| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 30, 2026 | 7/12 | 1 high, 3 medium, 2 low flags | 2 | 1 | Call sheet → |
| Q1'26 | April 30, 2026 | 11/12 | 7 low flags | 2 | 0 | Call sheet → |
| Q4'25 | February 19, 2026 | 11/12 | 3 medium, 3 low flags | 5 | 0 | Call sheet → |
| Q3'25 | October 30, 2025 | 12/12 | 1 medium, 5 low flags | 4 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Delivered | Continue sourcing equity in shareholder-friendly manner Used ATM for $700M, avoiding block offerings. Relatively clean execution. |
| Q2'26 | Pending | Full year 2026 toward top of $4.50-4.60 range Narrowed guidance to 'near or at the top' this quarter. On track. |
| Q2'26 | Exceeded | Q2 adjusted EPS estimate of $1.00 Delivered $1.13, 13c beat. Sandbagging continues. |
| Q2'26 | Pending | Southern Power recontracting opportunities in 2030s Still talking about it but no contracts signed yet. 'Fruitful conversations' isn't progress. |
| Q2'26 | Pending | Maintain 17% FFO to debt path by 2029 Reiterated but no update on progress. Equity needs suggest challenge. |
| Q2'26 | Missed | 6GW of late-stage projects to be finalized 'in the near term' Only 3GW now expected near-term. Half the pipeline slipped or died. |
| Q1'26 | Delivered | Base rates held stable in Alabama until 2029, Georgia until 2028 Reaffirmed and highlighted recent Georgia rate filing to lower rates for storm/fuel recovery. |
| Q1'26 | Delivered | Southern Power uprates of up to 700MW under consideration Moved forward with 400MW, evaluating additional 300MW. Ahead of schedule. |
| Q1'26 | Pending | FFO to debt of approximately 17% by 2029 Reaffirmed commitment. Credit metrics path appears intact. |
| Q1'26 | Pending | Late-stage 3GW highly likely to progress to executed contracts Said 'near term' execution. Will grade this in Q2-Q3. |
| Q1'26 | Pending | Annual electricity sales growth of 10% average from 2026-2030 Too early to judge, but 42% data center growth in Q1 suggests upside potential. |
| Q1'26 | Pending | Retail electric sales growth of at least 3% in 2026 Q1 delivered 2.3% weather-normal growth, putting them on track but early days. |
| Q4'25 | Delivered | Maintain 15% FFO to debt through 2027 while deploying capital Reaffirmed 15% through 2027, 17% by 2029 target with current financing plan |
| Q4'25 | Delivered | Address $9 billion equity needs in shareholder-friendly manner $7 billion of $9 billion addressed through ATM forwards and convertibles, remaining $2B plan outlined |
| Q4'25 | Exceeded | Continue constructive work with public service commissions on multiyear rate stabilization Secured rate freezes through 2029 in Georgia, 2028 in Alabama, beyond previous timelines |
| Q4'25 | Pending | Final determination on Georgia 10 gigawatt generation request by end of 2025 Management said December 19 ruling date, but didn't report final outcome on this February call |
| Q4'25 | Delivered | Additional clarity on long-term earnings trajectory, potentially increasing base as early as 2027 Raised long-term growth from 5-7% to 8-9% through 2028, confirmed rebasing |
| Q4'25 | Delivered | Complete update to long-term plan during Q4 2025 earnings call Provided comprehensive 5-year capital plan, 3-year EPS guidance, and sales forecasts as promised |
| Q3'25 | Exceeded | Disciplined approach to large load contracting Signed 2 GW in just 2 months with full cost recovery and customer protections |
| Q3'25 | Delivered | 2.5 GW generation construction online over next 2 years Construction continues on 3 gas turbines and 7 battery facilities as planned |
| Q3'25 | Delivered | Southern Natural Gas System 4 expansion moving forward $3B project progressing as scheduled with strong contracting interest |
| Q3'25 | Pending | Georgia PSC decision on 10 GW generation by year-end Timeline remains December 19 for final commission ruling |
| Q3'25 | Pending | Provide complete update to long-term plan in Q4 2025 call Reaffirmed commitment for February call including 2026 guidance and long-term trajectory |
| Q3'25 | Delivered | Continue utilizing equity or equity equivalents toward 17% FFO to debt Issued additional $1.8B through ATM forwards, now $7B+ of $9B need addressed |
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