Business Context and Reporting Period
This Form 8-K is a combined current report filed on February 19, 2026, by The Southern Company and its five subsidiaries: Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas. The filing serves to disseminate a press release regarding earnings results for the three-month and twelve-month periods ended December 31, 2025.
Key Financial Metrics
The filing text references the existence of GAAP and non-GAAP earnings and earnings per share (EPS) data for the periods ended December 31, 2025, and 2024, but does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity within this document. These figures are contained in the attached Exhibit 99 (Press Release), which is not included in the provided text.
Material Changes and Non-GAAP Adjustments
Management presents non-GAAP financial measures to exclude specific items deemed non-recurring or unrelated to ongoing operations. The filing details the following adjustments for the periods ended December 31, 2025 and 2024:
- 2025 and 2024 Adjustments: Exclusion of charges/credits and legal expenses related to plants under construction, and accelerated depreciation from wind facility repowering at Southern Power Company.
- 2025 Specific Adjustments:
- Costs associated with the extinguishment of debt at Southern Company.
- An estimated loss at Southern Company Gas regarding Nicor Gas capital investment disallowances by the Illinois Commerce Commission.
- A tax benefit at Southern Company Gas related to an adjustment of the 2017 Tax Cuts and Jobs Act impact on deferred income tax balances.
- Disposition impacts from the sale of a multi-use commercial facility development at Alabama Power Company.
- 2024 Specific Adjustments: Exclusion of an impairment loss associated with Alabama Power Company discontinuing the development of the aforementioned multi-use commercial facility.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, specific management commentary on future outlook, or a detailed risk factor section. It notes that the information is furnished to help investors evaluate ongoing business activities and is used by management for internal performance evaluation. The document explicitly states that the non-GAAP measures are not a substitute for GAAP financial measures.
Investor Verification Checklist
- Verify the specific GAAP and non-GAAP earnings and EPS figures in the attached Exhibit 99 Press Release, as they are not listed in the 8-K text.
- Review the reconciliation tables in Exhibit 99 to understand the exact financial impact of the debt extinguishment costs and the Nicor Gas disallowance loss.
- Confirm the details of the Alabama Power Company commercial facility sale and the associated disposition impacts.
- Check the status of the wind facility repowering at Southern Power Company to assess the magnitude of the accelerated depreciation excluded from non-GAAP results.