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Southern vs Constellation Energy: SO and CEG compared
Southern is the larger company: $8.8B of revenue in its latest quarter (Q3 2026) against $7.5B for Constellation Energy (Q2 2026). Constellation Energy is growing faster (+23% against +13% a year earlier). Southern is more profitable, with an operating margin of 33.9% against 7.7%.
Where the money goes: SO and CEG
Southern (SO) · Q3 2026
Southern, Q3 2026: revenue $8.8B (+13% year over year), operating margin 33.9%, net earnings $2.0B. The chart follows the revenue to costs, profit and cash.
Constellation Energy (CEG) · Q2 2026
Constellation Energy, Q2 2026: revenue $7.5B (+23% year over year), operating margin 7.7%, net earnings $513M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Southern (SO) | Constellation Energy (CEG) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $8.8B | $7.5B |
| Revenue growth, Y/Y | +13% | +23% |
| Operating margin | 33.9% | 7.7% |
| Net earnings | $2.0B | $513M |
| Net margin | 23.1% | 6.8% |
| Operating cash flow | — | $1.1B |
| Market value | $105.3B | $86.3B |
| P/E | 24.8× | 24.9× |
| Analysts’ mean target | $96.10 | $337.77 |
Where the revenue comes from
Southern
- Non-fuel: $5.1B (58%)
- Fuel: $1.5B (17%)
- Wholesale electric revenues: $873M (10%)
- Natural gas revenues: $773M (9%)
Constellation Energy
- Total Power revenues: $5.4B (71%)
- Other revenues: $1.8B (24%)
- Gas revenues: $327M (4%)
Questions
Which is bigger, Southern or Constellation Energy?
Southern is the larger company: $8.8B of revenue in its latest quarter (Q3 2026) against $7.5B for Constellation Energy (Q2 2026).
Is Southern or Constellation Energy growing faster?
Constellation Energy is growing faster (+23% against +13% a year earlier).
Which is more profitable, Southern or Constellation Energy?
Southern is more profitable, with an operating margin of 33.9% against 7.7%.
More: Southern earnings · how Southern makes money · Constellation Energy earnings · how Constellation Energy makes money
From the companies' latest 10-Q, 10-K or earnings release (8-K filed Nov 5, 2026; 10-Q filed Aug 6, 2026). Fiscal quarters can end on different dates. Not investment advice.