The Southern Company

NYSE-SO

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	4,296	4,124	4,459	4,260	4,590	4,486
Consolidated Net Income
Depreciation & Amortization	5,775	5,554	5,416	5,266	5,203	5,122
Depreciation and Amortization, Total
Stock Based Compensation	136	137	139	132	128	113
Stock Based Compensation Expense
Other Adjustments	-2,071	-1,729.5	-623	-1,291	-845	-1,228
Deferred Income Taxes
Utilization of Federal Tax Credit Carryforward
Allowance for Equity Funds Used During Construction
Mark-to-Market Adjustments
Pension, Postretirement, and Other Employee Benefits
Pension and Postretirement Funding
Settlement of Asset Retirement Obligations
Storm Damage and Reliability Reserve Accruals
Estimated Income on Plants Under Construction
Estimated Income on Plant Vogtle Units 3 and 4
Impairment Charges
Gain on Dispositions, Net
Retail Fuel Cost Under Recovery - Long-Term
Natural Gas Cost Under Recovery - Long-Term
Storm Damage Cost Recovery - Long-Term
Other, Net
Changes in Trade Receivables	—	—	—	-372	—	—
Change in Receivables
Changes in Inventories	-94	-49	34	-143	—	—
Fossil Fuel for Generation
Materials and Supplies
Change in Natural Gas for Sale, Net of Temporary LIFO Liquidation
Changes in Accounts Payable	-94	44	521	492	7	-1,110
Accounts Payable
Changes in Accrued Expenses	-36	-49	-49	—	107	-372
Accrued Compensation
Change in Accrued Interest
Changes in Income Taxes Payable	459	-20	14	206	-174	4
Accrued Taxes
Changes in Other Operating Activities	534.5	716.5	771.5	1,276.5	912	1,190
Retail Fuel Cost Under Recovery
Change in Prepayments
Change in Natural Gas Cost Under Recovery
Other Current Assets
Change in Customer Refunds
Change in Natural Gas Cost Over Recovery
Other Current Liabilities
Cash from Operating Activities	9,378	9,220	9,727	9,788	9,428	8,652
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-11,201	-10,297	-9,622	-8,955	-8,740	-9,092
Property Additions
Proceeds from Sale of Property, Plant & Equipment	—	—	—	369	—	—
Proceeds from Dispositions
Purchases of Investments	-1,693	-1,589	-1,508	-1,551	-1,327	-1,155
Nuclear Decommissioning Trust Fund Purchases
Proceeds from Sale of Investments	1,677	1,574	1,493	1,535	1,312	1,139
Nuclear Decommissioning Trust Fund Sales
Payments for Business Acquisitions	—	—	—	—	—	—
Business Acquisitions, Net of Cash Acquired
Other Investing Activities	-361	-518	-473	-798	-1,140	-778
Proceeds Pursuant to the Toshiba Guarantee, Net of Joint Owner Portion
Cost of Removal, Net of Salvage
Change in Construction Payables, Net
Investment in Unconsolidated Subsidiaries
Payments Pursuant to LTSAs
Other Investing Activities
Cash from Investing Activities	-12,321	-10,912	-9,849	-9,400	-9,625	-9,602
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	—	—	—	700	—	850
Short-Term Borrowings
Repayments of Short-Term Debt	—	—	-980	-1,020	-2,075	-1,995
Short-Term Borrowings
Net Issuance / (Repayments) of Short-Term Debt	—	—	-980	-320	-2,075	-1,145
Issuance of Long-Term Debt	11,107	8,515	8,367	6,159	6,481	7,394
Long-Term Debt
Repayments of Long-Term Debt	-2,438	-3,596	-1,601	-2,222	-2,894	-3,874
Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	8,669	4,919	6,766	3,937	3,587	3,520
Issuance of Common Shares	121	121	145	143	122	98
Common Stock
Net Issuance / (Repurchases) of Common Shares	121	121	145	143	122	98
Issuance of Preferred Shares	—	—	—	—	—	—
Preferred Stock
Repurchases of Preferred Shares	—	—	—	—	—	—
Preferred and Preference Stock
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—
Common Share Dividends Paid	-2,988	-2,961	-2,957	-2,954	-2,984	-3,016
Payment of Common Stock Dividends
Other Financing Activities	-772	-63	-2,112	-1,014	-363	-155
Capital Contributions from Noncontrolling Interests
Distributions to Noncontrolling Interests
Other Financing Activities
Change in Notes Payable, Net
Cash from Financing Activities	5,230	1,746	1,622	-208	-638	-83
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	-1,823	-1,077	105	833	688	-440
NOPAT	5,965.2	5,766.7	5,995.5	5,758.2	6,041.1	5,891
Levered Free Cash Flow	8,471.5	5,101.5	7,477.5	6,160.5	3,548	2,725
Unlevered Free Cash Flow	1,308.7	1,666.2	3,081	3,900.7	3,356.1	1,633
Net Change in Cash	2,287	54	1,500	180	-835	-1,033