ALABAMA POWER CO
For the period ended Nov 5, 2026. Filed Nov 5, 2026.
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Nov 5, 2026 · Filed Nov 5, 2026
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Contents
EX-99 · Notes
Notes
(1)Excludes gains/losses on asset sales, which are included in "Interest Expense and Other." Includes non-service cost-related benefits income.
(2)Earnings include pre-tax charges of $118 million ($92 million after tax) and $414 million ($322 million after tax) for the three and nine months ended September 30, 2026, respectively, and $103 million ($80 million after tax, net of noncontrolling interest impacts) and $168 million ($130 million after tax, net of noncontrolling interest impacts) for the three and nine months ended September 30, 2025, respectively, associated with accelerated depreciation and decommissioning costs related to the repowering of certain wind facilities at Southern Power Company. Accelerated depreciation and decommissioning costs associated with the replacement of equipment will continue until the completion dates of the repowering projects, which are projected to occur through the third quarter 2027. At September 30, 2026, the remaining pre-tax accelerated depreciation and decommissioning costs are projected to total approximately $100 million in 2026 and $135 million in 2027.
(3)Earnings for the three and nine months ended September 30, 2026 include costs associated with the extinguishment of debt at Southern Company totaling $43 million ($40 million after tax) and $54 million ($49 million after tax), respectively, as a result of Southern Company's repurchase of certain convertible senior notes and redemption of certain junior subordinated notes. Earnings for the three and nine months ended September 30, 2026 also include $57 million associated with a change in tax benefits related to the extinguishment of debt in 2025. Earnings for the nine months ended September 30, 2025 include costs associated with extinguishment of debt at Southern Company totaling $129 million ($97 million after tax) as a result of Southern Company's repurchase of certain convertible senior notes. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain.
(4)Earnings for the three and nine months ended September 30, 2026 include an estimated loss of $9 million ($7 million after tax) and $19 million ($14 million after tax), respectively, at Southern Company Gas related to costs associated with Nicor Gas capital investments disallowed by the Illinois Commerce Commission in November 2025. Further charges may occur; however, the amount and timing of any such charges are uncertain.
(5)Earnings include income tax charges of $4 million for the nine months ended September 30, 2026 and 2025 related to the remeasuring of deferred tax assets associated with the previously recognized estimated probable loss on Plant Vogtle Units 3 and 4 due to changes in the State of Georgia corporate tax rate. Additionally, earnings for the three and nine months ended September 30, 2025 include pre-tax credits to income of $33 million ($25 million after tax) related to the estimated probable loss on Plant Vogtle Units 3 and 4 reflecting revisions to Georgia Power Company's total project capital cost forecast resulting from reductions in remaining expected site demobilization costs and other contractor obligations. Site demobilization efforts were completed during the third quarter 2025. Further charges and/or credits may occur; however, the amount and timing are uncertain. Earnings for the three and nine months ended September 30, 2025 also include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Dismantlement of the abandoned gasifier-related assets was completed at the end of 2025. Site restoration activities are substantially complete, and any additional costs are expected to be immaterial.
(6)Earnings for the nine months ended September 30, 2026 include a state income tax refund of $9 million ($7 million after federal tax) at Southern Company Gas associated with the 2018 disposition of Elizabethtown Gas, partially offset by related contingency fee expenses of $2 million ($1 million after tax) incurred in connection with obtaining the refund. Earnings for the three and nine months ended September 30, 2025 include a pre-tax gain of $2 million ($1 million after tax) related to the sale of a multi-use commercial facility development at Alabama Power Company. Further impacts may result from past and future disposition activities; however, the amount and timing of any such impacts are uncertain.
| Southern Company | ||||||
|---|---|---|---|---|---|---|
| Consolidated Earnings | ||||||
| As Reported | ||||||
| Three Months Ended September | Year-To-DateSeptember | |||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | |
| (in millions) · (in millions) | ||||||
| Retail electric revenues: | ||||||
| Fuel | $1,491 | $1,265 | $226 | $3,811 | $3,622 | $189 |
| Non-fuel | 5,132 | 4,442 | 690 | 12,198 | 11,443 | 755 |
| Wholesale electric revenues | 873 | 832 | 41 | 2,537 | 2,257 | 280 |
| Other electric revenues | 229 | 262 | (33) | 736 | 724 | 12 |
| Natural gas revenues | 773 | 734 | 39 | 3,930 | 3,552 | 378 |
| Other revenues | 345 | 288 | 57 | 1,006 | 974 | 32 |
| Total operating revenues | 8,843 | 7,823 | 1,020 | 24,218 | 22,572 | 1,646 |
| Fuel and purchased power | 1,827 | 1,604 | 223 | 4,903 | 4,522 | 381 |
| Cost of natural gas | 99 | 116 | (17) | 1,201 | 1,046 | 155 |
| Cost of other sales | 191 | 156 | 35 | 548 | 522 | 26 |
| Non-fuel operations and maintenance | 1,848 | 1,643 | 205 | 5,209 | 4,948 | 261 |
| Depreciation and amortization | 1,444 | 1,422 | 22 | 4,298 | 4,030 | 268 |
| Taxes other than income taxes | 434 | 288 | 146 | 1,265 | 1,136 | 129 |
| Total operating expenses | 5,843 | 5,229 | 614 | 17,424 | 16,204 | 1,220 |
| Operating income | 3,000 | 2,594 | 406 | 6,794 | 6,368 | 426 |
| Allowance for equity funds used during construction | 140 | 90 | 50 | 388 | 243 | 145 |
| Earnings from equity method investments | 77 | 33 | 44 | 213 | 76 | 137 |
| Interest expense, net of amounts capitalized | 842 | 755 | 87 | 2,415 | 2,343 | 72 |
| Other income (expense), net | 171 | 149 | 22 | 508 | 459 | 49 |
| Income taxes | 472 | 404 | 68 | 887 | 973 | (86) |
| Net income | 2,074 | 1,707 | 367 | 4,601 | 3,830 | 771 |
| Net income (loss) attributable to noncontrolling interests | 28 | (4) | 32 | 24 | (95) | 119 |
| Net income attributable to Southern Company | $2,046 | $1,711 | $335 | $4,577 | $3,925 | $652 |
Certain prior year data may have been reclassified to conform with current year presentation.
| Southern Company | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Kilowatt-Hour Sales and Customers | |||||||||||
| Three Months Ended September · Year-To-Date September | |||||||||||
| 2026 · 2025 · % Change · Weather Adjusted % Change · 2026 · 2025 · % Change · Weather Adjusted % Change | |||||||||||
| (in millions) · (in millions) | |||||||||||
| Kilowatt-Hour Sales | |||||||||||
| Total Sales | 60,790 | 56,627 | 7.3% | 162,775 | 154,971 | 5.0% | |||||
| Total Retail Sales | 45,653 | 42,369 | 7.7% | 3.5% | 120,221 | 116,006 | 3.6% | 2.7% | |||
| Residential | 16,116 | 14,631 | 10.2% | 1.3% | 39,626 | 38,829 | 2.1% | 0.6% | |||
| Commercial | 16,087 | 14,607 | 10.1% | 7.3% | 42,201 | 39,295 | 7.4% | 6.5% | |||
| Industrial | 13,323 | 12,996 | 2.5% | 1.8% | 38,009 | 37,488 | 1.4% | 1.1% | |||
| Other | 127 | 135 | (6.9)% | (6.9)% | 385 | 394 | (2.3)% | (2.3)% | |||
| Total Wholesale Sales | 15,137 | 14,258 | 6.2% | N/A | 42,554 | 38,965 | 9.2% | N/A | |||
| Period Ended September | |||||||||||
| 2026 · 2025 · % Change | |||||||||||
| (in thousands) | |||||||||||
| Regulated Utility Customers | |||||||||||
| Total Regulated Utility Customers | 8,996 | 8,934 | 0.7% | ||||||||
| Traditional Electric Operating Companies | 4,628 | 4,580 | 1.1% | ||||||||
| Southern Company Gas | 4,368 | 4,354 | 0.3% | ||||||||
| Southern Company | ||||||
|---|---|---|---|---|---|---|
| Financial Overview | ||||||
| As Reported | ||||||
| Three Months Ended September | Year-To-DateSeptember | |||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | |
| (in millions) · (in millions) | ||||||
| Southern Company – | ||||||
| Operating Revenues | $8,843 | $7,823 | 13.0% | $24,218 | $22,572 | 7.3% |
| Earnings Before Income Taxes | 2,546 | 2,111 | 20.6% | 5,488 | 4,803 | 14.3% |
| Net Income Available to Common | 2,046 | 1,711 | 19.6% | 4,577 | 3,925 | 16.6% |
| Alabama Power – | ||||||
| Operating Revenues | $2,509 | $2,318 | 8.2% | $6,564 | $6,298 | 4.2% |
| Earnings Before Income Taxes | 871 | 763 | 14.2% | 1,996 | 1,744 | 14.4% |
| Net Income Available to Common | 661 | 588 | 12.4% | 1,523 | 1,343 | 13.4% |
| Georgia Power – | ||||||
| Operating Revenues | $4,471 | $3,770 | 18.6% | $10,746 | $9,918 | 8.3% |
| Earnings Before Income Taxes | 1,816 | 1,526 | 19.0% | 3,460 | 3,064 | 12.9% |
| Net Income Available to Common | 1,523 | 1,248 | 22.0% | 2,931 | 2,452 | 19.5% |
| Mississippi Power – | ||||||
| Operating Revenues | $497 | $480 | 3.5% | $1,372 | $1,301 | 5.5% |
| Earnings Before Income Taxes | 116 | 108 | 7.4% | 262 | 256 | 2.3% |
| Net Income Available to Common | 89 | 84 | 6.0% | 201 | 198 | 1.5% |
| Southern Power – | ||||||
| Operating Revenues | $699 | $613 | 14.0% | $1,914 | $1,726 | 10.9% |
| Earnings (Loss) Before Income Taxes | 35 | 5 | N/M | (138) | 49 | N/M |
| Net Income Available to Common | 52 | 3 | N/M | 30 | 141 | (78.7)% |
| Southern Company Gas – | ||||||
| Operating Revenues | $773 | $734 | 5.3% | $3,930 | $3,552 | 10.6% |
| Earnings Before Income Taxes | 29 | 31 | (6.5)% | 777 | 718 | 8.2% |
| Net Income Available to Common | 21 | 25 | (16.0)% | 593 | 549 | 8.0% |
See Financial Highlights pages for discussion of certain significant items occurring during the periods.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.