Segment and Related Information (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Financial Data for Business Segments

Financial data for business segments for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Electric Utilities
	Traditional Electric Operating Companies		Southern Power		Eliminations		Total		Southern Company Gas		Total Reportable Segments		All Other		Eliminations		Consolidated
	(in millions)
Three Months Ended September 30, 2025
Operating revenues	$	6,438	$	613	$	(123)	$	6,928	$	734	$	7,662	$	202	$	(41)	$	7,823
Other segment items(a)(b)	2,723		332		(123)		2,932		464		3,396		209		(41)		3,564
Depreciation and amortization(c)	981		247		—		1,228		176		1,404		18		—		1,422
Earnings from equity method investments	2		—		—		2		31		33		—		—		33
Interest expense	339		25		—		364		94		458		297		—		755
Income taxes (benefit)	477		6		—		483		6		489		(85)		—		404
Segment net income (loss)(b)(c)(d)	$	1,920	$	3	$	—	$	1,923	$	25	$	1,948	$	(237)	$	—	$	1,711

Nine Months Ended September 30, 2025
Operating revenues	$	17,130	$	1,726	$	(368)	$	18,488	$	3,552	$	22,040	$	656	$	(124)	$	22,572
Other segment items(a)(b)	8,191		930		(368)		8,753		2,133		10,886		611		(120)		11,377
Depreciation and amortization(c)	2,885		576		—		3,461		517		3,978		52		—		4,030
Earnings from equity method investments	4		—		—		4		93		97		(21)		—		76
Interest expense(e)	990		76		—		1,066		277		1,343		1,000		—		2,343
Income taxes (benefit)	1,074		3		—		1,077		169		1,246		(273)		—		973
Segment net income (loss)(b)(c)(d)(e)	$	3,994	$	141	$	—	$	4,135	$	549	$	4,684	$	(755)	$	(4)	$	3,925

At September 30, 2025
Goodwill	$	—	$	2	$	—	$	2	$	5,015	$	5,017	$	144	$	—	$	5,161
Total assets	111,734		13,595		(943)		124,386		26,926		151,312		2,397		(461)		153,248


	Electric Utilities
	Traditional Electric Operating Companies		Southern Power		Eliminations		Total		Southern Company Gas		Total Reportable Segments		All Other		Eliminations		Consolidated
	(in millions)
Three Months Ended September 30, 2024
Operating revenues	$	5,927	$	600	$	(105)	$	6,422	$	682	$	7,104	$	215	$	(45)	$	7,274
Other segment items(a)(f)	2,691		322		(105)		2,908		421		3,329		203		(41)		3,491
Depreciation and amortization	898		133		—		1,031		162		1,193		17		—		1,210
Earnings from equity method investments	2		—		—		2		34		36		(5)		—		31
Interest expense	319		30		—		349		84		433		261		(2)		692
Income taxes (benefit)	403		33		—		436		11		447		(70)		—		377
Segment net income (loss)(d)(f)	$	1,618	$	82	$	—	$	1,700	$	38	$	1,738	$	(201)	$	(2)	$	1,535

Nine Months Ended September 30, 2024
Operating revenues	$	15,389	$	1,597	$	(293)	$	16,693	$	3,220	$	19,913	$	598	$	(128)	$	20,383
Other segment items(a)(b)(f)	7,293		834		(293)		7,834		1,866		9,700		548		(102)		10,146
Depreciation and amortization	2,631		378		—		3,009		475		3,484		53		—		3,537
Earnings from equity method investments	4		—		—		4		110		114		(8)		1		107
Interest expense	954		89		—		1,043		250		1,293		769		(12)		2,050
Income taxes (benefit)	885		32		—		917		184		1,101		(211)		—		890
Segment net income (loss)(b)(d)(f)	$	3,630	$	264	$	—	$	3,894	$	555	$	4,449	$	(569)	$	(13)	$	3,867

At December 31, 2024
Goodwill	$	—	$	2	$	—	$	2	$	5,015	$	5,017	$	144	$	—	$	5,161
Total assets	105,577		12,653		(1,025)		117,205		26,177		143,382		2,371		(573)		145,180

(a)Primarily consists of fuel, purchased power, cost of natural gas, cost of other sales, other operations and maintenance, taxes other than income taxes, AFUDC equity, non-service cost-related retirement benefits income, and net income (loss) attributable to noncontrolling interests.

(b)For the traditional electric operating companies, includes pre-tax credits to income at Georgia Power related to the estimated probable loss associated with the completion of Plant Vogtle Units 3 and 4 of $33 million ($25 million after tax) for the three and nine months ended September 30, 2025 and $21 million ($16 million after tax) for the nine months ended September 30, 2024. Also includes a pre-tax gain at Georgia Power of approximately $114 million ($84 million after tax) for the nine months ended September 30, 2024 related to the sale of transmission line assets under the integrated transmission system agreement. See Note 2 to the financial statements under "Georgia Power" in Item 8 of the Form 10-K for additional information.

(c)For Southern Power, includes accelerated depreciation related to the repowering of the Kay Wind, Grant Plains, Grant Wind, and Wake Wind facilities of $112 million ($80 million after tax, net of noncontrolling interest impacts) and $181 million ($130 million after tax, net of noncontrolling interest impacts) for the three and nine months ended September 30, 2025, respectively. See Note (K) under "Southern Power – Wind Repowering Projects" herein and Note 15 to the financial statements under "Southern Power – Development Projects" in Item 8 of the Form 10-K for additional information.

(d)Attributable to Southern Company.

(e)For All Other, includes a pre-tax loss of $129 million ($97 million after tax) associated with the extinguishment of debt at the parent company. See Note (F) under "Convertible Senior Notes" herein for additional information.

(f)For the traditional electric operating companies, includes a pre-tax impairment loss at Alabama Power of $36 million ($27 million after tax) related to Alabama Power discontinuing the development of a multi-use commercial facility, which was sold in July 2025. See Note 1 to the financial statements under "Impairment of Long-Lived Assets" in Item 8 of the Form 10-K for additional information.

Financial data for significant segment expenses and other segment information for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions)
Alabama Power
Operating revenues	$	2,318	$	2,138	$	6,298	$	5,803
Utility operations and maintenance
Rate RSE expenses	346		365		1,085		1,028
Rate CNP Compliance expenses	69		72		211		202
Total utility operations and maintenance	415		437		1,296		1,230
Other segment items(a)(b)	641		594		1,794		1,628
Depreciation and amortization	380		366		1,121		1,091
Interest expense	119		113		343		337
Income taxes	175		135		401		322
Segment net income(b)	$	588	$	493	$	1,343	$	1,195

Capital expenditures	$	537	$	483	$	1,696	$	1,404

Georgia Power
Operating revenues	$	3,770	$	3,472	$	9,918	$	8,745
Utility operations and maintenance	576		549		1,680		1,510
Other segment items(a)(c)	942		981		3,048		2,593
Depreciation and amortization	526		462		1,541		1,334
Interest expense	200		184		585		543
Income taxes	278		246		612		516
Segment net income(c)	$	1,248	$	1,050	$	2,452	$	2,249

Capital expenditures	$	1,961	$	1,557	$	5,273	$	3,910


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions)
Mississippi Power
Operating revenues	$	480	$	412	$	1,301	$	1,118

Operational expenses(d)	46		45		134		127
Environmental compliance expenses(e)	3		3		9		9


Other segment items(a)	251		200		686		550
Depreciation and amortization	53		48		157		141
Interest expense	19		19		59		58
Income taxes	24		22		58		47
Segment net income	$	84	$	75	$	198	$	186

Capital expenditures	$	86	$	133	$	225	$	259

(a)Primarily consists of fuel, purchased power, expenses from unregulated products and services, losses (gains) on asset dispositions, amortization of cloud software, taxes other than income taxes, AFUDC equity, and non-service cost-related retirement benefits income. For Alabama Power, includes impairment charges. For Georgia Power, includes credits for estimated loss on Plant Vogtle Units 3 and 4. For Mississippi Power, includes employee benefit expenses and affiliate billings. Also includes earnings from equity method investments, which were immaterial for all periods presented.

(b)For the three and nine months ended September 30, 2024, includes a pre-tax impairment loss of $36 million ($27 million after tax) related to Alabama Power discontinuing the development of a multi-use commercial facility, which was sold in July 2025. See Note 1 to the financial statements under "Impairment of Long-Lived Assets" in Item 8 of the Form 10-K for additional information.

(c)Includes pre-tax credits to income related to the estimated probable loss associated with the completion of Plant Vogtle Units 3 and 4 of $33 million ($25 million after tax) for the three and nine months ended September 30, 2025 and $21 million ($16 million after tax) for the nine months ended September 30, 2024. Also includes a pre-tax gain of approximately $114 million ($84 million after tax) for the nine months ended September 30, 2024 related to the sale of transmission line assets under the integrated transmission system agreement. See Note 2 to the financial statements under "Georgia Power" in Item 8 of the Form 10-K for additional information.

(d)Consists of certain operations and maintenance expenses related to PEP and the MRA tariff, including labor costs, materials, contract services, and other normal operational costs. See Note (B) under "Mississippi Power" herein and Note 2 to the financial statements under "Mississippi Power" in Item 8 of the Form 10-K for additional information regarding PEP and the MRA tariff.

(e)Consists of environmental compliance expenses related to ECO Plan and the MRA tariff. See Note (B) under "Mississippi Power" herein and Note 2 to the financial statements under "Mississippi Power" in Item 8 of the Form 10-K for additional information regarding ECO Plan and the MRA tariff.

Financial data for segment information for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions)
Operating revenues	$	613	$	600	$	1,726	$	1,597
Other segment items(a)	332		322		930		834
Depreciation and amortization(b)	247		133		576		378
Interest expense	25		30		76		89
Income taxes	6		33		3		32
Segment net income(b)(c)	$	3	$	82	$	141	$	264

(a)Primarily consists of fuel, purchased power, other operations and maintenance, taxes other than income taxes, and net income (loss) attributable to noncontrolling interests.

(b)For the three and nine months ended September 30, 2025, includes accelerated depreciation of $112 million ($80 million after tax, net of noncontrolling interest impacts) and $181 million ($130 million after tax, net of noncontrolling interest impacts), respectively, related to the repowering of the Kay Wind, Grant Plains, Grant Wind, and Wake Wind facilities. See Note (K) under "Southern Power – Wind Repowering Projects" herein and Note 15 to the financial statements under "Southern Power – Development Projects" in Item 8 of the Form 10-K for additional information.

(c)Southern Power had no earnings from equity method investments for any period presented.

Financial data for business segments for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Gas Distribution Operations		Gas Pipeline Investments		Gas Marketing Services		Total Reportable Segments		All Other		Eliminations		Consolidated
	(in millions)
Three Months Ended September 30, 2025
Operating revenues	$	668	$	8	$	58	$	734	$	1	$	(1)	$	734
Other segment items(*)	409		1		50		460		5		(1)		464
Depreciation and amortization	171		1		3		175		1		—		176
Earnings from equity method investments	—		31		—		31		—		—		31
Interest expense	89		10		1		100		(6)		—		94
Income taxes	(13)		7		1		(5)		11		—		6
Segment net income	$	12	$	20	$	3	$	35	$	(10)	$	—	$	25

Nine Months Ended September 30, 2025
Operating revenues	$	3,122	$	24	$	403	$	3,549	$	11	$	(8)	$	3,552
Other segment items(*)	1,842		3		284		2,129		12		(8)		2,133
Depreciation and amortization	502		4		10		516		1		—		517
Earnings from equity method investments	—		93		—		93		—		—		93
Interest expense	252		28		2		282		(5)		—		277
Income taxes (benefit)	109		20		30		159		10		—		169
Segment net income	$	417	$	62	$	77	$	556	$	(7)	$	—	$	549

Total assets at September 30, 2025	$	25,200	$	1,468	$	1,667	$	28,335	$	10,845	$	(12,254)	$	26,926

Three Months Ended September 30, 2024
Operating revenues	$	616	$	8	$	53	$	677	$	6	$	(1)	$	682
Other segment items(*)	366		1		50		417		5		(1)		421
Depreciation and amortization	156		1		4		161		1		—		162
Earnings from equity method investments	—		34		—		34		—		—		34
Interest expense	75		8		1		84		—		—		84
Income taxes	(2)		8		—		6		5		—		11
Segment net income (loss)	$	21	$	24	$	(2)	$	43	$	(5)	$	—	$	38

Nine Months Ended September 30, 2024
Operating revenues	$	2,828	$	24	$	358	$	3,210	$	19	$	(9)	$	3,220
Other segment items(*)	1,612		3		244		1,859		16		(9)		1,866
Depreciation and amortization	459		4		11		474		1		—		475
Earnings from equity method investments	—		110		—		110		—		—		110
Interest expense	229		26		2		257		(7)		—		250
Income taxes (benefit)	125		24		29		178		6		—		184
Segment net income	$	403	$	77	$	72	$	552	$	3	$	—	$	555

Total assets at December 31, 2024	$	24,067	$	1,573	$	1,696	$	27,336	$	10,047	$	(11,206)	$	26,177

(*)Primarily consists of cost of natural gas, other operations and maintenance, taxes other than income taxes, AFUDC equity, and non-service cost-related retirement benefits income.