ALABAMA POWER CO

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

About this filing

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)
Net Income	$25	$38	$549	$555
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $(3), $(3), $(1), and $(4), respectively	(8)	(7)	(2)	(10)
Reclassification adjustment for amounts included in net income, net of tax of $—, $1, $1, and $10, respectively	1	3	1	25
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)	(4)	(2)	15
Comprehensive Income	$18	$34	$547	$570

	For the Nine Months Ended September 30,
	2025	2024
(in millions)
Operating Activities:
Net income	$549	$555
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	512	466
Deferred income taxes	188	206
Other, net	—	7
Changes in certain current assets and liabilities —
-Receivables	328	386
-Natural gas for sale, net of temporary LIFO liquidation	(27)	3
-Prepaid income taxes	(34)	35
-Other current assets	8	(92)
-Accounts payable	(103)	(105)
-Natural gas cost over recovery	(30)	12
-Other current liabilities	(13)	(66)
Net cash provided from operating activities	1,378	1,407
Investing Activities:
Property additions	(1,179)	(1,064)
Cost of removal, net of salvage	(70)	(63)
Change in construction payables, net	45	(13)
Investment in unconsolidated subsidiaries	(43)	(64)
Returned investment in unconsolidated subsidiaries	128	4
Other investing activities	—	4
Net cash used for investing activities	(1,119)	(1,196)
Financing Activities:
Decrease in notes payable, net	(312)	(352)
Proceeds —
Senior notes	850	450
First mortgage bonds	—	156
Other long-term debt	—	9
Redemptions — First mortgage bonds	(50)	—
Return of capital to parent company	(23)	—
Capital contributions from parent company	40	—
Payment of common stock dividends	(446)	(454)
Other financing activities	(16)	(10)
Net cash provided from (used for) financing activities	43	(201)
Net Change in Cash, Cash Equivalents, and Restricted Cash	302	10
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	44	35
Cash, Cash Equivalents, and Restricted Cash at End of Period	$346	$45
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $12 and $16 capitalized for 2025 and 2024, respectively)	$297	$258
Income taxes, net	16	(54)
Noncash transactions —
Accrued property additions at end of period	87	126
Right-of-use assets obtained under operating leases	60	1
Return of capital to parent company	33	—

Assets	At September 30, 2025	At December 31, 2024
(in millions)
Current Assets:
Cash and cash equivalents	$346	$43
Receivables —
Customer accounts	223	399
Unbilled revenues	73	244
Other accounts and notes	64	45
Accumulated provision for uncollectible accounts	(44)	(33)
Materials and supplies	59	66
Natural gas for sale	415	388
Prepaid expenses	82	45
Other regulatory assets	177	187
Other current assets	38	55
Total current assets	1,433	1,439
Property, Plant, and Equipment:
In service	23,516	22,338
Less: Accumulated depreciation	6,165	5,887
Plant in service, net of depreciation	17,351	16,451
Construction work in progress	978	1,057
Total property, plant, and equipment	18,329	17,508
Other Property and Investments:
Goodwill	5,015	5,015
Equity investments in unconsolidated subsidiaries	1,175	1,279
Other intangible assets, net of amortization of $178 and $173, respectively	4	9
Miscellaneous property and investments	25	25
Total other property and investments	6,219	6,328
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	89	38
Prepaid pension costs	208	191
Other regulatory assets, deferred	506	481
Other deferred charges and assets	142	192
Total deferred charges and other assets	945	902
Total Assets	$26,926	$26,177

Liabilities and Stockholder's Equity	At September 30, 2025	At December 31, 2024
(in millions)
Current Liabilities:
Securities due within one year	$751	$302
Notes payable	144	455
Accounts payable —
Affiliated	58	75
Other	419	437
Customer deposits	91	98
Accrued taxes	76	85
Accrued interest	77	88
Accrued compensation	119	129
Natural gas cost over recovery	163	193
Other regulatory liabilities	30	7
Other current liabilities	133	149
Total current liabilities	2,061	2,018
Long-term Debt	8,579	8,229
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	1,992	1,796
Deferred credits related to income taxes	728	755
Employee benefit obligations	60	78
Operating lease obligations	88	30
Other cost of removal obligations	1,908	1,846
Accrued environmental remediation	203	198
Other deferred credits and liabilities	218	231
Total deferred credits and other liabilities	5,197	4,934
Total Liabilities	15,837	15,181
Common Stockholder's Equity (See accompanying statements)	11,089	10,996
Total Liabilities and Stockholder's Equity	$26,926	$26,177

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