Company: SOJE
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000092122-25-000084
Chunk: 137

Company: SOUTHERN CO
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 1
Chunk 137
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 StatementsMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS (Continued)

date 2025 was a decrease of $12 million in net deferred financing costs related to Plant Vogtle Unit 3. See Note 2 to the financial statements under "Georgia Power – Nuclear Construction – Regulatory Matters" in Item 8 of the Form 10-K and FINANCIAL CONDITION AND LIQUIDITY – "Sources of Capital" and "Financing Activities" herein for additional information.

Income Taxes

Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024(change in millions)(% change)(change in millions)(% change)$3213.0$9618.6

In the third quarter 2025, income taxes were $278 million compared to $246 million for the corresponding period in 2024. The increase was primarily due to higher pre-tax earnings, partially offset by an increase of $26 million in the flowback of excess state deferred income taxes.

For year-to-date 2025, income taxes were $612 million compared to $516 million for the corresponding period in 2024. The increase was primarily due to a $78 million increase in charges to a valuation allowance on certain state tax credit carryforwards, higher pre-tax earnings, and $33 million from the recognition of certain state tax positions from amended returns in the second quarter 2024, partially offset by increases of $60 million in the flowback of excess state deferred income taxes and $19 million in the generation of advanced nuclear PTCs.

See Note (G) to the Condensed Financial Statements herein for additional information.

Mississippi Power

Net Income

Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024(change in millions)(% change)(change in millions)(% change)$912.0$126.5

Mississippi Power's net income in the third quarter 2025 was $84 million compared to $75 million for the corresponding period in 2024. For year-to-date 2025, net income was $198 million compared to $186 million for the corresponding period in 2024. The increases were primarily due to higher retail revenues primarily resulting from changes in rates and pricing, partially offset by an increase in depreciation and amortization.

Retail Re