The Southern Company Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	4,341	4,401	3,976	3,524	2,393
Depreciation & Amortization	6,030	5,266	4,986	4,064	3,973
Asset Writedown	-	-	-	-	91
Stock-Based Compensation	136	132	137	127	144
Change in Accounts Receivable	-124	-372	482	-771	-77
Change in Inventory	44	-49	-713	-285	-31
Change in Accounts Payable	-290	492	-863	1,021	-8
Change in Income Taxes	-36	206	23	-	-
Change in Other Net Operating Assets	805	1,144	936	195	-668
Other Operating Activities	-1,104	-1,432	-1,411	-1,573	352
Operating Cash Flow	9,802	9,788	7,553	6,302	6,169
Operating Cash Flow Growth	0.14%	29.59%	19.85%	2.16%	-7.87%
Capital Expenditures	-12,737	-8,955	-9,095	-7,923	-7,586
Sale of Property, Plant & Equipment	1	369	164	275	917
Cash Acquisitions	-635	-	-	-	-
Sale (Purchase) of Intangibles	-159	-108	-99	-190	-188
Contributions to Nuclear Demissioning Trust	-2,357	-2,183	-1,734	-1,774	-2,040
Other Investing Activities	1,928	1,477	1,096	1,182	1,544
Investing Cash Flow	-13,959	-9,400	-9,668	-8,430	-7,353
Short-Term Debt Issued	200	700	1,323	2,650	855
Long-Term Debt Issued	12,470	6,159	8,972	5,132	8,262
Total Debt Issued	12,670	6,859	10,295	7,782	9,117
Short-Term Debt Repaid	-414	-1,668	-1,630	-1,487	-25
Long-Term Debt Repaid	-5,464	-2,222	-4,294	-2,158	-4,327
Total Debt Repaid	-5,878	-3,890	-5,924	-3,645	-4,352
Net Debt Issued (Repaid)	6,792	2,969	4,371	4,137	4,765
Issuance of Common Stock	1,623	143	36	1,808	73
Common Dividends Paid	-3,015	-2,954	-3,035	-2,907	-2,777
Other Financing Activities	-704	-366	-373	-702	-116
Financing Cash Flow	4,696	-208	999	2,336	1,945
Net Cash Flow	539	180	-1,116	208	761
Free Cash Flow	-2,935	833	-1,542	-1,621	-1,417
Free Cash Flow Margin	-9.93%	3.12%	-6.11%	-5.54%	-6.13%
Free Cash Flow Per Share	-2.65	0.76	-1.40	-1.50	-1.33
Cash Interest Paid	2,692	2,538	2,184	1,758	1,718
Cash Income Tax Paid	284	176	132	146	93
Levered Free Cash Flow	-3,460	722.38	-2,911	-1,199	-2,409
Unlevered Free Cash Flow	-1,436	2,437	-1,382	71.25	-1,252
Change in Working Capital	399	1,421	-135	160	-784

Source: S&P Global Market Intelligence. Utility template. Financial Sources.