ALABAMA POWER CO

For the period ended Sep 30, 2026. Filed Nov 5, 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.

Sep 30, 2026 · Filed Nov 5, 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 September 30,		For the Nine Months Ended September 30,
	2026	2025	2026	2025
(in millions) · (in millions)
Consolidated Net Income	$2,074	$1,707	$4,601	$3,830
Other comprehensive income (loss):
Qualifying hedges:
Changes in fair value, net of tax of $—, $(5), $(4), and $12, respectively	2	(13)	(13)	36
Reclassification adjustment for amounts included in net income, net of tax of $1, $2, $4, and $(12), respectively	3	5	14	(38)
Pension and other postretirement benefit plans:
Benefit plan net gain (loss), net of tax of $—, $—, $—, and $—, respectively	—	—	1	1
Reclassification adjustment for amounts included in net income, net of tax of $—, $—, $—, and $—, respectively	—	—	1	—
Total other comprehensive income (loss)	5	(8)	3	(1)
Comprehensive Income	2,079	1,699	4,604	3,829
Comprehensive income (loss) attributable to noncontrolling interests	28	(4)	24	(95)
Consolidated Comprehensive Income Attributable to Southern Company	$2,051	$1,703	$4,580	$3,924

	For the Nine Months Ended September 30,
	2026	2025
(in millions)
Operating Activities:
Consolidated net income	$4,601	$3,830
Adjustments to reconcile consolidated net income to net cash provided from operating activities —
Depreciation and amortization, total	4,809	4,425
Deferred income taxes	460	355
Allowance for equity funds used during construction	(388)	(243)
Pension, postretirement, and other employee benefits	(430)	(414)
Settlement of asset retirement obligations	(457)	(471)
Stock based compensation expense	139	124
Retail fuel cost under recovery – long-term	(139)	(69)
Storm damage cost recovery – long-term	(141)	(262)
Other, net	49	47
Changes in certain current assets and liabilities —
-Receivables	(217)	200
-Retail fuel cost under recovery	279	439
-Fossil fuel for generation	164	121
-Materials and supplies	(278)	18
-Contract assets	(178)	(145)
-Other current assets	(165)	(42)
-Accounts payable	(358)	(747)
-Accrued taxes	316	432
-Accrued compensation	(154)	(126)
-Accrued interest	(149)	(79)
-Other current liabilities	117	(188)
Net cash provided from operating activities	7,880	7,205
Investing Activities:
Property additions	(10,200)	(8,702)
Contributions in aid of construction	559	250
Business acquisition	—	(635)
Nuclear decommissioning trust fund purchases	(1,462)	(1,212)
Nuclear decommissioning trust fund sales	1,462	1,212
Cost of removal, net of salvage	(555)	(479)
Change in construction payables, net	56	69
Payments pursuant to LTSAs	(141)	(87)
Other investing activities	(122)	(15)
Net cash used for investing activities	(10,403)	(9,599)
Financing Activities:
Increase (decrease) in notes payable, net	167	(993)
Proceeds —
Long-term debt	8,262	10,269
Short-term borrowings	550	200
Common stock	3,841	90
Redemptions and repurchases —
Long-term debt	(6,830)	(2,383)
Short-term borrowings	(550)	—
Distributions to noncontrolling interests	(127)	(118)
Payment of common stock dividends	(2,399)	(2,254)
Other financing activities	(286)	(176)
Net cash provided from financing activities	2,628	4,635
Net Change in Cash, Cash Equivalents, and Restricted Cash	105	2,241
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	1,640	1,101
Cash, Cash Equivalents, and Restricted Cash at End of Period	$1,745	$3,342
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $149 and $97 capitalized for 2026 and 2025, respectively)	$2,457	$2,173
Income taxes, net (excludes credit transfers)	210	231
Noncash transactions —
Accrued property additions at end of period	1,399	1,177
Right-of-use assets obtained under operating leases	162	131
Right-of-use assets obtained under finance leases	6	17
Issuance of common stock under dividend reinvestment plan	164	167

Assets	At September 30, 2026	At December 31, 2025
(in millions)
Current Assets:
Cash and cash equivalents	$1,740	$1,639
Receivables —
Customer accounts	2,903	2,251
Unbilled revenues	737	931
Under recovered fuel clause revenues	196	316
Other accounts and notes	617	655
Accumulated provision for uncollectible accounts	(108)	(84)
Materials and supplies	2,479	2,202
Fossil fuel for generation	571	735
Natural gas for sale	419	396
Prepaid expenses	370	327
Contract assets	404	226
Regulatory assets – asset retirement obligations	353	353
Other regulatory assets	976	709
Other current assets	195	261
Total current assets	11,852	10,917
Property, Plant, and Equipment:
In service	154,135	146,114
Less: Accumulated depreciation	46,497	43,483
Plant in service, net of depreciation	107,638	102,631
Other utility plant, net	—	307
Nuclear fuel, at amortized cost	923	897
Construction work in progress	12,128	10,534
Total property, plant, and equipment	120,689	114,369
Other Property and Investments:
Goodwill	5,161	5,161
Nuclear decommissioning trusts, at fair value	3,050	2,947
Equity investments in unconsolidated subsidiaries	1,494	1,318
Other intangible assets, net of amortization of $463 and $444, respectively	281	300
Miscellaneous property and investments	686	714
Total other property and investments	10,672	10,440
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization	1,375	1,358
Deferred charges related to income taxes	1,089	948
Prepaid pension costs	3,648	3,257
Unamortized loss on reacquired debt	175	187
Deferred under recovered fuel clause revenues	90	252
Regulatory assets – asset retirement obligations, deferred	5,133	5,129
Other regulatory assets, deferred	7,726	7,427
Other deferred charges and assets	1,755	1,436
Total deferred charges and other assets	20,991	19,994
Total Assets	$164,204	$155,720

Liabilities and Stockholders' Equity	At September 30, 2026	At December 31, 2025
(in millions)
Current Liabilities:
Securities due within one year	$3,613	$6,220
Notes payable	890	722
Accounts payable	3,435	3,710
Customer deposits	503	475
Accrued taxes —
Accrued income taxes	97	22
Other accrued taxes	1,012	982
Accrued interest	658	807
Accrued compensation	1,278	1,418
Asset retirement obligations	676	662
Liabilities from risk management activities, net of collateral	226	118
Operating lease obligations	210	197
Natural gas cost over recovery	225	158
Other regulatory liabilities	149	240
Other current liabilities	1,162	1,157
Total current liabilities	14,134	16,888
Long-Term Debt	69,498	65,649
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	12,771	12,133
Deferred credits related to income taxes	4,672	4,712
Accumulated deferred ITCs	2,285	2,002
Employee benefit obligations	993	980
Operating lease obligations, deferred	1,284	1,287
Asset retirement obligations, deferred	8,860	8,939
Other cost of removal obligations	2,099	2,036
Other regulatory liabilities, deferred	730	722
Other deferred credits and liabilities	2,072	1,505
Total deferred credits and other liabilities	35,766	34,316
Total Liabilities	119,398	116,853
Total Stockholders' Equity (See accompanying statements)	44,806	38,867
Total Liabilities and Stockholders' Equity	$164,204	$155,720

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