Southern Company reports third-quarter 2025 earnings

Insights

Utility financial analyst

Solid quarter: higher revenue and EPS with modest margin pressure from depreciation and interest.

Southern Company delivered higher operating revenue of $7.8 billion in Q3 2025 versus $7.3 billion a year earlier, a 7.5% increase, and reported GAAP net income of $1.7 billion ($1.55 per share). On an exclusions basis, adjusted Q3 EPS rose to $1.60 from $1.43 year‑over‑year, driven by higher utility revenues that offset higher depreciation, amortization and interest expense.

Key dependencies and risks include the identified non‑GAAP adjustments: accelerated depreciation related to repowering reduced reported results, and interest expense rose, which pressures margins. Weather was milder versus prior year and partially dampened results; these variable factors mean near‑term quarter‑to‑quarter comparisons can swing. Monitor the company's reclassification of construction losses and repowering charges as these affect comparability.

Concrete items to watch over the next 12 months include year‑end guidance updates and the full‑year impact of accelerated depreciation and interest costs on earnings, the company webcast at today for management commentary, and sequential revenue and EPS trends in the upcoming quarters through Q4 2025. These will clarify whether revenue growth sustainably outpaces the rising depreciation and interest burden.

ATLANTA, Oct. 30, 2025 /PRNewswire/ -- Southern Company today reported third-quarter earnings of $1.7 billion, or $1.55 per share, in 2025 compared with earnings of $1.5 billion, or $1.40 per share, in the third quarter of 2024. For the nine months ended September 30, 2025, Southern Company reported earnings of $3.93 billion, or $3.56 per share, compared with $3.87 billion, or $3.53 per share, for the same period in 2024.

Excluding the items described under "Net Income – Excluding Items" in the table below, Southern Company earned $1.8 billion, or $1.60 per share, during the third quarter of 2025, compared with $1.6 billion, or $1.43 per share, during the third quarter of 2024. For the nine months ended September 30, 2025, excluding these items, Southern Company earned $4.1 billion, or $3.76 per share, compared with $3.9 billion, or $3.56 per share, for the same period in 2024.

Non-GAAP Financial Measures	Three Months Ended September			Year-To-Date September
Net Income – Excluding Items (in millions)	2025	2024		2025	2024
Net Income – As Reported	$                 1,711	$                 1,535		$                 3,925	$                 3,867
Less:
Estimated Loss on Plants Under Construction	32	(3)		27	11
Tax Impact	(8)	1		(11)	(16)
Accelerated Depreciation from Repowering	(103)	—		(168)	—
Tax Impact	23	—		38	—
Loss on Extinguishment of Debt	—	—		(129)	—
Tax Impact	—	—		32	—
Disposition Impacts	2	—		2	—
Tax Impact	(1)	—		(1)	—
Impairments	—	(36)		—	(36)
Tax Impact	—	9		—	9
Net Income – Excluding Items	$                 1,766	$                 1,564		$                 4,135	$                 3,899
Average Shares Outstanding – (in millions)	1,102	1,097		1,101	1,096
Basic Earnings Per Share – Excluding Items	$                   1.60	$                   1.43		$                   3.76	$                   3.56

NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package.

Adjusted earnings drivers for the third quarter 2025, as compared with the same period in 2024, were higher utility revenues, partially offset by higher depreciation and amortization and interest expense, as well as milder weather.

Third-quarter 2025 operating revenues were $7.8 billion, compared with $7.3 billion for the third quarter of 2024, an increase of 7.5%. For the nine months ended September 30, 2025, operating revenues were $22.6 billion, compared with $20.4 billion for the corresponding period in 2024, an increase of 10.7%.

"Southern Company's robust third quarter performance comes as the momentum around electric demand growth opportunities and interest in our service territories continue to build," said Chris Womack, chairman, president and CEO. "Our 28,000 system employees remain focused on meeting these growing needs in a way that benefits all customers while also providing premier reliability and resilient service for our company's 9 million customers. It is that disciplined approach and our unwavering commitment to put customers at the center of all that we do that positions us to finish the year strong and continues to position us to capture the opportunities ahead."

Southern Company's third-quarter earnings slides with supplemental financial information are available at investor.southerncompany.com.

Southern Company's financial analyst call will begin at 1 p.m. Eastern Time today, during which Womack and Chief Financial Officer David P. Poroch will discuss earnings and provide a general business update. Investors, media and the public may listen to a live webcast of the call and view associated slides at investor.southerncompany.com. A replay of the webcast will be available on the site for 12 months.

About Southern Company
Southern Company (NYSE: SO) is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies. Providing clean, safe, reliable and affordable energy with excellent service is our mission. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy solutions provider with national capabilities, a fiber optics network and telecommunications services. Through an industry-leading commitment to innovation, resilience and sustainability, we are taking action to meet customers' and communities' needs while advancing our goal of net-zero greenhouse gas emissions by 2050. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and are the key to our sustained success. We are transforming energy into economic, environmental and social progress for tomorrow. Our corporate culture has been recognized by a variety of organizations, earning the company awards and recognitions that reflect Our Values and dedication to service. To learn more, visit www.southerncompany.com.

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning projected electric demand growth, future opportunities and full-year 2025 performance. Southern Company cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Southern Company's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025 and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state 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 coal combustion residuals; current and future litigation or regulatory investigations, proceedings, or inquiries, including litigation related to the Kemper County energy facility; 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; 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 tariffs, 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 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 public service commission or other applicable state regulatory agency approvals and Federal Energy Regulatory Commission and U.S. Nuclear Regulatory Commission 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; advances in technology, including the pace and extent of development of low- to no-carbon energy and battery energy storage technologies and negative carbon concepts; performance of counterparties under ongoing renewable energy partnerships and development agreements; state and federal rate regulations and the impact of pending and future rate cases and negotiations, including rate actions relating to return on equity, 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 Southern Company's electric utilities' 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; access to capital markets and other financing sources; changes in Southern Company's and any of its subsidiaries' credit ratings; the ability of Southern Company's electric utilities to obtain additional generating capacity (or sell excess generating capacity) at competitive prices; catastrophic events such as fires, earthquakes, explosions, floods, tornadoes, hurricanes and other storms, droughts, pandemic health events, political unrest, wars, 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; and the effect of accounting pronouncements issued periodically by standard-setting bodies. Southern Company expressly disclaims any obligation to update any forward-looking information.

 

Southern Company
Financial Highlights
(In Millions Except Earnings Per Share)
	Three Months Ended September				Year-To-Date September
Net Income – As Reported	2025		2024		2025		2024
Traditional Electric Operating Companies	$      1,920		$      1,618		$      3,994		$      3,630
Southern Power	3		82		141		264
Southern Company Gas	25		38		549		555
Total	1,948		1,738		4,684		4,449
Parent Company and Other	(237)		(203)		(759)		(582)
Net Income – As Reported	$      1,711		$      1,535		$      3,925		$      3,867
Basic Earnings Per Share(1)	$        1.55		$        1.40		$        3.56		$        3.53
Average Shares Outstanding	1,102		1,097		1,101		1,096
Non-GAAP Financial Measures	Three Months Ended September				Year-To-Date September
Net Income – Excluding Items	2025		2024		2025		2024
Net Income – As Reported	$      1,711		$      1,535		$      3,925		$      3,867
Less:
Estimated Loss on Plants Under Construction(2)	32		(3)		27		11
Tax Impact	(8)		1		(11)		(16)
Accelerated Depreciation from Repowering(3)	(103)		—		(168)		—
Tax Impact	23		—		38		—
Loss on Extinguishment of Debt(4)	—		—		(129)		—
Tax Impact	—		—		32		—
Disposition Impacts(5)	2		—		2		—
Tax Impact	(1)		—		(1)		—
Impairments(5)	—		(36)		—		(36)
Tax Impact	—		9		—		9
Net Income – Excluding Items	$      1,766		$      1,564		$      4,135		$      3,899
Basic Earnings Per Share – Excluding Items	$        1.60		$        1.43		$        3.76		$        3.56

See Notes on the following page.

 

Southern Company Financial Highlights
Notes
(1)	Dilution is not material in any period presented. Diluted earnings per share was $1.54 and $3.54 for the three and nine months ended September 30, 2025, respectively, and $1.39 and $3.51 for the three and nine months ended September 30, 2024, respectively.
(2)	Earnings include pre-tax credits to income 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 related to the estimated probable loss on Plant Vogtle Units 3 and 4 reflecting revisions to Georgia Power Company's total project capital cost forecast resulting from reductions in remaining expected site demobilization costs and other contractor obligations. Site demobilization efforts were completed during the third quarter 2025. Additionally, earnings for the nine months ended September 30, 2025 and 2024 include income tax charges of $4 million and $14 million, respectively, related to the remeasuring of deferred tax assets associated with the previously recognized estimated probable loss on Plant Vogtle Units 3 and 4 due to changes in the State of Georgia corporate tax rate. Further charges and/or credits may occur; however, the amount and timing are uncertain. Earnings for the three and nine months ended September 30, 2025 and 2024 also include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs through the end of 2025 related to dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, net of salvage.
(3)	Earnings for the three and nine months ended September 30, 2025 include pre-tax charges, net of noncontrolling interests impacts, of $103 million ($80 million after tax) and $168 million ($130 million after tax), respectively, associated with accelerated depreciation related to the repowering of certain wind facilities at Southern Power. Accelerated depreciation related to the equipment being replaced will continue until the commercial operation dates of the repowering projects, which are projected to occur between the third quarter 2026 and the second quarter 2027. At September 30, 2025, the remaining pre-tax accelerated depreciation, net of noncontrolling interest impacts, is projected to total approximately $100 million in 2025, $320 million in 2026, and $25 million in 2027.
(4)	Earnings for the nine months ended September 30, 2025 include costs associated with the extinguishment of debt at Southern Company as a result of Southern Company's repurchase of certain convertible senior notes. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain.
(5)	Earnings for the three and nine months ended September 30, 2025 include a pre-tax gain of $2 million ($1 million after tax) related to the sale of a multi-use commercial facility development at Alabama Power Company. Further impacts may result from future disposition activities; however, the amount and timing of any such impacts are uncertain. Earnings for the three and nine months ended September 30, 2024 include a pre-tax impairment loss of $36 million ($27 million after tax) associated with Alabama Power Company discontinuing development of the multi-use commercial facility. Impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain.

 

Southern Company
Significant Factors Impacting EPS
	Three Months Ended September						Year-To-Date September
	2025		2024		Change		2025		2024		Change
Earnings Per Share –
As Reported(1)	$ 1.55		$ 1.40		$   0.15		$ 3.56		$ 3.53		$   0.03
Significant Factors:
Traditional Electric Operating Companies					$   0.28						$   0.33
Southern Power					(0.07)						(0.11)
Southern Company Gas					(0.01)						(0.01)
Parent Company and Other					(0.04)						(0.16)
Increase in Shares					(0.01)						(0.02)
Total – As Reported					$   0.15						$   0.03
	Three Months Ended September						Year-To-Date September
Non-GAAP Financial Measures	2025		2024		Change		2025		2024		Change
Earnings Per Share –
Excluding Items	$ 1.60		$ 1.43		$   0.17		$ 3.76		$ 3.56		$   0.20
Total – As Reported					$   0.15						$   0.03
Less:
Estimated Loss on Plants Under Construction(2)					0.02						0.02
Accelerated Depreciation from Repowering(3)					(0.07)						(0.12)
Loss on Extinguishment of Debt(4)					—						(0.09)
Disposition Impacts(5)					—						—
Impairments(5)					0.03						0.02
Total – Excluding Items					$   0.17						$   0.20

See Notes on the following page.

 

Southern Company Significant Factors Impacting EPS
Notes
(1)	Dilution is not material in any period presented. Diluted earnings per share was $1.54 and $3.54 for the three and nine months ended September 30, 2025, respectively, and $1.39 and $3.51 for the three and nine months ended September 30, 2024, respectively.
(2)	Earnings include pre-tax credits to income 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 related to the estimated probable loss on Plant Vogtle Units 3 and 4 reflecting revisions to Georgia Power Company's total project capital cost forecast resulting from reductions in remaining expected site demobilization costs and other contractor obligations. Site demobilization efforts were completed during the third quarter 2025. Additionally, earnings for the nine months ended September 30, 2025 and 2024 include income tax charges of $4 million and $14 million, respectively, related to the remeasuring of deferred tax assets associated with the previously recognized estimated probable loss on Plant Vogtle Units 3 and 4 due to changes in the State of Georgia corporate tax rate. Further charges and/or credits may occur; however, the amount and timing are uncertain. Earnings for the three and nine months ended September 30, 2025 and 2024 also include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs through the end of 2025 related to dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, net of salvage.
(3)	Earnings for the three and nine months ended September 30, 2025 include pre-tax charges, net of noncontrolling interests impacts, of $103 million ($80 million after tax) and $168 million ($130 million after tax), respectively, associated with accelerated depreciation related to the repowering of certain wind facilities at Southern Power. Accelerated depreciation related to the equipment being replaced will continue until the commercial operation dates of the repowering projects, which are projected to occur between the third quarter 2026 and the second quarter 2027. At September 30, 2025, the remaining pre-tax accelerated depreciation, net of noncontrolling interest impacts, is projected to total approximately $100 million in 2025, $320 million in 2026, and $25 million in 2027.
(4)	Earnings for the nine months ended September 30, 2025 include costs associated with the extinguishment of debt at Southern Company as a result of Southern Company's repurchase of certain convertible senior notes. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain.
(5)	Earnings for the three and nine months ended September 30, 2025 include a pre-tax gain of $2 million ($1 million after tax) related to the sale of a multi-use commercial facility development at Alabama Power Company. Further impacts may result from future disposition activities; however, the amount and timing of any such impacts are uncertain. Earnings for the three and nine months ended September 30, 2024 include a pre-tax impairment loss of $36 million ($27 million after tax) associated with Alabama Power Company discontinuing development of the multi-use commercial facility. Impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain.

 

Southern Company
EPS Earnings Analysis
Description	Three Months Ended September 2025 vs. 2024		Year-To-Date September 2025 vs. 2024
Retail Sales	7¢		12¢
Retail Revenue Impacts	15		53
Weather	(5)		(4)
Wholesale and Other Operating Revenues	4		16
Non-Fuel Operations and Maintenance Expenses(1)	—		(16)
Depreciation and Amortization	(5)		(17)
Interest Expense and Other	6		(9)
Income Taxes	1		(6)
Total Traditional Electric Operating Companies	23¢		29¢
Southern Power	—		1
Southern Company Gas	(1)		(1)
Parent Company and Other	(4)		(7)
Increase in Shares	(1)		(2)
Total Change in EPS (Excluding Items)	17¢		20¢
Estimated Loss on Plants Under Construction(2)	2		2
Accelerated Depreciation from Repowering(3)	(7)		(12)
Loss on Extinguishment of Debt(4)	—		(9)
Disposition Impacts(5)	—		—
Impairments(5)	3		2
Total Change in EPS (As Reported)	15¢		3¢

See Notes on the following page.

 

Southern Company EPS Earnings Analysis
Notes
(1)	Excludes gains/losses on asset sales, which are included in "Interest Expense and Other." Includes non-service cost-related benefits income.
(2)	Earnings include pre-tax credits to income 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 related to the estimated probable loss on Plant Vogtle Units 3 and 4 reflecting revisions to Georgia Power Company's total project capital cost forecast resulting from reductions in remaining expected site demobilization costs and other contractor obligations. Site demobilization efforts were completed during the third quarter 2025. Additionally, earnings for the nine months ended September 30, 2025 and 2024 include income tax charges of $4 million and $14 million, respectively, related to the remeasuring of deferred tax assets associated with the previously recognized estimated probable loss on Plant Vogtle Units 3 and 4 due to changes in the State of Georgia corporate tax rate. Further charges and/or credits may occur; however, the amount and timing are uncertain. Earnings for the three and nine months ended September 30, 2025 and 2024 also include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs through the end of 2025 related to dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, net of salvage.
(3)	Earnings for the three and nine months ended September 30, 2025 include pre-tax charges, net of noncontrolling interests impacts, of $103 million ($80 million after tax) and $168 million ($130 million after tax), respectively, associated with accelerated depreciation related to the repowering of certain wind facilities at Southern Power. Accelerated depreciation related to the equipment being replaced will continue until the commercial operation dates of the repowering projects, which are projected to occur between the third quarter 2026 and the second quarter 2027. At September 30, 2025, the remaining pre-tax accelerated depreciation, net of noncontrolling interest impacts, is projected to total approximately $100 million in 2025, $320 million in 2026, and $25 million in 2027.
(4)	Earnings for the nine months ended September 30, 2025 include costs associated with the extinguishment of debt at Southern Company as a result of Southern Company's repurchase of certain convertible senior notes. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain.
(5)	Earnings for the three and nine months ended September 30, 2025 include a pre-tax gain of $2 million ($1 million after tax) related to the sale of a multi-use commercial facility development at Alabama Power Company. Further impacts may result from future disposition activities; however, the amount and timing of any such impacts are uncertain. Earnings for the three and nine months ended September 30, 2024 include a pre-tax impairment loss of $36 million ($27 million after tax) associated with Alabama Power Company discontinuing development of the multi-use commercial facility. Impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain.

 

Southern Company
Consolidated Earnings
As Reported
	Three Months Ended September						Year-To-Date September
	2025		2024		Change		2025		2024		Change
	(in millions)						(in millions)
Retail electric revenues:
Fuel	$  1,265		$  1,179		$       86		$  3,622		$  3,250		$     372
Non-fuel	4,442		4,187		255		11,443		10,543		900
Wholesale electric revenues	832		721		111		2,257		1,919		338
Other electric revenues	262		222		40		724		631		93
Natural gas revenues	734		682		52		3,552		3,220		332
Other revenues	288		283		5		974		820		154
Total operating revenues	7,823		7,274		549		22,572		20,383		2,189
Fuel and purchased power	1,604		1,395		209		4,522		3,843		679
Cost of natural gas	116		98		18		1,046		852		194
Cost of other sales	156		166		(10)		522		464		58
Non-fuel operations and maintenance	1,643		1,662		(19)		4,948		4,522		426
Depreciation and amortization	1,422		1,210		212		4,030		3,537		493
Taxes other than income taxes	288		375		(87)		1,136		1,155		(19)
Total operating expenses	5,229		4,906		323		16,204		14,373		1,831
Operating income	2,594		2,368		226		6,368		6,010		358
Allowance for equity funds used during construction	90		58		32		243		167		76
Earnings from equity method investments	33		31		2		76		107		(31)
Interest expense, net of amounts capitalized	755		692		63		2,343		2,050		293
Other income (expense), net	149		147		2		459		450		9
Income taxes	404		377		27		973		890		83
Net income	1,707		1,535		172		3,830		3,794		36
Net loss attributable to noncontrolling interests	(4)		—		(4)		(95)		(73)		(22)
Net income attributable to Southern Company	$  1,711		$  1,535		$     176		$  3,925		$  3,867		$       58

Certain prior year data may have been reclassified to conform with current year presentation.

 

Southern Company
Kilowatt-Hour Sales and Customers
	Three Months Ended September								Year-To-Date September
	2025		2024		% Change		Weather Adjusted % Change		2025		2024		% Change		Weather Adjusted % Change
	(in millions)								(in millions)
Kilowatt-Hour Sales
Total Sales	56,627		56,035		1.1 %				154,971		152,461		1.6 %
Total Retail Sales	42,369		41,893		1.1 %		2.6 %		116,006		114,154		1.6 %		1.8 %
Residential	14,631		14,677		(0.3) %		2.7 %		38,829		38,442		1.0 %		1.2 %
Commercial	14,607		14,279		2.3 %		3.5 %		39,295		38,419		2.3 %		2.6 %
Industrial	12,996		12,803		1.5 %		1.5 %		37,488		36,889		1.6 %		1.6 %
Other	135		134		1.1 %		1.9 %		394		404		(2.5) %		(2.5) %
Total Wholesale Sales	14,258		14,142		0.8 %		N/A		38,965		38,307		1.7 %		N/A
									Period Ended September
									2025		2024		% Change
									(in thousands)
Regulated Utility Customers
Total Regulated Utility Customers									8,934		8,865		0.8 %
Traditional Electric Operating Companies									4,580		4,530		1.1 %
Southern Company Gas									4,354		4,335		0.4 %

 

Southern Company
Financial Overview
As Reported
	Three Months Ended September						Year-To-Date September
	2025		2024		% Change		2025		2024		% Change
	(in millions)						(in millions)
Southern Company –
Operating Revenues	$  7,823		$  7,274		7.5 %		$  22,572		$  20,383		10.7 %
Earnings Before Income Taxes	2,111		1,912		10.4 %		4,803		4,684		2.5 %
Net Income Available to Common	1,711		1,535		11.5 %		3,925		3,867		1.5 %
Alabama Power –
Operating Revenues	$  2,318		$  2,138		8.4 %		$  6,298		$  5,803		8.5 %
Earnings Before Income Taxes	763		628		21.5 %		1,744		1,517		15.0 %
Net Income Available to Common	588		493		19.3 %		1,343		1,195		12.4 %
Georgia Power –
Operating Revenues	$  3,770		$  3,472		8.6 %		$  9,918		$  8,745		13.4 %
Earnings Before Income Taxes	1,526		1,296		17.7 %		3,064		2,765		10.8 %
Net Income Available to Common	1,248		1,050		18.9 %		2,452		2,249		9.0 %
Mississippi Power –
Operating Revenues	$     480		$     412		16.5 %		$  1,301		$  1,118		16.4 %
Earnings Before Income Taxes	108		97		11.3 %		256		233		9.9 %
Net Income Available to Common	84		75		12.0 %		198		186		6.5 %
Southern Power –
Operating Revenues	$     613		$     600		2.2 %		$  1,726		$  1,597		8.1 %
Earnings Before Income Taxes	5		115		(95.7) %		49		223		(78.0) %
Net Income Available to Common	3		82		(96.3) %		141		264		(46.6) %
Southern Company Gas –
Operating Revenues	$     734		$     682		7.6 %		$  3,552		$  3,220		10.3 %
Earnings Before Income Taxes	31		49		(36.7) %		718		739		(2.8) %
Net Income Available to Common	25		38		(34.2) %		549		555		(1.1) %

See Financial Highlights pages for discussion of certain significant items occurring during the periods.

 

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SOURCE Southern Company