Company affirms guidance, raises 2027-2028 outlooks
Entergy Corporation (NYSE: ETR) reported second quarter 2025 earnings per share of $1.05 on an as-reported and an adjusted (non-GAAP) basis.
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“It was another solid quarter as we work to deliveron our customer's expectations for service and growth,” said Drew Marsh, Entergy Chair and Chief Executive Officer. “We remain well positioned to capture significant opportunity ahead and drive value for our stakeholders.”
Business highlights included the following:
— Entergy updated its four-year capital plan and 2027-2028 adjusted EPS outlooks.
— On July 1, Entergy New Orleans and Entergy Louisiana completed the sale of their natural gas distribution businesses.
— Entergy Arkansas secured significant new growth for the state.
— Entergy Texas received approval to place $188 million of distribution investments into rates through the DCRF rider.
— Entergy Louisiana reached a stipulated settlement with the LPSC Staff and other parties recommending approval of generation and transmission resources needed to support the addition of a new large customer.
— Entergy Texas filed a proposal for a new Cypress to Legend 500 kV transmission line.
— The LPSC passed a directive to Staff which will expedite securitization, if needed, for a major storm in 2025.
— The MPSC approved Entergy Mississippi's formula rate plan.
— Entergy New Orleans, Entergy Louisiana, and Entergy Arkansas each filed their annual formula rate plans.
— The state of Texas passed new laws to expedite storm cost securitization, to recover MISO capacity costs through a rider, and to help manage wildfire risk.
— Waterford 3 and Grand Gulf nuclear plants are celebrating 40 years of producing clean, reliable electricity.
— For the tenth consecutive year, Entergy was named to The Civic 50, a Points of Light initiative honoring the 50 most community-minded companies in the U.S.
Consolidated earnings (GAAP and non-GAAP measures)Second quarter and year-to-date 2025 vs. 2024(See Appendix A for reconciliation of GAAP to non-GAAP measures and details on adjustments) Second quarter Year-to-date 2025 2024 Change 2025 2024 Change(After-tax, $ in millions)As-reported earnings 468 49 419 829 124 704Less adjustments – (362) 362 – (517) 517Adjusted earnings (non-GAAP) 468 411 57 829 641 187Estimated weather impact 38 56 (18) 60 30 31(After-tax, per share in $)As-reported earnings 1.05 0.11 0.94 1.87 0.29 1.58Less adjustments – (0.85) 0.85 – (1.21) 1.21Adjusted earnings (non-GAAP) 1.05 0.96 0.09 1.87 1.50 0.37Estimated weather impact 0.08 0.13 (0.04) 0.14 0.07 0.07
Calculations may differ due to rounding
Consolidated results
For second quarter 2025, the company reported earnings of $468 million, or $1.05 per share, on an as-reported and an adjusted basis. This compared to second quarter 2024 earnings of $49 million, or 11 cents per share, on an as-reported basis, and $411 million, or 96 cents per share, onan adjusted basis.
Summary discussions of results by business follow. Additional details, including information on operating cash flow by business, are provided in Appendix A. A more detailed analysis of earnings per share variances by business is provided in Appendix B.
Business results
Utility
For second quarter 2025, the Utility business reported earnings attributable to Entergy Corporation of $599 million, or $1.34 per share, on an as-reported and an adjusted basis. This compared to second quarter 2024 earnings of $441 million, or $1.03per share, on an as-reported basis, and earnings of $553 million, or $1.29per share, on an adjusted basis.
Drivers for the quarter-over-quarter increase included the net effect of regulatory actions across the operating companies as well as higher retail sales volume and higher other income (deductions).
These increases were partially offset by higher other O&M, depreciation expense, and interest expense as well as higher capacity costs at Entergy Texas from the MISO planning resource auction that are not currently recovered in rates.
Second quarter 2024 results included expenses totaling $(151 million) ($(112 million) after tax) recorded as a result of Entergy Louisiana's agreement with the LPSC Staff and other parties to extend and modify the formula rate plan; establish the base formula rate plan rate change for the 2023 test year; and provide $184 million of customer rate credits, including increasing customer sharing of income tax benefits resulting from the 2016-2018 IRS audit resolution (a reserve of $38 million had been previously established) and to resolve several open matters, including all formula rate plans prior to the 2023 test year (considered an adjustment and excluded from adjusted earnings).
On a per share basis, second quarter 2025 results reflected higher diluted average number of common shares outstanding primarily due tothe settlement of equity forwards in May 2025 as well as the dilutive effect from unsettled equity forwards as a result of an increase in the stock price.
Appendix C contains additional details on Utility operating and financial measures.
Parent & Other
For second quarter 2025, Parent & Other reported a loss attributable to Entergy Corporation of $(131 million), or (29) cents per share, on an as-reported and an adjusted basis. This compared to a second quarter 2024 loss of $(392 million), or (91) cents per share, on an as-reported basis and $(142 million), or (33) cents per share, on an adjusted basis.
The quarter-over-quarter as-reported change included a second quarter 2024 $(317 million) ($(250 million) after tax) settlement charge recognized as a result of a group annuity contract purchased in May 2024 to settle certain pension liabilities, also referred to as the pension lift out (considered an adjustment and excluded from adjusted earnings).
On a per share basis, second quarter 2025 results reflected higher diluted average number of common shares outstanding (see details in Utility section).
Earningsper share guidance
Entergy affirmed its 2025 adjusted earnings per share guidance range of $3.75 to $3.95. See webcast presentation for additional details.
The company has provided 2025 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 below under “Non-GAAP financial measures.” 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, the exclusion of significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses.
Earningsteleconference
A teleconference will be held at 10:00 a.m. Central Time on Wednesday, July 30, 2025, to discuss Entergy's quarterly earnings announcement and the company's financial performance. The teleconference may be accessed by visiting Entergy's website atinvestors.entergy.com/investors/events-and-presentationsor by dialing 888-440-4149, conference ID 9024832, no more than 15 minutes prior to the start of the call. The webcast 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-presentationsand by telephone. The telephone replay will be available through August 6, 2025, by dialing 800-770-2030, conference ID 9024832.
Entergy produces, transmits and distributes electricity to power life for 3 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.comand connect with @Entergyon 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 webcast 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, stockholders, analysts, and investors; 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 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 2025 earnings guidance; financial and operational outlooks; industrial load growth outlooks; statements regarding its climate transition and resilience plans, goals, beliefs, or expectations; and other statements of Entergy's plans, 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.
Second quarter 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 measuresSecond quarter and year-to-date 2025 vs. 2024 (See Appendix A-2 and Appendix A-3 for details on adjustments) Second quarter Year-to-date 2025 2024 Change 2025 2024 Change(After-tax, $ in millions)As-reported earnings (loss)Utility 599 441 158 1,089 636 452Parent & Other (131) (392) 261 (260) (512) 252Consolidated 468 49 419 829 124 704Less adjustmentsUtility – (112) 112 – (267) 267Parent & Other – (250) 250 – (250) 250Consolidated – (362) 362 – (517) 517Adjusted earnings (loss) (non-GAAP)Utility 599 553 46 1,089 903 185Parent & Other (131) (142) 11 (260) (262) 2Consolidated 468 411 57 829 641 187Estimated weather impact 38 56 (18) 60 30 31Diluted average number of common shares outstanding (in millions) (a) 446 429 17 443 428 15(After-tax, per share in $) (a)(b)As-reported earnings (loss)Utility 1.34 1.03 0.31 2.45 1.49 0.97Parent & Other (0.29) (0.91) 0.62 (0.59) (1.20) 0.61Consolidated 1.05 0.11 0.94 1.87 0.29 1.58Less adjustmentsUtility – (0.26) 0.26 – (0.62) 0.62Parent & Other – (0.58) 0.58 – (0.58) 0.58Consolidated – (0.85) 0.85 – (1.21) 1.21Adjusted earnings (loss) (non-GAAP)Utility 1.34 1.29 0.05 2.45 2.11 0.35Parent & Other (0.29) (0.33) 0.04 (0.59) (0.61) 0.03Consolidated 1.05 0.96 0.09 1.87 1.50 0.37Estimated weather impact 0.08 0.13 (0.04) 0.14 0.07 0.07
Calculations may differ due to rounding(a) Entergy executed a two-for-one forward stock split that was effective with trading on Dec. 13, 2024; 2024 diluted average number of common shares outstanding and per-share information has been restated to reflect the post-split share count.(b) 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) Second quarter and year-to-date 2025 vs. 2024 Second quarter Year-to-date 2025 2024 Change 2025 2024 Change (Pre-tax except for income tax effect and totals; $ in millions) Utility 2Q24 E-LA global agreement to resolve its FRP extension filing and other retail matters – (151) 151 – (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 – – – – (79) 79 2016-2018 IRS audit resolution Income tax effect on Utility adjustments above – 39 (39) – 95 (95) Total Utility – (112) 112 – (267) 267Parent & Other2Q24 pension lift out – (317) 317 – (317) 317Income tax effect on Parent & Other adjustment above – 67 (67) – 67 (67) Total Parent & Other – (250) 250 – (250) 250 Total adjustments – (362) 362 – (517) 517 (After-tax, per share in $) (c), (d) Utility 2Q24 E-LA global agreement to resolve its FRP extension filing and other retail matters – (0.26) 0.26 – (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 – – – – (0.13) 0.13 2016-2018 IRS audit resolution Total Utility – (0.26) 0.26 – (0.62) 0.62 Parent & Other 2Q24 pension lift out – (0.58) 0.58 – (0.58) 0.58 Total Parent & Other – (0.58) 0.58 – (0.58) 0.58 Total adjustments – (0.85) 0.85 – (1.21) 1.21
Calculations may differ due to rounding(c) Entergy executed a two-for-one forward stock split that was effective with trading on Dec. 13, 2024; 2024 per-share information has been restated to reflect the post-split share count.(d) 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)Second quarter and year-to-date 2025 vs. 2024(Pre-tax except for income taxes and totals; $ in millions) Second quarter Year-to-date 2025 2024 Change 2025 2024 ChangeUtilityOther O&M – (1) 1 – (1) 1Asset write-offs, impairments, and related charges – – – – (132) 132Other regulatory charges (credits) – net – (150) 150 – (229) 229Income taxes – 39 (39) – 95 (95)Total Utility – (112) 112 – (267) 267Parent & OtherOther income (deductions) – (317) 317 – (317) 317Income taxes – 67 (67) – 67 (67)Total Parent & Other – (250) 250 – (250) 250Total adjustments – (362) 362 – (517) 517
Calculations may differ due to rounding
Appendix A-4 provides a comparative summary of OCF by business.
Appendix A-4: Consolidated operating cash flowSecond quarter and year-to-date 2025 vs. 2024($ in millions) Second quarter Year-to-date 2025 2024 Change 2025 2024 ChangeUtility 1,371 1,111 261 1,937 1,626 311Parent & Other (110) (85) (24) (139) (79) (60)Consolidated 1,262 1,025 236 1,798 1,546 251
Calculations may differ due to rounding
Second quarter 2025 OCF increased primarily due to higher Utility customer receipts, including higher fuel revenues, and the receipt of advance payments related to customer agreements in 2025. 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 year-to-date 2025 versus 2024 as-reported and adjusted earnings per share variances.
Appendix B-1: As-reported and adjusted earnings per share variance analysis (e), (f), (g), (h)Second quarter 2025 vs. 2024(After-tax, per share in $) Utility Parent & Other Consolidated As- Adjusted As- Adjusted As- Adjusted reported reported reported2024 earnings (loss) 1.03 1.29 (0.91) (0.33) 0.11 0.96Operating revenue less: 0.47 0.21 (i) 0.02 0.02 0.48 0.23fuel, fuel-related exp. and gas purch. for resale;purch. power; and other reg. chgs. (credits) – netNuclear refueling outage expenses 0.02 0.02 – – 0.02 0.02Other O&M (0.05) (0.05) (j) 0.01 0.01 (0.04) (0.04)Asset write-offs, impairments, and related charges – – – – – -Decommissioning – – – – – -Taxes other than income taxes (0.02) (0.02) – – (0.03) (0.03)Depreciation and amortization (0.03) (0.03) (k) – – (0.03) (0.03)Other income (deductions) 0.06 0.06 (l) 0.57 (0.01) (m) 0.63 0.05Interest expense (0.06) (0.06) (n) 0.01 0.01 (0.06) (0.06)Income taxes – other (0.01) (0.01) 0.01 0.01 – -Preferred dividend requirements and noncontrolling interests – – – – – -Share effect (0.05) (0.05) 0.01 0.01 (0.04) (0.04) (o)2025 earnings (loss) 1.34 1.34 (0.29) (0.29) 1.05 1.05
Calculations may differ due to rounding
Appendix B-2: As-reported and adjusted earnings per share variance analysis (e), (f), (g), (h)Year-to-date 2025 vs. 2024(After-tax, per share in $) Utility Parent & Other Consolidated As- Adjusted As- Adjusted As- Adjusted reported reported reported2024 earnings (loss) 1.49 2.11 (1.20) (0.61) 0.29 1.50Operating revenue less: 1.06 0.66 (i) 0.03 0.03 (p) 1.09 0.69fuel, fuel-related exp. and gas purch. for resale;purch. power; and other reg. chgs. (credits) – netNuclear refueling outage expenses 0.02 0.02 – – 0.02 0.02Other O&M (0.02) (0.02) – – (0.01) (0.02)Asset write-offs, impairments, and related charges 0.23 – (q) – – 0.23 -Decommissioning (0.01) (0.01) – – (0.01) (0.01)Taxes other than income taxes (0.04) (0.04) (r) – – (0.04) (0.04)Depreciation and amortization (0.05) (0.05) (k) – – (0.05) (0.05)Other income (deductions) 0.01 0.01 0.57 (0.02) (m) 0.58 -Interest expense (0.16) (0.16) (n) (0.01) (0.01) (0.17) (0.17)Income taxes – other 0.01 0.01 – – 0.01 0.01Preferred dividend requirements and noncontrolling interests – – – – – -Share effect (0.09) (0.09) 0.02 0.02 (0.07) (0.07) (o)2025 earnings (loss) 2.45 2.45 (0.59) (0.59) 1.87 1.87
Calculations may differ due to rounding
(e) Utility operatingrevenue and Utility income taxes – other variances exclude the following for the return/collection of excess/deficient unprotected ADIT (net effect was neutral to earnings) ($ in millions):
2Q25 2Q24 YTD25 YTD24Utility operating revenue (4) 8 (6) 16Utility income taxes – other 4 (8) 6 (16)
(f) 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 deferral (net effect was neutral to earnings) ($ in millions):
2Q25 2Q24 YTD25 YTD24Utility regulatory charges (credits) – net (1) (2) (4) (5)Utility preferred dividend requirements and noncontrolling interests 1 2 4 5
(g) Entergy executed a two-for-one forward stock split that was effective with trading on Dec. 13, 2024; 2024 per-share information and diluted number of common shares outstanding has been restated to reflect the post-split share count.(h) EPS effect is 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 items.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 analysis2025 vs. 2024 ($ EPS) 2Q YTDElectric volume / weather 0.03 0.24Retail electric price 0.19 0.352Q24 E-LA global agreement to resolve certain retail matters 0.26 0.261Q24 E-NO provision for increased income tax sharing – 0.13E-TX MISO capacity costs (0.04) (0.04)Reg. provisions for decommissioning items 0.03 0.16Other, including Grand Gulf recovery (0.01) (0.04)Total 0.47 1.06
(i) The second quarter and year-to-date earnings increases reflected higher electric volume, including the effects of weather, and the effect of rate actions including: E-AR's FRP, E-LA's FRP (including riders), E-LA's resilience plan cost recovery rider, E-MS's FRP, various E-MS riders, E-NO's FRP, and E-TX's DCRF. The increases also reflected the effects of 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 (considered an adjustment and excluded from adjusted earnings). Changes in regulatory provisions for decommissioning items was also a driver (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral). The increases were partially offset by higher MISO capacity costs at E-TX. The year-to-date 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 (considered an adjustment and excluded from adjusted earnings). The year-to-date variance was partially offset by lower Grand Gulf revenue primarily due to lower other O&M.(j) The second quarter earnings decrease from higher Utility other O&M included higher power generation costs primarily due to a higher scope of work performed, including during plant outages, in second quarter 2025 as compared to second quarter 2024; higher power delivery expenses primarily due to vegetation maintenance costs; and an increase in bad debt expense. The decrease was partly offset by contract costs in 2024 related to operational performance, customer service, and organizational health initiatives.(k) The second quarter and year-to-date earnings decreases from higher Utility depreciation and amortization were primarily due to higher plant in service and an increase in E-LA's nuclear depreciation rates effective September 2024. The decreases were 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.(l) The second quarter earnings increase from higher Utility other income (deductions) wasprimarily due to higher AFUDC-equity due to higher construction work in progress, a true-up of E-LA's MISO cost recovery mechanism, and an increase in the amortization of tax gross ups on customer advances for construction. The increase was partly offset by changes in nuclear decommissioning trust returns, including portfolio rebalancing in second quarter 2024 (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral).(m) The second quarter and year-to-date as-reported earnings increases from Parent & Other other income (deductions) were primarily due to a second quarter 2024 $(317 million) ($(250 million) after tax) one-time non-cash pension settlement charge associated with the purchase of a group annuity contract to settle certain pension liabilities (considered an adjustment and excluded from adjusted earnings).(n) The second quarter and year-to-date earnings decreases from higher Utility interest expense were primarily due to higher interest rates, higher debt balances, and higher carrying costs on customer advances for construction.The decreases were partially offset by higher AFUDC-debt due to higher construction work in progress.(o) The second quarter and year-to-date earnings per share impacts from share effect were primarily due to the settlement of equity forwards in May 2025 and the dilutive effect of unsettled equity forwards as a result of an increase in the stock price.(p) The year-to-date earnings increase was primarily due to lower fuel and purchased power expenses associated with the conclusion of a purchased power agreement in December 2024.(q) The year-to-date as-reported earnings increase from Utility asset write-offs and impairmentswas 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).(r) The year-to-date earnings decrease from higher Utility taxes other than income taxes was primarily due to increases in ad valorem taxes resulting from higher assessments and increases in local franchise taxes as a result of higher retail revenues in 2025 as compared to 2024.
C: Utility operating and financial measures Appendix C provides a comparison of Utility operating and financial measures.
Appendix C: Utility operating and financial measuresSecond quarter and year-to-date 2025 vs. 2024 Second quarter Year-to-date 2025 2024 % % weather 2025 2024 % % weather change adj. (s) changeadj. (s)GWh soldResidential 8,899 9,557 (6.9) (4.3) 17,683 17,315 2.1 (0.1)Commercial 7,265 7,236 0.4 1.8 13,507 13,460 0.3 0.4Governmental 617 626 (1.4) (1.2) 1,176 1,198 (1.8) (1.8)Industrial 15,620 13,973 11.8 11.8 29,452 26,633 10.6 10.6Total retail 32,401 31,392 3.2 4.5 61,818 58,606 5.5 4.9Wholesale 4,133 3,052 35.4 5,767 7,010 (17.7)Total 36,534 34,444 6.1 67,585 65,616 3.0Number of electric retail customersResidential 2,608,472 2,592,846 0.6Commercial 371,699 370,219 0.4Governmental 18,008 18,042 (0.2)Industrial 41,227 42,294 (2.5)Total 3,039,406 3,023,401 0.5Other O&M and nuclear $20.33 $21.03 (3.3) $21.28 $22.00(3.2)refueling outage exp. per MWh
Calculations may differ due to rounding(s) The effects of weather were estimated using heating degree days and cooling degree days for the period from certain locations within each jurisdiction and comparing to “normal” weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.
For the quarter, weather-adjusted retail sales increased 4.5 percent. The increase was primarily due to an increase in industrial usage, mainly in the primary metals, chlor-alkali, and technology industries. Commercial sales increased 1.8 percent. The increases were partially offset by a residential sales decline of (4.3) percent.
D: Consolidated financial measures Appendix D provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.
Appendix D: GAAP and non-GAAP financial measures2025 vs. 2024 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures)For 12 months ending June 30 2025 2024 ChangeGAAP measureAs-reported ROE 11.4% 12.8% (1.4)%Non-GAAP measureAdjusted ROE 11.5% 10.4% 1.1%As of June 30 ($ in millions, except where noted) 2025 2024 ChangeGAAP measuresCash and cashequivalents 1,176 1,355 (179)Available revolver capacity 4,345 4,345 -Commercial paper 459 932 (473)Total debt 30,522 28,846 1,676Junior subordinated debentures 1,200 1,200 -Securitization debt 230 249 (19)Total debt to total capital 65% 66% (1)%Storm escrows 303 333 (30)Non-GAAP measures ($ in millions, except where noted)FFO to adjusted debt 15.1% 14.0% 1.1%Adjusted debt to adjusted capitalization 63% 64% (1)%Adjusted net debt to adjusted net capitalization 62% 63% (1)%Gross liquidity 5,521 5,700 (179)Net liquidity 7,631 5,915 1,716Adjusted Parent debt to total adjusted debt 17% 20% (3)%
Calculations may differ due to rounding
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: DefinitionsUtility operating and financial measuresGWh sold Total number of GWh sold to retail and wholesale customersNumber of electric retail customers Average number of electric customers over the periodOther O&M and refueling outage expense per MWh Other operation and maintenance expense plus nuclear refueling outage expense per MWh of total salesFinancial measures – GAAPAs-reported ROE Last twelve months net income attributable to Entergy Corp. divided by average common equityAvailable revolver capacity Amount of undrawn capacity remaining on corporate and subsidiary revolversDebt to capital Total debt divided by total capitalizationSecuritization debt Debt on the balance sheet associated with securitization bonds that is secured by certain future customer collectionsTotal debt Sum of short-term and long-term debt, notes payable, and commercial paperFinancial measures – non-GAAPAdjusted capitalization Capitalization excluding securitization debtAdjusted debt Debt excluding securitization debt and 50% of junior subordinated debenturesAdjusted debt to adjusted capitalization Adjusted debt divided by adjusted capitalizationAdjusted EPS As-reported earnings minus adjustments, divided by the diluted average number of common shares outstandingAdjusted net capitalization Adjusted capitalization minus cash and cash equivalentsAdjusted net debt Adjusted debt minus cash and cash equivalentsAdjusted net debt to adjusted net capitalization Adjusted net debtdivided by adjusted net capitalizationAdjusted 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 debenturesAdjusted Parent debt to total adjusted debt Adjusted Parent debt divided by consolidated adjusted debtAdjusted ROE Last twelve months adjusted earnings divided by average common equityAdjusted 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 investmentAdjustments 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 expensesFFO 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 chargesFFO to adjusted debt Last 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 acronymsA&G Administrative and general expenses IRS Internal Revenue ServiceACM Additional capacity mechanism LCPS Lake Charles Power StationADIT Accumulated deferred income taxes LDC Local distribution companyAFUDC – Allowance for debt funds used during LPSC Louisiana Public Service Commissiondebt construction LTM Last twelve monthsAFUDC – Allowance for equity funds used during MCRM MISO cost recovery mechanismequity construction MISO Midcontinent Independent System Operator, Inc.AMS Advanced metering system Moody's Moody's RatingsAPSC Arkansas Public Service Commission MPSC Mississippi Public Service CommissionATM At the market equity issuance program NDT Nuclear decommissioning trustB&E Business and Executive Session NYSE New York Stock ExchangeCAGR Compound annual growth rate O&M Operation and maintenanceCCCT Combined cycle combustion turbine OCAPS Orange County Advanced Power Station (CCCT)CCN Certificate for convenience and necessity OCF Net cash flow provided by operating activitiesCCNO Council of the City of New Orleans OpCo Utility operating companyCCS Carbon capture and sequestration Other O&M Other non-fuel operation and maintenance expenseCFO Cash from operations P&O Parent & OtherCOD Commercial operation date PMR Performance Management RiderCT Combustion turbine PPA Power purchase agreement or purchased powerDCRF Distribution cost recovery factor PRA agreementDOE U.S. Department of Energy PTC Planning resource auctionDRM Distribution Recovery Mechanism PUCT Production tax creditE-AR Entergy Arkansas, LLC RECs Public Utility Commission of TexasE-LA Entergy Louisiana, LLC RSHCR Renewable Energy CertificatesE-MS Entergy Mississippi, LLC ROE Resilience and storm hardening cost recoveryE-NO Entergy New Orleans, LLC RPCR Return on equityE-TX Entergy Texas, Inc. S&P Resilience plan cost recovery riderEPS Earnings per share SEC Standard & Poor'sESA Electric service agreement SERI U.S. Securities and Exchange CommissionETR Entergy Corporation SETEX System Energy Resources, Inc.FFO Funds from operations TAM Southeast TexasFRP Formula rate plan TCRF Tax adjustment mechanismGAAP U.S. generally accepted accounting principles TRM Transmission cost recovery factorGCRR Generation Cost Recovery Rider WACC Transmission Recovery Mechanism (rider withinGrand Gulf or Unit 1 of Grand Gulf Nuclear Station (nuclear), E-LA's FRP)GGNS 90% owned or leased by SERI Weighted-average cost of capitalHLBV Hypothetical liquidation at book value
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) Second quarter 2025 2024As-reported net income attributable to Entergy Corporation (A) 1,760 1,779Adjustments (B) (5) 333Adjusted earnings (non-GAAP) (C)=(A-B) 1,765 1,446Average common equity (average of beginning and ending balances) (D) 15,390 13,902As-reported ROE (A/D) 11.4% 12.8%Adjusted ROE (non-GAAP) (C/D) 11.5% 10.4%
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) Second quarter 2025 2024Total debt (A) 30,522 28,846Securitization debt (B) 230 24950% junior subordinated debentures (C) 600 600Adjusted debt (non-GAAP) (D)=(A-B-C) 29,692 27,997Net cash flow provided by operating activities, LTM (E) 4,740 4,015Preferred dividend requirements of subsidiaries, LTM (F) (18) (18)50% of the interest expense associated with junior subordinated debentures, LTM (G) (43) (5)Working capital items in net cash flow provided by operating activities, LTM:Receivables (84) (151)Fuel inventory (1) 17Accounts payable 208 (17)Taxes accrued 18 52Interest accrued 45 36Deferred fuel costs (216) 331Other working capital accounts 346 (182)Securitization regulatory charges, LTM 17 30Total (H) 332 115FFO, LTM (non-GAAP) (I)=(E-F-G-H) 4,469 3,923FFO to adjusted debt (non-GAAP) (I/D) 15.1% 14.0%
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) Second quarter 2025 2024Total debt (A) 30,522 28,846Securitization debt (B) 230 24950% junior subordinated debentures (C) 600 600Adjusted debt (non-GAAP) (D)=(A-B-C) 29,692 27,997Cash and cash equivalents (E) 1,176 1,355Adjusted net debt (non-GAAP) (F)=(D-E) 28,516 26,642Commercial paper (G) 459 932Total capitalization (H) 47,050 43,747Securitization debt (B) 230 249Adjusted capitalization (non-GAAP) (I)=(H-B) 46,820 43,498Cash and cash equivalents (E) 1,176 1,355Adjusted net capitalization (non-GAAP) (J)=(I-E) 45,644 42,143Total debt to total capitalization (A/H) 65% 66%Adjusted debt to adjusted capitalization (non-GAAP) (D/I) 63% 64%Adjusted net debt to adjusted net capitalization (non-GAAP) (F/J) 62% 63%Available revolver capacity (K) 4,345 4,345Storm escrows (L) 303 333Equity sold forward, not yet settled (t) (M) 2,266 815Gross liquidity (non-GAAP) (N)=(E+K) 5,521 5,700Net liquidity (non-GAAP) (N-G+L+M) 7,631 5,915Entergy Corporation notes:Due September 2025 800 800Due September 2026 750 750Due June 2028 650 650Due June 2030 600 600Due June 2031 650 650Due June 2050 600 600Junior subordinated debentures due December 2054 1,200 1,200Total Parent long-term debt (O) 5,250 5,250Revolver drawn (P) – -Unamortized debt issuance costs and discounts (Q) (42) (48)Total Parent debt (R)=(G+O+P+Q) 5,667 6,134Adjusted Parent debt (non-GAAP) (S)=(R-C) 5,067 5,534Adjusted Parent debt to total adjusted debt (non-GAAP) (S/D) 17% 20%
Calculations may differ due to rounding(t) Reflects adjustments, including for common dividends between contracting and settlement.
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