Guidance
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FY2025 Q4
개선
Southern Company (The) 실적 발표
Buzzberg 분석
2026 EPS guidance implies 7% growth; 2028 guidance introduced
Southern Company delivered a transformative 2025, with EPS at the top of guidance ($4.30) and a dramatic upward revision to its long-term growth outlook. The company raised its 5-year capex plan by $18 billion to $81 billion, increased its load forecast to 3% growth in 2026 and 10% annually through 2030, and issued first-time multi-year EPS guidance of 8-9% growth from 2026-2028. The growth is driven by 10 GW of signed large load contracts, a 75 GW pipeline, and a strong regulatory framework that benefits existing customers. FY2025 adjusted EPS of $4.30, at the top of guidance; FY2026 guidance of $4.50-$4.60, implying 7% growth.
Buzzberg 분석 2026 EPS guidance implies 7% growth; 2028 guidance introduced Southern Company delivered a transformative 2025, with EPS at the top of guidance ($4.30) and a dramatic upward revision to its long-term growth outlook. The company raised its 5-year capex plan by $18 billion to $81 billion, increased its load forecast to 3% growth in 2026 and 10% annually through 2030, and issued first-time multi-year EPS guidance of 8-9% growth from 2026-2028. The growth is driven by 10 GW of signed large load contracts, a 75 GW pipeline, and a strong regulatory framework that benefits existing customers. FY2025 adjusted EPS of $4.30, at the top of guidance; FY2026 guidance of $4.50-$4.60, implying 7% growth. 전체 분석 보기분석 접기
Southern Company delivered a transformative 2025, with EPS at the top of guidance ($4.30) and a dramatic upward revision to its long-term growth outlook. The company raised its 5-year capex plan by $18 billion to $81 billion, increased its load forecast to 3% growth in 2026 and 10% annually through 2030, and issued first-time multi-year EPS guidance of 8-9% growth from 2026-2028. The growth is driven by 10 GW of signed large load contracts, a 75 GW pipeline, and a strong regulatory framework that benefits existing customers. FY2025 adjusted EPS of $4.30, at the top of guidance; FY2026 guidance of $4.50-$4.60, implying 7% growth.
- Multi-year EPS guidance initiated: 8-9% growth from 2026-2028, with new 2027 and 2028 ranges provided.
- 5-year capex plan raised to $81 billion (from $63 billion prior), with 95% at regulated utilities.
- Large load pipeline expanded to 75 GW; 26 signed contracts representing 10 GW, up 4 GW from a year ago.
매출$6.981B보고값
주당순이익(EPS)$0.55보고값
매출총이익률18.81%보고값
영업이익률13.05%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Guidance
Long-term EPS growth raised to 7-8% from 2028
Capex
Capital plan raised to $81B, up ~30%
핵심 내용 3개 더 보기
Demand
Large load pipeline totals 75 GW; 10 GW contracted
Demand
Southern Power repricing opportunity at 2-3x current rates
Financing
Equity needs mostly pre-funded; ~$2B more by 2030
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $6.981B | 보고값 |
| 주당순이익(EPS) | $0.55 | 보고값 |
| 매출총이익률 | 18.81% | 보고값 |
| 영업이익률 | 13.05% | 보고값 |
| 잉여현금흐름 | $-1.688B | 보고값 |
| 자본지출 | $4.285B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 자본지출 | FY2030 | $81B | $81B | 상향 |
| 주당순이익(EPS) | FY2026 | $4.50–$4.60 | $4.55 | 신규 제시 |
| 주당순이익(EPS) | FY2027 | $4.85–$4.95 | $4.90 | 신규 제시 |
| 주당순이익(EPS) | FY2028 | $5.25–$5.45 | $5.35 | 신규 제시 |
| 주당순이익(EPS) | FY2026 Q1 | $1.20 | $1.20 | 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Confident
Management expressed strong confidence in the growth outlook, citing signed contracts, regulatory support, and execution capabilities, while reiterating discipline and customer focus.
경영진의 AI 분석
Management highlighted the deployment of AI tools to improve storm response and grid resilience, but did not discuss AI as a demand driver or product opportunity beyond the context of data center growth.
투자 및 생산능력
Southern Company raised its five-year base capital investment forecast to $81 billion, a roughly 30% increase from a year ago, driven by new generation, transmission, and pipeline expansions. Incremental capital beyond this plan is possible, including for Southern Power and new RFPs, with an expectation of financing incremental capex with about 40% equity or equity equivalents.
아래에 언급된 기업 3개 모두 표시
기업발표 이후 수익률
고객
고객
Chris Womack
U.S. Steel is expanding operations in Southern Company's service territory, contributing to industrial customer growth.
근거
“In addition to data centers, some of the larger announcements over the past year were in the manufacturing, automotive, aerospace, and metals industry, with familiar names that include General Electric, U.S. Steel, Duracell, and”
외부 신호
공급망 알파 · 4발표 이후 수익률
Southern Company has secured physical gas supply and equipment for its 2028-2029 generation projects, de-risking its execution timeline in a market where similar projects face supply chain constraints.
근거
“We secured the labor and equipment for these projects through early EPC agreements and reservation payments. well in advance and are leveraging relationships across our vast supply chain.”
Southern Power is seeing contracted capacity prices for its gas fleet renew at 2-3 times current contract rates, representing $20-25/kW-month, which implies significant earnings upside when contracts reprice in the early 2030s.
근거
“The market demand for capacity has increased pricing roughly two to three times higher than where many of these assets are currently contracted.”
Southern Company's large load contracts now include 26 signed agreements with 10 GW of fully contracted load, and the company reports that $9 billion of $11 billion in needed equity is already addressed through 2028, reducing future financing overhang.
근거
“In our forecast, nearly all $9 billion of the equity we have already addressed is expected to be issued or settled by 2028.”
Southern Company's data center load is projected to double by 2030, growing roughly 20% annually, and this growth is now 'double the cumulative growth' seen over the last decade, underscoring a step change in demand.
근거
“We project commercial sales, which currently comprise roughly one-third of our total retail sales, to more than double, growing roughly 20% annually through the end of the decade.”
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 3개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.