Entergy reports third quarter 2025 financial results

Company narrows guidance range and extends financial outlooks

NEW ORLEANS, Oct. 29, 2025 /PRNewswire/ -- Entergy Corporation (NYSE: ETR) reported third quarter 2025 earnings per share of $1.53 on an as-reported and an adjusted (non-GAAP) basis.

"We had another successful quarter executing on initiatives for all our customers," said Drew Marsh, Entergy Chair and Chief Executive Officer. "Our pipeline of potential data center customers continues to expand, and we're ready for the opportunity including increasing our agreement for power island equipment by an additional 4.5 gigawatts and securing critical long lead time equipment."

Business highlights included the following:

Consolidated earnings (GAAP and non-GAAP measures)

Third quarter and year-to-date 2025 vs. 2024

(See Appendix A for reconciliation of GAAP to non-GAAP measures and details on adjustments)

Third quarter

Year-to-date

2025

2024

Change

2025

2024

Change

(After-tax, $ in millions)

As-reported earnings

694

645

1,522

769

753

Less adjustments

(517)

517

Adjusted earnings (non-GAAP)

694

645

1,522

1,286

236

Estimated weather impact

(13)

(After-tax, per share in $)

As-reported earnings

1.53

1.50

0.03

3.40

1.79

1.61

Less adjustments

(1.20)

1.20

Adjusted earnings (non-GAAP)

1.53

1.50

0.03

3.40

2.99

0.41

Estimated weather impact

0.06

0.09

(0.03)

0.20

0.16

0.03

Calculations may differ due to rounding

Consolidated results

For third quarter 2025, the company reported earnings of $694 million, or $1.53 per share, on an as-reported and an adjusted basis. This compared to third quarter 2024 earnings of $645 million, or $1.50 per share, on an as-reported and an adjusted basis.

Summary discussions of results by business follow. Additional details, including information on operating cash flow by business, are provided in Appendix A. A more detailed analysis of earnings per share variances by business is provided in Appendix B.

Business results

Utility

For third quarter 2025, the Utility business reported earnings attributable to Entergy Corporation of

$810 million, or $1.79 per share, on an as-reported and an adjusted basis. This compared to third quarter 2024 earnings of $787 million, or $1.82 per share, on an as-reported and an adjusted basis.

Drivers for the quarter-over-quarter increase included the net effect of regulatory actions across the operating companies, higher retail sales volume, and higher other income (deductions) primarily due to an increase in AFUDC-equity.

These increases were partially offset by higher other O&M, taxes other than income taxes, interest expense, and depreciation and amortization.

On a per share basis, third quarter 2025 results reflected higher diluted average number of common shares outstanding primarily due to the settlement of equity forwards in May 2025 as well as the dilutive effect of an increase in the stock price on unsettled equity forwards.

Appendix C contains additional details on Utility operating and financial measures.

Parent & Other

For third quarter 2025, Parent & Other reported a loss attributable to Entergy Corporation of $(117 million), or (26) cents per share, on an as-reported and an adjusted basis. This compared to a third quarter 2024 loss of $(142 million), or (33) cents per share, on an as-reported and an adjusted basis.

The primary driver for the quarter-over-quarter change was other income (deductions) largely due to changes in legal provisions in third quarter 2024.

On a per share basis, third quarter 2025 results reflected higher diluted average number of common shares outstanding (see details in Utility section).

Earnings per share guidance

Entergy narrowed its 2025 adjusted earnings per share guidance to a range of $3.85 to $3.95. See the earnings call presentation for additional details.

The company has provided 2025 earnings guidance with regard to the non-GAAP measure of adjusted earnings per share. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below under "Non-GAAP financial measures." The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. Potential adjustments include, among other things, the exclusion of significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses.

Earnings teleconference

A teleconference will be held at 10:00 a.m. Central Time on Wednesday, Oct. 29, 2025, to discuss Entergy's quarterly earnings announcement and the company's financial performance. The teleconference may be accessed by visiting Entergy's website at

investors.entergy.com/investors/events-and-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 Nov. 5, 2025, by dialing 800-770-2030, conference ID 9024832.

Entergy produces, transmits and distributes electricity to power life for 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We're investing for growth and improved reliability and resilience of our energy system while working to keep energy rates affordable for our customers. We're also investing in cleaner energy generation like modern natural gas, nuclear, and renewable energy. A nationally recognized leader in sustainability and corporate citizenship, we deliver more than $100 million in economic benefits each year to the communities we serve through philanthropy, volunteerism, and advocacy. Entergy is a Fortune 500 company headquartered in New Orleans, Louisiana, and has approximately 12,000 employees. Learn more at entergy.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, stockholders, analysts, and investors; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy's business, comparing period to period results, and comparing Entergy's financial performance to the financial performance of other companies in the utility sector.

Other non-GAAP measures, including adjusted ROE, adjusted ROE excluding affiliate preferred, FFO to adjusted debt, gross liquidity, net liquidity, adjusted Parent debt to total adjusted debt, adjusted debt to adjusted capitalization, and adjusted net debt to adjusted net capitalization are measures Entergy uses internally for management and board discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy's ongoing financial results and flexibility and assists investors in comparing Entergy's credit and liquidity to the credit and liquidity of others in the utility sector. These metrics are defined in Appendix E.

These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy's operations that, when viewed with Entergy's GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy's business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy's consolidated financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy's performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.

Cautionary note regarding forward-looking statements

In this news release, and from time to time, Entergy Corporation makes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy's 2025 earnings guidance; financial and operational outlooks; industrial load growth outlooks; statements regarding its resilience plans, goals, beliefs, or expectations; and other statements of Entergy's plans, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy's most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy's other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with (1) realizing the benefits of its resilience plan, including impacts of the frequency and intensity of future storms and storm paths, as well as the pace of project completion and (2) efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust values or earnings or in the timing or cost of decommissioning Entergy's nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including (1) strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized, and (2) Entergy's ability to meet the rapidly growing demand for electricity, including from hyperscale data centers and other large customers, and to manage the impacts of such growth on customers and Entergy's business, or the risk that contracted or expected load growth does not materialize or is not sustained; (h) direct and indirect impacts to Entergy or its customers from pandemics, terrorist attacks, geopolitical conflicts, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy's business or operations, and/or other catastrophic events; and (i) effects on Entergy or its customers of (1) changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, international trade, or energy policies; (2) changes in commodity markets, capital markets, or economic conditions; and (3) technological change, including the costs, pace of development, and commercialization of new and emerging technologies.

Third quarter 2025 earnings release appendices and financial statements

Appendices

A: Consolidated results and adjustments

B: Earnings variance analysis

C: Utility operating and financial measures

D: Consolidated financial measures

E: Definitions and abbreviations and acronyms

F: Other GAAP to non-GAAP reconciliations

Financial statements

Consolidating balance sheets

Consolidating income statements

Consolidated cash flow statements

A: Consolidated results and adjustments

Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).

Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measures

Third quarter and year-to-date 2025 vs. 2024 (See Appendix A-2 and Appendix A-3 for details on adjustments)

Third quarter

Year-to-date

2025

2024

Change

2025

2024

Change

(After-tax, $ in millions)

As-reported earnings (loss)

Utility

810

787

1,899

1,423

476

Parent & Other

(117)

(142)

(376)

(654)

277

Consolidated

694

645

1,522

769

753

Less adjustments

Utility

(267)

267

Parent & Other

(250)

250

Consolidated

(517)

517

Adjusted earnings (loss) (non-GAAP)

Utility

810

787

1,899

1,690

209

Parent & Other

(117)

(142)

(376)

(403)

Consolidated

694

645

1,522

1,286

236

Estimated weather impact

(13)

Diluted average number of common shares outstanding

(in millions) (a)

454

431

447

429

(After-tax, per share in $) (a) (b)

As-reported earnings (loss)

Utility

1.79

1.82

(0.04)

4.25

3.31

0.93

Parent & Other

(0.26)

(0.33)

0.07

(0.84)

(1.52)

0.68

Consolidated

1.53

1.50

0.03

3.40

1.79

1.61

Less adjustments

Utility

(0.62)

0.62

Parent & Other

(0.58)

0.58

Consolidated

(1.20)

1.20

Adjusted earnings (loss) (non-GAAP)

Utility

1.79

1.82

(0.04)

4.25

3.93

0.31

Parent & Other

(0.26)

(0.33)

0.07

(0.84)

(0.94)

0.10

Consolidated

1.53

1.50

0.03

3.40

2.99

0.41

Estimated weather impact

0.06

0.09

(0.03)

0.20

0.16

0.03

Calculations may differ due to rounding

(a)

Entergy executed a two-for-one forward stock split that was effective with trading on Dec. 13, 2024; 2024 diluted average number of common shares outstanding and per-share information have been restated to reflect the post-split share count.

(b)

Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.

See Appendix B for detailed earnings variance analysis.

Appendix A-2 and Appendix A-3 detail adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.

Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS)

Third quarter and year-to-date 2025 vs. 2024

Third quarter

Year-to-date

2025

2024

Change

2025

2024

Change

(Pre-tax except for income tax effects and totals; $ in millions)

Utility

2Q24 E-LA global agreement to resolve its FRP extension filing

and other retail matters

(151)

151

1Q24 E-AR write-off of a regulatory asset related to the

opportunity sales proceeding

(132)

132

1Q24 E-NO increase in customer sharing of income tax benefits

as a result of the 2016–2018 IRS audit resolution

(79)

Income tax effect on Utility adjustments above

(95)

Total Utility

(267)

267

Parent & Other

2Q24 pension lift out

(317)

317

Income tax effect on Parent & Other adjustment above

(67)

Total Parent & Other

(250)

250

Total adjustments

(517)

517

(After-tax, per share in $) (c), (d)

Utility

2Q24 E-LA global agreement to resolve its FRP extension filing

and other retail matters

(0.26)

0.26

1Q24 E-AR write-off of a regulatory asset related to the

opportunity sales proceeding

(0.23)

0.23

1Q24 E-NO increase in customer sharing of income tax benefits

as a result of the 2016–2018 IRS audit resolution

(0.13)

0.13

Total Utility

(0.62)

0.62

Parent & Other

2Q24 pension lift out

(0.58)

0.58

Total Parent & Other

(0.58)

0.58

Total adjustments

(1.20)

1.20

Calculations may differ due to rounding

(c)

Entergy executed a two-for-one forward stock split that was effective with trading on Dec. 13, 2024; 2024 per-share information has been restated to reflect the post-split share count.

(d)

Per share amounts are calculated by multiplying the corresponding earnings (loss) by the estimated income tax rate that is expected to apply and dividing by the diluted average number of common shares outstanding for the period.

Appendix A-3: Adjustments by income statement line item (shown as positive/ (negative) impact on earnings)

Third quarter and year-to-date 2025 vs. 2024

(Pre-tax except for income taxes and totals; $ in millions)

Third quarter

Year-to-date

2025

2024

Change

2025

2024

Change

Utility

Other O&M

(1)

Asset write-offs, impairments, and related charges

(132)

132

Other regulatory charges (credits) – net

(229)

229

Income taxes

(95)

Total Utility

(267)

267

Parent & Other

Other income (deductions)

(317)

317

Income taxes

(67)

Total Parent & Other

(250)

250

Total adjustments

(517)

517

Calculations may differ due to rounding

Appendix A-4 provides a comparative summary of OCF by business.

Appendix A-4: Consolidated operating cash flow

Third quarter and year-to-date 2025 vs. 2024

($ in millions)

Third quarter

Year-to-date

2025

2024

Change

2025

2024

Change

Utility

2,177

1,600

577

4,114

3,225

888

Parent & Other

(42)

(37)

(5)

(181)

(117)

(65)

Consolidated

2,135

1,562

572

3,933

3,109

824

Calculations may differ due to rounding

Third quarter 2025 OCF increased primarily due to higher Utility customer receipts including higher fuel revenues and the receipt of nuclear and solar production tax credit sale proceeds. These increases were partially offset by higher fuel and purchased power payments.

B: Earnings variance analysis

Appendix B-1 and Appendix B-2 provide details of current quarter and year-to-date 2025 versus 2024 as-reported and adjusted earnings per share variances.

Appendix B-1: As-reported and adjusted earnings per share variance analysis (e), (f), (g), (h)

Third quarter 2025 vs. 2024

(After-tax, per share in $)

Utility

Parent & Other

Consolidated

As-

reported

Adjusted

As-

reported

Adjusted

As-

reported

Adjusted

2024 earnings (loss)

1.82

(0.33)

1.50

Operating revenue less:

fuel, fuel-related exp. and gas purch. for resale;

purch. power; and other reg. chgs. (credits) – net

0.21

(i)

0.01

0.22

Nuclear refueling outage expenses

0.02

Other O&M

(0.09)

(j)

(0.08)

Asset write-offs, impairments, and related charges

(0.02)

Decommissioning

Taxes other than income taxes

(0.07)

(k)

(0.07)

Depreciation and amortization

(0.05)

(l)

(0.05)

Other income (deductions)

0.12

(m)

0.03

(n)

0.15

Interest expense

(0.07)

(o)

0.02

(0.05)

Income taxes – other

0.01

Preferred dividend requirements and

noncontrolling interests

Share effect

(0.09)

0.01

(0.08)

(p)

2025 earnings (loss)

1.79

(0.26)

1.53

Calculations may differ due to rounding

Appendix B-2: As-reported and adjusted earnings per share variance analysis (e), (f), (g), (h)

Year-to-date 2025 vs. 2024

(After-tax, per share in $)

Utility

Parent & Other

Consolidated

As-

reported

Adjusted

As-

reported

Adjusted

As-

reported

Adjusted

2024 earnings (loss)

3.31

3.93

(1.52)

(0.94)

1.79

2.99

Operating revenue less:

fuel, fuel-related exp. and gas purch. for resale;

purch. power; and other reg. chgs. (credits) – net

1.26

0.87

(i)

0.04

(q)

1.30

0.91

Nuclear refueling outage expenses

0.04

(r)

0.04

Other O&M

(0.10)

(0.11)

(j)

(0.10)

Asset write-offs, impairments, and related charges

0.20

(0.02)

(s)

0.20

(0.02)

Decommissioning

(0.01)

Taxes other than income taxes

(0.11)

(k)

(0.11)

Depreciation and amortization

(0.10)

(l)

(0.10)

Other income (deductions)

0.14

(m)

0.59

0.01

(n)

0.73

0.15

Interest expense

(0.23)

(o)

0.01

(0.22)

Income taxes – other

0.01

0.02

Preferred dividend requirements and noncontrolling interests

Share effect

(0.18)

0.03

(0.14)

(p)

2025 earnings (loss)

4.25

(0.84)

3.40

Calculations may differ due to rounding

(e)

Utility operatingrevenue and Utility income taxes – other variances exclude the following for the return/collection of excess/deficient unprotected ADIT (net effect was neutral to earnings) ($ in millions):

3Q25

3Q24

YTD25

YTD24

Utility operating revenue

(8)

(14)

Utility income taxes – other

(6)

(22)

(f)

Utility regulatory charges (credits) – net and Utility preferred dividend requirements and noncontrolling interests variances exclude the following for the effects of HLBV accounting and the approved deferrals (net effect was neutral to earnings)

($ in millions):

3Q25

3Q24

YTD25

YTD24

Utility regulatory charges (credits) – net

(3)

(4)

(9)

Utility preferred dividend requirements and noncontrolling interests

(g)

Entergy executed a two-for-one forward stock split that was effective with trading on Dec. 13, 2024; 2024 per-share information and diluted number of common shares outstanding have been restated to reflect the post-split share count.

(h)

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

Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) – net variance analysis

2025 vs. 2024 ($ EPS)

YTD

Electric volume / weather

0.13

0.37

Retail electric price

0.18

0.53

2Q24 E-LA global agreement to resolve

certain retail matters

0.26

1Q24 E-NO provision for increased income

tax sharing

0.13

E-MS PPA termination proceeds

0.03

Sale of natural gas distribution businesses

(0.04)

E-TX MISO capacity costs

(0.01)

(0.05)

Reg. provisions for decommissioning items

(0.06)

0.10

Grand Gulf recovery

(0.04)

Other

(0.02)

(0.03)

Total

0.21

1.26

(i)

The third quarter and year-to-date earnings increases reflected higher electric volume including the effects of weather and the effect of rate actions including: E-AR's FRP, E-LA's FRP (including riders), E-LA's RPCR, E-MS's FRP interim facilities rate adjustment, E-NO's FRP, and E-TX's DCRF. The increases also reflected the receipt of a $15 million ($11 million after tax) liquidated damages payment to E-MS in third quarter 2025 resulting from a counterparty's termination of a purchased power agreement. The increases were partially offset by the absence of natural gas revenues as a result of the sale of natural gas distribution businesses and higher MISO capacity costs at E-TX. The variances also reflected changes in regulatory provisions for decommissioning items (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral). The year-to-date increase also reflected a first quarter 2024 $(79 million) ($(57 million) after tax) regulatory provision recorded at E-NO to reflect the company's agreement to share additional income tax benefits from the 2016–2018 IRS audit resolution with customers and a second quarter 2024 regulatory charge of $(150 million) ($(111 million) after tax) recorded as a result of E-LA reaching a settlement with the LPSC staff and other parties (both considered adjustments and excluded from adjusted earnings). Additionally, the year-to-date variance included the effects of E-MS's FRP, E-TX's base rate case relate-back portion in retail price, and lower Grand Gulf revenue primarily due to lower other O&M.

(j)

The third quarter earnings decrease from higher Utility other O&M reflected higher power delivery expenses primarily due to vegetation management costs, an increase in compensation and benefits costs, an increase in power generation expenses, and an increase in bad debt expense. The decrease also included the third quarter 2025 $(11 million) ($(8 million) after tax) expensing of project costs associated with E-LA's Bayou Power Station project following the operating company's decision to evaluate an alternative transmission solution. The third quarter decrease was partially offset by contract costs in 2024 related to operational performance, customer service, and organizational health initiatives and a gain of $13 million ($8 million after tax) resulting from the sale of the natural gas distribution businesses on July 1, 2025. The year-to-date earnings decrease from higher Utility other O&M reflected higher power delivery expenses primarily due to vegetation management costs, higher power generation costs largely due to a higher scope of work performed during power outages, an increase in bad debt expense, higher MISO transmission costs, and the expensing of E-LA's Bayou Power Station project costs. The year-to-date decrease was partially offset by contract costs in 2024 related to operational performance, customer service, and organizational health initiatives and a gain from the sale of natural gas distribution businesses on July 1, 2025.

(k)

The third quarter and year-to-date earnings decreases from higher Utility taxes other than income taxes were primarily due to an increase in ad valorem taxes resulting from higher assessments and an increase in local franchise taxes as a result of higher retail revenues.

(l)

The third quarter and year-to-date earnings decreases from higher Utility depreciation and amortization were primarily due to higher plant in service and increases in E-LA's nuclear depreciation rates effective Sept. 2024 and Sept. 2025. The year-to-date decrease was partially offset by the recognition of depreciation expense from E-TX's 2022 base rate case relate back in first and second quarters of 2024.

(m)

The third quarter and year-to-date earnings increases from higher Utility other income (deductions) were primarily due to higher AFUDC–equity due to higher construction work in progress and an increase in the amortization of tax gross ups on customer advances for construction. The variances also reflected changes in nuclear decommissioning trust returns, including portfolio rebalancing (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral). The year-to-date increase also reflected an increase in interest earned on external money pool investments and a true-up of E-LA's MISO cost recovery mechanism, partially offset by lower intercompany dividend income from affiliate preferred membership interest related to storm cost securitizations (largely offset at P&O).

(n)

The third quarter and year-to-date earnings increases from Parent & Other other income (deductions) reflected third quarter 2024 changes in legal provisions. The year-to-date as-reported increase also reflected a second quarter 2024 $(317 million) ($(250 million) after tax) one-time non-cash pension settlement charge associated with the purchase of a group annuity contract to settle certain pension liabilities (considered an adjustment and excluded from adjusted earnings).

(o)

The third quarter and year-to-date earnings decreases from higher Utility interest expense were primarily due to higher interest rates, higher debt balances, and carrying costs on customer advances for construction in 2025. The decreases were partially offset by higher AFUDC–debt due to higher construction work in progress.

(p)

The third quarter and year-to-date earnings per share impacts from share effect were primarily due to the settlement of equity forwards in May 2025 and the dilutive effect of an increase in the stock price on unsettled equity forwards.

(q)

The year-to-date earnings increase was primarily due to lower fuel and purchased power expenses associated with the conclusion of a legacy EWC purchased power agreement in Dec. 2024.

(r)

The year-to-date earnings increase from lower Utility nuclear refueling outage expenses was primarily due to the amortization of lower costs associated with the most recent outages as compared to previous outages.

(s)

The year-to-date as-reported earnings increase from Utility asset write-offs and impairments was due to the first quarter 2024 write off of an E-AR $(132 million) ($(97 million) after tax) regulatory asset related to the opportunity sales proceeding (considered an adjustment and excluded from adjusted earnings).

C: Utility operating and financial measures

Appendix C provides a comparison of Utility operating and financial measures.

Appendix C: Utility operating and financial measures

Third quarter and year-to-date 2025 vs. 2024

Third quarter

Year-to-date

2025

2024

change

% weather

adj. (t)

2025

2024

change

% weather

adj. (t)

GWh sold

Residential

11,692

11,519

1.5

2.7

29,376

28,499

3.1

2.2

Commercial

8,499

8,394

1.3

1.9

22,007

21,797

1.0

1.2

Governmental

678

684

(0.9)

(1.4)

1,853

1,883

(1.6)

(1.7)

Industrial

16,255

15,150

7.3

45,707

42,174

8.4

Total retail

37,124

35,747

3.9

4.4

98,943

94,353

4.9

4.7

Wholesale

4,079

3,727

9.4

9,847

10,737

(8.3)

Total

41,203

39,474

4.4

108,790

105,090

3.5

Number of electric retail customers

Residential

2,625,811

2,601,894

0.9

Commercial

372,226

371,579

0.2

Governmental

18,845

18,015

4.6

Industrial

48,306

49,550

(2.5)

Total

3,065,188

3,041,038

0.8

Other O&M and nuclear

refueling outage exp. per MWh

$19.15

$19.01

0.7

$20.48

$20.87

(1.9)

Calculations may differ due to rounding

(t)

The effects of weather were estimated using heating degree days and cooling degree days for the period from certain locations within each jurisdiction and comparing to "normal" weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.

For the quarter, weather-adjusted retail sales increased 4.4 percent. The increase was primarily due to higher usage for residential, commercial, and industrial classes. Industrial sales increased 7.3 percent mainly due to higher sales to large industrial customers largely in the primary metals, chlor-alkali, and industrial gases industries. Residential sales were 2.7 percent higher and commercial sales increased 1.9 percent.

D: Consolidated financial measures

Appendix D provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.

Appendix D: GAAP and non-GAAP financial measures

2025 vs. 2024 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures)

For 12 months ending September 30

2025

2024

Change

GAAP measure

As-reported ROE

11.4 %

12.2 %

(0.8) %

Non-GAAP measure

Adjusted ROE

11.4 %

9.7 %

1.7 %

As of September 30 ($ in millions, except where noted)

2025

2024

Change

GAAP measures

Cash and cash equivalents

1,517

1,412

105

Available revolver capacity

4,346

4,345

Commercial paper

1,398

1,122

276

Total debt

30,563

29,100

1,463

Junior subordinated debentures

1,200

Securitization debt

231

249

(18)

Total debt to total capital

64 %

65 %

(1) %

Storm escrows

307

336

(29)

Non-GAAP measures ($ in millions, except where noted)

FFO to adjusted debt

16.8 %

13.7 %

3.1 %

Adjusted debt to adjusted capitalization

63 %

64 %

(1) %

Adjusted net debt to adjusted net capitalization

62 %

63 %

(1) %

Gross liquidity

5,863

5,757

106

Net liquidity

7,846

6,361

1,485

Adjusted Parent debt to total adjusted debt

18 %

20 %

(2) %

Calculations may differ due to rounding

E: Definitions and abbreviations and acronyms

Appendix E-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.

Appendix E-1: 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

Debt to capital

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 debt

Sum of short-term and long-term debt, notes payable, and commercial paper

Financial measures – non-GAAP

Adjusted capitalization

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, 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

ADIT

AFUDC –

debt

AFUDC –

equity

AMS

APSC

BESS

CAGR

CCCT

CCNO

CCS

CFO

COD

DCRF

DOE

DRM

E-AR

E-LA

E-MS

E-NO

E-TX

EEI

EPS

ETR

EWC

FFO

FRP

GAAP

GCRR

Grand Gulf or

GGNS

Additional capacity mechanism

Accumulated deferred income taxes

Allowance for debt funds used during

construction

Allowance for equity funds used during

construction

Advanced metering system

Arkansas Public Service Commission

Battery and energy storage system

Compound annual growth rate

Combined cycle combustion turbine

Council of the City of New Orleans

Carbon capture and sequestration

Cash from operations

Commercial operation date

Combustion turbine

Distribution cost recovery factor

U.S. Department of Energy

Distribution Recovery Mechanism

Entergy Arkansas, LLC

Entergy Louisiana, LLC

Entergy Mississippi, LLC

Entergy New Orleans, LLC

Entergy Texas, Inc.

Edison Electric Institute

Earnings per share

Entergy Corporation

Entergy Wholesale Commodities

Funds from operations

Formula rate plan

U.S. generally accepted accounting principles

Generation Cost Recovery Rider

Unit 1 of Grand Gulf Nuclear Station (nuclear),

90% owned or leased by SERI

HLBV

IRS

LDC

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

SETEX

TAM

TCRF

TRM

WACC

Hypothetical liquidation at book value

Internal Revenue Service

Local distribution company

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 non-fuel 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.

Southeast Texas

Tax adjustment mechanism

Transmission cost recovery factor

Transmission Recovery Mechanism

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)

Third quarter

2025

2024

As-reported net income attributable to Entergy Corporation

(A)

1,809

1,757

Adjustments

(B)

(5)

360

Adjusted earnings (non-GAAP)

(C)=(A-B)

1,814

1,397

Average common equity (average of beginning and ending balances)

(D)

15,847

14,362

As-reported ROE

(A/D)

11.4 %

12.2 %

Adjusted ROE (non-GAAP)

(C/D)

11.4 %

9.7 %

Calculations may differ due to rounding

Appendix F-2: Reconciliation of GAAP to non-GAAP financial measures – FFO to adjusted debt

($ in millions except where noted)

Third quarter

2025

2024

Total debt

(A)

30,563

29,100

Securitization debt

(B)

231

249

50% junior subordinated debentures

(C)

600

Adjusted debt (non-GAAP)

(D)=(A-B-C)

29,733

28,251

Net cash flow provided by operating activities, LTM

(E)

5,312

4,172

Preferred dividend requirements of subsidiaries, LTM

(F)

(18)

50% of the interest expense associated with junior subordinated

debentures, LTM

(G)

(43)

(15)

Working capital items in net cash flow provided by operating activities, LTM:

Receivables

(114)

Fuel inventory

Accounts payable

269

Taxes accrued

Interest accrued

Deferred fuel costs

(216)

347

Other working capital accounts

328

(198)

Securitization regulatory charges, LTM

Total

(H)

384

328

FFO, LTM (non-GAAP)

(I)=(E-F-G-H)

4,989

3,877

FFO to adjusted debt (non-GAAP)

(I/D)

16.8 %

13.7 %

Calculations may differ due to rounding

Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures – adjusted debt ratios; gross liquidity; and net liquidity

($ in millions except where noted)

Third quarter

2025

2024

Total debt

(A)

30,563

29,100

Securitization debt

(B)

231

249

50% junior subordinated debentures

(C)

600

Adjusted debt (non-GAAP)

(D)=(A-B-C)

29,733

28,251

Cash and cash equivalents

(E)

1,517

1,412

Adjusted net debt (non-GAAP)

(F)=(D-E)

28,216

26,839

Commercial paper

(G)

1,398

1,122

Total capitalization

(H)

47,539

44,461

Securitization debt

(B)

231

249

Adjusted capitalization (non-GAAP)

(I)=(H-B)

47,308

44,212

Cash and cash equivalents

(E)

1,517

1,412

Adjusted net capitalization (non-GAAP)

(J)=(I-E)

45,791

42,800

Total debt to total capitalization

(A/H)

64 %

65 %

Adjusted debt to adjusted capitalization (non-GAAP)

(D/I)

63 %

64 %

Adjusted net debt to adjusted net capitalization (non-GAAP)

(F/J)

62 %

63 %

Available revolver capacity

(K)

4,346

4,345

Storm escrows

(L)

307

336

Equity sold forward, not yet settled (u)

(M)

3,075

1,390

Gross liquidity (non-GAAP)

(N)=(E+K)

5,863

5,757

Net liquidity (non-GAAP)

(N-G+L+M)

7,846

6,361

Entergy Corporation notes:

Due Sept. 2025

800

Due Sept. 2026

750

Due June 2028

650

Due June 2030

600

Due June 2031

650

Due June 2050

600

Junior subordinated debentures due Dec. 2054

1,200

Total Parent long-term debt

(O)

4,450

5,250

Revolver drawn

(P)

Unamortized debt issuance costs and discounts

(Q)

(41)

(47)

Total Parent debt

(R)=(G+O+P+Q)

5,808

6,326

Adjusted Parent debt (non-GAAP)

(S)=(R-C)

5,208

5,726

Adjusted Parent debt to total adjusted debt (non-GAAP)

(S/D)

18 %

20 %

Calculations may differ due to rounding

(u)

Reflects adjustments, including for common dividends between contracting and settlement.

SOURCE Entergy Corporation