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

Item 1. Condensed Consolidated Statements of Income

	For the Three Months Ended March 31,
	2025	2024
(in millions)
Operating Revenues:
Retail electric revenues	$4,601	$3,941
Wholesale electric revenues	744	571
Other electric revenues	242	199
Natural gas revenues (includes alternative revenue programs of $(19) and $34, respectively)	1,839	1,707
Other revenues	349	228
Total operating revenues	7,775	6,646
Operating Expenses:
Fuel	1,292	996
Purchased power	250	198
Cost of natural gas	674	605
Cost of other sales	199	131
Other operations and maintenance	1,619	1,472
Depreciation and amortization	1,286	1,145
Taxes other than income taxes	445	396
Total operating expenses	5,765	4,943
Operating Income	2,010	1,703
Other Income and (Expense):
Allowance for equity funds used during construction	73	58
Earnings from equity method investments	32	45
Interest expense, net of amounts capitalized	(714)	(665)
Other income (expense), net	149	153
Total other income and (expense)	(460)	(409)
Earnings Before Income Taxes	1,550	1,294
Income taxes	280	223
Consolidated Net Income	1,270	1,071
Net loss attributable to noncontrolling interests	(64)	(58)
Consolidated Net Income Attributable to Southern Company	$1,334	$1,129
Common Stock Data:
Earnings per share -
Basic	$1.21	$1.03
Diluted	$1.21	$1.03
Average number of shares of common stock outstanding (in millions)
Basic	1,100	1,094
Diluted	1,105	1,100

	For the Three Months Ended March 31,
	2025	2024
(in millions)
Consolidated Net Income	$1,270	$1,071
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of $5 and $—, respectively	14	1
Reclassification adjustment for amounts included in net income, net of tax of $(4) and $12, respectively	(12)	32
Pension and other postretirement benefit plans:
Benefit plan net gain (loss), net of tax of $— and $1, respectively	1	4
Total other comprehensive income	3	37
Comprehensive Income	1,273	1,108
Comprehensive loss attributable to noncontrolling interests	(64)	(58)
Consolidated Comprehensive Income Attributable to Southern Company	$1,337	$1,166

	For the Three Months Ended March 31,
	2025	2024
(in millions)
Operating Activities:
Consolidated net income	$1,270	$1,071
Adjustments to reconcile consolidated net income to net cash provided from operating activities —
Depreciation and amortization, total	1,411	1,261
Deferred income taxes	283	48
Allowance for equity funds used during construction	(73)	(58)
Pension, postretirement, and other employee benefits	(149)	(129)
Settlement of asset retirement obligations	(134)	(132)
Stock based compensation expense	90	83
Storm damage cost recovery – long-term	(173)	—
Other, net	67	28
Changes in certain current assets and liabilities —
-Retail fuel cost under recovery	71	257
-Prepayments	(120)	(83)
-Natural gas for sale, net of temporary LIFO liquidation	365	237
-Other current assets	84	(103)
-Accounts payable	(394)	(423)
-Accrued taxes	(418)	(226)
-Accrued compensation	(537)	(488)
-Customer refunds	(95)	(1)
-Natural gas cost over recovery	(179)	(65)
-Other current liabilities	(119)	34
Net cash provided from operating activities	1,250	1,311
Investing Activities:
Property additions	(2,437)	(1,770)
Nuclear decommissioning trust fund purchases	(361)	(404)
Nuclear decommissioning trust fund sales	361	403
Cost of removal, net of salvage	(168)	(138)
Change in construction payables, net	(161)	(365)
Other investing activities	(68)	(111)
Net cash used for investing activities	(2,834)	(2,385)
Financing Activities:
Increase (decrease) in notes payable, net	(841)	236
Proceeds —
Long-term debt	4,567	2,359
Short-term borrowings	—	450
Common stock	30	28
Redemptions and repurchases —
Long-term debt	(35)	(656)
Short-term borrowings	—	(550)
Distributions to noncontrolling interests	(37)	(34)
Payment of common stock dividends	(736)	(733)
Other financing activities	(133)	(115)
Net cash provided from financing activities	2,815	985
Net Change in Cash, Cash Equivalents, and Restricted Cash	1,231	(89)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	1,101	921
Cash, Cash Equivalents, and Restricted Cash at End of Period	$2,332	$832
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $29 and $28 capitalized for 2025 and 2024, respectively)	$756	$714
Income taxes, net (excludes credit transfers)	(1)	(9)
Noncash transactions —
Accrued property additions at end of period	940	580
Right-of-use assets obtained under operating leases	87	14
Right-of-use assets obtained under finance leases	13	—
Issuance of common stock under dividend reinvestment plan	55	33

Assets	At March 31, 2025	At December 31, 2024
(in millions)
Current Assets:
Cash and cash equivalents	$2,327	$1,070
Receivables —
Customer accounts	2,463	2,228
Unbilled revenues	684	825
Under recovered fuel clause revenues	707	713
Other accounts and notes	501	597
Accumulated provision for uncollectible accounts	(81)	(74)
Materials and supplies	2,167	2,178
Fossil fuel for generation	738	803
Natural gas for sale	149	388
Prepaid expenses	441	294
Assets from risk management activities, net of collateral	134	39
Regulatory assets – asset retirement obligations	371	353
Other regulatory assets	699	804
Other current assets	517	476
Total current assets	11,817	10,694
Property, Plant, and Equipment:
In service	138,749	137,143
Less: Accumulated depreciation	40,909	40,126
Plant in service, net of depreciation	97,840	97,017
Other utility plant, net	378	410
Nuclear fuel, at amortized cost	890	873
Construction work in progress	7,221	6,389
Total property, plant, and equipment	106,329	104,689
Other Property and Investments:
Goodwill	5,161	5,161
Nuclear decommissioning trusts, at fair value	2,611	2,621
Equity investments in unconsolidated subsidiaries	1,439	1,416
Other intangible assets, net of amortization of $420 and $412, respectively	324	332
Miscellaneous property and investments	690	668
Total other property and investments	10,225	10,198
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	1,426	1,386
Deferred charges related to income taxes	895	889
Prepaid pension costs	2,781	2,674
Unamortized loss on reacquired debt	199	203
Deferred under recovered fuel clause revenues	389	485
Regulatory assets – asset retirement obligations, deferred	5,465	5,458
Other regulatory assets, deferred	7,187	7,037
Other deferred charges and assets	1,396	1,467
Total deferred charges and other assets	19,738	19,599
Total Assets	$148,109	$145,180

Liabilities and Stockholders' Equity	At March 31, 2025	At December 31, 2024
(in millions)
Current Liabilities:
Securities due within one year	$5,168	$4,718
Notes payable	514	1,338
Accounts payable	3,094	3,701
Customer deposits	458	486
Accrued taxes —
Accrued income taxes	53	57
Other accrued taxes	600	997
Accrued interest	600	682
Accrued compensation	683	1,261
Asset retirement obligations	748	731
Liabilities from risk management activities, net of collateral	99	160
Operating lease obligations	200	200
Natural gas cost over recovery	16	193
Other regulatory liabilities	422	369
Other current liabilities	1,115	1,100
Total current liabilities	13,770	15,993
Long-term Debt	62,939	58,768
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	12,181	11,730
Deferred credits related to income taxes	4,372	4,434
Accumulated deferred ITCs	2,034	2,056
Employee benefit obligations	983	1,011
Operating lease obligations, deferred	1,299	1,253
Asset retirement obligations, deferred	9,145	9,203
Other cost of removal obligations	2,039	2,016
Other regulatory liabilities, deferred	683	692
Other deferred credits and liabilities	1,441	1,350
Total deferred credits and other liabilities	34,177	33,745
Total Liabilities	110,886	108,506
Total Stockholders' Equity (See accompanying statements)	37,223	36,674
Total Liabilities and Stockholders' Equity	$148,109	$145,180

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