ALABAMA POWER CO

For the period ended Mar 31, 2026. Filed Apr 30, 2026.

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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, 2026 · Filed Apr 30, 2026

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 March 31,
	2026	2025
(in millions)
Consolidated Net Income	$1,338	$1,270
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of $(1) and $5, respectively	(3)	14
Reclassification adjustment for amounts included in net income, net of tax of $1 and $(4), respectively	4	(12)
Pension and other postretirement benefit plans:
Benefit plan net gain (loss), net of tax of $— and $—, respectively	1	1
Total other comprehensive income	2	3
Comprehensive Income	1,340	1,273
Comprehensive loss attributable to noncontrolling interests	(18)	(64)
Consolidated Comprehensive Income Attributable to Southern Company	$1,358	$1,337

	For the Three Months Ended March 31,
	2026	2025
(in millions)
Operating Activities:
Consolidated net income	$1,338	$1,270
Adjustments to reconcile consolidated net income to net cash provided from operating activities —
Depreciation and amortization, total	1,580	1,411
Deferred income taxes	168	351
Allowance for equity funds used during construction	(121)	(73)
Pension, postretirement, and other employee benefits	(149)	(149)
Settlement of asset retirement obligations	(133)	(134)
Stock based compensation expense	97	90
Storm damage cost recovery – long-term	(93)	(173)
Other, net	(25)	(1)
Changes in certain current assets and liabilities —
-Receivables	124	7
-Retail fuel cost under recovery	63	71
-Prepayments	(98)	(120)
-Materials and supplies	(85)	11
-Natural gas for sale, net of temporary LIFO liquidation	355	365
-Other current assets	(27)	66
-Accounts payable	(555)	(394)
-Accrued taxes	(408)	(418)
-Accrued compensation	(599)	(537)
-Accrued interest	(180)	(82)
-Customer refunds	5	(95)
-Natural gas cost over recovery	(27)	(179)
-Other current liabilities	(4)	(37)
Net cash provided from operating activities	1,226	1,250
Investing Activities:
Property additions	(2,944)	(2,437)
Nuclear decommissioning trust fund purchases	(442)	(361)
Nuclear decommissioning trust fund sales	442	361
Cost of removal, net of salvage	(166)	(168)
Change in construction payables, net	(251)	(161)
Other investing activities	(60)	(68)
Net cash used for investing activities	(3,421)	(2,834)
Financing Activities:
Increase (decrease) in notes payable, net	653	(841)
Proceeds —
Long-term debt	2,390	4,567
Short-term borrowings	350	—
Common stock	535	30
Redemptions and repurchases —
Long-term debt	(1,322)	(35)
Short-term borrowings	(50)	—
Distributions to noncontrolling interests	(47)	(37)
Payment of common stock dividends	(776)	(736)
Other financing activities	(191)	(133)
Net cash provided from financing activities	1,542	2,815
Net Change in Cash, Cash Equivalents, and Restricted Cash	(653)	1,231
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	1,640	1,101
Cash, Cash Equivalents, and Restricted Cash at End of Period	$987	$2,332
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $51 and $29 capitalized for 2026 and 2025, respectively)	$901	$756
Income taxes, net (excludes credit transfers)	—	(1)
Noncash transactions —
Accrued property additions at end of period	1,049	940
Right-of-use assets obtained under operating leases	41	87
Right-of-use assets obtained under finance leases	2	13
Issuance of common stock under dividend reinvestment plan	54	55

Assets	At March 31, 2026	At December 31, 2025
(in millions)
Current Assets:
Cash and cash equivalents	$981	$1,639
Receivables —
Customer accounts	2,405	2,251
Unbilled revenues	740	931
Under recovered fuel clause revenues	299	316
Other accounts and notes	524	655
Accumulated provision for uncollectible accounts	(95)	(84)
Materials and supplies	2,297	2,202
Fossil fuel for generation	727	735
Natural gas for sale	145	396
Prepaid expenses	411	327
Assets from risk management activities, net of collateral	35	63
Regulatory assets – asset retirement obligations	353	353
Other regulatory assets	706	709
Other current assets	433	424
Total current assets	9,961	10,917
Property, Plant, and Equipment:
In service	149,086	146,114
Less: Accumulated depreciation	45,186	43,483
Plant in service, net of depreciation	103,900	102,631
Other utility plant, net	—	307
Nuclear fuel, at amortized cost	920	897
Construction work in progress	11,282	10,534
Total property, plant, and equipment	116,102	114,369
Other Property and Investments:
Goodwill	5,161	5,161
Nuclear decommissioning trusts, at fair value	2,888	2,947
Equity investments in unconsolidated subsidiaries	1,365	1,318
Other intangible assets, net of amortization of $450 and $444, respectively	294	300
Miscellaneous property and investments	706	714
Total other property and investments	10,414	10,440
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	1,351	1,358
Deferred charges related to income taxes	1,026	948
Prepaid pension costs	3,369	3,257
Unamortized loss on reacquired debt	183	187
Deferred under recovered fuel clause revenues	210	252
Regulatory assets – asset retirement obligations, deferred	5,198	5,129
Other regulatory assets, deferred	7,683	7,427
Other deferred charges and assets	1,534	1,436
Total deferred charges and other assets	20,554	19,994
Total Assets	$157,031	$155,720

Liabilities and Stockholders' Equity	At March 31, 2026	At December 31, 2025
(in millions)
Current Liabilities:
Securities due within one year	$5,701	$6,220
Notes payable	1,673	722
Accounts payable	2,909	3,710
Customer deposits	478	475
Accrued taxes —
Accrued income taxes	66	22
Other accrued taxes	557	982
Accrued interest	627	807
Accrued compensation	761	1,418
Asset retirement obligations	659	662
Liabilities from risk management activities, net of collateral	134	118
Operating lease obligations	203	197
Natural gas cost over recovery	131	158
Other regulatory liabilities	228	240
Other current liabilities	1,191	1,157
Total current liabilities	15,318	16,888
Long-term Debt	67,148	65,649
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	12,381	12,133
Deferred credits related to income taxes	4,648	4,712
Accumulated deferred ITCs	2,047	2,002
Employee benefit obligations	941	980
Operating lease obligations, deferred	1,280	1,287
Asset retirement obligations, deferred	8,907	8,939
Other cost of removal obligations	2,054	2,036
Other regulatory liabilities, deferred	770	722
Other deferred credits and liabilities	1,625	1,505
Total deferred credits and other liabilities	34,653	34,316
Total Liabilities	117,119	116,853
Total Stockholders' Equity (See accompanying statements)	39,912	38,867
Total Liabilities and Stockholders' Equity	$157,031	$155,720

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