Revenue from Contracts with Customers and Lease Income (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

The following table disaggregates revenue from contracts with customers for the three and nine months ended September 30, 2025 and 2024:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Three Months Ended September 30, 2025
Operating revenues
Retail electric revenues
Residential	$	2,737	$	982	$	1,653	$	102	$	—	$	—
Commercial	2,074		614		1,358		102		—		—
Industrial	1,195		481		620		94		—		—
Other	32		3		27		2		—		—
Total retail electric revenues	6,038		2,080		3,658		300		—		—
Natural gas distribution revenues
Residential	236		—		—		—		—		236
Commercial	65		—		—		—		—		65
Transportation	316		—		—		—		—		316
Industrial	4		—		—		—		—		4
Other	47		—		—		—		—		47
Total natural gas distribution revenues	668		—		—		—		—		668
Wholesale electric revenues
PPA energy revenues	373		81		58		3		246		—
PPA capacity revenues	180		32		40		16		109		—
Non-PPA revenues	106		42		23		150		59		—
Total wholesale electric revenues	659		155		121		169		414		—
Other natural gas revenues
Gas marketing services	56		—		—		—		—		56
Other	1		—		—		—		—		1
Total other natural gas revenues	57		—		—		—		—		57
Other revenues	400		59		191		12		3		—
Total revenue from contracts with customers	7,822		2,294		3,970		481		417		725
Other revenue sources(*)	1		24		(200)		(1)		196		9
Total operating revenues	$	7,823	$	2,318	$	3,770	$	480	$	613	$	734


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Nine Months Ended September 30, 2025
Operating revenues
Retail electric revenues
Residential	$	6,822	$	2,512	$	4,056	$	254	$	—	$	—
Commercial	5,400		1,599		3,539		262		—		—
Industrial	3,127		1,304		1,560		263		—		—
Other	94		8		79		7		—		—
Total retail electric revenues	15,443		5,423		9,234		786		—		—
Natural gas distribution revenues
Residential	1,475		—		—		—		—		1,475
Commercial	357		—		—		—		—		357
Transportation	1,053		—		—		—		—		1,053
Industrial	30		—		—		—		—		30
Other	217		—		—		—		—		217
Total natural gas distribution revenues	3,132		—		—		—		—		3,132
Wholesale electric revenues
PPA energy revenues	1,097		193		192		8		739		—
PPA capacity revenues	478		89		113		50		276		—
Non-PPA revenues	235		139		43		384		180		—
Total wholesale electric revenues	1,810		421		348		442		1,195		—
Other natural gas revenues
Gas marketing services	394		—		—		—		—		394
Other	11		—		—		—		—		11
Total other natural gas revenues	405		—		—		—		—		405
Other revenues	1,352		209		627		42		17		—
Total revenue from contracts with customers	22,142		6,053		10,209		1,270		1,212		3,537
Other revenue sources(*)	430		245		(291)		31		514		15
Total operating revenues	$	22,572	$	6,298	$	9,918	$	1,301	$	1,726	$	3,552


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Three Months Ended September 30, 2024
Operating revenues
Retail electric revenues
Residential	$	2,651	$	975	$	1,580	$	96	$	—	$	—
Commercial	1,991		607		1,288		96		—		—
Industrial	1,184		483		606		95		—		—
Other	33		3		28		2		—		—
Total retail electric revenues	5,859		2,068		3,502		289		—		—
Natural gas distribution revenues
Residential	212		—		—		—		—		212
Commercial	55		—		—		—		—		55
Transportation	294		—		—		—		—		294
Industrial	4		—		—		—		—		4
Other	45		—		—		—		—		45
Total natural gas distribution revenues	610		—		—		—		—		610
Wholesale electric revenues
PPA energy revenues	300		58		26		1		222		—
PPA capacity revenues	190		24		42		15		125		—
Non-PPA revenues	67		34		—		106		67		—
Total wholesale electric revenues	557		116		68		122		414		—
Other natural gas revenues
Gas marketing services	51		—		—		—		—		51
Other	6		—		—		—		—		6
Total other natural gas revenues	57		—		—		—		—		57
Other revenues	398		60		170		13		9		—
Total revenue from contracts with customers	7,481		2,244		3,740		424		423		667
Other revenue sources(*)	(207)		(106)		(268)		(12)		177		15
Total operating revenues	$	7,274	$	2,138	$	3,472	$	412	$	600	$	682


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Nine Months Ended September 30, 2024
Operating revenues
Retail electric revenues
Residential	$	6,551	$	2,477	$	3,832	$	242	$	—	$	—
Commercial	5,075		1,583		3,243		249		—		—
Industrial	3,019		1,338		1,424		257		—		—
Other	94		9		78		7		—		—
Total retail electric revenues	14,739		5,407		8,577		755		—		—
Natural gas distribution revenues
Residential	1,244		—		—		—		—		1,244
Commercial	300		—		—		—		—		300
Transportation	959		—		—		—		—		959
Industrial	25		—		—		—		—		25
Other	221		—		—		—		—		221
Total natural gas distribution revenues	2,749		—		—		—		—		2,749
Wholesale electric revenues
PPA energy revenues	838		171		66		3		616		—
PPA capacity revenues	495		71		106		47		320		—
Non-PPA revenues	179		103		3		292		176		—
Total wholesale electric revenues	1,512		345		175		342		1,112		—
Other natural gas revenues
Gas marketing services	352		—		—		—		—		352
Other	16		—		—		—		—		16
Total other natural gas revenues	368		—		—		—		—		368
Other revenues	1,145		174		507		34		31		—
Total revenue from contracts with customers	20,513		5,926		9,259		1,131		1,143		3,117
Other revenue sources(*)	(130)		(123)		(514)		(13)		454		103
Total operating revenues	$	20,383	$	5,803	$	8,745	$	1,118	$	1,597	$	3,220

(*)Other revenue sources relate to revenues from customers accounted for as derivatives and leases, alternative revenue programs primarily at Southern Company Gas, and cost recovery mechanisms and revenues (including those related to fuel costs) that meet other scope exceptions for revenues from contracts with customers at the traditional electric operating companies.

Schedule of Contract Balances

The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers at September 30, 2025 and December 31, 2024:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Accounts Receivable
At September 30, 2025	$	2,942	$	827	$	1,390	$	137	$	106	$	331
At December 31, 2024	3,048		783		1,244		113		106		660
Contract Assets
At September 30, 2025	$	443	$	8	$	283	$	—	$	—	$	74
At December 31, 2024	323		3		184		—		—		72
Contract Liabilities
At September 30, 2025	$	185	$	15	$	72	$	2	$	2	$	—
At December 31, 2024	140		11		34		—		2		3

Schedule of Remaining Performance Obligations

Revenues from contracts with customers related to these performance obligations remaining at September 30, 2025 are expected to be recognized as follows:


	2025 (remaining)		2026		2027		2028		2029		Thereafter
	(in millions)
Southern Company	$	296	$	742	$	470	$	344	$	309	$	2,636
Alabama Power	46		6		5		2		—		—
Georgia Power	19		48		22		15		2		27
Mississippi Power(*)	16		66		69		73		12		—
Southern Power(*)	75		331		340		316		312		2,609

(*)Includes performance obligations related to affiliate PPAs with Georgia Power. See Note 1 to the financial statements under "Affiliate Transactions" in Item 8 of the Form 10-K for additional information.

Schedule of Lease Income

Lease income for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Three Months Ended September 30, 2025
Lease income - interest income on sales-type leases	$	6	$	—	$	—	$	4	$	2	$	—
Lease income - operating leases	38		2		7		1		37		9
Variable lease income	141		—		—		—		151		—
Total lease income	$	185	$	2	$	7	$	5	$	190	$	9

Nine Months Ended September 30, 2025
Lease income - interest income on sales-type leases	$	18	$	—	$	—	$	11	$	7	$	—
Lease income - operating leases	104		5		22		2		111		27
Variable lease income	347		1		—		—		375		—
Total lease income	$	469	$	6	$	22	$	13	$	493	$	27

Three Months Ended September 30, 2024
Lease income - interest income on sales-type leases	$	5	$	—	$	—	$	3	$	2	$	—
Lease income - operating leases	38		2		13		—		20		9
Variable lease income	142		—		—		—		152		—
Total lease income	$	185	$	2	$	13	$	3	$	174	$	9

Nine Months Ended September 30, 2024
Lease income - interest income on sales-type leases	$	18	$	—	$	—	$	11	$	7	$	—
Lease income - operating leases	108		6		28		2		63		27
Variable lease income	343		—		—		—		370		—
Total lease income	$	469	$	6	$	28	$	13	$	440	$	27