Form 8-K
8-K — ENTERGY CORP /DE/
Accession: 0000065984-26-000279
Filed: 2026-07-29
Period: 2026-07-29
CIK: 0000065984
SIC: 4911 (ELECTRIC SERVICES)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — etr-20260729.htm (Primary)
EX-99.1 (earningsrelease2q26_ex991.htm)
GRAPHIC (image_0a.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: etr-20260729.htm · Sequence: 1
etr-20260729
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date earliest event reported) July 29, 2026
Commission
File Number
Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.
Commission
File Number
Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.
1-11299 ENTERGY CORPORATION 1-35747 ENTERGY NEW ORLEANS, LLC
(a Delaware corporation)
639 Loyola Avenue
New Orleans, Louisiana 70113
Telephone (504) 576-4000
(a Texas limited liability company)
1600 Perdido Street
New Orleans, Louisiana 70112
Telephone (504) 670-3702
72-1229752 82-2212934
1-10764 ENTERGY ARKANSAS, LLC 1-34360 ENTERGY TEXAS, INC.
(a Texas limited liability company)
425 West Capitol Avenue
Little Rock, Arkansas 72201
Telephone (501) 377-4000
(a Texas corporation)
2107 Research Forest Drive
The Woodlands, Texas 77380
Telephone (409) 981-2000
83-1918668 61-1435798
1-32718 ENTERGY LOUISIANA, LLC 1-09067 SYSTEM ENERGY RESOURCES, INC.
(a Texas limited liability company)
4809 Jefferson Highway
Jefferson, Louisiana 70121
Telephone (504) 576-4000
(an Arkansas corporation)
1340 Echelon Parkway
Jackson, Mississippi 39213
Telephone (601) 368-5000
47-4469646 72-0752777
1-31508 ENTERGY MISSISSIPPI, LLC
(a Texas limited liability company)
308 East Pearl Street
Jackson, Mississippi 39201
Telephone (601) 368-5000
83-1950019
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Registrant Title of Class Trading
Symbol Name of Each Exchange
on Which Registered
Entergy Corporation
Common Stock, $0.01 Par Value
ETR
New York Stock Exchange
Common Stock, $0.01 Par Value
ETR
NYSE Texas
Entergy Arkansas, LLC
Mortgage Bonds, 4.875% Series due September 2066
EAI
New York Stock Exchange
Entergy Louisiana, LLC
Mortgage Bonds, 4.875% Series due September 2066
ELC
New York Stock Exchange
Entergy Mississippi, LLC
Mortgage Bonds, 4.90% Series due October 2066
EMP
New York Stock Exchange
Entergy New Orleans, LLC
Mortgage Bonds, 5.0% Series due December 2052
ENJ
New York Stock Exchange
Mortgage Bonds, 5.50% Series due April 2066
ENO
New York Stock Exchange
Entergy Texas, Inc.
5.375% Series A Preferred Stock, Cumulative, No Par Value (Liquidation Value $25 Per Share)
ETI/PR
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On July 29, 2026, Entergy Corporation (the “Company”) issued a press release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the second quarter 2026 (the “Earnings Release”). The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 2.02.
Item 7.01. Regulation FD Disclosure
On July 29, 2026, the Company issued the Earnings Release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the second quarter 2026. The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 7.01.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit No.
Description
99.1
Earnings Release, dated July 29, 2026, issued by Entergy Corporation
104
Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Entergy Corporation
Entergy Arkansas, LLC
Entergy Louisiana, LLC
Entergy Mississippi, LLC
Entergy New Orleans, LLC
Entergy Texas, Inc.
System Energy Resources, Inc.
By: /s/ Patrick J. Stack
Patrick J. Stack
Senior Vice President and
Chief Accounting Officer
Dated: July 29, 2026
EX-99.1
EX-99.1
Filename: earningsrelease2q26_ex991.htm · Sequence: 2
Document
NEWS RELEASE
FOR IMMEDIATE RELEASE
July 29, 2026
Entergy reports second quarter 2026 financial results
Company affirms guidance and outlooks
NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported second quarter 2026 earnings per share of $1.03 on an as-reported and an adjusted (non-GAAP) basis.
“At our investor day in June, we provided a comprehensive update on our differentiated growth story that starts with our customers,” said Drew Marsh, Entergy Chair and Chief Executive Officer. “In the second quarter, we made steady progress across key customer, operational, regulatory, and financial areas. We remain solidly on track to achieve our objectives for 2026 and beyond.”
Business highlights included the following:
•The APSC approved Entergy Arkansas’s Generating Arkansas Jobs Act rider rate update.
•The PUCT approved Entergy Texas’s DCRF rate update.
•Entergy New Orleans and Entergy Louisiana each filed their annual formula rate plans.
•Entergy Arkansas filed its 2025 historical year formula rate plan netting adjustment.
•Entergy Louisiana and Entergy New Orleans each filed for an extension of their formula rate plans.
•Entergy Corporation completed a $2.175 billion common stock offering with a forward component.
•Entergy Texas was awarded an approximately $200 million Texas Energy Fund grant for electric reliability, which will strengthen the grid at no cost to customers.
•River Bend Station nuclear plant celebrated 40 years of producing clean, reliable electricity.
•Entergy’s nuclear team received four Top Innovative Practice awards from the Nuclear Energy Institute.
•Entergy was named to The Civic 50, a Points of Light initiative honoring the 50 most community-minded companies in the U.S.
Table of contents
Page
News release
Table of appendices and financial statements
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
1
6
7
10
13
14
15
17
19
Page 1
Entergy reports second quarter 2026 financial results
July 29, 2026
Page 2
Consolidated earnings (GAAP and non-GAAP measures)
Second quarter and year-to-date 2026 vs. 2025
(See Appendix A for reconciliation of GAAP to non-GAAP measures and details on adjustments)
Second quarter Year-to-date
2026 2025 Change 2026 2025 Change
(After-tax, $ in millions)
As-reported earnings
483 468 15 868 829 39
Less adjustments
- - - (14) - (14)
Adjusted earnings (non-GAAP)
483 468 15 881 829 52
Estimated weather impact
3 38 (35) (7) 60 (67)
(After-tax, per share in $)
As-reported earnings
1.03 1.05 (0.01) 1.87 1.87 -
Less adjustments
- - - (0.03) - (0.03)
Adjusted earnings (non-GAAP)
1.03 1.05 (0.01) 1.90 1.87 0.03
Estimated weather impact
0.01 0.08 (0.08) (0.02) 0.14 (0.15)
Calculations may differ due to rounding
Consolidated results
For second quarter 2026, the company reported earnings of $483 million, or $1.03 per share, on an as-reported and an adjusted basis. This compared to second quarter 2025 earnings of $468 million, or $1.05 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 second quarter 2026, the Utility business reported earnings attributable to Entergy Corporation of $626 million, or $1.34 per share, on an as-reported and an adjusted basis. This compared to second quarter 2025 earnings of $599 million, or $1.34 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 several operating companies;
•return on construction work in progress for certain utility plant investments;
•higher retail sales volume; and
•higher other income (deductions).
These drivers were partially offset by higher interest expense, higher O&M, and higher depreciation and amortization.
On a per share basis, second 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 second quarter 2026, Parent & Other reported a loss attributable to Entergy Corporation of $(143 million), or (31) cents per share, on an as-reported and an adjusted basis. This compared to a second
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Entergy reports second quarter 2026 financial results
July 29, 2026
Page 3
quarter 2025 loss of $(131 million), or (29) cents per share, on an as-reported and an adjusted basis.
The primary driver for the quarter-over-quarter change was higher interest expense.
On a per share basis, second 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, July 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 Aug. 5, 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.
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Entergy reports second quarter 2026 financial results
July 29, 2026
Page 4
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.
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Entergy reports second quarter 2026 financial results
July 29, 2026
Page 5
Cautionary note regarding forward-looking statements
This news release contains certain “forward-looking statements” within the meaning of federal securities laws that are subject to risks and uncertainties. Such statements include, among other things, statements regarding Entergy’s 2026 adjusted earnings per share guidance and capital plan; financial and operational outlooks and expected industrial sales; industrial load growth outlooks; statements regarding its resilience plans, goals, beliefs, or expectations; and other statements of Entergy’s plans, beliefs, or expectations within 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. 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 and any subsequent public filings with the Securities and Exchange Commission; (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 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 risks that any such transaction may not be completed as and when expected or the anticipated benefits may not be realized, and (2) Entergy’s ability to meet the rapidly growing demand for electricity, including from large-scale data centers and other large customers, and to manage the impacts of such growth on customers and its business, or the risk that contracted or expected load growth does not materialize or is not sustained; (h) risks and uncertainties associated with the resolution of pending or future applications, regulatory proceedings, litigation or governmental official actions relating to generation, transmission, or other facilities and the effect of related public and political opposition, including, in each case, those relating to any facilities designed to serve large-scale data centers; (i) 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 (j) effects on Entergy or its customers of (1) changes in federal, state, or local laws and regulations and other governmental actions or policies, such as changes in monetary, fiscal, trade, tax, environmental, or energy (including, among other things, data center energy use, efficiency standards, and sources of power) policies, as well as changes in utility regulations, including those relating to new projects designed to serve the increased load growth of large-scale data centers and other large customers; (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.
-30-
Investor inquiries:
Liz Hunter
504-576-3294
ehunte1@entergy.com
Media inquiries:
Cristina del Canto
504-576-4238
mdelcan@entergy.com
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Second 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
Page 6
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
Second quarter and year-to-date 2026 vs. 2025 (See Appendix A-2 and Appendix A-3 for details on adjustments)
Second quarter Year-to-date
2026 2025 Change 2026 2025 Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility 626 599 27 1,166 1,089 77
Parent & Other (143) (131) (12) (298) (260) (38)
Consolidated 483 468 15 868 829 39
Less adjustments
Utility - - - - - -
Parent & Other - - - (14) - (14)
Consolidated - - - (14) - (14)
Adjusted earnings (loss) (non-GAAP)
Utility 626 599 27 1,166 1,089 77
Parent & Other (143) (131) (12) (284) (260) (25)
Consolidated 483 468 15 881 829 52
Estimated weather impact 3 38 (35) (7) 60 (67)
Diluted average number of common shares outstanding (in millions) 466 446 21 464 443 21
(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility 1.34 1.34 - 2.51 2.45 0.06
Parent & Other (0.31) (0.29) (0.01) (0.64) (0.59) (0.06)
Consolidated 1.03 1.05 (0.01) 1.87 1.87 -
Less adjustments
Utility - - - - - -
Parent & Other - - - (0.03) - (0.03)
Consolidated - - - (0.03) - (0.03)
Adjusted earnings (loss) (non-GAAP)
Utility 1.34 1.34 - 2.51 2.45 0.06
Parent & Other (0.31) (0.29) (0.01) (0.61) (0.59) (0.03)
Consolidated 1.03 1.05 (0.01) 1.90 1.87 0.03
Estimated weather impact 0.01 0.08 (0.08) (0.02) 0.14 (0.15)
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.
Page 7
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 2026 vs. 2025
Second quarter
Year-to-date
2026
2025
Change
2026
2025
Change
(Pre-tax except for income tax effect and totals; $ in millions)
Parent & Other
1Q26 impairment related to the expected sale of a non-utility business interest in Independence power plant
-
-
-
(18)
-
(18)
Income tax effect on Parent & Other adjustment above
-
-
-
4
-
4
Total Parent and Other
-
-
-
(14)
-
(14)
Total adjustments
-
-
-
(14)
-
(14)
(After-tax, per share in $) (b)
Parent & Other
1Q26 impairment related to the expected sale of a non-utility business interest in Independence power plant
-
-
-
(0.03)
-
(0.03)
Total Parent & Other
-
-
-
(0.03)
-
(0.03)
Total adjustments
-
-
-
(0.03)
-
(0.03)
Calculations may differ due to rounding
(b)Per share amounts are calculated by multiplying the corresponding earnings (loss) by the 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 2026 vs. 2025
(Pre-tax except for income taxes and totals; $ in millions)
Second quarter
Year-to-date
2026
2025
Change
2026
2025
Change
Parent & Other
Asset write-offs, impairments, and related charges
-
-
-
(18)
-
(18)
Income taxes
-
-
-
4
-
4
Total Parent & Other
-
-
-
(14)
-
(14)
Total adjustments
-
-
-
(14)
-
(14)
Calculations may differ due to rounding
Page 8
Appendix A-4 provides a comparative summary of OCF by business.
Appendix A-4: Consolidated operating cash flow
Second quarter and year-to-date 2026 vs. 2025
($ in millions)
Second quarter Year-to-date
2026 2025 Change 2026 2025 Change
Utility 2,021 1,371 650 2,891 1,937 954
Parent & Other (128) (110) (18) (169) (139) (30)
Consolidated 1,893 1,262 631 2,722 1,798 924
Calculations may differ due to rounding
Second quarter 2026 OCF increased primarily due to higher receipts of advance payments related to customer agreements, higher collections from Utility customers, and lower fuel and purchased power payments. These increases were partially offset by the timing of payments to vendors and higher interest payments.
Page 9
B: Earnings variance analysis
Appendix B-1 and Appendix B-2 provide details of current quarter and year-to-date 2026 versus 2025 as-reported and adjusted earnings per share variances.
Appendix B-1: As-reported and adjusted earnings per share variance analysis (c), (d)
Second 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) 1.34 1.34 (0.29) (0.29) 1.05 1.05
Operating revenue less:
fuel, fuel-related exp. and gas purch. for resale; purch. power; and other reg. chgs. (credits) – net
0.18 0.18
(e)
- - 0.18 0.18
Nuclear refueling outage expenses
- - - - - -
Other O&M
(0.08) (0.08)
(f)
- - (0.08) (0.08)
Asset write-offs, impairments, and related charges
- - - - - -
Decommissioning
(0.01) (0.01) - - - -
Taxes other than income taxes
(0.02) (0.02) - - (0.02) (0.02)
Depreciation and amortization
(0.05) (0.05)
(g)
- - (0.04) (0.04)
Other income (deductions)
0.13 0.13
(h)
0.01 0.01 0.15 0.15
Interest expense
(0.11) (0.11)
(i)
(0.04) (0.04)
(j)
(0.15) (0.15)
Income taxes – other
0.01 0.01 - - - -
Preferred dividend requirements and noncontrolling interests
- - - - - -
Share effect
(0.06) (0.06) 0.01 0.01 (0.05) (0.05)
(k)
2026 earnings (loss)
1.34 1.34 (0.31) (0.31) 1.03 1.03
h
Calculations may differ due to rounding
Appendix B-2: As-reported and adjusted earnings per share variance analysis (c), (d)
Year-to-date 2026 vs. 2025
(After-tax, per share in $)
Utility
Parent & Other
Consolidated
As-
reported
Adjusted
As-
reported
Adjusted
As-
reported
Adjusted
2025 earnings (loss) 2.45 2.45 (0.59) (0.59) 1.87 1.87
Operating revenue less:
fuel, fuel-related exp. and gas purch. for resale; purch. power; and other reg. chgs. (credits) – net
0.07 0.07
(e)
- - 0.07 0.07
Nuclear refueling outage expenses
0.02 0.02 - - 0.02 0.02
Other O&M
(0.08) (0.08)
(f)
- - (0.08) (0.08)
Asset write-offs, impairments, and related charges
- - (0.03) -
(l)
(0.03) -
Decommissioning
(0.01) (0.01) - - (0.01) (0.01)
Taxes other than income taxes
(0.04) (0.04)
(m)
- - (0.04) (0.04)
Depreciation and amortization
(0.09) (0.09)
(g)
- - (0.09) (0.09)
Other income (deductions)
0.46 0.46
(h)
0.01 0.01 0.48 0.48
Interest expense
(0.18) (0.18)
(i)
(0.06) (0.06)
(j)
(0.24) (0.24)
Income taxes – other
0.02 0.02 - - 0.02 0.02
Preferred dividend requirements and noncontrolling interests
(0.01) (0.01) - - (0.01) (0.01)
Share effect
(0.12) (0.12) 0.03 0.03 (0.09) (0.09)
(k)
2026 earnings (loss)
2.51 2.51 (0.64) (0.61) 1.87 1.90
h
Calculations may differ due to rounding
Page 10
(c)Utility operating revenue and Utility income taxes – other variances exclude the following for the return/collection of excess/deficient unprotected ADIT (net effect was neutral to earnings) ($ in millions):
2Q26
2Q25
YTD26
YTD25
Utility operating revenue
(13)
(4)
(28)
(6)
Utility income taxes – other
13
4
28
6
(d)EPS effects of individual income statement line item variances are calculated by multiplying the pre-tax amount by the 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.
(e)The second quarter and year-to-date earnings increases reflected the effect of rate actions including: E-AR’s FRP, E-AR’s Generating Arkansas Jobs Act Rider, E-LA’s FRP (including FRP riders), E-LA’s RPCR, E-MS’s FRP interim facilities rate adjustment, and E-TX’s DCRF. 2026 results included higher revenue related to the amortization of certain customer advances designed to provide a return on CWIP for certain utility plant investments, which is recognized as the related costs are incurred. The increases also reflected higher electric volume, including the effects of weather, as well as second quarter 2025 MISO capacity costs at E-TX prior to the implementation of a new capacity cost rider, which was effective June 2026. The increases were partially offset by the absence of revenues and gas purchase for resale from the natural gas LDC businesses that were sold in July 2025. 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 year-to-date increase also included the effects of E-MS’s grid modernization rider.
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)
2Q YTD
Electric volume / weather
0.04 0.03
Retail electric price
0.15 0.32
Return on CWIP for certain utility plant investments
0.07 0.12
E-TX MISO capacity costs
0.03 0.03
Sale of natural gas LDCs
(0.04) (0.11)
Reg. provisions for decommissioning items
(0.07) (0.36)
Other
0.02 0.05
Total
0.18 0.07
(f)The second quarter earnings decrease from higher Utility other O&M was primarily due to an increase in power delivery expenses driven by higher vegetation maintenance costs, as well as higher compensation and benefits costs resulting from higher healthcare claims activity and the timing of the recognition of prescription drug rebates. The second quarter decrease was partially offset by lower bad debt expense. The year-to-date earnings decrease from higher Utility other O&M was primarily due to an increase in power delivery expenses driven by higher vegetation maintenance costs, a higher scope of work performed in 2026 as compared to 2025, and increased labor costs. The year-to-date decrease also reflected higher compensation and benefits, primarily due to a revision to estimated incentive-based compensation expense in 2025. The year-to-date decrease was partially offset by higher nuclear insurance refunds, lower gas operation expenses resulting from the sale of natural gas LDC businesses, and decreases in loss provisions and bad debt expense.
(g)The second quarter and year-to-date earnings decreases from higher Utility depreciation and amortization were primarily due to higher plant in service. The decreases also reflected higher 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 second quarter and year-to-date earnings increases from higher Utility other income (deductions) included changes in nuclear decommissioning trust returns, including portfolio rebalancing in 2026 (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral). The increases also reflected higher amortization of tax gross ups on customer advances, including customer advances for construction as well as higher external interest income. The increases were partially offset by a true-up of E-LA’s MISO cost recovery mechanism.
(i)The second quarter and year-to-date earnings decreases from higher Utility interest expense were primarily due to higher debt balances, a higher average interest rate, and higher carrying costs on customer advances. The year-to-date decrease also reflected 2026 carrying costs on retained net proceeds from the monetization of nuclear production tax credits.
Page 11
(j)The second quarter and year-to-date earnings decreases from higher Parent & Other interest expense were primarily due to the issuance of $1.3 billion of junior subordinated debentures in Nov. 2025.
(k)The second quarter and year-to-date earnings per share decreases from share effect were due to higher diluted average number of common shares outstanding. The increases in shares outstanding were primarily due to the settlement of equity forwards in Oct. 2025, Feb. 2026, and June 2026 and the dilutive effect of an increase in the stock price on unsettled equity forwards.
(l)The year-to-date 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).
(m)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 millage rate increases.
Page 12
C: Utility operating and financial measures
Appendix C provides a comparison of Utility operating and financial measures.
Appendix C: Utility operating and financial measures
Second quarter and year-to-date 2026 vs. 2025
Second quarter
Year-to-date
2026
2025
%
change
% weather adj. (n)
2026
2025
%
change
% weather adj. (n)
GWh sold
Residential
8,736 8,899 (1.8) 2.8 16,792 17,683 (5.0) (0.2)
Commercial
7,208 7,265 (0.8) 0.3 13,437 13,507 (0.5) (0.1)
Governmental
617 617 - 1.6 1,172 1,176 (0.3) 0.3
Industrial
17,164 15,620 9.9 9.9 33,060 29,452 12.3 12.3
Total retail
33,725 32,401 4.1 5.7 64,461 61,818 4.3 5.9
Wholesale
3,338 4,133 (19.2) 6,127 5,767 6.2
Total
37,063 36,534 1.4 70,588 67,585 4.4
Number of electric retail customers
Residential
2,637,865 2,608,472
1.1
Commercial
374,149 371,699
0.7
Governmental
19,105 18,008
6.1
Industrial
39,892 41,227
(3.2)
Total
3,071,011 3,039,406
1.0
Other O&M and nuclear refueling outage exp. per MWh
$21.24
$20.33
4.4
$20.88
$21.28
(1.9)
Calculations may differ due to rounding
(n)The effects of weather were estimated using hourly heating degree days and cooling degree days for the period from various locations and comparing to a “normal” temperature range for each jurisdiction based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.
For the quarter, weather-adjusted retail sales increased 5.7 percent. The increase was primarily due to a 9.9 percent increase in industrial volume driven by higher sales to data center, primary metals, and chlor-alkali customers. Residential sales were 2.8 percent higher.
Page 13
D: Consolidated financial measures
Appendix D provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.
Appendix D: GAAP and non-GAAP financial measures
2026 vs. 2025 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending June 30
2026 2025 Change
GAAP measure
As-reported ROE
10.4% 11.4% (1)%
Non-GAAP financial measure
Adjusted ROE
10.5% 11.5% (1)%
As of June 30 ($ in millions, except where noted)
2026 2025 Change
GAAP measures
Cash and cash equivalents
3,854 1,176 2,678
Available revolver capacity
4,346 4,345 1
Commercial paper
1,544 459 1,085
Total debt
34,749 30,522 4,227
Junior subordinated debentures
2,500 1,200 1,300
Securitization debt
213 230 (17)
Total debt to total capital
65% 65% -
Storm escrows 314 303 11
Non-GAAP financial measures ($ in millions, except where noted)
FFO to adjusted debt
15.8% 15.1% 0.7%
Adjusted debt to adjusted capitalization
63% 63% -
Adjusted net debt to adjusted net capitalization
60% 62% (2)%
Gross liquidity
8,200 5,521 2,679
Net liquidity
10,026 7,631 2,395
Adjusted Parent debt to total adjusted debt
18% 17% 1%
Build-to-suit lease agreement (o)
1,450 - 1,450
Calculations may differ due to rounding
(o)Maximum counterparty commitment; see Form 10-K for the fiscal year ended Dec. 2025 for additional details.
Page 14
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
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
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 plus total equity
Total debt
Sum of short-term and long-term debt, notes payable, and commercial paper
Total debt to total capitalization
Total debt divided by total capitalization
Financial measures – non-GAAP
Adjusted capitalization
Total capitalization excluding securitization debt
Adjusted debt
Total 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
Last twelve months 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
Page 15
Appendix E-2 explains abbreviations and acronyms used in the quarterly earnings materials.
Appendix E-2: Abbreviations and acronyms
A&G
ACM
ADIT
AFUDC
APSC
BESS
CAGR
CCCT
CCNO
CFO
COD
CT
CWIP
DCRF
DRM
E-AR
E-LA
E-MS
E-NO
E-TX
EPS
ETR
FFO
FRP
GAAP
GCRR
GGO
Grand Gulf or GGNS
Independence
LDC
Administrative and general expenses
Additional Capacity Mechanism
Accumulated deferred income taxes
Allowance for funds used during construction
Arkansas Public Service Commission
Battery and energy storage system
Compound annual growth rate
Combined cycle combustion turbine
Council of the City of New Orleans
Cash from operations
Commercial operation date
Combustion turbine
Construction work in progress
Distribution Cost Recovery Factor
Distribution Recovery Mechanism
Entergy Arkansas, LLC
Entergy Louisiana, LLC
Entergy Mississippi, LLC
Entergy New Orleans, LLC
Entergy Texas, Inc.
Earnings per share
Entergy Corporation
Funds from operations
Formula rate plan
U.S. generally accepted accounting principles
Generation Cost Recovery Rider
Geaux Green Option
Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI
Independence Steam Electric Station
Local distribution company
LPSC
LTM
MCRM
MISO
Moody’s
MPSC
NDT
NYSE
O&M
OCAPS
OCF
OpCo
Other O&M
P&O
PMR
PPA
PUCT
RECs
RSHCR
ROE
RPCR
S&P
SEC
SERI
TAM
TCRF
TRM
VMR
WACC
Louisiana Public Service Commission
Last twelve months
MISO Cost Recovery Mechanism
Midcontinent Independent System Operator, Inc.
Moody’s Ratings
Mississippi Public Service Commission
Nuclear decommissioning trust
New York Stock Exchange
Operation and maintenance
Orange County Advanced Power Station (CCCT)
Net cash flow provided by operating activities
Utility operating company
Other operation and maintenance expense
Parent & Other
Performance Management Rider
Power purchase agreement or purchased power agreement
Public Utility Commission of Texas
Renewable energy certificates
Resilience and Storm Hardening Cost Recovery
Return on equity
Resilience Plan Cost Recovery Rider
Standard & Poor’s
U.S. Securities and Exchange Commission
System Energy Resources, Inc.
Tax Adjustment Mechanism
Transmission Cost Recovery Factor
Transmission Recovery Mechanism
Vegetation management rider
Weighted average cost of capital
Page 16
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
2026 2025
As-reported net income attributable to Entergy Corporation
(A) 1,797 1,760
Adjustments (B) (14) (5)
Adjusted earnings (non-GAAP) (C)=(A-B) 1,811 1,765
Average common equity (average of beginning and ending balances) (D) 17,221 15,390
As-reported ROE (A/D) 10.4% 11.4%
Adjusted ROE (non-GAAP) (C/D) 10.5% 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)
Second quarter
2026 2025
Total debt
(A) 34,749 30,522
Securitization debt
(B) 213 230
50% junior subordinated debentures
(C) 1,250 600
Adjusted debt (non-GAAP)
(D)=(A-B-C) 33,286 29,692
Net cash flow provided by operating activities, LTM
(E) 6,075 4,740
Preferred dividend requirements of subsidiaries, LTM
(F) (18) (18)
50% of the interest expense associated with junior subordinated debentures, LTM
(G) (68) (43)
Working capital items in net cash flow provided by operating activities, LTM:
Receivables
(30) (84)
Fuel inventory
38 (1)
Accounts payable
226 208
Taxes accrued
69 18
Interest accrued
49 45
Deferred fuel costs
(139) (216)
Customer advances – current
918 455
Other working capital accounts
(244) (109)
Securitization regulatory charges, LTM 18 17
Total
(H) 904 332
FFO, LTM (non-GAAP)
(I)=(E-F-G-H) 5,257 4,469
FFO to adjusted debt (non-GAAP)
(I/D) 15.8% 15.1%
Calculations may differ due to rounding
Page 17
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
2026 2025
Total debt (A) 34,749 30,522
Securitization debt (B) 213 230
50% junior subordinated debentures (C) 1,250 600
Adjusted debt (non-GAAP)
(D)=(A-B-C) 33,286 29,692
Cash and cash equivalents (E) 3,854 1,176
Adjusted net debt (non-GAAP) (F)=(D-E) 29,432 28,516
Commercial paper (G) 1,544 459
Total capitalization (H) 53,289 47,050
Securitization debt (B) 213 230
Adjusted capitalization (non-GAAP) (I)=(H-B) 53,076 46,820
Cash and cash equivalents (E) 3,854 1,176
Adjusted net capitalization (non-GAAP) (J)=(I-E) 49,222 45,644
Total debt to total capitalization (A/H) 65% 65%
Adjusted debt to adjusted capitalization (non-GAAP) (D/I) 63% 63%
Adjusted net debt to adjusted net capitalization (non-GAAP) (F/J) 60% 62%
Available revolver capacity (K) 4,346 4,345
Storm escrows (L) 314 303
Equity sold forward, not yet settled (p)
(M) 3,056 2,266
Gross liquidity (non-GAAP) (N)=(E+K) 8,200 5,521
Net liquidity (non-GAAP)
(N-G+L+M)
10,026 7,631
Entergy Corporation notes:
Due September 2025 - 800
Due September 2026 750 750
Due June 2028 650 650
Due June 2030 600 600
Due June 2031 650 650
Due June 2050 600 600
Junior subordinated debentures due Dec. 2054 1200 1,200
Junior subordinated debentures due June 2056 700 -
Junior subordinated debentures due June 2056 600 -
Total Parent long-term debt (O) 5,750 5,250
Revolver drawn (P) - -
Unamortized debt issuance costs and discounts (Q) (53) (42)
Total Parent debt (R)=(G+O+P+Q) 7,242 5,667
Adjusted Parent debt (non-GAAP) (S)=(R-C) 5,992 5,067
Adjusted Parent debt to total adjusted debt (non-GAAP) (S/D) 18% 17%
Calculations may differ due to rounding
(p)Reflects adjustments, including for common dividends between contracting and settlement.
Page 18
Financial statements
Entergy Corporation
Consolidating Balance Sheet
June 30, 2026
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash $ 55,591 $ 62,598 $ 118,189
Temporary cash investments 3,507,668 228,188 3,735,856
Total cash and cash equivalents 3,563,259 290,786 3,854,045
Accounts receivable:
Customer 872,618 — 872,618
Allowance for doubtful accounts (29,436) — (29,436)
Associated companies 4,346 (4,346) —
Other 226,001 4,058 230,059
Accrued unbilled revenues 635,234 — 635,234
Total accounts receivable 1,708,763 (288) 1,708,475
Deferred fuel costs 192,004 — 192,004
Fuel inventory - at average cost 135,171 2,482 137,653
Materials and supplies 1,782,001 2,543 1,784,544
Deferred nuclear refueling outage costs 125,220 — 125,220
Prepayments and other 548,640 (146,380) 402,260
TOTAL 8,055,058 149,143 8,204,201
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates 3,889,949 (3,889,949) —
Decommissioning trust funds 6,722,325 — 6,722,325
Non-utility property - at cost (less accumulated depreciation) 473,479 6,440 479,919
Storm reserve escrow accounts 314,335 — 314,335
Other 62,001 66,793 128,794
TOTAL 11,462,089 (3,816,716) 7,645,373
PROPERTY, PLANT, AND EQUIPMENT
Electric 76,445,043 100,828 76,545,871
Construction work in progress 9,018,714 139 9,018,853
Nuclear fuel 809,430 — 809,430
TOTAL PROPERTY, PLANT, AND EQUIPMENT 86,273,187 100,967 86,374,154
Less - accumulated depreciation and amortization 29,178,225 72,493 29,250,718
PROPERTY, PLANT, AND EQUIPMENT - NET 57,094,962 28,474 57,123,436
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets 4,871,706 — 4,871,706
Deferred fuel costs 172,201 — 172,201
Goodwill 367,582 — 367,582
Accumulated deferred income taxes 25,986 3,733 29,719
Other 629,654 (41,254) 588,400
TOTAL 6,067,129 (37,521) 6,029,608
TOTAL ASSETS $ 82,679,238 $ (3,676,620) $ 79,002,618
*Totals may not foot due to rounding.
Page 19
Entergy Corporation
Consolidating Balance Sheet
June 30, 2026
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt $ 760,174 $ 750,000 $ 1,510,174
Notes payable and commercial paper:
Associated companies 45,564 (45,564) —
Other 25,313 1,544,183 1,569,496
Accounts payable:
Associated companies 37,596 (37,596) —
Other 2,713,471 2,751 2,716,222
Customer deposits 491,361 — 491,361
Taxes accrued 552,551 (15,161) 537,390
Interest accrued 310,212 20,953 331,165
Deferred fuel costs 20,861 — 20,861
Pension and other postretirement liabilities 50,253 11,112 61,365
Customer advances 1,470,056 — 1,470,056
Other 286,506 3,995 290,501
TOTAL 6,763,918 2,234,673 8,998,591
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued 7,842,544 (1,966,880) 5,875,664
Accumulated deferred investment tax credits 183,073 — 183,073
Regulatory liability for income taxes - net 1,034,742 — 1,034,742
Other regulatory liabilities 3,989,788 — 3,989,788
Customer advances 170,298 — 170,298
Decommissioning and asset retirement cost liabilities 5,062,850 694 5,063,544
Accumulated provisions 471,949 220 472,169
Pension and other postretirement liabilities 70,591 18,021 88,612
Long-term debt 26,600,155 4,947,497 31,547,652
Customer advances for construction 2,086,359 — 2,086,359
Other 1,356,994 (404,964) 952,030
TOTAL 48,869,343 2,594,588 51,463,931
Subsidiaries' preferred stock without sinking fund 195,161 24,249 219,410
EQUITY
Preferred stock, no par value, authorized 1,000,000 shares;
issued shares in 2026 - none — — —
Common stock, $0.01 par value, authorized 998,000,000 shares; —
issued 596,525,807 shares in 2026 2,280,842 (2,274,877) 5,965
Paid-in capital 5,785,308 4,181,182 9,966,490
Retained earnings 18,769,152 (5,789,092) 12,980,060
Accumulated other comprehensive income 40,198 (41,288) (1,090)
Less - treasury stock, at cost (129,894,309 shares in 2026) 120,000 4,602,305 4,722,305
TOTAL SHAREHOLDERS' EQUITY 26,755,500 (8,526,380) 18,229,120
Subsidiaries' preferred stock without sinking fund
and noncontrolling interests 95,316 (3,750) 91,566
TOTAL 26,850,816 (8,530,130) 18,320,686
TOTAL LIABILITIES AND EQUITY $ 82,679,238 $ (3,676,620) $ 79,002,618
*Totals may not foot due to rounding.
Page 20
Entergy Corporation
Consolidating Balance Sheet
December 31, 2025
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash $ 39,221 $ 6,674 $ 45,895
Temporary cash investments 1,817,764 65,257 1,883,021
Total cash and cash equivalents 1,856,985 71,931 1,928,916
Accounts receivable:
Customer 735,734 — 735,734
Allowance for doubtful accounts (32,324) — (32,324)
Associated companies 4,643 (4,643) —
Other 239,157 3,245 242,402
Accrued unbilled revenues 524,420 — 524,420
Total accounts receivable 1,471,630 (1,398) 1,470,232
Deferred fuel costs 54,133 — 54,133
Fuel inventory - at average cost 125,480 6,494 131,974
Materials and supplies 1,705,669 4,726 1,710,395
Deferred nuclear refueling outage costs 86,497 — 86,497
Prepayments and other 431,881 (7,177) 424,704
TOTAL 5,732,275 74,576 5,806,851
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates 4,014,624 (4,014,624) —
Decommissioning trust funds 6,300,880 — 6,300,880
Non-utility property - at cost (less accumulated depreciation) 475,121 6,469 481,590
Storm reserve escrow accounts 308,784 — 308,784
Other 57,013 67,401 124,414
TOTAL 11,156,422 (3,940,754) 7,215,668
PROPERTY, PLANT, AND EQUIPMENT
Electric 74,546,777 204,140 74,750,917
Construction work in progress 6,018,996 1,012 6,020,008
Nuclear fuel 834,690 — 834,690
TOTAL PROPERTY, PLANT, AND EQUIPMENT 81,400,463 205,152 81,605,615
Less - accumulated depreciation and amortization 28,598,552 152,449 28,751,001
PROPERTY, PLANT, AND EQUIPMENT - NET 52,801,911 52,703 52,854,614
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets 5,005,976 — 5,005,976
Deferred fuel costs 172,201 — 172,201
Goodwill 367,582 — 367,582
Accumulated deferred income taxes 12,311 3,229 15,540
Other 477,426 (25,128) 452,298
TOTAL 6,035,496 (21,899) 6,013,597
TOTAL ASSETS $ 75,726,104 $ (3,835,374) $ 71,890,730
*Totals may not foot due to rounding.
Page 21
Entergy Corporation
Consolidating Balance Sheet
December 31, 2025
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt $ 1,625,140 $ 750,000 $ 2,375,140
Notes payable and commercial paper:
Other 20,012 637,762 657,774
Accounts payable:
Associated companies 43,470 (43,470) —
Other 2,560,083 5,463 2,565,546
Customer deposits 479,796 — 479,796
Taxes accrued 526,984 (1,795) 525,189
Interest accrued 256,476 29,181 285,657
Deferred fuel costs 14,562 — 14,562
Pension and other postretirement liabilities 51,906 11,308 63,214
Customer advances 632,850 — 632,850
Other 218,775 4,465 223,240
TOTAL 6,430,054 1,392,914 7,822,968
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued 7,503,093 (1,910,412) 5,592,681
Accumulated deferred investment tax credits 187,173 — 187,173
Regulatory liability for income taxes - net 1,079,699 — 1,079,699
Other regulatory liabilities 3,911,839 — 3,911,839
Customer advances 35,000 — 35,000
Decommissioning and asset retirement cost liabilities 4,943,671 3,859 4,947,530
Accumulated provisions 495,549 230 495,779
Pension and other postretirement liabilities 70,484 43,446 113,930
Long-term debt 22,956,499 4,945,522 27,902,021
Customer advances for construction 1,615,455 — 1,615,455
Other 1,359,531 (406,453) 953,078
TOTAL 44,157,993 2,676,192 46,834,185
Subsidiaries' preferred stock without sinking fund 195,161 24,249 219,410
EQUITY
Preferred stock, no par value, authorized 1,000,000 shares;
issued shares in 2025 - none — — —
Common stock, $0.01 par value, authorized 998,000,000 shares;
issued 583,203,774 shares in 2025 2,280,842 (2,275,010) 5,832
Paid-in capital 5,420,248 3,559,139 8,979,387
Retained earnings 17,223,994 (4,525,558) 12,698,436
Accumulated other comprehensive income (loss) 42,971 (45,977) (3,006)
Less - treasury stock, at cost (130,864,409 shares in 2025) 120,000 4,637,573 4,757,573
TOTAL SHAREHOLDERS' EQUITY 24,848,055 (7,924,979) 16,923,076
Subsidiaries' preferred stock without sinking fund
and noncontrolling interests 94,841 (3,750) 91,091
TOTAL 24,942,896 (7,928,729) 17,014,167
TOTAL LIABILITIES AND EQUITY $ 75,726,104 $ (3,835,374) $ 71,890,730
*Totals may not foot due to rounding.
Page 22
Entergy Corporation
Consolidating Income Statement
Three Months Ended June 30, 2026
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
OPERATING REVENUES
Electric $ 3,513,488 $ — $ 3,513,488
Other — 10,150 10,150
Total 3,513,488 10,150 3,523,638
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 756,802 2,541 759,343
Purchased power 305,250 1,993 307,243
Nuclear refueling outage expenses 28,433 — 28,433
Other operation and maintenance 758,723 12,695 771,418
Decommissioning 59,460 63 59,523
Taxes other than income taxes 214,095 675 214,770
Depreciation and amortization 547,671 508 548,179
Other regulatory charges (credits) - net (15,360) — (15,360)
Total 2,655,074 18,475 2,673,549
OPERATING INCOME 858,414 (8,325) 850,089
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction 54,741 — 54,741
Interest and investment income 243,168 (68,260) 174,908
Miscellaneous - net (48,391) (1,596) (49,987)
Total 249,518 (69,856) 179,662
INTEREST EXPENSE
Interest expense 351,493 81,621 433,114
Allowance for borrowed funds used during construction (22,861) — (22,861)
Total 328,632 81,621 410,253
INCOME BEFORE INCOME TAXES 779,300 (159,802) 619,498
Income taxes 148,924 (17,246) 131,678
CONSOLIDATED NET INCOME 630,376 (142,556) 487,820
Preferred dividend requirements of subsidiaries and noncontrolling interests 4,714 499 5,213
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $ 625,662 $ (143,055) $ 482,607
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $1.36 ($0.31) $1.05
DILUTED $1.34 ($0.31) $1.03
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 458,745,729
DILUTED 466,308,890
*Totals may not foot due to rounding.
Page 23
Entergy Corporation
Consolidating Income Statement
Three Months Ended June 30, 2025
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
OPERATING REVENUES
Electric $ 3,274,945 $ — $ 3,274,945
Natural gas 40,778 — 40,778
Other — 13,126 13,126
Total 3,315,723 13,126 3,328,849
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 631,773 4,501 636,274
Purchased power 372,842 3,263 376,105
Nuclear refueling outage expenses 29,613 — 29,613
Other operation and maintenance 713,296 11,167 724,463
Decommissioning 56,490 79 56,569
Taxes other than income taxes 200,784 990 201,774
Depreciation and amortization 520,896 1,687 522,583
Other regulatory charges (credits) - net (55,957) — (55,957)
Total 2,469,737 21,687 2,491,424
OPERATING INCOME 845,986 (8,561) 837,425
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction 51,305 — 51,305
Interest and investment income 160,248 (72,829) 87,419
Miscellaneous - net (41,497) (2,225) (43,722)
Total 170,056 (75,054) 95,002
INTEREST EXPENSE
Interest expense 282,026 61,041 343,067
Allowance for borrowed funds used during construction (20,993) — (20,993)
Total 261,033 61,041 322,074
INCOME BEFORE INCOME TAXES 755,009 (144,656) 610,353
Income taxes 152,836 (14,437) 138,399
CONSOLIDATED NET INCOME 602,173 (130,219) 471,954
Preferred dividend requirements of subsidiaries and noncontrolling interests 3,525 499 4,024
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $ 598,648 $ (130,718) $ 467,930
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $1.36 ($0.30) $1.07
DILUTED $1.34 ($0.29) $1.05
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 439,182,369
DILUTED 445,700,889
*Totals may not foot due to rounding.
Page 24
Entergy Corporation
Consolidating Income Statement
Six Months Ended June 30, 2026
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
OPERATING REVENUES
Electric $ 6,683,761 $ — $ 6,683,761
Other — 27,503 27,503
Total 6,683,761 27,503 6,711,264
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 1,362,097 9,070 1,371,167
Purchased power 663,755 6,531 670,286
Nuclear refueling outage expenses 52,576 — 52,576
Other operation and maintenance 1,421,165 23,818 1,444,983
Asset write-offs, impairments, and related charges — 18,059 18,059
Decommissioning 118,194 147 118,341
Taxes other than income taxes 420,082 1,212 421,294
Depreciation and amortization 1,086,299 2,009 1,088,308
Other regulatory charges (credits) - net 103,939 — 103,939
Total 5,228,107 60,846 5,288,953
OPERATING INCOME 1,455,654 (33,343) 1,422,311
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction 102,081 — 102,081
Interest and investment income 526,847 (136,129) 390,718
Miscellaneous - net (16,796) (10,228) (27,024)
Total 612,132 (146,357) 465,775
INTEREST EXPENSE
Interest expense 674,734 158,296 833,030
Allowance for borrowed funds used during construction (43,037) — (43,037)
Total 631,697 158,296 789,993
INCOME BEFORE INCOME TAXES 1,436,089 (337,996) 1,098,093
Income taxes 260,328 (40,860) 219,468
CONSOLIDATED NET INCOME 1,175,761 (297,136) 878,625
Preferred dividend requirements of subsidiaries and noncontrolling interests 10,104 998 11,102
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $ 1,165,657 $ (298,134) $ 867,523
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $2.55 ($0.65) $1.90
DILUTED $2.51 ($0.64) $1.87
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 457,240,145
DILUTED 464,415,110
*Totals may not foot due to rounding.
Page 25
Entergy Corporation
Consolidating Income Statement
Six Months Ended June 30, 2025
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
OPERATING REVENUES
Electric $ 6,032,811 $ — $ 6,032,811
Natural gas 112,509 — 112,509
Other — 30,403 30,403
Total 6,145,320 30,403 6,175,723
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 970,756 10,040 980,796
Purchased power 714,926 6,925 721,851
Nuclear refueling outage expenses 62,654 — 62,654
Other operation and maintenance 1,375,770 21,360 1,397,130
Decommissioning 112,342 156 112,498
Taxes other than income taxes 398,929 1,610 400,539
Depreciation and amortization 1,032,231 3,295 1,035,526
Other regulatory charges (credits) - net (72,800) — (72,800)
Total 4,594,808 43,386 4,638,194
OPERATING INCOME 1,550,512 (12,983) 1,537,529
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction 95,323 — 95,323
Interest and investment income 267,423 (146,598) 120,825
Miscellaneous - net (24,770) (4,226) (28,996)
Total 337,976 (150,824) 187,152
INTEREST EXPENSE
Interest expense 567,750 123,701 691,451
Allowance for borrowed funds used during construction (39,586) — (39,586)
Total 528,164 123,701 651,865
INCOME BEFORE INCOME TAXES 1,360,324 (287,508) 1,072,816
Income taxes 267,109 (28,669) 238,440
CONSOLIDATED NET INCOME 1,093,215 (258,839) 834,376
Preferred dividend requirements of subsidiaries and noncontrolling interests 4,688 998 5,686
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $ 1,088,527 $ (259,837) $ 828,690
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $2.50 ($0.60) $1.91
DILUTED $2.45 ($0.59) $1.87
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 434,789,473
DILUTED 443,446,875
*Totals may not foot due to rounding.
Page 26
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended June 30, 2026
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
OPERATING REVENUES
Electric $ 13,426,264 $ — $ 13,426,264
Natural gas 98 — 98
Other — 55,865 55,865
Total 13,426,362 55,865 13,482,227
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 2,729,688 20,086 2,749,774
Purchased power 1,176,544 12,889 1,189,433
Nuclear refueling outage expenses 103,351 — 103,351
Other operation and maintenance 3,058,395 44,555 3,102,950
Asset write-offs, impairments, and related charges 12,795 18,059 30,854
Decommissioning 233,408 311 233,719
Taxes other than income taxes 837,053 2,366 839,419
Depreciation and amortization 2,125,122 5,352 2,130,474
Other regulatory charges (credits) - net 15,193 — 15,193
Total 10,291,549 103,618 10,395,167
OPERATING INCOME 3,134,813 (47,753) 3,087,060
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction 187,484 — 187,484
Interest and investment income 864,427 (277,186) 587,241
Miscellaneous - net (77,861) (12,588) (90,449)
Total 974,050 (289,774) 684,276
INTEREST EXPENSE
Interest expense 1,269,005 285,529 1,554,534
Allowance for borrowed funds used during construction (79,755) — (79,755)
Total 1,189,250 285,529 1,474,779
INCOME BEFORE INCOME TAXES 2,919,613 (623,056) 2,296,557
Income taxes 544,491 (65,511) 478,980
CONSOLIDATED NET INCOME 2,375,122 (557,545) 1,817,577
Preferred dividend requirements of subsidiaries and noncontrolling interests 18,476 1,996 20,472
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $ 2,356,646 $ (559,541) $ 1,797,105
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $5.20 ($1.23) $3.97
DILUTED $5.12 ($1.22) $3.90
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 453,162,554
DILUTED 460,266,587
*Totals may not foot due to rounding.
Page 27
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended June 30, 2025
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
OPERATING REVENUES
Electric $ 12,047,990 $ — $ 12,047,990
Natural gas 189,555 — 189,555
Other — 69,583 69,583
Total 12,237,545 69,583 12,307,128
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 2,066,600 31,904 2,098,504
Purchased power 1,109,368 22,872 1,132,240
Nuclear refueling outage expenses 133,133 — 133,133
Other operation and maintenance 2,860,230 46,331 2,906,561
Asset write-offs, impairments, and related charges (credits) — (24,641) (24,641)
Decommissioning 224,729 275 225,004
Taxes other than income taxes 770,838 2,700 773,538
Depreciation and amortization 2,037,073 6,597 2,043,670
Other regulatory charges (credits) - net (313,887) — (313,887)
Total 8,888,084 86,038 8,974,122
OPERATING INCOME 3,349,461 (16,455) 3,333,006
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction 172,299 — 172,299
Interest and investment income 493,181 (294,774) 198,407
Miscellaneous - net (105,355) (20,317) (125,672)
Total 560,125 (315,091) 245,034
INTEREST EXPENSE
Interest expense 1,060,285 255,748 1,316,033
Allowance for borrowed funds used during construction (70,125) — (70,125)
Total 990,160 255,748 1,245,908
INCOME BEFORE INCOME TAXES 2,919,426 (587,294) 2,332,132
Income taxes 635,209 (70,369) 564,840
CONSOLIDATED NET INCOME 2,284,217 (516,925) 1,767,292
Preferred dividend requirements of subsidiaries and noncontrolling interests 5,218 1,997 7,215
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $ 2,278,999 $ (518,922) $ 1,760,077
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $5.28 ($1.20) $4.08
DILUTED $5.19 ($1.18) $4.01
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 431,697,791
DILUTED 439,029,562
*Totals may not foot due to rounding.
Page 28
Entergy Corporation
Consolidated Cash Flow Statement
Three Months Ended June 30, 2026 vs. 2025
(Dollars in thousands)
(Unaudited)
2026 2025 Variance
OPERATING ACTIVITIES
Consolidated net income $ 487,820 $ 471,954 $ 15,866
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization 671,470 632,638 38,832
Deferred income taxes, tax credits, and non-current taxes accrued 134,817 136,301 (1,484)
Changes in working capital:
Receivables (290,601) (326,522) 35,921
Fuel inventory (7,866) (8,113) 247
Accounts payable 107,920 136,058 (28,138)
Taxes accrued 121,935 106,819 15,116
Interest accrued (1,739) 11,272 (13,011)
Deferred fuel costs 177,038 14,031 163,007
Customer advances - current 489,386 197,992 291,394
Other working capital accounts (2,092) (64,325) 62,233
Changes in provisions for estimated losses 9,082 (4,205) 13,287
Changes in other regulatory assets 19,038 19,705 (667)
Changes in other regulatory liabilities 417,323 221,843 195,480
Change in customer advances - non-current 18,100 — 18,100
Changes in pension and other postretirement funded status (46,382) (46,134) (248)
Other (412,460) (237,712) (174,748)
Net cash flow provided by operating activities 1,892,789 1,261,602 631,187
INVESTING ACTIVITIES
Construction/capital expenditures (2,778,526) (2,008,157) (770,369)
Allowance for equity funds used during construction 54,741 39,143 15,598
Nuclear fuel purchases (49,030) (40,567) (8,463)
Payment for purchase of plant (263) (326) 63
Insurance proceeds received for property damages 14,282 — 14,282
Changes in securitization account 5,942 8,747 (2,805)
Payments to storm reserve escrow accounts (2,784) (2,360) (424)
Decrease (increase) in other investments 83,477 (2,131) 85,608
Proceeds from nuclear decommissioning trust fund sales 602,192 348,265 253,927
Investment in nuclear decommissioning trust funds (601,090) (373,065) (228,025)
Net cash flow used in investing activities (2,671,059) (2,030,451) (640,608)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt 944,166 1,070,099 (125,933)
Treasury stock 4,942 1,879 3,063
Common stock 671,460 804,631 (133,171)
Retirement of long-term debt (573,889) (746,974) 173,085
Changes in commercial paper - net 187,142 (854,380) 1,041,522
Customer advances received for construction 624,156 520,995 103,161
Customer advances used for construction (245,319) (95,938) (149,381)
Other (253,785) (6,196) (247,589)
Dividends paid:
Common stock (293,032) (258,467) (34,565)
Preferred stock (4,579) (4,579) —
Net cash flow provided by financing activities 1,061,262 431,070 630,192
Net increase in cash and cash equivalents 282,992 (337,779) 620,771
Cash and cash equivalents at beginning of period 3,571,053 1,513,410 2,057,643
Cash and cash equivalents at end of period $ 3,854,045 $ 1,175,631 $ 2,678,414
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized $ 396,608 $ 321,381 $ 75,227
Income taxes - net $ (1,878) $ 3,739 $ (5,617)
Noncash investing activities:
Accrued construction expenditures $ 345,529 $ (80,140) $ 425,669
Page 29
Entergy Corporation
Consolidated Cash Flow Statement
Year to Date June 30, 2026 vs. 2025
(Dollars in thousands)
(Unaudited)
2026 2025 Variance
OPERATING ACTIVITIES
Consolidated net income $ 878,625 $ 834,376 $ 44,249
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization 1,326,139 1,255,204 70,935
Deferred income taxes, tax credits, and non-current taxes accrued 220,890 231,274 (10,384)
Asset write-offs, impairments, and related charges 18,059 — 18,059
Changes in working capital:
Receivables (225,491) (275,045) 49,554
Fuel inventory (5,679) (4,852) (827)
Accounts payable 134,118 (53,439) 187,557
Taxes accrued 12,201 11,230 971
Interest accrued 45,508 22,867 22,641
Deferred fuel costs (131,572) (263,205) 131,633
Customer advances - current 740,977 303,791 437,186
Other working capital accounts (118,766) (58,819) (59,947)
Changes in provisions for estimated losses (23,610) (38,444) 14,834
Changes in other regulatory assets 134,270 174,523 (40,253)
Changes in other regulatory liabilities 32,992 20,040 12,952
Change in customer advances - non-current 135,298 25,000 110,298
Changes in pension and other postretirement funded status (105,395) (104,968) (427)
Other (346,811) (281,743) (65,068)
Net cash flow provided by operating activities 2,721,753 1,797,790 923,963
INVESTING ACTIVITIES
Construction/capital expenditures (5,030,819) (3,668,326) (1,362,493)
Allowance for equity funds used during construction 102,081 83,161 18,920
Nuclear fuel purchases (199,768) (129,124) (70,644)
Payment for purchase of plant (263) (1,608) 1,345
Insurance proceeds received for property damages 14,282 — 14,282
Changes in securitization account 215 3,309 (3,094)
Payments to storm reserve escrow accounts (5,551) (6,808) 1,257
Receipts from storm reserve escrow accounts — 43,789 (43,789)
Increase (decrease) in other investments 65,548 (1,659) 67,207
Litigation proceeds for reimbursement of spent nuclear fuel storage costs — 3,546 (3,546)
Proceeds from nuclear decommissioning trust fund sales 1,548,167 713,102 835,065
Investment in nuclear decommissioning trust funds (1,586,838) (780,211) (806,627)
Net cash flow used in investing activities (5,092,946) (3,740,829) (1,352,117)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt 4,625,848 3,517,949 1,107,899
Treasury stock 11,534 24,539 (13,005)
Common stock 1,017,171 804,631 212,540
Retirement of long-term debt (1,864,866) (1,599,728) (265,138)
Changes in commercial paper - net 911,722 (451,686) 1,363,408
Customer advances received for construction 885,867 732,454 153,413
Customer advances used for construction (436,221) (245,481) (190,740)
Other (259,675) 2,164 (261,839)
Dividends paid:
Common stock (585,899) (516,716) (69,183)
Preferred stock (9,159) (9,159) —
Net cash flow provided by financing activities 4,296,322 2,258,967 2,037,355
Net increase in cash and cash equivalents 1,925,129 315,928 1,609,201
Cash and cash equivalents at beginning of period 1,928,916 859,703 1,069,213
Cash and cash equivalents at end of period $ 3,854,045 $ 1,175,631 $ 2,678,414
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized $ 683,997 $ 647,900 $ 36,097
Income taxes - net $ (2,301) $ 2,487 $ (4,788)
Noncash investing activities:
Accrued construction expenditures $ 1,002,641 $ 576,992 $ 425,649
Page 30
Entergy Corporation
Consolidated Cash Flow Statement
Twelve Months Ended June 30, 2026 vs. 2025
(Dollars in thousands)
(Unaudited)
2026 2025 Variance
OPERATING ACTIVITIES
Consolidated net income $ 1,817,577 $ 1,767,292 $ 50,285
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization 2,608,073 2,492,274 115,799
Deferred income taxes, tax credits, and non-current taxes accrued 1,005,125 535,981 469,144
Asset write-offs, impairments, and related charges (credits) 30,854 (24,641) 55,495
Pension settlement charge — 2,937 (2,937)
Changes in working capital:
Receivables (30,279) (84,435) 54,156
Fuel inventory 38,100 (1,278) 39,378
Accounts payable 226,312 207,954 18,358
Taxes accrued 69,054 17,577 51,477
Interest accrued 48,744 44,664 4,080
Deferred fuel costs (139,476) (215,580) 76,104
Customer advances - current 918,373 455,454 462,919
Other working capital accounts (244,420) (109,382) (135,038)
Changes in provisions for estimated losses 4,550 419 4,131
Changes in other regulatory assets 244,661 292,315 (47,654)
Changes in other regulatory liabilities 193,763 300,205 (106,442)
Change in customer advances - non-current 145,298 25,000 120,298
Changes in pension and other postretirement funded status (278,613) (443,150) 164,537
Other (583,082) (523,762) (59,320)
Net cash flow provided by operating activities 6,074,614 4,739,844 1,334,770
INVESTING ACTIVITIES
Construction/capital expenditures (9,047,415) (6,382,386) (2,665,029)
Allowance for equity funds used during construction 199,646 160,137 39,509
Nuclear fuel purchases (323,556) (277,078) (46,478)
Payment for purchase of plant (2,172) (650,928) 648,756
Proceeds from sale of business and assets 858,588 — 858,588
Insurance proceeds received for property damages 14,282 7,907 6,375
Changes in securitization account (260) 2,641 (2,901)
Payments to storm reserve escrow accounts (13,637) (15,203) 1,566
Receipts from storm reserve escrow accounts 2,781 44,525 (41,744)
Decrease (increase) in other investments (46,181) 8,242 (54,423)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs — 85,958 (85,958)
Proceeds from nuclear decommissioning trust fund sales 2,345,062 2,317,085 27,977
Investment in nuclear decommissioning trust funds (2,448,709) (2,424,248) (24,461)
Net cash flow used in investing activities (8,461,571) (7,123,348) (1,338,223)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt 6,858,344 6,348,651 509,693
Treasury stock 23,636 115,351 (91,715)
Common stock 1,348,643 804,631 544,012
Retirement of long-term debt (3,766,938) (4,273,919) 506,981
Changes in commercial paper - net 1,093,891 (456,746) 1,550,637
Customer advances received for construction 1,797,178 1,087,528 709,650
Customer advances used for construction (853,636) (373,704) (479,932)
Other (274,094) (13,382) (260,712)
Dividends paid:
Common stock (1,143,334) (1,016,120) (127,214)
Preferred stock (18,319) (18,319) —
Net cash flow provided by financing activities 5,065,371 2,203,971 2,861,400
Net increase in cash and cash equivalents 2,678,414 (179,533) 2,857,947
Cash and cash equivalents at beginning of period 1,175,631 1,355,164 (179,533)
Cash and cash equivalents at end of period $ 3,854,045 $ 1,175,631 $ 2,678,414
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized $ 1,274,381 $ 1,229,789 $ 44,592
Income taxes - net (includes production tax credit sale proceeds) $ (519,859) $ 36,216 $ (556,075)
Noncash investing activities:
Accrued construction expenditures $ 1,225,696 $ 655,019 $ 570,677
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Jul. 29, 2026
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Title of 12(b) Security
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Security Exchange Name
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