
|
|
Estimated Loss on Nicor Gas Capital Investments |
(63) |
— |
(63) |
— |
|
|
Tax Impact |
16 |
— |
16 |
— |
|
|
Adjustment to Certain Tax Benefit from Tax Reform |
19 |
— |
19 |
— |
|
|
Net Income – Excluding Items |
$ 612 |
$ 544 |
$ 4,747 |
$ 4,443 |
|
|
Average Shares Outstanding – (in millions) |
1,109 |
1,098 |
1,103 |
1,096 |
|
|
Basic Earnings Per Share – Excluding Items |
$ 0.55 |
$ 0.50 |
$ 4.30 |
$ 4.05 |
|
|
NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package. |
Adjusted earnings drivers for the full year 2025, as compared with 2024, were higher utility revenues, partially offset by higher non-fuel operations and maintenance expenses, depreciation and amortization, and interest expense.
Fourth-quarter 2025 operating revenues were $7.0 billion, compared with $6.3 billion for the fourth quarter of 2024, an increase of 10.1%. Operating revenues for the full year 2025 were $29.6 billion, compared with $26.7 billion in 2024, an increase of 10.6%.
"2025 was another outstanding year for Southern Company, and it was also a transformative one. Southern Company is meeting the growing demand responsibly, while continuing to deliver value and benefits to all of our customers," said Chris Womack, chairman, president and CEO. "Taking a disciplined, all-of-the-above approach is how we will continue to operate our company to serve this projected generational growth in a way that supports rate stability and helps drive long-term savings for our customers. Our nearly 30,000 employees remain committed to putting customers first, working every day to help keep costs down and provide reliable energy to the communities we are privileged to serve."
Southern Company's fourth-quarter and full-year earnings slides with supplemental financial information, including earnings guidance, are available at investor.southerncompany.com.
Southern Company's financial analyst call will begin at 1 p.m. Eastern Time today, during which Womack and Chief Financial Officer David P. Poroch will discuss earnings and provide a general business update. Investors, media and the public may listen to a live webcast of the call and view associated slides at investor.southerncompany.com. A replay of the webcast will be available on the site for 12 months.
