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SEGMENT AND RELATED INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Financial data for business segments
Financial data for business segments and products and services for the years ended December 31, 2025, 2024, and 2023 was as follows:
Electric Utilities
Traditional
Electric
Operating
Companies		Southern
Power		EliminationsTotal
Southern
Company
Gas
Total
Reportable
Segments
All
Other		EliminationsConsolidated
(in millions)
2025
Operating revenues$22,056 $2,198 $(477)$23,777 $5,044 $28,821 $893 $(161)$29,553 
Other segment items(a)(b)(c)
11,157 1,187 (477)11,867 3,172 15,039 872 (154)15,757 
Depreciation and amortization(d)
3,882 843 — 4,725 708 5,433 68 — 5,501 
Earnings from equity method investments6 — — 6 127 133 (21)— 112 
Interest expense(e)
1,341 104 — 1,445 377 1,822 1,416 — 3,238 
Income taxes (benefit)1,100 (61)— 1,039 182 1,221 (393)— 828 
Segment net income (loss)(b)(c)(d)(e)(f)
$4,582 $125 $— $4,707 $732 $5,439 $(1,091)$(7)$4,341 
At December 31, 2025
Goodwill$— $2 $— $2 $5,015 $5,017 $144 $— $5,161 
Total assets114,287 12,657 (915)126,029 27,387 153,416 2,829 (525)155,720 
Electric Utilities
Traditional
Electric
Operating
Companies		Southern
Power		EliminationsTotal
Southern
Company
Gas
Total
Reportable
Segments
All
Other		EliminationsConsolidated
(in millions)
2024
Operating revenues$19,977 $2,014 $(388)$21,603 $4,456 $26,059 $843 $(178)$26,724 
Other segment items(a)(b)(g)(h)
10,057 1,060 (388)10,729 2,613 13,342 802 (149)13,995 
Depreciation and amortization(d)
3,512 522 — 4,034 650 4,684 71 — 4,755 
Earnings from equity method investments8 — — 8 146 154 (17)2 139 
Interest expense1,255 117 — 1,372 341 1,713 1,030 — 2,743 
Income taxes (benefit)1,016 (13)— 1,003 258 1,261 (292)— 969 
Segment net income (loss)(b)(d)(f)(g)(h)
$4,145 $328 $— $4,473 $740 $5,213 $(785)$(27)$4,401 
At December 31, 2024
Goodwill$— $2 $— $2 $5,015 $5,017 $144 $— $5,161 
Total assets105,577 12,653 (1,025)117,205 26,177 143,382 2,371 (573)145,180 
2023
Operating revenues$18,358 $2,189 $(549)$19,998 $4,702 $24,700 $718 $(165)$25,253 
Other segment items(a)(b)(c)(i)
9,643 1,187 (549)10,281 3,124 13,405 699 (150)13,954 
Depreciation and amortization3,361 504 — 3,865 582 4,447 78 — 4,525 
Earnings from equity method investments(1)— — (1)140 139 5 — 144 
Interest expense1,145 129 — 1,274 310 1,584 879 (17)2,446 
Income taxes (benefit)571 12 — 583 211 794 (298)— 496 
Segment net income (loss)(b)(c)(f)(i)
$3,637 $357 $— $3,994 $615 $4,609 $(635)$2 $3,976 
At December 31, 2023
Goodwill$— $2 $— $2 $5,015 $5,017 $144 $— $5,161 
Total assets100,429 12,761 (545)112,645 25,083 137,728 2,446 (843)139,331 
(a)Primarily consists of fuel, purchased power, cost of natural gas, cost of other sales, other operations and maintenance (including credits to income for estimated probable losses, regulatory disallowances, losses (gains) on asset dispositions, and impairment charges), 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 for the estimated probable loss associated with the construction and completion of Plant Vogtle Units 3 and 4 of $60 million ($45 million after tax) in 2025, $21 million ($16 million after tax) in 2024, and $68 million ($50 million after tax) in 2023. See Note 2 under "Georgia Power – Nuclear Construction" for additional information.
(c)For Southern Company Gas, includes pre-tax charges associated with the disallowance of certain capital investments at Nicor Gas totaling approximately $63 million ($47 million after tax) in 2025 and $96 million ($72 million after tax) in 2023. See Note 2 under "Southern Company Gas" for additional information.
(d)For Southern Power, includes accelerated depreciation related to the repowering of multiple wind facilities of $307 million ($221 million after tax, net of noncontrolling interest impacts) in 2025 and $9 million ($7 million after tax, net of noncontrolling interest impacts) in 2024. See Note 15 under "Southern Power –Wind Repowering Projects" for additional information.
(e)For All Other, includes a pre-tax loss of $252 million ($189 million after tax) associated with the extinguishment of debt at the parent company. See Note 8 under "Convertible Senior Notes" for additional information.
(f)Attributable to Southern Company.
(g)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. See Note 1 under "Impairment of Long-Lived Assets" for additional information.
(h)For the traditional electric operating companies, includes a pre-tax gain at Georgia power of approximately $114 million ($84 million after tax) related to the sale of transmission line assets under the integrated transmission system agreement. See Note 2 under "Georgia Power – Transmission Asset Sales" for additional information.
(i)For Southern Power, includes an $18 million pre-tax loss recovery ($9 million after tax and partnership allocations) related to an arbitration award and a $16 million pre-tax gain ($12 million after tax) on the sale of spare parts.
Financial data for significant segment expenses and other segment information for the years ended December 31, 2025, 2024, and 2023 was as follows:
202520242023
(in millions)
Alabama Power
Operating revenues$8,235 $7,554 $7,050 
Utility operations and maintenance
Rate RSE expenses1,636 1,480 1,421 
Rate CNP Compliance expenses292 279 254 
Total utility operations and maintenance1,928 1,759 1,675 
Other segment items(a)(b)
2,391 2,125 2,098 
Depreciation and amortization1,510 1,459 1,401 
Interest expense465 448 425 
Income taxes425 360 81 
Segment net income(b)
$1,516 $1,403 $1,370 
Capital expenditures$2,508 $2,114 $2,159 
202520242023
(in millions)
Georgia Power
Operating revenues$12,631 $11,331 $10,118 
Utility operations and maintenance2,339 2,210 1,901 
Other segment items(a)(c)(d)
3,972 3,476 3,382 
Depreciation and amortization2,074 1,774 1,681 
Interest expense793 725 626 
Income taxes602 603 448 
Segment net income(c)(d)
$2,851 $2,543 $2,080 
Capital expenditures$8,140 $5,355 $5,394 
Mississippi Power
Operating revenues$1,695 $1,463 $1,474 
Operational expenses(e)
264 254 265 
Environmental compliance expenses(f)
16 12 10 
Other segment items(a)
845 681 714 
Depreciation and amortization211 193 190 
Interest expense79 77 71 
Income taxes65 47 36 
Segment net income
$215 $199 $188 
Capital expenditures$320 $357 $342 
(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. Also includes earnings from equity method investments, which were immaterial for all periods presented.
(b)For 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. See Note 1 under "Impairment of Long-Lived Assets" for additional information.
(c)Includes pre-tax credits to income for the estimated probable loss associated with the construction and completion of Plant Vogtle Units 3 and 4 of $60 million ($45 million after tax) in 2025, $21 million ($16 million after tax) in 2024, and $68 million ($50 million after tax) in 2023. See Note 2 under "Georgia Power – Nuclear Construction" for additional information.
(d)For 2024, includes a pre-tax gain of approximately $114 million ($84 million after tax) related to the sale of transmission line assets under the integrated transmission system agreement. See Note 2 under "Georgia Power – Transmission Asset Sales" for additional information.
(e)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 2 under "Mississippi Power" for additional information regarding PEP and the MRA tariff.
(f)Consists of environmental compliance expenses related to ECO Plan and the MRA tariff. See Note 2 under "Mississippi Power" for additional information regarding ECO Plan and the MRA tariff.
Financial data for segment information for the years ended December 31, 2025, 2024, and 2023 was as follows:
202520242023
(in millions)
Operating revenues
$2,198 $2,014 $2,189 
Other segment items(a)(b)
1,187 1,060 1,187 
Depreciation and amortization(c)
843 522 504 
Interest expense
104 117 129 
Income taxes (benefit)(61)(13)12 
Segment net income(b)(c)(d)
$125 $328 $357 
(a)Primarily consists of fuel, purchased power, other operations and maintenance, taxes other than income taxes, losses (gains) on asset dispositions, and net income (loss) attributable to noncontrolling interests.
(b)For 2023, includes an $18 million pre-tax loss recovery ($9 million after tax and partnership allocations) related to an arbitration award and a $16 million pre-tax gain ($12 million after tax) on the sale of spare parts.
(c)Includes accelerated depreciation of $307 million ($221 million after tax, net of noncontrolling interest impacts) in 2025 and $9 million ($7 million after tax, net of noncontrolling interest impacts) in 2024 related to the repowering of multiple wind facilities. See Note 15 under "Southern Power –Wind Repowering Projects" for additional information.
(d)Southern Power had no earnings from equity method investments for any period presented.
Financial data for business segments for the years ended December 31, 2025, 2024, and 2023 was as follows:
Gas
Distribution
Operations
Gas
Pipeline
Investments
Gas
Marketing
Services
Total
Reportable
Segments
All
Other
EliminationsConsolidated
(in millions)
2025
Operating revenues$4,428 $32 $582 $5,042 $12 $(10)$5,044 
Other segment items(a)(b)
2,721 5 444 3,170 12 (10)3,172 
Depreciation and amortization687 5 14 706 2 — 708 
Earnings from equity method investments— 127 — 127 — — 127 
Interest expense342 36 3 381 (4)— 377 
Income taxes109 28 34 171 11 — 182 
Segment net income (loss)(b)
$569 $85 $87 $741 $(9)$— $732 
Total assets at December 31, 2025
$25,391 $1,475 $1,749 $28,615 $10,643 $(11,871)$27,387 
Gas
Distribution
Operations
Gas
Pipeline
Investments
Gas
Marketing
Services
Total
Reportable
Segments
All
Other
EliminationsConsolidated
(in millions)
2024
Operating revenues$3,899 $32 $516 $4,447 $23 $(14)$4,456 
Other segment items(a)
2,236 6 356 2,598 29 (14)2,613 
Depreciation and amortization630 5 14 649 1 — 650 
Earnings from equity method investments— 146 — 146 — — 146 
Interest expense311 35 3 349 (8)— 341 
Income taxes172 31 41 244 14 — 258 
Segment net income (loss)
$550 $101 $102 $753 $(13)$— $740 
Total assets at December 31, 2024
$24,067 $1,573 $1,696 $27,336 $10,047 $(11,206)$26,177 
2023
Operating revenues$4,105 $32 $548 $4,685 $36 $(19)$4,702 
Other segment items(a)(b)
2,702 5 402 3,109 34 (19)3,124 
Depreciation and amortization561 5 15 581 1 — 582 
Earnings from equity method investments— 140 — 140 — — 140 
Interest expense275 32 3 310 — — 310 
Income taxes126 32 37 195 16 — 211 
Segment net income (loss)(b)
$441 $98 $91 $630 $(15)$— $615 
Total assets at December 31, 2023
$22,906 $1,534 $1,615 $26,055 $9,675 $(10,647)$25,083 
(a)Primarily consists of cost of natural gas, other operations and maintenance, taxes other than income taxes, estimated loss on regulatory disallowance, AFUDC equity, and non-service cost-related retirement benefits income.
(b)For gas distribution operations, includes pre-tax charges associated with the disallowance of certain capital investments at Nicor Gas totaling approximately $63 million ($47 million after tax) in 2025 and $96 million ($72 million after tax) in 2023. See Note 2 under "Southern Company Gas" for additional information.
Disaggregation of revenue
The following table disaggregates revenue from contracts with customers for the periods presented:
Southern
Company
Alabama
Power
Georgia
Power
Mississippi
Power
Southern
Power
Southern
Company
Gas
(in millions)
2025
Operating revenues
Retail electric revenues
Residential$8,601 $3,209 $5,064 $328 $— $— 
Commercial6,995 2,071 4,582 342 — — 
Industrial4,045 1,704 1,984 357 — — 
Other123 10 104 9 — — 
Total retail electric revenues19,764 6,994 11,734 1,036 — — 
Natural gas distribution revenues
Residential2,164 — — — — 2,164 
Commercial527 — — — — 527 
Transportation1,424 — — — — 1,424 
Industrial 44 — — — — 44 
Other295 — — — — 295 
Total natural gas distribution revenues4,454 — — — — 4,454 
Wholesale electric revenues
PPA energy revenues1,430 248 245 13 966 — 
PPA capacity revenues637 134 146 69 356 — 
Non-PPA revenues299 194 64 484 220 — 
Total wholesale electric revenues2,366 576 455 566 1,542 — 
Other natural gas revenues
Gas marketing services569 — — — — 569 
Other
12 — — — — 12 
Total other natural gas revenues
581 — — — — 581 
Other revenues1,777 265 805 55 18 — 
Total revenue from contracts with customers28,942 7,835 12,994 1,657 1,560 5,035 
Other revenue sources(*)
611 400 (363)38 638 9 
Total operating revenues$29,553 $8,235 $12,631 $1,695 $2,198 $5,044 
Southern
Company
Alabama
Power
Georgia
Power
Mississippi
Power
Southern
Power
Southern
Company
Gas
(in millions)
2024
Operating revenues
Retail electric revenues
Residential$8,276 $3,133 $4,835 $308 $— $— 
Commercial6,585 2,042 4,219 324 — — 
Industrial3,892 1,742 1,808 342 — — 
Other124 13 102 9 — — 
Total retail electric revenues18,877 6,930 10,964 983 — — 
Natural gas distribution revenues
Residential1,753 — — — — 1,753 
Commercial417 — — — — 417 
Transportation1,295 — — — — 1,295 
Industrial 34 — — — — 34 
Other316 — — — — 316 
Total natural gas distribution revenues3,815 — — — — 3,815 
Wholesale electric revenues
PPA energy revenues1,059 206 94 4 778 — 
PPA capacity revenues641 108 136 63 400 — 
Non-PPA revenues226 139 5 375 230 — 
Total wholesale electric revenues1,926 453 235 442 1,408 — 
Other natural gas revenues
Gas marketing services507 — — — — 507 
Other
18 — — — — 18 
Total other natural gas revenues525 — — — — 525 
Other revenues1,621 240 721 52 37 — 
Total revenue from contracts with customers26,764 7,623 11,920 1,477 1,445 4,340 
Other revenue sources(*)
(40)(69)(589)(14)569 116 
Total operating revenues$26,724 $7,554 $11,331 $1,463 $2,014 $4,456 
Southern
Company
Alabama
Power
Georgia
Power
Mississippi
Power
Southern
Power
Southern
Company
Gas
(in millions)
2023
Operating revenues
Retail electric revenues
Residential$7,309 $2,904 $4,105 $300 $— $— 
Commercial5,860 1,928 3,624 308 — — 
Industrial3,613 1,721 1,558 334 — — 
Other112 12 91 9 — — 
Total retail electric revenues16,894 6,565 9,378 951 — — 
Natural gas distribution revenues
Residential1,981 — — — — 1,981 
Commercial505 — — — — 505 
Transportation1,184 — — — — 1,184 
Industrial45 — — — — 45 
Other324 — — — — 324 
Total natural gas distribution revenues4,039 — — — — 4,039 
Wholesale electric revenues
PPA energy revenues1,107 234 87 20 790 — 
PPA capacity revenues624 156 51 45 376 — 
Non-PPA revenues250 65 35 407 409 — 
Total wholesale electric revenues1,981 455 173 472 1,575 — 
Other natural gas revenues
Gas marketing services528 — — — — 528 
Other
31 — — — — 31 
Total other natural gas revenues559 — — — — 559 
Other revenues1,355 213 578 39 55 — 
Total revenue from contracts with customers24,828 7,233 10,129 1,462 1,630 4,598 
Other revenue sources(*)
425 (183)(11)12 559 104 
Total operating revenues$25,253 $7,050 $10,118 $1,474 $2,189 $4,702 
(*)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.
Products and Services
Electric Utilities' Revenues
YearRetailWholesaleOtherTotal
(in millions)
2025$19,331 $2,940 $1,506 $23,777 
202417,790 2,431 1,382 21,603 
202316,343 2,467 1,188 19,998 
Southern Company Gas' Revenues
YearGas
Distribution
Operations		Gas
Marketing
Services
Other
Total
(in millions)
2025$4,428 $582 $34 $5,044 
20243,899 516 41 4,456 
20234,090 548 64 4,702