ALABAMA POWER CO

For the period ended Jun 30, 2025. Filed Jul 31, 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.

Jun 30, 2025 · Filed Jul 31, 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 June 30,		For the Six Months Ended June 30,
	2025	2024	2025	2024
(in millions) · (in millions)
Operating Revenues:
Natural gas revenues (includes revenue taxes of $27, $23, $90, and $76, respectively)	$979	$831	$2,818	$2,538
Total operating revenues	979	831	2,818	2,538
Operating Expenses:
Cost of natural gas	255	149	929	754
Other operations and maintenance	301	288	617	581
Depreciation and amortization	172	158	341	313
Taxes other than income taxes	61	56	158	143
Total operating expenses	789	651	2,045	1,791
Operating Income	190	180	773	747
Other Income and (Expense):
Earnings from equity method investments	23	32	62	76
Interest expense, net of amounts capitalized	(92)	(83)	(183)	(167)
Other income (expense), net	18	15	34	35
Total other income and (expense)	(51)	(36)	(87)	(56)
Earnings Before Income Taxes	139	144	686	691
Income taxes	33	36	162	174
Net Income	$106	$108	$524	$517

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2025	2024	2025	2024
(in millions) · (in millions)
Net Income	$106	$108	$524	$517
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $(2), $1, $2, and $(1), respectively	(6)	2	6	(3)
Reclassification adjustment for amounts included in net income, net of tax of $—, $2, $—, and $9, respectively	(1)	5	—	22
Pension and other postretirement benefit plans:
Reclassification adjustment for amounts included in net income, net of tax of $—, $—, $—, and $—, respectively	—	—	(1)	—
Total other comprehensive income (loss)	(7)	7	5	19
Comprehensive Income	$99	$115	$529	$536

	For the Six Months Ended June 30,
	2025	2024
(in millions)
Operating Activities:
Net income	$524	$517
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	338	310
Deferred income taxes	67	211
Other, net	26	50
Changes in certain current assets and liabilities —
-Receivables	209	310
-Natural gas for sale, net of temporary LIFO liquidation	233	188
-Other current assets	37	(48)
-Accounts payable	(105)	(112)
-Natural gas cost over recovery	(87)	(43)
-Other current liabilities	(32)	(113)
Net cash provided from operating activities	1,210	1,270
Investing Activities:
Property additions	(677)	(657)
Cost of removal, net of salvage	(42)	(38)
Change in construction payables, net	15	20
Other investing activities	(31)	(21)
Net cash used for investing activities	(735)	(696)
Financing Activities:
Increase (decrease) in notes payable, net	16	(274)
Proceeds — Other long-term debt	—	9
Return of capital to parent company	(23)	—
Capital contributions from parent company	22	3
Payment of common stock dividends	(297)	(302)
Other financing activities	(12)	(10)
Net cash used for financing activities	(294)	(574)
Net Change in Cash, Cash Equivalents, and Restricted Cash	181	—
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	44	35
Cash, Cash Equivalents, and Restricted Cash at End of Period	$225	$35
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $9 and $10 capitalized for 2025 and 2024, respectively)	$185	$164
Income taxes, net	66	(52)
Noncash transactions —
Accrued property additions at end of period	101	159
Right-of-use assets obtained under operating leases	60	1
Return of capital to parent company	33	—

Assets	At June 30, 2025	At December 31, 2024
(in millions)
Current Assets:
Cash and cash equivalents	$225	$43
Receivables —
Customer accounts	327	399
Unbilled revenues	85	244
Other accounts and notes	68	45
Accumulated provision for uncollectible accounts	(50)	(33)
Materials and supplies	62	66
Natural gas for sale	197	388
Prepaid expenses	52	45
Other regulatory assets	151	187
Other current assets	38	55
Total current assets	1,155	1,439
Property, Plant, and Equipment:
In service	23,185	22,338
Less: Accumulated depreciation	6,100	5,887
Plant in service, net of depreciation	17,085	16,451
Construction work in progress	869	1,057
Total property, plant, and equipment	17,954	17,508
Other Property and Investments:
Goodwill	5,015	5,015
Equity investments in unconsolidated subsidiaries	1,300	1,279
Other intangible assets, net of amortization of $176 and $173, respectively	6	9
Miscellaneous property and investments	24	25
Total other property and investments	6,345	6,328
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	92	38
Prepaid pension costs	202	191
Other regulatory assets, deferred	487	481
Other deferred charges and assets	141	192
Total deferred charges and other assets	922	902
Total Assets	$26,376	$26,177

Liabilities and Stockholder's Equity	At June 30, 2025	At December 31, 2024
(in millions)
Current Liabilities:
Securities due within one year	$752	$302
Notes payable	471	455
Accounts payable —
Affiliated	54	75
Other	384	437
Customer deposits	74	98
Accrued taxes	89	85
Accrued interest	88	88
Accrued compensation	85	129
Temporary LIFO liquidation	42	—
Natural gas cost over recovery	107	193
Other regulatory liabilities	43	7
Other current liabilities	137	149
Total current liabilities	2,326	2,018
Long-term Debt	7,786	8,229
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	1,874	1,796
Deferred credits related to income taxes	736	755
Employee benefit obligations	63	78
Operating lease obligations	88	30
Other cost of removal obligations	1,894	1,846
Accrued environmental remediation	187	198
Other deferred credits and liabilities	224	231
Total deferred credits and other liabilities	5,066	4,934
Total Liabilities	15,178	15,181
Common Stockholder's Equity (See accompanying statements)	11,198	10,996
Total Liabilities and Stockholder's Equity	$26,376	$26,177

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