Companies: 11,396     total market cap: โ‚น13752.504 T
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Southern Company
SO
#207
Rank
โ‚น10.096 T
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
โ‚น8,672
Share price
-1.07%
Change (1 day)
6.96%
Change (1 year)
๐Ÿ›ข Oil&Gas๐Ÿ”‹ Electricity๐Ÿšฐ Utility companies โšก Energy
Categories
  1. Southern Company
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q3

Southern Company - 10-Q quarterly report FY2026 Q3


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    Table of Contents                                Index to Financial Statements
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2026
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from           to            
Commission
File Number		Registrant,
State of Incorporation,
Address and Telephone Number		I.R.S. Employer
Identification No.
1-3526The Southern Company58-0690070
(A Delaware Corporation)
30 Ivan Allen Jr. Boulevard, N.W.
Atlanta, Georgia 30308
(404) 506-5000
1-3164Alabama Power Company63-0004250
(An Alabama Corporation)
600 North 18th Street
Birmingham, Alabama 35203
(205) 257-1000
1-6468Georgia Power Company58-0257110
(A Georgia Corporation)
241 Ralph McGill Boulevard, N.E.
Atlanta, Georgia 30308
(404) 506-6526
001-11229Mississippi Power Company64-0205820
(A Mississippi Corporation)
2992 West Beach Boulevard
Gulfport, Mississippi 39501
(228) 864-1211
001-37803Southern Power Company58-2598670
(A Delaware Corporation)
30 Ivan Allen Jr. Boulevard, N.W.
Atlanta, Georgia 30308
(404) 506-5000
1-14174Southern Company Gas58-2210952
(A Georgia Corporation)
725 W. Peachtree Street, N.E.
Atlanta, Georgia 30308
(404) 584-4000

    Table of Contents                                Index to Financial Statements
Securities registered pursuant to Section 12(b) of the Act:
RegistrantTitle of Each ClassTrading
Symbol(s)		Name of Each Exchange
on Which Registered
The Southern CompanyCommon Stock, par value $0.01 per shareSONew York Stock Exchange
(NYSE)
The Southern CompanySeries 2017B 5.25% Junior Subordinated Notes due 2077SOJCNYSE
The Southern CompanySeries 2020A 4.95% Junior Subordinated Notes due 2080SOJDNYSE
The Southern CompanySeries 2020C 4.20% Junior Subordinated Notes due 2060SOJENYSE
The Southern CompanySeries 2021B 1.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2081SO 81NYSE
The Southern Company
Series 2025A 6.50% Junior Subordinated Notes due 2085
SOJF
NYSE
The Southern Company2025 Series A Corporate UnitsSOMNNYSE
Georgia Power CompanySeries 2017A 5.00% Junior Subordinated Notes due 2077GPJANYSE
Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes þ No ¨
Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes þ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
RegistrantLarge Accelerated FilerAccelerated
Filer		Non-accelerated FilerSmaller
Reporting
Company		Emerging
Growth
Company
The Southern CompanyX
Alabama Power CompanyX
Georgia Power CompanyX
Mississippi Power CompanyX
Southern Power CompanyX
Southern Company GasX
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ (Response applicable to all registrants.)
RegistrantDescription of Common Stock
Shares Outstanding at
September 30, 2026
The Southern CompanyPar Value $0.01 Per Share1,164,261,029 
Alabama Power CompanyPar Value $40 Per Share30,537,500 
Georgia Power CompanyWithout Par Value9,261,500 
Mississippi Power CompanyWithout Par Value1,121,000 
Southern Power CompanyPar Value $0.01 Per Share1,000 
Southern Company GasPar Value $0.01 Per Share100 
This combined Form 10-Q is separately filed by The Southern Company, Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to the other registrants.
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TABLE OF CONTENTS
Page
4
7
PART I—FINANCIAL INFORMATION
Item 1.
9
Item 2.
97
Item 3.
148
Item 4.
148
PART II—OTHER INFORMATION
Item 1.
149
Item 1A.
149
Item 2.Unregistered Sales of Equity Securities and Use of ProceedsInapplicable
Item 3.Defaults Upon Senior SecuritiesInapplicable
Item 4.Mine Safety DisclosuresInapplicable
Item 5.
149
Item 6.
150
153
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    Table of Contents                                Index to Financial Statements

DEFINITIONS
TermMeaning
2022 ARPGeorgia Power's Alternate Rate Plan approved by the Georgia PSC in 2022 for the years 2023 through 2025
2023 IRP Update
Georgia Power's updated IRP filed in 2023 and approved by the Georgia PSC in 2024 as modified by a stipulation among Georgia Power, the staff of the Georgia PSC, and certain intervenors
2024 ELG Rule
Final rule published by the EPA in 2024 revising the steam effluent guidelines
2024 GHG Rules
Final rules published by the EPA in 2024 for existing fossil fuel-fired steam electric generating units and new fossil fuel-fired combustion turbines and combined cycle generation facilities
AFUDCAllowance for funds used during construction
AGL Services Company
AGL Services Company, Inc., the Southern Company Gas system service company and a wholly-owned subsidiary of Southern Company Gas
Alabama PowerAlabama Power Company
AROAsset retirement obligation
Atlanta Gas LightAtlanta Gas Light Company, a wholly-owned subsidiary of Southern Company Gas
CAMT
Corporate alternative minimum tax
CCRCoal combustion residuals
Chattanooga GasChattanooga Gas Company, a wholly-owned subsidiary of Southern Company Gas
Clean Air ActClean Air Act Amendments of 1990
CO2
Carbon dioxide
COD
Commercial operation date
CODM
Chief operating decision maker
CWIPConstruction work in progress
Dalton
City of Dalton, Georgia, an incorporated municipality in the state of Georgia, acting by and through its Board of Water, Light, and Sinking Fund Commissioners
Dalton PipelineA pipeline facility in Georgia in which Southern Company Gas has a 50% undivided ownership interest
DOEU.S. Department of Energy
ECO PlanMississippi Power's environmental compliance overview plan
EPAU.S. Environmental Protection Agency
EPS
Earnings per share
FCCFederal Communications Commission
FERCFederal Energy Regulatory Commission
FFBFederal Financing Bank
FitchFitch Ratings, Inc.
Form 10-K
Annual Report on Form 10-K of Southern Company, Alabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas for the year ended December 31, 2025, as applicable
GAAPU.S. generally accepted accounting principles
Georgia PowerGeorgia Power Company
GHGGreenhouse gas
GWGigawatt
Heating Degree DaysA measure of weather, calculated when the average daily temperatures are less than 65 degrees Fahrenheit
Heating SeasonThe period from November through March when Southern Company Gas' natural gas usage and operating revenues are generally higher
IICIntercompany Interchange Contract
Illinois CommissionIllinois Commerce Commission
Internal Revenue Code
Internal Revenue Code of 1986, as amended
IRA
Inflation Reduction Act of 2022
IRPIntegrated resource plan
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DEFINITIONS
(continued)
TermMeaning
ITCInvestment tax credit
Jurisdictional Separation Study Order
Authorization from the Alabama PSC in June 2025 for Alabama Power to defer certain costs associated with capacity previously allocated to wholesale electric services that is now being used for retail electric service
KWHKilowatt-hour
LIFOLast-in, first-out
LTSALong-term service agreement
MEAG PowerMunicipal Electric Authority of Georgia
Mississippi PowerMississippi Power Company
mmBtuMillion British thermal units
Moody'sMoody's Investors Service, Inc.
MRAMunicipal and Rural Associations
MWMegawatt
natural gas distribution utilitiesSouthern Company Gas' natural gas distribution utilities (Nicor Gas, Atlanta Gas Light, Virginia Natural Gas, and Chattanooga Gas)
NDRAlabama Power's Natural Disaster Reserve
Nicor GasNorthern Illinois Gas Company, a wholly-owned subsidiary of Southern Company Gas
N/MNot meaningful
NRCU.S. Nuclear Regulatory Commission
OBBB
One Big Beautiful Bill Act
OCIOther comprehensive income
OPCOglethorpe Power Corporation (an electric membership corporation)
PEPMississippi Power's Performance Evaluation Plan
PowerSecurePowerSecure, Inc., a wholly-owned subsidiary of Southern Company
PPAPower purchase agreements, as well as, for Southern Power, contracts for differences that provide the owner of a renewable facility a certain fixed price for the electricity sold to the grid
PSCPublic Service Commission
PTCProduction tax credit
Rate CNPAlabama Power's Rate Certificated New Plant, consisting of Rate CNP New Plant, Rate CNP Compliance, Rate CNP PPA, and Rate CNP Depreciation
Rate ECRAlabama Power's Rate Energy Cost Recovery
Rate RSEAlabama Power's Rate Stabilization and Equalization
RegistrantsSouthern Company, Alabama Power, Georgia Power, Mississippi Power, Southern Power Company, and Southern Company Gas
ROEReturn on equity
S&PS&P Global Ratings, a division of S&P Global Inc.
SAVESteps to Advance Virginia's Energy, an infrastructure replacement program at Virginia Natural Gas
SCSSouthern Company Services, Inc., the Southern Company system service company and a wholly-owned subsidiary of Southern Company
SECU.S. Securities and Exchange Commission
SEGCOSouthern Electric Generating Company, 50% owned by each of Alabama Power and Georgia Power
SNGSouthern Natural Gas Company, L.L.C., a pipeline system in which Southern Company Gas has a 50% ownership interest
SOFRSecured Overnight Financing Rate
Southern CompanyThe Southern Company
Southern Company GasSouthern Company Gas and its subsidiaries
Southern Company Gas Capital
Southern Company Gas Capital Corporation, a wholly-owned subsidiary of Southern Company Gas
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DEFINITIONS
(continued)
TermMeaning
Southern Company power poolThe operating arrangement whereby the integrated generating resources of the traditional electric operating companies and Southern Power (excluding subsidiaries) are subject to joint commitment and dispatch in order to serve their combined load obligations
Southern Company system
Southern Company, the traditional electric operating companies, Southern Power, Southern Company Gas, SEGCO, Southern Nuclear, SCS, Southern Linc, PowerSecure, and other subsidiaries
Southern HoldingsSouthern Company Holdings, Inc., a wholly-owned subsidiary of Southern Company
Southern LincSouthern Communications Services, Inc., a wholly-owned subsidiary of Southern Company,
doing business as Southern Linc
Southern NuclearSouthern Nuclear Operating Company, Inc., a wholly-owned subsidiary of Southern Company
Southern PowerSouthern Power Company and its subsidiaries
SouthStarSouthStar Energy Services, LLC (a Marketer), a wholly-owned subsidiary of Southern Company Gas
SP SolarSP Solar Holdings I, LP, a limited partnership indirectly owning substantially all of Southern Power's solar and battery energy storage facilities, in which Southern Power has a 67% ownership interest
SP WindSP Wind Holdings II, LLC, a holding company owning a portfolio of eight operating wind facilities and wholly owned by Southern Power as of December 31, 2025, was previously in a tax equity arrangement where Southern Power was the controlling partner through December 31, 2025
SRRMississippi Power's System Restoration Rider, a tariff for retail property damage cost recovery and reserve
Subsidiary RegistrantsAlabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas
Tax Reform LegislationThe Tax Cuts and Jobs Act, which became effective on January 1, 2018
traditional electric operating companiesAlabama Power, Georgia Power, and Mississippi Power
U.S. Treasury
U.S. Department of the Treasury
VIEVariable interest entity
Virginia CommissionVirginia State Corporation Commission
Virginia Natural GasVirginia Natural Gas, Inc., a wholly-owned subsidiary of Southern Company Gas
Vogtle OwnersGeorgia Power, OPC, MEAG Power, and Dalton
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This Quarterly Report on Form 10-Q contains forward-looking statements. Forward-looking statements include, among other things, statements concerning regulated rates, the strategic goals for the business, customer and sales growth, economic conditions, including interest rates, tariffs, and inflation, cost recovery and other rate actions, current and proposed environmental regulations and related compliance plans and estimated expenditures, pending or potential litigation matters, access to sources of capital, financing activities, completion dates and costs of construction projects, filings with state and federal regulatory authorities, and estimated construction plans and expenditures. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "potential," or "continue" or the negative of these terms or other similar terminology. There are various factors that could cause actual results to differ materially from those suggested by the forward-looking statements; accordingly, there can be no assurance that such indicated results will be realized. These factors include:

•the impact of recent and future federal and state legal and regulatory changes, including tax, environmental, and other laws and regulations to which Southern Company and its subsidiaries are subject, as well as changes in application of existing laws, regulations, and guidance;
•the extent and timing of costs and legal requirements related to CCR;
•current and future litigation or regulatory investigations, proceedings, or inquiries;
•the effects, extent, and timing of the entry of additional competition in the markets in which Southern Company's subsidiaries operate, including from the development and deployment of alternative energy sources;
•variations in demand for electricity and natural gas, including uncertainties related to projected significant growth in electricity demand driven primarily by data centers and other large load customers, and the related requirement for substantial new generation and transmission investments, creating capital access and revenue recovery risks for the traditional electric operating companies;
•customer affordability matters;
•available sources and costs of natural gas and other fuels and commodities;
•the ability to complete necessary or desirable pipeline expansion or infrastructure projects, limits on pipeline capacity, public and policymaker support for such projects, and operational interruptions to natural gas distribution and transmission activities;
•transmission constraints;
•the ability to control costs and avoid cost and schedule overruns during the development, construction, and operation of facilities or other projects due to challenges which include, but are not limited to, changes in labor costs, availability, and productivity; challenges with the management of contractors or vendors; subcontractor performance; adverse weather conditions; shortages, delays, increased costs, or inconsistent quality of equipment, materials, and labor; contractor or supplier delay; the impacts of inflation and trade policies (including tariffs and other trade measures) of the United States and other countries; delays due to judicial or regulatory action; nonperformance under construction, operating, or other agreements; operational readiness, including specialized operator training and required site safety programs; engineering or design problems or any remediation related thereto; design and other licensing-based compliance matters; challenges with start-up activities, including major equipment failure, or system integration, and/or operational performance; challenges related to future epidemic or pandemic health events; continued public and policymaker support for projects; environmental and geological conditions; delays or increased costs to interconnect facilities to transmission grids; and increased financing costs as a result of changes in interest rates or as a result of project delays;
•legal proceedings and regulatory approvals and actions related to past, ongoing, and proposed construction projects, including state PSC or other applicable state regulatory agency approvals and FERC and NRC actions;
•the ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction;
•investment performance of the employee and retiree benefit plans and nuclear decommissioning trust funds and, with respect to retiree benefit plans, changes in actuarial assumptions and differences between the assumptions and actual values, any of the foregoing of which could cause additional funding requirements;
•advances in technology, including the pace and extent of development of low- to no-carbon energy and battery energy storage technologies and the impact of advancing technology on data center and other large load customer demand;
•performance of counterparties under ongoing renewable energy partnerships and development agreements;
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    Table of Contents                                Index to Financial Statements
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
(continued)
•state and federal rate regulations and the impact of pending and future rate cases and negotiations, including rate actions relating to ROE, equity ratios, additional generating capacity and transmission facilities, extension of retirement dates for fossil fuel plants, and fuel and other cost recovery mechanisms;
•the ability to successfully operate the traditional electric operating companies', SEGCO's, and Southern Power's generation, transmission, distribution, and battery energy storage facilities, as applicable, and Southern Company Gas' natural gas distribution and storage facilities and the successful performance of necessary corporate functions;
•the inherent risks involved in operating nuclear generating facilities;
•the inherent risks involved in generation, transmission, and distribution of electricity and transportation and storage of natural gas, including accidents, explosions, fires, mechanical problems, discharges or releases of toxic or hazardous substances or gases, and other environmental risks;
•the performance of projects undertaken by the non-utility businesses and the success of efforts to invest in and develop new opportunities;
•internal restructuring or other restructuring options that may be pursued;
•potential business strategies, including acquisitions or dispositions of assets or businesses, or interests therein, which cannot be assured to be completed or beneficial to Southern Company or its subsidiaries;
•the ability of counterparties of Southern Company and its subsidiaries to make payments as and when due and to perform as required;
•the ability to obtain new short- and long-term contracts with wholesale customers;
•the direct or indirect effect on the Southern Company system's business resulting from cyber intrusion or physical attack and the threat of cyber and physical attacks;
•global and U.S. economic conditions, including impacts from geopolitical conflicts, recession, inflation, changes in trade policies (including tariffs and other trade measures) of the United States and other countries, interest rate fluctuations, and financial market conditions, and the results of financing efforts;
•prolonged or recurring U.S. federal government shutdowns;
•access to capital markets and other financing sources;
•changes in Southern Company's and any of its subsidiaries' credit ratings;
•the ability of the traditional electric operating companies to obtain additional generating capacity (or sell excess generating capacity) at competitive prices;
•catastrophic events such as fires, including wildfires, land movement, earthquakes, explosions, floods, high winds, tornadoes, hurricanes and other storms, solar flares, droughts, future epidemic or pandemic health events, wars, political unrest, or other similar occurrences;
•the direct or indirect effects on the Southern Company system's business resulting from incidents affecting the U.S. electric grid, natural gas pipeline infrastructure, or operation of generating or storage resources;
•impairments of goodwill or long-lived assets;
•the effect of accounting pronouncements issued periodically by standard-setting bodies; and
•other factors discussed elsewhere herein and in other reports (including the Form 10-K) filed by the Registrants from time to time with the SEC.
The Registrants expressly disclaim any obligation to update any forward-looking statements.
8
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PART I
Item 1. Financial Statements (Unaudited).
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    Table of Contents                                Index to Financial Statements

THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
(in millions)(in millions)
Operating Revenues:
Retail electric revenues$6,623 $5,707 $16,009 $15,065 
Wholesale electric revenues873 832 2,537 2,257 
Other electric revenues229 262 736 724 
Natural gas revenues (includes alternative revenue programs of
    $(7), $(5), $(5), and $(32), respectively)
773 734 3,930 3,552 
Other revenues345 288 1,006 974 
Total operating revenues8,843 7,823 24,218 22,572 
Operating Expenses:
Fuel1,536 1,345 4,080 3,753 
Purchased power291 259 823 769 
Cost of natural gas99 116 1,201 1,046 
Cost of other sales191 156 548 522 
Other operations and maintenance1,848 1,643 5,209 4,948 
Depreciation and amortization1,444 1,422 4,298 4,030 
Taxes other than income taxes434 288 1,265 1,136 
Total operating expenses5,843 5,229 17,424 16,204 
Operating Income3,000 2,594 6,794 6,368 
Other Income and (Expense):
Allowance for equity funds used during construction140 90 388 243 
Earnings from equity method investments77 33 213 76 
Interest expense, net of amounts capitalized(842)(755)(2,415)(2,343)
Other income (expense), net171 149 508 459 
Total other income and (expense)(454)(483)(1,306)(1,565)
Earnings Before Income Taxes2,546 2,111 5,488 4,803 
Income taxes472 404 887 973 
Consolidated Net Income2,074 1,707 4,601 3,830 
Net income (loss) attributable to noncontrolling interests28 (4)24 (95)
Consolidated Net Income Attributable to
   Southern Company		$2,046 $1,711 $4,577 $3,925 
Common Stock Data:
Earnings per share -
Basic$1.77 $1.55 $4.02 $3.56 
Diluted$1.76 $1.54 $4.00 $3.54 
Average number of shares of common stock outstanding (in millions)
Basic1,157 1,102 1,139 1,101 
Diluted1,160 1,110 1,143 1,108 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.
10
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THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
(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 Income2,079 1,699 4,604 3,829 
Comprehensive income (loss) attributable to noncontrolling interests28 (4)24 (95)
Consolidated Comprehensive Income Attributable to
   Southern Company		$2,051 $1,703 $4,580 $3,924 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.

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    Table of Contents                                Index to Financial Statements
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Nine Months Ended September 30,
20262025
(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, total4,809 4,425 
Deferred income taxes460 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 expense139 124 
Retail fuel cost under recovery – long-term(139)(69)
Storm damage cost recovery – long-term(141)(262)
Other, net49 47 
Changes in certain current assets and liabilities —
-Receivables(217)200 
-Retail fuel cost under recovery279 439 
-Fossil fuel for generation164 121 
-Materials and supplies(278)18 
-Contract assets(178)(145)
-Other current assets(165)(42)
-Accounts payable(358)(747)
-Accrued taxes316 432 
-Accrued compensation(154)(126)
-Accrued interest(149)(79)
-Other current liabilities117 (188)
Net cash provided from operating activities7,880 7,205 
Investing Activities:
Property additions(10,200)(8,702)
Contributions in aid of construction559 250 
Business acquisition
— (635)
Nuclear decommissioning trust fund purchases(1,462)(1,212)
Nuclear decommissioning trust fund sales1,462 1,212 
Cost of removal, net of salvage(555)(479)
Change in construction payables, net56 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, net167 (993)
Proceeds —
Long-term debt8,262 10,269 
Short-term borrowings550 200 
Common stock3,841 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 activities2,628 4,635 
Net Change in Cash, Cash Equivalents, and Restricted Cash105 2,241 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period1,640 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 period1,399 1,177 
Right-of-use assets obtained under operating leases162 131 
Right-of-use assets obtained under finance leases6 17 
Issuance of common stock under dividend reinvestment plan164 167 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.
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THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

AssetsAt September 30, 2026At December 31, 2025
(in millions)
Current Assets:
Cash and cash equivalents$1,740 $1,639 
Receivables —
Customer accounts2,903 2,251 
Unbilled revenues737 931 
Under recovered fuel clause revenues196 316 
Other accounts and notes617 655 
Accumulated provision for uncollectible accounts(108)(84)
Materials and supplies2,479 2,202 
Fossil fuel for generation571 735 
Natural gas for sale419 396 
Prepaid expenses370 327 
Contract assets404 226 
Regulatory assets – asset retirement obligations353 353 
Other regulatory assets976 709 
Other current assets195 261 
Total current assets11,852 10,917 
Property, Plant, and Equipment:
In service154,135 146,114 
Less: Accumulated depreciation46,497 43,483 
Plant in service, net of depreciation107,638 102,631 
Other utility plant, net— 307 
Nuclear fuel, at amortized cost923 897 
Construction work in progress12,128 10,534 
Total property, plant, and equipment120,689 114,369 
Other Property and Investments:
Goodwill5,161 5,161 
Nuclear decommissioning trusts, at fair value3,050 2,947 
Equity investments in unconsolidated subsidiaries1,494 1,318 
Other intangible assets, net of amortization of $463 and $444, respectively
281 300 
Miscellaneous property and investments686 714 
Total other property and investments10,672 10,440 
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization1,375 1,358 
Deferred charges related to income taxes1,089 948 
Prepaid pension costs3,648 3,257 
Unamortized loss on reacquired debt175 187 
Deferred under recovered fuel clause revenues90 252 
Regulatory assets – asset retirement obligations, deferred5,133 5,129 
Other regulatory assets, deferred7,726 7,427 
Other deferred charges and assets1,755 1,436 
Total deferred charges and other assets20,991 19,994 
Total Assets$164,204 $155,720 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.
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    Table of Contents                                Index to Financial Statements
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

Liabilities and Stockholders' EquityAt September 30, 2026At December 31, 2025
(in millions)
Current Liabilities:
Securities due within one year$3,613 $6,220 
Notes payable890 722 
Accounts payable3,435 3,710 
Customer deposits503 475 
Accrued taxes —
Accrued income taxes97 22 
Other accrued taxes1,012 982 
Accrued interest658 807 
Accrued compensation1,278 1,418 
Asset retirement obligations676 662 
Liabilities from risk management activities, net of collateral226 118 
Operating lease obligations210 197 
Natural gas cost over recovery225 158 
Other regulatory liabilities149 240 
Other current liabilities1,162 1,157 
Total current liabilities14,134 16,888 
Long-Term Debt69,498 65,649 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes12,771 12,133 
Deferred credits related to income taxes4,672 4,712 
Accumulated deferred ITCs2,285 2,002 
Employee benefit obligations993 980 
Operating lease obligations, deferred1,284 1,287 
Asset retirement obligations, deferred8,860 8,939 
Other cost of removal obligations2,099 2,036 
Other regulatory liabilities, deferred730 722 
Other deferred credits and liabilities2,072 1,505 
Total deferred credits and other liabilities35,766 34,316 
Total Liabilities119,398 116,853 
Total Stockholders' Equity (See accompanying statements)
44,806 38,867 
Total Liabilities and Stockholders' Equity$164,204 $155,720 
The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.
14
    Table of Contents                                Index to Financial Statements
SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

Southern Company Common Stockholders' Equity
Number of
Common Shares		Common StockAccumulated
Other
Comprehensive Income
(Loss)
IssuedTreasuryPar ValuePaid-In CapitalTreasuryRetained EarningsNoncontrolling InterestsTotal
(in millions)
Balance at December 31, 20241,098 (1)$5,446 $14,149 $(59)$13,750 $(78)$3,466 $36,674 
Consolidated net income (loss)— — — — — 1,334 — (64)1,270 
Other comprehensive income— — — — — — 3 — 3 
Stock issued2 — 7 78 — — — — 85 
Stock-based compensation— — — 5 — — — — 5 
Dividends of $0.72 per share
— — — — — (791)— — (791)
Capital contributions from
   noncontrolling interests		— — — — — — — 19 19 
Distributions to noncontrolling interests— — — — — — — (37)(37)
Other— — — (1)(2)(2)— — (5)
Balance at March 31, 20251,100 (1)$5,453 $14,231 $(61)$14,291 $(75)$3,384 $37,223 
Consolidated net income (loss)— — — — — 880 — (27)853 
Other comprehensive income— — — — — — 4 — 4 
Stock issued1 — 5 84 — — — — 89 
Stock-based compensation— — — 11 — — — — 11 
Dividends of $0.74 per share
— — — — — (815)— — (815)
Capital contributions from
   noncontrolling interests		— — — — — — — 4 4 
Distributions to noncontrolling interests— — — — — — — (33)(33)
Other— — — 6 (1)1 — — 6 
Balance at June 30, 20251,101 (1)$5,458 $14,332 $(62)$14,357 $(71)$3,328 $37,342 
Consolidated net income (loss)— — — — — 1,711 — (4)1,707 
Other comprehensive income (loss)— — — — — — (8)— (8)
Stock issued1 — 4 79 — — — — 83 
Stock-based compensation— — — 21 — — — — 21 
Dividends of $0.74 per share
— — — — — (815)— — (815)
Distributions to noncontrolling interests— — — — — — — (52)(52)
Other— — 1 (10)5 1 (1)— (4)
Balance at September 30, 20251,102 (1)$5,463 $14,422 $(57)$15,254 $(80)$3,272 $38,274 

The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.










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    Table of Contents                                Index to Financial Statements
SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

Southern Company Common Stockholders' Equity
Number of
Common Shares		Common StockAccumulated
Other
Comprehensive Income
(Loss)
IssuedTreasuryPar ValuePaid-In CapitalTreasuryRetained EarningsNoncontrolling InterestsTotal
(in millions)
Balance at December 31, 20251,120 (1)$5,554 $15,740 $(59)$14,856 $(75)$2,851 $38,867 
Consolidated net income (loss)— — — — — 1,356 — (18)1,338 
Other comprehensive income— — — — — — 2 — 2 
Stock issued8 — 34 555 — — — — 589 
Stock-based compensation— — — (9)— — — — (9)
Dividends of $0.74 per share
— — — — — (830)— — (830)
Capital contributions from
   noncontrolling interests		— — — — — — — 4 4 
Distributions to noncontrolling interests— — — — — — — (46)(46)
Other— — — (1)(1)— — (1)(3)
Balance at March 31, 20261,128 (1)$5,588 $16,285 $(60)$15,382 $(73)$2,790 $39,912 
Consolidated net income— — — — — 1,174 — 14 1,188 
Other comprehensive income (loss)— — — — — — (5)— (5)
Change in par value from $5.00 to $0.01
— — (5,577)5,577 — — — — — 
Stock issued23 — — 2,116 — — — — 2,116 
Stock-based compensation— — — 15 — — — — 15 
Dividends of $0.76 per share
— — — — — (858)— — (858)
Distributions to noncontrolling interests— — — — — — — (32)(32)
Other— — — 5 (1)2 — — 6 
Balance at June 30, 20261,151 (1)$11 $23,998 $(61)$15,700 $(78)$2,772 $42,342 
Consolidated net income— — — — — 2,046 — 28 2,074 
Other comprehensive income— — — — — — 5 — 5 
Stock issued14 — 1 1,299 — — — — 1,300 
Stock-based compensation— — — 26 — — — — 26 
Dividends of $0.76 per share
— — — — — (875)— — (875)
Distributions to noncontrolling interests— — — — — — — (51)(51)
Other— — — (22)5 1 — 1 (15)
Balance at September 30, 20261,165 (1)$12 $25,301 $(56)$16,872 $(73)$2,750 $44,806 


The accompanying notes as they relate to Southern Company are an integral part of these condensed consolidated financial statements.
16
    Table of Contents                                Index to Financial Statements

ALABAMA POWER COMPANY
CONDENSED STATEMENTS OF INCOME (UNAUDITED)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
(in millions)(in millions)
Operating Revenues:
Retail revenues$2,239 $2,046 $5,678 $5,487 
Wholesale revenues, non-affiliates99 137 302 326 
Wholesale revenues, affiliates56 28 230 132 
Other revenues115 107 354 353 
Total operating revenues2,509 2,318 6,564 6,298 
Operating Expenses:
Fuel498 416 1,262 1,139 
Purchased power, non-affiliates65 56 201 180 
Purchased power, affiliates78 97 203 218 
Other operations and maintenance452 434 1,260 1,370 
Depreciation and amortization390 380 1,157 1,121 
Taxes other than income taxes120 115 371 365 
Total operating expenses1,603 1,498 4,454 4,393 
Operating Income906 820 2,110 1,905 
Other Income and (Expense):
Allowance for equity funds used during construction19 18 56 54 
Interest expense, net of amounts capitalized(115)(119)(347)(343)
Other income (expense), net61 44 177 128 
Total other income and (expense)(35)(57)(114)(161)
Earnings Before Income Taxes871 763 1,996 1,744 
Income taxes
210 175 473 401 
Net Income
$661 $588 $1,523 $1,343 
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
(in millions)(in millions)
Net Income$661 $588 $1,523 $1,343 
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of
   $—, $—, $—, and $—, respectively
1 — — — 
Reclassification adjustment for amounts included in net income,
   net of tax of $—, $—, $—, and $1, respectively
— 1 — 2 
Total other comprehensive income1 1 — 2 
Comprehensive Income$662 $589 $1,523 $1,345 
The accompanying notes as they relate to Alabama Power are an integral part of these condensed financial statements.
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    Table of Contents                                Index to Financial Statements
ALABAMA POWER COMPANY
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the Nine Months Ended September 30,
20262025
(in millions)
Operating Activities:
Net income$1,523 $1,343 
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total1,310 1,226 
Deferred income taxes89 127 
Pension, postretirement, and other employee benefits(155)(148)
Settlement of asset retirement obligations(188)(202)
Retail fuel cost under recovery – long-term(139)(69)
Other, net(39)(75)
Changes in certain current assets and liabilities —
-Receivables(220)(125)
-Fossil fuel stock107 71 
-Prepayments(34)(56)
-Other current assets(22)10 
-Accounts payable(252)(286)
-Accrued taxes220 237 
-Accrued compensation(68)(51)
-Customer refunds2 (110)
-Other current liabilities(30)(92)
Net cash provided from operating activities2,104 1,800 
Investing Activities:
Property additions(1,498)(1,554)
Contributions in aid of construction274 31 
Business acquisition
— (635)
Nuclear decommissioning trust fund purchases(480)(407)
Nuclear decommissioning trust fund sales480 407 
Cost of removal, net of salvage(158)(137)
Change in construction payables, net of joint owner portion
46 (52)
Other investing activities(22)(14)
Net cash used for investing activities(1,358)(2,361)
Financing Activities:
Proceeds —
Senior notes— 1,100 
Other long-term debt
— 4 
Redemptions —
Senior notes
— (250)
        Other long-term debt(45)— 
Capital contributions from parent company307 591 
Payment of common stock dividends(902)(914)
Other financing activities6 (12)
Net cash provided from (used for) financing activities(634)519 
Net Change in Cash, Cash Equivalents, and Restricted Cash112 (42)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period566 585 
Cash, Cash Equivalents, and Restricted Cash at End of Period$678 $543 
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $17 and $16 capitalized for 2026 and 2025, respectively)
$380 $347 
Income taxes, net331 243 
Noncash transactions —
Accrued property additions at end of period147 96 
Right-of-use assets obtained under operating leases20 8 
Right-of-use assets obtained under finance leases3 4 
The accompanying notes as they relate to Alabama Power are an integral part of these condensed financial statements.
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    Table of Contents                                Index to Financial Statements
ALABAMA POWER COMPANY
CONDENSED BALANCE SHEETS (UNAUDITED)

AssetsAt September 30, 2026At December 31, 2025
(in millions)
Current Assets:
Cash and cash equivalents$678 $566 
Receivables —
Customer accounts887 470 
Unbilled revenues183 189 
Affiliated111 126 
Other accounts and notes78 113 
Accumulated provision for uncollectible accounts(26)(23)
Fossil fuel stock196 303 
Materials and supplies741 732 
Prepaid expenses119 86 
Other regulatory assets363 344 
Other current assets90 80 
Total current assets3,420 2,986 
Property, Plant, and Equipment:
In service41,131 38,915 
Less: Accumulated provision for depreciation14,294 12,816 
Plant in service, net of depreciation26,837 26,099 
Other utility plant, net— 307 
Nuclear fuel, at amortized cost293 290 
Construction work in progress1,439 1,441 
Total property, plant, and equipment28,569 28,137 
Other Property and Investments:
Nuclear decommissioning trusts, at fair value1,614 1,542 
Equity investments in unconsolidated subsidiaries52 48 
Miscellaneous property and investments128 123 
Total other property and investments1,794 1,713 
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization95 86 
Deferred charges related to income taxes264 261 
Prepaid pension and other postretirement benefit costs1,098 1,016 
Regulatory assets – asset retirement obligations1,515 1,518 
Other regulatory assets, deferred2,237 1,982 
Other deferred charges and assets439 425 
Total deferred charges and other assets5,648 5,288 
Total Assets$39,431 $38,124 
The accompanying notes as they relate to Alabama Power are an integral part of these condensed financial statements.
19
    Table of Contents                                Index to Financial Statements
ALABAMA POWER COMPANY
CONDENSED BALANCE SHEETS (UNAUDITED)

Liabilities and Stockholder's EquityAt September 30, 2026At December 31, 2025
(in millions)
Current Liabilities:
Securities due within one year$852 $625 
Accounts payable —
Affiliated294 294 
Other452 576 
Customer deposits116 113 
Accrued taxes292 105 
Accrued interest101 134 
Accrued compensation238 275 
Asset retirement obligations263 256 
Other regulatory liabilities37 89 
Other current liabilities155 135 
Total current liabilities2,800 2,602 
Long-Term Debt11,123 11,388 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes4,364 4,209 
Deferred credits related to income taxes1,569 1,585 
Accumulated deferred ITCs99 115 
Employee benefit obligations142 152 
Operating lease obligations85 78 
Asset retirement obligations, deferred3,352 3,423 
Other regulatory liabilities, deferred224 252 
Other deferred credits and liabilities746 326 
Total deferred credits and other liabilities10,581 10,140 
Total Liabilities24,504 24,130 
Common Stockholder's Equity (See accompanying statements)
14,927 13,994 
Total Liabilities and Stockholder's Equity$39,431 $38,124 
The accompanying notes as they relate to Alabama Power are an integral part of these condensed financial statements.
20
    Table of Contents                                Index to Financial Statements
ALABAMA POWER COMPANY
CONDENSED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY (UNAUDITED)

Number of
Common
Shares
Issued		Common
Stock		Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
(in millions)
Balance at December 31, 202431 $1,222 $7,657 $4,214 $(5)$13,088 
Net income— — — 375 — 375 
Capital contributions from parent company— — 527 — — 527 
Other comprehensive income— — — — 1 1 
Cash dividends on common stock— — — (305)— (305)
Other— — — — (1)(1)
Balance at March 31, 202531 $1,222 $8,184 $4,284 $(5)$13,685 
Net income— — — 381 — 381 
Capital contributions from parent company— — 38 — — 38 
Cash dividends on common stock— — — (304)— (304)
Other— — — (1)1 — 
Balance at June 30, 202531 $1,222 $8,222 $4,360 $(4)$13,800 
Net income— — — 588 — 588 
Capital contributions from parent company— — 31 — — 31 
Other comprehensive income— — — — 1 1 
Cash dividends on common stock— — — (305)— (305)
Other— — — — (1)(1)
Balance at September 30, 202531 $1,222 $8,253 $4,643 $(4)$14,114 
Balance at December 31, 202531 $1,222 $8,263 $4,512 $(3)$13,994 
Net income— — — 425 — 425 
Capital contributions from parent company— — 226 — — 226 
Cash dividends on common stock— — — (301)— (301)
Balance at March 31, 202631 $1,222 $8,489 $4,636 $(3)$14,344 
Net income— — — 437 — 437 
Capital contributions from parent company— — 53 — — 53 
Other comprehensive income (loss)— — — — (2)(2)
Cash dividends on common stock— — — (300)— (300)
Other— — — (1)— (1)
Balance at June 30, 202631 $1,222 $8,542 $4,772 $(5)$14,531 
Net income— — — 661 — 661 
Capital contributions from parent company— — 34 — — 34 
Other comprehensive income— — — — 1 1 
Cash dividends on common stock— — — (301)— (301)
Other— — — 1 — 1 
Balance at September 30, 202631 $1,222 $8,576 $5,133 $(4)$14,927 
The accompanying notes as they relate to Alabama Power are an integral part of these condensed financial statements.
21
    Table of Contents                                Index to Financial Statements

GEORGIA POWER COMPANY
CONDENSED STATEMENTS OF INCOME (UNAUDITED)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
(in millions)(in millions)
Operating Revenues:
Retail revenues$4,082 $3,359 $9,474 $8,754 
Wholesale revenues148 140 495 390 
Other revenues241 271 777 774 
Total operating revenues4,471 3,770 10,746 9,918 
Operating Expenses:
Fuel646 567 1,713 1,567 
Purchased power, non-affiliates195 176 524 516 
Purchased power, affiliates243 202 716 664 
Other operations and maintenance766 616 2,103 1,897 
Depreciation and amortization516 526 1,504 1,541 
Taxes other than income taxes211 75 525 417 
Total operating expenses2,577 2,162 7,085 6,602 
Operating Income1,894 1,608 3,661 3,316 
Other Income and (Expense):
Allowance for equity funds used during construction112 67 313 171 
Interest expense, net of amounts capitalized(249)(200)(680)(585)
Other income (expense), net59 51 166 162 
Total other income and (expense)(78)(82)(201)(252)
Earnings Before Income Taxes1,816 1,526 3,460 3,064 
Income taxes293 278 529 612 
Net Income$1,523 $1,248 $2,931 $2,452 
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
(in millions)(in millions)
Net Income$1,523 $1,248 $2,931 $2,452 
Other comprehensive income:
Qualifying hedges:
Changes in fair value, net of tax of
   $—, $—, $—, and $1, respectively
— — — 3 
Reclassification adjustment for amounts included in net income,
   net of tax of $—, $—, $—, and $—, respectively
— — — 1 
Total other comprehensive income— — — 4 
Comprehensive Income$1,523 $1,248 $2,931 $2,456 
The accompanying notes as they relate to Georgia Power are an integral part of these condensed financial statements.
22
    Table of Contents                                Index to Financial Statements
GEORGIA POWER COMPANY
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the Nine Months Ended September 30,
20262025
(in millions)
Operating Activities:
Net income$2,931 $2,452 
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total1,731 1,770 
Deferred income taxes98 277 
Allowance for equity funds used during construction(313)(171)
Pension, postretirement, and other employee benefits(209)(208)
Settlement of asset retirement obligations(232)(236)
Storm damage accruals75 24 
Storm damage cost recovery – long-term(141)(262)
Other, net(52)(160)
Changes in certain current assets and liabilities —
-Receivables(406)(104)
-Retail fuel cost under recovery270 483 
-Materials and supplies(225)17 
-Contract assets(136)(132)
-Other current assets(7)(12)
-Accounts payable127 (385)
-Accrued taxes144 90 
-Other current liabilities(4)41 
Net cash provided from operating activities3,651 3,484 
Investing Activities:
Property additions(6,348)(5,014)
Contributions in aid of construction232 128 
Nuclear decommissioning trust fund purchases(982)(805)
Nuclear decommissioning trust fund sales982 805 
Cost of removal, net of salvage(300)(226)
Change in construction payables, net of joint owner portion(41)24 
Other investing activities(105)(101)
Net cash used for investing activities(6,562)(5,189)
Financing Activities:
Decrease in notes payable, net(160)— 
Proceeds —
Senior notes1,300 3,100 
Short-term borrowings250 200 
Revenue bonds40 — 
FFB loan1,016 — 
Redemptions and repurchases —
Senior notes(725)(700)
Short-term borrowings(250)— 
FFB loan(64)(64)
Revenue bonds(54)(45)
Other long-term debt(400)— 
Capital contributions from parent company4,147 1,741 
Payment of common stock dividends(1,931)(1,657)
Other financing activities(57)(51)
Net cash provided from financing activities3,112 2,524 
Net Change in Cash, Cash Equivalents, and Restricted Cash201 819 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period59 118 
Cash, Cash Equivalents, and Restricted Cash at End of Period$260 $937 
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $91 and $54 capitalized for 2026 and 2025, respectively)
$645 $576 
Income taxes, net (excludes credit transfers)
187 39 
Noncash transactions —
Accrued property additions at end of period997 748 
Right-of-use assets obtained under operating leases59 30 
Right-of-use assets obtained under finance leases1,470 13 
The accompanying notes as they relate to Georgia Power are an integral part of these condensed financial statements.
23
    Table of Contents                                Index to Financial Statements
GEORGIA POWER COMPANY
CONDENSED BALANCE SHEETS (UNAUDITED)

AssetsAt September 30, 2026At December 31, 2025
(in millions)
Current Assets:
Cash and cash equivalents$260 $59 
Receivables —
Customer accounts, net1,342 993 
Unbilled revenues429 346 
Under recovered retail fuel clause revenues
162 310 
Joint owner accounts114 195 
Affiliated103 96 
Other accounts and notes168 61 
Fossil fuel stock320 362 
Materials and supplies1,223 994 
Contract assets296 160 
Regulatory assets – asset retirement obligations222 222 
Other regulatory assets509 335 
Other current assets132 125 
Total current assets5,280 4,258 
Property, Plant, and Equipment:
In service64,977 59,458 
Less: Accumulated provision for depreciation16,622 15,957 
Plant in service, net of depreciation48,355 43,501 
Nuclear fuel, at amortized cost630 606 
Construction work in progress8,471 6,764 
Total property, plant, and equipment57,456 50,871 
Other Property and Investments:
Nuclear decommissioning trusts, at fair value1,436 1,405 
Equity investments in unconsolidated subsidiaries39 40 
Miscellaneous property and investments230 231 
Total other property and investments1,705 1,676 
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization883 1,120 
Deferred charges related to income taxes800 660 
Prepaid pension costs1,217 1,099 
Deferred under recovered retail fuel clause revenues
90 212 
Regulatory assets – asset retirement obligations, deferred3,391 3,382 
Other regulatory assets, deferred4,074 4,032 
Other deferred charges and assets1,052 767 
Total deferred charges and other assets11,507 11,272 
Total Assets$75,948 $68,077 
The accompanying notes as they relate to Georgia Power are an integral part of these condensed financial statements.
24
    Table of Contents                                Index to Financial Statements
GEORGIA POWER COMPANY
CONDENSED BALANCE SHEETS (UNAUDITED)

Liabilities and Stockholder's EquityAt September 30, 2026At December 31, 2025
(in millions)
Current Liabilities:
Securities due within one year$1,129 $1,370 
Notes payable— 160 
Accounts payable —
Affiliated1,050 992 
Other1,660 1,728 
Customer deposits281 267 
Accrued taxes822 678 
Accrued interest219 234 
Accrued compensation293 327 
Operating lease obligations135 170 
Asset retirement obligations367 360 
Other regulatory liabilities29 52 
Other current liabilities360 332 
Total current liabilities6,345 6,670 
Long-Term Debt22,900 20,122 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes4,749 4,811 
Deferred credits related to income taxes2,243 2,225 
Accumulated deferred ITCs702 354 
Employee benefit obligations176 189 
Operating lease obligations, deferred727 960 
Asset retirement obligations, deferred5,176 5,167 
Other deferred credits and liabilities744 545 
Total deferred credits and other liabilities14,517 14,251 
Total Liabilities43,762 41,043 
Common Stockholder's Equity (See accompanying statements)
32,186 27,034 
Total Liabilities and Stockholder's Equity$75,948 $68,077 
The accompanying notes as they relate to Georgia Power are an integral part of these condensed financial statements.
25
    Table of Contents                                Index to Financial Statements
GEORGIA POWER COMPANY
CONDENSED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY (UNAUDITED)

Number of
Common
Shares
Issued		Common
Stock		Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
(in millions)
Balance at December 31, 20249 $398 $19,708 $3,562 $13 $23,681 
Net income— — — 596 — 596 
Capital contributions from parent company— — 702 — — 702 
Other comprehensive income (loss)— — — — (1)(1)
Cash dividends on common stock— — — (552)— (552)
Balance at March 31, 20259 $398 $20,410 $3,606 $12 $24,426 
Net income— — — 607 — 607 
Capital contributions from parent company— — 972 — — 972 
Other comprehensive income— — — — 4 4 
Cash dividends on common stock— — — (553)— (553)
Other— — — 1 — 1 
Balance at June 30, 20259 $398 $21,382 $3,661 $16 $25,457 
Net income— — — 1,248 — 1,248 
Capital contributions from parent company— — 73 — — 73 
Cash dividends on common stock— — — (552)— (552)
Other— — — 1 — 1 
Balance at September 30, 20259 $398 $21,455 $4,358 $16 $26,227 
Balance at December 31, 20259 $398 $22,416 $4,204 $16 $27,034 
Net income— — — 628 — 628 
Capital contributions from parent company— — 1,500 — — 1,500 
Cash dividends on common stock— — — (644)— (644)
Other— — — 1 — 1 
Balance at March 31, 20269 $398 $23,916 $4,189 $16 $28,519 
Net income— — — 779 — 779 
Capital contributions from parent company— — 965 — — 965 
Cash dividends on common stock— — — (643)— (643)
Balance at June 30, 20269 $398 $24,881 $4,325 $16 $29,620 
Net income— — — 1,523 — 1,523 
Capital contributions from parent company— — 1,687 — — 1,687 
Cash dividends on common stock— — — (644)— (644)
Balance at September 30, 20269 $398 $26,568 $5,204 $16 $32,186 
The accompanying notes as they relate to Georgia Power are an integral part of these condensed financial statements.
26
    Table of Contents                                Index to Financial Statements

MISSISSIPPI POWER COMPANY
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
(in millions)(in millions)
Operating Revenues:
Retail revenues$302 $302 $857 $824 
Wholesale revenues, non-affiliates89 72 251 205 
Wholesale revenues, affiliates98 94 229 230 
Other revenues8 12 35 42 
Total operating revenues497 480 1,372 1,301 
Operating Expenses:
Fuel and purchased power180 179 508 488 
Other operations and maintenance97 94 291 261 
Depreciation and amortization56 53 170 157 
Taxes other than income taxes37 37 109 106 
Total operating expenses370 363 1,078 1,012 
Operating Income127 117 294 289 
Other Income and (Expense):
Interest expense, net of amounts capitalized(21)(19)(62)(59)
Other income (expense), net10 10 30 26 
Total other income and (expense)(11)(9)(32)(33)
Earnings Before Income Taxes116 108 262 256 
Income taxes27 24 61 58 
Net Income and Comprehensive Income$89 $84 $201 $198 
The accompanying notes as they relate to Mississippi Power are an integral part of these condensed financial statements.
27
    Table of Contents                                Index to Financial Statements
MISSISSIPPI POWER COMPANY
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the Nine Months Ended September 30,
20262025
(in millions)
Operating Activities:
Net income$201 $198 
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total187 173 
Deferred income taxes17 (7)
Pension, postretirement, and other employee benefits(14)(14)
Settlement of asset retirement obligations(16)(14)
Plant acquisition regulatory liability
— 36 
Other, net3 (6)
Changes in certain current assets and liabilities —
-Receivables(61)(24)
-Retail fuel cost under recovery9 (30)
-Fossil fuel stock13 24 
-Prepaid income taxes— 11 
-Other current assets(16)(2)
-Accounts payable(24)(12)
-Accrued taxes(6)10 
-Accrued interest(12)(10)
-Accrued compensation(10)(10)
-Wholesale fuel cost over recovery— (20)
-Other current liabilities(6)(4)
Net cash provided from operating activities265 299 
Investing Activities:
Property additions(281)(232)
Contributions in aid of construction4 57 
Cost of removal, net of salvage(26)(44)
Change in construction payables, net
7 (27)
Payments pursuant to LTSAs(17)(15)
Other investing activities(2)(2)
Net cash used for investing activities(315)(263)
Financing Activities:
Decrease in notes payable, net— (14)
Proceeds —
 Senior notes75 100 
 Other long-term debt150 — 
Redemptions —
 Senior notes(65)— 
 Revenue bonds— (11)
Capital contributions from parent company99 57 
Payment of common stock dividends(144)(145)
Other financing activities(2)(2)
Net cash provided from (used for) financing activities113 (15)
Net Change in Cash, Cash Equivalents, and Restricted Cash63 21 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period26 13 
Cash, Cash Equivalents, and Restricted Cash at End of Period$89 $34 
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest$73 $69 
Income taxes, net29 25 
Noncash transactions —
Accrued property additions at end of period46 22 
Right-of-use assets obtained under operating leases4 — 
The accompanying notes as they relate to Mississippi Power are an integral part of these condensed financial statements.
28
    Table of Contents                                Index to Financial Statements
MISSISSIPPI POWER COMPANY
CONDENSED BALANCE SHEETS (UNAUDITED)

AssetsAt September 30, 2026At December 31, 2025
(in millions)
Current Assets:
Cash and cash equivalents$89 $26 
Receivables —
Customer accounts, net81 50 
Unbilled revenues47 44 
Under recovered retail fuel clause revenues31 — 
Affiliated55 26 
Other accounts and notes19 22 
Fossil fuel stock33 46 
Materials and supplies104 101 
Other regulatory assets65 49 
Other current assets18 10 
Total current assets542 374 
Property, Plant, and Equipment:
In service6,148 5,972 
Less: Accumulated provision for depreciation2,065 1,922 
Plant in service, net of depreciation4,083 4,050 
Construction work in progress265 238 
Total property, plant, and equipment4,348 4,288 
Other Property and Investments138 143 
Deferred Charges and Other Assets:
Deferred charges related to income taxes24 25 
Prepaid pension costs167 151 
Deferred under recovered retail fuel clause revenues— 40 
Regulatory assets – asset retirement obligations228 229 
Other regulatory assets, deferred246 255 
Accumulated deferred income taxes53 66 
Other deferred charges and assets82 66 
Total deferred charges and other assets800 832 
Total Assets$5,828 $5,637 
The accompanying notes as they relate to Mississippi Power are an integral part of these condensed financial statements.
29
    Table of Contents                                Index to Financial Statements
MISSISSIPPI POWER COMPANY
CONDENSED BALANCE SHEETS (UNAUDITED)

Liabilities and Stockholder's EquityAt September 30, 2026At December 31, 2025
(in millions)
Current Liabilities:
Securities due within one year$76 $66 
Accounts payable —
Affiliated77 70 
Other66 77 
Accrued taxes121 125 
Accrued compensation43 49 
Asset retirement obligations17 21 
Other regulatory liabilities23 20 
Other current liabilities83 92 
Total current liabilities506 520 
Long-Term Debt1,870 1,720 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes500 491 
Deferred credits related to income taxes191 211 
Employee benefit obligations65 67 
Asset retirement obligations, deferred95 103 
Other cost of removal obligations98 115 
Other regulatory liabilities, deferred137 141 
Other deferred credits and liabilities20 80 
Total deferred credits and other liabilities1,106 1,208 
Total Liabilities3,482 3,448 
Common Stockholder's Equity (See accompanying statements)
2,346 2,189 
Total Liabilities and Stockholder's Equity$5,828 $5,637 
The accompanying notes as they relate to Mississippi Power are an integral part of these condensed financial statements.
30
    Table of Contents                                Index to Financial Statements
MISSISSIPPI POWER COMPANY
CONDENSED STATEMENTS OF COMMON STOCKHOLDER'S EQUITY (UNAUDITED)

Number of
Common
Shares
Issued		Common
Stock		Paid-In
Capital		Retained
Earnings (Accumulated Deficit)		Accumulated
Other
Comprehensive
Income (Loss)		Total
(in millions)
Balance at December 31, 20241 $38 $4,791 $(2,745)$5 $2,089 
Net income— — — 55 — 55 
Capital contributions from parent company— — 51 — — 51 
Cash dividends on common stock— — — (48)— (48)
Other— — — — (1)(1)
Balance at March 31, 20251 $38 $4,842 $(2,738)$4 $2,146 
Net income— — — 59 — 59 
Capital contributions from parent company— — 7 — — 7 
Cash dividends on common stock— — — (49)— (49)
Other— — — 1 — 1 
Balance at June 30, 20251 $38 $4,849 $(2,727)$4 $2,164 
Net income— — — 84 — 84 
Capital contributions from parent company— — 1 — — 1 
Cash dividends on common stock— — — (48)— (48)
Other— — — (1)— (1)
Balance at September 30, 20251 $38 $4,850 $(2,692)$4 $2,200 
Balance at December 31, 20251 $38 $4,871 $(2,724)$4 $2,189 
Net income— — — 60 — 60 
Capital contributions from parent company— — 90 — — 90 
Cash dividends on common stock— — — (48)— (48)
Balance at March 31, 20261 $38 $4,961 $(2,712)$4 $2,291 
Net income— — — 52 — 52 
Capital contributions from parent company— — 7 — — 7 
Cash dividends on common stock— — — (48)— (48)
Balance at June 30, 20261 $38 $4,968 $(2,708)$4 $2,302 
Net income— — — 89 — 89 
Capital contributions from parent company— — 3 — — 3 
Cash dividends on common stock— — — (48)— (48)
Balance at September 30, 20261 $38 $4,971 $(2,667)$4 $2,346 
The accompanying notes as they relate to Mississippi Power are an integral part of these condensed financial statements.
31
    Table of Contents                                Index to Financial Statements

SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
(in millions)(in millions)
Operating Revenues:
Wholesale revenues, non-affiliates$556 $498 $1,572 $1,368 
Wholesale revenues, affiliates137 112 329 341 
Other revenues6 3 13 17 
Total operating revenues699 613 1,914 1,726 
Operating Expenses:
Fuel193 168 577 523 
Purchased power44 32 138 91 
Other operations and maintenance131 128 406 384 
Depreciation and amortization259 247 817 576 
Taxes other than income taxes11 12 37 37 
Total operating expenses638 587 1,975 1,611 
Operating Income (Loss)61 26 (61)115 
Other Income and (Expense):
Interest expense, net of amounts capitalized(28)(25)(83)(76)
Other income (expense), net2 4 6 10 
Total other income and (expense)(26)(21)(77)(66)
Earnings (Loss) Before Income Taxes35 5 (138)49 
Income taxes (benefit)(45)6 (192)3 
Net Income (Loss)80 (1)54 46 
Net income (loss) attributable to noncontrolling interests28 (4)24 (95)
Net Income Attributable to Southern Power$52 $3 $30 $141 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
(in millions)(in millions)
Net Income (Loss)$80 $(1)$54 $46 
Other comprehensive loss:
Qualifying hedges:
Changes in fair value, net of tax of
   $—, $(2), $(5), and $15, respectively
(1)(6)(15)45 
Reclassification adjustment for amounts included in net income,
   net of tax of $—, $—, $4. and $(15), respectively
— 1 13 (46)
Total other comprehensive loss(1)(5)(2)(1)
Comprehensive Income (Loss)79 (6)52 45 
Comprehensive income (loss) attributable to noncontrolling interests28 (4)24 (95)
Comprehensive Income (Loss) Attributable to Southern Power$51 $(2)$28 $140 
The accompanying notes as they relate to Southern Power are an integral part of these condensed consolidated financial statements.
32
    Table of Contents                                Index to Financial Statements
SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the Nine Months Ended September 30,
20262025
(in millions)
Operating Activities:
Net income$54 $46 
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total833 593 
Deferred income taxes(117)(27)
Utilization of federal tax credit carryforward
197 (95)
Amortization of ITCs
(44)(44)
Loss on damaged equipment
22 — 
Other, net(10)16 
Changes in certain current assets and liabilities —
-Receivables(53)19 
-Other current assets22 3 
-Accounts payable(5)(25)
-Accrued taxes18 52 
-Other current liabilities11 (17)
Net cash provided from operating activities928 521 
Investing Activities:
Property additions(600)(620)
Change in construction payables3 78 
Payments pursuant to LTSAs(47)(42)
Other investing activities(3)— 
Net cash used for investing activities(647)(584)
Financing Activities:
Increase (decrease) in notes payable, net(138)2 
Proceeds — Senior notes600 1,100 
Redemptions — Senior notes(564)— 
Capital contributions from parent company467 157 
Capital contributions from noncontrolling interests4 23 
Distributions to noncontrolling interests(127)(118)
Payment of common stock dividends(215)(209)
Other financing activities(11)(13)
Net cash provided from financing activities16 942 
Net Change in Cash, Cash Equivalents, and Restricted Cash297 879 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period105 168 
Cash, Cash Equivalents, and Restricted Cash at End of Period$402 $1,047 
Supplemental Cash Flow Information:
Cash paid (received) during the period for —
Interest (net of $31 and $15 capitalized for 2026 and 2025, respectively)
$75 $77 
Income taxes, net (excludes credit transfers)
(129)163 
Noncash transactions —
Accrued property additions at end of period66 138 
Right-of-use assets obtained under operating leases— 2 
The accompanying notes as they relate to Southern Power are an integral part of these condensed consolidated financial statements.
33
    Table of Contents                                Index to Financial Statements
SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

AssetsAt September 30, 2026At December 31, 2025
(in millions)
Current Assets:
Cash and cash equivalents$402 $105 
Receivables —
Customer accounts, net184 151 
Affiliated44 35 
Other28 16 
Materials and supplies138 132 
Prepaid income taxes123 8 
Other current assets55 81 
Total current assets974 528 
Property, Plant, and Equipment:
In service15,566 15,034 
Less: Accumulated provision for depreciation5,580 5,214 
Plant in service, net of depreciation9,986 9,820 
Construction work in progress699 1,080 
Total property, plant, and equipment10,685 10,900 
Other Property and Investments:
Intangible assets, net of amortization of $203 and $188, respectively
189 203 
Net investment in sales-type leases132 137 
Total other property and investments321 340 
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization472 479 
Prepaid LTSAs201 170 
Other deferred charges and assets268 240 
Total deferred charges and other assets941 889 
Total Assets$12,921 $12,657 
The accompanying notes as they relate to Southern Power are an integral part of these condensed consolidated financial statements.
34
    Table of Contents                                Index to Financial Statements
SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

Liabilities and Stockholders' EquityAt September 30, 2026At December 31, 2025
(in millions)
Current Liabilities:
Securities due within one year$— $587 
Notes payable— 138 
Accounts payable —
Affiliated88 88 
Other104 93 
Accrued taxes28 9 
Accrued interest46 38 
Accrued compensation35 36 
Operating lease obligations31 31 
Contract retention22 28 
Other current liabilities23 28 
Total current liabilities377 1,076 
Long-Term Debt2,951 2,353 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes795 579 
Accumulated deferred ITCs1,339 1,383 
Operating lease obligations, deferred
507 510 
Other deferred credits and liabilities254 235 
Total deferred credits and other liabilities2,895 2,707 
Total Liabilities6,223 6,136 
Total Stockholders' Equity (See accompanying statements)
6,698 6,521 
Total Liabilities and Stockholders' Equity$12,921 $12,657 
The accompanying notes as they relate to Southern Power are an integral part of these condensed consolidated financial statements.
35
    Table of Contents                                Index to Financial Statements
SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)
Total Common
Stockholder's Equity
Noncontrolling InterestsTotal
(in millions)
Balance at December 31, 2024$1,306 $1,912 $(2)$3,216 $3,466 $6,682 
Net income (loss)— 87 — 87 (64)23 
Capital contributions from parent company130 — — 130 — 130 
Other comprehensive income— — 2 2 — 2 
Cash dividends on common stock— (70)— (70)— (70)
Capital contributions from
   noncontrolling interests		— — — — 19 19 
Distributions to noncontrolling interests— — — — (37)(37)
Balance at March 31, 2025$1,436 $1,929 $— $3,365 $3,384 $6,749 
Net income (loss)— 51 — 51 (27)24 
Capital contributions from parent company16 — — 16 — 16 
Other comprehensive income— — 2 2 — 2 
Cash dividends on common stock— (69)— (69)— (69)
Capital contributions from
   noncontrolling interests		— — — — 4 4 
Distributions to noncontrolling interests— — — — (33)(33)
Other— (1)— (1)— (1)
Balance at June 30, 2025$1,452 $1,910 $2 $3,364 $3,328 $6,692 
Net income (loss)— 3 — 3 (4)(1)
Capital contributions from parent company12 — — 12 — 12 
Other comprehensive income (loss)— — (5)(5)— (5)
Cash dividends on common stock— (70)— (70)— (70)
Distributions to noncontrolling interests— — — — (52)(52)
Other— 1 — 1 — 1 
Balance at September 30, 2025$1,464 $1,844 $(3)$3,305 $3,272 $6,577 
The accompanying notes as they relate to Southern Power are an integral part of these condensed consolidated financial statements.








36
    Table of Contents                                Index to Financial Statements
SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

Paid-In
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total Common
Stockholders' Equity		Noncontrolling InterestsTotal
(in millions)
Balance at December 31, 2025$1,912 $1,758 $— $3,670 $2,851 $6,521 
Net income (loss)— 4 — 4 (18)(14)
Other comprehensive income— — 2 2 — 2 
Cash dividends on common stock— (72)— (72)— (72)
Capital contributions from
   noncontrolling interests		— — — — 4 4 
Distributions to noncontrolling interests— — — — (46)(46)
Other(1)1 — — (1)(1)
Balance at March 31, 2026$1,911 $1,691 $2 $3,604 $2,790 $6,394 
Net income (loss)— (25)— (25)14 (11)
Capital contributions from parent company465 — — 465 — 465 
Other comprehensive income (loss)— — (3)(3)— (3)
Cash dividends on common stock— (71)— (71)— (71)
Distributions to noncontrolling interests— — — — (32)(32)
Other1 (1)— — — — 
Balance at June 30, 2026$2,377 $1,594 $(1)$3,970 $2,772 $6,742 
Net income— 52 — 52 28 80 
Other comprehensive income (loss)— — (1)(1)— (1)
Cash dividends on common stock— (72)— (72)— (72)
Distributions to noncontrolling interests— — — — (51)(51)
Other(1)— — (1)1 — 
Balance at September 30, 2026$2,376 $1,574 $(2)$3,948 $2,750 $6,698 
The accompanying notes as they relate to Southern Power are an integral part of these condensed consolidated financial statements.
37
    Table of Contents                                Index to Financial Statements

SOUTHERN COMPANY GAS AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
(in millions)(in millions)
Operating Revenues:
Natural gas revenues (includes revenue taxes of
    $13, $12, $108, and $102, respectively)
$773 $734 $3,930 $3,552 
Total operating revenues773 734 3,930 3,552 
Operating Expenses:
Cost of natural gas99 116 1,201 1,046 
Other operations and maintenance346 314 1,030 929 
Depreciation and amortization196 176 565 517 
Taxes other than income taxes52 48 218 206 
Total operating expenses693 654 3,014 2,698 
Operating Income80 80 916 854 
Other Income and (Expense):
Earnings from equity method investments31 31 108 93 
Interest expense, net of amounts capitalized(107)(94)(313)(277)
Other income (expense), net25 14 66 48 
Total other income and (expense)(51)(49)(139)(136)
Earnings Before Income Taxes29 31 777 718 
Income taxes8 6 184 169 
Net Income$21 $25 $593 $549 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
(in millions)(in millions)
Net Income$21 $25 $593 $549 
Other comprehensive loss:
Qualifying hedges:
Changes in fair value, net of tax of
   $(2), $(3), $(1), and $(1), respectively
(6)(8)(4)(2)
Reclassification adjustment for amounts included in net income,
   net of tax of $1, $—, $(1), and $1, respectively
2 1 (2)1 
Pension and other postretirement benefit plans:
Reclassification adjustment for amounts included in net income,
   net of tax of $—, $—, $(1), and $—, respectively
— — (1)(1)
Total other comprehensive loss(4)(7)(7)(2)
Comprehensive Income$17 $18 $586 $547 
The accompanying notes as they relate to Southern Company Gas are an integral part of these condensed consolidated financial statements.
38
    Table of Contents                                Index to Financial Statements
SOUTHERN COMPANY GAS AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the Nine Months Ended September 30,
20262025
(in millions)
Operating Activities:
Net income$593 $549 
Adjustments to reconcile net income to net cash provided from operating activities —
Depreciation and amortization, total559 512 
Deferred income taxes113 188 
Other, net6 — 
Changes in certain current assets and liabilities —
-Receivables521 328 
-Natural gas for sale, net of temporary LIFO liquidation(26)(27)
-Natural gas cost under recovery(28)(18)
-Other current assets(23)(8)
-Accounts payable(187)(103)
-Natural gas cost over recovery68 (30)
-Other current liabilities(71)(13)
Net cash provided from operating activities1,525 1,378 
Investing Activities:
Property additions(1,359)(1,207)
Contributions in aid of construction49 28 
Cost of removal, net of salvage(67)(70)
Change in construction payables, net53 45 
Capital contributions to unconsolidated subsidiaries(153)(43)
Returned investment in unconsolidated subsidiaries17 128 
Other investing activities(1)— 
Net cash used for investing activities(1,461)(1,119)
Financing Activities:
Decrease in notes payable, net(208)(312)
Proceeds —
       Senior notes550 850 
       Other long-term debt500 — 
Redemptions —
Senior notes(350)— 
         First mortgage bonds(150)(50)
Return of capital to parent company— (23)
Capital contributions from parent company36 40 
Payment of common stock dividends(422)(446)
Other financing activities(19)(16)
Net cash provided from (used for) financing activities(63)43 
Net Change in Cash, Cash Equivalents, and Restricted Cash1 302 
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period15 44 
Cash, Cash Equivalents, and Restricted Cash at End of Period$16 $346 
Supplemental Cash Flow Information:
Cash paid during the period for —
Interest (net of $9 and $12 capitalized for 2026 and 2025, respectively)
$338 $297 
Income taxes, net85 16 
Noncash transactions —
Accrued property additions at end of period165 87 
Right-of-use assets obtained under operating leases1 60 
Return of capital to parent company— 33 
The accompanying notes as they relate to Southern Company Gas are an integral part of these condensed consolidated financial statements.
39
    Table of Contents                                Index to Financial Statements
SOUTHERN COMPANY GAS AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

AssetsAt September 30, 2026At December 31, 2025
(in millions)
Current Assets:
Cash and cash equivalents$12 $15 
Receivables —
Customer accounts239 490 
Unbilled revenues65 341 
Other accounts and notes68 57 
Accumulated provision for uncollectible accounts(53)(50)
Materials and supplies58 62 
Natural gas for sale419 396 
Prepaid expenses28 26 
Other regulatory assets171 114 
Other current assets53 66 
Total current assets1,060 1,517 
Property, Plant, and Equipment:
In service25,074 24,098 
Less: Accumulated depreciation6,553 6,273 
Plant in service, net of depreciation18,521 17,825 
Construction work in progress1,082 863 
Total property, plant, and equipment19,603 18,688 
Other Property and Investments:
Goodwill5,015 5,015 
Equity investments in unconsolidated subsidiaries1,296 1,182 
Other intangible assets, net of amortization of $181 and $179, respectively
1 3 
Miscellaneous property and investments24 24 
Total other property and investments6,336 6,224 
Deferred Charges and Other Assets:
Operating lease right-of-use assets, net of amortization77 85 
Prepaid pension and other postretirement benefit costs307 229 
Other regulatory assets, deferred539 517 
Other deferred charges and assets134 127 
Total deferred charges and other assets1,057 958 
Total Assets$28,056 $27,387 
The accompanying notes as they relate to Southern Company Gas are an integral part of these condensed consolidated financial statements.

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SOUTHERN COMPANY GAS AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

Liabilities and Stockholder's EquityAt September 30, 2026At December 31, 2025
(in millions)
Current Liabilities:
Securities due within one year$185 $531 
Notes payable217 425 
Accounts payable —
Affiliated67 70 
Other447 553 
Customer deposits87 75 
Accrued taxes79 107 
Accrued interest75 100 
Accrued compensation136 137 
Natural gas cost over recovery225 158 
Other regulatory liabilities17 36 
Other current liabilities120 110 
Total current liabilities1,655 2,302 
Long-Term Debt9,600 8,743 
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes2,080 1,971 
Deferred credits related to income taxes661 681 
Employee benefit obligations134 78 
Operating lease obligations118 123 
Other cost of removal obligations2,002 1,921 
Accrued environmental remediation231 207 
Other deferred credits and liabilities241 234 
Total deferred credits and other liabilities5,467 5,215 
Total Liabilities16,722 16,260 
Common Stockholder's Equity (See accompanying statements)
11,334 11,127 
Total Liabilities and Stockholder's Equity$28,056 $27,387 
The accompanying notes as they relate to Southern Company Gas are an integral part of these condensed consolidated financial statements.
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SOUTHERN COMPANY GAS AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY (UNAUDITED)

Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)		Total
(in millions)
Balance at December 31, 2024$10,863 $85 $48 $10,996 
Net income— 418 — 418 
Return of capital to parent company(56)— — (56)
Capital contributions from parent company3 — — 3 
Other comprehensive income— — 12 12 
Cash dividends on common stock— (149)— (149)
Other— 1 — 1 
Balance at March 31, 2025$10,810 $355 $60 $11,225 
Net income— 106 — 106 
Capital contributions from parent company23 — — 23 
Other comprehensive income (loss)— — (7)(7)
Cash dividends on common stock— (148)— (148)
Other— (1)— (1)
Balance at June 30, 2025$10,833 $312 $53 $11,198 
Net income— 25 — 25 
Capital contributions from parent company21 — — 21 
Other comprehensive income (loss)— — (7)(7)
Cash dividends on common stock— (149)— (149)
Other— 1 — 1 
Balance at September 30, 2025$10,854 $189 $46 $11,089 
Balance at December 31, 2025$10,854 $222 $51 $11,127 
Net income— 447 — 447 
Capital contributions from parent company1 — — 1 
Other comprehensive income (loss)— — (2)(2)
Cash dividends on common stock— (141)— (141)
Other— 1 — 1 
Balance at March 31, 2026$10,855 $529 $49 $11,433 
Net income— 126 — 126 
Capital contributions from parent company24 — — 24 
Other comprehensive income (loss)— — (1)(1)
Cash dividends on common stock— (140)— (140)
Other— (1)— (1)
Balance at June 30, 2026$10,879 $514 $48 $11,441 
Net income— 21 — 21 
Capital contributions from parent company17 — — 17 
Other comprehensive income (loss)— — (4)(4)
Cash dividends on common stock— (141)— (141)
Other— (1)1 — 
Balance at September 30, 2026$10,896 $393 $45 $11,334 
The accompanying notes as they relate to Southern Company Gas are an integral part of these condensed consolidated financial statements.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR
THE SOUTHERN COMPANY AND SUBSIDIARY COMPANIES
ALABAMA POWER COMPANY
GEORGIA POWER COMPANY
MISSISSIPPI POWER COMPANY
SOUTHERN POWER COMPANY AND SUBSIDIARY COMPANIES
SOUTHERN COMPANY GAS AND SUBSIDIARY COMPANIES
(UNAUDITED)


INDEX TO THE NOTES TO THE CONDENSED FINANCIAL STATEMENTS
NotePage
A
44
B
47
C
53
D
55
E
62
F
63
G
69
H
71
I
74
J
78
K
88
L
90



INDEX TO APPLICABLE NOTES TO FINANCIAL STATEMENTS BY REGISTRANT
The following unaudited notes to the condensed financial statements are a combined presentation; however, information contained herein relating to any individual Registrant is filed by such Registrant on its own behalf and each Registrant makes no representation as to information related to the other Registrants. The table below indicates the Registrants to which each note applies.

Applicable Notes
RegistrantABCDEFGHIJKL
Southern Companyllllllllllll
Alabama Powerllllllllll
Georgia Powerllllllllll
Mississippi Powerllllllllll
Southern Powerlllllllllll
Southern Company Gaslllllllllll
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)
(A) INTRODUCTION
The condensed quarterly financial statements of each Registrant included herein have been prepared by such Registrant, without audit, pursuant to the rules and regulations of the SEC. The Condensed Balance Sheets at December 31, 2025 have been derived from the audited financial statements of each Registrant. In the opinion of each Registrant's management, the information regarding such Registrant furnished herein reflects all adjustments, which, except as otherwise disclosed, are of a normal recurring nature, necessary to present fairly the results of operations for the periods ended September 30, 2026 and 2025. Certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although each Registrant believes that the disclosures regarding such Registrant are adequate to make the information presented not misleading. Disclosures which would substantially duplicate the disclosures in the Form 10-K and details which have not changed significantly in amount or composition since the filing of the Form 10-K are generally omitted from this Quarterly Report on Form 10-Q unless specifically required by GAAP. Therefore, these Condensed Financial Statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K. Due to the seasonal variations in the demand for energy and other factors, operating results for the periods presented are not necessarily indicative of the operating results to be expected for the full year.
The preparation of financial statements in conformity with GAAP requires the use of estimates, and the actual results may differ from those estimates. Certain prior year data presented in the financial statements have been reclassified to conform to the current year presentation. These reclassifications had no impact on the overall results of operations, financial position, or cash flows of any Registrant.
Goodwill and Other Intangible Assets
Goodwill at both September 30, 2026 and December 31, 2025 was as follows:
Goodwill
(in millions)
Southern Company$5,161 
Southern Company Gas:
Gas distribution operations$4,034 
Gas marketing services981 
Southern Company Gas total$5,015 
Goodwill is not amortized but is subject to an annual impairment test during the fourth quarter of each year, or more frequently if goodwill impairment indicators exist.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Other intangible assets were as follows:
At September 30, 2026At December 31, 2025
Gross
Carrying
Amount		Accumulated
Amortization		Other
Intangible
Assets,
Net		Gross
Carrying
Amount		Accumulated
Amortization		Other
Intangible
Assets,
Net
(in millions)(in millions)
Southern Company
Subject to amortization:
Customer relationships$212 $(193)$19 $212 $(189)$23 
Trade names64 (64)— 64 (64)— 
PPA fair value adjustments390 (203)187 390 (188)202 
Other3 (3)— 3 (3)— 
Total subject to amortization$669 $(463)$206 $669 $(444)$225 
Not subject to amortization:
FCC licenses75 — 75 75 — 75 
Total other intangible assets$744 $(463)$281 $744 $(444)$300 
Southern Power(*)
PPA fair value adjustments$390 $(203)$187 $390 $(188)$202 
Southern Company Gas(*)
Gas marketing services
Customer relationships$156 $(155)$1 $156 $(153)$3 
Trade names26 (26)— 26 (26)— 
Total other intangible assets$182 $(181)$1 $182 $(179)$3 
(*)All subject to amortization.
Amortization associated with other intangible assets was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in millions)
Southern Company(a)
$6 $8 $19 $24 
Southern Power(b)
5 5 15 15 
Southern Company Gas
Gas marketing services— 2 2 5 
(a)Includes $5 million for the three months ended September 30, 2026 and 2025 and $15 million for the nine months ended September 30, 2026 and 2025 recorded as a reduction to operating revenues.
(b)Recorded as a reduction to operating revenues.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Cash, Cash Equivalents, and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed balance sheets that total to the amount shown in the condensed statements of cash flows for the applicable Registrants:
Southern CompanySouthern
Company Gas
(in millions)
At September 30, 2026
Cash and cash equivalents$1,740 $12 
Restricted cash(a):
Other current assets
5 4 
Total cash, cash equivalents, and restricted cash(b)
$1,745 $16 
At December 31, 2025
Cash and cash equivalents$1,639 $15 
Restricted cash(a):
Other current assets
1 — 
Total cash, cash equivalents, and restricted cash(b)
$1,640 $15 
(a)For Southern Company Gas, reflects funds held to support letters of credit. For Southern Company, also reflects collateral for life insurance and long-term disability insurance held at Southern Holdings.
(b)Total may not add due to rounding.
Natural Gas for Sale
With the exception of Nicor Gas, Southern Company Gas records natural gas inventories on a weighted average cost basis. For any declines in market prices below the weighted average cost considered to be non-temporary, an adjustment is recorded to reduce the value of natural gas inventories to market value. Nicor Gas' natural gas inventory is carried at cost on a LIFO basis. Inventory decrements occurring during the year that are restored prior to year-end are charged to cost of natural gas at the estimated average replacement cost. Inventory decrements that are not restored prior to year-end are charged to cost of natural gas at the actual LIFO cost of the inventory layers liquidated.
Southern Company Gas recorded no material adjustments to natural gas inventories for either period presented. Nicor Gas' inventory decrements that occurred during the year have been restored as of September 30, 2026.
Asset Retirement Obligations
See BUSINESS – "Regulation – Federal Power Act" in Item 1 and Note 6 to the financial statements in Item 8 of the Form 10-K for additional information.
On April 16, 2026, the FERC issued a surrender order for Georgia Power's Langdale and Riverview hydroelectric projects, which includes dam removal obligations and other post-dam removal activities. As a result, in June 2026, Georgia Power recorded AROs of $46 million.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
(B) REGULATORY MATTERS
See Note 2 to the financial statements in Item 8 of the Form 10-K for additional information relating to regulatory matters.
The recovery balances for retail fuel and storm/property damage for the traditional electric operating companies and natural gas cost for Southern Company Gas at September 30, 2026 and December 31, 2025 were as follows:
Recovery/Regulatory ClauseBalance Sheet LocationAt September 30, 2026At December 31, 2025
(in millions)
Alabama Power
Rate ECROther regulatory assets, deferred$285 $146 
NDROther regulatory liabilities, deferred37 60 
Georgia Power
Fuel cost recovery
Receivables – under recovered retail fuel clause revenues
$162 $310 
Deferred under recovered retail fuel clause revenues90 212 
Storm damage recoveryOther regulatory assets, current187 31 
Other regulatory assets, deferred696 880 
Mississippi Power
Fuel cost recovery(*)
Receivables – under recovered retail fuel clause revenues$31 $— 
Deferred under recovered retail fuel clause revenues— 40 
Property damage reserveOther regulatory liabilities, deferred58 57 
Southern Company Gas
Natural gas cost recoveryNatural gas cost over recovery$225 $158 
(*)Mississippi Power also has wholesale MRA and Market Based (MB) fuel cost recovery factors. At September 30, 2026 and December 31, 2025, wholesale MRA fuel cost under recovery was $3 million and $6 million, respectively, and was included in customer accounts receivable, net on Mississippi Power's balance sheets. The wholesale MB fuel cost recovery was immaterial for both periods presented.
Alabama Power
Power to the People Act
In December 2025, the Alabama PSC issued a consent order to keep retail rates stable through 2027. On April 2, 2026, the State of Alabama enacted legislation (Power to the People Act) providing that retail base rates established and in place on October 1, 2026 may not be increased before January 1, 2029 for utilities that are regulated by the Alabama PSC and that provide retail electric service. The ultimate outcome of this matter cannot be determined at this time.
Renewable Generation Certificate
On August 4, 2026, the Alabama PSC approved Alabama Power's Clearview Ranch Project under the Renewable Generation Certificate (RGC) program. The Clearview Ranch Project consists of an Alabama Power-owned 200-MW solar generating facility paired with a 200-MW battery energy storage system with a two-hour duration. The facility's projected COD is the second quarter 2029. Through September 30, 2026, Alabama Power has procured solar capacity totaling approximately 870 MWs under the RGC.
Rate CNP New Plant
On November 4, 2026, in conjunction with a Rate CNP New Plant filing, Alabama Power requested authorization from the Alabama PSC to defer until 2029 the recovery of the costs associated with the Lindsay Hill Generating Station to reconcile the timing of that recovery with the apparent intent of the Power to the People Act. In this filing,
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Alabama Power proposed providing bill credits to retail customers during 2028 to offset any rate impact of the previously approved cost recovery associated with the Lindsay Hill Generating Station through Rate CNP New Plant beginning January 2028. Alabama Power also proposed establishing a regulatory asset for the associated costs in 2028 to be recovered over a five-year period starting in 2029 in order to effectuate the previously approved cost recovery. The ultimate outcome of this matter cannot be determined at this time. See "Power to the People Act" herein and Note 15 to the financial statements under "Alabama Power" in Item 8 of the Form 10-K for additional information.
Reliability Reserve Accounting Order
In its annual Rate RSE filing, Alabama Power notified the Alabama PSC of its plans to use $60 million of its reliability reserve. During the first nine months of 2026, Alabama Power utilized $60 million of its reliability reserve for reliability-related transmission, distribution, and generation expenses. At September 30, 2026, Alabama Power's reliability reserve balance was $124 million.
Environmental Accounting Order
As a result of the planned conversion of Plant Barry Unit 5 from coal to natural gas, the unit's net book value no longer meets the criteria to be considered probable of abandonment, and, in the first quarter 2026, approximately $307 million was reclassified from other utility plant, net to plant in service on Alabama Power's and Southern Company's balance sheets.
Potential Cost Exposure Petition
In addition to comprehensive pricing, early termination fees, and security features such as guarantees or surety bonds, Alabama Power has included in certain electric service contracts an Incremental Revenue Component (IRC) designed to further help mitigate Potential Cost Exposure (PCE) associated with expected incremental investments. On October 16, 2026, Alabama Power filed a petition with the Alabama PSC seeking authorization to establish a regulatory liability effective October 1, 2026 for future PCE to align with the IRC.
Alabama Power proposed in this petition that when the IRC amounts are billed, Alabama Power would identify a corresponding amount of PCE and record that amount as a regulatory liability, with a corresponding charge to amortization. This would allow Alabama Power to establish a regulatory liability to mitigate PCE when and if it materializes while the related IRC amounts are billed. Once risk mitigation thresholds are achieved, Alabama Power would begin systematically reducing the regulatory liability with a corresponding credit to amortization.
The ultimate outcome of this matter cannot be determined at this time.
Georgia Power
Integrated Resource Plans
Certification Requests
On March 25, 2026, Georgia Interfaith Power & Light, Park Avenue Baptist Church, Unitarian Universalist Church of Savannah, Sierra Club, Adrien Webber, and Southern Alliance for Clean Energy filed a petition with the Fulton County Superior Court appealing the Georgia PSC's December 19, 2025 approval of Georgia Power's request for certification of resources totaling 9,885 MWs (2025 All-Source Certification). The petition requests a reversal of the 2025 All-Source Certification, including a decertification of at least 757 MWs of resources. Georgia Power intervened in the proceeding, and both the Georgia PSC and Georgia Power filed motions to dismiss on April 24, 2026 and June 23, 2026, respectively. Georgia Power believes the appeal has no merit; however, the ultimate outcome of this matter cannot be determined at this time.
On June 2, 2026, the FERC approved two affiliate PPAs with Southern Power procured under the 2022 IRP. These affiliate PPAs commenced in June 2026 with capacities of 638 MWs and 74 MWs. See Note (F) under "Georgia Power Lease Modification" for additional information.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
On August 26, 2026, as a result of additional large load contracts, Georgia Power filed a joint statement with the Georgia PSC Staff in which Georgia Power agreed to increase the amount of downward pressure on rates for non-large load customers to be included in its next base rate case to at least $949 million per year, on a levelized basis, for the years 2029, 2030, and 2031. Georgia Power also agreed that it will not seek recovery from non-large load customers for any revenue deficiency associated with serving large load data center customers in the event of an early contract termination. The Georgia PSC will continue to have discretion to allow recovery of any such revenue deficiency, including the allocation to other large load data center customers.
Nuclear Uprates
On October 6, 2026, the Georgia PSC approved Georgia Power's request to uprate Plant Hatch Units 1 and 2 (900 MWs based on 50.1% ownership) by a projected 49 MWs of incremental capacity. Additionally, the Georgia PSC approved a tariff for new large load customers to purchase zero-emission credits produced by the projected 47 MWs of uprates from Plant Vogtle Units 1 and 2 (1,060 MWs based on 45.7% ownership), previously approved in the 2025 IRP, and the projected 49 MWs of uprates from Plant Hatch Units 1 and 2. Under the tariff, the customer will pay an up-front program enrollment contribution for the right to participate in the program and additional payments throughout the term of the program to purchase zero-emission credits as they become available, both of which will reduce cost impacts of the uprates to non-subscribing customers. All of the expected zero-emission credits from the uprates under the tariff have been fully subscribed and contracted for a 25-year term beginning with the COD of the first unit uprate. CODs for the incremental capacity at the nuclear facilities are projected to occur between the first quarter 2028 and the second quarter 2031.
2025 IRP
Pursuant to the final order for Georgia Power's 2025 IRP, on June 9, 2026, Georgia Power initiated a request for proposals for 2,000 MWs to 6,000 MWs of capacity resources with projected CODs or delivery commencement dates in 2032 and 2033.
Fuel Cost Recovery
On each of March 13, 2026, April 15, 2026, and May 14, 2026, Georgia Power filed an Interim Fuel Rider (IFR) notification and plan informing the Georgia PSC that Georgia Power's under recovered fuel balance accumulated since May 31, 2023 exceeded $200 million, as established in a Georgia PSC stipulation approved in 2023, as of February 28, 2026, March 31, 2026, and April 30, 2026, respectively. Georgia Power did not propose a fuel cost recovery rate change pursuant to these IFR notifications and plans.
On May 28, 2026, the Georgia PSC approved a stipulation among Georgia Power, the staff of the Georgia PSC, and certain intervenors to decrease annual fuel billings by 12.9%, or approximately $394 million, effective June 1, 2026. Under the approved stipulation, Georgia Power is required to file for an adjustment to its fuel cost recovery rates under an IFR prior to the next fuel case, subject to a maximum 40% cumulative change, if its under or over recovered fuel balance accumulated since May 31, 2026 exceeds $300 million. Within 30 days of the filing, the Georgia PSC will approve, modify, or reject any proposed fuel cost recovery rate adjustment. Georgia Power is scheduled to file its next fuel case no later than February 28, 2029. Changes in fuel rates have no significant effect on Georgia Power's net income but impact the related operating cash flows.
Real-Time Pricing Proceedings
In the third quarter 2026, the Georgia PSC commenced a proceeding to review the methodology for assigning a portion of the revenue charged to the variable demand-driven pricing customers to fuel cost recovery revenues. A decision by the Georgia PSC is expected on December 15, 2026. The ultimate impact of this matter cannot be determined at this time.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Storm Damage Recovery
On May 28, 2026, the Georgia PSC approved a stipulation among Georgia Power, the staff of the Georgia PSC, and certain intervenors regarding Georgia Power's recovery of storm restoration costs. Under the stipulation, the Georgia PSC approved the following:
•Recovery of $31 million annually for storm restoration costs incurred after December 31, 2025.
•Recovery of Georgia Power's adjusted regulatory asset balance totaling $869 million, as determined through the proceedings and stipulation, related to storm damage as of December 31, 2025 over a period of 67 months from June 1, 2026 through December 31, 2031, or approximately $156 million annually.
Additionally, the stipulation provided for the treatment of the Internal Revenue Code §45U PTCs generated from Georgia Power's nuclear generating facilities in 2024 and 2025, in which Georgia Power agreed to use $77 million of these tax credits for the benefit of customers.
Construction
At September 30, 2026, Georgia Power had recorded approximately $5.0 billion of combined capital costs, excluding AFUDC, for the projects reflected in the table below approved by the Georgia PSC through the 2023 IRP Update and certification requests in September and December 2025 authorized through its 2022 IRP. The total
50
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
certified amounts related to these projects are approximately $19.5 billion, excluding AFUDC. The ultimate outcome of these matters cannot be determined at this time.
Resource/Project
Approximate Nameplate Capacity
(MW)
Actual/Projected COD
Projects Under Construction at September 30, 2026
Battery Energy Storage
Hammond Phase 158
   October 2026(a)
Hammond Phase 2193Fourth quarter 2030
Twiggs County200Fourth quarter 2027
Wadley260Fourth quarter 2027
Bowen Phase 1
250Fourth quarter 2028
Bowen Phase 2
250Fourth quarter 2029
South Hall250Fourth quarter 2028
Wansley
500Fourth quarter 2028
Yates Phase 1
320Fourth quarter 2028
Yates Phase 2
250Fourth quarter 2028
Thomson500Fourth quarter 2029
McIntosh
250Fourth quarter 2030
Solar with Battery Energy Storage
Laurens County 200Fourth quarter 2028
Plant Mitchell 150Fourth quarter 2028
Combined Cycle
Plant Bowen Unit 7741Fourth quarter 2029
Plant Bowen Unit 8741Second quarter 2030
Plant Wansley Unit 10727Fourth quarter 2029
Plant Wansley Unit 11727Second quarter 2030
Plant McIntosh Unit 12757Fourth quarter 2030
Combustion Turbine
Plant Yates Unit 8(b)
442
   First quarter 2027(c)
Plant Yates Unit 9(b)
442Second quarter 2027
Plant Yates Unit 10(b)
442Third quarter 2027
Projects Completed During the Nine Months Ended September 30, 2026
Battery Energy Storage
Robins
128March 2026
Moody50April 2026
McGrau Ford Phase 1265August 2026
McGrau Ford Phase 2265August 2026
(a)Subsequent to September 30, 2026, Georgia Power completed the construction of the 58-MW Hammond Phase 1 battery energy storage facility.
(b)Pursuant to the 2023 IRP Update, cost recovery over the certified amount is limited.
(c)Reflects an updated projected COD. Georgia Power projects that the total combined capital costs for Plant Yates Units 8 through 10, excluding AFUDC, will remain within the amount certified by the Georgia PSC.
Mississippi Power
Performance Evaluation Plan
On June 18, 2026, the Mississippi PSC approved Mississippi Power's annual retail PEP Evaluation Report for 2026, resulting in an annual increase in revenues of approximately 1.8%, or $20 million, primarily due to increases in
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
investment and depreciation. In accordance with the PEP rate schedule, the increase became effective with the first billing cycle of January 2026.
Integrated Resource Plans
On March 9, 2026, in compliance with its IRP requirements, Mississippi Power submitted its mid-point update to its 2024 IRP to the Mississippi PSC, indicating that the retirement dates of Plant Daniel Unit 2 and Plant Watson Unit 4 will extend beyond 2028.
On July 7, 2026, the Mississippi PSC approved a request from Mississippi Power to convert either Plant Daniel Unit 1 or Unit 2 from a coal-fired unit to a natural gas-fired unit. Conversion of the declared unit is projected to be completed in 2029.
The remaining net book value of Plant Daniel Units 1 and 2 was approximately $476 million at September 30, 2026, and Mississippi Power is continuing to depreciate these units using approved rates. Until a unit is declared to be converted, Mississippi Power is unable to determine what portion of the net book value will remain in service upon a unit conversion. Mississippi Power expects to reclassify the remaining net book value of assets no longer in service upon a unit conversion or retirement to a regulatory asset to be amortized over a period to be determined by the Mississippi PSC in future proceedings, consistent with a 2020 order. The ultimate outcome of this matter cannot be determined at this time.
Environmental Compliance Overview Plan
On April 14, 2026, the Mississippi PSC approved Mississippi Power's annual ECO Plan filing for 2026, resulting in a $2 million annual increase in revenues effective with the first billing cycle of May 2026.
Ad Valorem Tax Adjustment
On August 4, 2026, the Mississippi PSC approved Mississippi Power's annual ad valorem tax adjustment filing for 2026, resulting in a $7 million annual revenue increase effective with the first billing cycle of September 2026. This increase is not expected to have a significant effect on Mississippi Power's net income but will affect operating cash flows.
System Restoration Rider
On June 18, 2026, the Mississippi PSC approved Mississippi Power's annual SRR filing for 2026, with no change in retail rates. Mississippi Power's minimum annual SRR accrual increased from $13.5 million to $13.7 million.
Reliability Reserve Accounting Order
On March 16, 2026, through its annual PEP Evaluation Report, Mississippi Power notified the Mississippi PSC of its intent to use a portion of its $59 million retail reliability reserve balance during 2026. On June 18, 2026, the Mississippi PSC approved the annual PEP filing which allowed for the use of approximately $7 million of the reliability reserve balance, which Mississippi Power utilized for reliability-related generation, transmission, and distribution expenses during the first six months of 2026. At September 30, 2026, Mississippi Power's retail reliability reserve balance was $52 million. See "Performance Evaluation Plan" herein for information regarding Mississippi Power's annual PEP filing.
Excess Accumulated Deferred Income Tax Accounting Order
On June 18, 2026, the Mississippi PSC approved approximately $21 million associated with certain federal excess accumulated deferred income taxes resulting from the Tax Reform Legislation to be credited back to customers over an 18-month period starting with the first billing cycle of July 2026.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Southern Company Gas
Rate Proceedings
Nicor Gas
On June 16, 2026, in connection with Nicor Gas' 2023 general base rate case proceeding, the Illinois Appellate Court determined that the Illinois Commission did not provide sufficient support for its disallowance of $43 million of Nicor Gas' planned capital investments that were expected to be completed by December 31, 2024. As the disallowance related to planned capital investments for which costs had not yet been incurred, it was not included in the pre-tax charge to income recorded in 2023. This matter remains subject to further proceedings before the Illinois Commission and had no impact on the current period financial statements. The ultimate outcome of this matter cannot be determined at this time.
On July 21, 2026, Nicor Gas filed a petition for leave to appeal with the Illinois Supreme Court related to the capital structure approved in Nicor Gas' 2023 general base rate case proceeding. On September 30, 2026, the Illinois Supreme Court denied Nicor Gas' petition. This matter is now concluded.
On September 8, 2026, Nicor Gas, the staff of the Illinois Commission, and certain other parties entered into a stipulation to resolve Nicor Gas' general base rate case filed on January 9, 2026. On October 15, 2026, the Illinois Commission entered an order approving the stipulation, which provides for an annual base rate revenue increase of approximately $82 million, an ROE of 9.48%, and an equity ratio of 50%, effective November 16, 2026. Under the stipulation, Nicor Gas has agreed that once the order approving the stipulation becomes final, including the resolution of any rehearing requests, it will file a motion to dismiss its pending appeal of the Illinois Commission's November 19, 2025 base rate case decision. The order remains subject to rehearing requests and related procedural actions. The ultimate outcome of this matter cannot be determined at this time.
Virginia Natural Gas
On August 4, 2026, Virginia Natural Gas filed a base rate case with the Virginia Commission seeking an increase in annual base revenues of $67 million, including $18 million related to the recovery of investments under the SAVE program. The requested increase is based on a projected 12-month period beginning January 1, 2027, an ROE of 10.45%, and an equity ratio of 54.86%. Rate adjustments will be effective January 1, 2027, subject to refund. The Virginia Commission is expected to issue an order on the requested increase in the third quarter 2027. The ultimate outcome of this matter cannot be determined at this time.
(C) CONTINGENCIES
See Note 3 to the financial statements in Item 8 of the Form 10-K for information relating to various lawsuits and other contingencies.
General Litigation Matters
The Registrants are involved in various matters being litigated and regulatory matters. The ultimate outcome of such pending or potential litigation or regulatory matters against each Registrant and any subsidiaries cannot be determined at this time; however, for current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings would have a material effect on such Registrant's financial statements.
The Registrants intend to dispute the allegations raised in and vigorously defend against the pending legal challenges discussed below; however, the ultimate outcome of each of these matters cannot be determined at this time.
Southern Company
In July 2025, a purported class action complaint was filed in the U.S. District Court for the District of Maryland against two nuclear consulting companies and all U.S. commercial nuclear power operators, or affiliated entities,
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(UNAUDITED)
including Southern Company. The purported class of plaintiffs includes all persons employed in nuclear power generation by the defendants, including nuclear operators, nuclear engineers, and nuclear technicians, from May 1, 2003 to the present. The complaint alleges that, since at least May 2003, the nuclear power industry conspired to fix and suppress employee compensation for nuclear power generation employees in violation of federal antitrust law. Although not named as defendants, other entities are accused of having participated in the conspiracy alleged by the plaintiffs. The plaintiffs seek to recover, among other relief, unspecified monetary damages, including treble damages and attorneys' fees, and injunctive relief. In October 2025, Southern Company moved to dismiss the complaint. In November 2025, the plaintiffs filed an amended complaint naming Southern Nuclear, among others, as a defendant. In December 2025, Southern Company and Southern Nuclear filed a motion to dismiss the amended complaint. On August 5, 2026, the court dismissed the plaintiffs' amended complaint without prejudice. On October 8, 2026, the plaintiffs filed a second amended complaint, which included new allegations that the defendants fraudulently concealed the alleged conspiracy and added a new defendant. An adverse outcome could have a material impact on Southern Company's financial statements.
Alabama Power
In 2022, Mobile Baykeeper filed a citizen suit in the U.S. District Court for the Southern District of Alabama alleging that Alabama Power's plan to close the Plant Barry surface impoundment utilizing a closure-in-place methodology violates the Resource Conservation and Recovery Act (RCRA) and regulations governing CCR. Among other relief requested, Mobile Baykeeper sought a declaratory judgment that the RCRA and regulations governing CCR were being violated, preliminary and injunctive relief to prevent implementation of Alabama Power's closure plan, and the development of a closure plan that satisfies regulations governing CCR requirements. Later in 2022, Alabama Power filed a motion to dismiss the case. In 2024, the lawsuit was dismissed without prejudice by the U.S. District Court judge. Later in 2024, the U.S. District Court judge denied a motion to reconsider filed by the plaintiff, and the plaintiff filed a notice of appeal in the U.S. Court of Appeals for the Eleventh Circuit challenging the denial of the motion to reconsider the order of dismissal. On May 18, 2026, the U.S. Court of Appeals for the Eleventh Circuit overturned the dismissal and remanded the case to the U.S. District Court for further proceedings.
In 2023, the EPA issued a Notice of Potential Violations (NOPV) associated with Alabama Power's plan to close the Plant Barry surface impoundment. In 2024, Alabama Power reached a settlement with the EPA resolving two of the three allegations in the NOPV related to the groundwater monitoring system and the emergency action plan at the Plant Barry surface impoundment. The settlement did not resolve the EPA's allegation relating to Alabama Power's plan to close the Plant Barry surface impoundment. Alabama Power has affirmed to the EPA its position that it is in compliance with CCR requirements.
In July 2025, Coosa Riverkeeper filed a citizen suit in the U.S. District Court for the Northern District of Alabama alleging that Alabama Power's closure of the Plant Gadsden surface impoundment utilizing a closure-in-place methodology violates the RCRA and regulations governing CCR. Among other relief requested, Coosa Riverkeeper seeks declaratory judgment that Alabama Power is in violation of the RCRA and regulations governing CCR, and preliminary and injunctive relief to require Alabama Power to close the CCR unit and operate a groundwater monitoring system in a different manner to satisfy the RCRA and the regulations governing CCR requirements. In September 2025, Alabama Power filed a motion to dismiss the citizen suit.
These matters could have a material impact on Alabama Power's and Southern Company's financial statements, including ARO estimates and cash flows. See Note 6 to the financial statements in Item 8 of the Form 10-K for a discussion of Alabama Power's ARO liabilities.
Environmental Remediation
The Southern Company system must comply with environmental laws and regulations governing the handling and disposal of waste and releases of hazardous substances. Under these various laws and regulations, the Southern Company system could incur substantial costs to clean up affected sites. The traditional electric operating companies and the natural gas distribution utilities in Illinois and Georgia have each received authority from their
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(UNAUDITED)
respective state PSCs or other applicable state regulatory agencies to recover approved environmental remediation costs through regulatory mechanisms. These regulatory mechanisms are adjusted annually or as necessary within limits approved by the state PSCs or other applicable state regulatory agencies.
Georgia Power's environmental remediation liability was $15 million and $14 million at September 30, 2026 and December 31, 2025, respectively. Georgia Power has been designated or identified as a potentially responsible party at sites governed by the Georgia Hazardous Site Response Act and/or by the federal Comprehensive Environmental Response, Compensation, and Liability Act, and assessment and potential cleanup of such sites is expected.
Southern Company Gas' environmental remediation liability was $241 million and $227 million at September 30, 2026 and December 31, 2025, respectively, based on the estimated cost of environmental investigation and remediation at known former manufactured gas plant operating sites.
The ultimate outcome of these matters cannot be determined at this time; however, as a result of the regulatory treatment for environmental remediation expenses described above, the final disposition of these matters is not expected to have a material impact on the financial statements of the applicable Registrants.
(D) REVENUE FROM CONTRACTS WITH CUSTOMERS AND LEASE INCOME
Revenue from Contracts with Customers
The Registrants generate revenues from a variety of sources, some of which are not accounted for as revenue from contracts with customers, such as leases, derivatives, and certain cost recovery mechanisms. Included in the wholesale electric revenues of the traditional electric operating companies and Southern Power are revenues associated with affiliate transactions. These revenues are generated through long-term PPAs or short-term energy sales made in accordance with the IIC, as approved by the FERC. Amounts related to these affiliate revenues are eliminated in consolidation for Southern Company. See Note 1 to the financial statements under "Affiliate Transactions" and "Revenues" in Item 8 of the Form 10-K for additional information. See "Lease Income" herein and Note (J) for additional information on revenue accounted for under lease and derivative accounting guidance, respectively.
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(UNAUDITED)
The following table disaggregates revenue from contracts with customers for the three and nine months ended September 30, 2026 and 2025:
Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern
Power		Southern
Company
Gas
(in millions)
Three Months Ended September 30, 2026
Operating revenues
Retail electric revenues
Residential$2,953 $1,068 $1,773 $112 $— $— 
Commercial2,365 647 1,608 110 — — 
Industrial1,347 510 733 104 — — 
Other32 3 27 2 — — 
Total retail electric revenues6,697 2,228 4,141 328 — — 
Natural gas distribution revenues
Residential231 — — — — 231 
Commercial67 — — — — 67 
Transportation4 — — — — 4 
Industrial 347 — — — — 347 
Other59 — — — — 59 
Total natural gas distribution revenues708 — — — — 708 
Wholesale electric revenues
PPA energy revenues415 60 56 12 303 — 
PPA capacity revenues171 17 35 27 110 — 
Non-PPA revenues74 56 20 152 50 — 
Total wholesale electric revenues660 133 111 191 463 — 
Other natural gas revenues
Gas marketing services57 — — — — 57 
Other
1 — — — — 1 
Total other natural gas revenues
58 — — — — 58 
Other revenues462 59 204 8 6 — 
Total revenue from contracts with customers8,585 2,420 4,456 527 469 766 
Other revenue sources(*)
258 89 15 (30)230 7 
Total operating revenues$8,843 $2,509 $4,471 $497 $699 $773 
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(UNAUDITED)
Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern
Power		Southern
Company
Gas
(in millions)
Nine Months Ended September 30, 2026
Operating revenues
Retail electric revenues
Residential$6,962 $2,561 $4,130 $271 $— $— 
Commercial5,785 1,625 3,878 282 — — 
Industrial3,310 1,366 1,642 302 — — 
Other92 8 77 7 — — 
Total retail electric revenues16,149 5,560 9,727 862 — — 
Natural gas distribution revenues
Residential1,612 — — — — 1,612 
Commercial409 — — — — 409 
Transportation1,144 — — — — 1,144 
Industrial 35 — — — — 35 
Other270 — — — — 270 
Total natural gas distribution revenues3,470 — — — — 3,470 
Wholesale electric revenues
PPA energy revenues1,211 153 160 23 913 — 
PPA capacity revenues464 53 110 73 282 — 
Non-PPA revenues230 231 83 402 138 — 
Total wholesale electric revenues1,905 437 353 498 1,333 — 
Other natural gas revenues
Gas marketing services411 — — — — 411 
Other
6 — — — — 6 
Total other natural gas revenues
417 — — — — 417 
Other revenues1,421 199 664 35 13 — 
Total revenue from contracts with customers23,362 6,196 10,744 1,395 1,346 3,887 
Other revenue sources(*)
856 368 2 (23)568 43 
Total operating revenues$24,218 $6,564 $10,746 $1,372 $1,914 $3,930 
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(UNAUDITED)
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 $— $— 
Commercial2,074 614 1,358 102 — — 
Industrial1,195 481 620 94 — — 
Other32 3 27 2 — — 
Total retail electric revenues6,038 2,080 3,658 300 — — 
Natural gas distribution revenues
Residential236 — — — — 236 
Commercial65 — — — — 65 
Transportation316 — — — — 316 
Industrial 4 — — — — 4 
Other47 — — — — 47 
Total natural gas distribution revenues668 — — — — 668 
Wholesale electric revenues
PPA energy revenues373 81 58 3 246 — 
PPA capacity revenues180 32 40 16 109 — 
Non-PPA revenues106 42 23 150 59 — 
Total wholesale electric revenues659 155 121 169 414 — 
Other natural gas revenues
Gas marketing services56 — — — — 56 
Other
1 — — — — 1 
Total other natural gas revenues
57 — — — — 57 
Other revenues400 59 191 12 3 — 
Total revenue from contracts with customers7,822 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 
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(UNAUDITED)
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 $— $— 
Commercial5,400 1,599 3,539 262 — — 
Industrial3,127 1,304 1,560 263 — — 
Other94 8 79 7 — — 
Total retail electric revenues15,443 5,423 9,234 786 — — 
Natural gas distribution revenues
Residential1,475 — — — — 1,475 
Commercial357 — — — — 357 
Transportation1,053 — — — — 1,053 
Industrial 30 — — — — 30 
Other217 — — — — 217 
Total natural gas distribution revenues3,132 — — — — 3,132 
Wholesale electric revenues
PPA energy revenues1,097 193 192 8 739 — 
PPA capacity revenues478 89 113 50 276 — 
Non-PPA revenues235 139 43 384 180 — 
Total wholesale electric revenues1,810 421 348 442 1,195 — 
Other natural gas revenues
Gas marketing services394 — — — — 394 
Other
11 — — — — 11 
Total other natural gas revenues
405 — — — — 405 
Other revenues1,352 209 627 42 17 — 
Total revenue from contracts with customers22,142 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 
(*)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.
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(UNAUDITED)
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, 2026 and December 31, 2025:
Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern
Power		Southern
Company
Gas
(in millions)
Accounts Receivable
At September 30, 2026$3,545 $1,114 $1,716 $178 $142 $347 
At December 31, 20253,139 716 1,278 115 132 864 
Contract Assets
At September 30, 2026$472 $8 $296 $3 $— $68 
At December 31, 2025294 3 160 — — 67 
Contract Liabilities
At September 30, 2026$313 $11 $105 $— $2 $— 
At December 31, 2025213 6 75 — 2 — 
Contract assets for Georgia Power primarily relate to unregulated service agreements, where payment is contingent on project completion, and retail customer fixed bill programs, where payment is contingent upon Georgia Power's continued performance and the customer's continued participation in the program over a one-year contract term. Contract liabilities for Georgia Power primarily relate to cash collections recognized in advance of revenue for unregulated service agreements. Southern Company Gas' contract assets relate to work performed on an energy efficiency enhancement and upgrade contract with the U.S. General Services Administration. Southern Company Gas received cash advances totaling approximately $68 million from a third-party financial institution to fund work performed. These advances have been accounted for as long-term debt on the balance sheets. See Note 1 to the financial statements under "Affiliate Transactions" in Item 8 of the Form 10-K for additional information regarding the construction contract. At September 30, 2026 and December 31, 2025, Southern Company's unregulated distributed generation business had contract assets of $96 million and $63 million, respectively, and contract liabilities of $197 million and $132 million, respectively, for outstanding performance obligations, all of which are expected to be satisfied within one year.
Revenues recognized in the three and nine months ended September 30, 2026, which were included in contract liabilities at December 31, 2025, were $9 million and $89 million, respectively, for Southern Company, $2 million and $19 million, respectively, for Georgia Power, and immaterial for the other Registrants. Contract liabilities are primarily classified as current on the balance sheets as the corresponding revenues are generally expected to be recognized within one year.
Remaining Performance Obligations
Southern Company's subsidiaries may enter into long-term contracts with customers in which revenues are recognized as performance obligations are satisfied over the contract term. For the traditional electric operating companies and Southern Power, these contracts primarily relate to PPAs whereby electricity and generation capacity are provided to a customer. The revenue recognized for the delivery of electricity is variable; however, certain PPAs include a fixed payment for fixed generation capacity over the term of the contract. Southern Company's unregulated distributed generation business also has partially satisfied performance obligations related
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(UNAUDITED)
to certain fixed price contracts. Revenues from contracts with customers related to these performance obligations remaining at September 30, 2026 are expected to be recognized as follows:
2026 (remaining)2027202820292030Thereafter
(in millions)
Southern Company$334 $1,130 $642 $483 $487 $3,372 
Alabama Power6 5 5 3 1 6 
Georgia Power22 75 50 22 22 146 
Mississippi Power(*)
16 69 73 12 — — 
Southern Power(*)
74 366 394 413 414 3,069 
Southern Company Gas7 24 — — — — 
(*)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.
Lease Income
Lease income for the three and nine months ended September 30, 2026 and 2025 was as follows:
Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern
Power		Southern
Company
Gas
(in millions)
Three Months Ended September 30, 2026
Lease income - interest income on sales-type leases$5 $— $— $3 $2 $— 
Lease income - operating leases43 4 13 1 62 9 
Variable lease income143 — — — 154 — 
Total lease income$191 $4 $13 $4 $218 $9 
Nine Months Ended September 30, 2026
Lease income - interest income on sales-type leases$17 $— $— $10 $6 $— 
Lease income - operating leases112 9 28 3 126 27 
Variable lease income347 1 — — 376 — 
Total lease income$476 $10 $28 $13 $508 $27 
Three Months Ended September 30, 2025
Lease income - interest income on sales-type leases$6 $— $— $4 $2 $— 
Lease income - operating leases38 2 7 1 37 9 
Variable lease income141 — — — 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 leases104 5 22 2 111 27 
Variable lease income347 1 — — 375 — 
Total lease income$469 $6 $22 $13 $493 $27 
Lease payments received under tolling arrangements and PPAs consist of either scheduled payments or variable payments based on the amount of energy produced by the underlying electric generating units. Lease income related to PPAs is included in wholesale revenues for Alabama Power, Georgia Power, and Southern Power.
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(UNAUDITED)
(E) CONSOLIDATED ENTITIES AND EQUITY METHOD INVESTMENTS
See Note 7 to the financial statements in Item 8 of the Form 10-K for additional information.
Southern Company
At September 30, 2026 and December 31, 2025, Southern Holdings had equity method investments totaling $180 million and $124 million, respectively, primarily related to investments in venture capital funds focused on energy and utility investments. The net earnings (losses) from these investments totaled $46 million for the three months ended September 30, 2026 and $95 million and $(20) million for the nine months ended September 30, 2026 and 2025, respectively. Earnings/losses from these investments for the three months ended September 30, 2025 were immaterial.
Southern Power
Variable Interest Entities
Southern Power has certain subsidiaries that are determined to be VIEs. Southern Power is considered the primary beneficiary of these VIEs because it controls the most significant activities of the VIEs, including operating and maintaining the respective assets, and has the obligation to absorb expected losses of these VIEs to the extent of its equity interests.
SP Solar
At September 30, 2026 and December 31, 2025, SP Solar had total assets of $5.1 billion and $5.2 billion, respectively, total liabilities of $370 million and $360 million, respectively, and noncontrolling interests of $910 million and $918 million, respectively. Cash distributions from SP Solar are allocated 67% to Southern Power and 33% to the limited partner in accordance with their partnership interest percentage. Under the terms of the limited partnership agreement, distributions without limited partner consent are limited to available cash and SP Solar is obligated to distribute all such available cash to its partners each quarter. Available cash includes all cash generated in the quarter subject to the maintenance of appropriate operating reserves.
Southern Power consolidates SP Solar, as the primary beneficiary, since it controls the most significant activities of the entity, including operating and maintaining its assets. Certain transfers and sales of the assets in the VIE are subject to partner consent, and the liabilities are non-recourse to the general credit of Southern Power. Liabilities consist of customary working capital items and do not include any long-term debt.
Other Variable Interest Entities
Southern Power has other consolidated VIEs that relate to certain subsidiaries that have either sold noncontrolling interests to tax equity investors or acquired less than a 100% interest from facility developers. These entities are considered VIEs because the arrangements are structured similar to a limited partnership and the noncontrolling members do not have substantive kick-out rights.
At September 30, 2026 and December 31, 2025, the other VIEs had total assets of $1.5 billion and $1.6 billion, respectively, total liabilities of $274 million and $236 million, respectively, and noncontrolling interests of $543 million and $617 million, respectively. Under the terms of the partnership agreements, distributions of all available cash are required each month or quarter and additional distributions require partner consent.
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(UNAUDITED)
Southern Company Gas
The carrying amounts of Southern Company Gas' equity method investments at September 30, 2026 and December 31, 2025 were as follows:
Investment BalanceAt September 30, 2026At December 31, 2025
(in millions)
SNG$1,261 $1,148 
Other35 34 
Total$1,296 $1,182 
The earnings from Southern Company Gas' equity method investment in SNG were $31 million for both the three months ended September 30, 2026 and 2025 and $107 million and $93 million for the nine months ended September 30, 2026 and 2025, respectively. The earnings from Southern Company Gas' other equity method investments were immaterial for all periods presented.
(F) FINANCING AND LEASES
Bank Credit Arrangements
See Note 8 to the financial statements under "Bank Credit Arrangements" in Item 8 of the Form 10-K for additional information.
At September 30, 2026, committed credit arrangements with banks were as follows:
Expires
Company20262027202820292031TotalUnusedExpires within
One Year
(in millions)
Southern Company parent(a)
$— $— $500 $— $2,500 $3,000 $2,999 $— 
Alabama Power(b)
15 — — 650 700 1,365 1,365 15 
Georgia Power(c)
— — — — 2,050 2,050 2,042 — 
Mississippi Power(a)
— — — 125 150 275 275 — 
Southern Power(a)(d)
— — — — 600 600 600 — 
Southern Company Gas(e)
— — — — 1,600 1,600 1,598 — 
SEGCO— 30 — — — 30 30 30 
Southern Company$15 $30 $500 $775 $7,600 $8,920 $8,909 $45 
(a)Arrangement expiring in 2031 represents a $3.25 billion combined arrangement for Southern Company, Mississippi Power, and Southern Power allowing for flexible sublimits. Pursuant to the combined arrangement, the allocations among Southern Company, Mississippi Power, and Southern Power may be adjusted.
(b)Includes $15 million expiring in 2026 at Alabama Property Company, a wholly-owned subsidiary of Alabama Power, of which $15 million was unused at September 30, 2026. Alabama Power is not party to this arrangement.
(c)Georgia Power had $26 million of letters of credit outstanding under an uncommitted letter of credit facility at September 30, 2026.
(d)Does not include Southern Power Company's $75 million and $100 million continuing letter of credit facilities for standby letters of credit, expiring in 2027 and 2029, respectively, of which $17 million and $4 million, respectively, were unused at September 30, 2026. In addition, Southern Power Company had $23 million of letters of credit outstanding under an uncommitted letter of credit facility at September 30, 2026. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities.
(e)Southern Company Gas, as the parent entity, guarantees the obligations of Southern Company Gas Capital, which is the borrower of $800 million of the credit arrangement expiring in 2031. Southern Company Gas' committed credit arrangement expiring in 2031 also includes $800 million for which Nicor Gas is the borrower and which is restricted for working capital needs of Nicor Gas. Pursuant to the multi-year credit arrangement expiring in 2031, the allocations between Southern Company Gas Capital and Nicor Gas may be adjusted.
As reflected in the table above, in March 2026, (i) Southern Company, Mississippi Power, and Southern Power extended the maturity date of their $3.25 billion combined multi-year credit arrangement from 2030 to 2031, (ii)
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(UNAUDITED)
Southern Company extended the maturity date of its multi-year credit arrangement from 2027 to 2028, (iii) Georgia Power extended the maturity date of its multi-year credit arrangement from 2030 to 2031, and (iv) Mississippi Power extended the maturity date of its multi-year credit arrangement from 2027 to 2029. In May 2026, Alabama Power and Southern Company Gas Capital, along with Nicor Gas, extended the maturity date of each of their respective multi-year credit arrangements from 2030 to 2031. In May and June 2026, SEGCO amended its credit arrangements to extend the maturity dates from 2026 to 2027.
Subject to applicable market conditions, Southern Company and its subsidiaries expect to renew or replace their bank credit arrangements as needed, prior to expiration. In connection therewith, Southern Company and its subsidiaries may extend the maturity dates and/or increase or decrease the lending commitments thereunder.
These bank credit arrangements, as well as the term loan arrangements of the Registrants, Nicor Gas, and SEGCO, contain covenants that limit debt levels and contain cross-acceleration provisions to other indebtedness (including guarantee obligations) that are restricted only to the indebtedness of the individual company. The cross-acceleration provisions to other indebtedness would trigger an event of default if the applicable borrower defaulted on indebtedness, the payment of which was then accelerated. At September 30, 2026, the Registrants, Nicor Gas, and SEGCO were in compliance with all such covenants. None of the bank credit arrangements contain material adverse change clauses at the time of borrowings.
A portion of the unused credit with banks is allocated to provide liquidity support to certain revenue bonds of the traditional electric operating companies and the commercial paper programs of the Registrants, Nicor Gas, and SEGCO. At September 30, 2026, outstanding variable rate demand revenue bonds of the traditional electric operating companies with allocated liquidity support totaled approximately $1.5 billion (comprised of approximately $796 million at Alabama Power, $653 million at Georgia Power, and $58 million at Mississippi Power). In addition, at September 30, 2026, Georgia Power had approximately $170 million of fixed rate revenue bonds outstanding that are required to be remarketed within the next 12 months. Variable rate demand revenue bonds and fixed rate revenue bonds required to be remarketed within the next 12 months are classified as long-term debt on the balance sheets as a result of available long-term committed credit.
DOE Loan Guarantee Borrowings
On February 20, 2026, pursuant to the loan guarantee program (DOE Loan Guarantee Program) established under Title XVII of the Energy Policy Act of 2005, as amended (Title XVII), Alabama Power entered into (i) a loan guarantee agreement, dated as of February 20, 2026 (Alabama Power LGA), between Alabama Power and the DOE, as guarantor, (ii) a note purchase agreement, dated as of February 20, 2026 (Alabama Power NPA), among Alabama Power, the FFB, and the Secretary of Energy, acting through the DOE, and (iii) future advance promissory notes, each dated February 20, 2026, made by Alabama Power to the FFB (each an Alabama Power FFB Note and, together with the Alabama Power NPA, the Alabama Power FFB Credit Facility Documents). The Alabama Power LGA and the Alabama Power FFB Credit Facility Documents are referred to herein together as the Alabama Power Loan Documents.
In addition, on February 20, 2026, pursuant to the DOE Loan Guarantee Program, Georgia Power entered into (i) a loan guarantee agreement, dated as of February 20, 2026 (Georgia Power LGA and, together with the Alabama Power LGA, the Loan Guarantee Agreements), between Georgia Power and the DOE, as guarantor, (ii) a note purchase agreement, dated as of February 20, 2026 (Georgia Power NPA), among Georgia Power, the FFB, and the Secretary of Energy, acting through the DOE, and (iii) future advance promissory notes, each dated February 20, 2026, made by Georgia Power to the FFB (each a Georgia Power FFB Note and, together with the Georgia Power NPA, the Georgia Power FFB Credit Facility Documents). The Georgia Power LGA and the Georgia Power FFB Credit Facility Documents are referred to herein together as the Georgia Power Loan Documents.
The Alabama Power FFB Credit Facility Documents provide for a multi-advance term loan facility under which Alabama Power may make term loan borrowings through the FFB (Alabama Power Credit Facility). The Georgia Power FFB Credit Facility Documents provide for a multi-advance term loan facility under which Georgia Power may make term loan borrowings through the FFB (Georgia Power Credit Facility and, together with the Alabama
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Power Credit Facility, the Credit Facilities). Each of Alabama Power and Georgia Power is referred to herein as a Borrower in connection with its applicable Credit Facility.
Proceeds of advances made under each Credit Facility must be used for the purpose of reimbursing the applicable Borrower for a portion (up to 80%) of "eligible project costs" (as defined in the applicable Loan Guarantee Agreement) incurred by such Borrower for projects that are eligible for financing under the terms of the applicable Loan Guarantee Agreement and the DOE Loan Guarantee Program (Eligible Projects). Eligible Projects may include new gas generating units and upgrades associated with existing gas generating units; new transmission lines, substations, and transmission system upgrades; new stand-alone battery energy storage systems; hydropower refurbishment and upgrades; upgrades, uprates, and license extensions for existing nuclear facilities; coal-to-gas conversions; and grid enhancements.
The aggregate amount of advances under the Alabama Power Credit Facility may not exceed approximately $4.1 billion (Alabama Power Maximum Facility Amount). The aggregate amount of advances under the Georgia Power Credit Facility may not exceed approximately $22.4 billion (Georgia Power Maximum Facility Amount and, together with the Alabama Power Maximum Facility Amount, the Maximum Facility Amounts). Each Borrower may request advances under its applicable Credit Facility during an availability period (with respect to each Borrower, the "availability period") that will continue until the earliest of (i) September 15, 2033, (ii) the date total advances reach the applicable Maximum Facility Amount, or (iii) the termination of the obligation to fund further advances following an event of default under the applicable Loan Guarantee Agreement. In addition, the FFB's obligation to fund advances to Alabama Power will terminate if Alabama Power has failed to request an initial advance by February 20, 2031.
In March 2026, Georgia Power received initial advances under the Georgia Power Credit Facility in an amount of approximately $1.0 billion at an interest rate of 5.041% through the final maturity date of December 10, 2055.
Future advances under each of the Credit Facilities are subject to confirmation of investment grade credit ratings and satisfaction of customary conditions, as well as certification of compliance with the requirements of Title XVII, including accuracy of project-related representation and warranties, delivery of updated project-related information, and evidence of compliance with the prevailing wage requirements of the Davis-Bacon Act of 1931, as amended (DOE Program Requirements), compliance with the Cargo Preference Act of 1954, and certification from the DOE's consulting engineer that proceeds of the advances are used to reimburse for eligible project costs.
All borrowings under each of the Credit Facilities will be full recourse, senior unsecured obligations of the respective Borrower. Alabama Power is not a party to, and has no obligations with respect to, the Georgia Power Credit Facility. Georgia Power is not a party to, and has no obligations with respect to, the Alabama Power Credit Facility.
The final scheduled maturity date for all borrowings under each Credit Facility is December 10, 2055. Each advance will bear interest at a rate equal to the applicable U.S. Treasury rate plus a spread of 0.375%, which rate will be determined at the time of the advance. Principal payments for the Alabama Power Credit Facility are payable in three equal annual installments, beginning on December 10, 2053. Principal payments for the Georgia Power Credit Facility are payable in seven equal annual installments, beginning on December 10, 2049.
Under each of the Loan Guarantee Agreements, the DOE agreed to provide guarantees with respect to the obligations of Alabama Power and Georgia Power under the Alabama Power FFB Credit Facility Documents and Georgia Power FFB Credit Facility Documents, respectively. Under their respective Loan Guarantee Agreements, Alabama Power and Georgia Power are obligated to reimburse the DOE for any amounts the DOE is required to pay with respect to such guarantees. Alabama Power's and Georgia Power's reimbursement obligations to the DOE are full recourse, senior unsecured obligations of the respective Borrower.
Under each Loan Guarantee Agreement, the applicable Borrower is subject to customary affirmative and negative covenants and events of default. In addition, Alabama Power and Georgia Power are subject to project-related reporting requirements and other project-specific covenants and events of default.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Under each Loan Guarantee Agreement, the applicable Borrower will be required to prepay certain amounts outstanding under the applicable Credit Facility if (i) the applicable Borrower takes any action that causes an Eligible Project to cease to be an Eligible Project, (ii) certain "termination events" (as defined in the applicable Loan Guarantee Agreement) occur with respect to any Eligible Project of the applicable Borrower, (iii) eligible project costs recoverable in customer rates of the applicable Borrower are less than 95% of total advances made to the applicable Borrower under the applicable Credit Facility, with such amount tested on the third anniversary of the termination of the applicable availability period, or (iv) the applicable Borrower receives advances for certain preliminary costs and fails to satisfy the DOE Program Requirements. Any mandatory prepayment will be made in quarterly installments and, depending on the size of the required mandatory prepayment, will be payable over a period of one to three years (in the case of Alabama Power) or one to five years (in the case of Georgia Power). Any such mandatory prepayment will be at a prepayment price equal to 100% of the principal amount to be prepaid, plus accrued and unpaid interest to the date of prepayment.
In addition, if a "change of control" (as defined in the applicable Loan Guarantee Agreement) occurs with respect to the applicable Borrower, such Borrower will be required to offer to prepay all outstanding advances under its Credit Facility. Any such prepayment will be made with a make-whole premium or discount, as applicable.
Each Borrower will be permitted to voluntarily prepay all or a portion of any outstanding advances. Any such prepayment will be made with a make-whole premium or discount, as applicable.
Convertible Senior Notes
In August 2026, Southern Company issued approximately $834 million aggregate principal amount of its Series 2026A 2.125% Convertible Senior Notes due December 15, 2027 (Series 2026A Convertible Senior Notes) and approximately $1.898 billion aggregate principal amount of its Series 2026B 3.50% Convertible Senior Notes due September 15, 2029 (Series 2026B Convertible Senior Notes and, together with the Series 2026A Convertible Senior Notes, the 2026 Convertible Senior Notes). Southern Company used a portion of the proceeds from the 2026 Convertible Senior Notes to repurchase approximately $368.7 million of the approximately $829.9 million aggregate principal amount outstanding of its Series 2024A 4.50% Convertible Senior Notes due June 15, 2027. Southern Company evaluated these repurchases and determined that the repurchased notes were accounted for as extinguishment of debt. As a result of these transactions, Southern Company recognized a $33 million loss on extinguishment of debt in the third quarter 2026 within interest expense in the consolidated statements of income.
Interest on the 2026 Convertible Senior Notes is payable semiannually. The Series 2026A Convertible Senior Notes and the Series 2026B Convertible Senior Notes will mature on December 15, 2027 and September 15, 2029, respectively, unless earlier converted or repurchased, but are not redeemable at the option of Southern Company. The 2026 Convertible Senior Notes are direct, unsecured, and unsubordinated obligations of Southern Company, ranking equally with all of Southern Company's other unsecured and unsubordinated indebtedness from time to time outstanding, and are effectively subordinated to all secured indebtedness of Southern Company.
Holders may convert their Series 2026A Convertible Senior Notes and Series 2026B Convertible Senior Notes at their option prior to the close of business on the business day preceding September 15, 2027 and June 15, 2029, respectively, but only under the following circumstances:
•during any calendar quarter (and only during such calendar quarter), if the last reported sale price of Southern Company's common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the applicable conversion price on each applicable trading day as determined by Southern Company;
•during the five business day period after any 10 consecutive trading day period (Measurement Period) in which the trading price per $1,000 principal amount of the applicable series of the 2026 Convertible Senior Notes for each trading day of the Measurement Period was less than 98% of the product of the last reported sale price of the common stock and the applicable conversion rate on each such trading day; or
•upon the occurrence of certain corporate events.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
On or after September 15, 2027 and June 15, 2029, for the Series 2026A Convertible Senior Notes and the Series 2026B Convertible Senior Notes, respectively, a holder may convert all or any portion of its 2026 Convertible Senior Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the applicable maturity date.
Southern Company will settle conversions by paying cash up to the aggregate principal amount of the 2026 Convertible Senior Notes to be converted and paying or delivering, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock, at Southern Company's election, in respect of the remainder, if any, of Southern Company's conversion obligation in excess of such aggregate principal amount being converted. The Series 2026A Convertible Senior Notes are initially convertible at a rate of 9.5641 shares of common stock per $1,000 principal amount converted, which is approximately equal to $104.56 per share. The Series 2026B Convertible Senior Notes are initially convertible at a rate of 8.4389 shares of common stock per $1,000 principal amount converted, which is approximately equal to $118.50 per share. The conversion rates are subject to adjustment upon certain specified events but will not be adjusted for accrued and unpaid interest. In addition, upon a make-whole fundamental change, Southern Company will, in certain circumstances, increase the applicable conversion rate for conversions in connection with the make-whole fundamental change. Upon a fundamental change, other than an excluded fundamental change, holders may require Southern Company to purchase all or a portion of their 2026 Convertible Senior Notes for cash at 100% of the principal amount plus any accrued and unpaid interest.
Equity Distribution Agreement
See Note 8 to the financial statements under "Equity Distribution Agreement" in Item 8 of the Form 10-K for additional information.
In June 2026, Southern Company established a new at-the-market program and entered into an equity distribution agreement pursuant to which it may sell, from time to time, up to an aggregate of 50 million shares of its common stock, including through initially priced forward sale contracts and collared forward sale contracts (2026 ATM Program). In connection with the establishment of the 2026 ATM Program, Southern Company terminated further sales under its prior at-the-market program established in 2024 (2024 ATM Program).
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
The table below reflects shares of Southern Company common stock sold and settled under separate initially priced forward sale contracts with forward purchasers during the nine months ended September 30, 2026.
Shares Sold
Initial Forward Price per Share
To be Settled On or Before
Forward Price Per Share SettledShares Issued to SettleSettlement Date
Sold during 2025 (2024 ATM Program)
3,255,866$89.4692December 31, 2026$89.24433,255,866March 2, 2026
2,314,487$92.7805June 30, 2027$92.87232,314,487March 2, 2026
3,850,000$90.6617December 31, 2026$90.23623,850,000June 1, 2026
2,470,306$94.5394June 30, 2027$93.89132,470,306June 1, 2026
1,590,200$93.4524June 30, 2027$93.40381,590,200June 1, 2026
4,000,000$90.8141June 30, 2027$90.63584,000,000June 12, 2026
2,876,034$92.2437June 30, 2027$91.96642,876,034June 12, 2026
3,015,668$93.4521June 30, 2027$93.12903,015,668June 12, 2026
    3,130,641(*)
$88.2823December 31, 2026$88.06201,070,641June 16, 2026
2,346,903$91.1610June 30, 2027$90.94252,346,903June 16, 2026
911,448$94.2411June 30, 2027$93.9331911,448June 16, 2026
Sold during 2026 (2024 ATM Program)
1,467,305$96.3883March 31, 2028$96.18521,467,305September 1, 2026
1,896,549$97.5815March 31, 2028$97.34781,896,549September 1, 2026
1,903,317$95.5086March 31, 2028$95.14791,903,317September 1, 2026
Sold during 2026 (2026 ATM Program)
1,713,535$93.2987June 30, 2028$93.09831,713,535September 1, 2026
1,909,112$92.4821June 30, 2028$92.23291,909,112September 1, 2026
1,994,083$95.1457June 30, 2028$94.88871,994,083September 1, 2026
1,940,548$95.9974June 30, 2028$95.66131,940,548September 1, 2026
(*)The total number of shares sold under this forward sale contract is 3,130,641, of which 1,070,641 shares were settled during the nine months ended September 30, 2026. The other 2,060,000 shares were settled in December 2025.
As of September 30, 2026, Southern Company had entered into separate forward sale contracts with forward purchasers for a total of 49,885,779 shares of common stock under the 2024 ATM Program, all of which had been sold by the forward sellers, and 7,557,278 shares of common stock under the 2026 ATM Program, all of which had been sold by the forward sellers. Of these shares, 40,526,002 were settled during the nine months ended September 30, 2026 in the form of shares at the initial forward price adjusted for interest earned and dividends paid from the forward sale date to the settlement date. The net proceeds from the shares settled during the nine months ended September 30, 2026 were approximately $3.8 billion.
At September 30, 2026, no shares remained subject to future settlement under the forward sale contracts.
Earnings per Share
For Southern Company, the difference in computing basic and diluted EPS is attributable to awards outstanding under stock-based compensation plans, forward sale contracts pursuant to the equity distribution agreement, convertible senior notes, and equity units. EPS dilution resulting from stock-based compensation plans, forward sale contracts, and the equity units is determined using the treasury stock method. EPS dilution resulting from the convertible senior notes is determined using the net share settlement method. See "Equity Distribution Agreement" herein and Note 8 to the financial statements under "Convertible Senior Notes," "Equity Distribution Agreement,"
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
and "Equity Units" and Note 12 to the financial statements in Item 8 of the Form 10-K for additional information. Shares used to compute diluted EPS were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025

(in millions)
As reported shares1,157 1,102 1,139 1,101 
Effect of stock-based compensation3 6 4 6 
Effect of convertible senior notes
— 1 — 1 
Effect of forward sale contracts— 1 — — 
Diluted shares1,160 1,110 1,143 1,108 
For all periods presented, an immaterial number of stock-based compensation awards was excluded from the diluted EPS calculation because the awards were anti-dilutive.
Georgia Power Lease Modification
See Note 9 to the financial statements in Item 8 of the Form 10-K for information on Georgia Power's leases. In June 2026, Georgia Power recognized a lease modification related to an existing affiliate PPA with Southern Power which converted from an operating lease to a finance lease upon its approval by the FERC. As a result, Georgia Power removed from its balance sheet operating lease right-of-use assets, net of amortization of $179 million and lease obligations of $197 million maturing through 2030 and recorded finance lease right-of-use assets of $1.3 billion and lease obligations of $1.3 billion maturing through 2045. See Note (B) under "Georgia Power – Integrated Resource Plans – Certification Requests" for additional information.
(G) INCOME TAXES
See Note 10 to the financial statements in Item 8 of the Form 10-K for additional tax information.
Cash Paid for Income Taxes
Alabama Power, Georgia Power, and Southern Power have entered into transferability agreements with non-affiliated parties to sell ITCs and PTCs at a discount to the generated credit value in 2024, 2025, and 2026. The discount is recorded as a reduction in tax credits recognized in the financial statements and does not have a material impact on results of operations. During the first nine months of 2026, Alabama Power, Georgia Power, and Southern Power received cash of $44 million, $116 million, and $110 million, respectively, from credits transferred. The Southern Company system continues to explore the ability to efficiently monetize its tax credits through third-party transfer agreements.
During the first nine months of 2026, pursuant to certain joint ownership agreements, Georgia Power paid $130 million to the other Vogtle Owners for advanced nuclear PTCs for Plant Vogtle Units 3 and 4. The gain was recognized as an income tax benefit and was immaterial.
Effective Tax Rate
Southern Company's effective tax rate is typically lower than the statutory rate due to employee stock plans' dividend deduction, non-taxable AFUDC equity at the traditional electric operating companies, flowback of excess deferred income taxes at the regulated utilities, and federal income tax benefits from ITCs and PTCs.
Details of significant changes in the effective tax rate for the applicable Registrants are provided herein. Alabama Power and Mississippi Power had no significant changes for the nine months ended September 30, 2026 compared to the corresponding period in 2025.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Southern Company
Southern Company's effective tax rate was 16.2% for the nine months ended September 30, 2026 compared to 20.3% for the corresponding period in 2025. The effective tax rate decrease was primarily due to an increase in federal PTCs resulting from Southern Power's purchase of the noncontrolling membership interests in the SP Wind tax equity partnership, an increase in amortization of federal PTCs and ITCs at Georgia Power, and a decrease in charges to a valuation allowance on certain state tax credit carryforwards at Georgia Power, partially offset by a decrease in the flowback of excess state deferred income taxes at Georgia Power and a change in tax benefits related to the extinguishments of debt. See "Unrecognized Tax Benefits" herein for additional information.
Georgia Power
Georgia Power's effective tax rate was 15.3% for the nine months ended September 30, 2026 compared to 20.0% for the corresponding period in 2025. The effective tax rate decrease was primarily due to an increase in amortization of federal PTCs and ITCs and a decrease in charges to a valuation allowance on certain state tax credit carryforwards, partially offset by a decrease in the flowback of excess state deferred income taxes.
Southern Power
Southern Power's effective tax benefit rate was (139.4)% for the nine months ended September 30, 2026 compared to an effective tax rate of 6.0% for the corresponding period in 2025. Accelerated depreciation related to wind repowering projects, which decreased Southern Power's pre-tax earnings, impacted the effective tax rate for both periods. The remaining change was primarily due to an increase in federal PTCs resulting from Southern Power's purchase of the noncontrolling membership interests in the SP Wind tax equity partnership. See Note (K) under "Southern Power – Wind Repowering Projects" and Notes 5 and 15 to the financial statements under "Depreciation and Amortization – Southern Power" and "Southern Power – Purchase of Renewable Facility Interests," respectively, in Item 8 of the Form 10-K for additional information.
Southern Company Gas
Southern Company Gas' effective tax rate was 23.7% for the nine months ended September 30, 2026 compared to 23.5% for the corresponding period in 2025. The effective tax rate increase was primarily due to a decrease in the flowback of excess state deferred income taxes, partially offset by an increase in tax benefits related to certain state tax filing positions.
Unrecognized Tax Benefits
Southern Company's and Southern Company Gas' unrecognized tax position balances at September 30, 2026 were $87 million and $25 million, respectively. Alabama Power and Georgia Power had no unrecognized tax position balances at September 30, 2026. At December 31, 2025, Southern Company's, Alabama Power's, Georgia Power's, and Southern Company Gas' unrecognized tax position balances were $170 million, $50 million, $72 million, and $44 million, respectively. The decreases from prior periods for Alabama Power and Georgia Power resulted from the reversal of unrecognized tax positions associated with their 2025 zero-emission nuclear power PTCs. The PTC-related reversals did not impact Alabama Power's and Georgia Power's effective tax rates. The decrease from prior periods for Southern Company Gas was primarily related to certain state tax filing positions. These decreases were partially offset by approximately $59 million of unrecognized tax benefits recorded by Southern Company during the third quarter 2026 related to the extinguishments of debt. See Note (F) under "Convertible Senior Notes" and Note 8 to the financial statements under "Convertible Senior Notes" in Item 8 of the Form 10-K for additional information regarding the extinguishment of debt.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
(H) RETIREMENT BENEFITS
The Southern Company system has a qualified defined benefit, trusteed, pension plan covering substantially all employees, with the exception of employees at PowerSecure. The qualified pension plan is funded in accordance with requirements of the Employee Retirement Income Security Act of 1974, as amended. No mandatory contributions to the qualified pension plan are anticipated for the year ending December 31, 2026. The Southern Company system also provides certain non-qualified defined benefits for a select group of management and highly compensated employees, which are funded on a cash basis. In addition, the Southern Company system provides certain medical care and life insurance benefits for retired employees through other postretirement benefit plans. The traditional electric operating companies fund other postretirement trusts to the extent required by their respective regulatory commissions.
See Note 11 to the financial statements in Item 8 of the Form 10-K for additional information.
On each Registrant's condensed statements of income, the service cost component of net periodic benefit costs is included in other operations and maintenance expenses and all other components of net periodic benefit costs are
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
included in other income (expense), net. Components of the net periodic benefit costs for the three and nine months ended September 30, 2026 and 2025 are presented in the following tables.
Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern
Power		Southern
Company
Gas
(in millions)
Three Months Ended September 30, 2026
Pension Plans
Service cost$69 $15 $17 $2 $2 $7 
Interest cost162 38 47 7 2 11 
Expected return on plan assets(322)(79)(99)(15)(5)(22)
Amortization:
Prior service costs— — — — — (1)
Net loss19 5 6 2 1 1 
Net periodic pension income$(72)$(21)$(29)$(4)$— $(4)
Postretirement Benefits
Service cost$3 $1 $1 $— $— $— 
Interest cost17 4 6 1 — 2 
Expected return on plan assets(23)(9)(8)(2)— (2)
Amortization:
Prior service costs1 — 1 — — — 
Net (gain) loss(3)1 (1)1 — (2)
Net periodic postretirement benefit income$(5)$(3)$(1)$— $— $(2)
Nine Months Ended September 30, 2026
Pension Plans
Service cost$207 $46 $50 $8 $5 $21 
Interest cost485 113 141 22 7 33 
Expected return on plan assets(966)(236)(298)(44)(13)(65)
Amortization:
Prior service costs— — 1 — — (2)
Regulatory asset— — — — — 3 
Net loss56 15 19 3 — 2 
Net periodic pension income$(218)$(62)$(87)$(11)$(1)$(8)
Postretirement Benefits
Service cost$9 $3 $3 $— $— $1 
Interest cost49 12 18 2 — 5 
Expected return on plan assets(68)(26)(24)(2)— (7)
Amortization:
Prior service costs2 — 1 — — — 
Net (gain) loss(7)— (1)1 — (6)
Net periodic postretirement benefit cost (income)$(15)$(11)$(3)$1 $— $(7)
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern
Power		Southern
Company
Gas
(in millions)
Three Months Ended September 30, 2025
Pension Plans
Service cost$66 $15 $16 $3 $1 $7 
Interest cost166 39 49 7 2 11 
Expected return on plan assets(320)(78)(100)(15)(4)(22)
Amortization:
Prior service costs— — — — — (1)
Regulatory asset— — — — — 4 
Net loss9 2 5 2 1 — 
Net periodic pension income$(79)$(22)$(30)$(3)$— $(1)
Postretirement Benefits
Service cost$4 $1 $1 $— $— $— 
Interest cost17 5 6 1 — 2 
Expected return on plan assets(23)(8)(9)(1)— (2)
Amortization:
Prior service costs1 — 1 — — — 
Regulatory asset— — — — — 1 
Net gain(4)(2)— — — (2)
Net periodic postretirement benefit income$(5)$(4)$(1)$— $— $(1)
Nine Months Ended September 30, 2025
Pension Plans
Service cost$198 $45 $47 $8 $4 $20 
Interest cost498 116 147 22 7 33 
Expected return on plan assets(960)(234)(298)(44)(12)(65)
Amortization:
Prior service costs— — 1 — — (2)
Regulatory asset— — — — — 11 
Net (gain) loss28 8 12 3 — (1)
Net periodic pension income$(236)$(65)$(91)$(11)$(1)$(4)
Postretirement Benefits
Service cost$10 $3 $3 $— $— $1 
Interest cost52 13 19 2 — 6 
Expected return on plan assets(68)(26)(25)(1)— (7)
Amortization:
Prior service costs2 — 1 — — — 
Regulatory asset— — — — — 5 
Net gain(11)(2)(2)— — (6)
Net periodic postretirement benefit cost (income)$(15)$(12)$(4)$1 $— $(1)
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
(I) FAIR VALUE MEASUREMENTS
At September 30, 2026, assets and liabilities measured at fair value on a recurring basis during the period, together with their associated level of the fair value hierarchy, were as follows:
Fair Value Measurements Using
At September 30, 2026Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Net Asset
Value as a
Practical
Expedient
(NAV)		Total
(in millions)
Southern Company
Assets:
Energy-related derivatives(a)
$16 $57 $— $— $73 
Interest rate derivatives— 3 — — 3 
Investments in trusts:(b)
Domestic equity1,012 294 — — 1,306 
Foreign equity197 254 — — 451 
U.S. Treasury and government agency securities— 406 — — 406 
Municipal bonds— 26 — — 26 
Pooled funds – fixed income— 4 — — 4 
Corporate bonds— 512 — — 512 
Mortgage- and asset-backed securities — 109 — — 109 
Private equity— — — 204 204 
Cash and cash equivalents1 — — — 1 
Other36 4 — 8 48 
Investments, available-for-sale:
U.S. Treasury and government agency securities— 12 — — 12 
Municipal bonds— 3 — — 3 
Corporate bonds— 5 — — 5 
Mortgage- and asset-backed securities— 3 — — 3 
Cash equivalents891 22 — — 913 
Other investments10 33 — — 43 
Other— — 9 — 9 
Total$2,163 $1,747 $9 $212 $4,131 
Liabilities:
Energy-related derivatives(a)
$24 $157 $— $— $181 
Interest rate derivatives— 275 — — 275 
Foreign currency derivatives— 59 — — 59 
Investments in trusts:(b)
Other1 — — — 1 
Contingent consideration— — 12 — 12 
Other— 13 11 — 24 
Total$25 $504 $23 $— $552 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Fair Value Measurements Using
At September 30, 2026Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Net Asset
Value as a
Practical
Expedient
(NAV)		Total
(in millions)
Alabama Power
Assets:
Energy-related derivatives$— $25 $— $— $25 
Nuclear decommissioning trusts:(b)
Domestic equity555 283 — — 838 
Foreign equity197 — — — 197 
U.S. Treasury and government agency securities— 15 — — 15 
Municipal bonds— 1 — — 1 
Corporate bonds— 310 — — 310 
Mortgage- and asset-backed securities— 26 — — 26 
Private equity— — — 204 204 
Other12 2 — 8 22 
Cash equivalents299 22 — — 321 
Other investments— 33 — — 33 
Total$1,063 $717 $— $212 $1,992 
Liabilities:
Energy-related derivatives$— $65 $— $— $65 
Georgia Power
Assets:
Energy-related derivatives$— $10 $— $— $10 
Nuclear decommissioning trusts:(b)
Domestic equity457 1 — — 458 
Foreign equity— 252 — — 252 
U.S. Treasury and government agency securities— 391 — — 391 
Municipal bonds— 25 — — 25 
Corporate bonds— 202 — — 202 
Mortgage- and asset-backed securities— 83 — — 83 
Other24 2 — — 26 
Cash equivalents160 — — — 160 
Total$641 $966 $— $— $1,607 
Liabilities:
Energy-related derivatives$— $47 $— $— $47 
Nuclear decommissioning trusts:(b)
Other1 — — — 1 
Total$1 $47 $— $— $48 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Fair Value Measurements Using
At September 30, 2026Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Net Asset
Value as a
Practical
Expedient
(NAV)		Total
(in millions)
Mississippi Power
Assets:
Energy-related derivatives$— $13 $— $— $13 
Cash equivalents63 — — — 63 
Total$63 $13 $— $— $76 
Liabilities:
Energy-related derivatives$— $38 $— $— $38 
Southern Power
Assets:
Energy-related derivatives$— $3 $— $— $3 
Cash equivalents233 — — — 233 
Other— — 9 — 9 
Total$233 $3 $9 $— $245 
Liabilities:
Energy-related derivatives$— $5 $— $— $5 
Contingent consideration— — 12 — 12 
Other— 13 11 — 24 
Total$— $18 $23 $— $41 
Southern Company Gas
Assets:
Energy-related derivatives(a)
$16 $6 $— $— $22 
Non-qualified deferred compensation trusts:
Domestic equity— 10 — — 10 
Foreign equity— 2 — — 2 
Pooled funds – fixed income— 4 — — 4 
Cash and cash equivalents1 — — — 1 
Total$17 $22 $— $— $39 
Liabilities:
Energy-related derivatives(a)
$24 $2 $— $— $26 
Interest rate derivatives— 71 — — 71 
Total$24 $73 $— $— $97 
(a)Excludes cash collateral of $24 million.
(b)Excludes receivables related to investment income, pending investment sales, payables related to pending investment purchases, and currencies. See Note 6 to the financial statements under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information.
Southern Company, Alabama Power, and Georgia Power continue to elect the option to fair value investment securities held in the nuclear decommissioning trust funds. The fair value of the funds, including reinvested interest and dividends and excluding the funds' expenses, increased (decreased) by the amounts shown in the table below for
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
the three and nine months ended September 30, 2026 and 2025. The changes were recorded as a change to the regulatory assets and liabilities related to AROs for Georgia Power and Alabama Power, respectively.
Three Months Ended September 30,Nine Months Ended September 30,
Fair value increases (decreases)2026202520262025
(in millions)
Southern Company $(46)$132 $158 $290 
Alabama Power (23)75 102 160 
Georgia Power(23)57 56 130 
Valuation Methodologies
The energy-related derivatives primarily consist of exchange-traded and over-the-counter financial products for natural gas and physical power products, including, from time to time, basis swaps. These are standard products used within the energy industry and are valued using the market approach. The inputs used are mainly from observable market sources, such as forward natural gas prices, power prices, implied volatility, and overnight index swap interest rates. Interest rate derivatives are also standard over-the-counter products that are valued using observable market data and assumptions commonly used by market participants. The fair value of interest rate derivatives reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future interest rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and occasionally, implied volatility of interest rate options. The fair value of cross-currency swaps reflects the net present value of expected payments and receipts under the swap agreement based on the market's expectation of future foreign currency exchange rates. Additional inputs to the net present value calculation may include the contract terms, counterparty credit risk, and discount rates. The interest rate derivatives and cross-currency swaps are categorized as Level 2 under Fair Value Measurements as these inputs are based on observable data and valuations of similar instruments. See Note (J) for additional information on how these derivatives are used.
For fair value measurements of the investments within the nuclear decommissioning trusts and the non-qualified deferred compensation trusts, external pricing vendors are designated for each asset class with each security specifically assigned a primary pricing source. For investments held within commingled funds, fair value is determined at the end of each business day through the net asset value, which is established by obtaining the underlying securities' individual prices from the primary pricing source. A market price secured from the primary source vendor is then evaluated by management in its valuation of the assets within the trusts. As a general approach, fixed income market pricing vendors gather market data (including indices and market research reports) and integrate relative credit information, observed market movements, and sector news into proprietary pricing models, pricing systems, and mathematical tools. Dealer quotes and other market information, including live trading levels and pricing analysts' judgments, are also obtained when available.
The NRC requires licensees of commissioned nuclear power reactors to establish a plan for providing reasonable assurance of funds for future decommissioning. See Note 6 to the financial statements under "Nuclear Decommissioning" in Item 8 of the Form 10-K for additional information.
Southern Company's investments, available for sale relate to a wholly-owned subsidiary that insures various risk exposures of Southern Company and its subsidiaries. Corporate and municipal bonds, government agency securities, and commercial paper are valued using pricing models maximizing the use of observable inputs for similar securities, including basing value on yields currently available on comparable securities of issues with similar credit ratings. Mortgage- and asset-backed securities are valued through an analysis of the underlying assets and a review of the documentation, including financials, the manager's valuation methodology in valuing their underlying assets, the types of assets and risks involved, and the investor's exit and termination parameters.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Southern Power has contingent payment obligations related to two of its acquisitions whereby it is primarily obligated to make generation-based payments to the seller, commencing at the commercial operation of each facility and continuing through 2026 and 2036, respectively. The obligations are primarily categorized as Level 3 under Fair Value Measurements as the fair value is determined using significant unobservable inputs for the forecasted facility's generation in MW-hours, as well as other inputs such as a fixed dollar amount per MW-hour, and a discount rate. The fair value of the obligations reflects the net present value of expected payments and any periodic change arising from forecasted generation is expected to be immaterial.
Southern Power also has payment obligations through 2040 whereby it must reimburse the transmission owners for interconnection facilities and network upgrades constructed to support connection of a Southern Power generating facility to the transmission system. The obligations are categorized as Level 2 under Fair Value Measurements as the fair value is determined using observable inputs for the contracted amounts and reimbursement period, as well as a discount rate. The fair value of the obligations reflects the net present value of expected payments.
"Other investments" primarily includes investments traded in the open market that have maturities greater than 90 days, which are categorized as Level 2 under Fair Value Measurements and are comprised of corporate bonds, bank certificates of deposit, treasury bonds, and/or agency bonds.
At September 30, 2026, the fair value measurements of private market investments held in Alabama Power's nuclear decommissioning trusts that are calculated at net asset value per share (or its equivalent) as a practical expedient totaled $212 million and unfunded commitments related to the private market investments totaled $94 million. Private market investments include high-quality private equity funds across several market sectors, funds that invest in real estate assets, and private credit funds. Private market funds do not have redemption rights. Distributions from these funds will be received as the underlying investments in the funds are liquidated.
At September 30, 2026, other financial instruments for which the carrying amount did not equal fair value were as follows:
Southern
   Company(*)
Alabama
Power		Georgia
Power		Mississippi
Power		Southern
Power
Southern
Company
   Gas(*)
(in billions)
Long-term debt, including securities due within one year:
Carrying amount$72.4 $12.0 $21.8 $1.9 $3.0 $9.8 
Fair value64.0 10.1 19.1 1.7 2.7 8.3 
(*)The carrying amount of Southern Company Gas' long-term debt includes fair value adjustments from the effective date of the 2016 merger with Southern Company. Southern Company Gas amortizes the fair value adjustments over the remaining lives of the respective bonds, the latest being through 2043.
The fair values are determined using Level 2 measurements and are based on quoted market prices for the same or similar issues or on the current rates available to the Registrants.
(J) DERIVATIVES
The Registrants are exposed to market risks, including commodity price risk, interest rate risk, weather risk, and occasionally foreign currency exchange rate risk. To manage the volatility attributable to these exposures, each company nets its exposures, where possible, to take advantage of natural offsets and enters into various derivative transactions for the remaining exposures pursuant to each company's policies in areas such as counterparty exposure and risk management practices. Each company's policy is that derivatives are to be used primarily for hedging purposes and mandates strict adherence to all applicable risk management policies. Derivative positions are monitored using techniques including, but not limited to, market valuation, value at risk, stress testing, and sensitivity analysis. Derivative instruments are recognized at fair value in the balance sheets as either assets or liabilities and are presented on a net basis. See Note (I) for additional fair value information. In the statements of cash flows, any cash impacts of settled energy-related and interest rate derivatives are recorded as operating activities. Any cash impacts of settled foreign currency derivatives are classified as operating or financing activities
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
to correspond with the classification of the hedged interest or principal, respectively. See Note 1 to the financial statements under "Financial Instruments" in Item 8 of the Form 10-K for additional information.
Energy-Related Derivatives
The Subsidiary Registrants enter into energy-related derivatives to hedge exposures to electricity, natural gas, and other fuel price changes. However, due to cost-based rate regulations and other various cost recovery mechanisms, the traditional electric operating companies and the natural gas distribution utilities have limited exposure to market volatility in energy-related commodity prices. Each of the traditional electric operating companies and certain of the natural gas distribution utilities manage fuel-hedging programs, implemented per the guidelines of their respective state PSCs or other applicable state regulatory agencies, through the use of financial derivative contracts, which are expected to continue to mitigate price volatility. The traditional electric operating companies (with respect to wholesale generating capacity) and Southern Power have limited exposure to market volatility in energy-related commodity prices because their long-term sales contracts shift substantially all fuel cost responsibility to the purchaser. However, the traditional electric operating companies and Southern Power may be exposed to market volatility in energy-related commodity prices to the extent any uncontracted capacity is used to sell electricity. Southern Company Gas retains exposure to price changes that can, in a volatile energy market, be material and can adversely affect its results of operations.
Southern Company Gas also enters into weather derivative contracts as economic hedges in the event of warmer-than-normal weather. Exchange-traded options are carried at fair value, with changes reflected in natural gas revenues. Non-exchange-traded options are accounted for using the intrinsic value method. Changes in the intrinsic value for non-exchange-traded contracts are reflected in natural gas revenues.
Energy-related derivative contracts are accounted for under one of three methods:
•Regulatory Hedges – Energy-related derivative contracts designated as regulatory hedges relate primarily to the traditional electric operating companies' and the natural gas distribution utilities' fuel-hedging programs, where gains and losses are initially recorded as regulatory liabilities and assets, respectively, and then are included in fuel expense as the underlying fuel is used in operations and ultimately recovered through an approved cost recovery mechanism.
•Cash Flow Hedges – Gains and losses on energy-related derivatives designated as cash flow hedges (which are mainly used to hedge anticipated purchases and sales) are initially deferred in accumulated OCI before being recognized in the statements of income in the same period and in the same income statement line item as the earnings effect of the hedged transactions.
•Not Designated – Gains and losses on energy-related derivative contracts that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred.
Some energy-related derivative contracts require physical delivery as opposed to financial settlement, and this type of derivative is both common and prevalent within the electric and natural gas industries. When an energy-related derivative contract is settled physically, any cumulative unrealized gain or loss is reversed and the contract price is recognized in the respective line item representing the actual price of the underlying goods being delivered.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
At September 30, 2026, the net volume of energy-related derivative contracts for natural gas positions, together with the longest hedge date over which the respective entity is hedging its exposure to the variability in future cash flows for forecasted transactions and the longest non-hedge date for derivatives not designated as hedges, were as follows:
Net
Purchased
mmBtu		Longest
Hedge
Date		Longest
Non-Hedge
Date
(in millions)
Southern Company(*)
50020302029
Alabama Power17020292027
Georgia Power1032029—
Mississippi Power11320302027
Southern Power1120302027
Southern Company Gas(*)
10320282029
(*)Southern Company Gas' derivative instruments include both long and short natural gas positions. A long position is a contract to purchase natural gas and a short position is a contract to sell natural gas. Southern Company Gas' volume represents the net of 117 million mmBtu long natural gas positions and 14 million mmBtu short natural gas positions at September 30, 2026, which is also included in Southern Company's total volume.
In addition to the volumes discussed above, the traditional electric operating companies and Southern Power enter into physical natural gas supply contracts that provide the option to sell back excess natural gas due to operational constraints. The maximum expected volume of natural gas subject to such a feature is 12 million mmBtu for Southern Company, which includes 3 million mmBtu for Alabama Power, 5 million mmBtu for Georgia Power, 2 million mmBtu for Mississippi Power, and 2 million mmBtu for Southern Power.
For cash flow hedges of energy-related derivatives, the estimated pre-tax gains (losses) expected to be reclassified from accumulated OCI to earnings for the 12-month period ending September 30, 2027 are immaterial for Southern Company, Alabama Power, Mississippi Power, Southern Power, and Southern Company Gas.
Interest Rate Derivatives
Southern Company and certain subsidiaries may enter into interest rate derivatives to hedge exposure to changes in interest rates. Derivatives related to existing variable rate securities or forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and presented on the same income statement line item as the earnings effect of the hedged transactions. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings on the same income statement line item. Fair value gains or losses on derivatives that are not designated or fail to qualify as hedges are recognized in the statements of income as incurred.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
At September 30, 2026, the following interest rate derivatives were outstanding:
Notional
Amount		Weighted
Average Interest
Rate Paid		Interest
Rate
Received		Hedge
Maturity
Date
Fair Value
Gain (Loss) at
September 30, 2026
(in millions)(in millions)
Fair Value Hedges of Existing Debt
Southern Company parent$400 
1-day SOFR + 0.80%
1.75%March 2028$(21)
Southern Company parent1,000 
1-day SOFR + 2.48%
3.70%April 2030(130)
Southern Company parent565 
1-day SOFR + 1.56%
6.50%March 2045(50)
Southern Company Gas500 
1-day SOFR + 0.49%
1.75%January 2031(71)
Southern Company$2,465 $(272)
For cash flow hedges of interest rate derivatives, the estimated pre-tax gains (losses) expected to be reclassified from accumulated OCI to interest expense for the 12-month period ending September 30, 2027 are immaterial for Southern Company, the traditional electric operating companies, and Southern Company Gas. Deferred gains and losses related to interest rate derivatives are expected to be amortized into earnings through 2054 for Southern Company, Georgia Power, and Mississippi Power, 2052 for Alabama Power, and 2046 for Southern Company Gas.
Foreign Currency Derivatives
Southern Company and certain subsidiaries may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars. Derivatives related to forecasted transactions are accounted for as cash flow hedges where the derivatives' fair value gains or losses are recorded in OCI and are reclassified into earnings at the same time and on the same income statement line item as the earnings effect of the hedged transactions, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Derivatives related to existing fixed rate securities are accounted for as fair value hedges, where the derivatives' fair value gains or losses and hedged items' fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Southern Company has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of OCI.
At September 30, 2026, the following foreign currency derivatives were outstanding:
Pay
Notional		Pay
Rate		Receive
Notional		Receive
Rate		Hedge
Maturity Date
Fair Value
Gain (Loss) at
September 30, 2026
(in millions)(in millions)(in millions)
Fair Value Hedges of Existing Debt
Southern Company parent$1,476 3.39%€1,250 1.88%September 2027$(59)
Derivative Financial Statement Presentation and Amounts
The Registrants enter into derivative contracts that may contain certain provisions that permit intra-contract netting of derivative receivables and payables for routine billing and offsets related to events of default and settlements. Southern Company and certain subsidiaries also utilize master netting agreements to mitigate exposure to counterparty credit risk. The fair value amounts of derivative assets and liabilities on the balance sheets are presented net to the extent that there are netting arrangements or similar agreements with the counterparties.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
The fair value of energy-related derivatives, interest rate derivatives, and foreign currency derivatives was reflected as either assets or liabilities in the balance sheets (included in "Other" or shown separately as "Risk Management Activities") as follows:
At September 30, 2026At December 31, 2025
Derivative Category and Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
(in millions)
Southern Company
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current
$22 $117 $24 $64 
Non-current
32 36 31 35 
Total derivatives designated as hedging instruments for regulatory purposes54 153 55 99 
Derivatives designated as hedging instruments in cash flow and fair value hedges
Energy-related derivatives:
Current5 19 1 6 
Non-current2 2 2 1 
Interest rate derivatives:
Current3 57 8 48 
Non-current— 218 — 139 
Foreign currency derivatives:
Current— 59 17 22 
Non-current— — 4 — 
Total derivatives designated as hedging instruments in cash flow and fair value hedges10 355 32 216 
Energy-related derivatives not designated as hedging instruments
Current12 7 6 6 
Gross amounts recognized76 515 93 321 
Gross amounts offset(a)
(38)(62)(21)(54)
Net amounts recognized in the Balance Sheets(b)
$38 $453 $72 $267 
Alabama Power
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current$10 $47 $9 $18 
Non-current14 16 10 13 
Total derivatives designated as hedging instruments for regulatory purposes24 63 19 31 
Derivatives designated as hedging instruments in cash flow and fair value hedges
Energy-related derivatives:
Current1 2 — — 
Gross amounts recognized25 65 19 31 
Gross amounts offset(15)(15)(13)(13)
Net amounts recognized in the Balance Sheets$10 $50 $6 $18 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
At September 30, 2026At December 31, 2025
Derivative Category and Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
(in millions)
Georgia Power
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current$3 $38 $7 $23 
Non-current6 9 10 10 
Total derivatives designated as hedging instruments for regulatory purposes9 47 17 33 
Energy-related derivatives not designated as hedging instruments
Current
1 — 1 — 
Gross amounts recognized10 47 18 33 
Gross amounts offset(9)(9)(14)(14)
Net amounts recognized in the Balance Sheets$1 $38 $4 $19 
Mississippi Power
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current$1 $27 $3 $15 
Non-current12 11 11 12 
Total derivatives designated as hedging instruments for regulatory purposes13 38 14 27 
Gross amounts offset(12)(12)(13)(13)
Net amounts recognized in the Balance Sheets$1 $26 $1 $14 
Southern Power
Derivatives designated as hedging instruments in cash flow hedges
Energy-related derivatives:
Current$1 $4 $1 $1 
Non-current2 1 2 — 
Foreign currency derivatives:
Current— — 17 — 
Total derivatives designated as hedging instruments in cash flow hedges
3 5 20 1 
Energy-related derivatives not designated as hedging instruments
Current
— — 1 — 
Gross amounts recognized3 5 21 1 
Gross amounts offset(1)(1)— — 
Net amounts recognized in the Balance Sheets$2 $4 $21 $1 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
At September 30, 2026At December 31, 2025
Derivative Category and Balance Sheet LocationAssetsLiabilitiesAssetsLiabilities
(in millions)
Southern Company Gas
Energy-related derivatives designated as hedging instruments for regulatory purposes
Current
$8 $5 $5 $8 
Derivatives designated as hedging instruments in cash flow and fair value hedges
Energy-related derivatives:
Current3 13 — 5 
Non-current— 1 — 1 
Interest rate derivatives:
Current— 15 — 13 
Non-current— 56 — 46 
Total derivatives designated as hedging instruments in cash flow and fair value hedges3 85 — 65 
Energy-related derivatives not designated as hedging instruments
Current11 7 4 6 
Gross amounts recognized22 97 9 79 
Gross amounts offset(a)
(1)(25)19 (14)
Net amounts recognized in the Balance Sheets(b)
$21 $72 $28 $65 
(a)Gross amounts offset includes cash collateral held on deposit in broker margin accounts of $24 million and $33 million at September 30, 2026 and December 31, 2025, respectively.
(b)Net amounts of derivative instruments outstanding exclude immaterial premium and intrinsic value associated with weather derivatives at September 30, 2026 and December 31, 2025.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
At September 30, 2026 and December 31, 2025, the pre-tax effects of unrealized derivative gains (losses) arising from energy-related derivative instruments designated as regulatory hedging instruments and deferred were as follows:
Regulatory Hedge Unrealized Gain (Loss) Recognized in the Balance Sheets
Derivative Category and
Balance Sheet Location		Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern Company Gas
(in millions)
At September 30, 2026:
Energy-related derivatives:
Other regulatory assets, current$(107)$(46)$(35)$(25)$(1)
Other regulatory assets, deferred(7)(3)(3)(1)— 
Other regulatory liabilities, current18 8 — — 10 
Other regulatory liabilities, deferred3 2 — 1 — 
Total energy-related derivative gains (losses)$(93)$(39)$(38)$(25)$9 
At December 31, 2025:
Energy-related derivatives:
Other regulatory assets, current$(48)$(13)$(17)$(12)$(6)
Other regulatory assets, deferred(8)(5)(1)(2)— 
Other regulatory liabilities, current7 4 1 — 2 
Other regulatory liabilities, deferred4 2 1 1 — 
Total energy-related derivative gains (losses)$(45)$(12)$(16)$(13)$(4)
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
For the three and nine months ended September 30, 2026 and 2025, the pre-tax effects of cash flow and fair value hedge accounting on accumulated OCI for the applicable Registrants were as follows:
Gain (Loss) From Derivatives
Recognized in OCI		Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in millions)
Southern Company
Cash flow hedges:
Energy-related derivatives$(7)$(12)$(5)$(6)
Interest rate derivatives— (1)— 6 
Foreign currency derivatives— (6)(19)60 
Fair value hedges(*):
Foreign currency derivatives9 1 7 (12)
Total$2 $(18)$(17)$48 
Alabama Power
Cash flow hedges:
Energy-related derivatives$1 $— $— $— 
Georgia Power
Cash flow hedges:
Interest rate derivatives$— $— $— $3 
Southern Power
Cash flow hedges:
Energy-related derivatives$(1)$(2)$(1)$— 
Foreign currency derivatives— (6)(19)60 
Total$(1)$(8)$(20)$60 
Southern Company Gas
Cash flow hedges:
Energy-related derivatives$(7)$(10)$(4)$(6)
Interest rate derivatives— (1)— 3 
Total$(7)$(11)$(4)$(3)
(*)Represents amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in OCI.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
For the three and nine months ended September 30, 2026 and 2025, the pre-tax effects of cash flow and fair value hedge accounting on income were as follows:
Gain (Loss)
Statements of Income Location
Derivative Category
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in millions)
Southern Company
Fuel
Energy-related cash flow hedges
$— $— $2 $1 
Cost of natural gas
Energy-related cash flow hedges
(3)(1)4 (1)
Interest expense, net of amounts capitalized
Interest rate cash flow hedges
(1)(4)(5)(10)
Foreign currency cash flow hedges
— (2)(5)(8)
Interest rate fair value hedges
(72)16 (93)85 
Other income (expense), net
Foreign currency cash flow hedges
— 1 (14)68 
Foreign currency fair value hedges
4 5 (41)160 
Amount excluded from effectiveness testing recognized in earnings(9)(1)(7)12 
Southern Power
Fuel
Energy-related cash flow hedges
$— $— $2 $1 
Interest expense, net of amounts capitalized
Foreign currency cash flow hedges
— (2)(5)(8)
Other income (expense), net
Foreign currency cash flow hedges
— 1 (14)68 
Southern Company Gas
Cost of natural gas
Energy-related cash flow hedges
$(3)$(1)$4 $(1)
Interest expense, net of amounts capitalized
Interest rate cash flow hedges
— — (1)(1)
Interest rate fair value hedges
(10)7 (13)28 
At September 30, 2026 and December 31, 2025, the following amounts were recorded on the balance sheets related to cumulative basis adjustments for fair value hedges:
Carrying Amount of the Hedged
Item		Cumulative Amount of Fair Value
Hedging Adjustment included in
Carrying Amount of the Hedged
Item
Balance Sheet Location of Hedged ItemsAt September 30, 2026At December 31, 2025At September 30, 2026At December 31, 2025
(in millions)
Southern Company
Long-term debt$(3,593)$(3,742)$258 $156 
Southern Company Gas
Long-term debt$(429)$(446)$69 $51 
Contingent Features
The Registrants do not have any credit arrangements that would require material changes in payment schedules or terminations as a result of a credit rating downgrade. There are certain derivatives that could require collateral, but not accelerated payment, in the event of various credit rating changes of certain Southern Company subsidiaries. Generally, collateral may be provided by a Southern Company guaranty, letter of credit, or cash. At September 30, 2026, the Registrants had no collateral posted with derivative counterparties to satisfy these arrangements.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
For Southern Company, the fair value of foreign currency derivative liabilities and interest rate derivative liabilities with contingent features, and the maximum potential collateral requirements arising from the credit-risk-related contingent features at a rating below BBB- and/or Baa3, was $45 million at September 30, 2026. For the traditional electric operating companies and Southern Power, energy-related derivative liabilities with contingent features and the maximum potential collateral requirements arising from the credit-risk-related contingent features, at a rating below BBB- and/or Baa3, were immaterial at September 30, 2026. The maximum potential collateral requirements arising from the credit-risk-related contingent features for the traditional electric operating companies and Southern Power include certain agreements that could require collateral in the event that one or more Southern Company power pool participants has a credit rating change to below investment grade.
Alabama Power and Southern Power maintain accounts with certain regional transmission organizations to facilitate financial derivative transactions and they may be required to post collateral based on the value of the positions in these accounts and the associated margin requirements. At September 30, 2026, cash collateral posted in these accounts was immaterial for Alabama Power and Southern Power. Southern Company Gas maintains accounts with brokers or the clearing houses of certain exchanges to facilitate financial derivative transactions. Based on the value of the positions in these accounts and the associated margin requirements, Southern Company Gas may be required to deposit cash into these accounts, which are netted with energy-related derivatives recognized in the balance sheets.
The Registrants are exposed to losses related to financial instruments in the event of counterparties' nonperformance. The Registrants generally enter into agreements and material transactions with counterparties that have investment grade credit ratings by Moody's, S&P, or Fitch or with counterparties who have posted collateral to cover potential credit exposure. The Registrants have also established risk management policies and controls to determine and monitor the creditworthiness of counterparties in order to mitigate their exposure to counterparty credit risk.
Southern Company Gas uses established credit policies to determine and monitor the creditworthiness of counterparties, including requirements to post collateral or other credit security, as well as the quality of pledged collateral. Collateral or credit security is most often in the form of cash or letters of credit from an investment-grade financial institution, but may also include cash or U.S. government securities held by a trustee. Prior to entering a physical transaction, Southern Company Gas assigns its counterparties an internal credit rating and credit limit based on the counterparties' Moody's, S&P, and Fitch ratings, commercially available credit reports, and audited financial statements. Southern Company Gas may require counterparties to pledge additional collateral when deemed necessary.
The Registrants do not anticipate a material adverse effect on their respective financial statements as a result of counterparty nonperformance.
(K) ACQUISITIONS AND DISPOSITIONS
See Note 15 to the financial statements in Item 8 of the Form 10-K for additional information.
Southern Power
Construction Projects
During the nine months ended September 30, 2026, Southern Power completed construction of and placed in service the 200-MW first phase and the 180-MW second phase and continued construction of the 132-MW third phase of the Millers Branch solar facility. At September 30, 2026, the total cost of construction incurred for the
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Millers Branch project was $745 million, of which $178 million remains in CWIP. The ultimate outcome of these matters cannot be determined at this time.
Project
Facility		Resource
Approximate
Nameplate Capacity
(MW)
LocationActual/Projected
COD		PPA
Contract
Period
Projects Under Construction at September 30, 2026
Millers Branch
Phase III
Solar
132Haskell County, TX
Fourth quarter 2026
15 years
Projects Completed During the Nine Months Ended September 30, 2026
Millers Branch
Phase I
Solar200Haskell County, TXFebruary 202620 years
Phase IISolar180Haskell County, TXAugust 202615 years
Wind Repowering Projects
During the nine months ended September 30, 2026, Southern Power completed development projects to repower the Kay and Grant wind facilities and continued the development projects to repower the Grant Plains, Wake, and Bethel wind facilities. At September 30, 2026, the total cost of construction incurred related to the projects was $768 million, of which $381 million remains in CWIP. The repowered output of the facilities is contracted under new and amended PPAs. The ultimate outcome of these matters cannot be determined at this time.
Project FacilityResource
Approximate Nameplate
Capacity
(MW)
LocationActual/Projected
Completion Date
Projects Under Construction at September 30, 2026
Grant Plains
Wind
147
Grant County, OK
   Fourth quarter 2026(a)
Wake
Wind
257
Crosby & Floyd Counties, TX
Second quarter 2027
BethelWind276Castro County, TXThird quarter 2027
Projects Completed During the Nine Months Ended September 30, 2026
Kay(b)
Wind200Kay County, OKJuly 2026
GrantWind152Grant County, OKSeptember 2026
(a)During the first nine months of 2026 and subsequent to September 30, 2026, Southern Power placed 82 MWs of repowered capacity in service.
(b)The facility has a total capacity of 299 MWs, of which 200 MWs was repowered and is contracted under a PPA.
Natural Gas Turbine Uprate Projects
In the first quarter 2026, Southern Power committed to projects to uprate certain turbines at its existing Franklin and Wansley natural gas facilities, located in Lee County, Alabama and Heard County, Georgia, respectively. The uprates are projected to add up to 400 MWs of incremental capacity, with commercial operations projected to begin between the second quarter 2029 and the fourth quarter 2030. At September 30, 2026, the total cost of construction incurred related to the projects was $105 million, which is included in CWIP. The ultimate outcome of these matters cannot be determined at this time.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
(L) SEGMENT AND RELATED INFORMATION
See Note 16 to the financial statements in Item 8 of the Form 10-K for additional information.
Southern Company
The primary businesses of the Southern Company system are electricity sales by the traditional electric operating companies and Southern Power and the distribution of natural gas by Southern Company Gas. The traditional electric operating companies are vertically integrated utilities providing electric service in three Southeastern states. Southern Power develops, constructs, acquires, owns, operates, and manages power generation assets, including battery energy storage projects, and sells electricity at market-based rates in the wholesale market. Southern Company Gas distributes natural gas through its natural gas distribution utilities and is involved in several other complementary businesses including gas pipeline investments and gas marketing services.
Southern Company's reportable business segments are the sale of electricity by the traditional electric operating companies, the sale of electricity in the competitive wholesale market by Southern Power, and the distribution of natural gas and other complementary products and services by Southern Company Gas. While the traditional electric operating companies represent three separate operating segments, they are vertically integrated utilities providing electric service to retail customers, as well as wholesale customers, in the Southeast and have been aggregated into one reportable segment. The "All Other" presentation includes the Southern Company parent entity, which does not allocate operating expenses to business segments, and operating segments below the quantitative threshold for separate disclosure. These operating segments include providing distributed energy and resilience solutions and deploying microgrids for commercial, industrial, governmental, and utility customers, as well as investments in telecommunications. Revenues from sales by Southern Power to the traditional electric operating companies were $137 million and $329 million for the three and nine months ended September 30, 2026, respectively, and $112 million and $341 million for the three and nine months ended September 30, 2025, respectively. All other inter-segment revenues were immaterial for all periods presented.
Southern Company's CODM utilizes segment net income, including variances to budget and forecasts, to assess performance and is not provided with segment expense information. To achieve the consolidated net income goal, Southern Company's CODM sets net income expectations for each operating segment, which is expected to monitor its expenses in order to achieve its assigned net income target. Therefore, Southern Company has no reportable significant segment expenses.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Financial data for business segments for the three and nine months ended September 30, 2026 and 2025 was as follows:
Electric Utilities
Traditional
Electric Operating
Companies		Southern
Power		EliminationsTotalSouthern Company Gas
Total Reportable Segments
All
Other		EliminationsConsolidated
(in millions)
Three Months Ended September 30, 2026
Operating revenues$7,312 $699 $(155)$7,856 $773 $8,629 $250 $(36)$8,843 
Other segment items(a)
3,139 405 (118)3,426 472 3,898 255 (37)4,116 
Depreciation and amortization(b)
984 259 (11)1,232 196 1,428 16 — 1,444 
Earnings from equity method investments— — — — 31 31 46 — 77 
Interest expense(c)
386 28 (26)388 107 495 347 — 842 
Income taxes (benefit)531 (45)— 486 8 494 (22)— 472 
Segment net income (loss)(b)(c)(d)
$2,272 $52 $— $2,324 $21 $2,345 $(300)$1 $2,046 
Nine Months Ended September 30, 2026
Operating revenues$18,191 $1,914 $(401)$19,704 $3,930 $23,634 $691 $(107)$24,218 
Other segment items(a)
8,499 1,176 (338)9,337 2,383 11,720 639 (105)12,254 
Depreciation and amortization(b)
2,892 817 (26)3,683 565 4,248 50 — 4,298 
Earnings from equity method investments11 — — 11 108 119 94 — 213 
Interest expense(c)
1,091 83 (37)1,137 313 1,450 965 — 2,415 
Income taxes (benefit)1,066 (192)— 874 184 1,058 (171)— 887 
Segment net income (loss)(b)(c)(d)
$4,654 $30 $— $4,684 $593 $5,277 $(698)$(2)$4,577 
At September 30, 2026
Goodwill$— $2 $— $2 $5,015 $5,017 $144 $— $5,161 
Total assets123,592 12,921 (2,202)134,311 28,056 162,367 2,531 (694)164,204 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Electric Utilities
Traditional
Electric Operating
Companies		Southern
Power		EliminationsTotalSouthern Company Gas
Total Reportable Segments
All
Other		EliminationsConsolidated
(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)(e)
2,723 332 (123)2,932 464 3,396 209 (41)3,564 
Depreciation and amortization(b)
981 247 — 1,228 176 1,404 18 — 1,422 
Earnings from equity method investments2 — — 2 31 33 — — 33 
Interest expense339 25 — 364 94 458 297 — 755 
Income taxes (benefit)477 6 — 483 6 489 (85)— 404 
Segment net income (loss)(b)(c)(d)(e)
$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)(e)
8,191 930 (368)8,753 2,133 10,886 611 (120)11,377 
Depreciation and amortization(b)
2,885 576 — 3,461 517 3,978 52 — 4,030 
Earnings from equity method investments4 — — 4 93 97 (21)— 76 
Interest expense(c)
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)$3,925 
At December 31, 2025
Goodwill$— $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 
(a)Primarily consists of fuel, purchased power, cost of natural gas, cost of other sales, other operations and maintenance expenses, taxes other than income taxes, AFUDC equity, non-service cost-related retirement benefits income, and net income (loss) attributable to noncontrolling interests.
(b)For Southern Power, includes accelerated depreciation related to the repowering of multiple wind facilities of $116 million ($90 million after tax) and $409 million ($318 million after tax) for the three and nine months ended September 30, 2026, respectively, and $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" and Notes 5 and 15 to the financial statements under "Depreciation and Amortization – Southern Power" and "Southern Power – Wind Repowering Projects," respectively, in Item 8 of the Form 10-K for additional information.
(c)For All Other, includes pre-tax losses related to the extinguishment of debt and associated changes in tax benefits at the parent company of $43 million ($97 million after tax) and $54 million ($106 million after tax) for the three and nine months ended September 30, 2026, respectively, and $129 million ($97 million after tax) for the nine months ended September 30, 2025. See Notes (F) and (G) under "Convertible Senior Notes" and "Unrecognized Tax Benefits," respectively, and Note 8 to the financial statements under "Convertible Senior Notes" in Item 8 of the Form 10-K for additional information.
(d)Attributable to Southern Company.
(e)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. See Note 2 to the financial statements under "Georgia Power – Nuclear Construction" in Item 8 of the Form 10-K for additional information.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Traditional Electric Operating Companies
Each of the traditional electric operating companies' single reportable business segment is the sale of electricity.
Alabama Power and Georgia Power have identified utility operations and maintenance expenses as significant segment expenses provided to their CODMs. Utility operations and maintenance expenses is calculated as other operations and maintenance, as reflected on the statements of income, less expenses from unregulated products and services, losses (gains) on asset dispositions, impairment charges, and amortization of cloud software. Alabama Power's utility operations and maintenance expenses are disaggregated into expenses related to Rate RSE and Rate CNP Compliance. See Note 2 to the financial statements under "Alabama Power" in Item 8 of the Form 10-K for additional information.
During the fourth quarter 2025, Mississippi Power updated its classification of operational and environmental compliance expenses provided to its CODM and identified as significant segment expenses. As a result, Mississippi Power has recast prior period information to conform to the current period presentation. Operational expenses consist of certain operations and maintenance expenses related to PEP and the MRA tariff, including labor costs, materials, contract services, and other normal operational costs. Environmental compliance expenses are related to ECO Plan and the MRA tariff. See Note (B) under "Mississippi Power" and Note 2 to the financial statements under "Mississippi Power" in Item 8 of the Form 10-K for additional information regarding PEP, the MRA tariff, and ECO Plan.
Financial data for significant segment expenses and other segment information for the three and nine months ended September 30, 2026 and 2025 was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in millions)
Alabama Power
Operating revenues$2,509 $2,318 $6,564 $6,298 
Utility operations and maintenance
Rate RSE expenses353 346 986 1,085 
Rate CNP Compliance expenses85 69 230 211 
Total utility operations and maintenance438 415 1,216 1,296 
Other segment items(a)
695 641 1,848 1,794 
Depreciation and amortization390 380 1,157 1,121 
Interest expense115 119 347 343 
Income taxes210 175 473 401 
Segment net income$661 $588 $1,523 $1,343 
Capital expenditures$569 $537 $1,588 $1,696 
Georgia Power
Operating revenues$4,471 $3,770 $10,746 $9,918 
Utility operations and maintenance691 576 1,856 1,680 
Other segment items(a)(b)
1,199 942 3,246 3,048 
Depreciation and amortization516 526 1,504 1,541 
Interest expense249 200 680 585 
Income taxes293 278 529 612 
Segment net income(b)
$1,523 $1,248 $2,931 $2,452 
Capital expenditures$4,361 $1,961 $6,534 $5,273 
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in millions)
Mississippi Power
Operating revenues$497 $480 $1,372 $1,301 
Operational expenses69 57 213 168 
Environmental compliance expenses4 3 10 9 
Other segment items(a)
231 240 655 652 
Depreciation and amortization56 53 170 157 
Interest expense21 19 62 59 
Income taxes27 24 61 58 
Segment net income
$89 $84 $201 $198 
Capital expenditures$97 $86 $275 $225 
(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 Mississippi Power, includes employee benefit expenses. Also includes earnings from equity method investments, which were immaterial for all periods presented.
(b)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. See Note 2 to the financial statements under "Georgia Power – Nuclear Construction" in Item 8 of the Form 10-K for additional information.
Southern Power
Southern Power's single reportable business segment is the sale of electricity in the competitive wholesale market. Southern Power's CODM utilizes segment expense information in the form of variances to budget to assess performance; therefore, Southern Power has no reportable significant segment expenses.
Financial data for segment information for the three and nine months ended September 30, 2026 and 2025 was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in millions)
Operating revenues
$699 $613 $1,914 $1,726 
Other segment items(a)
405 332 1,176 930 
Depreciation and amortization(b)
259 247 817 576 
Interest expense28 25 83 76 
Income taxes (benefit)(45)6 (192)3 
Segment net income(b)(c)
$52 $3 $30 $141 
(a)Primarily consists of fuel, purchased power, other operations and maintenance expenses, taxes other than income taxes, and net income (loss) attributable to noncontrolling interests.
(b)Includes accelerated depreciation related to the repowering of multiple wind facilities of $116 million ($90 million after tax) and $409 million ($318 million after tax) for the three and nine months ended September 30, 2026, respectively, and $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" and Notes 5 and 15 to the financial statements under "Depreciation and Amortization – Southern Power" and "Southern Power – Wind Repowering Projects," respectively, 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.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Southern Company Gas
Southern Company Gas manages its business through three reportable segments – gas distribution operations, gas pipeline investments, and gas marketing services. The non-reportable segments are combined and presented as "All Other."
The gas distribution operations segment is the largest component of Southern Company Gas' business and includes natural gas local distribution utilities that construct, manage, and maintain intrastate natural gas pipelines and gas distribution facilities in four states.
The gas pipeline investments segment consists of joint ventures in natural gas pipeline investments including a 50% interest in SNG and a 50% joint ownership interest in the Dalton Pipeline. These natural gas pipelines enable the provision of diverse sources of natural gas supplies to the customers of Southern Company Gas. See Note 7 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information.
The gas marketing services segment provides natural gas marketing to end-use customers primarily in Georgia through SouthStar.
The "All Other" presentation includes operating segments and subsidiaries that fall below the quantitative threshold for separate disclosure.
Southern Company Gas' CODM utilizes segment expense information in the form of variances to budget to assess performance; therefore, Southern Company Gas has no reportable significant segment expenses.
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NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
(UNAUDITED)
Financial data for business segments for the three and nine months ended September 30, 2026 and 2025 was as follows:
Gas Distribution OperationsGas
Pipeline Investments		Gas Marketing Services
Total Reportable Segments
All
Other
EliminationsConsolidated
(in millions)
Three Months Ended September 30, 2026
Operating revenues$706 $8 $59 $773 $1 $(1)$773 
Other segment items(*)
418 1 51 470 3 (1)472 
Depreciation and amortization188 5 3 196 — — 196 
Earnings from equity method investments— 31 — 31 — — 31 
Interest expense99 11 1 111 (4)— 107 
Income taxes (benefit)(8)5 1 (2)10 — 8 
Segment net income (loss)$9 $17 $3 $29 $(8)$— $21 
Nine Months Ended September 30, 2026
Operating revenues$3,491 $24 $417 $3,932 $5 $(7)$3,930 
Other segment items(*)
2,093 2 287 2,382 8 (7)2,383 
Depreciation and amortization548 7 8 563 2 — 565 
Earnings from equity method investments— 108 — 108 — — 108 
Interest expense280 28 3 311 2 — 313 
Income taxes (benefit)
129 24 34 187 (3)— 184 
Segment net income (loss)$441 $71 $85 $597 $(4)$— $593 
Total assets at September 30, 2026
$26,674 $1,584 $1,703 $29,961 $11,256 $(13,161)$28,056 
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 amortization171 1 3 175 1 — 176 
Earnings from equity method investments— 31 — 31 — — 31 
Interest expense89 10 1 100 (6)— 94 
Income taxes(13)7 1 (5)11 — 6 
Segment net income (loss)$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 amortization502 4 10 516 1 — 517 
Earnings from equity method investments— 93 — 93 — — 93 
Interest expense252 28 2 282 (5)— 277 
Income taxes (benefit)
109 20 30 159 10 — 169 
Segment net income (loss)$417 $62 $77 $556 $(7)$— $549 
Total assets at December 31, 2025
$25,391 $1,475 $1,749 $28,615 $10,643 $(11,871)$27,387 
(*)Primarily consists of cost of natural gas, other operations and maintenance expenses, taxes other than income taxes, AFUDC equity, and non-service cost-related retirement benefits income.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Page
Combined Management's Discussion and Analysis of Financial Condition and Results of Operations
Overview
98
Results of Operations
101
Southern Company
101
Alabama Power
109
Georgia Power
113
Mississippi Power
118
Southern Power
122
Southern Company Gas
125
Future Earnings Potential
131
Accounting Policies
136
Financial Condition and Liquidity
137
The following Management's Discussion and Analysis of Financial Condition and Results of Operations is a combined presentation; however, information contained herein relating to any individual Registrant is filed by such Registrant on its own behalf and each Registrant makes no representation as to information related to the other Registrants.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
OVERVIEW
Southern Company is a holding company that owns all of the common stock of three traditional electric operating companies (Alabama Power, Georgia Power, and Mississippi Power), Southern Power, and Southern Company Gas and owns other direct and indirect subsidiaries. The primary businesses of the Southern Company system are electricity sales by the traditional electric operating companies and Southern Power and the distribution of natural gas by Southern Company Gas. Southern Company's reportable segments are the sale of electricity by the traditional electric operating companies, the sale of electricity in the competitive wholesale market by Southern Power, and the distribution of natural gas and sale of other complementary products and services by Southern Company Gas. Alabama Power, Georgia Power, and Mississippi Power each operate with one reportable business segment, since substantially all of their business is providing electric service to customers. Southern Power also operates its business with one reportable business segment, the sale of electricity in the competitive wholesale market. Southern Company Gas' reportable segments are gas distribution operations, gas pipeline investments, and gas marketing services. See Note (L) to the Condensed Financial Statements herein for additional information on segment reporting. For additional information on the Registrants' primary business activities, see BUSINESS – "The Southern Company System" in Item 1 of the Form 10-K.
The Registrants continue to focus on several key performance indicators. For the traditional electric operating companies and Southern Company Gas, these indicators include, but are not limited to, customer satisfaction, plant availability, electric and natural gas system reliability, and execution of major construction projects. Southern Company Gas also continues to focus on several operating metrics, including customer count and volumes of natural gas sold. For Southern Power, key performance indicators include, but are not limited to, the equivalent forced outage rate and contract availability to evaluate operating results and help ensure its ability to meet its contractual commitments to customers. In addition, Southern Company and the Subsidiary Registrants focus on earnings per share and net income, respectively, as a key performance indicator.
Recent Developments
Alabama Power
In December 2025, the Alabama PSC issued a consent order to keep retail rates stable through 2027. On April 2, 2026, the State of Alabama enacted legislation (Power to the People Act) providing that retail base rates established and in place on October 1, 2026 may not be increased before January 1, 2029 for utilities that are regulated by the Alabama PSC and that provide retail electric service. The ultimate outcome of this matter cannot be determined at this time. See Note 2 to the financial statements under "Alabama Power" in Item 8 of the Form 10-K for additional information.
Rate CNP New Plant
On November 4, 2026, in conjunction with a Rate CNP New Plant filing, Alabama Power requested authorization from the Alabama PSC to defer until 2029 the recovery of the costs associated with the Lindsay Hill Generating Station to reconcile the timing of that recovery with the apparent intent of the Power to the People Act. In this filing, Alabama Power proposed providing bill credits to retail customers during 2028 to offset any rate impact of the previously approved cost recovery associated with the Lindsay Hill Generating Station through Rate CNP New Plant beginning January 2028. Alabama Power also proposed establishing a regulatory asset for the associated costs in 2028 to be recovered over a five-year period starting in 2029 in order to effectuate the previously approved cost recovery. The ultimate outcome of this matter cannot be determined at this time. See Note (B) to the Condensed Financial Statements under "Alabama Power – Power to the People Act" herein and Note 15 to the financial statements under "Alabama Power" in Item 8 of the Form 10-K for additional information.
Potential Cost Exposure Petition
In addition to comprehensive pricing, early termination fees, and security features such as guarantees or surety bonds, Alabama Power has included in certain electric service contracts an Incremental Revenue Component (IRC) designed to further help mitigate Potential Cost Exposure (PCE) associated with expected incremental investments.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
On October 16, 2026, Alabama Power filed a petition with the Alabama PSC seeking authorization to establish a regulatory liability effective October 1, 2026 for future PCE to align with the IRC.
Alabama Power proposed in this petition that when the IRC amounts are billed, Alabama Power would identify a corresponding amount of PCE and record that amount as a regulatory liability, with a corresponding charge to amortization. This would allow Alabama Power to establish a regulatory liability to mitigate PCE when and if it materializes while the related IRC amounts are billed. Once risk mitigation thresholds are achieved, Alabama Power would begin systematically reducing the regulatory liability with a corresponding credit to amortization.
The ultimate outcome of this matter cannot be determined at this time.
Georgia Power
On May 28, 2026, the Georgia PSC approved a stipulation among Georgia Power, the staff of the Georgia PSC, and certain intervenors regarding Georgia Power's separate filings in February 2026 associated with recovery of fuel and storm restoration costs. The approved stipulation decreased annual fuel billings by 12.9%, or approximately $394 million, effective June 1, 2026. Under the stipulation, the Georgia PSC approved the following related to storm restoration costs:
•Recovery of $31 million annually for storm restoration costs incurred after December 31, 2025.
•Recovery of Georgia Power's adjusted regulatory asset balance totaling $869 million, as determined through the proceedings and stipulation, related to storm damage as of December 31, 2025 over a period of 67 months from June 1, 2026 through December 31, 2031, or $156 million annually.
Additionally, the stipulation provided for the treatment of the Internal Revenue Code §45U PTCs generated from Georgia Power's nuclear generating facilities in 2024 and 2025, in which Georgia Power agreed to use $77 million of these tax credits for the benefit of customers.
See Note (B) to the Condensed Financial Statements under "Georgia Power" herein for additional information.
Integrated Resource Plans
On August 26, 2026, as a result of additional large load contracts, Georgia Power filed a joint statement with the Georgia PSC Staff in which Georgia Power agreed to increase the amount of downward pressure on rates for non-large load customers to be included in its next base rate case to at least $949 million per year, on a levelized basis, for the years 2029, 2030, and 2031.
See Note (B) to the Condensed Financial Statements under "Georgia Power – Integrated Resource Plans" herein for additional information.
Mississippi Power
On June 18, 2026, the Mississippi PSC approved Mississippi Power's annual retail PEP Evaluation Report for 2026, resulting in an annual increase in revenues of approximately 1.8%, or $20 million, primarily due to increases in investment and depreciation. In accordance with the PEP rate schedule, the increase became effective with the first billing cycle of January 2026. In the PEP filing, the Mississippi PSC approved the use of approximately $7 million of the reliability reserve balance, which Mississippi Power utilized for reliability-related generation, transmission, and distribution expenses during the first six months of 2026. In conjunction with the PEP filing, the Mississippi PSC approved approximately $21 million associated with certain federal excess accumulated deferred income taxes resulting from the Tax Reform Legislation to be credited back to customers over an 18-month period starting with the first billing cycle of July 2026.
See Note (B) to the Condensed Financial Statements under "Mississippi Power" herein for additional information.
Southern Power
In the first quarter 2026, Southern Power committed to development projects to uprate certain turbines at its existing Franklin and Wansley natural gas facilities, which are projected to add up to 400 MWs of incremental capacity.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Commercial operations for the incremental capacity at the natural gas facilities are projected to occur between the second quarter 2029 and the fourth quarter 2030. The ultimate outcome of these matters cannot be determined at this time.
During the first nine months of 2026, Southern Power placed in service the 180-MW second phase of the Millers Branch solar facility, as well as all 200 MWs and all 152 MWs of the repowering projects at the Kay and Grant wind facilities, respectively.
In addition, during the first nine months of 2026 and subsequent to September 30, 2026, Southern Power placed in service 82 MWs of the 147-MW repowering project at the Grant Plains wind facility. The ultimate outcome of this matter cannot be determined at this time.
See Note (K) to the Condensed Financial Statements under "Southern Power" herein for additional information.
At September 30, 2026, Southern Power's average investment coverage ratio for its generating assets, including those owned with various partners, based on the ratio of investment under contract to total investment using the respective facilities' net book value (or expected in-service value for facilities under construction) as the investment amount was 98% through 2030 and 89% through 2035, with an average remaining contract duration of approximately 12 years.
Southern Company Gas
Nicor Gas
On June 16, 2026, in connection with Nicor Gas' 2023 general base rate case proceeding, the Illinois Appellate Court determined that the Illinois Commission did not provide sufficient support for its disallowance of $43 million of Nicor Gas' planned capital investments that were expected to be completed by December 31, 2024. As the disallowance related to planned capital investments for which costs had not yet been incurred, it was not included in the pre-tax charge to income recorded in 2023. This matter remains subject to further proceedings before the Illinois Commission and had no impact on the current period financial statements. The ultimate outcome of this matter cannot be determined at this time.
On July 21, 2026, Nicor Gas filed a petition for leave to appeal with the Illinois Supreme Court related to the capital structure approved in Nicor Gas' 2023 general base rate case proceeding. On September 30, 2026, the Illinois Supreme Court denied Nicor Gas' petition. This matter is now concluded.
On September 8, 2026, Nicor Gas, the staff of the Illinois Commission, and certain other parties entered into a stipulation to resolve Nicor Gas' general base rate case filed on January 9, 2026. On October 15, 2026, the Illinois Commission entered an order approving the stipulation, which provides for an annual base rate revenue increase of approximately $82 million, an ROE of 9.48%, and an equity ratio of 50%, effective November 16, 2026. Under the stipulation, Nicor Gas has agreed that once the order approving the stipulation becomes final, including the resolution of any rehearing requests, it will file a motion to dismiss its pending appeal of the Illinois Commission's November 19, 2025 base rate case decision. The order remains subject to rehearing requests and related procedural actions. The ultimate outcome of this matter cannot be determined at this time.
Virginia Natural Gas
On August 4, 2026, Virginia Natural Gas filed a base rate case with the Virginia Commission seeking an increase in annual base revenues of $67 million, including $18 million related to the recovery of investments under the SAVE program. The requested increase is based on a projected 12-month period beginning January 1, 2027, an ROE of 10.45%, and an equity ratio of 54.86%. Rate adjustments will be effective January 1, 2027, subject to refund. The Virginia Commission is expected to issue an order on the requested increase in the third quarter 2027. The ultimate outcome of this matter cannot be determined at this time.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
RESULTS OF OPERATIONS
Southern Company
Consolidated Net Income Attributable to Southern Company
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$33519.6$65216.6
Consolidated net income attributable to Southern Company was $2.0 billion ($1.77 per share) in the third quarter 2026 compared to $1.7 billion ($1.55 per share) for the corresponding period in 2025. The increase was primarily due to an increase in non-fuel retail electric revenues, partially offset by increases in other operations and maintenance expenses and taxes other than income taxes.
For year-to-date 2026, consolidated net income attributable to Southern Company was $4.6 billion ($4.02 per share) compared to $3.9 billion ($3.56 per share) for the corresponding period in 2025. The increase was primarily due to increases in non-fuel retail electric revenues, higher natural gas revenues associated with base rate increases, increases in AFUDC equity and earnings from equity method investments, and a decrease in income taxes, partially offset by increases in depreciation and amortization, other operations and maintenance expenses, and taxes other than income taxes.
Retail Electric Revenues
In the third quarter 2026, retail electric revenues were $6.6 billion compared to $5.7 billion for the corresponding period in 2025. For year-to-date 2026, retail electric revenues were $16.0 billion compared to $15.1 billion for the corresponding period in 2025. Details of the changes in retail electric revenues were as follows:
Third Quarter 2026 vs.
Third Quarter 2025
Year-to-Date 2026 vs.
Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
Rates and pricing$322 5.7 %$293 2.0 %
Sales growth150 2.6 306 2.0 
Weather218 3.8 139 0.9 
Fuel and other cost recovery226 4.0 206 1.4 
Retail electric revenues$916 16.1 %$944 6.3 %
Changes in rates and pricing resulted in increases in revenues in the third quarter and year-to-date 2026 when compared to the corresponding periods in 2025 primarily due to higher contributions from commercial and industrial customers with variable demand-driven pricing at Georgia Power and an increase in Rate CNP Compliance revenues at Alabama Power. See Note 2 to the financial statements under "Alabama Power – Rate CNP Compliance" in Item 8 of the Form 10-K for additional information.
Changes in sales resulted in increases in revenues in the third quarter and year-to-date 2026 when compared to the corresponding periods in 2025. Weather-adjusted residential KWH sales increased 1.3% and 0.6% in the third quarter and year-to-date 2026, respectively, primarily due to customer growth. Weather-adjusted commercial KWH sales increased 7.3% and 6.5% in the third quarter and year-to-date 2026, respectively, primarily due to increased customer usage, largely driven by data centers at Georgia Power. Weather-adjusted industrial KWH sales increased 1.8% in the third quarter 2026 primarily due to increases in the primary metals, lumber, and miscellaneous manufacturing sectors, partially offset by declines in the paper and chemicals sectors. Weather-adjusted industrial KWH sales increased 1.1% for year-to-date 2026 primarily due to increases in the primary metals, miscellaneous manufacturing, and stone, clay, and glass sectors, partially offset by declines in the paper and chemicals sectors.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Fuel and other cost recovery revenues increased in the third quarter and year-to-date 2026 as compared to the corresponding periods in 2025 primarily due to higher recoverable fuel costs. Electric rates for the traditional electric operating companies include provisions to adjust billings for fluctuations in fuel costs, including the energy component of purchased power costs. Under these provisions, fuel revenues generally equal fuel expenses, including the energy component of PPA costs, and do not affect net income. The traditional electric operating companies each have one or more regulatory mechanisms to recover other costs such as environmental and other compliance costs, storm damage, new plants, and PPA capacity costs. See Note 2 to the financial statements in Item 8 of the Form 10-K and Note (B) to the Condensed Financial Statements herein for additional information.
Wholesale Electric Revenues
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$414.9$28012.4
In the third quarter 2026, wholesale electric revenues were $873 million compared to $832 million for the corresponding period in 2025. For year-to-date 2026, wholesale electric revenues were $2.54 billion compared to $2.26 billion for the corresponding period in 2025. The increases in the third quarter and year-to-date 2026 were due to an increase in energy revenues associated with increases of $40 million and $162 million, respectively, related to the volume of KWHs sold resulting from higher demand and $11 million and $132 million, respectively, related to the average cost per KWH sold primarily resulting from higher fuel and purchased power prices, partially offset by decreases of $10 million and $14 million, respectively, in non-fuel revenues from wholesale capacity contracts primarily at Alabama Power.
Wholesale electric revenues consist of revenues from PPAs and short-term opportunity sales. Wholesale electric revenues from PPAs (other than solar and wind PPAs) have both capacity and energy components. Capacity revenues generally represent the greatest contribution to net income and are designed to provide recovery of fixed costs plus a return on investment. Energy revenues will vary depending on fuel prices, the market prices of wholesale energy compared to the Southern Company system's generation, demand for energy within the Southern Company system's electric service territory, and the availability of the Southern Company system's generation. Increases and decreases in energy revenues that are driven by fuel prices are accompanied by an increase or decrease in fuel costs and do not have a significant impact on net income. Energy sales from solar and wind PPAs do not have a capacity charge and customers either purchase the energy output of a dedicated renewable facility through an energy charge or through a fixed price related to the energy. As a result, the ability to recover fixed and variable operations and maintenance expenses is dependent upon the level of energy generated from these facilities, which can be impacted by weather conditions, equipment performance, transmission constraints, and other factors. Wholesale electric revenues at Mississippi Power include FERC-regulated municipal and rural association sales under cost-based tariffs as well as market-based sales. Short-term opportunity sales are made at market-based rates that generally provide a margin above the Southern Company system's variable cost to produce the energy.
Other Electric Revenues
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$(33)(12.6)$121.7
In the third quarter 2026, other electric revenues were $229 million compared to $262 million for the corresponding period in 2025. The decrease was primarily due to a decrease of $31 million in renewable energy program revenues primarily associated with solar application fees at Georgia Power.
For year-to-date 2026, other electric revenues were $736 million compared to $724 million for the corresponding period in 2025. The increase was primarily due to an increase of $50 million in open access transmission tariff sales
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
at the traditional electric operating companies, partially offset by a decrease of $28 million in renewable energy program revenues primarily associated with solar application fees at Georgia Power.
Natural Gas Revenues
In the third quarter 2026, natural gas revenues were $773 million compared to $734 million for the corresponding period in 2025. For year-to-date 2026, natural gas revenues were $3.93 billion compared to $3.55 billion for the corresponding period in 2025. Details of the changes in natural gas revenues were as follows:
Third Quarter 2026 vs.
Third Quarter 2025
Year-to-Date 2026 vs.
Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
Rates$50 6.8 %$184 5.2 %
Gas costs and other cost recovery(23)(3.1)158 4.4 
Gas marketing services— — 19 0.5 
Other12 1.6 17 0.5 
Natural gas revenues$39 5.3 %$378 10.6 %
Changes in rates resulted in increases in revenues in the third quarter and year-to-date 2026 as compared to the corresponding periods in 2025 primarily due to base rate increases at Nicor Gas and Atlanta Gas Light. See Note 2 to the financial statements under "Southern Company Gas – Rate Proceedings" in Item 8 of the Form 10-K for additional information.
Revenues associated with gas costs and other cost recovery decreased in the third quarter 2026 as compared to the corresponding period in 2025 primarily due to lower cost of natural gas driven by lower natural gas prices. Revenues associated with gas costs and other cost recovery increased for year-to-date 2026 as compared to the corresponding period in 2025 primarily due to higher cost of natural gas driven by higher natural gas prices in the first quarter 2026, as well as increases in other expenses passed through to customers. See "Cost of Natural Gas" herein for additional information.
Revenues from gas marketing services increased for year-to-date 2026 as compared to the corresponding period in 2025 primarily due to higher commodity prices in the first quarter 2026, partially offset by weather impacts.
Other Revenues
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$5719.8$323.3
In the third quarter 2026, other revenues were $345 million compared to $288 million for the corresponding period in 2025. The increase was primarily due to an increase of $57 million in revenues at PowerSecure related to distributed infrastructure projects.
For year-to-date 2026, other revenues were $1.01 billion compared to $0.97 billion for the corresponding period in 2025. The increase was primarily due to increases of $56 million in revenues at PowerSecure related to distributed infrastructure projects, $22 million in unregulated sales associated with power delivery construction and maintenance projects at Georgia Power, and $20 million in unregulated sales associated with outdoor lighting at Alabama Power and Georgia Power, partially offset by decreases of $31 million in unregulated sales associated with energy conservation projects at Georgia Power and $25 million in sales of other unregulated products and services at Alabama Power.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Fuel and Purchased Power Expenses
Third Quarter 2026 vs.
Third Quarter 2025
Year-to-Date 2026 vs.
Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
Fuel$191 14.2 %$327 8.7 %
Purchased power32 12.4 54 7.0 
Total fuel and purchased power expenses$223 $381 
In the third quarter 2026, total fuel and purchased power expenses were $1.8 billion compared to $1.6 billion for the corresponding period in 2025. The increase was due to a $128 million increase related to the volume of KWHs generated and purchased and a $95 million increase related to the average cost of fuel and purchased power.
For year-to-date 2026, total fuel and purchased power expenses were $4.9 billion compared to $4.5 billion for the corresponding period in 2025. The increase was due to a $232 million increase related to the volume of KWHs generated and purchased and a $149 million increase related to the average cost of fuel and purchased power.
Fuel and purchased power energy transactions at the traditional electric operating companies are generally offset by fuel revenues and do not have a significant impact on net income. See Note 2 to the financial statements in Item 8 of the Form 10-K for additional information. Fuel expenses incurred under Southern Power's PPAs are generally the responsibility of the counterparties and do not significantly impact net income.
Energy purchases will vary depending on demand for energy within the Southern Company system's electric service territory, the market prices of wholesale energy as compared to the cost of the Southern Company system's generation, and the availability of the Southern Company system's generation.
Details of the Southern Company system's generation and purchased power and the related costs were as follows:
Third Quarter 2026Third Quarter 2025Year-to-Date 2026Year-to-Date 2025
Total generation (in billions of KWHs)
5753152144
Total purchased power (in billions of KWHs)
661616
Sources of generation (percent) —
Gas53535151
Coal21212020
Nuclear
18191919
Hydro1123
Wind, Solar, and Other7687
Cost of fuel, generated (in cents per net KWH)—
Gas
3.383.133.623.40
Coal3.753.683.593.81
Nuclear
0.790.840.790.85
Average cost of fuel, generated (in cents per net KWH)
2.952.782.992.94
Average cost of purchased power (in cents per net KWH)(*)
5.294.945.445.03
(*)Average cost of purchased power includes fuel purchased by the Southern Company system for tolling agreements where power is generated by the provider.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Cost of Natural Gas
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$(17)(14.7)$15514.8
Excluding Atlanta Gas Light, which does not sell natural gas to end-use customers, the natural gas distribution utilities' rates include provisions to adjust billings for fluctuations in natural gas costs. Therefore, gas costs recovered through natural gas revenues generally equal the amount expensed in cost of natural gas and do not affect net income from the natural gas distribution utilities. See Note 2 to the financial statements under "Southern Company Gas – Natural Gas Cost Recovery" in Item 8 of the Form 10-K for additional information. Cost of natural gas at the natural gas distribution utilities represented 77.8% and 84.2% of the total cost of natural gas in the third quarter and year-to-date 2026, respectively.
In the third quarter 2026, cost of natural gas was $99 million compared to $116 million for the corresponding period in 2025. The decrease reflects lower gas cost recovery as a result of a 3.8% decrease in natural gas prices.
For year-to-date 2026, cost of natural gas was $1.2 billion compared to $1.0 billion for the corresponding period in 2025. The increase reflects higher gas cost recovery, primarily in the first quarter 2026, as a result of a 7.2% increase in natural gas prices.
Cost of Other Sales
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$3522.4$265.0
In the third quarter 2026, cost of other sales was $191 million compared to $156 million for the corresponding period in 2025. The increase was primarily due to an increase of $34 million in expenses at PowerSecure primarily related to distributed infrastructure projects.
For year-to-date 2026, cost of other sales was $548 million compared to $522 million for the corresponding period in 2025. The increase was primarily related to increases of $29 million in expenses associated with unregulated power delivery construction and maintenance projects at Georgia Power and $11 million in expenses related to energy service contracts at Southern Company Gas, partially offset by a decrease of $19 million in expenses related to sales of unregulated products and services at Alabama Power.
Other Operations and Maintenance Expenses
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$20512.5$2615.3
In the third quarter 2026, other operations and maintenance expenses were $1.8 billion compared to $1.6 billion for the corresponding period in 2025. The increase was primarily due to an increase of $46 million in generation expenses at the traditional electric operating companies, increases of $42 million in transmission and distribution costs and $39 million in storm damage recovery, both at Georgia Power, a $33 million credit to income at Georgia Power related to the estimated probable loss on Plant Vogtle Units 3 and 4 in 2025, and $24 million in expenses at Southern Company Gas related to charges associated with the disallowance of certain capital investments at Nicor Gas as part of its 2025 base rate case, certain deferred expenses, and gas mains.
For year-to-date 2026, other operations and maintenance expenses were $5.2 billion compared to $4.9 billion for the corresponding period in 2025. The increase was primarily due to increases of $80 million in expenses at Southern Company Gas related to employee compensation and benefits, certain deferred expenses, and charges associated with the disallowance of certain capital investments at Nicor Gas as part of its 2025 base rate case, $72 million in
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
transmission and distribution operational costs at the traditional electric operating companies, $63 million in NDR accruals and storm damage recovery at Alabama Power and Georgia Power, and $43 million in generation expenses at Georgia Power largely due to non-outage maintenance expenses, a $33 million credit to income at Georgia Power related to the estimated probable loss on Plant Vogtle Units 3 and 4 in the third quarter 2025, and a $31 million increase in customer education and assistance expenses at Georgia Power. Partially offsetting the increase were $35 million of deferred costs related to the Jurisdictional Separation Study Order at Alabama Power and decreases of $30 million associated with increased utilization of the reliability reserve to offset reliability-related transmission, distribution, and generation expenses and $24 million related to the acquisition of the Lindsay Hill Generating Station, both at Alabama Power.
See Note (B) to the Condensed Financial Statements under "Alabama Power – Reliability Reserve Accounting Order," "Georgia Power – Storm Damage Recovery," and "Southern Company Gas – Rate Proceedings – Nicor Gas" herein for additional information. Also see Note 2 to the financial statements under "Georgia Power – Nuclear Construction" and "Southern Company Gas – Rate Proceedings – Nicor Gas" and Notes 2 and 15 to the financial statements under "Alabama Power – Jurisdictional Separation Study Order" and "Alabama Power," respectively, in Item 8 of the Form 10-K for additional information.
Depreciation and Amortization
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$221.5$2686.7
In the third quarter 2026, depreciation and amortization was $1.44 billion compared to $1.42 billion for the corresponding period in 2025. For year-to-date 2026, depreciation and amortization was $4.3 billion compared to $4.0 billion for the corresponding period in 2025. The increases in the third quarter and year-to-date 2026 were primarily due to increases of $114 million and $317 million, respectively, associated with additional plant in service, partially offset by decreases of $100 million and $297 million, respectively, resulting from the extension of Georgia Power's 2022 ARP. Also contributing to the increase for year-to-date 2026 was an increase of $228 million in accelerated depreciation related to wind repowering projects at Southern Power.
See Note 2 to the financial statements under "Georgia Power – Rate Plans" for additional information related to Georgia Power's 2022 ARP. Also see Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein and Notes 5 and 15 to the financial statements under "Depreciation and Amortization – Southern Power" and "Southern Power – Wind Repowering Projects," respectively, in Item 8 of the Form 10-K for additional information regarding Southern Power's wind repowering projects.
Taxes Other Than Income Taxes
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$14650.7$12911.4
In the third quarter 2026, taxes other than income taxes were $434 million compared to $288 million for the corresponding period in 2025. For year-to-date 2026, taxes other than income taxes were $1.27 billion compared to $1.14 billion for the corresponding period in 2025. The increases in the third quarter and year-to-date 2026 were primarily due to increases of $116 million and $81 million, respectively, in property taxes at Georgia Power largely resulting from the timing of prior-year actualizations and $23 million and $30 million, respectively, in municipal franchise fees and utility license taxes at the traditional electric operating companies.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Allowance for Equity Funds Used During Construction
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$5055.6$14559.7
In the third quarter 2026, allowance for equity funds used during construction was $140 million compared to $90 million for the corresponding period in 2025. For year-to-date 2026, allowance for equity funds used during construction was $388 million compared to $243 million for the corresponding period in 2025. The increases were primarily associated with an increase in capital expenditures subject to AFUDC at Georgia Power.
Earnings from Equity Method Investments
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$44133.3$137N/M
In the third quarter 2026, earnings from equity method investments were $77 million compared to $33 million for the corresponding period in 2025. For year-to-date 2026, earnings from equity method investments were $213 million compared to $76 million for the corresponding period in 2025. The increases in the third quarter and year-to-date 2026 were primarily due to increases of $46 million and $115 million, respectively, at Southern Holdings related to gains and losses on investments in energy-related venture capital funds. Also contributing to the increase for year-to-date 2026 was a $15 million increase at Southern Company Gas related to SNG. See Note 7 to the financial statements in Item 8 of the Form 10-K and Note (E) to the Condensed Financial Statements under "Southern Company" and "Southern Company Gas" herein for additional information.
Interest Expense, Net of Amounts Capitalized
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$8711.5$723.1
In the third quarter 2026, interest expense, net of amounts capitalized was $842 million compared to $755 million for the corresponding period in 2025. The increase was primarily due to $43 million in losses associated with the extinguishment of debt at the parent company and increases of $40 million related to higher average outstanding borrowings and $16 million related to higher interest rates, partially offset by an increase of $16 million in capitalized interest and AFUDC debt primarily associated with increased capital expenditures.
For year-to-date 2026, interest expense, net of amounts capitalized was $2.4 billion compared to $2.3 billion for the corresponding period in 2025. The increase was primarily due to increases of $161 million related to higher average outstanding borrowings, $29 million related to higher interest rates, and $21 million in interest associated with PPAs accounted for as finance leases at Georgia Power, partially offset by a decrease of $75 million in losses associated with the extinguishment of debt at the parent company and an increase of $63 million in capitalized interest and AFUDC debt primarily associated with increased capital expenditures.
See FINANCIAL CONDITION AND LIQUIDITY – "Sources of Capital" and "Financing Activities" herein for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Other Income (Expense), Net
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$2214.8$4910.7
In the third quarter 2026, other income (expense), net was $171 million compared to $149 million for the corresponding period in 2025. For year-to-date 2026, other income (expense), net was $508 million compared to $459 million for the corresponding period in 2025. The increases in the third quarter and year-to-date 2026 were primarily due to increases in customer charges related to contributions in aid of construction at Alabama Power and Georgia Power, partially offset by a loss on certain investments at Southern Holdings.
Income Taxes
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$6816.8$(86)(8.8)
In the third quarter 2026, income taxes were $472 million compared to $404 million for the corresponding period in 2025. The increase was primarily due to higher pre-tax earnings, $57 million associated with a change in tax benefits related to the extinguishment of debt in 2025, and a decrease of $23 million in the flowback of excess state deferred income taxes at Georgia Power, partially offset by an increase of $70 million in amortization of federal PTCs and ITCs at Georgia Power and an increase of $36 million in wind and solar PTCs at Southern Power.
For year-to-date 2026, income taxes were $887 million compared to $973 million for the corresponding period in 2025. The decrease was primarily due to an increase of $107 million in wind and solar PTCs at Southern Power and an increase of $102 million in amortization of federal PTCs and ITCs and a decrease of $82 million in charges to a valuation allowance on certain state tax credit carryforwards, both at Georgia Power, partially offset by higher pre-tax earnings, $57 million associated with a change in tax benefits related to the extinguishment of debt in 2025, and a decrease of $53 million in the flowback of excess state deferred income taxes at Georgia Power.
See Note (G) to the Condensed Financial Statements and Note (K) to the Condensed Financial Statements under "Southern Power" herein and Notes 8 and 15 to the financial statements under "Convertible Senior Notes" and "Southern Power – Purchase of Renewable Facility Interests," respectively, in Item 8 of the Form 10-K for additional information.
Net Income (Loss) Attributable to Noncontrolling Interests
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$32N/M$119N/M
Substantially all noncontrolling interests relate to renewable projects at Southern Power. In the third quarter 2026, net income attributable to noncontrolling interests was $28 million compared to a net loss of $4 million for the corresponding period in 2025. For year-to-date 2026, net income attributable to noncontrolling interests was $24 million compared to a net loss of $95 million for the corresponding period in 2025. The changes in the third quarter and year-to-date 2026 were primarily due to $32 million and $111 million, respectively, in lower loss allocations to Southern Power's tax equity partners, largely resulting from Southern Power's purchase of the noncontrolling membership interests in the SP Wind tax equity partnership. See Note 15 to the financial statements under "Southern Power – Purchase of Renewable Facility Interests" in Item 8 of the Form 10-K for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Alabama Power
Net Income
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$7312.4$18013.4
Alabama Power's net income in the third quarter 2026 was $661 million compared to $588 million for the corresponding period in 2025. The increase was primarily due to increases in non-fuel retail revenues and other income (expense), net, partially offset by increases in other operations and maintenance expenses and depreciation and amortization.
For year-to-date 2026, net income was $1.5 billion compared to $1.3 billion for the corresponding period in 2025. The increase was primarily due to an increase in non-fuel retail revenues, a decrease in other operations and maintenance expenses, and an increase in other income (expense), net, partially offset by an increase in depreciation and amortization.
Retail Revenues
In the third quarter 2026, retail revenues were $2.2 billion compared to $2.0 billion for the corresponding period in 2025. For year-to-date 2026, retail revenues were $5.7 billion compared to $5.5 billion for the corresponding period in 2025. Details of the changes in retail revenues were as follows:
Third Quarter 2026 vs.
Third Quarter 2025
Year-to-Date 2026 vs.
Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
Rates and pricing$31 1.5 %$47 0.9 %
Sales growth28 1.4 58 1.1 
Weather59 2.8 19 0.3 
Fuel and other cost recovery75 3.7 67 1.2 
Retail revenues$193 9.4 %$191 3.5 %
Changes in rates and pricing resulted in increases in revenues in the third quarter and year-to-date 2026 as compared to the corresponding periods in 2025 primarily due to an increase in Rate CNP Compliance revenues resulting from higher recoverable costs. See Note 2 to the financial statements under "Alabama Power – Rate CNP Compliance" in Item 8 of the Form 10-K for additional information.
Changes in sales resulted in increases in revenues in the third quarter and year-to-date 2026 as compared to the corresponding periods in 2025. Weather-adjusted residential KWH sales increased 1.6% in the third quarter 2026 primarily due to an increase in customer usage and customer growth. Weather-adjusted residential KWH sales increased 0.9% for year-to-date 2026 primarily due to customer growth. Weather-adjusted commercial KWH sales increased 0.8% in the third quarter 2026 primarily due to an increase in customer usage. Weather-adjusted commercial KWH sales increased 0.1% for year-to-date 2026. Industrial KWH sales increased 4.7% and 3.6% in the third quarter and year-to-date 2026, respectively, primarily due to increases in the primary metals and pipeline sectors, partially offset by decreases in the chemicals and pulp and paper sectors. An increase in the mining sector also contributed to the increase for year-to-date 2026.
Fuel and other cost recovery revenues increased in the third quarter and year-to-date 2026 as compared to the corresponding periods in 2025 primarily as a result of higher recoverable fuel costs. Electric rates include provisions to recognize the recovery of fuel costs, purchased power costs, PPAs certificated by the Alabama PSC, and costs associated with the NDR. Under these provisions, fuel and other cost recovery revenues generally equal fuel and other cost recovery expenses and do not affect net income. See Note 2 to the financial statements under "Alabama Power" in Item 8 of the Form 10-K for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Wholesale Revenues – Non-Affiliates
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$(38)(27.7)$(24)(7.4)
In the third quarter 2026, wholesale revenues from sales to non-affiliates were $99 million compared to $137 million for the corresponding period in 2025. The decrease consisted of a $23 million decrease in energy revenues, primarily due to a decrease of $21 million related to the volume of KWH sales associated with lower market demand, and a $15 million decrease in non-fuel revenues from wholesale capacity contracts.
For year-to-date 2026, wholesale revenues from sales to non-affiliates were $302 million compared to $326 million for the corresponding period in 2025. The decrease consisted of a $36 million decrease in non-fuel revenues from wholesale capacity contracts, partially offset by a $12 million increase in energy revenues due to increases of $6 million related to the volume of KWH sales associated with higher market demand and $6 million related to the average cost per KWH sold due to higher Southern Company system fuel and purchased power prices.
The decreases in capacity revenues in the third quarter and year-to-date 2026 were primarily due to the expiration of a power sales agreement in December 2025, partially offset by the commencement of a new power sales agreement in October 2025 associated with the acquisition of the Lindsay Hill Generating Station. See Note 15 to the financial statements under "Alabama Power" in Item 8 of the Form 10-K for additional information.
Wholesale revenues from sales to non-affiliates will vary depending on fuel prices, the market prices of wholesale energy compared to the cost of Alabama Power's and the Southern Company system's generation, demand for energy within the Southern Company system's electric service territory, and the availability of the Southern Company system's generation. Increases and decreases in energy revenues that are driven by fuel prices are accompanied by an increase or decrease in fuel costs and do not affect net income. Short-term opportunity energy sales are also included in wholesale energy sales to non-affiliates. These opportunity sales are made at market-based rates that generally provide a margin above Alabama Power's variable cost to produce the energy.
Wholesale Revenues – Affiliates
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$28100.0$9874.2
In the third quarter 2026, wholesale revenues from sales to affiliates were $56 million compared to $28 million for the corresponding period in 2025. The increase was primarily due to increases of 86.6% in the volume of KWH sales due to affiliated company energy needs and 8.8% in the price of energy due to an increase in fuel prices.
For year-to-date 2026, wholesale revenues from sales to affiliates were $230 million compared to $132 million for the corresponding period in 2025. The increase was primarily due to increases of 57.4% in the volume of KWH sales due to affiliated company energy needs and 10.5% in the price of energy due to an increase in fuel prices.
Wholesale revenues from sales to affiliated companies will vary depending on demand and the availability and cost of generating resources at each company. These affiliate sales are made in accordance with the IIC, as approved by the FERC. Energy revenues related to these transactions do not have a significant impact on earnings since this energy is generally sold at marginal cost and energy purchases are generally offset by energy revenues through Alabama Power's energy cost recovery clause.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Other Revenues
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$87.5$10.3
In the third quarter 2026, other revenues were $115 million compared to $107 million for the corresponding period in 2025. For year-to-date 2026, other revenues were $354 million compared to $353 million for the corresponding period in 2025. The increases in the third quarter and year-to-date 2026 were primarily due to increases of $8 million and $22 million, respectively, in open access transmission tariff sales. Largely offsetting the increase for year-to-date 2026 was a $16 million decrease in sales of unregulated products and services.
Fuel and Purchased Power Expenses
Third Quarter 2026 vs.
Third Quarter 2025
Year-to-Date 2026 vs.
Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
Fuel$82 19.7 %$123 10.8 %
Purchased power – non-affiliates9 16.1 21 11.7 
Purchased power – affiliates(19)(19.6)(15)(6.9)
Total fuel and purchased power expenses$72 $129 
In the third quarter 2026, total fuel and purchased power expenses were $641 million compared to $569 million for the corresponding period in 2025. The increase was due to a $37 million increase related to the average cost of fuel and purchased power and a $35 million net increase related to the volume of KWHs generated and purchased.
For year-to-date 2026, total fuel and purchased power expenses were $1.67 billion compared to $1.54 billion for the corresponding period in 2025. The increase was due to a $74 million net increase related to the volume of KWHs generated and purchased and a $55 million increase related to the average cost of fuel and purchased power.
Fuel and purchased power energy transactions do not have a significant impact on earnings since energy expenses are generally offset by energy revenues through Alabama Power's energy cost recovery clause. See Note 2 to the financial statements under "Alabama Power – Rate ECR" in Item 8 of the Form 10-K for additional information.
Energy purchases from non-affiliates will vary depending on the market prices of wholesale energy as compared to the cost of the Southern Company system's generation, demand for energy within the Southern Company system's electric service territory, and the availability of the Southern Company system's generation.
Energy purchases from affiliates will vary depending on demand for energy and the availability and cost of generating resources at each company within the Southern Company system. These purchases are made in accordance with the IIC or other contractual agreements, as approved by the FERC.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Details of Alabama Power's generation and purchased power and the related costs were as follows:
Third Quarter 2026Third Quarter 2025Year-to-Date 2026Year-to-Date 2025
Total generation (in billions of KWHs)
18164844
Total purchased power (in billions of KWHs)
3377
Sources of generation (percent) —
Gas
39363835
Coal
36373436
Nuclear23242422
Hydro2347
Cost of fuel, generated (in cents per net KWH) —
Gas
3.203.193.233.29
Coal
3.723.343.423.29
Nuclear0.750.720.740.73
Average cost of fuel, generated (in cents per net KWH)
2.832.632.662.69
Average cost of purchased power (in cents per net KWH)(*)
5.945.526.645.96
(*)Average cost of purchased power includes fuel, energy, and transmission purchased by Alabama Power for tolling agreements where power is generated by the provider.
Other Operations and Maintenance Expenses
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$184.1$(110)(8.0)
In the third quarter 2026, other operations and maintenance expenses were $452 million compared to $434 million for the corresponding period in 2025. The increase was primarily due to increases of $11 million in planned outages, $10 million in generation expenses associated with Rate CNP Compliance-related expenses, and $10 million associated with decreased utilization of the reliability reserve to offset reliability-related transmission, distribution, and generation expenses, partially offset by $12 million of deferred costs related to the Jurisdictional Separation Study Order.
For year-to-date 2026, other operations and maintenance expenses were $1.3 billion compared to $1.4 billion for the corresponding period in 2025. The decrease was primarily due to $35 million of deferred costs related to the Jurisdictional Separation Study Order, as well as decreases of $30 million associated with increased utilization of the reliability reserve to offset reliability-related transmission, distribution, and generation expenses, $28 million in expenses related to sales of unregulated products and services, $24 million related to the acquisition of the Lindsay Hill Generating Station, and $23 million in planned outages. Partially offsetting the decreases was an $11 million increase in NDR accruals.
See Note (B) to the Condensed Financial Statements under "Alabama Power – Reliability Reserve Accounting Order" herein and Note 2 to the financial statements under "Alabama Power – Jurisdictional Separation Study Order," " – Rate CNP Compliance," and " – Rate NDR" and Note 15 to the financial statements under "Alabama Power" in Item 8 of the Form 10-K for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Depreciation and Amortization
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$102.6$363.2
In the third quarter 2026, depreciation and amortization was $390 million compared to $380 million for the corresponding period in 2025. For year-to-date 2026, depreciation and amortization was $1.16 billion compared to $1.12 billion for the corresponding period in 2025. The increases were primarily related to the acquisition of the Lindsay Hill Generating Station in September 2025 and other additional plant in service, partially offset by the deferral of expenses related to the Jurisdictional Separation Study Order. See Notes 2 and 15 to the financial statements under "Alabama Power – Jurisdictional Separation Study Order" and "Alabama Power," respectively, in Item 8 of the Form 10-K for additional information.
Other Income (Expense), Net
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$1738.6$4938.3
In the third quarter 2026, other income (expense), net was $61 million compared to $44 million for the corresponding period in 2025. For year-to-date 2026, other income (expense), net was $177 million compared to $128 million for the corresponding period in 2025. The increases were primarily due to increases in customer charges related to contributions in aid of construction.
Income Taxes
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$3520.0$7218.0
In the third quarter 2026, income taxes were $210 million compared to $175 million for the corresponding period in 2025. For year-to-date 2026, income taxes were $473 million compared to $401 million for the corresponding period in 2025. The increases were primarily due to higher pre-tax earnings.
Georgia Power
Net Income
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$27522.0$47919.5
Georgia Power's net income in the third quarter 2026 was $1.5 billion compared to $1.2 billion for the corresponding period in 2025. The increase was primarily due to higher non-fuel retail revenues, partially offset by increases in other operations and maintenance expenses and taxes other than income taxes.
For year-to-date 2026, net income was $2.9 billion compared to $2.5 billion for the corresponding period in 2025. The increase was primarily due to higher non-fuel retail revenues, an increase in AFUDC equity, higher non-fuel-related wholesale revenues, and a decrease in income taxes, partially offset by increases in other operations and maintenance expenses, taxes other than income taxes, and interest expense.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Retail Revenues
In the third quarter 2026, retail revenues were $4.1 billion compared to $3.4 billion for the corresponding period in 2025. For year-to-date 2026, retail revenues were $9.5 billion compared to $8.8 billion for the corresponding period in 2025. Details of the changes in retail revenues were as follows:
Third Quarter 2026 vs.
Third Quarter 2025
Year-to-Date 2026 vs.
Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
Rates and pricing$296 8.8 %$216 2.5 %
Sales growth115 3.4 241 2.8 
Weather152 4.5 118 1.3 
Fuel cost recovery160 4.8 143 1.6 
Retail revenues$723 21.5 %$718 8.2 %
Changes in rates and pricing resulted in increases in revenues in the third quarter and year-to-date 2026 as compared to the corresponding periods in 2025 primarily due to higher contributions from commercial and industrial customers with variable demand-driven pricing.
Changes in sales resulted in increases in revenues in the third quarter and year-to-date 2026 as compared to the corresponding periods in 2025. Weather-adjusted residential KWH sales increased 1.0% in the third quarter 2026 primarily due to customer growth. Weather-adjusted residential KWH sales increased 0.3% for year-to-date 2026 primarily due to customer growth. Weather-adjusted commercial KWH sales increased 10.2% and 9.3% in the third quarter and year-to-date 2026, respectively, primarily due to increased customer usage, largely driven by data centers. Weather-adjusted industrial KWH sales decreased 1.2% in the third quarter 2026 primarily due to decreases in the paper, textiles, and primary metals sectors, partially offset by increases in the miscellaneous manufacturing, transportation, and food sectors. Weather-adjusted industrial KWH sales decreased 0.8% for year-to-date 2026 primarily due to decreases in the paper, textiles, and primary metals sectors, partially offset by increases in the miscellaneous manufacturing, stone, clay, and glass, and food sectors.
Fuel revenues and costs are allocated between retail and wholesale jurisdictions. Retail fuel cost recovery revenues increased in the third quarter and year-to-date 2026 as compared to the corresponding periods in 2025 due to higher recoverable fuel costs. Electric rates include provisions to adjust billings for fluctuations in fuel costs, including the energy component of purchased power costs. Under these fuel cost recovery provisions, fuel revenues generally equal fuel expenses and do not affect net income. See Note (B) to the Condensed Financial Statements under "Georgia Power – Fuel Cost Recovery" herein and Note 2 to the financial statements under "Georgia Power – Fuel Cost Recovery" in Item 8 of the Form 10-K for additional information.
Wholesale Revenues
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$85.7$10526.9
For year-to-date 2026, wholesale revenues were $495 million compared to $390 million for the corresponding period in 2025. The increase was due to a $98 million increase in energy revenues associated with increases of $52 million related to the average cost per KWH sold resulting from higher Southern Company system fuel and purchased power prices, $29 million in non-fuel-related energy revenues from wholesale contracts, and $17 million related to the volume of KWH sales associated with higher market demand, as well as a $7 million increase in capacity revenues from new and existing power sales agreements.
Wholesale revenues from sales to non-affiliates consist of PPAs and short-term opportunity sales. Wholesale revenues from PPAs have both capacity and energy components. Wholesale capacity revenues from PPAs are recognized in amounts billable under the contract terms and provide for recovery of fixed costs and a return on
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
investment. Wholesale revenues from sales to non-affiliates will vary depending on fuel prices, the market prices of wholesale energy compared to the cost of Georgia Power's and the Southern Company system's generation, demand for energy within the Southern Company system's electric service territory, and the availability of the Southern Company system's generation. Increases and decreases in energy revenues that are driven by fuel prices are accompanied by an increase or decrease in fuel costs and do not have a significant impact on net income. Short-term opportunity sales are made at market-based rates that generally provide a margin above Georgia Power's variable cost of energy.
Wholesale revenues from sales to affiliated companies will vary depending on demand and the availability and cost of generating resources at each company. These affiliate sales are made in accordance with the IIC, as approved by the FERC. Energy revenues related to these transactions do not have a significant impact on earnings since this energy is generally sold at marginal cost.
Other Revenues
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$(30)(11.1)$30.4
In the third quarter 2026, other revenues were $241 million compared to $271 million for the corresponding period in 2025. The decrease was primarily due to decreases of $31 million in renewable energy program revenues primarily associated with solar application fees and $17 million in realized gains associated with price stability products for retail customers on variable demand-driven pricing tariffs, partially offset by an increase of $14 million in outdoor lighting sales.
For year-to-date 2026, other revenues were $777 million compared to $774 million for the corresponding period in 2025. The increase was primarily due to increases of $28 million in open access transmission tariff sales, $24 million in outdoor lighting sales, and $22 million in unregulated sales associated with power delivery construction and maintenance projects, partially offset by decreases of $31 million in unregulated sales associated with energy conservation projects and $28 million in renewable energy program revenues primarily associated with solar application fees.
Fuel and Purchased Power Expenses
Third Quarter 2026 vs.
Third Quarter 2025
Year-to-Date 2026 vs.
Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
Fuel$79 13.9 %$146 9.3 %
Purchased power – non-affiliates19 10.8 8 1.6 
Purchased power – affiliates41 20.3 52 7.8 
Total fuel and purchased power expenses$139 $206 
In the third quarter 2026, total fuel and purchased power expenses were $1.08 billion compared to $0.95 billion for the corresponding period in 2025. The increase was due to increases of $104 million related to the volume of KWHs generated and purchased and $35 million related to the average cost of fuel and purchased power.
For year-to-date 2026, total fuel and purchased power expenses were $2.95 billion compared to $2.75 billion for the corresponding period in 2025. The increase was due to a $187 million increase related to the volume of KWHs generated and purchased and a $19 million net increase related to the average cost of fuel and purchased power.
Fuel and purchased power energy transactions do not have a significant impact on earnings since these fuel expenses are generally offset by fuel revenues through Georgia Power's fuel cost recovery mechanism. See Note 2 to the financial statements under "Georgia Power – Fuel Cost Recovery" in Item 8 of the Form 10-K for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Energy purchases from non-affiliates will vary depending on the market prices of wholesale energy as compared to the cost of the Southern Company system's generation, demand for energy within the Southern Company system's electric service territory, and the availability of the Southern Company system's generation.
Energy purchases from affiliates will vary depending on demand for energy and the availability and cost of generating resources at each company within the Southern Company system. These purchases are made in accordance with the IIC or other contractual agreements, all as approved by the FERC.
Details of Georgia Power's generation and purchased power and the related costs were as follows:
Third Quarter 2026Third Quarter 2025Year-to-Date 2026Year-to-Date 2025
Total generation (in billions of KWHs)
20195250
Total purchased power (in billions of KWHs)
11102928
Sources of generation (percent) —
Gas40414040
Nuclear32333435
Coal26242422
Hydro and other2223
Cost of fuel, generated (in cents per net KWH) —
Gas3.653.223.863.54
Nuclear0.810.910.820.92
Coal3.734.023.734.40
Average cost of fuel, generated (in cents per net KWH)
2.752.642.792.78
Average cost of purchased power (in cents per net KWH)(*)
5.084.875.225.03
(*)Average cost of purchased power includes fuel purchased by Georgia Power for tolling agreements where power is generated by the provider.
Other Operations and Maintenance Expenses
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$15024.4$20610.9
In the third quarter 2026, other operations and maintenance expenses were $766 million compared to $616 million for the corresponding period in 2025. The increase was primarily due to increases of $42 million in transmission and distribution costs, $39 million in storm damage recovery, and $28 million in generation expenses largely due to planned outage expenses, as well as a $33 million credit to income related to the estimated probable loss on Plant Vogtle Units 3 and 4 in 2025.
For year-to-date 2026, other operations and maintenance expenses were $2.1 billion compared to $1.9 billion for the corresponding period in 2025. The increase was primarily due to increases of $58 million in transmission and distribution costs, $52 million in storm damage recovery, $43 million in generation expenses largely due to non-outage maintenance expenses, $31 million in customer education and assistance expenses, and $18 million in certain employee compensation and benefit expenses, as well as a $33 million credit to income related to the estimated probable loss on Plant Vogtle Units 3 and 4 in the third quarter 2025, partially offset by a decrease of $25 million in technology infrastructure and application production costs.
See Note (B) to the Condensed Financial Statements under "Georgia Power – Storm Damage Recovery" herein and Note 2 to the financial statements under "Georgia Power – Nuclear Construction" in Item 8 of the Form 10-K for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Depreciation and Amortization
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$(10)(1.9)$(37)(2.4)
In the third quarter 2026, depreciation and amortization was $516 million compared to $526 million for the corresponding period in 2025. For year-to-date 2026, depreciation and amortization was $1.50 billion compared to $1.54 billion for the corresponding period in 2025. The decreases in the third quarter and year-to-date 2026 were primarily due to decreases of $100 million and $297 million, respectively, resulting from the extension of the 2022 ARP, partially offset by increases of $77 million and $224 million, respectively, from additional plant in service and $12 million and $30 million, respectively, from depreciation associated with PPAs accounted for as finance leases. See Note 2 to the financial statements under "Georgia Power – Rate Plans" in Item 8 of the Form 10-K and Note (F) to the Condensed Financial Statements under "Georgia Power Lease Modification" herein for additional information.
Taxes Other Than Income Taxes
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$136N/M$10825.9
In the third quarter 2026, taxes other than income taxes were $211 million compared to $75 million for the corresponding period in 2025. For year-to-date 2026, taxes other than income taxes were $525 million compared to $417 million for the corresponding period in 2025. The increases in the third quarter and year-to-date 2026 were primarily due to increases of $116 million and $81 million, respectively, in property taxes largely resulting from the timing of prior-year actualizations and increases of $19 million and $23 million, respectively, in municipal franchise fees resulting from higher retail revenues.
Allowance for Equity Funds Used During Construction
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$4567.2$14283.0
In the third quarter 2026, allowance for equity funds used during construction was $112 million compared to $67 million for the corresponding period in 2025. For year-to-date 2026, allowance for equity funds used during construction was $313 million compared to $171 million for the corresponding period in 2025. The increases were primarily due to an increase in capital expenditures subject to AFUDC.
Interest Expense, Net of Amounts Capitalized
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$4924.5$9516.2
In the third quarter 2026, interest expense, net of amounts capitalized was $249 million compared to $200 million for the corresponding period in 2025. For year-to-date 2026, interest expense, net of amounts capitalized was $680 million compared to $585 million for the corresponding period in 2025. The increases in the third quarter and year-to-date 2026 were primarily associated with increases of approximately $23 million and $75 million, respectively, related to higher average outstanding borrowings and $30 million and $51 million, respectively, in interest associated with PPAs accounted for as finance leases, partially offset by increases of $11 million and $40 million, respectively, in AFUDC debt related to increased capital expenditures. See FINANCIAL CONDITION AND
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
LIQUIDITY – "Sources of Capital" and "Financing Activities" herein and Note (F) to the Condensed Financial Statements under "Georgia Power Lease Modification" for additional information.
Income Taxes
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$155.4$(83)(13.6)
In the third quarter 2026, income taxes were $293 million compared to $278 million for the corresponding period in 2025. The increase was primarily due to higher pre-tax earnings and a decrease of $23 million in the flowback of excess state deferred income taxes, partially offset by an increase of $70 million in amortization of federal PTCs and ITCs.
For year-to-date 2026, income taxes were $529 million compared to $612 million for the corresponding period in 2025. The decrease was primarily due to an increase of $102 million in amortization of federal PTCs and ITCs and a decrease of $82 million in charges to a valuation allowance on certain state tax credit carryforwards, partially offset by higher pre-tax earnings and a decrease of $53 million in the flowback of excess state deferred income taxes.
See Note (G) to the Condensed Financial Statements herein for additional information.
Mississippi Power
Net Income
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$56.0$31.5
Mississippi Power's net income in the third quarter 2026 was $89 million compared to $84 million for the corresponding period in 2025. The increase was primarily due to an increase in non-fuel wholesale revenues, partially offset by a decrease in other revenues.
For year-to-date 2026, net income was $201 million compared to $198 million for the corresponding period in 2025. The increase was primarily due to higher retail revenues associated with changes in rates and pricing and an increase in non-fuel wholesale revenues, largely offset by increases in other operations and maintenance expenses and depreciation and amortization and a decrease in other revenues.
Retail Revenues
Retail revenues were $302 million in both the third quarter 2026 and the corresponding period in 2025. For year-to-date 2026, retail revenues were $857 million compared to $824 million for the corresponding period in 2025. Details of the changes in retail revenues were as follows:
Third Quarter 2026 vs.
Third Quarter 2025
Year-to-Date 2026 vs.
Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
Rates and pricing$(5)(1.7)%$30 3.6 %
Sales growth7 2.4 6 0.8 
Weather7 2.3 2 0.2 
Fuel and other cost recovery(9)(3.0)(5)(0.6)
Retail revenues$— — %$33 4.0 %
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Changes in rates and pricing resulted in a decrease in revenues in the third quarter 2026 as compared to the corresponding period in 2025 primarily due to the expiration of a PEP surcharge at the end of 2025 that became effective for the first billing cycle of July 2025. Changes in rates and pricing resulted in an increase in revenues for year-to-date 2026 as compared to the corresponding period in 2025 primarily due to an increase in PEP rates and higher revenues associated with a tolling arrangement accounted for as a sales-type lease. See Note 2 to the financial statements under "Mississippi Power – Performance Evaluation Plan" in Item 8 of the Form 10-K and Note (B) to the Condensed Financial Statements under "Mississippi Power – Performance Evaluation Plan" herein for additional information.
Changes in sales resulted in increases in revenues in the third quarter and year-to-date 2026 as compared to the corresponding periods in 2025. Weather-adjusted residential KWH sales increased 2.3% and 0.7% in the third quarter and year-to-date 2026, respectively, primarily due to increased customer usage. Weather-adjusted commercial KWH sales increased 2.9% and 2.1% in the third quarter and year-to-date 2026, respectively, primarily due to increased customer usage. Industrial KWH sales increased 3.3% in the third quarter 2026 primarily due to increases in the petroleum and chemicals sectors. Industrial KWH sales increased 1.0% for year-to-date 2026 primarily due to increases in the petroleum and pipeline sectors, partially offset by decreases in the oil and gas extraction and chemicals sectors.
Fuel and other cost recovery revenues decreased in the third quarter and year-to-date 2026 as compared to the corresponding periods in 2025 primarily as a result of lower recoverable fuel costs. Recoverable fuel costs include fuel and purchased power expenses reduced by the fuel and emissions portion of wholesale revenues from energy sold to customers outside Mississippi Power's service territory. Electric rates include provisions to adjust billings for fluctuations in fuel costs, including the energy component of purchased power costs. Under these provisions, fuel revenues generally equal fuel expenses, including the energy component of purchased power costs, and do not affect net income. See Note 2 to the financial statements in Item 8 of the Form 10-K for additional information.
Wholesale Revenues – Non-Affiliates
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$1723.6$4622.4
In the third quarter 2026, wholesale revenues from sales to non-affiliates were $89 million compared to $72 million for the corresponding period in 2025. The increase was primarily due to a $19 million increase associated with new and existing power supply agreements, of which $10 million related to capacity sales and $9 million related to energy sales.
For year-to-date 2026, wholesale revenues from sales to non-affiliates were $251 million compared to $205 million for the corresponding period in 2025. The increase was primarily due to a $36 million increase associated with new and existing power supply agreements, of which $21 million related to capacity sales and $15 million related to energy sales, and a $10 million increase in opportunity sales primarily due to higher market demand.
Wholesale revenues from sales to non-affiliates will vary depending on fuel prices, the market prices of wholesale energy compared to the cost of Mississippi Power's and the Southern Company system's generation, demand for energy within the Southern Company system's electric service territory, and the availability of the Southern Company system's generation. Increases and decreases in energy revenues that are driven by fuel prices are accompanied by an increase or decrease in fuel costs and do not have a significant impact on net income. In addition, Mississippi Power provides service under long-term contracts with rural electric cooperative associations and municipalities located in southeastern Mississippi under cost-based electric tariffs which are subject to regulation by the FERC. Short-term opportunity energy sales are also included in sales for resale to non-affiliates. These opportunity sales are made at market-based rates that generally provide a margin above Mississippi Power's variable cost to produce the energy. See Note 2 to the financial statements under "Mississippi Power – Municipal and Rural Associations Tariff" in Item 8 of the Form 10-K for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Wholesale Revenues – Affiliates
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$44.3$(1)(0.4)
In the third quarter 2026, wholesale revenues from sales to affiliates were $98 million compared to $94 million for the corresponding period in 2025. The increase was primarily due to a $3 million increase in energy revenues due to an increase of $13 million related to the average cost per KWH sold due to higher Southern Company system fuel prices, largely offset by a decrease of $10 million related to the volume of KWH sales.
For year-to-date 2026, wholesale revenues from sales to affiliates were $229 million compared to $230 million for the corresponding period in 2025. The decrease was primarily due to a $2 million decrease in energy revenues due to a decrease of $24 million related to the volume of KWH sales, largely offset by an increase of $22 million related to the average cost per KWH sold due to higher Southern Company system fuel prices.
Wholesale revenues from sales to affiliated companies will vary depending on demand and the availability and cost of generating resources at each company. These affiliate sales are made in accordance with the IIC or other contractual agreements, as approved by the FERC. Energy revenues related to these transactions do not have a significant impact on earnings since this energy is generally sold at marginal cost.
Other Revenues
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$(4)(33.3)$(7)(16.7)
In the third quarter 2026, other revenues were $8 million compared to $12 million for the corresponding period in 2025. The decrease was primarily due to customer bill credits associated with certain federal excess accumulated deferred income taxes.
For year-to-date 2026, other revenues were $35 million compared to $42 million for the corresponding period in 2025. The decrease was primarily due to an $8 million decrease in customer charges related to contributions in aid of construction included in rates in 2025 and a $4 million decrease due to customer bill credits associated with certain federal excess accumulated deferred income taxes, partially offset by a $5 million increase in sales of unregulated products and services.
See Note (B) to the Condensed Financial Statements under "Mississippi Power – Excess Accumulated Deferred Income Tax Accounting Order" herein for additional information.
Fuel and Purchased Power Expenses
Third Quarter 2026 vs.
Third Quarter 2025
Year-to-Date 2026 vs.
Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
Fuel$(2)(1.2)%$10 2.2 %
Purchased power3 25.0 10 26.3 
Total fuel and purchased power expenses$1 $20 
For year-to-date 2026, total fuel and purchased power expenses were $508 million compared to $488 million for the corresponding period in 2025. The increase was due to a $29 million increase related to the average cost of fuel and purchased power, of which $11 million is related to capacity, partially offset by a $9 million decrease related to the volume of KWHs generated and purchased.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Fuel and purchased power energy transactions do not have a significant impact on earnings since energy expenses are generally offset by energy revenues through Mississippi Power's fuel cost recovery clause.
Energy purchases will vary depending on the market prices of wholesale energy as compared to the cost of the Southern Company system's generation, demand for energy within the Southern Company system's electric service territory, and the availability of the Southern Company system's generation. These purchases are made in accordance with the IIC or other contractual agreements, as approved by the FERC.
Details of Mississippi Power's generation and purchased power and the related costs were as follows:
Third Quarter 2026Third Quarter 2025Year-to-Date 2026Year-to-Date 2025
Total generation (in millions of KWHs)
5,6975,62714,02314,110
Total purchased power (in millions of KWHs)
279264833855
Sources of generation (percent) –
Gas90889289
Coal1012811
Cost of fuel, generated (in cents per net KWH) –
Gas2.912.953.373.21
Coal4.284.354.544.70
Average cost of fuel, generated (in cents per net KWH)
3.063.133.473.39
Average cost of purchased power (in cents per net KWH)
5.194.455.794.47
Other Operations and Maintenance Expenses
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$33.2$3011.5
In the third quarter 2026, other operations and maintenance expenses were $97 million compared to $94 million for the corresponding period in 2025. The increase was primarily due to an increase of $7 million in generation expenses, partially offset by a decrease of $3 million in transmission expenses primarily due to routine maintenance.
For year-to-date 2026, other operations and maintenance expenses were $291 million compared to $261 million for the corresponding period in 2025. The increase was primarily due to increases of $20 million in generation expenses, $5 million related to distribution expenses, and $4 million associated with a decrease in utilization of the reliability reserve to offset reliability-related transmission, distribution, and generation expenses.
See Note (B) to the Condensed Financial Statements under "Mississippi Power – Reliability Reserve Accounting Order" herein for additional information.
Depreciation and Amortization
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$35.7$138.3
In the third quarter 2026, depreciation and amortization was $56 million compared to $53 million for the corresponding period in 2025. For year-to-date 2026, depreciation and amortization was $170 million compared to $157 million for the corresponding period in 2025. The increases were primarily due to additional plant in service.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Southern Power
Net Income Attributable to Southern Power
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$49N/M$(111)(78.7)
Net income attributable to Southern Power in the third quarter 2026 was $52 million compared to $3 million for the corresponding period in 2025. The increase was primarily due to higher revenues driven by increased demand and higher market prices of energy and an increase in capacity revenues related to natural gas PPAs.
Net income attributable to Southern Power for year-to-date 2026 was $30 million compared to $141 million for the corresponding period in 2025. The decrease was primarily due to higher accelerated depreciation related to wind repowering projects, partially offset by higher revenues driven by increased demand and higher market prices of energy.
See Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein and Notes 5 and 15 to the financial statements under "Depreciation and Amortization – Southern Power" and "Southern Power," respectively, in Item 8 of the Form 10-K for additional information.
Operating Revenues
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$8614.0$18810.9
Total operating revenues include PPA capacity revenues derived primarily from long-term contracts associated with natural gas facilities and PPA energy revenues derived from long-term contracts associated with Southern Power's generation facilities. To the extent Southern Power has capacity not contracted under a PPA, it may sell power into an accessible wholesale market, or, to the extent those generation assets are part of the FERC-approved IIC, it may sell power into the Southern Company power pool.
Natural Gas Capacity and Energy Revenue
Capacity revenues generally represent the greatest contribution to operating income and are designed to provide recovery of fixed costs plus a return on investment.
Energy is generally sold at variable cost or is indexed to published natural gas indices. Energy revenues will vary depending on the energy demand of Southern Power's customers and their generation capacity, as well as the market prices of wholesale energy compared to the cost of Southern Power's energy. Energy revenues also include fees for support services, fuel storage, and unit start charges. Increases and decreases in energy revenues under PPAs that are driven by fuel or purchased power prices are accompanied by an increase or decrease in fuel and purchased power costs and do not have a significant impact on net income.
Solar and Wind Energy Revenue
Southern Power's energy sales from solar and wind generating facilities are predominantly through long-term PPAs that do not have capacity revenue. Customers either purchase the energy output of a dedicated renewable facility through an energy charge or pay a fixed price related to the energy generated from the respective facility and sold to the grid. As a result, Southern Power's ability to recover fixed and variable operations and maintenance expenses is dependent upon the level of energy generated from these facilities, which can be impacted by weather conditions, equipment performance, transmission constraints, and other factors.
See FUTURE EARNINGS POTENTIAL – "Southern Power's Power Sales Agreements" in Item 7 of the Form 10-K for additional information regarding Southern Power's PPAs.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Operating Revenues Details
Details of Southern Power's operating revenues were as follows:
Third Quarter 2026Third Quarter 2025Year-to-Date 2026Year-to-Date 2025
(in millions)
PPA capacity revenues $174 $148 $414 $394 
PPA energy revenues 457 397 1,289 1,114 
Total PPA revenues631 545 1,703 1,508 
Non-PPA revenues 62 65 198 201 
Other revenues6 3 13 17 
Total operating revenues$699 $613 $1,914 $1,726 
In the third quarter 2026, total operating revenues were $699 million, reflecting an $86 million, or 14.0%, increase from the corresponding period in 2025. The change in operating revenues was primarily due to the following:
•PPA capacity revenues increased $26 million, or 17.6%, primarily due to a lease modification related to an affiliate PPA with Georgia Power, which resulted in a $24 million increase in capacity revenues under the PPA.
•PPA energy revenues increased $60 million, or 15.1%, primarily due to an increase of $26 million related to the volume of KWHs sold under natural gas PPAs, an increase of $16 million driven by fuel and purchased power prices, and an $11 million increase in solar revenues primarily related to the first and second phases of the Millers Branch solar facility being placed in service.
For year-to-date 2026, total operating revenues were $1.9 billion, reflecting a $188 million, or 10.9%, increase from the corresponding period in 2025. The change in operating revenues was primarily due to the following:
•PPA capacity revenues increased $20 million, or 5.1%, primarily due to a lease modification related to an affiliate PPA with Georgia Power, which resulted in a $32 million increase in capacity revenues, partially offset by an $18 million charge associated with the lease modification.
•PPA energy revenues increased $175 million, or 15.7%, primarily due to an increase of $86 million related to the volume of KWHs sold under natural gas PPAs, an increase of $63 million driven by fuel and purchased power prices, and a $21 million increase in solar PPA revenues primarily related to the first and second phases of the Millers Branch solar facility being placed in service.
See Note (K) to the Condensed Financial Statements under "Southern Power – Construction Projects" herein for additional information.
Fuel and Purchased Power Expenses
Details of Southern Power's generation and purchased power were as follows:
Third Quarter 2026Third Quarter 2025Year-to-Date 2026Year-to-Date 2025
(in billions of KWHs)
Generation13.512.536.335.0
Purchased power0.80.72.81.9
Total generation and purchased power14.313.239.136.9
Total generation and purchased power
(excluding solar, wind, fuel cells, and tolling agreements)
6.46.118.217.1
Southern Power's PPAs for natural gas generation generally provide that the purchasers are responsible for either procuring the fuel (tolling agreements) or reimbursing Southern Power for substantially all of the cost of fuel
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AND RESULTS OF OPERATIONS (Continued)
relating to the energy delivered under such PPAs. Consequently, changes in such fuel costs are generally accompanied by a corresponding change in related fuel revenues and do not have a significant impact on net income. Southern Power is responsible for the cost of fuel for generating units that are not covered under PPAs. Power from these generating units is sold into the wholesale market or into the Southern Company power pool for capacity owned directly by Southern Power.
Purchased power expenses will vary depending on demand, availability, and the cost of generating resources throughout the Southern Company system and other contract resources. Load requirements are submitted to the Southern Company power pool on an hourly basis and are fulfilled with the lowest cost alternative, whether that is generation owned by Southern Power, an affiliate company, or external parties. Such purchased power costs are generally recovered through PPA revenues.
Details of Southern Power's fuel and purchased power expenses were as follows:
Third Quarter 2026 vs.
Third Quarter 2025
Year-to-Date 2026 vs.
Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
Fuel$25 14.9 %$54 10.3 %
Purchased power12 37.5 47 51.6 
Total fuel and purchased power expenses$37 $101 
In the third quarter 2026, total fuel and purchased power expenses increased $37 million, or 18.5%, as compared to the corresponding period in 2025. Fuel expense increased $25 million due to a $20 million increase associated with the average cost of fuel and a $5 million increase related to the volume of KWHs generated. Purchased power expense increased $12 million due to an increase of $7 million related to the volume of KWHs purchased and a $5 million increase associated with the average cost of purchased power.
For year-to-date 2026, total fuel and purchased power expenses increased $101 million, or 16.4%, as compared to the corresponding period in 2025. Fuel expense increased $54 million due to an increase of $46 million associated with the average cost of fuel and an $8 million increase related to the volume of KWHs generated. Purchased power expense increased $47 million due to an increase of $39 million related to the volume of KWHs purchased and an increase of $8 million associated with the average cost of purchased power.
Other Operations and Maintenance Expenses
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$32.3$225.7
For year-to-date 2026, other operations and maintenance expenses were $406 million compared to $384 million for the corresponding period in 2025. The increase was primarily due to hail damage to solar panels at the Millers Branch solar project and an increase in certain employee compensation and benefit expenses, partially offset by a decrease in generation expenses related to planned outages.
Depreciation and Amortization
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$124.9$24141.8
For year-to-date 2026, depreciation and amortization was $817 million compared to $576 million for the corresponding period in 2025. The increase was largely due to a $228 million increase in accelerated depreciation related to wind repowering projects. See Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein and Notes 5 and 15 to the financial statements under "Depreciation and
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Amortization – Southern Power" and "Southern Power – Wind Repowering Projects," respectively, in Item 8 of the Form 10-K for additional information.
Income Taxes (Benefit)
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$(51)N/M$(195)N/M
In the third quarter 2026, income tax benefit was $45 million compared to income tax expense of $6 million for the corresponding period in 2025. The change was primarily due to an increase of $36 million in wind and solar PTCs, primarily resulting from Southern Power's purchase of the noncontrolling membership interests in the SP Wind tax equity partnership and the first and second phases of the Millers Branch solar facility being placed in service.
For year-to-date 2026, income tax benefit was $192 million compared to income tax expense of $3 million for the corresponding period in 2025. The change was primarily due to an increase of $107 million in wind and solar PTCs, primarily resulting from Southern Power's purchase of the noncontrolling membership interests in the SP Wind tax equity partnership and the first and second phases of the Millers Branch solar facility being placed in service, as well as a change in pre-tax earnings attributable to Southern Power, including the impact of accelerated depreciation related to wind repowering projects.
See Note (G) to the Condensed Financial Statements and Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein and Notes 5 and 15 to the financial statements under "Depreciation and Amortization – Southern Power" and "Southern Power," respectively, in Item 8 of the Form 10-K for additional information.
Net Income (Loss) Attributable to Noncontrolling Interests
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$32N/M$119N/M
In the third quarter 2026, net income attributable to noncontrolling interests was $28 million compared to net loss of $4 million for the corresponding period in 2025. For year-to-date 2026, net income attributable to noncontrolling interests was $24 million compared to net loss of $95 million for the corresponding period in 2025. The changes in the third quarter and year-to-date 2026 were primarily due to $32 million and $111 million, respectively, in lower loss allocations to tax equity partners, largely resulting from Southern Power's purchase of the noncontrolling membership interests in the SP Wind tax equity partnership. See Note 15 to the financial statements under "Southern Power – Purchase of Renewable Facility Interests" in Item 8 of the Form 10-K for additional information.
Southern Company Gas
Southern Company Gas uses Heating Degree Days to measure weather and the operational effects on its business. Generally, increased Heating Degree Days result in higher demand for natural gas on Southern Company Gas' distribution system. However, Southern Company Gas has various regulatory mechanisms, such as weather and revenue normalization and straight-fixed-variable rate design, which limit positive or negative impacts to income from exposure to weather changes within typical ranges in each of its utility's respective service territory. Southern Company Gas also utilizes weather hedges to limit the negative income impacts in the event of warmer-than-normal weather in Illinois and Georgia for gas marketing services. Therefore, weather typically does not have a significant net income impact.
During the Heating Season, more customers are connected to the gas distribution systems and natural gas usage is higher in periods of colder weather. Southern Company Gas' base operating expenses, excluding cost of natural gas and bad debt expense, are incurred relatively evenly throughout the year. Seasonality also affects the comparison of certain balance sheet items across quarters, including receivables, unbilled revenues, natural gas for sale, and notes
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AND RESULTS OF OPERATIONS (Continued)
payable. However, these items are comparable when reviewing Southern Company Gas' annual results. Thus, Southern Company Gas' operating results for the interim periods presented are not necessarily indicative of annual results and can vary significantly from quarter to quarter as a result of seasonality.
Net Income
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$(4)(16.0)$448.0
Southern Company Gas' net income in the third quarter 2026 was $21 million compared to $25 million for the corresponding period in 2025. The decrease was due to a $3 million decrease in net income at gas distribution operations and a $3 million decrease in net income at gas pipeline investments, partially offset by a $2 million decrease in net loss at all other.
For year-to-date 2026, net income was $593 million compared to $549 million for the corresponding period in 2025. The increase was due to a $24 million increase in net income at gas distribution operations, a $9 million increase in net income at gas pipeline investments, an $8 million increase in net income at gas marketing services, and a $3 million decrease in net loss at all other.
Natural Gas Revenues
In the third quarter 2026, natural gas revenues were $773 million compared to $734 million for the corresponding period in 2025. For year-to-date 2026, natural gas revenues were $3.93 billion compared to $3.55 billion for the corresponding period in 2025. Details of the changes in natural gas revenues were as follows:
Third Quarter 2026 vs.
Third Quarter 2025
Year-to-Date 2026 vs.
 Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
Rates$50 6.8 %$184 5.2 %
Gas costs and other cost recovery(23)(3.1)158 4.4 
Gas marketing services— — 19 0.5 
Other12 1.6 17 0.5 
Natural gas revenues$39 5.3 %$378 10.6 %
Changes in rates resulted in increases in revenues in the third quarter and year-to-date 2026 as compared to the corresponding periods in 2025 primarily due to base rate increases at Nicor Gas and Atlanta Gas Light. See Note 2 to the financial statements under "Southern Company Gas – Rate Proceedings" in Item 8 of the Form 10-K for additional information.
Revenues associated with gas costs and other cost recovery decreased in the third quarter 2026 as compared to the corresponding period in 2025 primarily due to lower cost of natural gas driven by lower natural gas prices. Revenues associated with gas costs and other cost recovery increased for year-to-date 2026 as compared to the corresponding period in 2025 primarily due to higher cost of natural gas driven by higher natural gas prices in the first quarter 2026, partially offset by a decrease in other expenses passed through to customers. See "Cost of Natural Gas" herein for additional information.
Revenues from gas marketing services increased for year-to-date 2026 as compared to the corresponding period in 2025 primarily due to higher commodity prices in the first quarter 2026, partially offset by weather impacts.
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AND RESULTS OF OPERATIONS (Continued)
Cost of Natural Gas
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$(17)(14.7)$15514.8
Excluding Atlanta Gas Light, which does not sell natural gas to end-use customers, natural gas distribution rates include provisions to adjust billings for fluctuations in natural gas costs. Therefore, gas costs recovered through natural gas revenues generally equal the amount expensed in cost of natural gas and do not affect net income from gas distribution operations. Cost of natural gas at gas distribution operations represented 77.8% and 84.2% of the total cost of natural gas in the third quarter and year-to-date 2026, respectively. See MANAGEMENT'S DISCUSSION AND ANALYSIS – RESULTS OF OPERATIONS – "Southern Company Gas – Cost of Natural Gas" in Item 7 of the Form 10-K and "Natural Gas Revenues" herein for additional information.
In the third quarter 2026, cost of natural gas was $99 million compared to $116 million for the corresponding period in 2025. The decrease reflects lower gas cost recovery as a result of a 3.8% decrease in natural gas prices.
For year-to-date 2026, cost of natural gas was $1.2 billion compared to $1.0 billion for the corresponding period in 2025. The increase reflects higher gas cost recovery, primarily in the first quarter 2026, as a result of a 7.2% increase in natural gas prices.
The following table details the volumes of natural gas sold during all periods presented:
Third QuarterYear-to-Date
20262025
2026 vs. 2025
20262025
2026 vs. 2025
Gas distribution operations (mmBtu in millions)
Firm71 71 — %448 475 (5.7)%
Interruptible22 21 4.8 66 64 3.1 
Total93 92 1.1 %514 539 (4.6)%
Gas marketing services (mmBtu in millions)
Firm6 5 20.0 %42 43 (2.3)%
Interruptible large commercial and industrial2 3 (33.3)7 10 (30.0)
Total8 8 — %49 53 (7.5)%
Other Operations and Maintenance Expenses
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$3210.2$10110.9
In the third quarter 2026, other operations and maintenance expenses were $346 million compared to $314 million for the corresponding period in 2025. The increase was primarily due to increases of $10 million in employee compensation and benefit expenses, $9 million in charges associated with the disallowance of certain capital investments at Nicor Gas as part of its 2025 base rate case, $8 million in certain deferred expenses, and $7 million in expenses for gas mains.
For year-to-date 2026, other operations and maintenance expenses were $1.0 billion compared to $0.9 billion for the corresponding period in 2025. The increase was primarily due to increases of $40 million in employee compensation and benefit expenses, $20 million in certain deferred expenses, $20 million in charges associated with the disallowance of certain capital investments at Nicor Gas as part of its 2025 base rate case, $15 million in expenses for gas mains, $11 million in expenses related to energy service contracts at gas distribution operations,
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AND RESULTS OF OPERATIONS (Continued)
and $9 million in certain technology infrastructure and application production costs, partially offset by a decrease of $22 million in legal expenses.
See Note 2 to the financial statements under "Southern Company Gas – Rate Proceedings – Nicor Gas" in Item 8 of the Form 10-K for additional information.
Depreciation and Amortization
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$2011.4$489.3
In the third quarter 2026, depreciation and amortization was $196 million compared to $176 million for the corresponding period in 2025. For year-to-date 2026, depreciation and amortization was $565 million compared to $517 million for the corresponding period in 2025. The increases were primarily due to additional plant in service related to continued investments at the natural gas distribution utilities.
Taxes Other Than Income Taxes
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$48.3$125.8
In the third quarter 2026, taxes other than income taxes were $52 million compared to $48 million for the corresponding period in 2025. For year-to-date 2026, taxes other than income taxes were $218 million compared to $206 million for the corresponding period in 2025. The increases were primarily due to increases in revenue taxes as a result of higher natural gas revenues at Nicor Gas. Revenue taxes imposed on Nicor Gas are recoverable from its customers.
Earnings from Equity Method Investments
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$——$1516.1
For year-to-date 2026, earnings from equity method investments were $108 million compared to $93 million for the corresponding period in 2025. The increase was primarily due to higher revenue from short-term natural gas storage and borrowing services, prior period customer refunds, and lower legal expenses, all at SNG.
See Note 7 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K and Note (E) to the Condensed Financial Statements under "Southern Company Gas" herein for additional information.
Interest Expense, Net of Amounts Capitalized
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$1313.8$3613.0
In the third quarter 2026, interest expense, net of amounts capitalized was $107 million compared to $94 million for the corresponding period in 2025. For year-to-date 2026, interest expense, net of amounts capitalized was $313 million compared to $277 million for the corresponding period in 2025. The increases were primarily associated with higher average outstanding borrowings. See FINANCIAL CONDITION AND LIQUIDITY – "Sources of Capital" herein for additional information on borrowings.
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AND RESULTS OF OPERATIONS (Continued)
Other Income (Expense), Net
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$1178.6$1837.5
In the third quarter 2026, other income (expense), net was $25 million compared to $14 million for the corresponding period in 2025. For year-to-date 2026, other income (expense), net was $66 million compared to $48 million for the corresponding period in 2025. The increases were primarily due to lower non-service cost-related retirement benefits income.
Income Taxes
Third Quarter 2026 vs. Third Quarter 2025Year-to-Date 2026 vs. Year-to-Date 2025
(change in millions)(% change)(change in millions)(% change)
$233.3$158.9
For year-to-date 2026, income taxes were $184 million compared to $169 million for the corresponding period in 2025. The increases were primarily due to higher pre-tax earnings and a decrease in the flowback of excess state deferred income taxes, partially offset by tax benefits related to certain state tax filing positions.
See Note (G) to the Condensed Financial Statements herein for additional information.
Segment Information
Operating revenues, operating expenses, and net income for each segment are provided in the table below. See Note (L) to the Condensed Financial Statements under "Southern Company Gas" herein for additional information.
20262025
Operating
Revenues		Operating
Expenses		Net Income (Loss)Operating
Revenues		Operating
Expenses		Net Income (Loss)
(in millions)
Third Quarter
Gas distribution operations$706 $627 $9 $668 $589 $12 
Gas pipeline investments8 6 17 8 2 20 
Gas marketing services59 53 3 58 52 3 
All other1 4 (8)1 7 (10)
Intercompany eliminations(1)3 — (1)4 — 
Consolidated$773 $693 $21 $734 $654 $25 
Year-to-Date
Gas distribution operations$3,491 $2,690 $441 $3,122 $2,379 $417 
Gas pipeline investments24 11 71 24 7 62 
Gas marketing services417 296 85 403 293 77 
All other5 14 (4)11 16 (7)
Intercompany eliminations(7)3 — (8)3 — 
Consolidated$3,930 $3,014 $593 $3,552 $2,698 $549 
Gas Distribution Operations
The gas distribution operations segment is the largest component of Southern Company Gas' business and is subject to regulation and oversight by regulatory agencies in each of the states it serves. These agencies approve natural gas rates designed to provide Southern Company Gas with the opportunity to generate revenues to recover the cost of
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
natural gas delivered to its customers and its fixed and variable costs, including depreciation, interest expense, operations and maintenance, taxes, and overhead costs, and to earn a reasonable return on its investments.
With the exception of Atlanta Gas Light, Southern Company Gas' second largest utility that operates in a deregulated natural gas market and has a straight-fixed-variable rate design that minimizes the variability of its revenues based on usage, the earnings of the natural gas distribution utilities can be affected by customer usage patterns that are largely a function of price levels for natural gas and general economic conditions that may impact customers' ability to pay for service. Southern Company Gas has various regulatory and other mechanisms, such as weather and revenue normalization mechanisms, that limit its exposure to changes in customer usage, including weather changes within typical ranges in its natural gas distribution utilities' service territories. See Note 2 to the financial statements under "Southern Company Gas" in Item 8 of the Form 10-K for additional information.
In the third quarter 2026, net income decreased $3 million, or 25.0%, when compared to the corresponding period in 2025, as described further below:
•Operating revenues increased $38 million primarily due to increases in base rates and energy services projects, partially offset by lower gas cost and other cost recovery. Gas costs recovered through natural gas revenues generally equal the amount expensed in cost of natural gas.
•Operating expenses increased $38 million primarily due to a $16 million increase in depreciation primarily due to additional plant in service related to continued investments at the natural gas distribution utilities, $9 million in charges associated with the disallowance of certain capital investments at Nicor Gas as part of its 2025 base rate case, an $8 million increase in employee compensation and benefit expenses, an $8 million increase in certain deferred expenses, and a $7 million increase in expenses for gas mains, partially offset by a $17 million decrease in cost of natural gas.
•Interest expense, net of amounts capitalized increased $10 million primarily due to higher average outstanding borrowings.
•Income taxes increased $5 million primarily as a result of higher pre-tax earnings.
For year-to-date 2026, net income increased $24 million, or 5.8%, when compared to the corresponding period in 2025, as described further below:
•Operating revenues increased $369 million primarily due to base rate increases and higher gas cost recovery. Gas costs recovered through natural gas revenues generally equal the amount expensed in cost of natural gas.
•Operating expenses increased $311 million primarily due to a $158 million increase in cost of natural gas as a result of higher natural gas prices in the first quarter 2026 compared to 2025, a $46 million increase in depreciation primarily due to additional plant in service related to continued investments at the natural gas distribution utilities, a $30 million increase in employee compensation and benefit expenses, a $20 million increase in certain deferred expenses, $20 million in charges associated with the disallowance of certain capital investments at Nicor Gas as part of its 2025 base rate case, a $15 million increase in expenses for gas mains, and an $11 million increase in expenses related to energy service contracts, partially offset by a $22 million decrease in legal expenses.
•Interest expense, net of amounts capitalized increased $28 million primarily due to higher average outstanding borrowings.
•Income taxes increased $20 million primarily as a result of higher pre-tax earnings.
Gas Pipeline Investments
The gas pipeline investments segment consists primarily of joint ventures in natural gas pipeline investments including SNG and Dalton Pipeline. See Note (E) to the Condensed Financial Statements under "Southern Company Gas" herein for additional information.
In the third quarter 2026, net income decreased $3 million, or 15.0%, when compared to the corresponding period in 2025. The decrease was primarily due to increased depreciation resulting from capital projects.
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AND RESULTS OF OPERATIONS (Continued)
For year-to-date 2026, net income increased $9 million, or 14.5%, when compared to the corresponding period in 2025. The increase was primarily due to higher revenue from short-term natural gas storage and borrowing services, prior period customer refunds, and lower legal expenses, all at SNG.
Gas Marketing Services
The gas marketing services segment provides energy-related products and services to natural gas markets and participants in customer choice programs that were approved in various states to increase competition. These programs allow customers to choose their natural gas supplier while the local distribution utility continues to provide distribution and transportation services. Gas marketing services is weather sensitive and uses a variety of hedging strategies, such as weather derivative instruments and other risk management tools, to partially mitigate potential weather impacts.
For year-to-date 2026, net income increased $8 million, or 10.4%, when compared to the corresponding period in 2025. The increase was primarily due to higher retail margins, partially offset by higher operations and maintenance expenses and income taxes.
All Other
All other includes a renewable natural gas business, AGL Services Company, and Southern Company Gas Capital, as well as various corporate operating expenses that are not allocated to the reportable segments and interest income (expense) associated with affiliate financing arrangements. See Note 15 to the financial statements in Item 8 of the Form 10-K for additional information.
For year-to-date 2026, net loss decreased $3 million, or 42.9%, when compared to the corresponding period in 2025. The change was primarily due to tax benefits related to certain state tax positions.
FUTURE EARNINGS POTENTIAL
Each Registrant's results of operations are not necessarily indicative of its future earnings potential. The level of the Registrants' future earnings depends on numerous factors that affect the opportunities, challenges, and risks of the Registrants' primary businesses of selling electricity and/or distributing natural gas, as described further herein. The Registrants are unable to predict changes in law, regulations, regulatory guidance, legal interpretations, policy positions, and implementation actions that may occur in the future.
For the traditional electric operating companies, these factors include the ability to maintain constructive regulatory environments that allow for the timely recovery of prudently-incurred costs during a time of increasing customer affordability concerns and costs, including those related to projected long-term demand growth, stringent environmental standards, including CCR rules, safety, system reliability and resiliency, fuel, restoration following major storms, and capital expenditures, including constructing new electric generating plants, extending the retirement dates of certain fossil fuel plants, and expanding and improving the transmission and distribution systems; continued customer growth; and the trends of an uncertain inflationary environment and reduced electricity usage per customer, especially in residential and commercial markets.
Earnings in the electricity business will also depend upon maintaining and growing sales and pricing of large customers such that incremental costs are met with adequate incremental revenues, considering, among other things, recent trends driving projected growth in electricity consumption including the increasing digitization of the economy and growth in data centers, an increase in industrial activity in the Southern Company system's electric service territory, and continued electrification of transportation. The traditional electric operating companies enter into large load contracts that support economic development and benefit existing customers.
Since 2023, the traditional electric operating companies have contracts with new data centers and other large load customers covering approximately 16 GWs of electric load, with each contract individually representing a maximum electric load greater than 100 MWs, that have been reviewed by the applicable state PSC. Additional contracts totaling approximately four GWs of electric load have been agreed with customers and are subject to review by the applicable state PSC. The approximately 20 GWs of new contracts (Large Load Contracts) fully ramp
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AND RESULTS OF OPERATIONS (Continued)
up over several years after commencement of service. Some of the Large Load Contracts are currently in effect and have commenced service. Service under the remaining Large Load Contracts is expected to begin through 2029.
All of the Large Load Contracts contain minimum bill provisions. Large Load Contracts totaling approximately 16 GWs of electric load (including substantially all signed after 2024) also contain minimum duration, termination payment requirements, and financial security requiring customers to post collateral or provide an acceptable guarantee based on the customer's credit ratings. Certain Large Load Contracts requiring construction of specifically dedicated assets contain provisions for contribution by the customer to construction costs. These terms and conditions are designed to generate adequate incremental revenues associated with incremental costs to serve these customers.
These growth opportunities may be affected by a variety of factors, such as energy efficiency, changes in technology, reliability and operational factors, customer demand, and government policies, which could increase or decrease the associated pace of growth. In addition, these opportunities present risks such as capital access and cost recovery risks. See Note 2 to the financial statements under "Georgia Power – Integrated Resource Plans" in Item 8 of the Form 10-K for additional information regarding Georgia Power's related regulatory proceedings.
The level of future earnings for Southern Power's competitive wholesale electric business depends on numerous factors including the parameters of the wholesale market and the efficient operation of its wholesale generating assets; Southern Power's ability to execute its growth strategy through the development, construction, or acquisition of generating facilities and other energy projects while containing costs; regulatory matters; customer creditworthiness; total electric generating capacity available in Southern Power's market areas; Southern Power's ability to successfully remarket capacity as current contracts expire; renewable portfolio standards; continued availability of federal and state ITCs and PTCs under current and future tax legislation and U.S. Treasury guidance; transmission constraints; cost of generation from units within the Southern Company power pool; and operational limitations. See MANAGEMENT'S DISCUSSION AND ANALYSIS – FUTURE EARNINGS POTENTIAL – "Income Tax Matters" in Item 7 of the Form 10-K for information regarding the IRA's expansion of the availability of federal ITCs and PTCs and the OBBB's restrictions on federal ITCs and PTCs. Also see Note (K) to the Condensed Financial Statements under "Southern Power" herein for information regarding construction projects.
The level of future earnings for Southern Company Gas' primary business of distributing natural gas and its complementary businesses in the gas pipeline investments and gas marketing services sectors depends on numerous factors. These factors include the natural gas distribution utilities' ability to maintain constructive regulatory environments that allow for the timely recovery of prudently-incurred costs, including those related to projected long-term demand growth, safety, system reliability and resiliency, natural gas, and capital expenditures, including expanding and improving the natural gas distribution systems; the completion and subsequent operation of ongoing infrastructure and other construction projects; customer creditworthiness; and certain policies to limit the use of natural gas, such as the potential in Illinois and across certain other parts of the United States for state or municipal bans on the use of natural gas or policies designed to promote electrification. The volatility of natural gas prices has an impact on Southern Company Gas' customer rates, its long-term competitive position against other energy sources, and the ability of Southern Company Gas' gas marketing services business to capture value from locational and seasonal spreads. Additionally, changes in commodity prices, primarily driven by tight gas supplies, geopolitical events, and diminished gas production, subject a portion of Southern Company Gas' operations to earnings variability and may result in higher natural gas prices. Additional economic factors may contribute to this environment. The demand for natural gas may increase, including from large customers, which may cause natural gas prices to rise and drive higher volatility in the natural gas markets on a longer-term basis. Alternatively, a significant drop in oil and natural gas prices could lead to a consolidation of natural gas producers or reduced levels of natural gas production.
Earnings for both the electricity and natural gas businesses are subject to a variety of other factors. These factors include weather; competition; developing new and maintaining existing energy contracts and associated load requirements with wholesale customers; demand growth from data centers and other large load customers and associated load and operating requirements; customer energy conservation practices; the use of alternative energy
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AND RESULTS OF OPERATIONS (Continued)
sources by customers; government incentives to reduce overall energy usage; fuel, labor, and material prices in an environment of heightened inflation and material and labor supply chain disruptions; and the price elasticity of demand. Demand for electricity and natural gas in the Registrants' service territories is primarily driven by the pace of economic growth or decline that may be affected by changes in regional and global economic conditions and could be influenced by changes in technology, public policy, utility efficiency programs, and customer behavior. Geopolitical conflicts (such as the current Middle East conflict) and significant changes in fiscal, monetary, or trade policies could affect actual economic activity and historical economic relationships in ways not anticipated in economic outlooks or Southern Company system plans. Additionally, changes in inflation, interest rates, and credit market conditions could affect the cost of doing business. All of these factors may impact future earnings. See RESULTS OF OPERATIONS herein for information on energy sales in the Southern Company system's service territory during the first nine months of 2026.
As part of its ongoing effort to adapt to changing market conditions, Southern Company continues to evaluate and consider a wide array of potential business strategies. These strategies may include business combinations, partnerships, strategic alliances, joint ventures, and acquisitions involving other utility or non-utility businesses or properties, disposition of, or the sale of interests in, certain assets or businesses, internal restructuring, or some combination thereof. Furthermore, Southern Company may engage in new business ventures that arise from competitive and regulatory changes in the utility industry. Pursuit of any of the above strategies, or any combination thereof, may significantly affect the business operations, risks, and financial condition of Southern Company. In addition, Southern Power and Southern Company Gas regularly consider and evaluate joint development arrangements as well as acquisitions and/or dispositions of businesses and assets as part of their business strategies. See Note 15 to the financial statements in Item 8 of the Form 10-K, Note (K) to the Condensed Financial Statements herein, and "Construction Programs" herein for additional information.
For additional information relating to these issues, see RISK FACTORS in Item 1A and MANAGEMENT'S DISCUSSION AND ANALYSIS – FUTURE EARNINGS POTENTIAL in Item 7 of the Form 10-K.
Environmental Matters
See MANAGEMENT'S DISCUSSION AND ANALYSIS – FUTURE EARNINGS POTENTIAL – "Environmental Matters" and – FINANCIAL CONDITION AND LIQUIDITY – "Cash Requirements" in Item 7 and Note 3 to the financial statements under "Environmental Remediation" and Note 6 to the financial statements in Item 8 of the Form 10-K, as well as Note (C) to the Condensed Financial Statements under "General Litigation Matters" and "Environmental Remediation" herein, for additional information.
Environmental Laws and Regulations
Water Quality
On May 18, 2026, the EPA published the Unmanaged Combustion Residual Leachate (UCRL) proposed rule, which revises the UCRL requirements from the 2024 ELG Rule. The UCRL proposed rule offers a range of regulatory and technology options to address UCRL. The ultimate impacts of this proposed rule cannot be determined at this time; however, a final rule could result in significant compliance costs.
Coal Combustion Residuals
On April 13, 2026, the EPA published a proposed rule that, if finalized, would make several revisions to the existing federal CCR regulations, including rescinding CCR management unit provisions. The proposal also provides additional clarity around the scope of beneficial use and provides for site-specific groundwater, closure, and corrective action flexibilities under federal or state CCR permits.
On July 14, 2026, the EPA proposed the approval of the State of Alabama's partial CCR permit program. If approved, the state's permit program will operate in lieu of the federal CCR program.
The ultimate impact of these actions cannot be determined at this time.
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AND RESULTS OF OPERATIONS (Continued)
Based on compliance requirements for closure and monitoring of landfills and surface impoundments pursuant to state and federal CCR rules, the traditional electric operating companies have periodically updated, and expect to continue periodically updating, their related cost estimates and ARO liabilities for each CCR unit as additional information related to compliance monitoring, closure methodologies and strategies, schedules, and/or costs becomes available. Some of these updates have been, and future updates may be, material. The cost estimates for Alabama Power are based on closure-in-place for all surface impoundments. The cost estimates for Georgia Power and Mississippi Power are based on a combination of closure-in-place for some surface impoundments and closure by removal for others. Additionally, the closure designs and plans in the States of Alabama and Georgia are subject to approval by environmental regulatory agencies. Absent continued recovery of ARO costs through regulated rates, results of operations, cash flows, and financial condition for Southern Company and the traditional electric operating companies could be materially impacted.
Greenhouse Gases
On September 17, 2026, the EPA published the Partial Repeal of the Carbon Pollution Standards for Fossil Fuel-Fired Electric Generating Units (2024 GHG Rule Partial Repeal), which repeals all standards for existing units and removes the carbon capture and sequestration requirement for new combustion turbines and combined cycles as required by the 2024 GHG Rules. Petitions for review challenging the 2024 GHG Rule Partial Repeal have been filed in the U.S. Court of Appeals for the D.C. Circuit.
Also on September 17, 2026, the EPA published a supplemental proposed rule for the full repeal of all GHG standards for new and existing power plants under Section 111 of the Clean Air Act.
The ultimate impact of these actions and associated legal matters cannot be determined at this time.
Regulatory Matters
See Note 2 to the financial statements in Item 8 of the Form 10-K, OVERVIEW – "Recent Developments" herein, and Note (B) to the Condensed Financial Statements herein for a discussion of regulatory matters related to Alabama Power, Georgia Power, Mississippi Power, and Southern Company Gas, including items that could impact the applicable Registrants' future earnings, cash flows, and/or financial condition.
Georgia Power
On June 11, 2026, the NRC approved Southern Nuclear's subsequent license renewal application for Plant Hatch Units 1 and 2, renewing both units' operating licenses for an additional 20 years (through 2054 and 2058 for Units 1 and 2, respectively).
Construction Programs
The Southern Company system strategy continues to include developing and constructing new electric generating and battery energy storage facilities, expanding and improving the electric transmission and electric and natural gas distribution systems, and undertaking projects to comply with environmental laws and regulations.
The traditional electric operating companies are engaged in continuous construction programs to accommodate existing and estimated future loads on their respective systems. Major generation construction projects are subject to state PSC approval in order to be included in retail rates, through which the traditional electric operating companies recover their approved investment and a return on investment. See Note 2 to the financial statements under "Georgia Power – Integrated Resource Plans" in Item 8 of the Form 10-K and Note (B) to the Condensed Financial Statements under "Georgia Power – Construction" herein for information regarding Georgia Power's current construction projects.
Subsequent to September 30, 2026, Alabama Power placed in service the Gorgas battery energy storage facility, which is designed to store electricity generated by other Alabama Power resources and discharge up to 150 MWs of power for two hours. See MANAGEMENT'S DISCUSSION AND ANALYSIS – FUTURE EARNINGS POTENTIAL – "Construction Programs" in Item 7 of the Form 10-K for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Southern Power's construction program includes the Millers Branch solar project, the Grant Plains, Wake, and Bethel wind repowering projects, and the incremental capacity uprate projects at the Franklin and Wansley natural gas facilities. The repowering projects result in accelerated depreciation related to the equipment being replaced that will continue until the projects' completion dates, which are projected to occur through the third quarter 2027. At September 30, 2026, the remaining pre-tax accelerated depreciation is projected to total approximately $95 million in 2026 and $117 million in 2027. The ultimate impact of these matters cannot be determined at this time. See Note (K) to the Condensed Financial Statements under "Southern Power" herein and Note 5 to the financial statements under "Depreciation and Amortization – Southern Power" in Item 8 of the Form 10-K for additional information.
Southern Company Gas is engaged in various infrastructure improvement programs designed to update or expand the natural gas distribution systems of the natural gas distribution utilities to improve reliability and resiliency, reduce emissions, and meet operational flexibility and growth. The natural gas distribution utilities recover their approved investment and a return on investment associated with these infrastructure programs through their regulated rates, as approved by their applicable state regulatory agency. See Note 2 to the financial statements under "Southern Company Gas – Infrastructure Replacement Programs and Capital Projects" in Item 8 of the Form 10-K for additional information on Southern Company Gas' construction program.
On July 31, 2026, the FERC issued an order approving SNG's proposed $3.3 billion South System Expansion 4 pipeline project, designed to meet customer demand by increasing SNG's existing pipeline capacity by approximately 1.3 billion cubic feet per day, of which Southern Company and certain of its affiliates will be customers. Subject to the satisfaction or waiver of various conditions, including the receipt of all remaining required permits and approvals, the operator of the joint venture anticipates that the first and second phases of the project will be placed in service in the fourth quarter 2028 and fourth quarter 2029, respectively. Southern Company Gas' share of the total project costs would be 50%.
SNG has committed to developing an approximately $7.6 billion proposed Southeast Connector pipeline project, designed to meet customer demand through the construction of approximately 2.6 billion cubic feet per day of primarily new pipeline capacity, of which Southern Company and certain of its affiliates will be customers. Subject to the satisfaction or waiver of various conditions, including the receipt of all required permits and approvals by regulators, including the FERC, the first phase of the project is expected to be completed in 2030. Southern Company Gas' share of the total projected expenditures would be $0.2 billion in the fourth quarter 2026, $0.4 billion in 2027, $0.6 billion in 2028, $1.2 billion in 2029, and $0.8 billion in 2030. The ultimate scope of the project will depend on customer commitments.
The ultimate outcome of these matters cannot be determined at this time. See Note 7 to the financial statements in Item 8 of the Form 10-K and Note (E) to the Condensed Financial Statements herein under "Southern Company Gas" for additional information on SNG.
See FINANCIAL CONDITION AND LIQUIDITY – "Cash Requirements" herein for additional information regarding the Registrants' capital requirements for their construction programs.
Income Tax Matters
See Note (G) to the Condensed Financial Statements herein and MANAGEMENT'S DISCUSSION AND ANALYSIS – FUTURE EARNINGS POTENTIAL – "Income Tax Matters" in Item 7 of the Form 10-K for additional information.
Federal Tax Legislation
The OBBB modified certain renewable energy tax incentives and added eligibility restrictions for certain credits related to renewable facilities that are controlled or influenced by, or that receive material assistance from, a prohibited foreign entity.
The U.S. Treasury issued a notice on February 12, 2026, which provides interim safe harbors related to the evaluation of material assistance from a prohibited foreign entity. Southern Company is assessing this guidance and its potential implications for eligibility of technology-neutral tax credits for renewable projects for which
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
construction begins in 2026. The U.S. Treasury has indicated that additional guidance and regulations are expected later in 2026. The ultimate outcome of this matter cannot be determined at this time.
Corporate Alternative Minimum Tax
On February 18, 2026, the U.S. Treasury issued guidance regarding the calculation of the CAMT. The CAMT, enacted as part of the IRA, generally imposes a 15% minimum tax on a corporation's adjusted financial statement income (AFSI) for taxable years beginning after December 31, 2022, subject to applicable thresholds and adjustments under the Internal Revenue Code. The guidance includes provisions that, in certain circumstances, would permit taxpayers to reflect certain repair-related tax deductions as reductions to AFSI for purposes of computing CAMT.
Regulated utilities industry participants have engaged with the U.S. Treasury regarding the interaction of repair-related costs, regulatory accounting, and the CAMT framework. Southern Company is evaluating the guidance, including its applicability to Southern Company's specific facts and circumstances. If applicable, the guidance could reduce Southern Company's potential CAMT exposure by permitting the inclusion of certain repair-related deductions in the computation of AFSI, which could affect Southern Company's income taxes and cash tax position in future periods.
Southern Company will continue to assess the impact of the guidance and any further administrative guidance or regulatory developments.
Georgia State Tax Legislation
On May 11, 2026, the State of Georgia enacted tax legislation that reduced the corporate income tax rate from 5.19% to 4.99% effective for the 2026 tax year. This legislation reduced the amount of Southern Company's and certain subsidiaries' income taxes in the State of Georgia and existing state net accumulated deferred tax liabilities and increased regulatory liabilities at Georgia Power and Southern Company Gas. The legislation is not expected to have a material impact on the net income of the applicable Registrants in 2026.
General Litigation and Other Matters
The Registrants are involved in various matters being litigated and/or regulatory and other matters that could affect future earnings, cash flows, and/or financial condition. The ultimate outcome of such pending or potential litigation against each Registrant and any subsidiaries or regulatory and other matters cannot be determined at this time; however, for current proceedings and/or matters not specifically reported herein or in Notes (B) and (C) to the Condensed Financial Statements herein, management does not anticipate that the ultimate liabilities, if any, arising from such current proceedings and/or matters would have a material effect on such Registrant's financial statements. See Notes (B) and (C) to the Condensed Financial Statements for a discussion of various contingencies, including matters being litigated, regulatory matters, and other matters which may affect future earnings potential.
ACCOUNTING POLICIES
See MANAGEMENT'S DISCUSSION AND ANALYSIS – ACCOUNTING POLICIES in Item 7 of the Form 10-K for a complete discussion of the Registrants' critical accounting policies and estimates, as well as recently issued accounting standards.
Application of Critical Accounting Policies and Estimates
The Registrants prepare their financial statements in accordance with GAAP. Significant accounting policies are described in the notes to the financial statements in Item 8 of the Form 10-K. In the application of these policies, certain estimates are made that may have a material impact on the Registrants' results of operations and related disclosures. Different assumptions and measurements could produce estimates that are significantly different from those recorded in the financial statements.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
FINANCIAL CONDITION AND LIQUIDITY
Overview
See MANAGEMENT'S DISCUSSION AND ANALYSIS – FINANCIAL CONDITION AND LIQUIDITY – "Overview" in Item 7 of the Form 10-K for additional information. The financial condition of each Registrant remained stable at September 30, 2026. The Registrants intend to continue to monitor their access to short-term and long-term capital markets as well as their bank credit arrangements to meet future capital and liquidity needs. See "Cash Requirements," "Sources of Capital," and "Financing Activities" herein for additional information.
At the end of the third quarter 2026, the market price of Southern Company's common stock was $82.89 per share (based on the closing price as reported on the NYSE) and the book value was $36.12 per share, representing a market-to-book ratio of 229%, compared to $87.20, $32.18, and 271%, respectively, at the end of 2025. Southern Company's common stock dividend in the third quarter 2026 was $0.76 per share compared to $0.74 per share in the third quarter 2025.
Cash Requirements
See MANAGEMENT'S DISCUSSION AND ANALYSIS – FINANCIAL CONDITION AND LIQUIDITY – "Cash Requirements" in Item 7 of the Form 10-K for a description of the Registrants' significant cash requirements.
The Registrants' significant cash requirements include estimated capital expenditures associated with their construction programs. The construction programs are subject to periodic review and revision, and actual construction costs may vary from these estimates because of numerous factors. These factors include: changes in business conditions; changes in load projections; changes in environmental laws and regulations; the outcome of any legal challenges to environmental rules; changes in electric generating plants, including unit retirements and replacements and adding or changing fuel sources at existing electric generating units or extending the retirement dates of certain generating plants, to meet regulatory requirements; changes in FERC rules and regulations; state regulatory agency approvals; changes in the expected environmental compliance program; changes in legislation, regulation, and/or tariff policy; the cost, availability, and efficiency of construction labor, equipment, and materials; project scope and design changes; abnormal weather; delays in construction due to public or political considerations or judicial or regulatory action; storm impacts; and the cost of capital. In addition, there can be no assurance that the Registrants' costs related to capital expenditures and AROs (as applicable) will be fully recovered. Additionally, expenditures associated with Southern Power's planned acquisitions may vary due to market opportunities and the execution of its growth strategy.
In October 2026, Alabama Power's Board of Directors approved updates to its construction program to reflect new estimated amounts of $2.5 billion for 2027, $2.6 billion for 2028, $2.3 billion for 2029, $2.4 billion for 2030, and $2.8 billion for 2031. These amounts include capital expenditures related to nuclear fuel and LTSAs. These amounts also include estimated capital expenditures to comply with environmental laws and regulations, but do not include any potential compliance costs associated with any future regulation of CO2 emissions from fossil fuel-fired electric generating units.
In the first quarter 2026, Southern Power committed to development projects to uprate certain turbines at the Franklin and Wansley natural gas facilities. The remaining aggregate construction costs for these projects are expected to be between $560 million and $620 million. See Note (K) to the Condensed Financial Statements under "Southern Power – Natural Gas Turbine Uprate Projects" herein for additional information regarding Southern Power's construction projects.
Long-term debt maturities and the interest payable on long-term debt each represent a significant cash requirement for the Registrants. See "Financing Activities" herein for information on changes in the Registrants' long-term debt balances since December 31, 2025.
Fuel and purchased power costs represent a significant component of funding ongoing operations for the traditional electric operating companies and Southern Power. Fuel costs include purchases of coal (for the traditional electric operating companies) and natural gas (for the traditional electric operating companies and Southern Power), as well
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
as the related transportation and storage. Since December 31, 2025, Alabama Power, Georgia Power, and Southern Power have entered into additional commitments for natural gas primarily related to Alabama Power's conversion of Plant Barry Unit 5 from coal to natural gas, Georgia Power's ongoing construction of generation projects, and additional firm transportation capacity for certain Southern Power natural gas facilities. Total estimated costs for these additional fuel commitments at September 30, 2026 are provided in the table below. See Note (B) to the Condensed Financial Statements under "Georgia Power – Construction" herein and Note 2 to the financial statements under "Alabama Power – Environmental Accounting Order" in Item 8 of the Form 10-K for additional information.
2027202820292030Thereafter
(in millions)
Southern Company$141 $781 $835 $907 $9,223 
Alabama Power2 29 65 65 993 
Georgia Power138 747 749 820 7,889 
Southern Power1 5 21 22 341 
Sources of Capital
See MANAGEMENT'S DISCUSSION AND ANALYSIS – FINANCIAL CONDITION AND LIQUIDITY – "Sources of Capital" in Item 7 of the Form 10-K for additional information. Southern Company intends to meet its future capital needs through operating cash flows, borrowings from financial institutions, and debt, hybrid, and/or equity issuances. Equity capital can be provided from any combination of Southern Company's stock plans, private placements, or public offerings.
The Subsidiary Registrants plan to obtain the funds to meet their future capital needs from sources similar to those they used in the past, which were primarily from operating cash flows, external securities issuances, borrowings from financial institutions, and equity contributions from Southern Company. In addition, Alabama Power and Georgia Power plan to utilize borrowings from the FFB. Operating cash flows provide a substantial portion of the Registrants' cash needs. See Note (F) to the Condensed Financial Statements under "DOE Loan Guarantee Borrowings" herein for additional information.
The amount, type, and timing of any financings during the remainder of 2026, as well as in subsequent years, will be contingent on investment opportunities and the Registrants' capital requirements and will depend upon prevailing market conditions, regulatory approvals (for certain of the Subsidiary Registrants), and other factors. See "Cash Requirements" and "Financing Activities" herein for additional information.
By regulation, Nicor Gas is restricted, up to its retained earnings balance, in the amount it can dividend or loan to affiliates and is not permitted to make money pool loans to affiliates. At September 30, 2026, the amount of subsidiary retained earnings restricted to dividend totaled $2.0 billion. This restriction did not impact Southern Company Gas' ability to meet its cash obligations, nor does management expect such restriction to materially impact Southern Company Gas' ability to meet its currently anticipated cash obligations.
Certain Registrants' current liabilities frequently exceed their current assets because of long-term debt maturities and the periodic use of short-term debt as a funding source, as well as significant seasonal fluctuations in cash needs. The Registrants generally plan to refinance long-term debt as it matures. The following table shows the amount by which current liabilities exceeded current assets at September 30, 2026 for the applicable Registrants:
At September 30, 2026Southern
Company		Georgia
Power		Southern
Company
Gas
(in millions)
Current liabilities in excess of current assets$2,282 $1,065 $595 
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
The Registrants believe the need for working capital can be adequately met by utilizing operating cash flows, as well as commercial paper, lines of credit, and short-term bank notes, as market conditions permit. In addition, under certain circumstances, the Subsidiary Registrants may utilize equity contributions and/or loans from Southern Company.
Bank Credit Arrangements
At September 30, 2026, unused committed credit arrangements with banks were as follows:
At September 30, 2026Southern
Company
parent
Alabama
   Power(a)
Georgia
   Power(b)
Mississippi
Power
Southern
   Power(c)
Southern
Company
   Gas(d)
SEGCOSouthern
Company
(in millions)
Unused committed credit$2,999 $1,365 $2,042 $275 $600 $1,598 $30 $8,909 
(a)Includes $15 million at Alabama Property Company, a wholly-owned subsidiary of Alabama Power. Alabama Power is not party to this arrangement.
(b)Georgia Power had $26 million of letters of credit outstanding under an uncommitted letter of credit facility at September 30, 2026.
(c)At September 30, 2026, Southern Power also had two continuing letters of credit facilities for standby letters of credit, of which $21 million was unused. In addition, Southern Power Company had $23 million of letters of credit outstanding under an uncommitted letter of credit facility at September 30, 2026. Southern Power's subsidiaries are not parties to its bank credit arrangements or letter of credit facilities.
(d)Includes $798 million and $800 million at Southern Company Gas Capital and Nicor Gas, respectively.
Subject to applicable market conditions, the Registrants, Nicor Gas, and SEGCO expect to renew or replace their bank credit arrangements as needed, prior to expiration. In connection therewith, the Registrants, Nicor Gas, and SEGCO may extend the maturity dates and/or increase or decrease the lending commitments thereunder.
A portion of the unused credit with banks is allocated to provide liquidity support to certain revenue bonds of the traditional electric operating companies and the commercial paper programs of the Registrants, Nicor Gas, and SEGCO. At September 30, 2026, outstanding variable rate demand revenue bonds of the traditional electric operating companies with allocated liquidity support totaled approximately $1.5 billion (comprised of approximately $796 million at Alabama Power, $653 million at Georgia Power, and $58 million at Mississippi Power). In addition, at September 30, 2026, Georgia Power had approximately $170 million of fixed rate revenue bonds outstanding that are required to be remarketed within the next 12 months. Variable rate demand revenue bonds and fixed rate revenue bonds required to be remarketed within the next 12 months are classified as long-term debt on the balance sheets as a result of available long-term committed credit.
See Note 8 to the financial statements in Item 8 of the Form 10-K and Note (F) to the Condensed Financial Statements under "Bank Credit Arrangements" herein for additional information.
Short-term Borrowings
The Registrants, Nicor Gas, and SEGCO make short-term borrowings primarily through commercial paper programs that have the liquidity support of the committed bank credit arrangements described above. Southern Power's subsidiaries are not issuers or obligors under its commercial paper program. Commercial paper and short-
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
term bank term loans are included in notes payable in the balance sheets. Details of the Registrants' short-term borrowings were as follows:
Short-term Debt at
September 30, 2026
Short-term Debt During the Period(*)
Amount
Outstanding		Weighted
Average
Interest
Rate		Average
Amount
Outstanding		Weighted
Average
Interest
Rate		Maximum
Amount
Outstanding
(in millions)(in millions)(in millions)
Southern Company$890 4.1 %$1,415 4.0 %$2,531 
Alabama Power— — 9 3.7 100 
Georgia Power— — 263 4.0 605 
Mississippi Power— — 20 3.9 96 
Southern Company Gas:
Southern Company Gas Capital$71 4.1 %$296 3.9 %538 
Nicor Gas146 4.1 12 4.0 146 
Southern Company Gas Total$217 4.1 %$308 3.9 %
(*)Average and maximum amounts are based upon daily balances during the three-month period ended September 30, 2026.
Analysis of Cash Flows
Net cash flows provided from (used for) operating, investing, and financing activities for the nine months ended September 30, 2026 and 2025 are presented in the following table:
Net cash provided from
(used for):		Southern
Company		Alabama
Power		Georgia
Power		Mississippi
Power		Southern
Power		Southern
Company
Gas
(in millions)
Nine Months Ended September 30, 2026
Operating activities$7,880 $2,104 $3,651 $265 $928 $1,525 
Investing activities(10,403)(1,358)(6,562)(315)(647)(1,461)
Financing activities2,628 (634)3,112 113 16 (63)
Nine Months Ended September 30, 2025
Operating activities$7,205 $1,800 $3,484 $299 $521 $1,378 
Investing activities(9,599)(2,361)(5,189)(263)(584)(1,119)
Financing activities4,635 519 2,524 (15)942 43 
Fluctuations in cash flows from financing activities vary from year to year based on capital needs and the maturity or redemption of securities.
Southern Company
Net cash provided from operating activities increased $675 million for the nine months ended September 30, 2026 as compared to the corresponding period in 2025 primarily due to higher net income after non-cash adjustments and the timing of vendor payments, partially offset by the timing of customer receivable collections and materials and supplies purchases.
The net cash used for investing activities for the nine months ended September 30, 2026 was primarily related to the Subsidiary Registrants' construction programs.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
The net cash provided from financing activities for the nine months ended September 30, 2026 was primarily related to issuances of common stock through the settlement of forward sale contracts and net issuances of long-term debt, partially offset by common stock dividend payments. See Note (F) to the Condensed Financial Statements under "Equity Distribution Agreement" herein for additional information.
Alabama Power
Net cash provided from operating activities increased $304 million for the nine months ended September 30, 2026 as compared to the corresponding period in 2025 primarily due to higher net income after non-cash adjustments, customer refunds in 2025 associated with a nuclear fuel disposal cost award, and the timing of fossil fuel stock purchases and vendor payments, partially offset by the timing of customer receivable collections and the monetization of §45U PTCs in 2025. See Note 3 to the financial statements under "Nuclear Fuel Disposal Costs" in Item 8 of the Form 10-K for additional information.
The net cash used for investing activities for the nine months ended September 30, 2026 was primarily related to gross property additions, partially offset by contributions in aid of construction.
The net cash used for financing activities for the nine months ended September 30, 2026 was primarily related to common stock dividend payments, partially offset by capital contributions from Southern Company.
Georgia Power
Net cash provided from operating activities increased $167 million for the nine months ended September 30, 2026 as compared to the corresponding period in 2025 primarily due to the timing of vendor payments, partially offset by the timing of customer receivable collections.
The net cash used for investing activities for the nine months ended September 30, 2026 was primarily related to gross property additions.
The net cash provided from financing activities for the nine months ended September 30, 2026 was primarily related to capital contributions from Southern Company, net borrowings from the FFB, and net issuances of senior notes, partially offset by common stock dividend payments and the repayment of bank loans. See Note (F) to the Condensed Financial Statements under "DOE Loan Guarantee Borrowings" herein for additional information.
Mississippi Power
Net cash provided from operating activities decreased $34 million for the nine months ended September 30, 2026 as compared to the corresponding period in 2025 primarily due to the timing of customer receivable collections and funds received in 2025 as part of the Plant Daniel acquisition, partially offset by increased fuel cost recovery.
The net cash used for investing activities for the nine months ended September 30, 2026 was primarily related to gross property additions.
The net cash provided from financing activities for the nine months ended September 30, 2026 was primarily related to the issuance of a bank term loan, capital contributions from Southern Company, and net issuance of senior notes, partially offset by common stock dividend payments.
Southern Power
Net cash provided from operating activities increased $407 million for the nine months ended September 30, 2026 as compared to the corresponding period in 2025 primarily due to higher net income after non-cash adjustments and an increase in the utilization of federal tax credit carryforwards.
The net cash used for investing activities for the nine months ended September 30, 2026 was primarily related to ongoing construction activities. See Note (K) to the Condensed Financial Statements under "Southern Power" herein for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
The net cash provided from financing activities for the nine months ended September 30, 2026 was primarily related to capital contributions from Southern Company and net issuance of senior notes, partially offset by common stock dividend payments, a reduction in commercial paper borrowings, and net distributions to noncontrolling interests.
Southern Company Gas
Net cash provided from operating activities increased $147 million for the nine months ended September 30, 2026 as compared to the corresponding period in 2025 primarily due to increased billings, the timing of customer receivable collections, and higher natural gas cost recovery as a result of higher natural gas prices, partially offset by higher volumes of natural gas purchases and the timing of payments for natural gas.
The net cash used for investing activities for the nine months ended September 30, 2026 was primarily related to construction of transmission and distribution assets recovered through base rates.
The net cash used for financing activities for the nine months ended September 30, 2026 was primarily related to common stock dividend payments, a reduction in commercial paper borrowings, and maturities of first mortgage bonds, partially offset by the issuance of junior subordinated notes and the net issuance of senior notes.
Significant Balance Sheet Changes
Southern Company
Significant balance sheet changes for the nine months ended September 30, 2026 included:
•an increase of $6.3 billion in total property, plant, and equipment primarily related to the Subsidiary Registrants' construction programs;
•an increase of $5.9 billion in total stockholders' equity primarily related to net income and issuances of common stock largely through the settlement of forward sale contracts, partially offset by common stock dividend payments;
•an increase of $1.2 billion in long-term debt (including securities due within one year) primarily due to net issuances of senior notes, a net increase in finance lease obligations largely resulting from a lease modification at Georgia Power, and net borrowings from the FFB, partially offset by net redemptions of junior subordinated notes and net repayments of bank loans;
•an increase of $652 million in customer accounts receivable primarily due to seasonal billings and the timing of customer collections at the traditional electric operating companies; and
•an increase of $567 million in other deferred credits and liabilities primarily due to net receipts of contributions in aid of construction for transmission and generation facilities.
See "Financing Activities" and Note (F) to the Condensed Financial Statements under "Equity Distribution Agreement," and "DOE Loan Guarantee Borrowings," and "Georgia Power Lease Modification" herein for additional information.
Alabama Power
Significant balance sheet changes for the nine months ended September 30, 2026 included:
•an increase of $933 million in common stockholder's equity primarily due to net income and capital contributions from Southern Company, partially offset by dividends paid to Southern Company;
•an increase of $432 million in total property, plant, and equipment primarily related to the construction of transmission and distribution facilities;
•an increase of $420 million in other deferred credits and liabilities primarily due to contributions in aid of construction to be used for the construction of transmission and generation facilities; and
•an increase of $417 million in customer accounts receivable primarily due to seasonal billings and the timing of customer collections, as well as an increase in receivables related to contributions in aid of construction.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Georgia Power
Significant balance sheet changes for the nine months ended September 30, 2026 included:
•an increase of $6.6 billion in total property, plant, and equipment primarily related to the construction of generation, transmission, and distribution facilities;
•an increase of $5.2 billion in common stockholder's equity primarily due to capital contributions from Southern Company and net income, partially offset by dividends paid to Southern Company; and
•an increase of $2.5 billion in long-term debt (including securities due within one year) primarily due to a net increase in finance lease obligations largely resulting from a lease modification, net borrowings from the FFB, and net issuances of senior notes, partially offset by the repayment of bank loans.
See "Financing Activities – Georgia Power," Note (B) to the Condensed Financial Statements under "Georgia Power – Construction," and Note (F) to the Condensed Financial Statements under "DOE Loan Guarantee Borrowings" and "Georgia Power Lease Modification" herein for additional information.
Mississippi Power
Significant balance sheet changes for the nine months ended September 30, 2026 included:
•an increase of $160 million in long-term debt (including securities due within one year) primarily due to the issuance of a bank term loan and net issuance of senior notes;
•an increase of $157 million in common stockholder's equity related to net income and capital contributions from Southern Company, partially offset by dividends paid to Southern Company;
•an increase of $63 million in cash and cash equivalents, as reflected in the statements of cash flows and discussed further under "Analysis of Cash Flows – Mississippi Power" herein;
•an increase of $60 million in total property, plant, and equipment primarily related to the construction of transmission and distribution facilities; and
•a decrease of $60 million in other deferred credits and liabilities primarily due to contributions in aid of construction used for transmission and distribution facilities.
See "Financing Activities – Mississippi Power" herein for additional information.
Southern Power
Significant balance sheet changes for the nine months ended September 30, 2026 included:
•an increase of $297 million in cash and cash equivalents, as reflected in the statements of cash flows and discussed further under "Analysis of Cash Flows – Southern Power" herein;
•increases of $216 million in accumulated deferred income taxes and $115 million in prepaid income taxes primarily related to the expected utilization of tax credits;
•a decrease of $215 million in total property, plant, and equipment primarily due to the continued depreciation of assets and accelerated depreciation associated with wind repowering projects, partially offset by continued construction projects;
•an increase of $177 million in total stockholders' equity primarily due to capital contributions from Southern Company, partially offset by dividends paid to Southern Company and net distributions to noncontrolling interests; and
•a decrease of $138 million in notes payable due to a reduction in commercial paper borrowings.
See Note (K) to the Condensed Financial Statements under "Southern Power – Wind Repowering Projects" herein for additional information.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Southern Company Gas
Significant balance sheet changes for the nine months ended September 30, 2026 included:
•an increase of $915 million in total property, plant, and equipment primarily due to the construction of transmission and distribution assets;
•a decrease of $516 million in total accounts receivable primarily due to seasonal billings and the timing of customer collections, partially offset by increases in base rates and natural gas prices;
•an increase of $511 million in long-term debt (including securities due within one year) primarily due to the issuance of junior subordinated notes and the net issuance of senior notes, partially offset by maturities of first mortgage bonds;
•a decrease of $208 million in notes payable due to a reduction in commercial paper borrowings; and
•an increase of $207 million in common stockholder's equity primarily due to net income, partially offset by dividends paid to Southern Company.
See "Financing Activities – Southern Company Gas" herein for additional information.
Financing Activities
The following table outlines long-term debt financing activities for the first nine months of 2026:
Issuances and Reofferings
Maturities, Redemptions, and Repurchases
CompanySenior
Notes		Revenue
Bonds		Other
Long-Term
Debt		Senior
Notes		Revenue
Bonds
Other
Long-Term
   Debt(a)
(in millions)
Southern Company parent$2,731 $— $1,300 $2,119 $— $2,250 
Alabama Power— — — — — 47 
Georgia Power1,300 40 1,016 725 54 489 
Mississippi Power75 — 150 65 — 1 
Southern Power600 — — 564 — — 
Southern Company Gas550 — 500 350 — 150 
Other— — — — — 3 
Elimination(b)
— — — — — (19)
Southern Company$5,256 $40 $2,966 $3,823 $54 $2,921 
(a)Includes reductions in finance lease obligations resulting from cash payments under finance leases and, for Georgia Power, principal amortization payments totaling $64 million for FFB borrowings. See Note 8 to the financial statements under "Long-term Debt – DOE Loan Guarantee Borrowings" in Item 8 of the Form 10-K for additional information.
(b)Represents reductions in affiliate finance lease obligations at Georgia Power, which are eliminated in Southern Company's consolidated financial statements.
Except as otherwise described herein, the Registrants used the proceeds of debt issuances for their redemptions and maturities shown in the table above, to repay short-term indebtedness, and for general corporate purposes, including working capital. The Subsidiary Registrants also used the proceeds for their construction programs.
In addition to any financings that may be necessary to meet capital requirements and contractual obligations, the Registrants plan to continue, when economically feasible, a program to retire higher-cost securities and replace these obligations with lower-cost capital if market conditions permit.
Southern Company
During the first nine months of 2026, Southern Company issued approximately 44.9 million shares of common stock primarily through forward sale contract settlements and employee equity compensation plans. Proceeds from
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AND RESULTS OF OPERATIONS (Continued)
settlements of the forward sale contracts totaled approximately $3.8 billion. See Note (F) to the Condensed Financial Statements under "Equity Distribution Agreement" herein for additional information.
In January 2026, Southern Company redeemed all $1.25 billion aggregate principal amount of its Series 2020B 4.00% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due January 15, 2051.
Also in January 2026, Southern Company borrowed $100 million pursuant to a short-term uncommitted bank credit arrangement bearing interest at a floating rate, which was repaid in June 2026.
In March 2026, Southern Company issued $1.3 billion aggregate principal amount of Series 2026A 6.00% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due April 1, 2058.
In July 2026, Southern Company repaid at maturity $1.75 billion aggregate principal amount of its Series 2016E 3.25% Senior Notes.
Also in July 2026, Southern Company borrowed $200 million pursuant to a short-term uncommitted bank credit arrangement bearing interest at a floating rate, which was repaid in August 2026.
In August 2026, Southern Company issued approximately $833.8 million aggregate principal amount of Series 2026A 2.125% Convertible Senior Notes due December 15, 2027 and approximately $1.898 billion aggregate principal amount of Series 2026B 3.50% Convertible Senior Notes due September 15, 20297 in private offerings. Southern Company used a portion of the proceeds from these issuances to repurchase approximately $368.7 million of the remaining approximately $829.9 million aggregate principal amount outstanding of its Series 2024A 4.50% Convertible Senior Notes due June 15, 2027. See Note (F) to the financial statements under "Convertible Senior Notes" herein for additional information.
In September 2026, Southern Company redeemed all $1.0 billion aggregate principal amount of its Series 2021A 3.75% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due September 15, 2051.
Alabama Power
In March 2026, Alabama Power repaid at maturity its three bank term loan agreements with an aggregate principal amount of $45 million.
Georgia Power
In February 2026, Georgia Power borrowed $250 million pursuant to a short-term uncommitted bank credit arrangement which is payable on demand, following specified notice by the bank, and bears interest at a rate agreed upon by Georgia Power and the bank from time to time. In March 2026, April 2026, and May 2026, Georgia Power repaid the short-term uncommitted bank credit arrangement in installments of $50 million, $50 million, and $150 million, respectively.
In March 2026, Georgia Power made initial borrowings under a multi-advance term loan facility with the FFB in an aggregate principal amount of approximately $1.0 billion at an interest rate of 5.041% through the final maturity date of December 10, 2055. The proceeds were used to reimburse Georgia Power for eligible costs relating to certain generation, battery energy storage, and transmission facilities. See Note (F) to the Condensed Financial Statements under "DOE Loan Guarantee Borrowings" herein for additional information.
In April 2026, Georgia Power repaid at maturity $325 million aggregate principal amount of its Series 2016A 3.25% Senior Notes.
In May 2026, Georgia Power issued $150 million aggregate principal amount of additional Series 2025B
4.85% Senior Notes due March 15, 2031, $600 million aggregate principal amount of Series 2026A Floating Rate Senior Notes due November 22, 2027, and $550 million aggregate principal amount of Series 2026B 4.60% Senior Notes due June 15, 2029.
In June 2026, Georgia Power repaid at maturity both of its long-term floating rate bank loans totaling $400 million.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
In August 2026, Georgia Power purchased and held $40 million aggregate principal amount of Development Authority of Monroe County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Scherer Project), First Series 2009. In September 2026, Georgia Power reoffered these bonds to the public.
In September 2026, Georgia Power repaid at maturity its obligations with respect to approximately $10 million aggregate principal amount of Development Authority of Floyd County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Hammond Project), First Series 1996, and approximately $4 million aggregate principal amount of Development Authority of Heard County (Georgia) Pollution Control Revenue Bonds (Georgia Power Company Plant Wansley Project), First Series 1996.
Also in September 2026, Georgia Power repaid at maturity $400 million aggregate principal amount of its Series 2025A Floating Rate Senior Notes.
Mississippi Power
In March 2026, Mississippi Power issued approximately $75 million aggregate principal amount of Series 2026A Floating Rate Senior Notes due May 15, 2076.
In July 2026, Mississippi Power repaid at maturity $65 million aggregate principal amount of its Series 2023A 5.64% Senior Notes.
Also in July 2026, Mississippi Power entered into a $150 million floating rate bank term loan, which matures in January 2028.
Southern Power
In June 2026, Southern Power issued $600 million aggregate principal amount of Series 2026A 4.80% Senior Notes due June 15, 2031.
Also in June 2026, Southern Power repaid at maturity €500 million (approximately $564 million) aggregate principal amount of its Series 2016B 1.85% Senior Notes.
Southern Company Gas
In May 2026, Southern Company Gas Capital issued $500 million aggregate principal amount of Series 2026A 6.05% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due September 15, 2056, guaranteed by Southern Company Gas.
In June 2026, Southern Company Gas Capital repaid at maturity $350 million aggregate principal amount of its 3.250% Senior Notes.
Also in June 2026, Nicor Gas repaid at maturity $100 million aggregate principal amount of its 2.66% Series First Mortgage Bonds.
In August 2026, Nicor Gas repaid at maturity $50 million aggregate principal amount of its 1.42% Series First Mortgage Bonds.
In September 2026, Southern Company Gas Capital issued $550 million aggregate principal amount of Series 2026A 5.00% Senior Notes due October 1, 2029.
Subsequent to September 30, 2026, Nicor Gas issued in a private placement $50 million aggregate principal amount of 5.46% Series First Mortgage Bonds due October 9, 2029 and $75 million aggregate principal amount of 5.55% Series First Mortgage Bonds due October 9, 2031. Pursuant to the same agreement, Nicor Gas agreed to issue in a private placement in December 2026 $75 million aggregate principal amount of 5.80% Series First Mortgage Bonds due December 8, 2036 and $100 million aggregate principal amount of 6.25% Series First Mortgage Bonds due December 8, 2056.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
Credit Rating Risk
At September 30, 2026, the Registrants did not have any credit arrangements that would require material changes in payment schedules or terminations as a result of a credit rating downgrade.
There are certain contracts that could require collateral, but not accelerated payment, in the event of a credit rating change of certain Registrants to BBB and/or Baa2 or below. These contracts are primarily for physical electricity and natural gas purchases and sales, fuel purchases, fuel transportation and storage, energy price risk management, transmission, interest rate management, and equipment purchases related to construction of facilities.
The maximum potential collateral requirements under these contracts at September 30, 2026 were as follows:
Credit Ratings
Southern
   Company(*)
Alabama
Power		Georgia
Power		Mississippi
Power
Southern
   Power(*)
Southern
Company
Gas
(in millions)
At BBB and/or Baa2$32 $1 $— $— $31 $— 
At BBB- and/or Baa3448 2 36 — 409 — 
At BB+ and/or Ba1 or below3,469 392 2,191 296 1,415 17 
(*)Southern Power has PPAs that could require collateral, but not accelerated payment, in the event of a downgrade of Southern Power's credit. The PPAs require credit assurances without stating a specific credit rating. The amount of collateral required would depend upon actual losses resulting from a credit downgrade. Southern Power had $106 million of cash collateral posted related to PPA requirements at September 30, 2026.
The amounts in the previous table for the traditional electric operating companies and Southern Power include certain agreements that could require collateral if either Alabama Power or Georgia Power has a credit rating change to below investment grade. Generally, collateral may be provided by a Southern Company guaranty, letter of credit, or cash. Additionally, a credit rating downgrade could impact the ability of the Registrants to access capital markets and would be likely to impact the cost at which they do so.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk.
During the nine months ended September 30, 2026, there were no material changes to Southern Company's, Alabama Power's, Georgia Power's, Mississippi Power's, Southern Power's, or Southern Company Gas' disclosures about market risk. For an in-depth discussion of each Registrant's market risks, see MANAGEMENT'S DISCUSSION AND ANALYSIS – FINANCIAL CONDITION AND LIQUIDITY – "Market Price Risk" in Item 7 of the Form 10-K and Note 1 to the financial statements under "Financial Instruments" and Notes 13 and 14 to the financial statements in Item 8 of the Form 10-K, as well as Notes (I) and (J) to the Condensed Financial Statements herein.
Item 4. Controls and Procedures.
(a)Evaluation of disclosure controls and procedures.
As of the end of the period covered by this Quarterly Report on Form 10-Q, Southern Company, Alabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas conducted separate evaluations under the supervision and with the participation of each company's management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended). Based upon these evaluations, the Chief Executive Officer and the Chief Financial Officer, in each case, concluded that the disclosure controls and procedures are effective.
(b)    Changes in internal control over financial reporting.
There have been no changes in Southern Power's or Southern Company Gas' internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) during the third quarter 2026 that have materially affected or are reasonably likely to materially affect Southern Power's or Southern Company Gas' internal control over financial reporting.
In September 2026, Southern Company, Alabama Power, Georgia Power, and Mississippi Power implemented a new customer billing application. As a result, there were certain changes to processes and procedures, which resulted in changes to Southern Company's, Alabama Power's, Georgia Power's, and Mississippi Power's internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended). These changes in internal controls were not made in response to any identified internal control deficiency.
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PART II — OTHER INFORMATION
Item 1. Legal Proceedings.
See the Notes to the Condensed Financial Statements herein for information regarding certain legal and administrative proceedings in which the Registrants are involved. The Registrants' threshold for disclosing material environmental legal proceedings involving a governmental authority where potential monetary sanctions are involved is $1 million.
Item 1A. Risk Factors.
See RISK FACTORS in Item 1A of the Form 10-K for a discussion of the risk factors of the Registrants. There have been no material changes to these risk factors from those previously disclosed in the Form 10-K.
Item 5. Other Information.
Management Changes
On October 30, 2026, Southern Company announced the following management changes, effective January 1, 2027:
•Kimberly S. Greene, currently Chairman, President, and Chief Executive Officer of Georgia Power, will serve as Executive Vice President and President, Southern Company Operations of Southern Company; and
•Stanley W. Connally, Jr., currently Executive Vice President and Chief Operating Officer of Southern Company, will serve as Chairman, President, and Chief Executive Officer of Georgia Power.
Biographical information for Ms. Greene and Mr. Connally is included in Southern Company's Annual Report on Form 10-K for the year ended December 31, 2025. Except as disclosed in Southern Company's Definitive Proxy Statement for its 2026 Annual Meeting of Stockholders, filed on April 3, 2026, there are no related-party transactions that would be required to be disclosed under Item 404(a) of Regulation S-K with respect to Ms. Greene or Mr. Connally.
Compensation decisions for Ms. Greene and Mr. Connally in their new roles have not yet been made; any material changes to their compensation will be reported in a current or periodic report within four business days after the information is determined or becomes available.
Trading Arrangements
The following table reports information regarding the adoption of "Rule 10b5-1 trading arrangements" or "non-Rule 10b5-1 trading arrangements," as defined in Item 408(a) of Regulation S-K, during the three months ended September 30, 2026 for Southern Company's directors and "officers," as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended. There were no modifications or terminations of such trading arrangements during the three months ended September 30, 2026. Unless otherwise indicated, each trading arrangement listed below is a "Rule 10b5-1 trading arrangement," provides for the sale of shares of Southern Company's common stock, commences no earlier than the expiration of the cooling-off period required by Rule 10b5-1(c)(1)(ii)(B)(1) under the Securities Exchange Act of 1934, as amended, and terminates upon the earlier of the "Expiration Date" listed below or the completion of all sales. The Subsidiary Registrants had no reportable trading arrangements for the three months ended September 30, 2026.
Name
Title
Date of Adoption
Expiration Date
Aggregate Number of Shares Covered
Bryan D. AndersonExecutive Vice PresidentAugust 10, 2026December 8, 202710,639
Christopher CummiskeyExecutive Vice PresidentAugust 13, 2026June 1, 2027
    8,231(1)
(1)Includes shares underlying equity awards subject to performance conditions and accrual of dividend-equivalent rights. Accordingly, the total number of shares ultimately available for sale could be more or less than the amount shown. The amount shown is based on the target number of shares subject to equity awards and the dividend-equivalent rights accrued as of the date of adoption.
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Item 6. Exhibits.
The exhibits below with an asterisk (*) preceding the exhibit number are filed herewith. The remaining exhibits have previously been filed with the SEC and are incorporated herein by reference. The exhibits marked with a pound sign (#) are management contracts or compensatory plans or arrangements.
(3) Articles of Incorporation and By-Laws
(a)1-
Amended and Restated By-Laws of Southern Company effective October 20, 2026, and as presently in effect. (Designated in Form 8-K dated October 20, 2026, File No. 1-3526, as Exhibit 3.1.)
(4) Instruments Describing Rights of Security Holders, Including Indentures
Southern Company
(a)1-
Senior Note Indenture dated as of June 1, 2026, between Southern Company and U.S. Bank Trust Company, National Association, as Trustee. (Designated in Form S-3 File No. 333-296531, as Exhibit 4.2.)
(a)2-
First Supplemental Indenture dated as of August 6, 2026 to Senior Note Indenture dated as of June 1, 2026, providing for the issuance of the Series 2026A 2.125% Convertible Senior Notes due December 15, 2027. (Designated in Form 8-K dated August 3, 2026, File No. 1-3526 as Exhibit 4.2.)
(a)3-
Second Supplemental Indenture dated as of August 6, 2026 to Senior Note Indenture dated as of June 1, 2026, providing for the issuance of the Series 2026B 3.50% Convertible Senior Notes due September 15, 2029. (Designated in Form 8-K dated August 3, 2026, File No. 1-3526 as Exhibit 4.3.)
Southern Company Gas
(f)1-
Southern Company Gas Capital Corporation's Series 2026A 5.00% Senior Notes due October 1, 2029, Form of Note. (Designated in Form 8-K dated September 9, 2026, File No. 1-14174 as Exhibit 4.1.)
(f)2-
Southern Company Gas' Guarantee related to the Series 2026A 5.00% Senior Notes due October 1, 2029. Form of Guarantee. (Designated in Form 8-K dated September 9, 2026, File No. 1-14174 as Exhibit 4.3.)
*(f)3-
(24) Power of Attorney and Resolutions
Southern Company
(a)-
Alabama Power
(b)-
Georgia Power
(c)-
Mississippi Power
(d)-
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Southern Power
(e)-
Southern Company Gas
(f)
-
(31) Section 302 Certifications
Southern Company
*(a)1-
*(a)2-
Alabama Power
*(b)1-
*(b)2-
Georgia Power
*(c)1-
*(c)2-
Mississippi Power
*(d)1-
*(d)2-
Southern Power
*(e)1-
*(e)2-
Southern Company Gas
*(f)1-
*(f)2-
(32) Section 906 Certifications
Southern Company
*(a)-
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Alabama Power
*(b)-
Georgia Power
*(c)-
Mississippi Power
*(d)-
Southern Power
*(e)-
Southern Company Gas
*(f)-
(101) Interactive Data Files
*INS-Inline XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
*SCH-Inline XBRL Taxonomy Extension Schema Document
*CAL-Inline XBRL Taxonomy Calculation Linkbase Document
*DEF-Inline XBRL Definition Linkbase Document
*LAB-Inline XBRL Taxonomy Label Linkbase Document
*PRE-Inline XBRL Taxonomy Presentation Linkbase Document
(104) Cover Page Interactive Data File
*Formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.
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THE SOUTHERN COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof included in such company's report.

THE SOUTHERN COMPANY
ByChristopher C. Womack
Chairman, President, and Chief Executive Officer
(Principal Executive Officer)
By
David P. Poroch
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
By/s/ Melissa K. Caen
(Melissa K. Caen, Attorney-in-fact)
Date: November 4, 2026
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ALABAMA POWER COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof included in such company's report.

ALABAMA POWER COMPANY
ByJ. Jeffrey Peoples
Chairman, President, and Chief Executive Officer
(Principal Executive Officer)
ByMoses H. Feagin
Executive Vice President, Chief Financial Officer, and Treasurer
(Principal Financial Officer)
By/s/ Melissa K. Caen
(Melissa K. Caen, Attorney-in-fact)
Date: November 4, 2026
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GEORGIA POWER COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof included in such company's report.

GEORGIA POWER COMPANY
ByKimberly S. Greene
Chairman, President, and Chief Executive Officer
(Principal Executive Officer)
By
Tyler M. Cook
Senior Vice President, Chief Financial Officer, and Treasurer
(Principal Financial Officer)
By/s/ Melissa K. Caen
(Melissa K. Caen, Attorney-in-fact)
Date: November 4, 2026
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MISSISSIPPI POWER COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof included in such company's report.

MISSISSIPPI POWER COMPANY
By
Pedro P. Cherry
Chairman, President, and Chief Executive Officer
(Principal Executive Officer)
ByMatthew P. Grice
Vice President, Chief Financial Officer, and Treasurer
(Principal Financial Officer)
By/s/ Melissa K. Caen
(Melissa K. Caen, Attorney-in-fact)
Date: November 4, 2026
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SOUTHERN POWER COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof included in such company's report.

SOUTHERN POWER COMPANY
By
Christopher Cummiskey
Chairman and Chief Executive Officer
(Principal Executive Officer)
ByGary Kerr
Senior Vice President, Chief Financial Officer, and Treasurer
(Principal Financial Officer)
By/s/ Melissa K. Caen
(Melissa K. Caen, Attorney-in-fact)
Date: November 4, 2026
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SOUTHERN COMPANY GAS
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof included in such company's report.

SOUTHERN COMPANY GAS
ByJames Y. Kerr II
Chairman, President, and Chief Executive Officer
(Principal Executive Officer)
ByGrace A. Kolvereid
Executive Vice President, Chief Financial Officer, and Treasurer
(Principal Financial Officer)
By/s/ Melissa K. Caen
(Melissa K. Caen, Attorney-in-fact)
Date: November 4, 2026
158

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