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Segment and Related Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Financial Data for Business Segments | Financial data for business segments for the three and nine months ended September 30, 2025 and 2024 was as follows:
| Electric Utilities |  |  |  |  |
| Traditional Electric Operating Companies | Southern Power | Eliminations | Total | Southern Company Gas | Total Reportable Segments | All Other | Eliminations | Consolidated
| (in millions)
Three Months Ended September 30, 2025 |  |  |  |  |  |
Operating revenues | $ | 6,438 |  | $ | 613 |  | $ | (123) |  | $ | 6,928 |  | $ | 734 |  | $ | 7,662 |  | $ | 202 |  | $ | (41) |  | $ | 7,823 |
Other segment items(a)(b) | 2,723 |  | 332 |  | (123) |  | 2,932 |  | 464 |  | 3,396 |  | 209 |  | (41) |  | 3,564 |
Depreciation and amortization(c) | 981 |  | 247 |  | — |  | 1,228 |  | 176 |  | 1,404 |  | 18 |  | — |  | 1,422 |
Earnings from equity method investments | 2 |  | — |  | — |  | 2 |  | 31 |  | 33 |  | — |  | — |  | 33 |
Interest expense | 339 |  | 25 |  | — |  | 364 |  | 94 |  | 458 |  | 297 |  | — |  | 755 |
Income taxes (benefit) | 477 |  | 6 |  | — |  | 483 |  | 6 |  | 489 |  | (85) |  | — |  | 404 |
Segment net income (loss)(b)(c)(d) | $ | 1,920 |  | $ | 3 |  | $ | — |  | $ | 1,923 |  | $ | 25 |  | $ | 1,948 |  | $ | (237) |  | $ | — |  | $ | 1,711 |
Nine Months Ended September 30, 2025 |  |  |  |  |  |
Operating revenues | $ | 17,130 |  | $ | 1,726 |  | $ | (368) |  | $ | 18,488 |  | $ | 3,552 |  | $ | 22,040 |  | $ | 656 |  | $ | (124) |  | $ | 22,572 |
Other segment items(a)(b) | 8,191 |  | 930 |  | (368) |  | 8,753 |  | 2,133 |  | 10,886 |  | 611 |  | (120) |  | 11,377 |
Depreciation and amortization(c) | 2,885 |  | 576 |  | — |  | 3,461 |  | 517 |  | 3,978 |  | 52 |  | — |  | 4,030 |
Earnings from equity method investments | 4 |  | — |  | — |  | 4 |  | 93 |  | 97 |  | (21) |  | — |  | 76 |
Interest expense(e) | 990 |  | 76 |  | — |  | 1,066 |  | 277 |  | 1,343 |  | 1,000 |  | — |  | 2,343 |
Income taxes (benefit) | 1,074 |  | 3 |  | — |  | 1,077 |  | 169 |  | 1,246 |  | (273) |  | — |  | 973 |
Segment net income (loss)(b)(c)(d)(e) | $ | 3,994 |  | $ | 141 |  | $ | — |  | $ | 4,135 |  | $ | 549 |  | $ | 4,684 |  | $ | (755) |  | $ | (4) |  | $ | 3,925 |
At September 30, 2025 |  |  |  |  |  |  |  |  |
Goodwill | $ | — |  | $ | 2 |  | $ | — |  | $ | 2 |  | $ | 5,015 |  | $ | 5,017 |  | $ | 144 |  | $ | — |  | $ | 5,161 |
Total assets | 111,734 |  | 13,595 |  | (943) |  | 124,386 |  | 26,926 |  | 151,312 |  | 2,397 |  | (461) |  | 153,248 |
| Electric Utilities |  |  |  |  |
| Traditional Electric Operating Companies | Southern Power | Eliminations | Total | Southern Company Gas | Total Reportable Segments | All Other | Eliminations | Consolidated
| (in millions)
Three Months Ended September 30, 2024 |  |  |  |  |  |
Operating revenues | $ | 5,927 |  | $ | 600 |  | $ | (105) |  | $ | 6,422 |  | $ | 682 |  | $ | 7,104 |  | $ | 215 |  | $ | (45) |  | $ | 7,274 |
Other segment items(a)(f) | 2,691 |  | 322 |  | (105) |  | 2,908 |  | 421 |  | 3,329 |  | 203 |  | (41) |  | 3,491 |
Depreciation and amortization | 898 |  | 133 |  | — |  | 1,031 |  | 162 |  | 1,193 |  | 17 |  | — |  | 1,210 |
Earnings from equity method investments | 2 |  | — |  | — |  | 2 |  | 34 |  | 36 |  | (5) |  | — |  | 31 |
Interest expense | 319 |  | 30 |  | — |  | 349 |  | 84 |  | 433 |  | 261 |  | (2) |  | 692 |
Income taxes (benefit) | 403 |  | 33 |  | — |  | 436 |  | 11 |  | 447 |  | (70) |  | — |  | 377 |
Segment net income (loss)(d)(f) | $ | 1,618 |  | $ | 82 |  | $ | — |  | $ | 1,700 |  | $ | 38 |  | $ | 1,738 |  | $ | (201) |  | $ | (2) |  | $ | 1,535 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |
Operating revenues | $ | 15,389 |  | $ | 1,597 |  | $ | (293) |  | $ | 16,693 |  | $ | 3,220 |  | $ | 19,913 |  | $ | 598 |  | $ | (128) |  | $ | 20,383 |
Other segment items(a)(b)(f) | 7,293 |  | 834 |  | (293) |  | 7,834 |  | 1,866 |  | 9,700 |  | 548 |  | (102) |  | 10,146 |
Depreciation and amortization | 2,631 |  | 378 |  | — |  | 3,009 |  | 475 |  | 3,484 |  | 53 |  | — |  | 3,537 |
Earnings from equity method investments | 4 |  | — |  | — |  | 4 |  | 110 |  | 114 |  | (8) |  | 1 |  | 107 |
Interest expense | 954 |  | 89 |  | — |  | 1,043 |  | 250 |  | 1,293 |  | 769 |  | (12) |  | 2,050 |
Income taxes (benefit) | 885 |  | 32 |  | — |  | 917 |  | 184 |  | 1,101 |  | (211) |  | — |  | 890 |
Segment net income (loss)(b)(d)(f) | $ | 3,630 |  | $ | 264 |  | $ | — |  | $ | 3,894 |  | $ | 555 |  | $ | 4,449 |  | $ | (569) |  | $ | (13) |  | $ | 3,867 |
At December 31, 2024 |  |  |  |  |  |  |  |  |
Goodwill | $ | — |  | $ | 2 |  | $ | — |  | $ | 2 |  | $ | 5,015 |  | $ | 5,017 |  | $ | 144 |  | $ | — |  | $ | 5,161 |
Total assets | 105,577 |  | 12,653 |  | (1,025) |  | 117,205 |  | 26,177 |  | 143,382 |  | 2,371 |  | (573) |  | 145,180 |
(a)Primarily consists of fuel, purchased power, cost of natural gas, cost of other sales, other operations and maintenance, taxes other than income taxes, AFUDC equity, non-service cost-related retirement benefits income, and net income (loss) attributable to noncontrolling interests. (b)For the traditional electric operating companies, includes pre-tax credits to income at Georgia Power related to the estimated probable loss associated with the completion of Plant Vogtle Units 3 and 4 of $33 million ($25 million after tax) for the three and nine months ended September 30, 2025 and $21 million ($16 million after tax) for the nine months ended September 30, 2024. Also includes a pre-tax gain at Georgia Power of approximately $114 million ($84 million after tax) for the nine months ended September 30, 2024 related to the sale of transmission line assets under the integrated transmission system agreement. See Note 2 to the financial statements under "Georgia Power" in Item 8 of the Form 10-K for additional information. (c)For Southern Power, includes accelerated depreciation related to the repowering of the Kay Wind, Grant Plains, Grant Wind, and Wake Wind facilities of $112 million ($80 million after tax, net of noncontrolling interest impacts) and $181 million ($130 million after tax, net of noncontrolling interest impacts) for the three and nine months ended September 30, 2025, respectively. See Note (K) under "Southern Power – Wind Repowering Projects" herein and Note 15 to the financial statements under "Southern Power – Development Projects" in Item 8 of the Form 10-K for additional information. (d)Attributable to Southern Company. (e)For All Other, includes a pre-tax loss of $129 million ($97 million after tax) associated with the extinguishment of debt at the parent company. See Note (F) under "Convertible Senior Notes" herein for additional information. (f)For the traditional electric operating companies, includes a pre-tax impairment loss at Alabama Power of $36 million ($27 million after tax) related to Alabama Power discontinuing the development of a multi-use commercial facility, which was sold in July 2025. See Note 1 to the financial statements under "Impairment of Long-Lived Assets" in Item 8 of the Form 10-K for additional information. Financial data for significant segment expenses and other segment information for the three and nine months ended September 30, 2025 and 2024 was as follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
| 2025 | 2024 | 2025 | 2024
| (in millions)
Alabama Power |  |  |  |
Operating revenues | $ | 2,318 |  | $ | 2,138 |  | $ | 6,298 |  | $ | 5,803 |
Utility operations and maintenance |  |  |  |
Rate RSE expenses | 346 |  | 365 |  | 1,085 |  | 1,028 |
Rate CNP Compliance expenses | 69 |  | 72 |  | 211 |  | 202 |
Total utility operations and maintenance | 415 |  | 437 |  | 1,296 |  | 1,230 |
Other segment items(a)(b) | 641 |  | 594 |  | 1,794 |  | 1,628 |
Depreciation and amortization | 380 |  | 366 |  | 1,121 |  | 1,091 |
Interest expense | 119 |  | 113 |  | 343 |  | 337 |
Income taxes | 175 |  | 135 |  | 401 |  | 322 |
Segment net income(b) | $ | 588 |  | $ | 493 |  | $ | 1,343 |  | $ | 1,195 |
Capital expenditures | $ | 537 |  | $ | 483 |  | $ | 1,696 |  | $ | 1,404 |
Georgia Power |  |  |  |
Operating revenues | $ | 3,770 |  | $ | 3,472 |  | $ | 9,918 |  | $ | 8,745 |
Utility operations and maintenance | 576 |  | 549 |  | 1,680 |  | 1,510 |
Other segment items(a)(c) | 942 |  | 981 |  | 3,048 |  | 2,593 |
Depreciation and amortization | 526 |  | 462 |  | 1,541 |  | 1,334 |
Interest expense | 200 |  | 184 |  | 585 |  | 543 |
Income taxes | 278 |  | 246 |  | 612 |  | 516 |
Segment net income(c) | $ | 1,248 |  | $ | 1,050 |  | $ | 2,452 |  | $ | 2,249 |
Capital expenditures | $ | 1,961 |  | $ | 1,557 |  | $ | 5,273 |  | $ | 3,910 |
| Three Months Ended September 30, | Nine Months Ended September 30,
| 2025 | 2024 | 2025 | 2024
| (in millions)
Mississippi Power |  |  |  |
Operating revenues | $ | 480 |  | $ | 412 |  | $ | 1,301 |  | $ | 1,118 |
Operational expenses(d) | 46 |  | 45 |  | 134 |  | 127 |
Environmental compliance expenses(e) | 3 |  | 3 |  | 9 |  | 9 |
Other segment items(a) | 251 |  | 200 |  | 686 |  | 550 |
Depreciation and amortization | 53 |  | 48 |  | 157 |  | 141 |
Interest expense | 19 |  | 19 |  | 59 |  | 58 |
Income taxes | 24 |  | 22 |  | 58 |  | 47 |
Segment net income | $ | 84 |  | $ | 75 |  | $ | 198 |  | $ | 186 |
Capital expenditures | $ | 86 |  | $ | 133 |  | $ | 225 |  | $ | 259 |
(a)Primarily consists of fuel, purchased power, expenses from unregulated products and services, losses (gains) on asset dispositions, amortization of cloud software, taxes other than income taxes, AFUDC equity, and non-service cost-related retirement benefits income. For Alabama Power, includes impairment charges. For Georgia Power, includes credits for estimated loss on Plant Vogtle Units 3 and 4. For Mississippi Power, includes employee benefit expenses and affiliate billings. Also includes earnings from equity method investments, which were immaterial for all periods presented. (b)For the three and nine months ended September 30, 2024, includes a pre-tax impairment loss of $36 million ($27 million after tax) related to Alabama Power discontinuing the development of a multi-use commercial facility, which was sold in July 2025. See Note 1 to the financial statements under "Impairment of Long-Lived Assets" in Item 8 of the Form 10-K for additional information. (c)Includes pre-tax credits to income related to the estimated probable loss associated with the completion of Plant Vogtle Units 3 and 4 of $33 million ($25 million after tax) for the three and nine months ended September 30, 2025 and $21 million ($16 million after tax) for the nine months ended September 30, 2024. Also includes a pre-tax gain of approximately $114 million ($84 million after tax) for the nine months ended September 30, 2024 related to the sale of transmission line assets under the integrated transmission system agreement. See Note 2 to the financial statements under "Georgia Power" in Item 8 of the Form 10-K for additional information. (d)Consists of certain operations and maintenance expenses related to PEP and the MRA tariff, including labor costs, materials, contract services, and other normal operational costs. See Note (B) under "Mississippi Power" herein and Note 2 to the financial statements under "Mississippi Power" in Item 8 of the Form 10-K for additional information regarding PEP and the MRA tariff. (e)Consists of environmental compliance expenses related to ECO Plan and the MRA tariff. See Note (B) under "Mississippi Power" herein and Note 2 to the financial statements under "Mississippi Power" in Item 8 of the Form 10-K for additional information regarding ECO Plan and the MRA tariff. Financial data for segment information for the three and nine months ended September 30, 2025 and 2024 was as follows:
| Three Months Ended September 30, | Nine Months Ended September 30,
| 2025 | 2024 | 2025 | 2024
| (in millions)
Operating revenues | $ | 613 |  | $ | 600 |  | $ | 1,726 |  | $ | 1,597 |
Other segment items(a) | 332 |  | 322 |  | 930 |  | 834 |
Depreciation and amortization(b) | 247 |  | 133 |  | 576 |  | 378 |
Interest expense | 25 |  | 30 |  | 76 |  | 89 |
Income taxes | 6 |  | 33 |  | 3 |  | 32 |
Segment net income(b)(c) | $ | 3 |  | $ | 82 |  | $ | 141 |  | $ | 264 |
(a)Primarily consists of fuel, purchased power, other operations and maintenance, taxes other than income taxes, and net income (loss) attributable to noncontrolling interests. (b)For the three and nine months ended September 30, 2025, includes accelerated depreciation of $112 million ($80 million after tax, net of noncontrolling interest impacts) and $181 million ($130 million after tax, net of noncontrolling interest impacts), respectively, related to the repowering of the Kay Wind, Grant Plains, Grant Wind, and Wake Wind facilities. See Note (K) under "Southern Power – Wind Repowering Projects" herein and Note 15 to the financial statements under "Southern Power – Development Projects" in Item 8 of the Form 10-K for additional information. (c)Southern Power had no earnings from equity method investments for any period presented. Financial data for business segments for the three and nine months ended September 30, 2025 and 2024 was as follows:
| Gas Distribution Operations | Gas Pipeline Investments | Gas Marketing Services | Total Reportable Segments | All Other | Eliminations | Consolidated
| (in millions)
Three Months Ended September 30, 2025 |  |  |  |  |
Operating revenues | $ | 668 |  | $ | 8 |  | $ | 58 |  | $ | 734 |  | $ | 1 |  | $ | (1) |  | $ | 734 |
Other segment items(*) | 409 |  | 1 |  | 50 |  | 460 |  | 5 |  | (1) |  | 464 |
Depreciation and amortization | 171 |  | 1 |  | 3 |  | 175 |  | 1 |  | — |  | 176 |
Earnings from equity method investments | — |  | 31 |  | — |  | 31 |  | — |  | — |  | 31 |
Interest expense | 89 |  | 10 |  | 1 |  | 100 |  | (6) |  | — |  | 94 |
Income taxes | (13) |  | 7 |  | 1 |  | (5) |  | 11 |  | — |  | 6 |
Segment net income | $ | 12 |  | $ | 20 |  | $ | 3 |  | $ | 35 |  | $ | (10) |  | $ | — |  | $ | 25 |
Nine Months Ended September 30, 2025 |  |  |  |  |
Operating revenues | $ | 3,122 |  | $ | 24 |  | $ | 403 |  | $ | 3,549 |  | $ | 11 |  | $ | (8) |  | $ | 3,552 |
Other segment items(*) | 1,842 |  | 3 |  | 284 |  | 2,129 |  | 12 |  | (8) |  | 2,133 |
Depreciation and amortization | 502 |  | 4 |  | 10 |  | 516 |  | 1 |  | — |  | 517 |
Earnings from equity method investments | — |  | 93 |  | — |  | 93 |  | — |  | — |  | 93 |
Interest expense | 252 |  | 28 |  | 2 |  | 282 |  | (5) |  | — |  | 277 |
Income taxes (benefit) | 109 |  | 20 |  | 30 |  | 159 |  | 10 |  | — |  | 169 |
Segment net income | $ | 417 |  | $ | 62 |  | $ | 77 |  | $ | 556 |  | $ | (7) |  | $ | — |  | $ | 549 |
Total assets at September 30, 2025 | $ | 25,200 |  | $ | 1,468 |  | $ | 1,667 |  | $ | 28,335 |  | $ | 10,845 |  | $ | (12,254) |  | $ | 26,926 |
Three Months Ended September 30, 2024 |  |  |  |  |
Operating revenues | $ | 616 |  | $ | 8 |  | $ | 53 |  | $ | 677 |  | $ | 6 |  | $ | (1) |  | $ | 682 |
Other segment items(*) | 366 |  | 1 |  | 50 |  | 417 |  | 5 |  | (1) |  | 421 |
Depreciation and amortization | 156 |  | 1 |  | 4 |  | 161 |  | 1 |  | — |  | 162 |
Earnings from equity method investments | — |  | 34 |  | — |  | 34 |  | — |  | — |  | 34 |
Interest expense | 75 |  | 8 |  | 1 |  | 84 |  | — |  | — |  | 84 |
Income taxes | (2) |  | 8 |  | — |  | 6 |  | 5 |  | — |  | 11 |
Segment net income (loss) | $ | 21 |  | $ | 24 |  | $ | (2) |  | $ | 43 |  | $ | (5) |  | $ | — |  | $ | 38 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |
Operating revenues | $ | 2,828 |  | $ | 24 |  | $ | 358 |  | $ | 3,210 |  | $ | 19 |  | $ | (9) |  | $ | 3,220 |
Other segment items(*) | 1,612 |  | 3 |  | 244 |  | 1,859 |  | 16 |  | (9) |  | 1,866 |
Depreciation and amortization | 459 |  | 4 |  | 11 |  | 474 |  | 1 |  | — |  | 475 |
Earnings from equity method investments | — |  | 110 |  | — |  | 110 |  | — |  | — |  | 110 |
Interest expense | 229 |  | 26 |  | 2 |  | 257 |  | (7) |  | — |  | 250 |
Income taxes (benefit) | 125 |  | 24 |  | 29 |  | 178 |  | 6 |  | — |  | 184 |
Segment net income | $ | 403 |  | $ | 77 |  | $ | 72 |  | $ | 552 |  | $ | 3 |  | $ | — |  | $ | 555 |
Total assets at December 31, 2024 | $ | 24,067 |  | $ | 1,573 |  | $ | 1,696 |  | $ | 27,336 |  | $ | 10,047 |  | $ | (11,206) |  | $ | 26,177 |
(*)Primarily consists of cost of natural gas, other operations and maintenance, taxes other than income taxes, AFUDC equity, and non-service cost-related retirement benefits income.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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