SOUTHERN CO

For the period ended Mar 31, 2025. Filed May 1, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 1, 2025

SO$93.65+0.1%Stored close · as of Nov 10, 2026

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Contents

Alabama Power Company:

	For the Three Months Ended March 31,
	2025	2024
(in millions)
Operating Revenues:
Retail revenues	$1,723	$1,565
Wholesale revenues, non-affiliates	91	85
Wholesale revenues, affiliates	69	41
Other revenues	129	100
Total operating revenues	2,012	1,791
Operating Expenses:
Fuel	386	331
Purchased power, non-affiliates	69	52
Purchased power, affiliates	55	42
Other operations and maintenance	463	412
Depreciation and amortization	370	361
Taxes other than income taxes	131	120
Total operating expenses	1,474	1,318
Operating Income	538	473
Other Income and (Expense):
Allowance for equity funds used during construction	18	14
Interest expense, net of amounts capitalized	(108)	(110)
Other income (expense), net	38	41
Total other income and (expense)	(52)	(55)
Earnings Before Income Taxes	486	418
Income taxes	111	85
Net Income	$375	$333

	For the Three Months Ended March 31,
	2025	2024
(in millions)
Net Income	$375	$333
Other comprehensive income:
Qualifying hedges:
Reclassification adjustment for amounts included in net income, net of tax of $— and $—, respectively	1	—
Total other comprehensive income	1	—
Comprehensive Income	$376	$333

	For the Three Months Ended March 31,
	2025	2024
(in millions)
Operating Activities:
Net income	$375	$333
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	404	398
Utilization of federal tax credit carryforward	44	—
Deferred income taxes	37	(38)
Pension, postretirement, and other employee benefits	(52)	(53)
Settlement of asset retirement obligations	(61)	(53)
Other, net	(30)	8
Changes in certain current assets and liabilities —
-Receivables	41	65
-Fossil fuel stock	36	(6)
-Prepayments	(103)	(94)
-Retail fuel cost under recovery	—	73
-Other current assets	(11)	(17)
-Accounts payable	(244)	(403)
-Accrued taxes	116	160
-Accrued compensation	(112)	(93)
-Customer refunds	(95)	—
-Other current liabilities	(118)	(32)
Net cash provided from operating activities	227	248
Investing Activities:
Property additions	(512)	(416)
Nuclear decommissioning trust fund purchases	(115)	(190)
Nuclear decommissioning trust fund sales	115	190
Cost of removal, net of salvage	(41)	(34)
Change in construction payables, net of joint owner portion	(29)	(43)
Other investing activities	(9)	(3)
Net cash used for investing activities	(591)	(496)
Financing Activities:
Increase in notes payable, net	—	65
Proceeds —
Senior notes	500	—
Other long-term debt	2	2
Redemptions —
Revenue bonds	—	(21)
Capital contributions from parent company	525	425
Payment of common stock dividends	(305)	(295)
Other financing activities	(4)	(1)
Net cash provided from financing activities	718	175
Net Change in Cash, Cash Equivalents, and Restricted Cash	354	(73)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	585	409
Cash, Cash Equivalents, and Restricted Cash at End of Period	$939	$336
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $5 and $4 capitalized for 2025 and 2024, respectively)	$139	$144
Noncash transactions —
Accrued property additions at end of period	119	95
Right-of-use assets obtained under operating leases	1	7

Assets	At March 31, 2025	At December 31, 2024
(in millions)
Current Assets:
Cash and cash equivalents	$939	$585
Receivables —
Customer accounts	489	512
Unbilled revenues	154	187
Affiliated	104	91
Other accounts and notes	68	126
Accumulated provision for uncollectible accounts	(20)	(22)
Fossil fuel stock	303	339
Materials and supplies	716	699
Prepaid expenses	165	63
Other regulatory assets	305	332
Other current assets	110	79
Total current assets	3,333	2,991
Property, Plant, and Equipment:
In service	36,959	36,501
Less: Accumulated provision for depreciation	11,939	11,741
Plant in service, net of depreciation	25,020	24,760
Other utility plant, net	378	410
Nuclear fuel, at amortized cost	267	262
Construction work in progress	1,344	1,377
Total property, plant, and equipment	27,009	26,809
Other Property and Investments:
Nuclear decommissioning trusts, at fair value	1,371	1,386
Equity investments in unconsolidated subsidiaries	46	48
Miscellaneous property and investments	127	129
Total other property and investments	1,544	1,563
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	82	84
Deferred charges related to income taxes	265	264
Prepaid pension and other postretirement benefit costs	869	841
Regulatory assets – asset retirement obligations	1,814	1,780
Other regulatory assets, deferred	1,855	1,815
Other deferred charges and assets	413	391
Total deferred charges and other assets	5,298	5,175
Total Assets	$37,184	$36,538

Liabilities and Stockholder's Equity	At March 31, 2025	At December 31, 2024
(in millions)
Current Liabilities:
Securities due within one year	$700	$655
Accounts payable —
Affiliated	221	299
Other	451	625
Customer deposits	113	113
Accrued taxes	194	78
Accrued interest	84	120
Accrued compensation	141	240
Asset retirement obligations	348	364
Other regulatory liabilities	74	165
Other current liabilities	75	219
Total current liabilities	2,401	2,878
Long-term Debt	10,954	10,499
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	4,282	4,178
Deferred credits related to income taxes	1,377	1,398
Accumulated deferred ITCs	110	113
Employee benefit obligations	151	148
Operating lease obligations	73	76
Asset retirement obligations, deferred	3,684	3,694
Other regulatory liabilities, deferred	245	271
Other deferred credits and liabilities	222	195
Total deferred credits and other liabilities	10,144	10,073
Total Liabilities	23,499	23,450
Common Stockholder's Equity (See accompanying statements)	13,685	13,088
Total Liabilities and Stockholder's Equity	$37,184	$36,538

	Number ofCommonSharesIssued	CommonStock	Paid-InCapital	RetainedEarnings	AccumulatedOtherComprehensiveIncome (Loss)	Total
(in millions)
Balance at December 31, 2023	31	$1,222	$7,125	$3,993	$(7)	$12,333
Net income	—	—	—	333	—	333
Capital contributions from parent company	—	—	427	—	—	427
Cash dividends on common stock	—	—	—	(295)	—	(295)
Other	—	—	—	(1)	—	(1)
Balance at March 31, 2024	31	$1,222	$7,552	$4,030	$(7)	$12,797
Balance at December 31, 2024	31	$1,222	$7,657	$4,214	$(5)	$13,088
Net income	—	—	—	375	—	375
Capital contributions from parent company	—	—	527	—	—	527
Other comprehensive income	—	—	—	—	1	1
Cash dividends on common stock	—	—	—	(305)	—	(305)
Other	—	—	—	—	(1)	(1)
Balance at March 31, 2025	31	$1,222	$8,184	$4,284	$(5)	$13,685

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