Entergy reports first quarter 2026 financial results

Entergy reports first quarter 2026 financial results 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:

Consolidated earnings (GAAP and non-GAAP measures)

First quarter 2026 vs. 2025 (See Appendix A for reconciliation of GAAP to non-

GAAP measures and description of adjustments)

First quarter

2026

2025

Change

(After-tax, $ in millions)

As-reported earnings

385

361

Less adjustments

(14)

Adjusted earnings (non-GAAP)

399

361

Estimated weather impact

(10)

(32)

(After-tax, per share in $)

As-reported earnings

0.83

0.82

0.01

Less adjustments

(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 vs. 2025 (See Appendix A-2 and Appendix A-3 for details on adjustments)

First quarter

2026

2025

Change

(After-tax, $ in millions)

As-reported earnings (loss)

Utility

540

490

Parent & Other

(155)

(129)

(26)

Consolidated

385

361

Less adjustments

Utility

Parent & Other

(14)

Consolidated

(14)

Adjusted earnings (loss) (non-GAAP)

Utility

540

490

Parent & Other

(141)

(129)

(12)

Consolidated

399

361

Estimated weather impact

(10)

(32)

Diluted average number of common shares outstanding (in millions)

463

441

(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)

Consolidated

(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)

Income tax effect on Parent & Other adjustment above

Total Parent & Other

(14)

Total adjustments

(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)

Total Parent & Other

(0.03)

Total adjustments

(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)

Income taxes

Total Parent & Other

(14)

Total adjustments

(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

(0.29)

0.82

Operating revenue less:

fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) – net

(0.11)

(e)

(0.12)

Nuclear refueling outage expenses

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)

Depreciation and amortization

(0.05)

(g)

(0.05)

Other income (deductions)

0.33

(h)

0.33

Interest expense

(0.06)

(i)

(0.03)

(j)

(0.09)

Income taxes – other

0.01

0.02

Preferred dividend requirements and noncontrolling interests

(0.01)

Share effect

(0.06)

0.02

(0.04)

(k)

2026 earnings (loss)

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

(d)

EPS effects of individual income statement line item variances are calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period. Income taxes – other represents income tax differences other than the income tax effect of individual line item variances. Share effect captures the per share impact from the change in diluted average number of common shares outstanding.

Utility as-reported operating revenue less fuel, fuel-related

expenses and gas purchased for resale; purchased power;

and other regulatory charges (credits) – net variance analysis

2026 vs. 2025 ($ EPS)

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

adjusted (l)

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

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

Commercial paper

1,367

1,330

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

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

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

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)

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

Accounts payable

254

210

Taxes accrued

(9)

Interest accrued

Deferred fuel costs

(302)

(187)

Customer advances – current

627

257

Other working capital accounts

(307)

(92)

Securitization regulatory charges, LTM

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

Due June 2028

650

Due June 2030

600

Due June 2031

650

Due June 2050

600

Junior subordinated debentures due December 2054

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.

SOURCE Entergy Corporation