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

Georgia Power Company:

	For the Three Months Ended March 31,
	2025	2024
(in millions)
Operating Revenues:
Retail revenues	$2,630	$2,155
Wholesale revenues	144	58
Other revenues	263	185
Total operating revenues	3,037	2,398
Operating Expenses:
Fuel	524	389
Purchased power, non-affiliates	161	140
Purchased power, affiliates	264	181
Other operations and maintenance	634	515
Depreciation and amortization	503	425
Taxes other than income taxes	170	147
Total operating expenses	2,256	1,797
Operating Income	781	601
Other Income and (Expense):
Allowance for equity funds used during construction	48	39
Interest expense, net of amounts capitalized	(187)	(173)
Other income (expense), net	52	49
Total other income and (expense)	(87)	(85)
Earnings Before Income Taxes	694	516
Income taxes	98	79
Net Income	$596	$437

	For the Three Months Ended March 31,
	2025	2024
(in millions)
Net Income	$596	$437
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $(1) and $4, respectively	(1)	12
Reclassification adjustment for amounts included in net income, net of tax of $— and $—, respectively	—	1
Total other comprehensive income (loss)	(1)	13
Comprehensive Income	$595	$450

	For the Three Months Ended March 31,
	2025	2024
(in millions)
Operating Activities:
Net income	$596	$437
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	577	491
Deferred income taxes	68	31
Allowance for equity funds used during construction	(48)	(39)
Pension, postretirement, and other employee benefits	(74)	(68)
Settlement of asset retirement obligations	(66)	(70)
Storm damage cost recovery – long-term	(173)	—
Other, net	(15)	1
Changes in certain current assets and liabilities —
-Receivables	94	35
-Retail fuel cost under recovery	83	181
-Other current assets	(23)	(56)
-Accounts payable	(325)	(153)
-Accrued taxes	(355)	(281)
-Accrued compensation	(68)	(66)
-Other current liabilities	34	50
Net cash provided from operating activities	305	493
Investing Activities:
Property additions	(1,429)	(987)
Nuclear decommissioning trust fund purchases	(246)	(214)
Nuclear decommissioning trust fund sales	246	213
Cost of removal, net of salvage	(103)	(79)
Change in construction payables, net of joint owner portion	(160)	(282)
Other investing activities	(27)	(68)
Net cash used for investing activities	(1,719)	(1,417)
Financing Activities:
Decrease in notes payable, net	—	(546)
Proceeds —
Senior notes	1,600	1,400
Short-term borrowings	—	150
Redemptions and repurchases —
Short-term borrowings	—	(250)
FFB loan	(21)	(21)
Capital contributions from parent company	700	750
Payment of common stock dividends	(552)	(513)
Other financing activities	(48)	(66)
Net cash provided from financing activities	1,679	904
Net Change in Cash, Cash Equivalents, and Restricted Cash	265	(20)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	118	75
Cash, Cash Equivalents, and Restricted Cash at End of Period	$383	$55
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $16 and $17 capitalized for 2025 and 2024, respectively)	$188	$169
Noncash transactions —
Accrued property additions at end of period	551	334
Right-of-use assets obtained under operating leases	2	3
Right-of-use assets obtained under finance leases	13	—

Assets	At March 31, 2025	At December 31, 2024
(in millions)
Current Assets:
Cash and cash equivalents	$383	$97
Receivables —
Customer accounts, net	1,077	985
Unbilled revenues	289	341
Under recovered retail fuel clause revenues	694	713
Joint owner accounts	79	101
Affiliated	73	65
Other accounts and notes	47	92
Fossil fuel stock	370	385
Materials and supplies	948	968
Regulatory assets – asset retirement obligations	240	222
Other regulatory assets	354	373
Other current assets	330	262
Total current assets	4,884	4,604
Property, Plant, and Equipment:
In service	55,734	55,036
Less: Accumulated provision for depreciation	15,134	14,806
Plant in service, net of depreciation	40,600	40,230
Nuclear fuel, at amortized cost	623	611
Construction work in progress	3,966	3,197
Total property, plant, and equipment	45,189	44,038
Other Property and Investments:
Nuclear decommissioning trusts, at fair value	1,240	1,236
Equity investments in unconsolidated subsidiaries	42	43
Miscellaneous property and investments	200	192
Total other property and investments	1,482	1,471
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	1,289	1,331
Deferred charges related to income taxes	601	596
Prepaid pension costs	938	897
Deferred under recovered retail fuel clause revenues	389	453
Regulatory assets – asset retirement obligations, deferred	3,408	3,436
Other regulatory assets, deferred	3,918	3,814
Other deferred charges and assets	562	615
Total deferred charges and other assets	11,105	11,142
Total Assets	$62,660	$61,255

Liabilities and Stockholder's Equity	At March 31, 2025	At December 31, 2024
(in millions)
Current Liabilities:
Securities due within one year	$971	$966
Notes payable	200	200
Accounts payable —
Affiliated	784	984
Other	1,455	1,837
Customer deposits	257	256
Accrued taxes	427	803
Accrued interest	184	190
Accrued compensation	150	276
Operating lease obligations	171	169
Asset retirement obligations	321	309
Other regulatory liabilities	160	150
Other current liabilities	301	296
Total current liabilities	5,381	6,436
Long-term Debt	18,950	17,384
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	4,546	4,385
Deferred credits related to income taxes	2,022	2,047
Accumulated deferred ITCs	340	343
Employee benefit obligations	194	205
Operating lease obligations, deferred	1,125	1,159
Asset retirement obligations, deferred	5,084	5,106
Other deferred credits and liabilities	592	509
Total deferred credits and other liabilities	13,903	13,754
Total Liabilities	38,234	37,574
Common Stockholder's Equity (See accompanying statements)	24,426	23,681
Total Liabilities and Stockholder's Equity	$62,660	$61,255

	Number ofCommonSharesIssued	CommonStock	Paid-InCapital	RetainedEarnings	AccumulatedOtherComprehensiveIncome (Loss)	Total
(in millions)
Balance at December 31, 2023	9	$398	$17,923	$3,071	$(9)	$21,383
Net income	—	—	—	437	—	437
Capital contributions from parent company	—	—	750	—	—	750
Other comprehensive income	—	—	—	—	13	13
Cash dividends on common stock	—	—	—	(513)	—	(513)
Balance at March 31, 2024	9	$398	$18,673	$2,995	$4	$22,070
Balance at December 31, 2024	9	$398	$19,708	$3,562	$13	$23,681
Net income	—	—	—	596	—	596
Capital contributions from parent company	—	—	702	—	—	702
Other comprehensive income (loss)	—	—	—	—	(1)	(1)
Cash dividends on common stock	—	—	—	(552)	—	(552)
Balance at March 31, 2025	9	$398	$20,410	$3,606	$12	$24,426

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