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Southern vs NRG Energy: SO and NRG compared
Southern is the larger company: $8.8B of revenue in its latest quarter (Q3 2026) against $7.5B for NRG Energy (Q2 2026). Southern is growing faster (+13% against +11% a year earlier). Southern is more profitable, with an operating margin of 33.9% against 13.0%.
Where the money goes: SO and NRG
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.
NRG Energy (NRG) · Q2 2026
NRG Energy, Q2 2026: revenue $7.5B (+11% year over year), operating margin 13.0%, net earnings $506M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Southern (SO) | NRG Energy (NRG) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $8.8B | $7.5B |
| Revenue growth, Y/Y | +13% | +11% |
| Operating margin | 33.9% | 13.0% |
| Net earnings | $2.0B | $506M |
| Net margin | 23.1% | 6.8% |
| Operating cash flow | — | $1.1B |
| Free cash flow | — | $779M |
| Market value | $105.3B | $17.1B |
| P/E | 24.8× | 20.1× |
| Analysts’ mean target | $96.10 | $166.94 |
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%)
Questions
Which is bigger, Southern or NRG Energy?
Southern is the larger company: $8.8B of revenue in its latest quarter (Q3 2026) against $7.5B for NRG Energy (Q2 2026).
Is Southern or NRG Energy growing faster?
Southern is growing faster (+13% against +11% a year earlier).
Which is more profitable, Southern or NRG Energy?
Southern is more profitable, with an operating margin of 33.9% against 13.0%.
More: Southern earnings · how Southern makes money · NRG Energy earnings · how NRG Energy makes money
From the companies' latest 10-Q, 10-K or earnings release (8-K filed Nov 5, 2026; 10-Q filed Aug 4, 2026). Fiscal quarters can end on different dates. Not investment advice.