Revenue from Contracts with Customers and Lease Income (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

The following table disaggregates revenue from contracts with customers for the three and six months ended June 30, 2026 and 2025:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Three Months Ended June 30, 2026
Operating revenues
Retail electric revenues
Residential	$	2,007	$	720	$	1,208	$	79	$	—	$	—
Commercial	1,757		501		1,166		90		—		—
Industrial	1,021		441		471		109		—		—
Other	29		3		24		2		—		—
Total retail electric revenues	4,814		1,665		2,869		280		—		—
Natural gas distribution revenues
Residential	353		—		—		—		—		353
Commercial	89		—		—		—		—		89
Transportation	358		—		—		—		—		358
Industrial	6		—		—		—		—		6
Other	67		—		—		—		—		67
Total natural gas distribution revenues	873		—		—		—		—		873
Wholesale electric revenues
PPA energy revenues	301		47		40		8		218		—
PPA capacity revenues	145		18		32		25		89		—
Non-PPA revenues	64		55		19		80		43		—
Total wholesale electric revenues	510		120		91		113		350		—
Other natural gas revenues
Gas marketing services	73		—		—		—		—		73
Other	2		—		—		—		—		2
Total other natural gas revenues	75		—		—		—		—		75
Other revenues	450		62		212		11		4		—
Total revenue from contracts with customers	6,722		1,847		3,172		404		354		948
Other revenue sources(*)	255		116		(39)		(1)		181		18
Total operating revenues	$	6,977	$	1,963	$	3,133	$	403	$	535	$	966


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Six Months Ended June 30, 2026
Operating revenues
Retail electric revenues
Residential	$	4,010	$	1,493	$	2,358	$	159	$	—	$	—
Commercial	3,419		978		2,269		172		—		—
Industrial	1,962		855		909		198		—		—
Other	61		6		50		5		—		—
Total retail electric revenues	9,452		3,332		5,586		534		—		—
Natural gas distribution revenues
Residential	1,380		—		—		—		—		1,380
Commercial	342		—		—		—		—		342
Transportation	798		—		—		—		—		798
Industrial	30		—		—		—		—		30
Other	213		—		—		—		—		213
Total natural gas distribution revenues	2,763		—		—		—		—		2,763
Wholesale electric revenues
PPA energy revenues	796		93		104		11		610		—
PPA capacity revenues	294		36		76		46		172		—
Non-PPA revenues	156		175		63		250		88		—
Total wholesale electric revenues	1,246		304		243		307		870		—
Other natural gas revenues
Gas marketing services	355		—		—		—		—		355
Other	4		—		—		—		—		4
Total other natural gas revenues	359		—		—		—		—		359
Other revenues	945		140		449		26		8		—
Total revenue from contracts with customers	14,765		3,776		6,278		867		878		3,122
Other revenue sources(*)	609		279		(2)		8		338		35
Total operating revenues	$	15,374	$	4,055	$	6,276	$	875	$	1,216	$	3,157


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Three Months Ended June 30, 2025
Operating revenues
Retail electric revenues
Residential	$	2,021	$	725	$	1,217	$	79	$	—	$	—
Commercial	1,716		504		1,127		85		—		—
Industrial	1,015		432		496		87		—		—
Other	29		2		25		2		—		—
Total retail electric revenues	4,781		1,663		2,865		253		—		—
Natural gas distribution revenues
Residential	394		—		—		—		—		394
Commercial	94		—		—		—		—		94
Transportation	331		—		—		—		—		331
Industrial	7		—		—		—		—		7
Other	60		—		—		—		—		60
Total natural gas distribution revenues	886		—		—		—		—		886
Wholesale electric revenues
PPA energy revenues	310		58		50		2		210		—
PPA capacity revenues	154		29		35		17		85		—
Non-PPA revenues	60		36		10		100		59		—
Total wholesale electric revenues	524		123		95		119		354		—
Other natural gas revenues
Gas marketing services	81		—		—		—		—		81
Other	5		—		—		—		—		5
Total other natural gas revenues	86		—		—		—		—		86
Other revenues	457		67		206		9		8		—
Total revenue from contracts with customers	6,734		1,853		3,166		381		362		972
Other revenue sources(*)	239		115		(56)		19		184		7
Total operating revenues	$	6,973	$	1,968	$	3,110	$	400	$	546	$	979


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Six Months Ended June 30, 2025
Operating revenues
Retail electric revenues
Residential	$	4,087	$	1,531	$	2,403	$	153	$	—	$	—
Commercial	3,327		986		2,181		160		—		—
Industrial	1,930		822		940		168		—		—
Other	61		4		52		5		—		—
Total retail electric revenues	9,405		3,343		5,576		486		—		—
Natural gas distribution revenues
Residential	1,239		—		—		—		—		1,239
Commercial	292		—		—		—		—		292
Transportation	737		—		—		—		—		737
Industrial	26		—		—		—		—		26
Other	170		—		—		—		—		170
Total natural gas distribution revenues	2,464		—		—		—		—		2,464
Wholesale electric revenues
PPA energy revenues	723		112		134		5		491		—
PPA capacity revenues	299		57		74		34		169		—
Non-PPA revenues	136		106		19		233		121		—
Total wholesale electric revenues	1,158		275		227		272		781		—
Other natural gas revenues
Gas marketing services	337		—		—		—		—		337
Other	10		—		—		—		—		10
Total other natural gas revenues	347		—		—		—		—		347
Other revenues	954		150		436		30		14		—
Total revenue from contracts with customers	14,328		3,768		6,239		788		795		2,811
Other revenue sources(*)	420		212		(91)		33		318		7
Total operating revenues	$	14,748	$	3,980	$	6,148	$	821	$	1,113	$	2,818

(*)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.

Schedule of Contract Balances

The following table reflects the closing balances of receivables, contract assets, and contract liabilities related to revenues from contracts with customers at June 30, 2026 and December 31, 2025:


	Southern Company		Alabama Power		Georgia Power		Mississippi Power		Southern Power		Southern Company Gas
	(in millions)
Accounts Receivable
At June 30, 2026	$	3,155	$	860	$	1,549	$	122	$	136	$	448
At December 31, 2025	3,139		716		1,278		115		132		864
Contract Assets
At June 30, 2026	$	354	$	—	$	189	$	4	$	—	$	67
At December 31, 2025	294		3		160		—		—		67
Contract Liabilities
At June 30, 2026	$	329	$	7	$	123	$	—	$	1	$	—
At December 31, 2025	213		6		75		—		2		—

Schedule of Remaining Performance Obligations

Revenues from contracts with customers related to these performance obligations remaining at June 30, 2026 are expected to be recognized as follows:


	2026 (remaining)		2027		2028		2029		2030		Thereafter
	(in millions)
Southern Company	$	668	$	826	$	472	$	413	$	416	$	3,130
Alabama Power	7		5		4		3		1		6
Georgia Power	37		69		46		22		22		146
Mississippi Power(*)	33		69		73		12		—		—
Southern Power(*)	184		349		389		393		393		2,978
Southern Company Gas	28		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.

Schedule of Lease Income

Lease income for the three and six months ended June 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 June 30, 2026
Lease income - interest income on sales-type leases	$	5	$	—	$	—	$	3	$	2	$	—
Lease income - operating leases	34		3		7		1		27		9
Variable lease income	125		—		—		—		136		—
Total lease income	$	164	$	3	$	7	$	4	$	165	$	9

Six Months Ended June 30, 2026
Lease income - interest income on sales-type leases	$	12	$	—	$	—	$	7	$	4	$	—
Lease income - operating leases	69		6		15		2		64		18
Variable lease income	204		—		—		—		223		—
Total lease income	$	285	$	6	$	15	$	9	$	291	$	18

Three Months Ended June 30, 2025
Lease income - interest income on sales-type leases	$	6	$	—	$	—	$	4	$	2	$	—
Lease income - operating leases	33		2		7		1		37		9
Variable lease income	125		—		—		—		136		—
Total lease income	$	164	$	2	$	7	$	5	$	175	$	9

Six Months Ended June 30, 2025
Lease income - interest income on sales-type leases	$	11	$	—	$	—	$	7	$	4	$	—
Lease income - operating leases	66		3		14		1		73		18
Variable lease income	207		1		—		—		225		—
Total lease income	$	284	$	4	$	14	$	8	$	302	$	18