Company affirms 2026 guidance, raises longer-term outlooks
NEW 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- | |||
First quarter | |||
2026 | 2025 | Change | |
(After-tax, $ in millions) | |||
As-reported earnings | 385 | 361 | 24 |
Less adjustments | (14) | - | (14) |
Adjusted earnings (non-GAAP) | 399 | 361 | 38 |
Estimated weather impact | (10) | 22 | (32) |
(After-tax, per share in $) | |||
As-reported earnings | 0.83 | 0.82 | 0.01 |
Less adjustments | (0.03) | - | (0.03) |
Adjusted earnings (non-GAAP) | 0.86 | 0.82 | 0.04 |
Estimated weather impact | (0.02) | 0.05 | (0.07) |
Calculations may differ due to rounding |
Consolidated results
For 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 results
Utility
For 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 guidance
Entergy 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 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.
First quarter 2026 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 | |||
First quarter | |||
2026 | 2025 | Change | |
(After-tax, $ in millions) | |||
As-reported earnings (loss) | |||
Utility | 540 | 490 | 50 |
Parent & Other | (155) | (129) | (26) |
Consolidated | 385 | 361 | 24 |
Less adjustments | |||
Utility | - | - | - |
Parent & Other | (14) | - | (14) |
Consolidated | (14) | - | (14) |
Adjusted earnings (loss) (non-GAAP) | |||
Utility | 540 | 490 | 50 |
Parent & Other | (141) | (129) | (12) |
Consolidated | 399 | 361 | 38 |
Estimated weather impact | (10) | 22 | (32) |
Diluted average number of common shares outstanding (in millions) | 463 | 441 | 22 |
(After-tax, per share in $) (a) | |||
As-reported earnings (loss) | |||
Utility | 1.17 | 1.11 | 0.06 |
Parent & Other | (0.34) | (0.29) | (0.04) |
Consolidated | 0.83 | 0.82 | 0.01 |
Less adjustments | |||
Utility | - | - | - |
Parent & Other | (0.03) | - | (0.03) |
Consolidated | (0.03) | - | (0.03) |
Adjusted earnings (loss) (non-GAAP) | |||
Utility | 1.17 | 1.11 | 0.06 |
Parent & Other | (0.31) | (0.29) | (0.01) |
Consolidated | 0.86 | 0.82 | 0.04 |
Estimated 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 | |||
2026 | 2025 | Change | |
(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 above | 4 | - | 4 |
Total 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 | |||
2026 | 2025 | Change | |
Parent & Other | |||
Asset write-offs, impairments, and related charges | (18) | - | (18) |
Income taxes | 4 | - | 4 |
Total Parent & Other | (14) | - | (14) |
Total adjustments | (14) | - | (14) |
Calculations may differ due to rounding |
Appendix A-4 provides a comparative summary of OCF by business.
Appendix A-4: Consolidated operating cash flow | |||
First quarter 2026 vs. 2025 | |||
($ in millions) | |||
First quarter | |||
2026 | 2025 | Change | |
Utility | 870 | 565 | 305 |
Parent & Other | (41) | (29) | (12) |
Consolidated | 829 | 536 | 293 |
Calculations may differ due to rounding |
First 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 $) | |||||||||
Utility | Parent & Other | Consolidated | |||||||
As- reported | Adjusted | As- reported | Adjusted | As- reported | Adjusted | ||||
2025 earnings (loss) | 1.11 | 1.11 | (0.29) | (0.29) | 0.82 | 0.82 | |||
Operating revenue less: | (0.11) | (0.11) | (e) | - | - | (0.12) | (0.12) | ||
Nuclear refueling outage expenses | 0.02 | 0.02 | - | - | 0.02 | 0.02 | |||
Other O&M | - | - | - | - | - | - | |||
Asset write-offs, impairments, and related charges | - | - | (0.03) | - | (f) | (0.03) | - | ||
Decommissioning | - | - | - | - | - | - | |||
Taxes other than income taxes | (0.01) | (0.01) | - | - | (0.01) | (0.01) | |||
Depreciation and amortization | (0.05) | (0.05) | (g) | - | - | (0.05) | (0.05) | ||
Other income (deductions) | 0.33 | 0.33 | (h) | - | - | 0.33 | 0.33 | ||
Interest expense | (0.06) | (0.06) | (i) | (0.03) | (0.03) | (j) | (0.09) | (0.09) | |
Income taxes – other | 0.01 | 0.01 | - | - | 0.02 | 0.02 | |||
Preferred dividend requirements and noncontrolling interests | (0.01) | (0.01) | - | - | (0.01) | (0.01) | |||
Share effect | (0.06) | (0.06) | 0.02 | 0.02 | (0.04) | (0.04) | (k) | ||
2026 earnings (loss) | 1.17 | 1.17 | (0.34) | (0.31) | 0.83 | 0.86 | |||
Calculations may differ due to rounding | |
(c) | Utility operating revenue and Utility income taxes – other variances exclude the following for the return/collection of excess/deficient unprotected ADIT (net effect was neutral to earnings) ($ in millions): |
1Q26 | 1Q25 | |
Utility operating revenue | (15) | (2) |
Utility income taxes – other | 15 | 2 |
(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 and other regulatory charges (credits) – net variance analysis | ||
1Q | ||
Retail electric price | 0.17 | |
Return on CWIP for certain utility plant investments | 0.05 | |
Reg. provisions for decommissioning items | (0.28) | |
Sale of natural gas LDCs | (0.07) | |
Other | 0.02 | |
Total | (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 measures | |||||
First quarter 2026 vs. 2025 | |||||
First quarter | |||||
2026 | 2025 | % Change | % Weather | ||
GWh sold | |||||
Residential | 8,057 | 8,784 | (8.3) | (3.1) | |
Commercial | 6,230 | 6,243 | (0.2) | (0.5) | |
Governmental | 555 | 560 | (0.9) | (1.3) | |
Industrial | 15,895 | 13,833 | 14.9 | 14.9 | |
Total retail | 30,737 | 29,420 | 4.5 | 6.0 | |
Wholesale | 2,789 | 1,634 | 70.7 | ||
Total | 33,526 | 31,054 | 8.0 | ||
Number of electric retail customers | |||||
Residential | 2,626,812 | 2,606,590 | 0.8 | ||
Commercial | 372,312 | 370,544 | 0.5 | ||
Governmental | 19,016 | 17,982 | 5.8 | ||
Industrial | 42,318 | 42,716 | (0.9) | ||
Total | 3,060,457 | 3,037,832 | 0.7 | ||
Other O&M and nuclear refueling outage exp. per MWh | $20.48 | $22.40 | (8.6) | ||
Calculations may differ due to rounding | |
(l) | The effects of weather were estimated using heating degree days and cooling degree days for the period from various locations and comparing to "normal" weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change. |
For the quarter, weather-adjusted retail sales increased 6 percent. The increase was due to a 14.9 percent increase in industrial volume driven by higher sales to data center, primary metals, and transportation customers. The increase was partially offset by residential and commercial sales declines. Residential sales were (3.1) percent lower and commercial sales decreased (0.5) percent.
D: Consolidated financial measures
Appendix D provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.
Appendix D: GAAP and non-GAAP financial measures | |||
2026 vs. 2025 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures) | |||
For 12 months ending March 31 | 2026 | 2025 | Change |
GAAP measure | |||
As-reported ROE | 11.0 % | 9.0 % | 2.0 % |
Non-GAAP financial measure | |||
Adjusted ROE | 11.0 % | 11.5 % | (0.5) % |
As of March 31 ($ in millions, except where noted) | 2026 | 2025 | Change |
GAAP measures | |||
Cash and cash equivalents | 3,571 | 1,513 | 2,058 |
Available revolver capacity | 4,346 | 4,345 | 1 |
Commercial paper | 1,367 | 1,330 | 37 |
Total debt | 34,177 | 31,041 | 3,136 |
Junior subordinated debentures | 2,500 | 1,200 | 1,300 |
Securitization debt | 221 | 240 | (19) |
Debt to total capital | 66 % | 67 % | (1) % |
Storm escrows | 312 | 300 | 12 |
Non-GAAP financial measures ($ in millions, except where noted) | |||
FFO to adjusted debt | 15.7 % | 14.5 % | 1.2 % |
Adjusted debt to adjusted capitalization | 63 % | 65 % | (2) % |
Adjusted net debt to adjusted net capitalization | 61 % | 64 % | (3) % |
Gross liquidity | 7,917 | 5,858 | 2,059 |
Net liquidity | 8,451 | 7,904 | 547 |
Adjusted Parent debt to total adjusted debt | 18 % | 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 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, customer advances – current, 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 | LDC | Local distribution company |
ADIT | Accumulated deferred income taxes | LPSC | Louisiana Public Service Commission |
AFUDC | Allowance for 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 |
DRM | Distribution Recovery Mechanism | Other O&M | Other operation and maintenance expense |
E-AR | Entergy Arkansas, LLC | P&O | Parent & Other |
E-LA | Entergy Louisiana, LLC | PMR | Performance Management Rider |
E-MS | Entergy Mississippi, LLC | PPA | Power purchase agreement or purchased power agreement |
E-NO | Entergy New Orleans, LLC | PUCT | Public Utility Commission of Texas |
E-TX | Entergy Texas, Inc. | RECs | Renewable energy certificates |
EPS | Earnings per share | RSHCR | Resilience and Storm Hardening Cost Recovery |
ETR | Entergy Corporation | ROE | Return on equity |
EWC | Entergy Wholesale Commodities | RPCR | Resilience Plan Cost Recovery Rider |
FFO | Funds from operations | S&P | Standard & Poor's |
FRP | Formula rate plan | SEC | U.S. Securities and Exchange Commission |
GAAP | U.S. generally accepted accounting principles | SERI | System Energy Resources, Inc. |
GCRR | Generation Cost Recovery Rider | TAM | Tax Adjustment Mechanism |
GGO | Geaux Green Option | TCRF | Transmission Cost Recovery Factor |
Grand Gulf or GGNS | Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI | TRM | Transmission Recovery Mechanism |
Independence | Independence Steam Electric Station | WACC | Weighted average cost of capital |
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) | First quarter | ||
2026 | 2025 | ||
As-reported net income attributable to Entergy Corporation | (A) | 1,782 | 1,341 |
Adjustments | (B) | (14) | (367) |
Adjusted earnings (non-GAAP) | (C)=(A-B) | 1,796 | 1,708 |
Average common equity (average of beginning and ending balances) | (D) | 16,266 | 14,822 |
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 | ||
2026 | 2025 | ||
Total debt | (A) | 34,177 | 31,041 |
Securitization debt | (B) | 221 | 240 |
50% junior subordinated debentures | (C) | 1,250 | 600 |
Adjusted debt (non-GAAP) | (D)=(A-B-C) | 32,706 | 30,201 |
Net cash flow provided by operating activities, LTM | (E) | 5,443 | 4,504 |
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 | 38 | 20 | |
Accounts payable | 254 | 210 | |
Taxes accrued | 54 | (9) | |
Interest accrued | 62 | 27 | |
Deferred fuel costs | (302) | (187) | |
Customer advances – current | 627 | 257 | |
Other working capital accounts | (307) | (92) | |
Securitization regulatory charges, LTM | 16 | 20 | |
Total | (H) | 376 | 193 |
FFO, LTM (non-GAAP) | (I)=(E-F-G-H) | 5,144 | 4,366 |
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 | ||
2026 | 2025 | ||
Total debt | (A) | 34,177 | 31,041 |
Securitization debt | (B) | 221 | 240 |
50% junior subordinated debentures | (C) | 1,250 | 600 |
Adjusted debt (non-GAAP) | (D)=(A-B-C) | 32,706 | 30,201 |
Cash and cash equivalents | (E) | 3,571 | 1,513 |
Adjusted net debt (non-GAAP) | (F)=(D-E) | 29,135 | 28,688 |
Commercial paper | (G) | 1,367 | 1,330 |
Total capitalization | (H) | 51,835 | 46,542 |
Securitization debt | (B) | 221 | 240 |
Adjusted capitalization (non-GAAP) | (I)=(H-B) | 51,614 | 46,302 |
Cash and cash equivalents | (E) | 3,571 | 1,513 |
Adjusted net capitalization (non-GAAP) | (J)=(I-E) | 48,043 | 44,789 |
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) | 4,346 | 4,345 |
Storm escrows | (L) | 312 | 300 |
Equity sold forward, not yet settled (n) | (M) | 1,589 | 3,075 |
Gross liquidity (non-GAAP) | (N)=(E+K) | 7,917 | 5,858 |
Net liquidity (non-GAAP) | (N-G+L+M) | 8,451 | 7,904 |
Entergy Corporation notes: | |||
Due September 2025 | - | 800 | |
Due September 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 December 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 draw | (P) | - | - |
Unamortized debt issuance costs and discounts | (Q) | (54) | (44) |
Total Parent debt | (R)=(G+O+P+Q) | 7,063 | 6,536 |
Adjusted Parent debt (non-GAAP) | (S)=(R-C) | 5,813 | 5,936 |
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. |
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SOURCE Entergy Corporation