SOUTHERN CO

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

About this filing

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

Condensed Consolidated Statements of Income

	For the Three Months Ended March 31,
	2025	2024
(in millions)
Operating Revenues:
Wholesale revenues, non-affiliates	$447	$369
Wholesale revenues, affiliates	116	92
Other revenues	4	12
Total operating revenues	567	473
Operating Expenses:
Fuel	207	156
Purchased power	28	18
Other operations and maintenance	123	121
Depreciation and amortization	152	118
Taxes other than income taxes	12	10
Total operating expenses	522	423
Operating Income	45	50
Other Income and (Expense):
Interest expense, net of amounts capitalized	(26)	(29)
Other income (expense), net	3	3
Total other income and (expense)	(23)	(26)
Earnings Before Income Taxes	22	24
Income taxes (benefit)	(1)	(14)
Net Income	23	38
Net loss attributable to noncontrolling interests	(64)	(58)
Net Income Attributable to Southern Power	$87	$96

	For the Three Months Ended March 31,
	2025	2024
(in millions)
Net Income	$23	$38
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of $5 and $(4), respectively	16	(11)
Reclassification adjustment for amounts included in net income, net of tax of $(5) and $4, respectively	(14)	12
Pension and other postretirement benefit plans:
Benefit plan net gain (loss), net of tax of $— and $—, respectively	—	1
Total other comprehensive income	2	2
Comprehensive Income	25	40
Comprehensive loss attributable to noncontrolling interests	(64)	(58)
Comprehensive Income Attributable to Southern Power	$89	$98

	For the Three Months Ended March 31,
	2025	2024
(in millions)
Operating Activities:
Net income	$23	$38
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	158	121
Amortization of ITCs	(15)	(15)
Other, net	6	(5)
Changes in certain current assets and liabilities —
-Receivables	(11)	46
-Other current assets	5	2
-Accounts payable	(27)	(57)
-Accrued compensation	(15)	(14)
-Other current liabilities	22	5
Net cash provided from operating activities	146	121
Investing Activities:
Property additions	(187)	(28)
Change in construction payables	39	(12)
Payments pursuant to LTSAs	(13)	(11)
Other investing activities	—	7
Net cash used for investing activities	(161)	(44)
Financing Activities:
Increase in notes payable, net	—	4
Capital contributions from parent company	130	—
Capital contributions from noncontrolling interests	19	9
Distributions to noncontrolling interests	(37)	(34)
Payment of common stock dividends	(70)	(65)
Other financing activities	(3)	(3)
Net cash provided from (used for) financing activities	39	(89)
Net Change in Cash, Cash Equivalents, and Restricted Cash	24	(12)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	168	144
Cash, Cash Equivalents, and Restricted Cash at End of Period	$192	$132
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $3 and $2 capitalized for 2025 and 2024, respectively)	$22	$23
Income taxes, net (excludes credit transfers)	—	(9)
Noncash transactions —
Accrued property additions at end of period	99	40
Right-of-use assets obtained under operating leases	2	—

Assets	At March 31, 2025	At December 31, 2024
(in millions)
Current Assets:
Cash and cash equivalents	$188	$159
Receivables —
Customer accounts, net	136	122
Affiliated	28	39
Other	93	90
Materials and supplies	111	107
Other current assets	77	82
Total current assets	633	599
Property, Plant, and Equipment:
In service	14,939	14,961
Less: Accumulated provision for depreciation	4,656	4,540
Plant in service, net of depreciation	10,283	10,421
Construction work in progress	492	317
Total property, plant, and equipment	10,775	10,738
Other Property and Investments:
Intangible assets, net of amortization of $173 and $168, respectively	218	223
Net investment in sales-type leases	141	143
Total other property and investments	359	366
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	485	484
Prepaid LTSAs	247	234
Other deferred charges and assets	238	232
Total deferred charges and other assets	970	950
Total Assets	$12,737	$12,653

Liabilities and Stockholders' Equity	At March 31, 2025	At December 31, 2024
(in millions)
Current Liabilities:
Securities due within one year	$899	$500
Accounts payable —
Affiliated	68	80
Other	119	100
Accrued taxes	44	18
Accrued interest	26	26
Operating lease obligations	29	29
Other current liabilities	82	96
Total current liabilities	1,267	849
Long-term Debt	1,802	2,180
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	715	712
Accumulated deferred ITCs	1,426	1,440
Operating lease obligations, deferred	510	511
Other deferred credits and liabilities	268	279
Total deferred credits and other liabilities	2,919	2,942
Total Liabilities	5,988	5,971
Total Stockholders' Equity (See accompanying statements)	6,749	6,682
Total Liabilities and Stockholders' Equity	$12,737	$12,653

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