Financing and Leases (Tables)

6 Months Ended

Jun. 30, 2026

At June 30, 2026, committed credit arrangements with banks were as follows:


	Expires
Company	2026		2027		2028		2029		2031		Total		Unused		Expires 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 facility, 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 June 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 June 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, was unused at June 30, 2026. In addition, Southern Power Company had $23 million of letters of credit outstanding under an uncommitted letter of credit facility at June 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.

Schedule of Forward Contracts Indexed to Issuer's Equity

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 six months ended June 30, 2026.


Shares Sold	Initial Forward Price per Share	To be Settled On or Before	Forward Price Per Share Settled	Shares Issued to Settle	Settlement Date
Sold during 2025 (2024 ATM Program)












3,255,866	$89.4692	December 31, 2026	$89.2443	3,255,866	March 2, 2026
2,314,487	$92.7805	June 30, 2027	$92.8723	2,314,487	March 2, 2026
3,850,000	$90.6617	December 31, 2026	$90.2362	3,850,000	June 1, 2026
2,470,306	$94.5394	June 30, 2027	$93.8913	2,470,306	June 1, 2026
1,590,200	$93.4524	June 30, 2027	$93.4038	1,590,200	June 1, 2026
4,000,000	$90.8141	June 30, 2027	$90.6358	4,000,000	June 12, 2026
2,876,034	$92.2437	June 30, 2027	$91.9664	2,876,034	June 12, 2026
3,015,668	$93.4521	June 30, 2027	$93.1290	3,015,668	June 12, 2026
3,130,641(a)	$88.2823	December 31, 2026	$88.0620	1,070,641	June 16, 2026
2,346,903	$91.1610	June 30, 2027	$90.9425	2,346,903	June 16, 2026
911,448	$94.2411	June 30, 2027	$93.9331	911,448	June 16, 2026
Sold during 2026 (2024 ATM Program)
1,467,305	$96.3883	March 31, 2028	N/A	N/A	N/A
1,896,549	$97.5815	March 31, 2028	N/A	N/A	N/A
1,903,317	$95.5086	March 31, 2028	N/A	N/A	N/A
Sold during 2026 (2026 ATM Program)
1,713,535	$93.2987	June 30, 2028	N/A	N/A	N/A
1,909,112	$92.4821	June 30, 2028	N/A	N/A	N/A
1,994,083	$95.1457	June 30, 2028	N/A	N/A	N/A
600,094(b)	$95.9974	June 30, 2028	N/A	N/A	N/A

(a)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 six months ended June 30, 2026. The other 2,060,000 shares were settled in December 2025.

(b)The total number of shares sold under this forward sale contract is 1,940,548, of which the remaining 1,340,454 shares were sold subsequent to June 30, 2026. The initial forward price was determined after the completion of sales by the forward seller in July 2026.

Schedule of Shares Used to Compute Diluted Earnings Per Share

Shares used to compute diluted EPS were as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(in millions)
As reported shares	1,137	1,101	1,130	1,100
Effect of stock-based compensation	3	6	3	6
Effect of convertible senior notes	—	1	—	1
Effect of forward sale contracts	1	—	1	—

Diluted shares	1,141	1,108	1,134	1,107