Southern Co

Company facts

Industry

Electric Services

Headquarters

Atlanta, Georgia

Most recent report

8-K, filed Nov 5, 2026

Incorporated

Delaware

Filings on record

1,012+ filings

On EDGAR

CIK 92122

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 10 sections worth reading, with 2 positive, 17 notable, and 1 negative flags.

• Financial Statements (Item 1)

  Massive equity raise, DOE loans, convertible debt, and segment swings demand attention.
  Notable

  • Georgia Power secured DOE loan facility up to $22.4B; received $1.0B initial advance at 5.041%.
  • Issued $2.7B in convertible notes; repurchased $369M of existing converts, recognizing $33M loss.
  • Georgia Power lease modification converted $179M operating lease to $1.3B finance lease.
  • Southern Company's effective tax rate fell to 16.2% in 9M 2026 from 20.3% in 9M 2025 on higher PTCs.
  Negative

  • Nuclear antitrust class action refiled Oct 8, 2026; adverse outcome could be material.

• Management's Discussion (Item 2)

  Large Load Contracts (20 GW), data-center-driven commercial sales growth, and major regulatory/construction updates.
  Positive

  • Q3 2026 net income $2.0B, up 19.6% from $1.7B in Q3 2025, driven by non-fuel retail revenues.
  • Weather-adjusted commercial KWH sales up 7.3% in Q3 2026, largely driven by data centers at Georgia Power.
  Notable

  • Alabama Power's retail rates frozen through 2028 under Power to the People Act, with a deferral filing for Lindsay Hill costs.
  • Georgia PSC approved stipulation decreasing annual fuel billings by 12.9% (~$394M) effective June 1, 2026.
  • Southern Power placed 180 MW solar, 352 MW wind repowering in service; uprate projects at Franklin/Wansley add up to 400 MW.
  • Southern Power's average investment coverage ratio: 98% through 2030, 89% through 2035, with ~12-year avg contract duration.
  • Nicor Gas approved for $82M annual base rate increase, 9.48% ROE, 50% equity ratio, effective Nov 16, 2026.
  • Georgia Power's net income up 22% in Q3 2026 to $1.5B; AFUDC equity up 67% to $112M.
  • Since 2023, signed contracts for ~20 GW of new large load (data center) electric load; 4 GW more pending PSC review.
  • Remaining pre-tax accelerated depreciation for wind repowering: ~$95M in 2026 and $117M in 2027.
  • FERC approved SNG's $3.3B South System Expansion 4 pipeline; Southern Company Gas' share is 50%.
  • Alabama Power's construction program updated: $2.5B for 2027, $2.6B for 2028, $2.3B for 2029, $2.4B for 2030, $2.8B for 2031.
  • Southern Company issued ~44.9M shares via forward sale settlements for ~$3.8B in first nine months of 2026.

• Controls and Procedures (Item 4)

  New billing system changed internal controls at four utilities in September 2026.
  Notable

  • New billing app changed internal controls at four entities in September 2026; not a fix for any deficiency.

• Other Information (Item 5)

  Two senior execs adopted 10b5-1 plans; insider sales plans are company-specific facts.
  Notable

  • Two top Georgia Power and Southern Co operations roles will change hands effective Jan 1, 2027.

What changed: Sep 2026 vs. Jun 2026

About 9% of SO's Sep 2026 10-Q is new information. 103 paragraphs were added, 356 changed, and 89 removed. Below are the most important lines SECSift identified.

• Item 2 256
• Item 1 119
• Item 5 7
• Item 4 2
• Item 3 1