+15.4%
Revenue — year over year
$8.4B vs $7.3B a year ago · quarter ended Mar 31, 2026 · from 10-Q XBRL filings.
Earnings thesis change · rubric v1.0
SO SOUTHERN CO
Fiscal Q3 FY2026 · quarter ended September 30, 2026 · reported 2026-11-05
SEC filings and exhibits only
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Nov 5, 2026 at 8:08 PM UTC
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Nov 5, 2026 at 8:08 PM UTC
ACCOUNTING RISK · CLEAR
No auditor changes, restatements, late filings, or listing notices in the last 12 months.
from SEC filings · 2026-10-09
Thesis change
Weakened
Legacy analysis
Detailed dimension scores were not computed for pre-v1 analyses. Full six-dimension scoring resumes with filings processed by the current pipeline.
- Legacy analysis: scored by the pre-v1 pipeline; deep evidence has not been re-verified.
- 6 thesis dimension(s) lack comparable evidence
Reported facts
GAAP facts are reported by the company. Comparable figures are EarnIQ arithmetic using only quantified adjustments disclosed in the linked SEC exhibit.
Reported revenue$8.8B
1. Three decisive changes
Largest quantified changes versus the company's own history.
-14.8%
Operating income — year over year
$2.0B vs $2.4B a year ago · quarter ended Mar 31, 2026 · from 10-Q XBRL filings.
-11.7%
Net income — year over year
$1.4B vs $1.5B a year ago · quarter ended Mar 31, 2026 · from 10-Q XBRL filings.
2. Was it already expected?
Consensus classifications require timestamped pre-report snapshots and eight-quarter surprise history.
| Item | Actual | Expected | Gap | Class |
|---|---|---|---|---|
| Consensus comparison coming soon. | ||||
3. Management consistency
Only attributable, measurable and dated commitments are counted. Delivery record: Not available.
| Promise | Target | Outcome | Status | Evidence |
|---|---|---|---|---|
| No measurable, dated management promises have been verified for this record. | ||||
4. What matters next
One deciding measurable condition plus up to two supporting checkpoints.
No source-backed deciding threshold is available yet.
No forward-looking guidance range was provided in the earnings release excerpt.
5. Risks that changed
New or materially worsened items only; unchanged boilerplate is omitted.
No new or materially worsened risk has been source-verified.
From 10-K filings · EDGAR
22
new risk disclosures added
23
old ones removed
FY2025 10-K vs prior year, boilerplate filtered out — these are idiosyncratic changes, and tone is about unchanged.
New risk disclosure #1
“adequate natural gas, fuel supplies, and other resources required to operate the traditional electric operating companies' and Southern Power's electric generating plants or serve Southern Company Gas' natural gas custom…”
New risk disclosure #2
“Index to Financial Statements A downgrade in the credit ratings of any of the Registrants, Southern Company Gas Capital, or Nicor Gas could negatively affect their ability to access capital at reasonable costs and/or cou…”
New risk disclosure #3
“affected if the subsidiaries are unable to successfully operate their facilities or perform certain corporate functions. The financial performance of Southern Company and its subsidiaries depends on the successful operat…”
6. Evidence drawer
Source location, short anchor and visible arithmetic for every verified claim.
DC1 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Revenue · quarter ended 2026-03-31Revenue: +15.4% year over year
(8,397,000,000 − 7,274,000,000) ÷ 7,274,000,000 = +15.4% YoYDC2 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Operating income · quarter ended 2026-03-31Operating income: -14.8% year over year
(2,018,000,000 − 2,368,000,000) ÷ 2,368,000,000 = -14.8% YoYDC3 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Net income · quarter ended 2026-03-31Net income: -11.7% year over year
(1,356,000,000 − 1,535,000,000) ÷ 1,535,000,000 = -11.7% YoY