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Entergy reports first quarter 2026 financial resultsApril 29, 2026 6:30 AM
PR Newswire (US)
Company affirms 2026 guidance, raises longer-term outlooksNEW ORLEANS, April 29, 2026 /PRNewswire/ -- Entergy Corporation (NYSE: ETR) reported first quarter 2026 earnings per share of 83 cents on an as-reported basis and 86 cents on an adjusted (non-GAAP) basis.
"It's shaping up to be another exciting year," said Drew Marsh, Entergy Chair and Chief Executive Officer. "We announced another major hyperscale agreement in Louisiana that includes an additional estimated $2 billion of savings for retail customers consistent with our Fair Share Plus pledge. The fundamentals of our company have never been stronger, and we continue to work diligently to deliver real value to our stakeholders."Business highlights included the following:Entergy updated its four-year capital plan and adjusted EPS outlooks.The PUCT approved an update to E-TX's TCRF rate.E-TX submitted a GCRR filing to place OCAPS investment in rates.The APSC approved E-AR's 600 MW Arkansas Cypress Solar with 350 MW of battery storage.E-LA submitted an application for approval under the LPSC's Lightning Initiative for investments proposed in connection with a new 20-year electric service agreement with Evest LLC, a subsidiary of Meta Platforms, Inc.E-MS filed its annual formula rate plan.E-AR submitted its base rate case and Generating Arkansas Jobs Act rider filings.The state of Mississippi passed legislation to enable securitization to finance winter storm Fern restoration costs.Entergy marked 25 years of giving through the Environmental Initiative Fund investing nearly $45 million in environmentally beneficial projects and programs since inception.Consolidated earnings (GAAP and non-GAAP measures)First quarter 2026 vs. 2025 (See Appendix A for reconciliation of GAAP to non-
GAAP measures and description of adjustments)
First quarter
20262025Change(After-tax, $ in millions)
As-reported earnings 38536124Less adjustments(14)-(14)Adjusted earnings (non-GAAP)39936138 Estimated weather impact (10)22(32)
(After-tax, per share in $)
As-reported earnings 0.830.820.01Less adjustments (0.03)-(0.03)Adjusted earnings (non-GAAP)0.860.820.04 Estimated weather impact(0.02)0.05(0.07)
Calculations may differ due to roundingConsolidated resultsFor first quarter 2026, the company reported earnings of $385 million, or 83 cents per share, on an as-reported basis, and earnings of $399 million, or 86 cents per share on an adjusted basis. This compared to first quarter 2025 earnings of $361 million, or 82 cents per share, on an as-reported and an adjusted basis.Summary discussions of results by business follow. Additional details, including information on operating cash flow by business, are provided in Appendix A. Appendix B provides a more detailed analysis of earnings per share variances by business.Business resultsUtilityFor first quarter 2026, the Utility business reported earnings attributable to Entergy Corporation of $540 million, or $1.17 per share, on an as-reported and an adjusted basis. This compared to first quarter 2025 earnings of $490 million, or $1.11 per share, on an as-reported and an adjusted basis.The primary drivers for the quarter's earnings increase included the net effect of regulatory actions across the operating companies and return on construction work in progress for certain utility plant investments.These drivers were partially offset by higher interest expense as well as higher depreciation and amortization.On a per share basis, first quarter 2026 results reflected higher diluted average number of common shares outstanding primarily due to the settlement of equity forwards in 2025 and 2026 as well as the dilutive effect of an increase in the stock price on unsettled equity forwards.Appendix C contains additional details on Utility operating and financial measures.Parent & Other For first quarter 2026, Parent & Other reported a loss attributable to Entergy Corporation of $(155 million), or (34) cents per share, on an as-reported basis, and a loss of $(141 million), or (31) cents per share on an adjusted basis. This compared to a first quarter 2025 loss of $(129 million), or (29) cents per share, on an as-reported and an adjusted basis.First quarter 2026 results included an $(18 million) ($(14 million) after tax) non-cash impairment charge related to the expected sale of a non-utility business interest in the Independence power plant (considered an adjustment and excluded from adjusted earnings). Higher interest expense was also a driver for the quarter.On a per share basis, first quarter 2026 results reflected higher diluted average number of common shares outstanding (see details in Utility section).Earnings per share guidanceEntergy affirmed its 2026 adjusted earnings per share guidance range of $4.25 to $4.45. See the earnings call presentation for additional details.The company has provided 2026 earnings guidance with regard to the non-GAAP measure of adjusted earnings per share. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described in the "Non-GAAP financial measures" section. The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. Potential adjustments include, among other things, certain significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses.Earnings teleconference A teleconference will be held at 10:00 a.m. Central Time on Wednesday, April 29, 2026, to discuss Entergy's quarterly earnings announcement and the company's financial performance. The teleconference may be accessed by visiting Entergy's website at investors.entergy.com/investors/events-and-presentations or by dialing 888-440-4149, conference ID 9024832, no more than 15 minutes prior to the start of the call. The earnings call presentation is also being posted to Entergy's website concurrent with this news release. A replay of the teleconference will be available on Entergy's website at investors.entergy.com/investors/events-and-presentations and by telephone. The telephone replay will be available through May 6, 2026, by dialing 800-770-2030, conference ID 9024832.Entergy (NYSE: ETR) generates, transmits and distributes electricity to power life for more than 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We're focused on keeping costs for our customers as low as possible while providing reliable energy that our communities count on. We're also investing in growth for the future with a more resilient, cleaner energy system that includes modern natural gas, nuclear and renewable energy generation. As a nationally recognized leader in sustainability and corporate citizenship, we deliver more than $100 million in economic benefits each year to the communities we serve through philanthropy, volunteerism and advocacy. Entergy is a Fortune 500 company headquartered in New Orleans, Louisiana, and has approximately 12,000 employees. Learn more at Entergy.com and connect with @Entergy on social media.Entergy Corporation's common stock is listed on the New York Stock Exchange and NYSE Texas under the symbol "ETR".Details regarding Entergy's results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the earnings call presentation. Both documents are available on Entergy's Investor Relations website at investors.entergy.com/investors/events-and-presentations.Entergy maintains a web page as part of its Investor Relations website entitled Regulatory and other information, which provides investors with key updates on certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix E.Non-GAAP financial measures This news release contains non-GAAP financial measures, which are generally numerical measures of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.Entergy reports earnings using the non-GAAP measure of adjusted earnings, which excludes the effect of certain "adjustments". Adjustments are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses. In addition to reporting GAAP earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, owners, and analysts; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy's business, comparing period to period results, and comparing Entergy's financial performance to the financial performance of other companies in the utility sector.Other non-GAAP measures, including adjusted ROE, adjusted ROE excluding affiliate preferred, FFO to adjusted debt, gross liquidity, net liquidity, adjusted Parent debt to total adjusted debt, adjusted debt to adjusted capitalization, and adjusted net debt to adjusted net capitalization are measures Entergy uses internally for management and board of directors discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy's ongoing financial results and flexibility and assists investors in comparing Entergy's credit and liquidity to the credit and liquidity of others in the utility sector. These metrics are defined in Appendix E.These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy's operations that, when viewed with Entergy's GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy's business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy's consolidated financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy's performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.Cautionary note regarding forward-looking statementsIn this news release, and from time to time, Entergy Corporation makes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy's 2026 adjusted earnings per share guidance; financial and operational outlooks; industrial load growth outlooks; statements regarding its resilience plans, goals, beliefs, or expectations; and other statements of Entergy's plans, goals, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy's most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy's other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with (1) realizing the benefits of its resilience plan, including impacts of the frequency and intensity of future storms and storm paths, as well as the pace of project completion and (2) efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust values or earnings or in the timing or cost of decommissioning Entergy's nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including (1) strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized, and (2) Entergy's ability to meet the rapidly growing demand for electricity, including from hyperscale data centers and other large customers, and to manage the impacts of such growth on customers and Entergy's business, or the risk that contracted or expected load growth does not materialize or is not sustained; (h) direct and indirect impacts to Entergy or its customers from pandemics, terrorist attacks, geopolitical conflicts, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy's business or operations, and/or other catastrophic events; and (i) effects on Entergy or its customers of (1) changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, international trade, or energy policies; (2) changes in commodity markets, capital markets, or economic conditions; and (3) technological change, including the costs, pace of development, and commercialization of new and emerging technologies.First quarter 2026 earnings release appendices and financial statementsAppendices
A: Consolidated results and adjustments
B: Earnings variance analysis
C: Utility operating and financial measures
D: Consolidated financial measures
E: Definitions and abbreviations and acronyms
F: Other GAAP to non-GAAP reconciliationsFinancial statements
Consolidating balance sheets
Consolidating income statements
Consolidated cash flow statementsA: Consolidated results and adjustments
Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measures
First quarter 2026 vs. 2025 (See Appendix A-2 and Appendix A-3 for details on adjustments)
First quarter
20262025Change(After-tax, $ in millions)
As-reported earnings (loss)
Utility54049050Parent & Other(155)(129)(26)Consolidated 38536124
Less adjustments
Utility---Parent & Other(14)-(14)Consolidated (14)-(14)
Adjusted earnings (loss) (non-GAAP)
Utility54049050Parent & Other(141)(129)(12)Consolidated 39936138Estimated weather impact(10)22(32)
Diluted average number of common shares outstanding (in millions) 46344122
(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility1.171.110.06Parent & Other(0.34)(0.29)(0.04)Consolidated 0.830.820.01
Less adjustments
Utility---Parent & Other(0.03)-(0.03)Consolidated (0.03)-(0.03)
Adjusted earnings (loss) (non-GAAP)
Utility1.171.110.06Parent & Other(0.31)(0.29)(0.01)Consolidated 0.860.820.04Estimated weather impact(0.02)0.05(0.07)
Calculations may differ due to rounding(a)Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.See Appendix B for detailed earnings variance analysis.Appendix A-2 and Appendix A-3 detail adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS) First quarter 2026 vs. 2025
First quarter
20262025Change(Pre-tax except for income tax effect and totals; $ in millions)
Parent & Other
1Q26 impairment related to the expected sale of a non-utility business interest in Independence power plant (18)-(18)Income tax effect on Parent & Other adjustment above4-4Total Parent & Other(14)-(14)
Total adjustments(14)-(14)
(After-tax, per share in $) (b)
Parent & Other
1Q26 impairment related to the expected sale of a non-utility business interest in Independence power plant (0.03)-(0.03)Total Parent & Other(0.03)-(0.03)
Total adjustments(0.03)-(0.03)
Calculations may differ due to rounding(b)Per share amounts are calculated by multiplying the corresponding earnings (loss) by the estimated income tax rate that is expected to apply and dividing by the diluted average number of common shares outstanding for the period. Appendix A-3: Adjustments by income statement line item (shown as positive/ (negative) impact on earnings)First quarter 2026 vs. 2025(Pre-tax except for income taxes and totals; $ in millions)
First quarter
20262025ChangeParent & Other
Asset write-offs, impairments, and related charges(18)-(18) Income taxes4-4Total Parent & Other (14)-(14)
Total adjustments(14)-(14)
Calculations may differ due to roundingAppendix A-4 provides a comparative summary of OCF by business.Appendix A-4: Consolidated operating cash flowFirst quarter 2026 vs. 2025($ in millions)
First quarter
20262025ChangeUtility870565305Parent & Other(41)(29)(12)Consolidated829536293
Calculations may differ due to roundingFirst quarter 2026 OCF increased primarily due to higher receipts of advance payments related to customer agreements, higher collections from Utility customers, and a decrease in interest paid. These increases were partially offset by higher fuel and purchased power payments and the timing of payments to vendors.B: Earnings variance analysis
Appendix B provides details of current quarter 2026 versus 2025 as-reported and adjusted earnings per share variances.Appendix B: As-reported and adjusted earnings per share variance analysis (c), (d)
First quarter 2026 vs. 2025
(After-tax, per share in $)
Utility
Parent & Other
Consolidated
As-reportedAdjusted
As-reportedAdjusted
As-reportedAdjusted
2025 earnings (loss)1.111.11
(0.29)(0.29)
0.820.82
Operating revenue less:
fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) – net(0.11)(0.11)(e)--
(0.12)(0.12)
Nuclear refueling outage expenses0.020.02
--
0.020.02
Other O&M--
--
--
Asset write-offs, impairments, and related charges--
(0.03)-(f)(0.03)-
Decommissioning--
--
--
Taxes other than income taxes(0.01)(0.01)
--
(0.01)(0.01)
Depreciation and amortization (0.05)(0.05)(g)--
(0.05)(0.05)
Other income (deductions)0.330.33(h)--
0.330.33
Interest expense(0.06)(0.06)(i)(0.03)(0.03)(j)(0.09)(0.09)
Income taxes – other 0.010.01
--
0.020.02
Preferred dividend requirements and noncontrolling interests(0.01)(0.01)
--
(0.01)(0.01)
Share effect(0.06)(0.06)
0.020.02
(0.04)(0.04)(k)2026 earnings (loss)1.171.17
(0.34)(0.31)
0.830.86
Calculations may differ due to rounding
(c)Utility operating revenue and Utility income taxes – other variances exclude the following for the return/collection of excess/deficient unprotected ADIT (net effect was neutral to earnings) ($ in millions):
1Q261Q25Utility operating revenue (15)(2)Utility income taxes – other152 (d)EPS effects of individual income statement line item variances are calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period. Income taxes – other represents income tax differences other than the income tax effect of individual line item variances. Share effect captures the per share impact from the change in diluted average number of common shares outstanding. Utility as-reported operating revenue less fuel, fuel-related
expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) – net variance analysis
2026 vs. 2025 ($ EPS)
1QRetail electric price0.17Return on CWIP for certain utility plant investments 0.05Reg. provisions for decommissioning items(0.28)Sale of natural gas LDCs (0.07)Other0.02Total (0.11)
(e)The first quarter earnings decrease was primarily due to two items: changes in regulatory provisions for decommissioning items (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral) and the absence of revenues from the natural gas LDC businesses that were sold in July 2025. The decreases were partially offset by regulatory actions including E-AR's FRP, E-LA's FRP (including riders), E-LA's RPCR, E-MS's FRP interim facilities rate adjustment, E-MS's grid mod rider, and E-TX's DCRF. Higher revenue related to the amortization of customer advances designed to provide a return on CWIP for certain utility plant investments, which is recognized as the related costs are incurred, was also a driver.
(f)The first quarter as-reported earnings decrease from higher Parent & Other asset write-offs, impairments, and related charges was due to a first quarter 2026 $(18 million) ($(14 million) after tax) non-cash impairment related to the expected sale of a non-utility business interest in the Independence power plant (considered an adjustment and excluded from adjusted earnings).
(g)The first quarter earnings decrease from higher Utility depreciation and amortization was primarily due to higher plant in service, an increase in FERC jurisdictional depreciation rates at E-AR and E-LA effective Jan. 2026, and an increase in E-LA's nuclear depreciation rates effective Sept. 2025.
(h)The first quarter earnings increase from higher Utility other income (deductions) was primarily due to changes in nuclear decommissioning trust returns, including portfolio rebalancing in first quarter 2026 (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral).
(i)The first quarter earnings decrease from higher Utility interest expense was primarily due to higher debt balances and higher interest rates.
(j)The first quarter earnings decrease from higher Parent & Other interest expense was primarily due to the issuance of $1.3 billion of junior subordinated debentures in Nov. 2025.
(k)The first quarter earnings per share impact from share effect was from higher diluted average number of common shares outstanding primarily due to the settlement of equity forwards in May 2025, Oct. 2025, and Feb. 2026 and the dilutive effect of an increase in the stock price on unsettled equity forwards. C: Utility operating and financial measures
Appendix C provides a comparison of Utility operating and financial measures.Appendix C: Utility operating and financial measuresFirst quarter 2026 vs. 2025
First quarter
20262025% Change% Weather
adjusted (l)
GWh sold
Residential8,0578,784(8.3)(3.1)
Commercial6,2306,243(0.2)(0.5)
Governmental555560(0.9)(1.3)
Industrial15,89513,83314.914.9
Total retail 30,73729,4204.56.0
Wholesale2,7891,63470.7
Total 33,52631,0548.0
Number of electric retail customers
Residential2,626,8122,606,5900.8
Commercial372,312370,5440.5
Governmental19,01617,9825.8
Industrial42,31842,716(0.9)
Total 3,060,4573,037,8320.7
Other O&M and nuclear refueling outage exp. per MWh$20.48$22.40(8.6)
Calculations may differ due to rounding(l)The effects of weather were estimated using heating degree days and cooling degree days for the period from various locations and comparing to "normal" weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.For the quarter, weather-adjusted retail sales increased 6 percent. The increase was due to a 14.9 percent increase in industrial volume driven by higher sales to data center, primary metals, and transportation customers. The increase was partially offset by residential and commercial sales declines. Residential sales were (3.1) percent lower and commercial sales decreased (0.5) percent.D: Consolidated financial measures
Appendix D provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.Appendix D: GAAP and non-GAAP financial measures 2026 vs. 2025 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending March 3120262025ChangeGAAP measure
As-reported ROE11.0 %9.0 %2.0 %
Non-GAAP financial measure
Adjusted ROE11.0 %11.5 %(0.5) %
As of March 31 ($ in millions, except where noted)20262025ChangeGAAP measures
Cash and cash equivalents3,5711,5132,058Available revolver capacity 4,3464,3451Commercial paper1,3671,33037Total debt 34,17731,0413,136Junior subordinated debentures2,5001,2001,300Securitization debt221240(19)Debt to total capital 66 %67 %(1) %Storm escrows31230012
Non-GAAP financial measures ($ in millions, except where noted)
FFO to adjusted debt15.7 %14.5 %1.2 %Adjusted debt to adjusted capitalization63 %65 %(2) %Adjusted net debt to adjusted net capitalization61 %64 %(3) %Gross liquidity7,9175,8582,059Net liquidity8,4517,904547Adjusted Parent debt to total adjusted debt18 %20 %(2) %
Build-to-suit lease arrangement (m) 1,450-1,450
Calculations may differ due to rounding(m)Maximum counterparty commitment; see Form 10-K for the fiscal year ended Dec. 2025 for additional details.E: Definitions and abbreviations and acronyms
Appendix E-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.Appendix E-1: Definitions Utility operating and financial measuresGWh soldTotal number of GWh sold to retail and wholesale customers Number of electric retail customersAverage number of electric customers over the periodOther O&M and refueling outage expense per MWhOther operation and maintenance expense plus nuclear refueling outage expense per MWh of total sales Financial measures – GAAPAs-reported ROELast twelve months net income attributable to Entergy Corp. divided by average common equityAvailable revolver capacity Amount of undrawn capacity remaining on corporate and subsidiary revolversTotal debt to total capitalizationTotal debt divided by total capitalization Securitization debtDebt on the balance sheet associated with securitization bonds that is secured by certain future customer collectionsTotal capitalizationTotal debt plus subsidiaries' preferred stock without sinking fund and total equityTotal debt Sum of short-term and long-term debt, notes payable, and commercial paperFinancial measures – non-GAAPAdjusted capitalizationTotal capitalization excluding securitization debtAdjusted debtDebt excluding securitization debt and 50% of junior subordinated debenturesAdjusted debt to adjusted capitalizationAdjusted debt divided by adjusted capitalizationAdjusted earnings (loss)As-reported earnings (loss) minus adjustmentsAdjusted EPS Adjusted earnings (loss) divided by the diluted average number of common shares outstandingAdjusted net capitalizationAdjusted capitalization minus cash and cash equivalentsAdjusted net debtAdjusted debt minus cash and cash equivalentsAdjusted net debt to adjusted net capitalizationAdjusted net debt divided by adjusted net capitalizationAdjusted Parent debtEntergy Corp. debt, including amounts drawn on credit revolver and commercial paper facilities plus unamortized debt issuance costs and discounts minus 50% of junior subordinated debenturesAdjusted Parent debt to total adjusted debtAdjusted Parent debt divided by consolidated adjusted debtAdjusted ROELast twelve months adjusted earnings divided by average common equityAdjusted ROE excluding affiliate preferredLast twelve months adjusted earnings, excluding dividend income from affiliate preferred as well as the after-tax cost of debt financing for preferred investment, divided by average common equity adjusted to exclude the estimated equity associated with the affiliate preferred investmentAdjustmentsUnusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses FFOOCF minus preferred dividend requirements of subsidiaries, working capital items in OCF (receivables, fuel inventory, accounts payable, taxes accrued, interest accrued, deferred fuel costs, customer advances – current, and other working capital accounts), 50% of interest on junior subordinated debentures, and securitization regulatory chargesFFO to adjusted debtLast twelve months FFO divided by end of period adjusted debtGross liquidity Sum of cash and cash equivalents plus available revolver capacityNet liquiditySum of cash and cash equivalents, available revolver capacity, escrow accounts available for certain storm expenses, and equity sold forward but not yet settled minus commercial paper Appendix E-2 explains abbreviations and acronyms used in the quarterly earnings materials.Appendix E-2: Abbreviations and acronymsACMAdditional Capacity Mechanism LDCLocal distribution companyADITAccumulated deferred income taxesLPSCLouisiana Public Service CommissionAFUDC Allowance for funds used during constructionLTMLast twelve monthsAPSCArkansas Public Service CommissionMCRMMISO Cost Recovery MechanismBESSBattery and energy storage systemMISOMidcontinent Independent System Operator, Inc.CAGRCompound annual growth rateMoody'sMoody's RatingsCCCTCombined cycle combustion turbineMPSCMississippi Public Service CommissionCCNOCouncil of the City of New OrleansNDTNuclear decommissioning trustCFOCash from operationsNYSENew York Stock ExchangeCODCommercial operation dateO&MOperation and maintenanceCTCombustion turbineOCAPSOrange County Advanced Power Station (CCCT)CWIPConstruction work in progressOCFNet cash flow provided by operating activitiesDCRFDistribution Cost Recovery FactorOpCoUtility operating companyDRMDistribution Recovery Mechanism Other O&MOther operation and maintenance expenseE-AREntergy Arkansas, LLCP&OParent & OtherE-LAEntergy Louisiana, LLCPMRPerformance Management RiderE-MSEntergy Mississippi, LLCPPAPower purchase agreement or purchased power agreementE-NOEntergy New Orleans, LLCPUCTPublic Utility Commission of TexasE-TXEntergy Texas, Inc. RECsRenewable energy certificatesEPSEarnings per shareRSHCRResilience and Storm Hardening Cost Recovery ETREntergy CorporationROEReturn on equityEWCEntergy Wholesale CommoditiesRPCRResilience Plan Cost Recovery RiderFFOFunds from operationsS&PStandard & Poor'sFRPFormula rate planSECU.S. Securities and Exchange CommissionGAAPU.S. generally accepted accounting principlesSERISystem Energy Resources, Inc.GCRRGeneration Cost Recovery RiderTAMTax Adjustment MechanismGGOGeaux Green OptionTCRFTransmission Cost Recovery FactorGrand Gulf or GGNSUnit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERITRMTransmission Recovery Mechanism IndependenceIndependence Steam Electric StationWACCWeighted average cost of capitalF: Other GAAP to non-GAAP reconciliations
Appendix F-1, Appendix F-2, and Appendix F-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.Appendix F-1: Reconciliation of GAAP to non-GAAP financial measures – ROE(LTM $ in millions except where noted)
First quarter
20262025As-reported net income attributable to Entergy Corporation (A)1,7821,341Adjustments(B)(14)(367)
Adjusted earnings (non-GAAP)(C)=(A-B)1,7961,708
Average common equity (average of beginning and ending balances)(D)16,26614,822
As-reported ROE(A/D)11.0 %9.0 %Adjusted ROE (non-GAAP)(C/D)11.0 %11.5 %
Calculations may differ due to rounding Appendix F-2: Reconciliation of GAAP to non-GAAP financial measures – FFO to adjusted debt($ in millions except where noted)
First quarter
20262025Total debt (A)34,17731,041Securitization debt (B)22124050% junior subordinated debentures(C)1,250600Adjusted debt (non-GAAP)(D)=(A-B-C)32,70630,201
Net cash flow provided by operating activities, LTM(E)5,4434,504
Preferred dividend requirements of subsidiaries, LTM(F)(18)(18)
50% of the interest expense associated with junior subordinated debentures, LTM(G)(58)(37)
Working capital items in net cash flow provided by operating activities, LTM:
Receivables
(66)(53)Fuel inventory
3820Accounts payable
254210Taxes accrued
54(9)Interest accrued
6227Deferred fuel costs
(302)(187)Customer advances – current
627257Other working capital accounts
(307)(92)Securitization regulatory charges, LTM
1620Total (H)376193
FFO, LTM (non-GAAP)(I)=(E-F-G-H)5,1444,366
FFO to adjusted debt (non-GAAP)(I/D)15.7 %14.5 %
Calculations may differ due to rounding Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures – adjusted debt ratios; gross liquidity; and net liquidity($ in millions except where noted)
First quarter
20262025Total debt (A)34,17731,041Securitization debt (B)22124050% junior subordinated debentures(C)1,250600Adjusted debt (non-GAAP)(D)=(A-B-C)32,70630,201Cash and cash equivalents (E)3,5711,513Adjusted net debt (non-GAAP)(F)=(D-E)29,13528,688
Commercial paper(G)1,3671,330
Total capitalization (H)51,83546,542Securitization debt (B)221240Adjusted capitalization (non-GAAP)(I)=(H-B)51,61446,302Cash and cash equivalents (E)3,5711,513Adjusted net capitalization (non-GAAP)(J)=(I-E)48,04344,789
Total debt to total capitalization(A/H)66 %67 %Adjusted debt to adjusted capitalization (non-GAAP)(D/I)63 %65 %Adjusted net debt to adjusted net capitalization (non-GAAP)(F/J)61 %64 %
Available revolver capacity (K)4,3464,345
Storm escrows(L)312300Equity sold forward, not yet settled (n)(M)1,5893,075
Gross liquidity (non-GAAP)(N)=(E+K)7,9175,858Net liquidity (non-GAAP)(N-G+L+M)8,4517,904
Entergy Corporation notes:
Due September 2025
-800Due September 2026
750750Due June 2028
650650Due June 2030
600600Due June 2031
650650Due June 2050
600600Junior subordinated debentures due December 2054
1,2001,200Junior subordinated debentures due June 2056
700-Junior subordinated debentures due June 2056
600-Total Parent long-term debt(O)5,7505,250Revolver draw (P)--Unamortized debt issuance costs and discounts(Q)(54)(44)Total Parent debt (R)=(G+O+P+Q)7,0636,536
Adjusted Parent debt (non-GAAP)(S)=(R-C)5,8135,936
Adjusted Parent debt to total adjusted debt (non-GAAP)(S/D)18 %20 %
Calculations may differ due to rounding(n)Reflects adjustments, including for common dividends between contracting and settlement.
View original content to download multimedia:https://www.prnewswire.com/news-releases/entergy-reports-first-quarter-2026-financial-results-302756643.htmlSOURCE Entergy Corporation
Original: Entergy reports first quarter 2026 financial results
US Market News
2月前
Entergy Louisiana announces a new agreement with Meta that will deliver an additional $2B in customer savingsMarch 27, 2026 9:00 AM
PR Newswire (US)
The partnership further positions Louisiana as high-tech leader
Meta to cover costs of the new infrastructure that will serve all customersRAYVILLE, La., March 27, 2026 /PRNewswire/ -- Entergy Louisiana today announced an additional agreement with Meta to support the hyperscale data center in Northeast Louisiana. Structured to ensure Meta pays its full cost of service, the agreement is expected to deliver approximately $2 billion in customer savings to Entergy Louisiana customers over 20 years, in addition to the $650 million previously announced.
This agreement builds on Meta's prior announcement selecting Northeast Louisiana for a historic data center investment. Combined, the two agreements are expected to deliver approximately $2.65 billion in total customer benefits, while advancing Louisiana's position as a leader in the tech industry, energy innovation and economic growth."This agreement reflects what's possible when strong partners align around long-term growth and value," said Phillip May, president and CEO of Entergy Louisiana. "Working with our customers, regulators and state leaders, we are making targeted investments that strengthen reliability, support economic development and deliver meaningful benefits to customers — all while keeping energy rates affordable, which aligns perfectly with Meta's Ratepayer Protection Pledge and Entergy's Fair Share Plus pledge."The project represents a significant opportunity to strengthen grid reliability, support long-term infrastructure investments and deliver measurable value to customers and communities across the state.Customer and community benefitsAs detailed in Entergy's Fair Share Plus pledge, the company's approach will deliver billions in savings to customers while supporting economic growth and new investments in local communities. The agreement reflects Entergy Louisiana's commitment to ensuring large customers pay their full cost of service while providing measurable value to all customers.The additional customer benefits from this agreement, like the benefits from prior announcements, will help offset fixed costs — including resilience and storm-related investments — that otherwise would be borne by existing customers.Meta is also making other significant contributions under this agreement, including:$120 million, including matching funds, for Entergy's The Power to Care program$140 million for energy efficiency initiatives for vulnerable customersSupport for incremental carbon-free nuclear energy solutionsSupport for renewable energy options, including up to 2,500 megawatts of additional solarThese commitments are designed to help lower energy costs for vulnerable customers, strengthen Louisiana's communities and expand access to cleaner energy resources.A generational economic opportunityThe project will help establish Richland Parish and the surrounding region as a growing hub for high-tech industry. In addition to direct data center employment, the project is expected to create thousands of construction jobs from 2026 to 2031 through Entergy Louisiana and its partners, along with permanent roles in engineering, maintenance and support services.The development also is expected to generate increased tax revenues to support schools, public safety and infrastructure, while expanding workforce development opportunities and access to high-paying careers across Louisiana."Our Richland Parish data center serves as a symbol of the ambition and scale of next-generation AI infrastructure. With the potential to scale up to 5GW, we are building foundations for the future of AI innovation right here in the United States. We've been working closely with Entergy since early on-site planning to ensure our power needs are met and, importantly, so that Entergy's other consumers aren't paying our costs. Entergy's filing for new energy generation represents one of several factors needed to move an expansion of this project forward, demonstrates the business-friendly environment in Louisiana that makes projects like this possible and aligns with the principles in the recently signed White House Ratepayer Protection Plans," said Rachel Peterson, Vice President, Data Centers at Meta."Today, Louisiana once again demonstrates our commitment to capital and job creation," said Louisiana Governor Jeff Landry. "I want to express my gratitude to Mark Zuckerberg, the Meta team, and Entergy for showcasing how growth in this field can be achieved while prioritizing consumer interests. Their policy has set a precedent that should become the norm, not the exception."Transformational investment in Louisiana's energy futureNot only are there customer power bill benefits, but also reliability benefits for all customers. To support this project and broader energy system needs, Entergy Louisiana plans a comprehensive buildout of generation, transmission and storage infrastructure, paid for by Meta, including:Seven new natural gas-fueled combined-cycle power plants totaling more than 5,200 megawatts, with capability for future carbon capture and hydrogen co-firingApproximately 240 miles of new 500 kV transmission lines connecting South Louisiana to North Louisiana and ArkansasBattery energy storage across three locationsNuclear power upratesCommitment from Meta to help fund up to 2,500 megawatts of new renewable resourcesMemorandum of understanding to explore the future development and use of nuclear powerOnce complete, these investments will enhance reliability, improve system efficiency and support a stronger, more modern grid for all Entergy Louisiana customers.This project will also be the first submitted under the Louisiana Public Service Commission's newly adopted Lightning Amendment, a framework designed to support large-scale economic development while maintaining regulatory oversight, customer protections and system reliability.More information on the regulatory filing related to this announcement can be found on the Regulatory and other information page of Entergy's investor relations website. Management will discuss this announcement, including financial implications, on the first-quarter 2026 earnings call scheduled for April 29, 2026.About Entergy LouisianaEntergy Louisiana provides electricity to more than 1.1 million customers in 58 parishes. Entergy Louisiana is a subsidiary of Entergy Corporation (NYSE: ETR). Entergy generates, transmits and distributes electricity to power life for 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We're focused on keeping costs for our customers as low as possible while providing reliable energy that our communities count on. We're also investing in growth for the future with a more resilient, cleaner energy system that includes modern natural gas, nuclear and renewable energy generation. As a nationally recognized leader in sustainability and corporate citizenship, Entergy delivers more than $100 million in economic benefits each year to the communities we serve through philanthropy, volunteerism and advocacy. Entergy is a Fortune 500 company headquartered in New Orleans, Louisiana, and has approximately 12,000 employees. Learn more at EntergyLouisiana.com and connect with @EntergyLA on social media.About the Louisiana 100 PlanThe Louisiana 100 Plan is Entergy Louisiana's bold, decade-long commitment to power progress across the state in honor of a century of service. Entergy has outlined six strategic goals focused on affordability, grid resilience, economic growth, job creation, community investment and volunteerism. Through this plan, Entergy aims to help keep residential electric rates low, strengthen infrastructure to withstand extreme weather, attract new industry and jobs and invest $100 million in Louisiana communities. The Louisiana 100 Plan is a clear roadmap for building a stronger, more resilient Louisiana learn more at EntergyLouisiana.com/100-plan.Download a high-resolution Entergy logo here
View original content to download multimedia:https://www.prnewswire.com/news-releases/entergy-louisiana-announces-a-new-agreement-with-meta-that-will-deliver-an-additional-2b-in-customer-savings-302727258.htmlSOURCE Entergy Corporation
Original: Entergy Louisiana announces a new agreement with Meta that will deliver an additional $2B in customer savings
US Market News
4月前
Entergy reports 2025 financial results, initiates 2026 guidanceFebruary 12, 2026 6:30 AM
PR Newswire (US)
2025 results in top half of guidance rangeNEW ORLEANS, Feb. 12, 2026 /PRNewswire/ -- Entergy Corporation (NYSE: ETR) reported fourth quarter 2025 earnings per share of 51 cents on an as-reported and an adjusted (non-GAAP) basis. For the full year, the company reported 2025 earnings per share of $3.91 on an as-reported and an adjusted basis.
"2025 was another important year in Entergy's transformational growth story as we continued to secure significant electric service agreements with data centers and traditional industrial customers," said Drew Marsh, Entergy Chair and Chief Executive Officer. "We delivered solid financial results, and we continued to show that our customer-first strategy creates significant value for all stakeholders." Business highlights included the following:The APSC approved E-AR's Jefferson Power Station project.The LPSC approved E-LA's West Bank 500 kV transmission project.The PUCT approved E-TX's Cypress to Legend 500 kV transmission project.The APSC approved E-AR's special rate contract for Google.The APSC approved E-AR's FRP.The PUCT approved updates to E-TX's DCRF rate.E-LA submitted applications for approval to acquire Cottonwood generating facility and to construct Westlake and Waterford 6 CCCT facilities, Votaw and Segno solar facilities, and the Babel to Webre 500 kV transmission project.E-NO submitted an application for approval of phase two of its resilience and grid hardening plan.For the 18th consecutive year, Site Selection magazine named Entergy a Top Utility in economic development.EEI awarded Entergy a 2025 Corporate Citizenship Award in the Volunteerism category.Consolidated earnings (GAAP and non-GAAP measures)
Fourth quarter and full year 2025 vs. 2024
(See Appendix A for reconciliation of GAAP to non-GAAP measures and details on adjustments)
Fourth quarterFull year
20252024Change20252024Change(After-tax, $ in millions)
As-reported earnings 236286(51)1,7581,056703Less adjustments-(5)5-(522)522Adjusted earnings (non-GAAP)236291(55)1,7581,577181 Estimated weather impact 3(4)7916625
(After-tax, per share in $)
As-reported earnings 0.510.65(0.14)3.912.451.46Less adjustments -(0.01)0.01-(1.21)1.21Adjusted earnings (non-GAAP)0.510.66(0.15)3.913.650.25 Estimated weather impact0.01(0.01)0.020.200.150.05
Calculations may differ due to roundingConsolidated resultsFor fourth quarter 2025, the company reported earnings of $236 million, or 51 cents per share, on an as-reported and an adjusted basis. This compared to fourth quarter 2024 earnings of $286 million, or 65 cents per share, on an as-reported basis, and $291 million, or 66 cents per share, on an adjusted basis.For full year 2025, the company reported earnings of $1,758 million, or $3.91 per share, on an as-reported and an adjusted basis. This compared to full year 2024 earnings of $1,056 million, or $2.45 per share, on an as-reported basis, and $1,577 million, or $3.65 per share, on an adjusted basis.Summary discussions of full year results by business follow. Additional details, including information on operating cash flow by business, are provided in Appendix A. Appendix B provides a more detailed analysis of fourth quarter and full year earnings per share variances by business.Business resultsUtility For full year 2025, the Utility business reported earnings attributable to Entergy Corporation of $2,280 million, or $5.06 per share, on an as-reported and an adjusted basis. This compared to full year 2024 earnings of $1,827 million, or $4.23 per share, on an as-reported basis and earnings of $2,115 million, or $4.90 per share, on an adjusted basis.Drivers for the full year increase included:the net effect of regulatory actions across the operating companies;higher retail sales volume, including the impacts from weather;higher other income (deductions);return on construction work in progress for certain utility plant investments; andlower nuclear refueling outage expenses.The increase was partially offset by:higher interest expense,higher other O&M,higher depreciation expense, andhigher taxes other than income taxes.Full year 2024 results also reflected several items that were considered adjustments and excluded from adjusted earnings.In first quarter 2024, Entergy Arkansas recorded a write off of $(132 million) ($(97 million) after tax) for a regulatory asset related to the opportunity sales proceeding.In first quarter 2024, Entergy New Orleans recorded a regulatory charge of $(79 million) ($(57 million) after tax) to reflect the company's agreement to share additional income tax benefits from the 2016–2018 IRS audit resolution with customers.In second quarter 2024, Entergy Louisiana recorded expenses totaling $(151 million) ($(112 million) after tax) to reflect an agreement in principle to resolve its FRP extension filing and other retail matters.In fourth quarter 2024, as a result of a Louisiana state income tax rate change, the company recorded a $(29 million) increase in income tax expense and a $9 million ($7 million after tax) reduction to Entergy Louisiana regulatory liability related to securitization.On a per share basis, full year 2025 results reflected higher diluted average number of common shares outstanding primarily due to the settlement of equity forwards in May 2025 and Oct. 2025 as well as the dilutive effect of an increase in the stock price on unsettled equity forwards.Appendix C contains additional details on Utility operating and financial measures.Parent & Other For full year 2025, Parent & Other reported a loss attributable to Entergy Corporation of $(521 million), or $(1.16) per share, on an as-reported and an adjusted basis. This compared to a full year 2024 loss of $(771 million), or $(1.79) per share, on an as-reported basis and a loss of $(538 million), or $(1.25) per share, on an adjusted basis.Drivers for the full year change included:change in other income (deductions) due to settlement charges totaling $(320 million) ($(253 million) after tax) recognized as a result of a group annuity contract purchased in May 2024 to settle certain pension liabilities (considered an adjustment and excluded from adjusted earnings); andlower fuel and purchased power expenses associated with the conclusion of a legacy EWC purchased power agreement in Dec. 2024.Results also reflected changes in asset write-offs and impairments primarily due to fourth quarter 2024 DOE spent fuel litigation settlements (considered an adjustment and excluded from adjusted earnings) and change in the effective income tax rate primarily due to expiration of certain tax carryforwards in fourth quarter 2025.On a per share basis, full year 2025 results reflected higher diluted average number of common shares outstanding (see details in Utility section).Earnings per share guidanceEntergy initiated its 2026 adjusted earnings per share guidance range of $4.25 to $4.45. See the earnings call presentation for additional details.The company has provided 2026 earnings guidance with regard to the non-GAAP measure of adjusted earnings per share. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described in the "Non-GAAP financial measures" section. The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. Potential adjustments include, among other things, certain significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses.Earnings teleconference A teleconference will be held at 10:00 a.m. Central Time on Thursday, Feb. 12, 2026, to discuss Entergy's quarterly earnings announcement and the company's financial performance. The teleconference may be accessed by visiting Entergy's website at investors.entergy.com/investors/events-and-presentations or by dialing 888-440-4149, conference ID 9024832, no more than 15 minutes prior to the start of the call. The earnings call presentation is also being posted to Entergy's website concurrent with this news release. A replay of the teleconference will be available on Entergy's website at investors.entergy.com/investors/events-and-presentations and by telephone. The telephone replay will be available through Feb. 19, 2026, by dialing 800-770-2030, conference ID 9024832.Entergy produces, transmits and distributes electricity to power life for 3.1 million customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We're investing for growth and improved reliability and resilience of our energy system while working to keep energy rates affordable for our customers. We're also investing in cleaner energy generation like modern natural gas, nuclear, and renewable energy. A nationally recognized leader in sustainability and corporate citizenship, we deliver more than $100 million in economic benefits each year to the communities we serve through philanthropy, volunteerism, and advocacy. Entergy is a Fortune 500 company headquartered in New Orleans, Louisiana, and has approximately 12,000 employees. Learn more at entergy.com and connect with @Entergy on social media.Entergy Corporation's common stock is listed on the New York Stock Exchange and NYSE Texas under the symbol "ETR".Details regarding Entergy's results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the earnings call presentation. Both documents are available on Entergy's Investor Relations website at investors.entergy.com/investors/events-and-presentations.Entergy maintains a web page as part of its Investor Relations website entitled Regulatory and other information, which provides investors with key updates on certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix E.Non-GAAP financial measures This news release contains non-GAAP financial measures, which are generally numerical measures of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.Entergy reports earnings using the non-GAAP measure of adjusted earnings, which excludes the effect of certain "adjustments". Adjustments are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses. In addition to reporting GAAP earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, owners, and analysts; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy's business, comparing period to period results, and comparing Entergy's financial performance to the financial performance of other companies in the utility sector.Other non-GAAP measures, including adjusted ROE, adjusted ROE excluding affiliate preferred, FFO to adjusted debt, gross liquidity, net liquidity, adjusted Parent debt to total adjusted debt, adjusted debt to adjusted capitalization, and adjusted net debt to adjusted net capitalization are measures Entergy uses internally for management and board of directors discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy's ongoing financial results and flexibility and assists investors in comparing Entergy's credit and liquidity to the credit and liquidity of others in the utility sector. These metrics are defined in Appendix E.These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy's operations that, when viewed with Entergy's GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy's business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy's consolidated financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy's performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.Cautionary note regarding forward-looking statementsIn this news release, and from time to time, Entergy Corporation makes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy's 2026 adjusted earnings per share guidance; financial and operational outlooks; industrial load growth outlooks; statements regarding its resilience plans, goals, beliefs, or expectations; and other statements of Entergy's plans, goals, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy's most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy's other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with (1) realizing the benefits of its resilience plan, including impacts of the frequency and intensity of future storms and storm paths, as well as the pace of project completion and (2) efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust values or earnings or in the timing or cost of decommissioning Entergy's nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including (1) strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized, and (2) Entergy's ability to meet the rapidly growing demand for electricity, including from hyperscale data centers and other large customers, and to manage the impacts of such growth on customers and Entergy's business, or the risk that contracted or expected load growth does not materialize or is not sustained; (h) direct and indirect impacts to Entergy or its customers from pandemics, terrorist attacks, geopolitical conflicts, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy's business or operations, and/or other catastrophic events; and (i) effects on Entergy or its customers of (1) changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, international trade, or energy policies; (2) changes in commodity markets, capital markets, or economic conditions; and (3) technological change, including the costs, pace of development, and commercialization of new and emerging technologies.2025 earnings release appendices and financial statementsAppendices
A: Consolidated results and adjustments
B: Earnings variance analysis
C: Utility operating and financial measures
D: Consolidated financial measures
E: Definitions and abbreviations and acronyms
F: Other GAAP to non-GAAP reconciliationsFinancial statements
Consolidating balance sheets
Consolidating income statements
Consolidated cash flow statementsA: Consolidated results and adjustments
Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measures
Fourth quarter and full year 2025 vs. 2024 (See Appendix A-2 and Appendix A-3 for details on adjustments)
Fourth quarterFull year
20252024Change20252024Change(After-tax, $ in millions)
As-reported earnings (loss)
Utility381404(23)2,2801,827453Parent & Other(145)(117)(27)(521)(771)250Consolidated 236286(51)1,7581,056703
Less adjustments
Utility-(22)22-(289)289Parent & Other-17(17)-(233)233Consolidated -(5)5-(522)522
Adjusted earnings (loss) (non-GAAP)
Utility381426(45)2,2802,115164Parent & Other(145)(135)(10)(521)(538)17Consolidated 236291(55)1,7581,577181Estimated weather impact3(4)7916625
Diluted average number of common shares outstanding (in millions) (a)4594382145043219
(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility0.830.92(0.09)5.064.230.83Parent & Other(0.32)(0.27)(0.05)(1.16)(1.79)0.63Consolidated 0.510.65(0.14)3.912.451.46
Less adjustments
Utility-(0.05)0.05-(0.67)0.67Parent & Other-0.04(0.04)-(0.54)0.54Consolidated -(0.01)0.01-(1.21)1.21
Adjusted earnings (loss) (non-GAAP)
Utility0.830.97(0.14)5.064.900.16Parent & Other(0.32)(0.31)(0.01)(1.16)(1.25)0.09Consolidated 0.510.66(0.15)3.913.650.25Estimated weather impact0.01(0.01)0.020.200.150.05
Calculations may differ due to rounding(a) Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period. See Appendix B for detailed earnings variance analysis.Appendix A-2 and Appendix A-3 detail adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.
Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS)
Fourth quarter and full year 2025 vs. 2024
Fourth quarterFull year
20252024Change20252024Change
(Pre-tax except for income tax effects and totals; $ in millions)
Utility
4Q24 E-LA adjustment to a regulatory liability primarily related to
securitization resulting from Louisiana state income tax rate change-9(9)-9(9)
2Q24 E-LA agreement in principle to resolve its FRP extension
filing and other retail matters----(151)151
1Q24 E-AR write-off of a regulatory asset related to the
opportunity sales proceeding----(132)132
1Q24 E-NO increase in customer sharing of income tax benefits
as a result of the 2016–2018 IRS audit resolution----(79)79
Income tax effect on Utility adjustments above-(3)3-92(92)
4Q24 income tax expense resulting from Louisiana state income
tax rate change-(29)29-(29)29
Total Utility-(22)22-(289)289
Parent & Other
2024 pension lift out-(3)3-(320)3204Q24 DOE spent nuclear fuel litigation settlements-25(25)-25(25)Income tax effect on Parent & Other adjustments above-(5)5-62(62)
Total Parent & Other-17(17)-(233)233
Total adjustments-(5)5-(522)522
(After-tax, per share in $) (b)
Utility
4Q24 Louisiana state income tax rate change, including an
adjustment to E-LA's associated regulatory liability-(0.05)0.05-(0.05)0.05
2Q24 E-LA agreement in principle to resolve its FRP extension
filing and other retail matters----(0.26)0.26
1Q24 E-AR write-off of a regulatory asset related to the
opportunity sales proceeding----(0.23)0.23
1Q24 E-NO increase in customer sharing of income tax benefits
as a result of the 2016–2018 IRS audit resolution----(0.13)0.13
Total Utility-(0.05)0.05-(0.67)0.67
Parent & Other
2024 pension lift out-(0.01)0.01-(0.59)0.59
4Q24 DOE spent nuclear fuel litigation settlements
0.04(0.04)-0.05(0.05)
Total Parent & Other-0.04(0.04)-(0.54)0.54
Total adjustments-(0.01)0.01-(1.21)1.21
Calculations may differ due to rounding(b) Per share amounts are calculated by multiplying the corresponding earnings (loss) by the estimated income tax rate that is expected to apply and dividing by the diluted average number of common shares outstanding for the period. Appendix A-3: Adjustments by income statement line item (shown as positive/ (negative) impact on earnings)Fourth quarter and full year 2025 vs. 2024(Pre-tax except for income taxes and totals; $ in millions)
Fourth quarterFull year
20252024Change20252024ChangeUtility
Other O&M----(1)1Asset write-offs, impairments, and related charges ----(132)132Other regulatory charges (credits) – net-9(9)-(219)219Income taxes-(31)31-64(64)Total Utility -(22)22-(289)289
Parent & Other
Asset write-offs, impairments, and related charges-25(25)-25(25)Other income (deductions) -(3)3-(320)320Income taxes-(5)5-62(62)Total Parent & Other-17(17)-(233)233
Total adjustments-(5)5-(522)522
Calculations may differ due to roundingAppendix A-4 provides a comparative summary of OCF by business. Appendix A-4: Consolidated operating cash flowFourth quarter and full year 2025 vs. 2024($ in millions)
Fourth quarterFull year
20252024Change20252024ChangeUtility1,6271,845(218)5,7415,070670Parent & Other(409)(465)56(590)(582)(8)Consolidated1,2181,380(162)5,1514,489662
Calculations may differ due to roundingOCF increased year-over-year primarily due to higher Utility customer receipts, the receipt of nuclear and solar production tax credit sale proceeds, and higher advance payments related to customer agreements. These increases were partially offset by higher fuel and purchased power payments.B: Earnings variance analysis
Appendix B-1 and Appendix B-2 provide details of current quarter and full year 2025 versus 2024 as-reported and adjusted earnings per share variances.Appendix B-1: As-reported and adjusted earnings per share variance analysis (c), (d), (e)
Fourth quarter 2025 vs. 2024
(After-tax, per share in $)
Utility
Parent & Other
Consolidated
As-reportedAdjusted
As-reportedAdjusted
As-reportedAdjusted
2024 earnings (loss)0.920.97
(0.27)(0.31)
0.650.66
Operating revenue less:
fuel, fuel-related exp. and gas purch. for resale;
purch. power; and other reg. chgs. (credits) – net0.040.05(f)0.010.01
0.040.06
Nuclear refueling outage expenses0.010.01
--
0.010.01
Other O&M(0.18)(0.18)(g)--
(0.17)(0.17)
Asset write-offs, impairments, and related charges--
(0.04)-(h)(0.04)-
Decommissioning--
--
--
Taxes other than income taxes(0.01)(0.01)
--
(0.01)(0.01)
Depreciation and amortization (0.01)(0.01)
--
(0.01)(0.01)
Other income (deductions)0.120.12(i)0.020.01
0.130.13
Interest expense(0.10)(0.10)(j)(0.01)(0.01)
(0.11)(0.11)
Income taxes – other 0.070.01(k)(0.04)(0.04)(l)0.04(0.03)
Preferred dividend requirements and noncontrolling interests--
--
--
Share effect(0.04)(0.04)
0.010.01
(0.02)(0.02)(m)2025 earnings (loss)0.830.83
(0.32)(0.32)
0.510.51
Calculations may differ due to rounding Appendix B-2: As-reported and adjusted earnings per share variance analysis (c), (d), (e)
Full year 2025 vs. 2024
(After-tax, per share in $)
Utility
Parent & Other
Consolidated
As-reportedAdjusted
As-reportedAdjusted
As-reportedAdjusted
2024 earnings (loss)4.234.90
(1.79)(1.25)
2.453.65
Operating revenue less:
fuel, fuel-related exp. and gas purch. for resale;
purch. power; and other reg. chgs. (credits) – net1.290.92(f)0.050.05(n)1.340.96
Nuclear refueling outage expenses0.060.06(o)--
0.060.06
Other O&M(0.28)(0.28)(g)0.010.01
(0.27)(0.28)
Asset write-offs, impairments, and related charges0.20(0.02)(p)(0.05)-(h)0.16(0.02)
Decommissioning(0.01)(0.01)
--
(0.01)(0.01)
Taxes other than income taxes(0.11)(0.11)(q)--
(0.11)(0.11)
Depreciation and amortization (0.11)(0.11)(r)--
(0.11)(0.11)
Other income (deductions)0.260.26(i)0.600.02(s)0.860.28
Interest expense(0.32)(0.32)(j)--
(0.32)(0.32)
Income taxes – other 0.090.02(k)(0.04)(0.04)(l)0.05(0.01)
Preferred dividend requirements and noncontrolling interests--
--
--
Share effect(0.22)(0.22)
0.050.05
(0.17)(0.17)(m)2025 earnings (loss)5.065.06
(1.16)(1.16)
3.913.91
Calculations may differ due to rounding (c) Utility operating revenue and Utility income taxes – other variances exclude the following for the return/collection of excess/deficient unprotected ADIT (net effect was neutral to earnings) ($ in millions):
4Q254Q24FY25FY24Utility operating revenue (20)3(35)26Utility income taxes – other20(3)35(26) (d) Utility regulatory charges (credits) – net and Utility preferred dividend requirements and noncontrolling interests variances exclude the following for the effects of HLBV accounting and the approved deferrals (net effect was neutral to earnings)
($ in millions):
4Q254Q24FY25FY24Utility regulatory charges (credits) – net-(4)(4)(12)Utility preferred dividend requirements and noncontrolling interests-4412 (e) EPS effects of the individual income statement line item variances are calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period. Income taxes – other represents income tax differences other than the income tax effect of individual line item variances. Share effect captures the per share impact from the change in diluted average number of common shares outstanding and the dilutive effect of an increase in the stock price on unsettled equity forwards. Utility as-reported operating revenue less fuel, fuel-related
expenses and gas purchased for resale; purchased power;
and other regulatory charges (credits) – net variance analysis
2025 vs. 2024 ($ EPS)
4QFYElectric volume / weather0.050.41Retail electric price0.100.634Q25 provision for E-AR 2024 historical year netting adjustment 0.050.054Q24 provision for LA state income tax rate change(0.02)(0.02)4Q24 provision for E-AR 2023 historical year netting adjustment(0.03)(0.03)2Q24 E-LA agreement in principle to resolve certain retail matters-0.261Q24 E-NO provision for increased income tax sharing-0.13Return on CWIP for certain utility plant investments0.080.08Sale of natural gas LDCs(0.05)(0.09)E-TX MISO capacity costs(0.01)(0.06)Reg. provisions for decommissioning items(0.11)(0.01)Grand Gulf recovery0.01(0.03)Other(0.03)(0.03)Total 0.041.29 (f) The fourth quarter and full year earnings increases were driven by regulatory actions including: E-AR's FRP, E-LA's FRP (including riders), E-LA's RPCR, E-MS's FRP interim facilities rate adjustment, and E-TX's DCRF. The full year increase also reflected regulatory actions from E-MS's FRP and riders, E-NO's FRP, the portion of E-TX's base rate case relate-back in retail price, and Grand Gulf recovery. The increases also reflected higher electric volume (including the effects of weather) and revenue related to the amortization of certain customer advances designed to provide a return on CWIP for certain utility plant investment, which is recognized as the related costs are incurred. Also contributing to the increase was the net effect of E-AR regulatory credits for historical year netting adjustments recorded in the fourth quarters of 2024 and 2025. The increases were partially offset by the absence of revenues from the natural gas LDC businesses that were sold in July 2025, higher MISO capacity costs at E-TX, and changes in regulatory provisions for decommissioning items (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral). In fourth quarter 2024, as a result of the Louisiana state income tax rate change, E-LA recorded a $9 million ($7 million after tax) adjustment to a regulatory liability primarily related to securitization (considered an adjustment and excluded from adjusted earnings). The full year increase also reflected a first quarter 2024 $(79 million) ($(57 million) after tax) regulatory provision recorded at E-NO to reflect the company's agreement to share additional income tax benefits from the 2016–2018 IRS audit resolution with customers and a second quarter 2024 regulatory charge of $(150 million) ($(111 million) after tax) recorded as a result of E-LA reaching a settlement with the LPSC staff and other parties to resolve its FRP extension filing and other retail matters (both considered adjustments and excluded from adjusted earnings).(g) The fourth quarter decrease from higher Utility other O&M reflected higher power delivery expenses primarily due to higher vegetation management costs, an increase in loss provisions, an increase in bad debt expense, and higher non-nuclear generation expenses primarily due to higher scope of work during plant outages performed in 2025 as compared to 2024. The fourth quarter decrease was partially offset by lower compensation and benefits costs primarily due to lower incentive-based accruals in 2025 as compared to 2024 and lower expenses as a result of the sale of the natural gas LDCs businesses in July 2025. The full year earnings decrease from higher Utility other O&M reflected higher power delivery expenses primarily due to higher vegetation management costs, an increase in loss provisions, an increase in bad debt expense, higher non-nuclear generation expenses largely due to a higher scope of work performed during power outages, higher MISO transmission costs, and an increase in project write-offs. The full year decrease was partially offset by lower contract costs in 2025 related to operational performance, customer service, and organizational health initiatives; a gain from the sale of natural gas LDC businesses on July 1, 2025; and lower expenses as a result of the sale of the natural gas LDC businesses.(h) The fourth quarter and full year as-reported earnings decreases from Parent & Other asset write-offs and impairments, and related charges were due to spent fuel litigation settlements totaling $25 million ($19 million after tax) related to Vermont Yankee and Palisades recorded in fourth quarter 2024 (considered an adjustment and excluded from adjusted earnings).(i) The fourth quarter earnings increase from higher Utility other income (deductions) was primarily due to higher nuclear decommissioning trust returns including portfolio rebalancing (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral) and an increase in the amortization of tax gross ups on customer advances for construction. The fourth quarter increase was partially offset by lower AFUDC-equity due to a reclassification of customer advances for return on investment of certain CWIP to revenue. The full year earnings increase was primarily due to higher AFUDC–equity due to higher CWIP, an increase in the amortization of tax gross ups on customer advances, an increase in interest earned on external money pool investments, and a true-up of E-LA's MISO cost recovery mechanism. The full year increase was partially offset by lower intercompany dividend income from affiliate preferred membership interest related to storm cost securitizations (largely offset at P&O). (j) The fourth quarter and full year earnings decreases from higher Utility interest expense were primarily due to higher debt balances, higher interest rates, higher carrying costs on customer advances, and higher interest on nuclear production tax credit interest. The full year decrease was partially offset by higher AFUDC–debt due to higher CWIP.(k) The fourth quarter and full year as-reported earnings increases from lower Utility income taxes – other were primarily due to a $29 million income tax expense recorded in fourth quarter 2024 as a result of the Louisiana state tax rate decrease (considered an adjustment and excluded from adjusted earnings).(l) The fourth quarter and full year earnings decreases from higher Parent & Other income taxes – other were primarily due to expiration of certain tax carryforwards in fourth quarter 2025.(m) The fourth quarter and full year earnings per share impacts from share effect were from higher diluted average number of common shares outstanding primarily due to the settlement of equity forwards in May 2025 and Oct. 2025 and the dilutive effect of an increase in the stock price on unsettled equity forwards.(n) The full year earnings increase was primarily due to lower purchased power expenses associated with the conclusion of a legacy EWC purchased power agreement in Dec. 2024.(o) The full year earnings increase from lower Utility nuclear refueling outage expenses was primarily due to the amortization of lower costs associated with the most recent outages as compared to previous outages.(p) The full year as-reported earnings increase from lower Utility asset write-offs, impairments, and related charges was due to the first quarter 2024 write off of an E-AR $(132 million) ($(97 million) after tax) regulatory asset related to the opportunity sales proceeding (considered an adjustment and excluded from adjusted earnings).(q) The full year earnings decrease from higher Utility taxes other than income taxes was primarily due to an increase in ad valorem taxes resulting from milage rate increases and higher local franchise taxes as a result of higher retail revenue. The decrease was partially offset by lower franchise taxes resulting from the expiration of Louisiana's state franchise tax statue.(r) The full year earnings decrease from higher Utility depreciation and amortization was primarily due to higher plant in service and increases in E-LA's nuclear depreciation rates effective Sept. 2024 and Sept. 2025. The decrease was partially offset by the recognition of depreciation expense from E-TX's 2022 base rate case relate back in first and second quarters of 2024 and the absence of depreciation expense resulting from the sale of natural gas LDC businesses on July 1, 2025.(s) The full year as-reported earnings increase from higher Parent & Other other income (deductions) was largely due to a non-cash pension settlement charge of ($(317 million) ($(250 million) after tax) associated with the purchase of a group annuity contract to settle certain pension liabilities recorded in second quarter 2024 and a $(3 million) ($(3 million) after tax) true-up recorded in fourth quarter 2024 (considered adjustments and excluded from adjusted earnings). C: Utility operating and financial measures
Appendix C provides a comparison of Utility operating and financial measures.Appendix C: Utility operating and financial measuresFourth quarter and full year 2025 vs. 2024
Fourth quarterFull year
20252024%
change% weather
adj. (t)20252024%
change% weather
adj. (t)GWh sold
Residential7,8017,5403.51.737,17736,0393.22.1Commercial6,4566,4540.00.928,46328,2510.81.2Governmental585597(2.0)(1.7)2,4382,480(1.7)(1.7)Industrial15,17514,9061.81.860,88257,0816.76.7Total retail 30,01729,4971.81.5128,960123,8514.13.9Wholesale3,1503,274(3.8)
12,99714,010(7.2)
Total 33,16732,7711.2
141,957137,8613.0
Number of electric retail customers
Residential
2,623,2242,603,2740.8
Commercial
371,741370,5290.3
Governmental
19,04717,9785.9
Industrial
44,60245,019(0.9)
Total
3,058,6143,036,8000.7
Other O&M and nuclear refueling outage exp. per MWh$26.67$24.558.6
$22.02$21.751.2
Calculations may differ due to rounding(t) The effects of weather were estimated using heating degree days and cooling degree days for the period from certain locations within each jurisdiction and comparing to "normal" weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.Full year weather-adjusted retail sales increased 3.9 percent. The increase was primarily due to a 6.7 percent increase in industrial volume driven by higher sales to primary metals, petroleum refining, chlor-alkali, and technology industries. Residential sales were 2.1 percent higher and commercial sales increased 1.2 percent. D: Consolidated financial measures
Appendix D provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.Appendix D: GAAP and non-GAAP financial measures 2025 vs. 2024 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures)For 12 months ending December 3120252024ChangeGAAP measure
As-reported ROE11.0 %7.1 %3.9 %
Non-GAAP measure
Adjusted ROE11.0 %10.6 %0.4 %
As of December 31 ($ in millions, except where noted)20252024Change GAAP measures
Cash and cash equivalents1,9298601,069Available revolver capacity 4,3464,3451Commercial paper638927(289)Total debt 31,05029,0342,016Junior subordinated debentures2,5001,2001,300Securitization debt221240(19)Total debt to total capitalization 64 %65 %(1) % Storm escrows309340(31)
Non-GAAP measures ($ in millions, except where noted)
FFO to adjusted debt17.2 %14.7 %2.6 %Adjusted debt to adjusted capitalization62 %64 %(2) %Adjusted net debt to adjusted net capitalization60 %63 %(3) %Gross liquidity6,2755,2051,070Net liquidity7,8806,0071,873Adjusted Parent debt to total adjusted debt17 %20 %(3) %
Build-to-suit lease arrangement (u)1,450-1,450
Calculations may differ due to rounding(u) Maximum counterparty commitment: see Form 8-K filed with the SEC on 12/11/2025.E: Definitions and abbreviations and acronyms
Appendix E-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.Appendix E-1: Definitions Utility operating and financial measuresGWh soldTotal number of GWh sold to retail and wholesale customers Number of electric retail customersAverage number of electric customers over the periodOther O&M and refueling outage expense per MWhOther operation and maintenance expense plus nuclear refueling outage expense per MWh of total sales Financial measures – GAAPAs-reported ROELast twelve months net income attributable to Entergy Corp. divided by average common equityAvailable revolver capacity Amount of undrawn capacity remaining on corporate and subsidiary revolversTotal debt to total capitalizationTotal debt divided by total capitalization Securitization debtDebt on the balance sheet associated with securitization bonds that is secured by certain future
customer collectionsTotal capitalizationTotal debt plus subsidiaries' preferred stock without sinking fund and total equityTotal debt Sum of short-term and long-term debt, notes payable, and commercial paperFinancial measures – non-GAAPAdjusted capitalizationTotal capitalization excluding securitization debtAdjusted debtDebt excluding securitization debt and 50% of junior subordinated debenturesAdjusted debt to adjusted capitalizationAdjusted debt divided by adjusted capitalizationAdjusted earnings (loss)As-reported earnings (loss) minus adjustmentsAdjusted EPS Adjusted earnings (loss) divided by the diluted average number of common shares outstandingAdjusted net capitalizationAdjusted capitalization minus cash and cash equivalentsAdjusted net debtAdjusted debt minus cash and cash equivalentsAdjusted net debt to adjusted net capitalizationAdjusted net debt divided by adjusted net capitalizationAdjusted Parent debtEntergy Corp. debt, including amounts drawn on credit revolver and commercial paper facilities plus
unamortized debt issuance costs and discounts minus 50% of junior subordinated debenturesAdjusted Parent debt to total adjusted debtAdjusted Parent debt divided by consolidated adjusted debtAdjusted ROELast twelve months adjusted earnings divided by average common equityAdjusted ROE excluding affiliate preferredLast twelve months adjusted earnings, excluding dividend income from affiliate preferred as well as the
after-tax cost of debt financing for preferred investment, divided by average common equity adjusted to
exclude the estimated equity associated with the affiliate preferred investmentAdjustmentsUnusual or non-recurring items or events or other items or events that management believes do not reflect
the ongoing business of Entergy, such as significant income tax items, certain items recorded as a result of
regulatory settlements or decisions, and certain unusual costs or expenses FFOOCF minus preferred dividend requirements of subsidiaries, working capital items in OCF (receivables, fuel
inventory, accounts payable, taxes accrued, interest accrued, deferred fuel costs, and other working capital
accounts), 50% of interest on junior subordinated debentures, and securitization regulatory chargesFFO to adjusted debtLast twelve months FFO divided by end of period adjusted debtGross liquidity Sum of cash and cash equivalents plus available revolver capacityNet liquidity Sum of cash and cash equivalents, available revolver capacity, escrow accounts available for certain storm
expenses, and equity sold forward but not yet settled minus commercial paper Appendix E-2 explains abbreviations and acronyms used in the quarterly earnings materials.Appendix E-2: Abbreviations and acronymsACMADITAFUDC – debtAFUDC –equityAPSCBESSCAGRCCCTCCNOCFOCODCTCWIPDCRFDOEDRME-ARE-LAE-MSE-NOE-TXEEIEPSETREWCFFOFRPGAAPGCRRGGOGrand Gulf orGGNSAdditional Capacity Mechanism Accumulated deferred income taxesAllowance for debt funds used during constructionAllowance for equity funds used during constructionArkansas Public Service CommissionBattery and energy storage systemCompound annual growth rateCombined cycle combustion turbineCouncil of the City of New OrleansCash from operationsCommercial operation dateCombustion turbineConstruction work in progressDistribution Cost Recovery FactorU.S. Department of EnergyDistribution Recovery Mechanism Entergy Arkansas, LLCEntergy Louisiana, LLCEntergy Mississippi, LLCEntergy New Orleans, LLCEntergy Texas, Inc.Edison Electric Institute Earnings per shareEntergy CorporationEntergy Wholesale CommoditiesFunds from operationsFormula rate planU.S. generally accepted accounting principlesGeneration Cost Recovery RiderGeaux Green OptionUnit 1 of Grand Gulf Nuclear Station (nuclear),90% owned or leased by SERI HLBV IRSLDCLPSCLTMMCRMMISOMoody'sMPSCNDTNYSEO&MOCAPSOCFOpCoOther O&MP&OPMRPPA
PUCTRECsRSHCRROERPCRS&PSECSERITAMTCRFTRMWACCHypothetical liquidation at book valueInternal Revenue ServiceLocal distribution companyLouisiana Public Service CommissionLast twelve monthsMISO Cost Recovery MechanismMidcontinent Independent System Operator, Inc.Moody's RatingsMississippi Public Service CommissionNuclear decommissioning trustNew York Stock ExchangeOperation and maintenanceOrange County Advanced Power Station (CCCT)Net cash flow provided by operating activitiesUtility operating companyOther non-fuel operation and maintenance expenseParent & OtherPerformance Management RiderPower purchase agreement or purchased power agreementPublic Utility Commission of TexasRenewable energy certificatesResilience and Storm Hardening Cost Recovery Return on equityResilience Plan Cost Recovery RiderStandard & Poor'sU.S. Securities and Exchange CommissionSystem Energy Resources, Inc.Tax Adjustment MechanismTransmission Cost Recovery FactorTransmission Recovery Mechanism Weighted average cost of capitalF: Other GAAP to non-GAAP reconciliations
Appendix F-1, Appendix F-2, and Appendix F-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.Appendix F-1: Reconciliation of GAAP to non-GAAP financial measures – ROE(LTM $ in millions except where noted)
Fourth quarter
20252024As-reported net income attributable to Entergy Corporation (A)1,7581,056Adjustments(B)-(522)
Adjusted earnings (non-GAAP)(C)=(A-B)1,7581,577
Average common equity (average of beginning and ending balances)(D)16,00314,853
As-reported ROE(A/D)11.0 %7.1 %Adjusted ROE (non-GAAP)(C/D)11.0 %10.6 %
Calculations may differ due to rounding Appendix F-2: Reconciliation of GAAP to non-GAAP financial measures – FFO to adjusted debt($ in millions except where noted)
Fourth quarter
20252024Total debt (A)31,05029,034Securitization debt (B)22124050% of junior subordinated debentures(C)1,250600Adjusted debt (non-GAAP)(D)=(A-B-C)29,57928,194
Net cash flow provided by operating activities, LTM(E)5,1514,489
Preferred dividend requirements of subsidiaries, LTM(F)(18)(18)
50% of the interest expense associated with junior subordinated debentures, LTM(G)(49)(26)
Working capital items in net cash flow provided by operating activities, LTM:
Receivables
(80)3Fuel inventory
3922Accounts payable
39112Taxes accrued
6823Interest accrued
2645Deferred fuel costs
(271)183Other working capital accounts
297(19)Securitization regulatory charges, LTM
1722Total (H)134390
FFO, LTM (non-GAAP)(I)=(E-F-G-H)5,0834,142
FFO to adjusted debt (non-GAAP)(I/D)17.2 %14.7 %
Calculations may differ due to rounding Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures – adjusted debt ratios, gross liquidity, and net liquidity($ in millions except where noted)
Fourth quarter
20252024Total debt (A)31,05029,034Securitization debt (B)22124050% of junior subordinated debentures(C)1,250600Adjusted debt (non-GAAP)(D)=(A-B-C)29,57928,194Cash and cash equivalents (E)1,929860Adjusted net debt (non-GAAP)(F)=(D-E)27,65027,334
Commercial paper(G)638927
Total capitalization (H)48,28444,438Securitization debt (B)221240Adjusted capitalization (non-GAAP)(I)=(H-B)48,06344,198Cash and cash equivalents (E)1,929860Adjusted net capitalization (non-GAAP)(J)=(I-E)46,13443,339
Total debt to total capitalization(A/H)64 %65 %Adjusted debt to adjusted capitalization (non-GAAP)(D/I)62 %64 %Adjusted net debt to adjusted net capitalization (non-GAAP)(F/J)60 %63 %
Available revolver capacity (K)4,3464,345
Storm escrows(L)309340Equity sold forward, not yet settled (v)(M)1,9341,389
Gross liquidity (non-GAAP)(N)=(E+K)6,2755,205Net liquidity (non-GAAP)(N-G+L+M)7,8806,007
Entergy Corporation notes:
Due Sept. 2025
-800Due Sept. 2026
750750Due June 2028
650650Due June 2030
600600Due June 2031
650650Due June 2050
600600Junior subordinated debentures due Dec. 2054
1,2001,200Junior subordinated debentures due June 2056
700-Junior subordinated debentures due June 2056
600-Total Parent long-term debt(O)5,7505,250Revolver drawn (P)--Unamortized debt issuance costs and discounts(Q)(54)(45)Total Parent debt (R)=(G+O+P+Q)6,3336,132
Adjusted Parent debt (non-GAAP)(S)=(R-C)5,0835,532
Adjusted Parent debt to total adjusted debt (non-GAAP)(S/D)17 %20 %
Calculations may differ due to rounding(v) Reflects adjustments, including for common dividends between contracting and settlement.
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Original: Entergy reports 2025 financial results, initiates 2026 guidance