Core Insights - Southern Co. reported revenue of $7.82 billion for the quarter ended September 2025, reflecting a year-over-year increase of 7.6% and surpassing the Zacks Consensus Estimate of $7.54 billion by 3.78% [1] - The company's EPS for the quarter was $1.60, up from $1.43 in the same quarter last year, exceeding the consensus EPS estimate of $1.50 by 6.67% [1] Revenue Performance - Southern Power's operating revenues reached $7.82 billion, significantly exceeding the average estimate of $598.56 million by 1203.8% year-over-year [4] - Total retail sales amounted to $42.37 billion, slightly above the average estimate of $42.35 billion [4] - Southern Company Natural Gas reported operating revenues of $734 million, slightly above the estimated $729.93 million, marking a 7.6% increase from the previous year [4] - Georgia Power's other revenues were $271 million, surpassing the estimate of $220.22 million with a year-over-year increase of 29.7% [4] - Mississippi Power's retail revenues were $302 million, exceeding the average estimate of $263.7 million, representing a 9.4% year-over-year increase [4] - Alabama Power's operating revenues reached $2.32 billion, above the estimate of $2.14 billion, reflecting an 8.4% increase [4] - Georgia Power's revenues were $3.77 billion, exceeding the estimate of $3.33 billion, with an 8.6% year-over-year increase [4] - Mississippi Power's revenues were $480 million, surpassing the average estimate of $403.96 million, indicating a 16.5% increase from the previous year [4] Stock Performance - Southern Co. shares have returned -1.4% over the past month, while the Zacks S&P 500 composite has increased by 3.6% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Xcel Energy reported GAAP earnings of $0.88 per share for Q3 2025, while ongoing earnings, excluding a non-recurring charge of $290 million, were $1.24 per share [4][16] - Earnings for Q3 2025 decreased slightly from $1.25 per share in Q3 2024, with significant earnings drivers including regulatory outcomes and electric and natural gas sales growth [16][24] - Weather-normalized electric sales increased by 2.5% through Q3 2025, with a forecast of 3% growth for the full year [17][24] Business Line Data and Key Metrics Changes - O&M expenses increased by $37 million compared to 2024, primarily due to a $25 million rise in health and benefit costs [17] - The company is experiencing strong residential sales growth across all operating companies, particularly in the oil and gas sector in New Mexico [64] Market Data and Key Metrics Changes - Xcel Energy's residential electricity and natural gas bills have been 28% and 12% below the national average, respectively, over the past five years [9] - The company has connected over 200,000 customers with nearly $300 million in financial resources since 2024, supporting those in need of assistance with energy bills [10] Company Strategy and Development Direction - Xcel Energy is reaffirming its earnings guidance for 2025 and has introduced an updated five-year infrastructure investment plan totaling $60 billion, aimed at meeting growing energy demand and enhancing system reliability [6][21] - The plan includes investments in renewable generation, natural gas-fired generation, and energy storage, with a focus on reducing wildfire risks and improving resiliency [7][8][21] - The company is leveraging artificial intelligence to enhance operational efficiency and customer satisfaction, with applications in risk modeling and infrastructure maintenance [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving earnings guidance for the 21st consecutive year, highlighting a strong track record in the industry [6] - The company is optimistic about its growth opportunities, particularly in renewable energy and data center contracts, while maintaining a balanced financing strategy [21][22] - Management emphasized the importance of maintaining a strong balance sheet and credit metrics amid elevated capital expenditures [66] Other Important Information - Xcel Energy has made significant progress in settling wildfire claims, with a low-end estimated liability of $410 million and approximately $500 million in insurance coverage [20] - The company is actively pursuing renewable resource procurement to capture production tax credits before they expire [18] Q&A Session Summary Question: Clarification on EPS growth and guidance - Management confirmed that the 9% growth includes 2026 and is based on the midpoint of the current year's guidance [30] Question: Equity content in the capital plan - The $7 billion equity plan is considered from this point forward, with a focus on managing credit metrics [31] Question: Capital expenditure profile and growth rate - Management acknowledged that the capital plan is front-end loaded, with expectations for future opportunities to fill in the back end of the plan [36][40] Question: Load growth outlook across regions - Management noted strong growth in the SPS region driven by the oil and gas sector, while other regions are experiencing shifts in timing for data center loads [63] Question: Equipment availability and supply chain management - Management highlighted proactive measures taken to secure necessary equipment and maintain relationships with suppliers to mitigate supply chain challenges [72][75] Question: Trends in renewable versus gas generation - Management indicated a balanced approach, with significant investments in both renewables and natural gas to ensure system reliability [94]

Financial Data and Key Metrics Changes - Xcel Energy reported GAAP earnings of $0.88 per share for Q3 2025, while ongoing earnings, excluding a non-recurring charge of $290 million, were $1.24 per share [4][16] - Earnings for Q3 2025 decreased slightly from $1.25 per share in Q3 2024, with significant earnings drivers including regulatory outcomes and electric and natural gas sales growth [16][24] - Weather-normalized electric sales increased by 2.5% through Q3 2025, with a forecast of 3% growth for the full year [17][24] Business Line Data and Key Metrics Changes - The company invested over $3 billion in Q3 2025 and $8 billion year-to-date in energy infrastructure [5] - O&M expenses increased by $37 million compared to 2024, primarily due to a $25 million rise in health and benefit costs [17] - The company is pursuing a near-term procurement for 4,000 MW of renewable resources and 500 MW of thermal resources in Colorado [18] Market Data and Key Metrics Changes - Xcel Energy's residential electricity and natural gas bills have been 28% and 12% below the national average, respectively, over the past five years [9] - The company has connected over 200,000 customers with nearly $300 million in financial resources since 2024 [10] Company Strategy and Development Direction - Xcel Energy is reaffirming its earnings guidance for 2025 and has introduced a $60 billion five-year capital expenditure forecast aimed at meeting growing electric demand and clean energy goals [6][21] - The company plans to deliver 7,500 megawatts of zero carbon renewable generation and 3,000 megawatts of natural gas-fired generation [7][21] - Xcel Energy is leveraging AI to improve operational efficiency and customer satisfaction, including risk modeling for wildfire mitigation [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving earnings guidance for the 21st consecutive year, highlighting a strong track record in the industry [6] - The company is focused on reducing risks from wildfires and extreme weather through various mitigation plans and investments [14] - Management emphasized the importance of maintaining a strong balance sheet and credit metrics while pursuing significant capital investments [22] Other Important Information - The company has made significant progress in resolving wildfire claims, with 212 of 254 claims settled and an estimated liability of $410 million [20] - Xcel Energy's Steel for Fuel program has saved customers nearly $6 billion through 2025 [9] Q&A Session Summary Question: Clarification on 2026 guidance and 9% growth - Management confirmed that the 9% growth includes 2026 guidance, based on the midpoint of the current year's earnings [27] Question: Clarification on $7 billion equity in the plan - Management clarified that the $7 billion is additional equity needed for the new 2026 to 2030 plan [28] Question: Growth rate profile and capital expenditure - Management acknowledged that the capital expenditure plan is front-end loaded, with expectations for future opportunities to fill in the back part of the plan [34] Question: Trends in load growth across regions - Management noted strong growth in the SPS region driven by the oil and gas sector, while other regions are experiencing shifts in timing for data centers [60] Question: Equipment availability and supply chain management - Management highlighted proactive measures taken to secure necessary equipment and labor for infrastructure projects, ensuring alignment with demand growth [68][71] Question: Transmission spend and customer identification - Management stated that new transmission lines required by data centers are typically paid for by those customers, protecting residential and commercial customers from additional costs [102][105]

Financial Data and Key Metrics Changes - Xcel Energy reported GAAP earnings of $0.88 per share for Q3 2025, while ongoing earnings, excluding a non-recurring charge of $290 million, were $1.24 per share [3][15] - Earnings for Q3 2025 decreased slightly from $1.25 per share in Q3 2024, with significant earnings drivers including regulatory outcomes and electric and natural gas sales growth [15][17] - The company reaffirmed its 2025 ongoing earnings guidance range of $3.75 to $3.85 per share and initiated 2026 earnings guidance of $4.04 to $4.16 per share, reflecting an 8% growth from the midpoint of 2025 guidance [23][25] Business Line Data and Key Metrics Changes - Electric sales increased by 2.5% through Q3 2025, driven by strong residential sales growth across all operating companies [17] - O&M expenses increased by $37 million compared to 2024, primarily due to a $25 million rise in health and benefit costs [17] - The company expects O&M expenses to increase by 5% for the full year 2025 [17] Market Data and Key Metrics Changes - Xcel Energy's residential electricity and natural gas bills have been 28% and 12% below the national average, respectively, over the past five years [9] - The company has saved customers nearly $6 billion through its Steel for Fuel program and over $1 billion through its Continuous Improvement program since 2020 [9] Company Strategy and Development Direction - Xcel Energy introduced an updated five-year infrastructure investment plan totaling $60 billion, aimed at meeting increased energy demand and enhancing system reliability [21][22] - The plan includes investments in 7,500 megawatts of zero carbon renewable generation, 3,000 megawatts of natural gas generation, and nearly 2,000 megawatts of energy storage [5][21] - The company is focusing on leveraging AI to improve operational efficiency and customer satisfaction, including using AI for risk modeling and infrastructure maintenance [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving earnings guidance for the 21st consecutive year, highlighting a strong track record in the industry [4] - The company is committed to mitigating wildfire risks and has implemented public-facing wildfire mitigation plans across its states [13] - Management emphasized the importance of maintaining a strong balance sheet and credit metrics while pursuing significant capital investments [23][71] Other Important Information - Xcel Energy has made significant progress in resolving claims related to the Marshall Wildfire, with a low-end estimated liability of $410 million and $500 million in insurance coverage [20] - The company is actively engaging with regulators regarding future rate cases and the implications of its capital expenditures on customer rates [120] Q&A Session Summary Question: Clarification on 2026 guidance and 9% growth - Management confirmed that the 9% growth includes 2026 and is based on the midpoint of the current year's guidance [28] Question: Equity content in the capital plan - Management clarified that the $7 billion equity plan is from this point forward and is aligned with their capital investment strategy [29][30] Question: Growth rate profile and capital expenditures - Management acknowledged that the capital plan is front-end loaded, with expectations for future RFPs to fill in later years [36][37] Question: Load growth outlook across regions - Management noted that SPS is experiencing strong growth due to the oil and gas sector, while other regions are seeing varied growth rates [69] Question: Equipment availability and supply chain management - Management highlighted proactive measures taken to secure necessary equipment and labor for infrastructure projects, ensuring timely execution [76][80] Question: Regulatory expectations for rate trends - Management is in discussions with regulators regarding future rate trends and the impact of capital expenditures on customer bills [120]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $2.66 for the first nine months of 2025, an increase of $0.19 compared to the same period in 2024, primarily driven by favorable regulatory outcomes and weather-related sales [12][14] - The bottom end of the earnings guidance for 2025 has been raised to $3.56 to $3.60 per share from $3.54 to $3.60 per share, with full-year guidance for 2026 set at $3.80 to $3.87 per share, reflecting a growth of 6% to 8% off the midpoint of this year's revised range [13][12] Business Line Data and Key Metrics Changes - The company connected approximately 450 megawatts of the planned 900 megawatts of industrial growth in its five-year plan, with an additional 100 megawatts of signed contracts year to date [6][7] - The Renewable Energy Plan approved an additional 8 gigawatts of solar and 2.8 gigawatts of wind through 2035, which will be integrated into the next five-year plan [4][9] Market Data and Key Metrics Changes - The company continues to see strong economic growth in Michigan, with a robust pipeline of projects in data centers and manufacturing, contributing to a forecasted annual sales growth of 2% to 3% over the next five years [6][7] - The company has agreements with data centers that could lead to significant load increases, with one data center planning up to 1 gigawatt of load starting in early 2030 [7][8] Company Strategy and Development Direction - The company is focused on balancing a robust capital investment plan of $20 billion with affordability for customers, aiming to keep utility bills below the national average [11][12] - The Integrated Resource Plan to be filed in mid-2026 will detail additional capacity needed to replace retired plants and support future growth, emphasizing the need for more battery storage and natural gas generation [10][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for the full year and long-term growth, citing a supportive regulatory environment and strong economic indicators in Michigan [4][22] - The company is committed to maintaining affordability while investing significantly in infrastructure, with customer utility bills remaining a small percentage of total expenses [11][12] Other Important Information - The company has reaffirmed its credit ratings and is focused on maintaining a strong financial position, targeting mid-teens funds from operations to debt on a consolidated basis [19][20] - The company has completed nearly all planned financings for 2025, with a recent settlement of approximately $500 million of forward equity contracts [20][21] Q&A Session Summary Question: Can you elaborate on the timing of the large load tariff? - Management expects the large load tariff to be finalized by November 7, which is crucial for advancing projects in the pipeline, including three large data centers [25][26] Question: How quickly could the $25 billion of CapEx be folded into the plan? - Management indicated that the $25 billion in opportunities could be integrated into the next five-year plan, with a focus on electric reliability and renewable energy investments [36][38] Question: What is the current capacity to serve the new load? - The company has excess capacity to serve the connected load and is actively building additional renewable capacity as part of the clean energy law [54] Question: Can you explain the status of the Campbell plant? - Management confirmed that costs associated with operating the Campbell units are treated as a regulatory asset, with a clear path to cost recovery established [56][58] Question: How does the company plan to balance self-build and PPA in its renewable energy investments? - The company plans a mix of self-build and power purchase agreements, with an assumption of about 50% owned versus PPA for solar projects [65][67]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $2.66 for the first nine months of 2025, an increase of $0.19 compared to the same period in 2024, primarily driven by favorable regulatory outcomes and a return to normal weather conditions [12][15] - The bottom end of the earnings guidance for 2025 has been raised to a range of $3.56 to $3.60 per share from $3.54 to $3.60 per share, reflecting confidence in achieving financial objectives [13] Business Line Data and Key Metrics Changes - The company connected approximately 450 megawatts of the planned 900 megawatts of industrial growth in its five-year plan, with an additional 100 megawatts of signed contracts year to date [5][6] - The Renewable Energy Plan approved an additional 8 gigawatts of solar and 2.8 gigawatts of wind through 2035, which will be integrated into the next five-year plan [3][4] Market Data and Key Metrics Changes - The company continues to see strong economic growth in Michigan, with a robust pipeline of projects in data centers and manufacturing, contributing to a forecasted annual sales growth of 2% to 3% over the next five years [5][6] - The company is well-positioned to serve the growing demand from data centers and other industries, with a significant investment plan of $20 billion for customer investments over the next five years [9] Company Strategy and Development Direction - The company is focused on balancing customer investments with affordability, aiming to keep customer rates at or below inflation while maintaining utility bills below the national average [11] - The Integrated Resource Plan, to be filed in mid-2026, will detail additional capacity needed to replace retired plants and support future growth, emphasizing the need for more battery storage and natural gas generation [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong pipeline of new and expanding load, which supports infrastructure investments across both gas and electric businesses [22] - The company anticipates needing more battery storage and gas capacity as part of its long-term strategy to meet growing demand and regulatory requirements [10][39] Other Important Information - The company has reaffirmed its credit ratings and is focused on maintaining a strong financial position to minimize funding costs [20] - The company has completed nearly all planned financings for 2025, with a recent settlement of approximately $500 million of forward equity contracts [20] Q&A Session Summary Question: Can you elaborate on the timing of the large load tariff? - Management expects the large load tariff to be finalized by November 7, which is crucial for advancing projects in the pipeline [25][26] Question: How quickly could the $25 billion of CapEx be folded into the plan? - Management indicated that some of the $25 billion would be incorporated into the next five-year plan, with a focus on electric reliability and renewable energy investments [39][50] Question: What is the mix between self-build and PPA for the Renewable Energy Plan? - The company plans for a mix of self-build and power purchase agreements, with an assumption of about 50% owned versus PPA for solar projects [81][87] Question: How much excess capacity is available to serve the new load? - The company has a bit of excess capacity and is actively building additional capacity in line with the clean energy law [68] Question: What is the status of the Campbell plant and its potential continuation? - Management confirmed that costs associated with operating the Campbell units are treated as a regulatory asset, with a clear path to cost recovery [73][75]

Core Viewpoint - Analysts forecast Exelon (EXC) will report quarterly earnings of $0.76 per share, reflecting a year-over-year increase of 7%, with revenues expected to reach $6.35 billion, a 3.2% increase compared to the previous year [1]. Earnings Estimates - Over the last 30 days, there has been a downward revision of 7.2% in the consensus EPS estimate for the quarter, indicating a collective reconsideration by analysts [2]. - Revisions to earnings projections are crucial for predicting investor behavior, as empirical studies show a strong correlation between earnings estimate trends and short-term stock performance [3]. Revenue Forecasts - Analysts predict 'Operating revenues- PECO' at $1.12 billion, indicating a year-over-year change of +8.5% [5]. - 'Operating revenues- ComEd' is forecasted to reach $2.23 billion, suggesting a change of +0.2% year over year [5]. - 'Operating revenues- PHI' is expected to be $1.85 billion, reflecting a -0.8% change from the prior-year quarter [5]. - 'Operating revenues- BGE' is projected at $1.14 billion, with a year-over-year change of +9.2% [6]. - 'Electric revenues- ACE' is expected to be $490.93 million, indicating a -9.1% change year over year [6]. - 'Electric revenues- PHI' is projected at $1.80 billion, reflecting a -2.2% change [7]. - 'Natural gas revenues- PHI' is expected to reach $36.76 million, indicating a +59.8% change year over year [7]. - 'Natural gas revenues- BGE' is projected at $208.76 million, reflecting a +100.7% change [8]. - 'Natural gas revenues- PECO' is expected to be $135.12 million, indicating a +93% change from the prior-year quarter [8]. - 'Electric revenues- BGE' is forecasted at $950.00 million, suggesting a +2.7% change from the year-ago quarter [8]. Stock Performance - Exelon shares have increased by +4.8% in the past month, outperforming the Zacks S&P 500 composite's +3.6% move, with a Zacks Rank 3 (Hold) indicating expected performance in line with the overall market [9].

Financial Performance - 2025 Q3 GAAP EPS 为 $0.88，持续经营 EPS 为 $1.24，而 2024 Q3 持续经营 EPS 为 $1.25[4] - 2025 年年初至今 GAAP EPS 为 $2.47，持续经营 EPS 为 $2.84，而 2024 年年初至今持续经营 EPS 为 $2.69[4] - 公司重申 2025 年持续经营 EPS 指导值为 $3.75 至 $3.85[4] - 启动 2026 年持续经营 EPS 指导值为 $4.04 至 $4.16[4] - 长期 EPS 增长目标更新为 6-8+%[4] Capital Investment and Growth - 更新了 600 亿美元的五年投资计划，提供约 11% 的年化费率基础增长[4] - 2026 年至 2030 年的总资本投资为 600 亿美元[5] - 2025 年至 2030 年的综合费率基础复合年增长率约为 11%[13] - 电力分配占 23%，电力生产占 39%，电力传输占 26%，天然气 LDC 占 6%，其他占 6%，总计 600 亿美元[8] Sales and Customer Data - 2025 年年初至今加权平均零售电力销售额增长 2.5%[39] - 2025 年第三季度同比增长电力客户增长 0.9%[41] - 预计 2025 年加权平均零售电力销售额增长约 3%[51] - 预计 2026 年加权平均零售电力销售额增长约 3%，天然气销售额增长约 1%[52] Strategic Initiatives - 计划投资约 50 亿美元用于野火缓解[6] - 签订了约 3 吉瓦的数据中心负载基础计划，到 2026 年[4] - 为 SPS 和 PSCo 中超过 6,000 兆瓦的增量资源发布了 RFP[4] - 正在进行的 EPS 增长为 6-8+%，股息收益率约为 3%，总股东回报率为 10+%[57, 59]

Core Insights - Southern Co exceeded Wall Street profit estimates for the third quarter, driven by increased electricity demand from businesses [1] Company Performance - The company reported a significant rise in profit due to surging demand for electricity [1] Market Context - The increase in demand reflects broader trends in the utility sector, indicating a recovery or growth in business activities [1]

Signing the agreement Saudi Electricity Co. (SEC) signed a series of strategic agreements with several local and international financial and technology institutions, worth more than $4 billion, during the ninth edition of the Future Investment Initiative (FII9) held in Riyadh.   These agreements aim to enhance the efficiency and sustainability of the Kingdom’s power sector by diversifying funding sources, improving working capital efficiency, and accelerating the implementation of strategic electricity and ...