Filing Flows › Southern (SO) › Q2 2026 › vs Q2 2025
Southern (SO) Q2 2026 vs Q2 2025 (year over year)
Southern's revenue rose $4.0M (+0.1%) from $7.0B in Q2 2025 to $7.0B in Q2 2026. The biggest changes: Residential −$41.0M (-10%); Wholesale electric revenues +$18.0M (+3%); Wholesale electric revenues −$14.0M (-3%). Operating margin 25.5% against 25.3% (+0.2 pts).
Southern, Q2 2026: revenue $7.0B (+0.1% year over year), operating margin 25.5%, net earnings $1.2B, operating cash flow $3.1B. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 25.5% | 25.3% | +0.2 pts |
| Net margin | 16.8% | 12.6% | +4.2 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Residential | $2.0B | $2.0B | −$14.0M | -0.7% |
| Industrial | $1.0B | $1.0B | $6.0M | +0.6% |
| Natural Gas | $966M | $979M | −$13.0M | -1% |
| Other revenues | $450M | $457M | −$7.0M | -2% |
| Transportation | $358M | $331M | $27.0M | +8% |
| Retail electric revenues | $4.8B | $4.8B | −$1.0M | 0% |
| Wholesale electric revenues | $699M | $681M | $18.0M | +3% |
| Wholesale electric revenues | $510M | $524M | −$14.0M | -3% |
| Residential | $353M | $394M | −$41.0M | -10% |
| Other revenues | $325M | $335M | −$10.0M | -3% |
| PPA energy revenues | $301M | $310M | −$9.0M | -3% |
| Revenue | $7.0B | $7.0B | $4.0M | +0.1% |
| Operating profit | $1.8B | $1.8B | $12.0M | +0.7% |
| Costs & expenses | $5.2B | $5.2B | −$8.0M | -0.2% |
| Pre-tax earnings | $1.4B | $1.1B | $233M | +20% |
| Other expense, net | $401M | $622M | −$221M | -36% |
| Net earnings | $1.2B | $880M | $294M | +33% |
| Minority interests | $14.0M | −$27.0M | $41.0M | — |
| Income tax | $187M | $289M | −$102M | -35% |
| Depreciation & amortization | $1.6B | $1.4B | $147M | +10% |
| Working capital & other | $284M | −$148M | $432M | — |
| Operating cash flow | $3.1B | $2.2B | $873M | +40% |
| Capital expenditures | $3.7B | $3.0B | $676M | +22% |
| Negative free cash flow (OCF − capex) | $641M | $838M | −$197M | -24% |
Questions
How much did Southern's revenue grow year over year in Q2 2026?
Southern's revenue rose $4.0M (+0.1%) from $7.0B in Q2 2025 to $7.0B in Q2 2026.
What drove Southern's revenue change in Q2 2026?
Residential −$41.0M (-10%); Wholesale electric revenues +$18.0M (+3%); Wholesale electric revenues −$14.0M (-3%).