SO · Earnings call · 2026Q3T · Full report
Financing Activities
SOUTHERN CO · 2026-11-05 · Importance 50 · Surprise 24 · In source text
Management said financing practices are intended to support credit objectives and the long-term outlook in a rising interest-rate environment. Southern Company has drawn on a portion of approximately $27 billion of low-cost Department of Energy loans available to its two largest utilities and settled $5.3 billion of forward-priced equity by the third quarter. The company projected approximately $2 billion of remaining equity need through 2030 and said it expects to fund incremental investment with approximately 40% equity or equity equivalents while pursuing its 17% FFO-to-debt goal by 2029.
Key facts
- Southern Company had approximately $27 billion of low-cost Department of Energy loans available to its two largest utilities.
- Southern Company projected approximately $2 billion of remaining equity need through 2030, consistent with funding additional investment with approximately 40% equity or equity equivalents.
- Southern Company settled $1.2 billion of equity previously priced through its ATM program in Q3 2026 at an average share price of $95.
- All $5.3 billion of Southern Company's forward-priced equity had been settled, including amounts settled in prior quarters.
- Southern Company remained committed to a 17% FFO-to-debt target by 2029.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | probable | — | Southern Company projected approximately $2 billion of remaining equity need through 2030, consistent with funding additional investment… |
| cash | positive | realized | — | Southern Company settled $1.2 billion of equity previously priced through its ATM program in Q3 2026 at an average share price of $95. |