Company: SOJE
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000092122-25-000084
Chunk: 421

Company: SOUTHERN CO
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 2
Chunk 421
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 in net income at all other, partially offset by a $14 million increase in net income at gas distribution operations and a $5 million increase in net income at gas marketing services.

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    Table of Contents                                Index to Financial StatementsMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS (Continued)

Natural Gas Revenues

In the third quarter 2025, natural gas revenues were $734 million compared to $682 million for the corresponding period in 2024. For year-to-date 2025, natural gas revenues were $3.6 billion compared to $3.2 billion for the corresponding period in 2024. Details of the changes in natural gas revenues were as follows:

Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024(change in millions)(% change)(change in millions)(% change)Rates$27 3.9 %$98 3.0 %Gas costs and other cost recovery23 3.4 189 5.9 Gas marketing services5 0.7 40 1.2 Other(3)(0.4)5 0.2 Natural gas revenues$52 7.6 %$332 10.3 %

Changes in rates resulted in an increase in revenues in the third quarter and year-to-date 2025 compared to the corresponding periods in 2024 primarily due to base rate increases at Atlanta Gas Light and Virginia Natural Gas. See Note 2 to the financial statements under "Southern Company Gas – Rate Proceedings" in Item 8 of the Form 10-K for additional information.

Revenues from gas costs and other cost recovery increased in the third quarter and year-to-date 2025 compared to the corresponding periods in 2024 primarily due to higher natural gas prices and gas volumes. See "Cost of Natural Gas" herein for additional information.

Revenues from gas marketing services increased in the third quarter and year-to-date 2025 compared to the corresponding periods in 2024 primarily due to higher commodity prices.

Cost of Natural Gas

Third Quarter 2025 vs. Third Quarter 2024Year-to-Date 2025 vs. Year-to-Date 2024(change in millions)(% change)(change in millions)(% change)$1818.4$19422.8

Excluding Atlanta