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)
Net Income	$447	$418
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $2 and $5, respectively	6	11
Reclassification adjustment for amounts included in net income, net of tax of $(3) and $—, respectively	(7)	1
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)	(2)	12
Comprehensive Income	$445	$430

	For the Three Months Ended March 31,
	2026	2025
(in millions)
Operating Activities:
Net income	$447	$418
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total	183	167
Deferred income taxes	60	42
Other, net	21	(5)
Changes in certain current assets and liabilities —
-Receivables	(51)	(115)
-Natural gas for sale, net of temporary LIFO liquidation	355	365
-Other current assets	30	74
-Accounts payable	(201)	(95)
-Accrued taxes	70	73
-Accrued compensation	(56)	(60)
-Natural gas cost over recovery	(27)	(179)
-Other current liabilities	(23)	2
Net cash provided from operating activities	808	687
Investing Activities:
Property additions	(323)	(281)
Cost of removal, net of salvage	(16)	(16)
Change in construction payables, net	6	(6)
Capital contributions to unconsolidated subsidiaries	(27)	(19)
Other investing activities	—	1
Net cash used for investing activities	(360)	(321)
Financing Activities:
Decrease in notes payable, net	(170)	(141)
Return of capital to parent company	—	(23)
Payment of common stock dividends	(141)	(149)
Other financing activities	(10)	(10)
Net cash used for financing activities	(321)	(323)
Net Change in Cash, Cash Equivalents, and Restricted Cash	127	43
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	15	44
Cash, Cash Equivalents, and Restricted Cash at End of Period	$142	$87
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $4 and $5 capitalized for 2026 and 2025, respectively)	$129	$111
Income taxes, net	(1)	(1)
Noncash transactions —
Accrued property additions at end of period	118	104
Right-of-use assets obtained under operating leases	1	60
Return of capital to parent company	—	33

Assets	At March 31, 2026	At December 31, 2025
(in millions)
Current Assets:
Cash and cash equivalents	$137	$15
Receivables —
Customer accounts	660	490
Unbilled revenues	229	341
Other accounts and notes	60	57
Accumulated provision for uncollectible accounts	(59)	(50)
Materials and supplies	62	62
Natural gas for sale	145	396
Prepaid expenses	27	26
Other regulatory assets	96	114
Other current assets	44	66
Total current assets	1,401	1,517
Property, Plant, and Equipment:
In service	24,391	24,098
Less: Accumulated depreciation	6,386	6,273
Plant in service, net of depreciation	18,005	17,825
Construction work in progress	865	863
Total property, plant, and equipment	18,870	18,688
Other Property and Investments:
Goodwill	5,015	5,015
Equity investments in unconsolidated subsidiaries	1,224	1,182
Other intangible assets, net of amortization of $180 and $179, respectively	2	3
Miscellaneous property and investments	25	24
Total other property and investments	6,266	6,224
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	82	85
Prepaid pension and other postretirement benefit costs	248	229
Other regulatory assets, deferred	555	517
Other deferred charges and assets	129	127
Total deferred charges and other assets	1,014	958
Total Assets	$27,551	$27,387

Liabilities and Stockholder's Equity	At March 31, 2026	At December 31, 2025
(in millions)
Current Liabilities:
Securities due within one year	$531	$531
Notes payable	255	425
Accounts payable —
Affiliated	57	70
Other	383	553
Customer deposits	72	75
Accrued taxes	177	107
Accrued interest	77	100
Accrued compensation	81	137
Temporary LIFO liquidation	104	—
Natural gas cost over recovery	131	158
Other regulatory liabilities	69	36
Other current liabilities	109	110
Total current liabilities	2,046	2,302
Long-term Debt	8,738	8,743
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	2,033	1,971
Deferred credits related to income taxes	672	681
Employee benefit obligations	84	78
Operating lease obligations	122	123
Other cost of removal obligations	1,944	1,921
Accrued environmental remediation	201	207
Other deferred credits and liabilities	278	234
Total deferred credits and other liabilities	5,334	5,215
Total Liabilities	16,118	16,260
Common Stockholder's Equity (See accompanying statements)	11,433	11,127
Total Liabilities and Stockholder's Equity	$27,551	$27,387

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