ALABAMA POWER CO

For the period ended Sep 30, 2025. Filed Oct 30, 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.

Sep 30, 2025 · Filed Oct 30, 2025

SO$93.65+0.1%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Comprehensive Income

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2025	2024	2025	2024
(in millions) · (in millions)
Consolidated Net Income	$1,707	$1,535	$3,830	$3,794
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $(5), $(1), $12, and $(2), respectively	(13)	(2)	36	(5)
Reclassification adjustment for amounts included in net income, net of tax of $2, $(2), $(12), and $14, respectively	5	(8)	(38)	39
Pension and other postretirement benefit plans:
Benefit plan net gain (loss), net of tax of $—, $—, $—, and $1, respectively	—	—	1	3
Reclassification adjustment for amounts included in net income, net of tax of $—, $—, $—, and $—, respectively	—	1	—	1
Total other comprehensive income (loss)	(8)	(9)	(1)	38
Comprehensive Income	1,699	1,526	3,829	3,832
Comprehensive loss attributable to noncontrolling interests	(4)	—	(95)	(73)
Consolidated Comprehensive Income Attributable to Southern Company	$1,703	$1,526	$3,924	$3,905

	For the Nine Months Ended September 30,
	2025	2024
(in millions)
Operating Activities:
Consolidated net income	$3,830	$3,794
Adjustments to reconcile consolidated net income to net cash provided from operating activities —
Depreciation and amortization, total	4,425	3,916
Deferred income taxes	355	607
Allowance for equity funds used during construction	(243)	(167)
Pension, postretirement, and other employee benefits	(414)	(391)
Settlement of asset retirement obligations	(471)	(405)
Stock based compensation expense	124	120
Storm damage cost recovery – long-term	(262)	—
Other, net	(22)	(121)
Changes in certain current assets and liabilities —
-Receivables	200	(233)
-Retail fuel cost under recovery	439	843
-Fossil fuel for generation	121	143
-Materials and supplies	18	(195)
-Other current assets	(187)	(181)
-Accounts payable	(747)	(161)
-Accrued taxes	432	179
-Accrued compensation	(126)	(90)
-Other current liabilities	(267)	(43)
Net cash provided from operating activities	7,205	7,615
Investing Activities:
Property additions	(8,452)	(6,206)
Business acquisition	(635)	—
Nuclear decommissioning trust fund purchases	(1,212)	(1,070)
Nuclear decommissioning trust fund sales	1,212	1,070
Proceeds from dispositions	1	370
Cost of removal, net of salvage	(479)	(444)
Change in construction payables, net	69	(119)
Other investing activities	(103)	(279)
Net cash used for investing activities	(9,599)	(6,678)
Financing Activities:
Decrease in notes payable, net	(993)	(1,264)
Proceeds —
Long-term debt	10,269	5,321
Short-term borrowings	200	700
Common stock	90	112
Redemptions and repurchases —
Long-term debt	(2,383)	(2,167)
Short-term borrowings	—	(1,020)
Distributions to noncontrolling interests	(118)	(108)
Payment of common stock dividends	(2,254)	(2,220)
Other financing activities	(176)	(157)
Net cash provided from (used for) financing activities	4,635	(803)
Net Change in Cash, Cash Equivalents, and Restricted Cash	2,241	134
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	1,101	921
Cash, Cash Equivalents, and Restricted Cash at End of Period	$3,342	$1,055
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $97 and $76 capitalized for 2025 and 2024, respectively)	$2,173	$2,015
Income taxes, net (excludes credit transfers)	231	131
Noncash transactions —
Accrued property additions at end of period	1,177	937
Right-of-use assets obtained under operating leases	131	126
Right-of-use assets obtained under finance leases	17	1
Reassessment of right-of-use assets under operating leases	—	(7)
Issuance of common stock under dividend reinvestment plan	167	123

Assets	At September 30, 2025	At December 31, 2024
(in millions)
Current Assets:
Cash and cash equivalents	$3,341	$1,070
Receivables —
Customer accounts	2,304	2,228
Unbilled revenues	685	825
Under recovered fuel clause revenues	517	713
Other accounts and notes	476	597
Accumulated provision for uncollectible accounts	(79)	(74)
Materials and supplies	2,158	2,178
Fossil fuel for generation	682	803
Natural gas for sale	415	388
Prepaid expenses	324	294
Assets from risk management activities, net of collateral	56	39
Regulatory assets – asset retirement obligations	353	353
Other regulatory assets	793	804
Other current assets	602	476
Total current assets	12,627	10,694
Property, Plant, and Equipment:
In service	143,189	137,143
Less: Accumulated depreciation	42,793	40,126
Plant in service, net of depreciation	100,396	97,017
Other utility plant, net	331	410
Nuclear fuel, at amortized cost	914	873
Construction work in progress	9,239	6,389
Total property, plant, and equipment	110,880	104,689
Other Property and Investments:
Goodwill	5,161	5,161
Nuclear decommissioning trusts, at fair value	2,884	2,621
Equity investments in unconsolidated subsidiaries	1,303	1,416
Other intangible assets, net of amortization of $436 and $412, respectively	308	332
Miscellaneous property and investments	696	668
Total other property and investments	10,352	10,198
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	1,378	1,386
Deferred charges related to income taxes	911	889
Prepaid pension costs	2,982	2,674
Unamortized loss on reacquired debt	191	203
Deferred under recovered fuel clause revenues	197	485
Regulatory assets – asset retirement obligations, deferred	5,047	5,458
Other regulatory assets, deferred	7,361	7,037
Other deferred charges and assets	1,322	1,467
Total deferred charges and other assets	19,389	19,599
Total Assets	$153,248	$145,180

Liabilities and Stockholders' Equity	At September 30, 2025	At December 31, 2024
(in millions)
Current Liabilities:
Securities due within one year	$7,541	$4,718
Notes payable	144	1,338
Accounts payable	3,017	3,701
Customer deposits	489	486
Accrued taxes —
Accrued income taxes	456	57
Other accrued taxes	966	997
Accrued interest	602	682
Accrued compensation	1,206	1,261
Asset retirement obligations	680	731
Liabilities from risk management activities, net of collateral	98	160
Operating lease obligations	198	200
Natural gas cost over recovery	163	193
Other regulatory liabilities	196	369
Other current liabilities	970	1,100
Total current liabilities	16,726	15,993
Long-term Debt	64,621	58,768
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	12,250	11,730
Deferred credits related to income taxes	4,381	4,434
Accumulated deferred ITCs	1,994	2,056
Employee benefit obligations	955	1,011
Operating lease obligations, deferred	1,242	1,253
Asset retirement obligations, deferred	8,774	9,203
Other cost of removal obligations	2,032	2,016
Other regulatory liabilities, deferred	642	692
Other deferred credits and liabilities	1,357	1,350
Total deferred credits and other liabilities	33,627	33,745
Total Liabilities	114,974	108,506
Total Stockholders' Equity (See accompanying statements)	38,274	36,674
Total Liabilities and Stockholders' Equity	$153,248	$145,180

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