Company narrows guidance range and extends financial outlooks
Entergy Corporation (NYSE: ETR) reported third quarter 2025 earnings per share of $1.53 on an as-reported and an adjusted (non-GAAP) basis.
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“We had another successful quarter executing on initiatives for all our customers,” said Drew Marsh, Entergy Chair and Chief Executive Officer. “Our pipeline of potential data center customers continues to expand, and we're ready for the opportunity including increasing our agreement for power island equipment by an additional 4.5 gigawatts and securing critical long lead time equipment.”
Business highlights included the following:
— Entergy narrowed its 2025 adjusted EPS guidance range to $3.85 to $3.95.
— TheLPSC approved generation and transmission resources needed to support Meta's Louisiana data center.
— Entergy Texas received PUCT approval for Legend and Lone Star power stations as well as for the SETEX 500 kV transmission project.
— Entergy Texas was awarded a $200 million grant from the Texas Energy Fund for resiliency projects.
— Entergy Arkansas submitted an application for approval of Jefferson Power Station, a 754-megawatt CCCT facility.
— Entergy Arkansas submitted an application for approval of Cypress Solar with battery storage and associated transmission facilities.
— Entergyreceived its 51st EEI Emergency Response Award for assistance provided after hurricanes Helene and Milton.
Consolidated earnings (GAAP and non-GAAP measures)Third quarter and year-to-date 2025 vs. 2024(See Appendix A for reconciliation of GAAP to non-GAAP measures and details on adjustments) Third quarter Year-to-date 2025 2024 Change 2025 2024 Change(After-tax, $ in millions)As-reported earnings 694 645 49 1,522 769 753Less adjustments – – – – (517) 517Adjusted earnings (non-GAAP) 694 645 49 1,522 1,286 236Estimated weather impact 28 41 (13) 88 70 18(After-tax, per share in $)As-reported earnings 1.53 1.50 0.03 3.40 1.79 1.61Less adjustments – – – – (1.20) 1.20Adjusted earnings (non-GAAP) 1.53 1.50 0.03 3.40 2.99 0.41Estimated weather impact 0.06 0.09 (0.03) 0.20 0.16 0.03
Calculations may differ due to rounding
Consolidated results
For third quarter 2025, the company reported earnings of $694 million, or $1.53 per share, on anas-reported and an adjusted basis. This compared to third quarter 2024 earnings of $645 million, or $1.50 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. A more detailed analysis of earnings per share variances by business is provided in Appendix B.
Business results
Utility
For third quarter 2025, the Utility business reported earnings attributable to Entergy Corporation of $810 million, or $1.79per share, on an as-reported and an adjusted basis. This compared to third quarter 2024 earnings of $787 million, or $1.82 per share, on an as-reported and an adjusted basis.
Drivers for the quarter-over-quarter increase included the net effect of regulatory actions across the operating companies, higher retail sales volume, and higher other income (deductions) primarily due to an increase in AFUDC-equity.
These increases were partially offset by higher other O&M, taxes other than income taxes, interest expense, and depreciation and amortization.
On a per share basis, third quarter 2025 results reflected higher diluted average number of common shares outstanding primarily due to the settlement of equity forwards in May 2025 as well as the dilutive effect of an increase in the stock price on unsettled equity forwards.
Appendix C contains additional details on Utility operating and financial measures.
Parent & Other
For third quarter 2025, Parent & Other reported a loss attributable to Entergy Corporation of$(117 million), or (26) cents per share, on an as-reported and an adjusted basis. This compared to a third quarter 2024 loss of $(142 million), or (33) cents per share, on an as-reported and an adjusted basis.
The primary driver for the quarter-over-quarter change was other income (deductions) largely due to changes in legal provisions in third quarter 2024.
On a per share basis, third quarter 2025 results reflected higher diluted average number of common shares outstanding (see details in Utility section).
Earningsper share guidance
Entergy narrowed its 2025 adjusted earnings per share guidance to a range of $3.85 to $3.95. See the earnings call 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, Oct. 29, 2025, 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-presentationsor 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-presentationsand by telephone. The telephone replay will be available through Nov. 5, 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 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, 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 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.
Third 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 measuresThird quarter and year-to-date 2025 vs. 2024 (See Appendix A-2 and Appendix A-3 for details on adjustments) Third quarter Year-to-date 2025 2024 Change 2025 2024 Change(After-tax, $ in millions)As-reported earnings (loss)Utility 810 787 24 1,899 1,423 476Parent & Other (117) (142) 25 (376) (654) 277Consolidated 694 645 49 1,522 769 753Less adjustmentsUtility – – – – (267) 267Parent & Other – – – – (250) 250Consolidated – – – – (517) 517Adjusted earnings (loss) (non-GAAP)Utility 810 787 24 1,899 1,690 209Parent & Other (117) (142) 25 (376) (403) 27Consolidated 694 645 49 1,522 1,286 236Estimated weather impact 28 41 (13) 88 70 18Diluted average number of common shares outstanding 454 431 22 447 429 18(in millions) (a)(After-tax, per share in $) (a) (b)As-reported earnings (loss)Utility 1.79 1.82 (0.04) 4.25 3.31 0.93Parent & Other (0.26) (0.33) 0.07 (0.84) (1.52) 0.68Consolidated 1.53 1.50 0.03 3.40 1.79 1.61Less adjustmentsUtility – – – – (0.62) 0.62Parent & Other – – – – (0.58) 0.58Consolidated – – – – (1.20) 1.20Adjusted earnings (loss) (non-GAAP)Utility 1.79 1.82 (0.04) 4.25 3.93 0.31Parent & Other (0.26) (0.33) 0.07 (0.84) (0.94) 0.10Consolidated 1.53 1.50 0.03 3.40 2.99 0.41Estimated weather impact 0.06 0.09 (0.03) 0.20 0.16 0.03
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 have 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)Third quarter and year-to-date 2025 vs. 2024 Third quarter Year-to-date 2025 2024 Change 2025 2024 Change(Pre-tax except for income tax effects and totals; $ in millions)Utility2Q24 E-LA global agreement to resolve its FRP extension filing – – – – (151) 151and other retail matters1Q24 E-AR write-off of a regulatory asset related to the – – – – (132) 132opportunity sales proceeding1Q24 E-NO increase in customer sharing of income tax benefits – – – – (79) 79as a result of the 2016-2018 IRS audit resolutionIncome tax effect on Utility adjustments above – – – – 95 (95)Total Utility – – – – (267) 267Parent & Other2Q24 pension lift out – – – – (317) 317Income tax effect on Parent & Other adjustment above – – – – 67 (67)Total Parent & Other – – – – (250) 250Total adjustments – – – – (517) 517(After-tax, per share in $) (c), (d)Utility2Q24 E-LA global agreement to resolve its FRP extension filing – – – – (0.26) 0.26and other retail matters1Q24 E-AR write-off of a regulatory asset related to the – – – – (0.23) 0.23opportunity sales proceeding1Q24 E-NO increase in customer sharing of income tax benefits – – – – (0.13) 0.13as a result of the 2016-2018 IRS audit resolutionTotal Utility – – – – (0.62) 0.62Parent & Other2Q24 pension lift out – – – – (0.58) 0.58Total Parent & Other – – – – (0.58) 0.58Total adjustments – – – – (1.20) 1.20
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)Third quarter and year-to-date 2025 vs. 2024(Pre-tax except for income taxes and totals; $ in millions) Third quarter Year-to-date 2025 2024 Change 2025 2024 ChangeUtilityOther O&M – – – – (1) 1Asset write-offs, impairments, and related charges – – – – (132) 132Other regulatory charges (credits) – net – – – – (229) 229Income taxes – – – – 95 (95)Total Utility – – – – (267) 267Parent & OtherOther income (deductions) – – – – (317) 317Income taxes – – – – 67 (67)Total Parent & Other – – – – (250) 250Total adjustments – – – – (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 flowThird quarter and year-to-date 2025 vs. 2024($ in millions) Third quarter Year-to-date 2025 2024 Change 2025 2024 ChangeUtility 2,177 1,600 577 4,114 3,225 888Parent & Other (42) (37) (5) (181) (117) (65)Consolidated 2,135 1,562 572 3,933 3,109 824
Calculations may differ due to rounding
Third quarter 2025 OCF increased primarily due to higher Utility customer receipts including higher fuel revenues and the receipt of nuclear and solar production tax credit sale proceeds. 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)Third quarter 2025 vs. 2024(After-tax, per share in $) Utility Parent & Other Consolidated As- Adjusted As- Adjusted As- Adjusted reported reported reported2024 earnings (loss) 1.82 1.82 (0.33) (0.33) 1.50 1.50Operating revenue less: 0.21 0.21 (i) 0.01 0.01 0.22 0.22fuel, 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 (0.09) (0.09) (j) – – (0.08) (0.08)Asset write-offs, impairments, and related charges (0.02) (0.02) – – (0.02) (0.02)Decommissioning – – – – – -Taxes other than income taxes (0.07) (0.07) (k) – – (0.07) (0.07)Depreciation and amortization (0.05) (0.05) (l) – – (0.05) (0.05)Other income (deductions) 0.12 0.12 (m) 0.03 0.03 (n) 0.15 0.15Interest expense (0.07) (0.07) (o) 0.02 0.02 (0.05) (0.05)Income taxes – other – – – – 0.01 0.01Preferred dividend requirements and – – – – – -noncontrolling interestsShare effect (0.09) (0.09) 0.01 0.01 (0.08) (0.08) (p)2025 earnings (loss) 1.79 1.79 (0.26) (0.26) 1.53 1.53
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 $) Utility Parent & Other Consolidated As- Adjusted As- Adjusted As- Adjusted reported reported reported2024 earnings (loss) 3.31 3.93 (1.52) (0.94) 1.79 2.99Operating revenue less: 1.26 0.87 (i) 0.04 0.04 (q) 1.30 0.91fuel, fuel-related exp. and gas purch. for resale;purch. power; and other reg. chgs. (credits) – netNuclear refueling outage expenses 0.04 0.04 (r) – – 0.04 0.04Other O&M (0.10) (0.11) (j) – – (0.10) (0.10)Asset write-offs, impairments, and related charges 0.20 (0.02) (s) – – 0.20 (0.02)Decommissioning (0.01) (0.01) – – (0.01) (0.01)Taxes other than income taxes (0.11) (0.11) (k) – – (0.11) (0.11)Depreciation and amortization (0.10) (0.10) (l) – – (0.10) (0.10)Other income (deductions) 0.14 0.14 (m) 0.59 0.01 (n) 0.73 0.15Interest expense (0.23) (0.23) (o) 0.01 0.01 (0.22) (0.22)Income taxes – other 0.01 0.01 – – 0.02 0.02Preferred dividend requirements and noncontrolling interests – – – – – -Share effect (0.18) (0.18) 0.03 0.03 (0.14) (0.14) (p)2025 earnings (loss) 4.25 4.25 (0.84) (0.84) 3.40 3.40
Calculations may differ due to rounding
(e) Utility operating revenue and Utility income taxes – other variances exclude the following for the return/collection of excess/deficient unprotected ADIT (net effect was neutral to earnings) ($ in millions):
3Q25 3Q24 YTD25 YTD24Utility operating revenue (8) 6 (14) 22Utility income taxes – other 8 (6) 14 (22)
(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 deferrals (net effect was neutral to earnings) ($ in millions):
3Q25 3Q24 YTD25 YTD24Utility regulatory charges (credits) – net – (3) (4) (9)Utility preferred dividend requirements and noncontrolling interests – 3 4 9
(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 have 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 item variances.Share effect captures the per share impact from the change in diluted average number of common shares outstandingand 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 analysis2025 vs. 2024 ($ EPS) 3Q YTDElectric volume / weather 0.13 0.37Retail electric price 0.18 0.532Q24 E-LA global agreement to resolve – 0.26certain retail matters1Q24 E-NO provision for increased income – 0.13tax sharingE-MS PPA termination proceeds 0.03 0.03Sale of natural gas distribution businesses (0.04) (0.04)E-TX MISO capacity costs (0.01) (0.05)Reg. provisions for decommissioning items (0.06) 0.10Grand Gulf recovery – (0.04)Other (0.02) (0.03)Total 0.21 1.26
(i) The third 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 RPCR, E-MS's FRP interim facilities rate adjustment, E-NO's FRP, and E-TX's DCRF. The increases also reflected the receipt of a $15 million ($11 million after tax) liquidated damages payment to E-MS in third quarter 2025 resulting from a counterparty's termination of a purchased power agreement. The increases were partially offset by the absence of natural gas revenues as a result of the sale of natural gas distribution businesses and higher MISO capacity costs at E-TX. The variances also reflected 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). 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 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 (both considered adjustments and excluded from adjusted earnings). Additionally, the year-to-date variance included the effects of E-MS's FRP, E-TX's base rate case relate-back portion in retail price, and lower Grand Gulf revenue primarily due to lower other O&M.(j) The third quarter earnings decrease from higher Utility other O&M reflected higher power delivery expenses primarily due to vegetation management costs, an increase in compensation and benefits costs, an increase in power generation expenses, and an increase in bad debt expense. The decrease also included the third quarter 2025 $(11 million) ($(8 million) after tax) expensing of project costs associated with E-LA's Bayou Power Station project following the operating company's decision to evaluate an alternative transmission solution. The third quarter decrease was partially offset by contract costs in 2024 related to operational performance, customer service, and organizational health initiatives and a gain of $13 million ($8 million after tax) resulting from the sale of the natural gas distribution businesses on July 1, 2025. The year-to-date earnings decrease from higher Utility other O&M reflected higher power delivery expenses primarily due to vegetation management costs, higher power generation costs largely due to a higher scope of work performed during power outages, an increase in bad debt expense, higher MISO transmission costs, and the expensing of E-LA's Bayou Power Station project costs. The year-to-date decrease was partially offset by contract costs in 2024 related to operational performance, customer service, and organizational health initiatives and a gain from the sale of natural gas distribution businesses on July 1, 2025.(k) The third quarter and year-to-date earnings decreases from higher Utility taxes other than income taxes were primarily due to an increase in ad valorem taxes resulting from higher assessments and an increase in local franchise taxes as a result of higher retail revenues.(l) The third quarter and year-to-date earnings decreases from higher Utility depreciation and amortization were primarily due to higher plant in service and increases in E-LA's nuclear depreciation rates effective Sept. 2024 and Sept. 2025. The year-to-date 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.(m) The third quarter and year-to-date earnings increases from higher Utility other income (deductions) were primarily due to higher AFUDC-equity due to higher construction work in progress and an increase in the amortization of tax gross ups on customer advances for construction. The variances also reflected changes in 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).The year-to-date increase also reflected an increase in interest earned on external money pool investments and a true-up of E-LA's MISO cost recovery mechanism, partially offset by lower intercompany dividend income from affiliate preferred membership interest related to storm cost securitizations (largely offset at P&O).(n) The third quarter and year-to-date earnings increases from Parent & Other other income (deductions) reflected third quarter 2024 changes in legal provisions. The year-to-date as-reported increase also reflected 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).(o) The third quarter and year-to-date earnings decreases from higher Utility interest expense were primarily due to higher interest rates, higher debt balances, and carrying costs on customer advances for construction in 2025.The decreases were partially offset by higher AFUDC-debt due to higher construction work in progress.(p) The third 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 an increase in the stock price on unsettled equity forwards.(q) The year-to-date earnings increase was primarily due to lower fuel and purchased power expenses associated with the conclusion of a legacy EWC purchased power agreement in Dec. 2024.(r) The year-to-date 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.(s) The year-to-date as-reported earnings increase from Utility asset write-offs and impairments 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).
C: Utility operating and financial measures Appendix C provides a comparison of Utility operating and financial measures.
Appendix C: Utility operating and financial measuresThird quarter and year-to-date 2025 vs. 2024 Third quarter Year-to-date 2025 2024 % % weather 2025 2024 % % weather change adj. (t) changeadj. (t)GWh soldResidential 11,692 11,519 1.5 2.7 29,376 28,499 3.1 2.2Commercial 8,499 8,394 1.3 1.9 22,007 21,797 1.0 1.2Governmental 678 684 (0.9) (1.4) 1,853 1,883 (1.6) (1.7)Industrial 16,255 15,150 7.3 7.3 45,707 42,174 8.4 8.4Total retail 37,124 35,747 3.9 4.4 98,943 94,353 4.9 4.7Wholesale 4,079 3,727 9.4 9,847 10,737 (8.3)Total 41,203 39,474 4.4 108,790 105,090 3.5Number of electric retail customersResidential 2,625,811 2,601,894 0.9Commercial 372,226 371,579 0.2Governmental 18,845 18,015 4.6Industrial 48,306 49,550 (2.5)Total 3,065,188 3,041,038 0.8Other O&M and nuclear $19.15 $19.01 0.7 $20.48 $20.87(1.9)refueling outage exp. per MWh
Calculations may differ due to rounding(t) The effects of weather were estimated using heating degree days and cooling degree days for the period from certain locations within each jurisdiction and comparing to “normal” weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.
For the quarter, weather-adjusted retail sales increased 4.4 percent. The increase was primarily due to higher usage for residential, commercial, and industrial classes. Industrial sales increased 7.3 percent mainly due to higher sales to large industrial customers largely in the primary metals, chlor-alkali, and industrial gases industries. Residential sales were 2.7 percent higher and commercial sales increased 1.9 percent.
D: Consolidated financial measures Appendix D provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.
Appendix D: GAAP and non-GAAP financial measures2025 vs. 2024 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures)For 12 months ending September 30 2025 2024 ChangeGAAP measureAs-reported ROE 11.4% 12.2% (0.8)%Non-GAAP measureAdjusted ROE 11.4% 9.7% 1.7%As of September 30 ($ in millions, except where noted) 2025 2024 ChangeGAAP measuresCash and cashequivalents 1,517 1,412 105Available revolver capacity 4,346 4,345 1Commercial paper 1,398 1,122 276Total debt 30,563 29,100 1,463Junior subordinated debentures 1,200 1,200 -Securitization debt 231 249 (18)Total debt to total capital 64% 65% (1)%Storm escrows 307 336 (29)Non-GAAP measures ($ in millions, except where noted)FFO to adjusted debt 16.8% 13.7% 3.1%Adjusted debt to adjusted capitalization 63% 64% (1)%Adjusted net debt to adjusted net capitalization 62% 63% (1)%Gross liquidity 5,863 5,757 106Net liquidity 7,846 6,361 1,485Adjusted Parent debt to total adjusted debt 18% 20% (2)%
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 Average number of electric customers over the periodcustomersOther O&M and refueling Other operation and maintenance expense plus nuclear refueling outage expense peroutage expense per MWh 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 Adjusted debt divided by adjusted capitalizationcapitalizationAdjusted earnings (loss) As-reported earnings (loss) minus adjustmentsAdjusted EPS Adjusted earnings (loss) 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 Adjusted net debtdivided by adjusted net capitalizationnet 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 Parent debt divided by consolidated adjusted debtadjusted debtAdjusted ROE Last twelve months adjusted earnings divided by average common equityAdjusted ROE excluding Last twelve months adjusted earnings, excluding dividend income from affiliate preferredaffiliate 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 acronymsACM Additional capacity mechanism HLBV Hypothetical liquidation at book valueADIT Accumulated deferred income taxes IRS Internal Revenue ServiceAFUDC – Allowance for debt funds used during LDC Local distribution companydebt construction LPSC Louisiana Public Service CommissionAFUDC – Allowance for equity funds used during LTM Last twelve monthsequity construction MCRM MISO cost recovery mechanismAMS Advanced metering system MISO Midcontinent Independent System Operator, Inc.APSC Arkansas Public Service Commission Moody's Moody's RatingsBESS Battery and energy storage system MPSC Mississippi Public Service CommissionCAGR Compound annual growth rate NDT Nuclear decommissioning trustCCCT Combined cycle combustion turbine NYSE New York Stock ExchangeCCNO Council of the City of New Orleans O&M Operation and maintenanceCCS Carbon capture and sequestration OCAPS Orange County Advanced Power Station (CCCT)CFO Cash from operations OCF Net cash flow provided by operating activitiesCOD Commercial operation date OpCo Utility operating companyCT Combustion turbine Other O&M Other non-fuel operation and maintenance expenseDCRF Distribution cost recovery factor P&O Parent & OtherDOE U.S. Department of Energy PMR Performance Management RiderDRM Distribution Recovery Mechanism PPA Power purchase agreement or purchased powerE-AR Entergy Arkansas, LLC PUCT agreementE-LA Entergy Louisiana, LLC RECs Public Utility Commission of TexasE-MS Entergy Mississippi, LLC RSHCR Renewable Energy CertificatesE-NO Entergy New Orleans, LLC ROE Resilience and storm hardening cost recoveryE-TX Entergy Texas, Inc. RPCR Return on equityEEI Edison Electric Institute S&P Resilience plan cost recovery riderEPS Earnings per share SEC Standard & Poor'sETR Entergy Corporation SERI U.S. Securities and Exchange CommissionEWC Entergy Wholesale Commodities 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 MechanismGrand Gulf or Unit 1 of Grand Gulf Nuclear Station (nuclear), Weighted-average cost of capitalGGNS 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) Third quarter 2025 2024As-reported net income attributable to Entergy Corporation (A) 1,809 1,757Adjustments (B) (5) 360Adjusted earnings (non-GAAP) (C)=(A-B) 1,814 1,397Average common equity (average of beginning and ending balances) (D) 15,847 14,362As-reported ROE (A/D) 11.4% 12.2%Adjusted ROE (non-GAAP) (C/D) 11.4% 9.7%
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) Third quarter 2025 2024Total debt (A) 30,563 29,100Securitization debt (B) 231 24950% junior subordinated debentures (C) 600 600Adjusted debt (non-GAAP) (D)=(A-B-C) 29,733 28,251Net cash flow provided by operating activities, LTM (E) 5,312 4,172Preferred dividend requirements of subsidiaries, LTM (F) (18) (18)50% of the interest expense associated with junior subordinated (G) (43) (15)debentures, LTMWorking capital items in net cash flow provided by operating activities, LTM:Receivables (114) 46Fuel inventory 6 26Accounts payable 269 32Taxes accrued 64 39Interest accrued 30 11Deferred fuel costs (216) 347Other working capital accounts 328 (198)Securitization regulatory charges, LTM 17 24Total (H) 384 328FFO, LTM (non-GAAP) (I)=(E-F-G-H) 4,989 3,877FFO to adjusted debt (non-GAAP) (I/D) 16.8% 13.7%
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) Third quarter 2025 2024Total debt (A) 30,563 29,100Securitization debt (B) 231 24950% junior subordinated debentures (C) 600 600Adjusted debt (non-GAAP) (D)=(A-B-C) 29,733 28,251Cash and cash equivalents (E) 1,517 1,412Adjusted net debt (non-GAAP) (F)=(D-E) 28,216 26,839Commercial paper (G) 1,398 1,122Total capitalization (H) 47,539 44,461Securitization debt (B) 231 249Adjusted capitalization (non-GAAP) (I)=(H-B) 47,308 44,212Cash and cash equivalents (E) 1,517 1,412Adjusted net capitalization (non-GAAP) (J)=(I-E) 45,791 42,800Total debt to total capitalization (A/H) 64% 65%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) 4,346 4,345Storm escrows (L) 307 336Equity sold forward, not yet settled (u) (M) 3,075 1,390Gross liquidity (non-GAAP) (N)=(E+K) 5,863 5,757Net liquidity (non-GAAP) (N-G+L+M) 7,846 6,361Entergy Corporation notes:Due Sept. 2025 – 800Due Sept. 2026 750 750Due June 2028 650 650Due June 2030 600 600Due June 2031 650 650Due June 2050 600 600Junior subordinated debentures due Dec. 2054 1,200 1,200Total Parent long-term debt (O) 4,450 5,250Revolver drawn (P) – -Unamortized debt issuance costs and discounts (Q) (41) (47)Total Parent debt (R)=(G+O+P+Q) 5,808 6,326Adjusted Parent debt (non-GAAP) (S)=(R-C) 5,208 5,726Adjusted Parent debt to total adjusted debt (non-GAAP) (S/D) 18% 20%
Calculations may differ due to rounding(u) Reflects adjustments, including for common dividends between contracting and settlement.
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