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

Item 1. 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:
Retail electric revenues	$4,758	$4,486	$9,358	$8,427
Wholesale electric revenues	681	627	1,425	1,198
Other electric revenues	220	210	463	409
Natural gas revenues (includes alternative revenue programs of $(9), $11, $(28), and $45, respectively)	979	831	2,818	2,538
Other revenues	335	309	684	537
Total operating revenues	6,973	6,463	14,748	13,109
Operating Expenses:
Fuel	1,116	1,032	2,408	2,028
Purchased power	260	222	510	420
Cost of natural gas	255	149	929	754
Cost of other sales	167	167	366	298
Other operations and maintenance	1,685	1,388	3,305	2,860
Depreciation and amortization	1,323	1,182	2,608	2,327
Taxes other than income taxes	403	384	848	780
Total operating expenses	5,209	4,524	10,974	9,467
Operating Income	1,764	1,939	3,774	3,642
Other Income and (Expense):
Allowance for equity funds used during construction	80	51	153	109
Earnings from equity method investments	10	31	43	77
Interest expense, net of amounts capitalized	(874)	(694)	(1,588)	(1,358)
Other income (expense), net	162	151	310	302
Total other income and (expense)	(622)	(461)	(1,082)	(870)
Earnings Before Income Taxes	1,142	1,478	2,692	2,772
Income taxes	289	290	569	513
Consolidated Net Income	853	1,188	2,123	2,259
Net loss attributable to noncontrolling interests	(27)	(15)	(91)	(73)
Consolidated Net Income Attributable to Southern Company	$880	$1,203	$2,214	$2,332
Common Stock Data:
Earnings per share -
Basic	$0.80	$1.10	$2.01	$2.13
Diluted	$0.79	$1.09	$2.00	$2.12
Average number of shares of common stock outstanding (in millions)
Basic	1,101	1,096	1,100	1,095
Diluted	1,108	1,102	1,107	1,101

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2025	2024	2025	2024
(in millions) · (in millions)
Consolidated Net Income	$853	$1,188	$2,123	$2,259
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of $11, $(1), $16, and $(1), respectively	35	(5)	49	(4)
Reclassification adjustment for amounts included in net income, net of tax of $(10), $5, $(14), and $17, respectively	(31)	15	(43)	47
Pension and other postretirement benefit plans:
Benefit plan net gain (loss), net of tax of $—, $—, $—, and $1, respectively	—	—	1	3
Total other comprehensive income	4	10	7	46
Comprehensive Income	857	1,198	2,130	2,305
Comprehensive loss attributable to noncontrolling interests	(27)	(15)	(91)	(73)
Consolidated Comprehensive Income Attributable to Southern Company	$884	$1,213	$2,221	$2,378

	For the Six Months Ended June 30,
	2025	2024
(in millions)
Operating Activities:
Consolidated net income	$2,123	$2,259
Adjustments to reconcile consolidated net income to net cash provided from operating activities —
Depreciation and amortization, total	2,860	2,572
Deferred income taxes	453	247
Allowance for equity funds used during construction	(153)	(109)
Pension, postretirement, and other employee benefits	(253)	(232)
Settlement of asset retirement obligations	(285)	(267)
Stock based compensation expense	102	97
Storm damage cost recovery – long-term	(238)	—
Other, net	76	(116)
Changes in certain current assets and liabilities —
-Receivables	(130)	(284)
-Retail fuel cost under recovery	158	421
-Prepayments	(109)	(49)
-Materials and supplies	35	(139)
-Natural gas for sale, net of temporary LIFO liquidation	233	188
-Other current assets	61	(86)
-Accounts payable	(695)	(247)
-Accrued taxes	(245)	(19)
-Accrued compensation	(421)	(372)
-Customer refunds	(80)	(26)
-Natural gas cost over recovery	(87)	(43)
-Other current liabilities	26	204
Net cash provided from operating activities	3,431	3,999
Investing Activities:
Property additions	(5,237)	(3,895)
Nuclear decommissioning trust fund purchases	(777)	(739)
Nuclear decommissioning trust fund sales	777	738
Proceeds from dispositions	2	345
Cost of removal, net of salvage	(304)	(282)
Change in construction payables, net	(42)	(217)
Other investing activities	(153)	(172)
Net cash used for investing activities	(5,734)	(4,222)
Financing Activities:
Decrease in notes payable, net	(150)	(1,125)
Proceeds —
Long-term debt	6,319	3,963
Short-term borrowings	200	700
Common stock	62	84
Redemptions and repurchases —
Long-term debt	(2,254)	(880)
Short-term borrowings	—	(550)
Distributions to noncontrolling interests	(66)	(57)
Payment of common stock dividends	(1,494)	(1,487)
Other financing activities	(150)	(135)
Net cash provided from financing activities	2,467	513
Net Change in Cash, Cash Equivalents, and Restricted Cash	164	290
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	1,101	921
Cash, Cash Equivalents, and Restricted Cash at End of Period	$1,265	$1,211
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $61 and $52 capitalized for 2025 and 2024, respectively)	$1,287	$1,235
Income taxes, net (excludes credit transfers)	199	62
Noncash transactions —
Accrued property additions at end of period	1,091	805
Right-of-use assets obtained under operating leases	114	98
Right-of-use assets obtained under finance leases	14	—
Reassessment of right-of-use assets under operating leases	—	(7)
Issuance of common stock under dividend reinvestment plan	112	67

Assets	At June 30, 2025	At December 31, 2024
(in millions)
Current Assets:
Cash and cash equivalents	$1,264	$1,070
Receivables —
Customer accounts	2,301	2,228
Unbilled revenues	895	825
Under recovered fuel clause revenues	684	713
Other accounts and notes	553	597
Accumulated provision for uncollectible accounts	(83)	(74)
Materials and supplies	2,138	2,178
Fossil fuel for generation	740	803
Natural gas for sale	197	388
Prepaid expenses	482	294
Assets from risk management activities, net of collateral	70	39
Regulatory assets – asset retirement obligations	389	353
Other regulatory assets	732	804
Other current assets	439	476
Total current assets	10,801	10,694
Property, Plant, and Equipment:
In service	140,888	137,143
Less: Accumulated depreciation	41,703	40,126
Plant in service, net of depreciation	99,185	97,017
Other utility plant, net	363	410
Nuclear fuel, at amortized cost	907	873
Construction work in progress	7,686	6,389
Total property, plant, and equipment	108,141	104,689
Other Property and Investments:
Goodwill	5,161	5,161
Nuclear decommissioning trusts, at fair value	2,762	2,621
Equity investments in unconsolidated subsidiaries	1,425	1,416
Other intangible assets, net of amortization of $428 and $412, respectively	316	332
Miscellaneous property and investments	699	668
Total other property and investments	10,363	10,198
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	1,405	1,386
Deferred charges related to income taxes	899	889
Prepaid pension costs	2,881	2,674
Unamortized loss on reacquired debt	195	203
Deferred under recovered fuel clause revenues	325	485
Regulatory assets – asset retirement obligations, deferred	5,115	5,458
Other regulatory assets, deferred	7,338	7,037
Other deferred charges and assets	1,390	1,467
Total deferred charges and other assets	19,548	19,599
Total Assets	$148,853	$145,180

Liabilities and Stockholders' Equity	At June 30, 2025	At December 31, 2024
(in millions)
Current Liabilities:
Securities due within one year	$5,365	$4,718
Notes payable	988	1,338
Accounts payable	2,948	3,701
Customer deposits	468	486
Accrued taxes —
Accrued income taxes	20	57
Other accrued taxes	800	997
Accrued interest	775	682
Accrued compensation	825	1,261
Asset retirement obligations	683	731
Liabilities from risk management activities, net of collateral	86	160
Operating lease obligations	200	200
Natural gas cost over recovery	107	193
Other regulatory liabilities	264	369
Other current liabilities	1,041	1,100
Total current liabilities	14,570	15,993
Long-term Debt	62,983	58,768
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	12,294	11,730
Deferred credits related to income taxes	4,446	4,434
Accumulated deferred ITCs	2,017	2,056
Employee benefit obligations	993	1,011
Operating lease obligations, deferred	1,288	1,253
Asset retirement obligations, deferred	8,862	9,203
Other cost of removal obligations	2,028	2,016
Other regulatory liabilities, deferred	671	692
Other deferred credits and liabilities	1,359	1,350
Total deferred credits and other liabilities	33,958	33,745
Total Liabilities	111,511	108,506
Total Stockholders' Equity (See accompanying statements)	37,342	36,674
Total Liabilities and Stockholders' Equity	$148,853	$145,180

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