2025 results in top half of guidance range
NEW 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 quarter Full year
---
2025 2024 Change 2025 2024 Change
(After-tax, $ in millions)
As-reported earnings 236 286 (51) 1,758 1,056 703
Less adjustments - (5) 5 (522) 522
Adjusted earnings (non-GAAP) 236 291 (55) 1,758 1,577 181
Estimated weather impact 3 (4) 7 91 66 25
(After-tax, per share in $)
As-reported earnings 0.51 0.65 (0.14) 3.91 2.45 1.46
Less adjustments - (0.01) 0.01 (1.21) 1.21
Adjusted earnings (non-GAAP) 0.51 0.66 (0.15) 3.91 3.65 0.25
Estimated weather impact 0.01 (0.01) 0.02 0.20 0.15 0.05
Calculations may differ due to rounding
Consolidated results
For 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 results
Utility
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; and
- lower nuclear refueling outage expenses.
The increase was partially offset by:
- higher interest expense,
- higher other O&M,
- higher depreciation expense, and
- higher 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); and
- lower 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 guidance
Entergy 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 statements
In 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 statements
Appendices
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 reconciliations
Financial statements
Consolidating balance sheets
Consolidating income statements
Consolidated cash flow statements
A: 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 quarter Full year
2025 2024 Change 2025 2024 Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility 381 404 (23) 2,280 1,827 453
Parent & Other (145) (117) (27) (521) (771) 250
Consolidated 236 286 (51) 1,758 1,056 703
Less adjustments
Utility (22) 22 (289) 289
Parent & Other 17 (17) (233) 233
Consolidated (5) 5 (522) 522
Adjusted earnings (loss) (non-GAAP)
Utility 381 426 (45) 2,280 2,115 164
Parent & Other (145) (135) (10) (521) (538) 17
Consolidated 236 291 (55) 1,758 1,577 181
Estimated weather impact 3 (4) 7 91 66 25
Diluted average number of common shares outstanding (in millions) (a) 459 438 21 450 432 19
(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility 0.83 0.92 (0.09) 5.06 4.23 0.83
Parent & Other (0.32) (0.27) (0.05) (1.16) (1.79) 0.63
Consolidated 0.51 0.65 (0.14) 3.91 2.45 1.46
Less adjustments
Utility (0.05) 0.05 (0.67) 0.67
Parent & Other 0.04 (0.04) (0.54) 0.54
Consolidated (0.01) 0.01 (1.21) 1.21
Adjusted earnings (loss) (non-GAAP)
Utility 0.83 0.97 (0.14) 5.06 4.90 0.16
Parent & Other (0.32) (0.31) (0.01) (1.16) (1.25) 0.09
Consolidated 0.51 0.66 (0.15) 3.91 3.65 0.25
Estimated weather impact 0.01 (0.01) 0.02 0.20 0.15 0.05
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 quarter Full year
2025 2024 Change 2025 2024 Change
(Pre-tax except for income tax effects and totals; $ in
millions)
Utility
4Q24 E-LA adjustment to a regulatory liability
primarily related to 9 (9) 9 (9)
securitization resulting from Louisiana state income tax
rate change
2Q24 E-LA agreement in principle to resolve its FRP
extension (151) 151
filing and other retail matters
1Q24 E-AR write-off of a regulatory asset related to
the (132) 132
opportunity sales proceeding
1Q24 E-NO increase in customer sharing of income tax
benefits (79) 79
as a result of the 2016-2018 IRS audit resolution
Income tax effect on Utility adjustments above (3) 3 92 (92)
4Q24 income tax expense resulting from Louisiana state
income (29) 29 (29) 29
tax rate change
Total Utility (22) 22 (289) 289
Parent & Other
2024 pension lift out (3) 3 (320) 320
4Q24 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 (0.05) 0.05 (0.05) 0.05
adjustment to E-LA's associated regulatory liability
2Q24 E-LA agreement in principle to resolve its FRP
extension (0.26) 0.26
filing and other retail matters
1Q24 E-AR write-off of a regulatory asset related to
the (0.23) 0.23
opportunity sales proceeding
1Q24 E-NO increase in customer sharing of income tax
benefits (0.13) 0.13
as a result of the 2016-2018 IRS audit resolution
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 quarter Full year
---
2025 2024 Change 2025 2024 Change
Utility
Other O&M - (1) 1
Asset write-offs, impairments, and related charges - (132) 132
Other regulatory charges (credits) - net - 9 (9) (219) 219
Income 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) 320
Income taxes - (5) 5 62 (62)
Total Parent & Other - 17 (17) (233) 233
Total adjustments - (5) 5 (522) 522
Calculations may differ due to rounding
Appendix A-4 provides a comparative summary of OCF by business.
Appendix A-4: Consolidated operating cash flow
Fourth quarter and full year 2025 vs. 2024
($ in millions)
Fourth quarter Full year
---
2025 2024 Change 2025 2024 Change
Utility 1,627 1,845 (218) 5,741 5,070 670
Parent &
Other (409) (465) 56 (590) (582) (8)
Consolidated 1,218 1,380 (162) 5,151 4,489 662
Calculations may differ due to rounding
OCF 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- Adjusted As- Adjusted As- Adjusted
reported reported reported
2024 earnings (loss) 0.92 0.97 (0.27) (0.31) 0.65 0.66
Operating revenue less: 0.04 0.05 (f) 0.01 0.01 0.04 0.06
fuel, fuel-related exp. and gas purch. for resale;
purch. power; and other reg. chgs. (credits) - net
Nuclear refueling outage expenses 0.01 0.01 0.01 0.01
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) 0.12 0.12 (i) 0.02 0.01 0.13 0.13
Interest expense (0.10) (0.10) (j) (0.01) (0.01) (0.11) (0.11)
Income taxes - other 0.07 0.01 (k) (0.04) (0.04) (l) 0.04 (0.03)
Preferred dividend requirements and noncontrolling interests -
Share effect (0.04) (0.04) 0.01 0.01 (0.02) (0.02) (m)
2025 earnings (loss) 0.83 0.83 (0.32) (0.32) 0.51 0.51
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 $)
Utility Parent & Other Consolidated
As- Adjusted As- Adjusted As- Adjusted
reported reported reported
2024 earnings (loss) 4.23 4.90 (1.79) (1.25) 2.45 3.65
Operating revenue less: 1.29 0.92 (f) 0.05 0.05 (n) 1.34 0.96
fuel, fuel-related exp. and gas purch. for resale;
purch. power; and other reg. chgs. (credits) - net
Nuclear refueling outage expenses 0.06 0.06 (o) 0.06 0.06
Other O&M (0.28) (0.28) (g) 0.01 0.01 (0.27) (0.28)
Asset write-offs, impairments, and related charges 0.20 (0.02) (p) (0.05) (h) 0.16 (0.02)
Decommissioning (0.01) (0.01) (0.01) (0.01)
Taxes other than income taxes (0.11) (0.11) (q) (0.11) (0.11)
Depreciation and amortization (0.11) (0.11) (r) (0.11) (0.11)
Other income (deductions) 0.26 0.26 (i) 0.60 0.02 (s) 0.86 0.28
Interest expense (0.32) (0.32) (j) (0.32) (0.32)
Income taxes - other 0.09 0.02 (k) (0.04) (0.04) (l) 0.05 (0.01)
Preferred dividend requirements and noncontrolling interests -
Share effect (0.22) (0.22) 0.05 0.05 (0.17) (0.17) (m)
2025 earnings (loss) 5.06 5.06 (1.16) (1.16) 3.91 3.91
Calculations may differ due to rounding
(c) Utility operating revenue and Utility income taxes - other variances exclude the following for the return/collection of
excess/deficient unprotected ADIT (net effect was neutral to earnings) ($ in millions):
4Q25 4Q24 FY25 FY24
Utility operating revenue (20) 3 (35) 26
Utility income taxes - other 20 (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):
4Q25 4Q24 FY25 FY24
Utility regulatory charges (credits) - net (4) (4) (12)
Utility preferred dividend requirements and noncontrolling interests 4 4 12
(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)
4Q FY
Electric volume / weather 0.05 0.41
Retail electric price 0.10 0.63
4Q25 provision for E-AR 2024 historical year netting adjustment 0.05 0.05
4Q24 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 - 0.26
1Q24 E-NO provision for increased income tax sharing - 0.13
Return on CWIP for certain utility plant investments 0.08 0.08
Sale 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 recovery 0.01 (0.03)
Other (0.03) (0.03)
Total 0.04 1.29
(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 measures
Fourth quarter and full year 2025 vs. 2024
Fourth quarter
Full year
---
2025 2024 % weather 2025 2024
% % % weather
change adj. (t) change adj. (t)
GWh sold
Residential 7,801 7,540 3.5 1.7 37,177 36,039 3.2 2.1
Commercial 6,456 6,454 0.0 0.9 28,463 28,251 0.8 1.2
Governmental 585 597 (2.0) (1.7) 2,438 2,480 (1.7) (1.7)
Industrial 15,175 14,906 1.8 1.8 60,882 57,081 6.7 6.7
Total retail 30,017 29,497 1.8 1.5 128,960 123,851 4.1 3.9
Wholesale 3,150 3,274 (3.8) 12,997 14,010 (7.2)
Total 33,167 32,771 1.2 141,957 137,861 3.0
Number of electric retail customers
Residential 2,623,224 2,603,274 0.8
Commercial 371,741 370,529 0.3
Governmental 19,047 17,978 5.9
Industrial 44,602 45,019 (0.9)
Total 3,058,614 3,036,800 0.7
Other O&M and nuclear refueling outage exp. per MWh $26.67 $24.55 8.6 $22.02 $21.75 1.2
Calculations may differ due to rounding
(t) The effects of weather were estimated using heating degree days and cooling degree days for the period from certain locations
within each jurisdiction and comparing to "normal" weather based on 20-year historical data. The models used to estimate
weather are updated periodically and are subject to change.
Full year weather-adjusted retail sales increased 3.9 percent. The increase was primarily due to a 6.7 percent increase in industrial volume driven by higher sales to primary metals, petroleum refining, chlor-alkali, and technology industries. Residential sales were 2.1 percent higher and commercial sales increased 1.2 percent.
D: Consolidated financial measures
Appendix D provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.
Appendix D: GAAP and non-GAAP financial measures
2025 vs. 2024 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending December 31 2025 2024 Change
GAAP measure
As-reported ROE 11.0 % 7.1 % 3.9 %
Non-GAAP measure
Adjusted ROE 11.0 % 10.6 % 0.4 %
As of December 31 ($ in millions, except where noted) 2025 2024 Change
GAAP measures
Cash and cash equivalents 1,929 860 1,069
Available revolver capacity 4,346 4,345 1
Commercial paper 638 927 (289)
Total debt 31,050 29,034 2,016
Junior subordinated debentures 2,500 1,200 1,300
Securitization debt 221 240 (19)
Total debt to total capitalization 64 % 65 % (1) %
Storm escrows 309 340 (31)
Non-GAAP measures ($ in millions, except where noted)
FFO to adjusted debt 17.2 % 14.7 % 2.6 %
Adjusted debt to adjusted capitalization 62 % 64 % (2) %
Adjusted net debt to adjusted net capitalization 60 % 63 % (3) %
Gross liquidity 6,275 5,205 1,070
Net liquidity 7,880 6,007 1,873
Adjusted Parent debt to total adjusted debt 17 % 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 measures
GWh sold
Total number of GWh sold to retail and wholesale customers
Number of electric retail customers
Average number of electric customers over the period
Other O&M and refueling outage expense per MWh Other operation and maintenance expense plus nuclear refueling outage expense per MWh
of total sales
Financial measures - GAAP
As-reported ROE Last twelve months net income attributable to Entergy Corp. divided by average common
equity
Available revolver capacity
Amount of undrawn capacity remaining on corporate and subsidiary revolvers
Total debt to total capitalization
Total debt divided by total capitalization
Securitization debt Debt on the balance sheet associated with securitization bonds that is secured by
certain future
customer collections
Total capitalization Total debt plus subsidiaries' preferred stock without sinking fund and total equity
Total debt
Sum of short-term and long-term debt, notes payable, and commercial paper
Financial measures - non-GAAP
Adjusted capitalization
Total capitalization excluding securitization debt
Adjusted debt Debt excluding securitization debt and 50% of junior subordinated debentures
Adjusted debt to adjusted capitalization
Adjusted debt divided by adjusted capitalization
Adjusted earnings (loss)
As-reported earnings (loss) minus adjustments
Adjusted EPS Adjusted earnings (loss) divided by the diluted average number of common shares
outstanding
Adjusted net capitalization
Adjusted capitalization minus cash and cash equivalents
Adjusted net debt
Adjusted debt minus cash and cash equivalents
Adjusted net debt to adjusted net capitalization
Adjusted net debt divided by adjusted net capitalization
Adjusted Parent debt Entergy Corp. debt, including amounts drawn on credit revolver and commercial paper
facilities plus
unamortized debt issuance costs and discounts minus 50% of junior subordinated
debentures
Adjusted Parent debt to total adjusted debt
Adjusted Parent debt divided by consolidated adjusted debt
Adjusted ROE
Last twelve months adjusted earnings divided by average common equity
Adjusted ROE excluding affiliate preferred Last 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 investment
Adjustments 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
FFO OCF 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 charges
FFO to adjusted debt
Last twelve months FFO divided by end of period adjusted debt
Gross liquidity
Sum of cash and cash equivalents plus available revolver capacity
Net 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 acronyms
ACM
Additional Capacity Mechanism HLBV Hypothetical liquidation at book value
ADIT Accumulated deferred income taxes IRS
Internal Revenue Service
AFUDC - Allowance for debt funds used during LDC
Local distribution company
debt
construction LPSC
Louisiana Public Service Commission
AFUDC -equity Allowance for equity funds used during
construction LTM
Last twelve months
APSC Arkansas Public Service Commission MCRM
MISO Cost Recovery Mechanism
BESS Battery and energy storage system MISO Midcontinent Independent System Operator, Inc.
CAGR
Compound annual growth rate Moody's
Moody's Ratings
CCCT Combined cycle combustion turbine MPSC
Mississippi Public Service Commission
CCNO Council of the City of New Orleans NDT
Nuclear decommissioning trust
CFO
Cash from operations NYSE
New York Stock Exchange
COD
Commercial operation date O&M
Operation and maintenance
CT
Combustion turbine OCAPS Orange County Advanced Power Station (CCCT)
CWIP
Construction work in progress OCF Net cash flow provided by operating activities
DCRF Distribution Cost Recovery Factor OpCo
Utility operating company
DOE
U.S. Department of Energy Other O&M Other non-fuel operation and maintenance
expense
DRM
Distribution Recovery Mechanism P&O
Parent & Other
E-AR
Entergy Arkansas, LLC PMR
Performance Management Rider
E-LA
Entergy Louisiana, LLC PPA Power purchase agreement or purchased power
agreement
E-MS
Entergy Mississippi, LLC
Public Utility Commission of Texas
PUCT
E-NO
Entergy New Orleans, LLC
Renewable energy certificates
RECs
E-TX
Entergy Texas, Inc. Resilience and Storm Hardening Cost Recovery
RSHCR
EEI
Edison Electric Institute
Return on equity
ROE
EPS
Earnings per share
Resilience Plan Cost Recovery Rider
RPCR
ETR
Entergy Corporation
Standard & Poor's
S&P
EWC
Entergy Wholesale Commodities U.S. Securities and Exchange Commission
SEC
FFO
Funds from operations
System Energy Resources, Inc.
SERI
FRP
Formula rate plan
Tax Adjustment Mechanism
TAM
GAAP U.S. generally accepted accounting
principles
Transmission Cost Recovery Factor
TCRF
GCRR
Generation Cost Recovery Rider
Transmission Recovery Mechanism
TRM
GGO
Geaux Green Option
Weighted average cost of capital
WACC
Grand Gulf or Unit 1 of Grand Gulf Nuclear Station
(nuclear),
GGNS
90% owned or leased by SERI
F: 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
2025 2024
As-reported net income attributable to Entergy Corporation (A) 1,758 1,056
Adjustments (B) (522)
Adjusted earnings (non-GAAP) (C)=(A-
B) 1,758 1,577
Average common equity (average of beginning and ending balances) (D) 16,003 14,853
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
2025 2024
Total debt (A) 31,050 29,034
Securitization debt (B) 221 240
50% of junior subordinated debentures (C) 1,250 600
Adjusted debt (non-GAAP) (D)=(A-B-
C) 29,579 28,194
Net cash flow provided by operating activities, LTM (E) 5,151 4,489
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) 3
Fuel inventory 39 22
Accounts payable 39 112
Taxes accrued 68 23
Interest accrued 26 45
Deferred fuel costs (271) 183
Other working capital accounts 297 (19)
Securitization regulatory charges, LTM 17 22
Total (H) 134 390
FFO, LTM (non-GAAP) (I)=(E-F-
G-H) 5,083 4,142
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
2025 2024
Total debt
(A) 31,050 29,034
Securitization debt
(B) 221 240
50% of junior subordinated debentures
(C) 1,250 600
Adjusted debt (non-GAAP) (D)=(A-B-C) 29,579 28,194
Cash and cash equivalents
(E) 1,929 860
Adjusted net debt (non-GAAP) (F)=(D-E) 27,650 27,334
Commercial paper
(G) 638 927
Total capitalization
(H) 48,284 44,438
Securitization debt
(B) 221 240
Adjusted capitalization (non-GAAP) (I)=(H-B) 48,063 44,198
Cash and cash equivalents
(E) 1,929 860
Adjusted net capitalization (non-GAAP) (J)=(I-E) 46,134 43,339
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) 4,346 4,345
Storm escrows
(L) 309 340
Equity sold forward, not yet settled (v)
(M) 1,934 1,389
Gross liquidity (non-GAAP) (N)=(E+K) 6,275 5,205
Net liquidity (non-GAAP) (N-G+L+M) 7,880 6,007
Entergy Corporation notes:
Due Sept. 2025 800
Due Sept. 2026 750 750
Due June 2028 650 650
Due June 2030 600 600
Due June 2031 650 650
Due June 2050 600 600
Junior subordinated debentures due Dec. 2054 1,200 1,200
Junior subordinated debentures due June 2056 700
Junior subordinated debentures due June 2056 600
Total Parent long-term debt
(O) 5,750 5,250
Revolver drawn
(P)
Unamortized debt issuance costs and discounts
(Q) (54) (45)
Total Parent debt (R)=(G+O+P+Q) 6,333 6,132
Adjusted Parent debt (non-GAAP) (S)=(R-C) 5,083 5,532
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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SOURCE Entergy Corporation
Investor inquiries: Liz Hunter, 504-576-3294, ehunte1@entergy.com; Media inquiries: Cristina del Canto, 504-576-4238, mdelcan@entergy.com