Entergy reports second quarter 2025 financial results
Entergy Corporation (NYSE: ETR) reported second quarter 2025 earnings of $1.05 per share on both as-reported and adjusted basis, compared to $0.11 as-reported and $0.96 adjusted EPS in Q2 2024. The company's Utility business earned $599 million ($1.34 per share), while Parent & Other reported a loss of $131 million (-$0.29 per share).
Key highlights include the completion of natural gas distribution business sales by Entergy New Orleans and Louisiana, significant new growth in Arkansas, and $188 million of distribution investments approved for rates in Texas. The company affirmed its 2025 adjusted EPS guidance of $3.75-$3.95 and raised outlooks for 2027-2028.
Entergy Corporation (NYSE: ETR) ha riportato utili del secondo trimestre 2025 di $1,05 per azione sia su base riportata che rettificata, rispetto a $0,11 su base riportata e $0,96 rettificati nel secondo trimestre 2024. Il settore Utility dell'azienda ha guadagnato $599 milioni ($1,34 per azione), mentre Parent & Other ha registrato una perdita di $131 milioni (-$0,29 per azione).
I punti salienti includono il completamento delle vendite del business di distribuzione del gas naturale da parte di Entergy New Orleans e Louisiana, una crescita significativa in Arkansas, e investimenti in distribuzione per $188 milioni approvati nelle tariffe in Texas. L'azienda ha confermato la sua previsione di utili rettificati per azione 2025 di $3,75-$3,95 e ha rivisto al rialzo le prospettive per il 2027-2028.
Entergy Corporation (NYSE: ETR) report贸 ganancias del segundo trimestre de 2025 de $1.05 por acci贸n tanto en base reportada como ajustada, en comparaci贸n con $0.11 reportados y $0.96 ajustados en el segundo trimestre de 2024. El negocio de Utility de la compa帽铆a gan贸 $599 millones ($1.34 por acci贸n), mientras que Parent & Other report贸 una p茅rdida de $131 millones (-$0.29 por acci贸n).
Los aspectos m谩s destacados incluyen la finalizaci贸n de la venta del negocio de distribuci贸n de gas natural por parte de Entergy New Orleans y Louisiana, un crecimiento significativo en Arkansas, y $188 millones en inversiones de distribuci贸n aprobadas para tarifas en Texas. La compa帽铆a confirm贸 su pron贸stico de EPS ajustado para 2025 de $3.75-$3.95 y elev贸 las perspectivas para 2027-2028.
Entergy Corporation (NYSE: ETR)電� 2025雲� 2攵勱赴 欤茧嫻 靾滌澊鞚奠澊 氤搓碃 旮办 氚� 臁办爼 旮办 氇憪 $1.05毳� 旮半頄堧嫟瓿� 氚滍憸頄堨溂氅�, 鞚措姅 2024雲� 2攵勱赴 氤搓碃 旮办 $0.11, 臁办爼 旮办 $0.96鞕� 牍勱祼霅╇媹雼�. 須岇偓鞚� 鞙犿嫺毽嫲 靷梾攵�電� $5鞏� 9,900毵� 雼煬 ($1.34 欤茧嫻)鞚� 靾橃澋鞚� 鞓牳瓿�, Parent & Other 攵�氍胳潃 $1鞏� 3,100毵� 雼煬 靻愳嫟 (-$0.29 欤茧嫻)鞚� 氤搓碃頄堨姷雼堧嫟.
欤检殧 雮挫毄鞙茧電� Entergy New Orleans鞕� Louisiana鞚� 觳滌棸臧�鞀� 氚瓣磤 靷梾 毵り皝 鞕勲, Arkansas鞐愳劀鞚� 靸侂嫻頃� 鞁犼窚 靹膘灔, 攴鸽Μ瓿� 韰嶌偓鞀れ棎靹� 鞖旉笀 鞀轨澑霅� $1鞏� 8,800毵� 雼煬 攴滊鞚� 氚办爠 韴瀽 霌膘澊 韽暔霅╇媹雼�. 須岇偓電� 2025雲� 臁办爼 欤茧嫻靾滌澊鞚� 鞝勲旃橂ゼ $3.75-$3.95搿� 鞙犾頃橁碃 2027-2028雲� 鞝勲鞚� 靸來枼 臁办爼頄堨姷雼堧嫟.
Entergy Corporation (NYSE : ETR) a annonc茅 un b茅n茅fice du deuxi猫me trimestre 2025 de 1,05 $ par action 脿 la fois sur une base d茅clar茅e et ajust茅e, contre 0,11 $ d茅clar茅 et 0,96 $ ajust茅 au deuxi猫me trimestre 2024. L'activit茅 Utility de la soci茅t茅 a g茅n茅r茅 un b茅n茅fice de 599 millions de dollars (1,34 $ par action), tandis que Parent & Other a enregistr茅 une perte de 131 millions de dollars (-0,29 $ par action).
Les points cl茅s incluent la finalisation de la vente des activit茅s de distribution de gaz naturel par Entergy New Orleans et Louisiana, une croissance significative en Arkansas, ainsi que 188 millions de dollars d'investissements en distribution approuv茅s pour les tarifs au Texas. La soci茅t茅 a confirm茅 ses pr茅visions de BPA ajust茅 pour 2025 de 3,75 $ 脿 3,95 $ et a relev茅 ses perspectives pour 2027-2028.
Entergy Corporation (NYSE: ETR) meldete f眉r das zweite Quartal 2025 einen Gewinn von $1,05 pro Aktie sowohl auf berichteter als auch auf bereinigter Basis, verglichen mit $0,11 berichteter und $0,96 bereinigter EPS im zweiten Quartal 2024. Das Versorgungsunternehmen erzielte einen Gewinn von $599 Millionen ($1,34 pro Aktie), w盲hrend Parent & Other einen Verlust von $131 Millionen (-$0,29 pro Aktie) meldete.
Wichtige Highlights sind der Abschluss des Verkaufs des Erdgas-Vertriebsunternehmens durch Entergy New Orleans und Louisiana, erhebliches Wachstum in Arkansas sowie $188 Millionen an genehmigten Investitionen im Vertrieb f眉r Tarife in Texas. Das Unternehmen best盲tigte seine Prognose f眉r das bereinigte Ergebnis je Aktie 2025 von $3,75-$3,95 und hob die Aussichten f眉r 2027-2028 an.
- Q2 2025 earnings increased to $1.05 per share from $0.96 adjusted EPS year-over-year
- Utility business earnings grew to $599 million from $553 million adjusted year-over-year
- Successfully completed sale of natural gas distribution businesses
- Secured $188 million distribution investments rate approval in Texas
- Received regulatory approvals and settlements across multiple jurisdictions
- Higher other O&M, depreciation, and interest expenses impacted results
- Higher unrecovered MISO capacity costs at Entergy Texas
- Increased share dilution from equity forwards settlement
- Parent & Other segment reported $131 million loss
Insights
Entergy posted solid Q2 results with $1.05 EPS, affirmed 2025 guidance, and raised future outlooks amid continued infrastructure investments.
Entergy delivered $1.05 earnings per share in Q2 2025, representing a
The quarter's performance was driven by several positive factors in the Utility segment, which contributed
Looking at the balance sheet dynamics, Entergy completed important capital allocation moves, including the settlement of equity forwards in May 2025, which increased their share count and had a dilutive effect on earnings per share. The company also divested its natural gas distribution businesses in Louisiana and New Orleans on July 1, aligning with its strategic focus.
Entergy's regulatory momentum continues to be strong with multiple approvals secured across its territory. Notable wins include Entergy Texas receiving approval for
What's particularly significant is the company's success in securing new customer growth, especially in Arkansas, while simultaneously preparing for future demand with transmission expansions and generation resources. This customer growth provides the foundation for Entergy's raised outlooks for 2027-2028, suggesting the management team sees accelerating growth potential beyond the current planning horizon.
Company affirms guidance, raises 2027鈥�2028 outlooks
"It was another solid quarter as we work to deliver听on our customer's expectations for service and growth," said Drew Marsh, Entergy Chair and Chief Executive Officer. "We remain well positioned to capture significant opportunity ahead and drive value for our stakeholders."
Business highlights included the following:
- Entergy updated its four-year capital plan and 2027鈥�2028 adjusted EPS outlooks.
- On July 1, Entergy New Orleans and Entergy Louisiana completed the sale of their natural gas distribution businesses.
- Entergy Arkansas secured significant new growth for the state.
- Entergy Texas received approval to place
$188 million - Entergy Louisiana reached a stipulated settlement with the LPSC Staff and other parties recommending approval of generation and transmission resources needed to support the addition of a new large customer.
- Entergy Texas filed a proposal for a new Cypress to Legend 500 kV transmission line.
- The LPSC passed a directive to Staff which will expedite securitization, if needed, for a major storm in 2025.
- The MPSC approved Entergy Mississippi's formula rate plan.
- Entergy New Orleans, Entergy Louisiana, and Entergy Arkansas each filed their annual formula rate plans.
- The state of
Texas passed new laws to expedite storm cost securitization, to recover MISO capacity costs through a rider, and to help manage wildfire risk. Waterford 3 and Grand Gulf nuclear plants are celebrating 40 years of producing clean, reliable electricity.- For the tenth consecutive year, Entergy was named to The Civic 50, a Points of Light initiative honoring the 50 most community-minded companies in the
U.S.
Consolidated earnings (GAAP and non-GAAP measures) | ||||||
Second quarter and year-to-date 2025 vs. 2024 | ||||||
Second quarter | Year-to-date | |||||
2025 | 2024 | Change | 2025 | 2024 | Change | |
(After-tax, $ in millions) | ||||||
As-reported earnings | 468 | 49 | 419 | 829 | 124 | 704 |
Less adjustments | - | (362) | 362 | - | (517) | 517 |
Adjusted earnings (non-GAAP) | 468 | 411 | 57 | 829 | 641 | 187 |
听 Estimated weather impact | 38 | 56 | (18) | 60 | 30 | 31 |
(After-tax, per share in $) | ||||||
As-reported earnings | 1.05 | 0.11 | 0.94 | 1.87 | 0.29 | 1.58 |
Less adjustments | - | (0.85) | 0.85 | - | (1.21) | 1.21 |
Adjusted earnings (non-GAAP) | 1.05 | 0.96 | 0.09 | 1.87 | 1.50 | 0.37 |
听 Estimated weather impact | 0.08 | 0.13 | (0.04) | 0.14 | 0.07 | 0.07 |
Calculations may differ due to rounding |
听
Consolidated results
For second quarter 2025, the company reported earnings of
Summary discussions of results by business follow. Additional details, including information on operating cash flow by business, are provided in Appendix A. A more detailed analysis of earnings per share variances by business is provided in Appendix B.
Business results
Utility
For second quarter 2025, the Utility business reported earnings attributable to Entergy Corporation of
Drivers for the quarter-over-quarter increase included the net effect of regulatory actions across the operating companies as well as higher retail sales volume and higher other income (deductions).
These increases were partially offset by higher other O&M, depreciation expense, and interest expense as well as higher capacity costs at Entergy Texas from the MISO planning resource auction that are not currently recovered in rates.
Second quarter 2024 results included expenses totaling
On a per share basis, second quarter 2025 results reflected higher diluted average number of common shares outstanding primarily due to听the settlement of equity forwards in May 2025 as well as the dilutive effect from unsettled equity forwards as a result of an increase in the stock price.
Appendix C contains additional details on Utility operating and financial measures.
Parent & Other
For second quarter 2025, Parent & Other reported a loss attributable to Entergy Corporation of
The quarter-over-quarter as-reported change included a second quarter 2024
On a per share basis, second quarter 2025 results reflected higher diluted average number of common shares outstanding (see details in Utility section).
Earnings听per share guidance
Entergy affirmed its 2025 adjusted earnings per share guidance range of
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听teleconference
A teleconference will be held at 10:00 a.m. Central Time on Wednesday, July 30, 2025, to discuss Entergy's quarterly earnings announcement and the company's financial performance. The teleconference may be accessed by visiting Entergy's website at听听or by dialing 888-440-4149, conference ID 9024832, no more than 15 minutes prior to the start of the call. The webcast presentation is also being posted to Entergy's website concurrent with this news release. A replay of the teleconference will be available on Entergy's website at 听and by telephone. The telephone replay will be available through August 6, 2025, by dialing 800-770-2030, conference ID 9024832.
Entergy produces, transmits and distributes electricity to power life for 3 million customers through our operating companies in
Entergy Corporation's common stock is listed on the New York Stock Exchange and NYSE Texas under the symbol "ETR".
Details regarding Entergy's results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the webcast presentation. Both documents are available on Entergy's Investor Relations website at .
Entergy maintains a web page as part of its Investor Relations website entitled Regulatory and other information, which provides investors with key updates on certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.
For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix E.
Non-GAAP financial measures
This news release contains non-GAAP financial measures, which are generally numerical measures of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Entergy reports earnings using the non-GAAP measure of adjusted earnings, which excludes the effect of certain "adjustments." Adjustments are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses. In addition to reporting GAAP earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.
Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, stockholders, analysts, and investors; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy's business, comparing period to period results, and comparing Entergy's financial performance to the financial performance of other companies in the utility sector.
Other non-GAAP measures, including adjusted ROE, adjusted ROE excluding affiliate preferred, FFO to adjusted debt, gross liquidity, net liquidity, adjusted Parent debt to total adjusted debt, adjusted debt to adjusted capitalization, and adjusted net debt to adjusted net capitalization are measures Entergy uses internally for management and board discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy's ongoing financial results and flexibility and assists investors in comparing Entergy's credit and liquidity to the credit and liquidity of others in the utility sector. These metrics are defined in Appendix E.
These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy's operations that, when viewed with Entergy's GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy's business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy's consolidated financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy's performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
Cautionary note regarding forward-looking statements
In this news release, and from time to time, Entergy Corporation makes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy's 2025 earnings guidance; financial and operational outlooks; industrial load growth outlooks; statements regarding its climate transition and resilience plans, goals, beliefs, or expectations; and other statements of Entergy's plans, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy's most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy's other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with听(1) realizing the benefits of its resilience plan, including impacts of the frequency and intensity of future storms and storm paths, as well as the pace of project completion and (2) efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust values or earnings or in the timing or cost of decommissioning Entergy's nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including (1) strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized, and (2) Entergy's ability to meet the rapidly growing demand for electricity, including from hyperscale data centers and other large customers, and to manage the impacts of such growth on customers and Entergy's business, or the risk that contracted or expected load growth does not materialize or is not sustained; (h) direct and indirect impacts to Entergy or its customers from pandemics, terrorist attacks, geopolitical conflicts, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy's business or operations, and/or other catastrophic events; and (i) effects on Entergy or its customers of (1) changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, international trade, or energy policies; (2) changes in commodity markets, capital markets, or economic conditions; and (3) technological change, including the costs, pace of development, and commercialization of new and emerging technologies.
Second quarter 2025 earnings release appendices and financial statements
Appendices
A: Consolidated results and adjustments
B: Earnings variance analysis
C: Utility operating and financial measures
D: Consolidated financial measures
E: Definitions and abbreviations and acronyms
F: Other GAAP to non-GAAP reconciliations
Financial statements
Consolidating balance sheets
Consolidating income statements
Consolidated cash flow statements
A: Consolidated results and adjustments
Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).
Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measures | ||||||
Second quarter | Year-to-date | |||||
2025 | 2024 | Change | 2025 | 2024 | Change | |
(After-tax, $ in millions) | ||||||
As-reported earnings (loss) | ||||||
Utility | 599 | 441 | 158 | 1,089 | 636 | 452 |
Parent & Other | (131) | (392) | 261 | (260) | (512) | 252 |
Consolidated | 468 | 49 | 419 | 829 | 124 | 704 |
Less adjustments | ||||||
Utility | - | (112) | 112 | - | (267) | 267 |
Parent & Other | - | (250) | 250 | - | (250) | 250 |
Consolidated | - | (362) | 362 | - | (517) | 517 |
Adjusted earnings (loss) (non-GAAP) | ||||||
Utility | 599 | 553 | 46 | 1,089 | 903 | 185 |
Parent & Other | (131) | (142) | 11 | (260) | (262) | 2 |
Consolidated | 468 | 411 | 57 | 829 | 641 | 187 |
Estimated weather impact | 38 | 56 | (18) | 60 | 30 | 31 |
Diluted average number of common shares outstanding (in millions) (a) | 446 | 429 | 17 | 443 | 428 | 15 |
(After-tax, per share in $) (a)(b) | ||||||
As-reported earnings (loss) | ||||||
Utility | 1.34 | 1.03 | 0.31 | 2.45 | 1.49 | 0.97 |
Parent & Other | (0.29) | (0.91) | 0.62 | (0.59) | (1.20) | 0.61 |
Consolidated | 1.05 | 0.11 | 0.94 | 1.87 | 0.29 | 1.58 |
Less adjustments | ||||||
Utility | - | (0.26) | 0.26 | - | (0.62) | 0.62 |
Parent & Other | - | (0.58) | 0.58 | - | (0.58) | 0.58 |
Consolidated | - | (0.85) | 0.85 | - | (1.21) | 1.21 |
Adjusted earnings (loss) (non-GAAP) | ||||||
Utility | 1.34 | 1.29 | 0.05 | 2.45 | 2.11 | 0.35 |
Parent & Other | (0.29) | (0.33) | 0.04 | (0.59) | (0.61) | 0.03 |
Consolidated | 1.05 | 0.96 | 0.09 | 1.87 | 1.50 | 0.37 |
Estimated weather impact | 0.08 | 0.13 | (0.04) | 0.14 | 0.07 | 0.07 |
Calculations may differ due to rounding | |
(a) | Entergy executed a two-for-one forward stock split that was effective with trading on Dec. 13, 2024; 2024 diluted average number of common shares outstanding and per-share information has been restated to reflect the post-split share count. |
(b) | Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.听 |
See Appendix B for detailed earnings variance analysis. | |
听
Appendix A-2 and Appendix A-3 detail adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.
Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS) | |||||||
Second quarter and year-to-date 2025 vs. 2024 | |||||||
Second quarter | Year-to-date | ||||||
2025 | 2024 | Change | 2025 | 2024 | Change | ||
(Pre-tax except for income tax effect and totals; $ in millions) | |||||||
Utility | |||||||
2Q24 E-LA global agreement to resolve its FRP extension filing and other retail matters | - | (151) | 151 | - | (151) | 151 | |
1Q24 E-AR write-off of a regulatory asset related to the opportunity sales proceeding | - | - | - | - | (132) | 132 | |
1Q24 E-NO increase in customer sharing of income tax benefits as a result of the | - | - | - | - | (79) | 79 | |
Income tax effect on Utility adjustments above | - | 39 | (39) | - | 95 | (95) | |
Total Utility | - | (112) | 112 | - | (267) | 267 | |
Parent & Other | |||||||
2Q24 pension lift out | - | (317) | 317 | - | (317) | 317 | |
Income tax effect on Parent & Other adjustment above | - | 67 | (67) | - | 67 | (67) | |
Total Parent & Other | - | (250) | 250 | - | (250) | 250 | |
Total adjustments | - | (362) | 362 | - | (517) | 517 | |
(After-tax, per share in $) (c), (d) | |||||||
Utility | |||||||
2Q24 E-LA global agreement to resolve its FRP extension filing and other retail matters | - | (0.26) | 0.26 | - | (0.26) | 0.26 | |
1Q24 E-AR write-off of a regulatory asset related to the opportunity sales proceeding | - | - | - | - | (0.23) | 0.23 | |
1Q24 E-NO increase in customer sharing of income tax benefits as a result of the | - | - | - | - | (0.13) | 0.13 | |
Total Utility | - | (0.26) | 0.26 | - | (0.62) | 0.62 | |
Parent & Other | |||||||
2Q24 pension lift out | - | (0.58) | 0.58 | - | (0.58) | 0.58 | |
Total Parent & Other | - | (0.58) | 0.58 | - | (0.58) | 0.58 | |
Total adjustments | - | (0.85) | 0.85 | - | (1.21) | 1.21 | |
Calculations may differ due to rounding | |
(c) | Entergy executed a two-for-one forward stock split that was effective with trading on Dec. 13, 2024; 2024 per-share information has been restated to reflect the post-split share count. |
(d) | Per share amounts are calculated by multiplying the corresponding earnings (loss) by the estimated income tax rate that is expected to apply and dividing by the diluted average number of common shares outstanding for the period.听 |
听
Appendix A-3: Adjustments by income statement line item (shown as positive/ (negative) impact on earnings) | ||||||
Second quarter and year-to-date 2025 vs. 2024 | ||||||
(Pre-tax except for income taxes and totals; $ in millions) | ||||||
Second quarter | Year-to-date | |||||
2025 | 2024 | Change | 2025 | 2024 | Change | |
Utility | ||||||
Other O&M | - | (1) | 1 | - | (1) | 1 |
Asset write-offs, impairments, and related charges | - | - | - | - | (132) | 132 |
Other regulatory charges (credits) 鈥� net | - | (150) | 150 | - | (229) | 229 |
Income taxes | - | 39 | (39) | - | 95 | (95) |
Total Utility | - | (112) | 112 | - | (267) | 267 |
Parent & Other | ||||||
Other income (deductions) | - | (317) | 317 | - | (317) | 317 |
Income taxes | - | 67 | (67) | - | 67 | (67) |
Total Parent & Other | - | (250) | 250 | - | (250) | 250 |
Total adjustments | - | (362) | 362 | - | (517) | 517 |
Calculations may differ due to rounding |
听
Appendix A-4 provides a comparative summary of OCF by business.听
Appendix A-4: Consolidated operating cash flow | ||||||
Second quarter and year-to-date 2025 vs. 2024 | ||||||
($ in millions) | ||||||
Second quarter | Year-to-date | |||||
2025 | 2024 | Change | 2025 | 2024 | Change | |
Utility | 1,371 | 1,111 | 261 | 1,937 | 1,626 | 311 |
Parent & Other | (110) | (85) | (24) | (139) | (79) | (60) |
Consolidated | 1,262 | 1,025 | 236 | 1,798 | 1,546 | 251 |
Calculations may differ due to rounding |
听
Second quarter 2025 OCF increased primarily due to higher Utility customer receipts, including higher fuel revenues, and the receipt of advance payments related to customer agreements in 2025. These increases were partially offset by higher fuel and purchased power payments.
B: Earnings variance analysis
Appendix B-1 and Appendix B-2 provide details of current quarter and year-to-date 2025 versus 2024 as-reported and adjusted earnings per share variances.听听听听听听听听听听听听听听听
Appendix B-1: As-reported and adjusted earnings per share variance analysis (e), (f), (g), (h) | |||||||||
Second quarter 2025 vs. 2024 | |||||||||
(After-tax, per share in $) | |||||||||
Utility | Parent & Other | Consolidated | |||||||
As- reported | Adjusted | As- reported | Adjusted | As- reported | Adjusted | ||||
2024 earnings (loss) | 1.03 | 1.29 | (0.91) | (0.33) | 0.11 | 0.96 | |||
Operating revenue less: | 0.47 | 0.21 | (i) | 0.02 | 0.02 | 0.48 | 0.23 | ||
Nuclear refueling outage expenses | 0.02 | 0.02 | - | - | 0.02 | 0.02 | |||
Other O&M | (0.05) | (0.05) | (j) | 0.01 | 0.01 | (0.04) | (0.04) | ||
Asset write-offs, impairments, and related charges | - | - | - | - | - | - | |||
Decommissioning | - | - | - | - | - | - | |||
Taxes other than income taxes | (0.02) | (0.02) | - | - | (0.03) | (0.03) | |||
Depreciation and amortization | (0.03) | (0.03) | (k) | - | - | (0.03) | (0.03) | ||
Other income (deductions) | 0.06 | 0.06 | (l) | 0.57 | (0.01) | (m) | 0.63 | 0.05 | |
Interest expense | (0.06) | (0.06) | (n) | 0.01 | 0.01 | (0.06) | (0.06) | ||
Income taxes 鈥� other | (0.01) | (0.01) | 0.01 | 0.01 | - | - | |||
Preferred dividend requirements and noncontrolling interests | - | - | - | - | - | - | |||
Share effect | (0.05) | (0.05) | 0.01 | 0.01 | (0.04) | (0.04) | (o) | ||
2025 earnings (loss) | 1.34 | 1.34 | (0.29) | (0.29) | 1.05 | 1.05 | |||
Calculations may differ due to rounding |
听
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 $) | |||||||||
Utility | Parent & Other | Consolidated | |||||||
As- reported | Adjusted | As- reported | Adjusted | As- reported | Adjusted | ||||
2024 earnings (loss) | 1.49 | 2.11 | (1.20) | (0.61) | 0.29 | 1.50 | |||
Operating revenue less: | 1.06 | 0.66 | (i) | 0.03 | 0.03 | (p) | 1.09 | 0.69 | |
Nuclear refueling outage expenses | 0.02 | 0.02 | - | - | 0.02 | 0.02 | |||
Other O&M | (0.02) | (0.02) | - | - | (0.01) | (0.02) | |||
Asset write-offs, impairments, and related charges | 0.23 | - | (q) | - | - | 0.23 | - | ||
Decommissioning | (0.01) | (0.01) | - | - | (0.01) | (0.01) | |||
Taxes other than income taxes | (0.04) | (0.04) | (r) | - | - | (0.04) | (0.04) | ||
Depreciation and amortization | (0.05) | (0.05) | (k) | - | - | (0.05) | (0.05) | ||
Other income (deductions) | 0.01 | 0.01 | 0.57 | (0.02) | (m) | 0.58 | - | ||
Interest expense | (0.16) | (0.16) | (n) | (0.01) | (0.01) | (0.17) | (0.17) | ||
Income taxes 鈥� other | 0.01 | 0.01 | - | - | 0.01 | 0.01 | |||
Preferred dividend requirements and noncontrolling interests | - | - | - | - | - | - | |||
Share effect | (0.09) | (0.09) | 0.02 | 0.02 | (0.07) | (0.07) | (o) | ||
2025 earnings (loss) | 2.45 | 2.45 | (0.59) | (0.59) | 1.87 | 1.87 | |||
Calculations may differ due to rounding |
听
(e) | Utility operatingrevenue and Utility income taxes 鈥� other variances exclude the following for the return/collection of excess/deficient unprotected ADIT (net effect was neutral to earnings) ($ in millions): |
2Q25 | 2Q24 | YTD25 | YTD24 | |
Utility operating revenue | (4) | 8 | (6) | 16 |
Utility income taxes 鈥� other | 4 | (8) | 6 | (16) |
听
(f) | Utility regulatory charges (credits) 鈥� net and Utility preferred dividend requirements and noncontrolling interests variances exclude the following for the effects of HLBV accounting and the approved deferral (net effect was neutral to earnings) |
2Q25 | 2Q24 | YTD25 | YTD24 | |
Utility regulatory charges (credits) 鈥� net | (1) | (2) | (4) | (5) |
Utility preferred dividend requirements and noncontrolling interests | 1 | 2 | 4 | 5 |
听
(g) | Entergy executed a two-for-one forward stock split that was effective with trading on Dec. 13, 2024; 2024 per-share information and diluted number of common shares outstanding has been restated to reflect the post-split share count. |
(h) | EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period. Income taxes 鈥� other represents income tax differences other than the income tax effect of individual line items.听Share effect captures the per share impact from the change in diluted average number of common shares outstanding. |
听
Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) 鈥� net variance analysis听2025 vs. 2024 ($ EPS) | |||
2Q | YTD | ||
Electric volume / weather | 0.03 | 0.24 | |
Retail electric price | 0.19 | 0.35 | |
2Q24 E-LA global agreement to resolve certain retail matters | 0.26 | 0.26 | |
1Q24 E-NO provision for increased income tax sharing | - | 0.13 | |
E-TX MISO capacity costs | (0.04) | (0.04) | |
Reg. provisions for decommissioning items | 0.03 | 0.16 | |
Other, including Grand Gulf recovery | (0.01) | (0.04) | |
Total | 0.47 | 1.06 | |
(i) | The second quarter and year-to-date earnings increases reflected higher electric volume, including the effects of weather, and the effect of rate actions including: E-AR's FRP, E-LA's FRP (including riders), E-LA's resilience plan cost recovery rider, E-MS's FRP, various E-MS riders, E-NO's FRP, and E-TX's DCRF. The increases also reflected the effects of a second quarter 2024 regulatory charge of |
(j) | The second quarter earnings decrease from higher Utility other O&M included higher power generation costs primarily due to a higher scope of work performed, including during plant outages, in second quarter 2025 as compared to second quarter 2024; higher power delivery expenses primarily due to vegetation maintenance costs; and an increase in bad debt expense. The decrease was partly offset by contract costs in 2024 related to operational performance, customer service, and organizational health initiatives. |
(k) | The second quarter and year-to-date earnings decreases from higher Utility depreciation and amortization were primarily due to higher plant in service and an increase in E-LA's nuclear depreciation rates effective September 2024. The decreases were partially offset by the recognition of depreciation expense from E-TX's 2022 base rate case relate back in first and second quarters of 2024. |
(l) | The second quarter earnings increase from higher Utility other income (deductions) was听primarily due to higher AFUDC鈥揺quity due to higher construction work in progress, a true-up of E-LA's MISO cost recovery mechanism, and an increase in the amortization of tax gross ups on customer advances for construction. The increase was partly offset by changes in nuclear decommissioning trust returns, including portfolio rebalancing in second quarter 2024 (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral). |
(m) | The second quarter and year-to-date as-reported earnings increases from Parent & Other other income (deductions) were primarily due to a second quarter 2024 |
(n) | The second quarter and year-to-date earnings decreases from higher Utility interest expense were primarily due to higher interest rates, higher debt balances, and higher carrying costs on customer advances for construction.听The decreases were partially offset by higher AFUDC-debt due to higher construction work in progress. |
(o) | The second quarter and year-to-date earnings per share impacts from share effect were primarily due to the settlement of equity forwards in May 2025 and the dilutive effect of unsettled equity forwards as a result of an increase in the stock price. |
(p) | The year-to-date earnings increase was primarily due to lower fuel and purchased power expenses associated with the conclusion of a purchased power agreement in December 2024. |
(q) | The year-to-date as-reported earnings increase from Utility asset write-offs and impairments听was due to the first quarter 2024 write off of an E-AR |
(r) | The year-to-date earnings decrease from higher Utility taxes other than income taxes was primarily due to increases in ad valorem taxes resulting from higher assessments and increases in local franchise taxes as a result of higher retail revenues in 2025 as compared to 2024. |
听
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 2025 vs. 2024 | |||||||||||
Second quarter | Year-to-date | ||||||||||
2025 | 2024 | % | % weather | 2025 | 2024 | % | % weather | ||||
GWh sold | |||||||||||
Residential | 8,899 | 9,557 | (6.9) | (4.3) | 17,683 | 17,315 | 2.1 | (0.1) | |||
Commercial | 7,265 | 7,236 | 0.4 | 1.8 | 13,507 | 13,460 | 0.3 | 0.4 | |||
Governmental | 617 | 626 | (1.4) | (1.2) | 1,176 | 1,198 | (1.8) | (1.8) | |||
Industrial | 15,620 | 13,973 | 11.8 | 11.8 | 29,452 | 26,633 | 10.6 | 10.6 | |||
Total retail | 32,401 | 31,392 | 3.2 | 4.5 | 61,818 | 58,606 | 5.5 | 4.9 | |||
Wholesale | 4,133 | 3,052 | 35.4 | 5,767 | 7,010 | (17.7) | |||||
Total | 36,534 | 34,444 | 6.1 | 67,585 | 65,616 | 3.0 | |||||
Number of electric retail customers | |||||||||||
Residential | 2,608,472 | 2,592,846 | 0.6 | ||||||||
Commercial | 371,699 | 370,219 | 0.4 | ||||||||
Governmental | 18,008 | 18,042 | (0.2) | ||||||||
Industrial | 41,227 | 42,294 | (2.5) | ||||||||
Total | 3,039,406 | 3,023,401 | 0.5 | ||||||||
Other O&M and nuclear | 听 | 听 (3.3) | 听 | 听 (3.2) | |||||||
Calculations may differ due to rounding | |
(s) | The effects of weather were estimated using heating degree days and cooling degree days for the period from certain locations within each jurisdiction and comparing to "normal" weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change. |
听
For the quarter, weather-adjusted retail sales increased 4.5 percent. The increase was primarily due to an increase in industrial usage, mainly in the primary metals, chlor-alkali, and technology industries. Commercial sales increased 1.8 percent. The increases were partially offset by a residential sales decline of (4.3) percent.听
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 June 30 | 2025 | 2024 | Change | |
GAAP measure | ||||
As-reported ROE | 11.4听% | 12.8听% | (1.4)听% | |
Non-GAAP measure | ||||
Adjusted ROE | 11.5听% | 10.4听% | 1.1听% | |
As of June 30 ($ in millions, except where noted) | 2025 | 2024 | Change | |
GAAP measures | ||||
Cash and cash听equivalents | 1,176 | 1,355 | (179) | |
Available revolver capacity听 | 4,345 | 4,345 | - | |
Commercial paper | 459 | 932 | (473) | |
Total debt | 30,522 | 28,846 | 1,676 | |
Junior subordinated debentures | 1,200 | 1,200 | - | |
Securitization debt | 230 | 249 | (19) | |
Total debt to total capital | 65听% | 66听% | (1)听% | |
听听Storm escrows | 303 | 333 | (30) | |
Non-GAAP measures ($ in millions, except where noted) | ||||
FFO to adjusted debt | 15.1听% | 14.0听% | 1.1听% | |
Adjusted debt to adjusted capitalization | 63听% | 64听% | (1)听% | |
Adjusted net debt to adjusted net capitalization | 62听% | 63听% | (1)听% | |
Gross liquidity | 5,521 | 5,700 | (179) | |
Net liquidity | 7,631 | 5,915 | 1,716 | |
Adjusted Parent debt to total adjusted debt | 17听% | 20听% | (3)听% | |
Calculations may differ due to rounding |
听
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 |
Financial measures 鈥� 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 |
Total debt | Sum of short-term and long-term debt, notes payable, and commercial paper |
Financial measures 鈥� non-GAAP | |
Adjusted capitalization | Capitalization excluding securitization debt |
Adjusted debt | Debt excluding securitization debt and |
Adjusted debt to adjusted capitalization | Adjusted debt divided by adjusted capitalization |
Adjusted EPS | As-reported earnings minus adjustments, divided by the diluted average number of |
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听divided by adjusted net capitalization |
Adjusted Parent debt | Entergy Corp. debt, including amounts drawn on credit revolver and commercial paper |
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 |
Adjustments | Unusual or non-recurring items or events or other items or events that management |
FFO | OCF minus preferred dividend requirements of subsidiaries, working capital items in OCF |
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 |
听
Appendix E-2 explains abbreviations and acronyms used in the quarterly earnings materials.
Appendix E-2: Abbreviations and acronyms | |||
A&G ACM ADIT AFUDC 鈥撎� AFUDC 鈥� AMS APSC ATM B&E CAGR CCCT CCN CCNO CCS CFO COD CT DCRF DOE DRM E-AR E-LA E-MS E-NO E-TX EPS ESA ETR FFO FRP GAAP GCRR Grand Gulf or HLBV 听 | Administrative and general expenses Additional capacity mechanism Accumulated deferred income taxes Allowance for debt funds used during Allowance for equity funds used during Advanced metering system Arkansas Public Service Commission At the market equity issuance program Business and Executive Session Compound annual growth rate Combined cycle combustion turbine Certificate for convenience and necessity Council of the Cash from operations Commercial operation date Combustion turbine 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 Electric service agreement Entergy Corporation Funds from operations Formula rate plan Generation Cost Recovery Rider Unit 1 of Grand Gulf Nuclear Station (nuclear), Hypothetical liquidation at book value | IRS LCPS LDC LPSC LTM MCRM MISO Moody's MPSC NDT NYSE O&M OCAPS OCF OpCo Other O&M P&O PMR PPA PRA PTC PUCT RECs RSHCR ROE RPCR S&P SEC SERI SETEX TAM TCRF TRM 听 WACC | Internal Revenue Service Lake Charles Power Station 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 Planning resource auction Production tax credit Public Utility Commission of Renewable Energy Certificates Resilience and storm hardening cost recovery Return on equity Resilience plan cost recovery rider Standard & Poor's System Energy Resources, Inc. Tax adjustment mechanism Transmission cost recovery factor Transmission Recovery Mechanism (rider within Weighted-average cost of capital 听 |
听
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 鈥� ROE | |||
(LTM $ in millions except where noted) | Second quarter | ||
2025 | 2024 | ||
As-reported net income attributable to Entergy Corporation | (A) | 1,760 | 1,779 |
Adjustments | (B) | (5) | 333 |
Adjusted earnings (non-GAAP) | (C)=(A-B) | 1,765 | 1,446 |
Average common equity (average of beginning and ending balances) | (D) | 15,390 | 13,902 |
As-reported ROE | (A/D) | 11.4听% | 12.8听% |
Adjusted ROE (non-GAAP) | (C/D) | 11.5听% | 10.4听% |
Calculations may differ due to rounding |
听
Appendix F-2: Reconciliation of GAAP to non-GAAP financial measures 鈥� FFO to adjusted debt | |||
($ in millions except where noted) | Second quarter | ||
2025 | 2024 | ||
Total debt | (A) | 30,522 | 28,846 |
Securitization debt | (B) | 230 | 249 |
(C) | 600 | 600 | |
Adjusted debt (non-GAAP) | (D)=(A-B-C) | 29,692 | 27,997 |
Net cash flow provided by operating activities, LTM | (E) | 4,740 | 4,015 |
Preferred dividend requirements of subsidiaries, LTM | (F) | (18) | (18) |
(G) | (43) | (5) | |
Working capital items in net cash flow provided by operating activities, LTM: | |||
Receivables | (84) | (151) | |
Fuel inventory | (1) | 17 | |
Accounts payable | 208 | (17) | |
Taxes accrued | 18 | 52 | |
Interest accrued | 45 | 36 | |
Deferred fuel costs | (216) | 331 | |
Other working capital accounts | 346 | (182) | |
Securitization regulatory charges, LTM | 17 | 30 | |
Total | (H) | 332 | 115 |
FFO, LTM (non-GAAP) | (I)=(E-F-G-H) | 4,469 | 3,923 |
FFO to adjusted debt (non-GAAP) | (I/D) | 15.1听% | 14.0听% |
Calculations may differ due to rounding |
听
Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures 鈥� adjusted debt ratios; gross liquidity; and net liquidity | |||
($ in millions except where noted) | Second quarter | ||
2025 | 2024 | ||
Total debt | (A) | 30,522 | 28,846 |
Securitization debt | (B) | 230 | 249 |
(C) | 600 | 600 | |
Adjusted debt (non-GAAP) | (D)=(A-B-C) | 29,692 | 27,997 |
Cash and cash equivalents | (E) | 1,176 | 1,355 |
Adjusted net debt (non-GAAP) | (F)=(D-E) | 28,516 | 26,642 |
Commercial paper | (G) | 459 | 932 |
Total capitalization | (H) | 47,050 | 43,747 |
Securitization debt | (B) | 230 | 249 |
Adjusted capitalization (non-GAAP) | (I)=(H-B) | 46,820 | 43,498 |
Cash and cash equivalents | (E) | 1,176 | 1,355 |
Adjusted net capitalization (non-GAAP) | (J)=(I-E) | 45,644 | 42,143 |
Total debt to total capitalization | (A/H) | 65听% | 66听% |
Adjusted debt to adjusted capitalization (non-GAAP) | (D/I) | 63听% | 64听% |
Adjusted net debt to adjusted net capitalization (non-GAAP) | (F/J) | 62听% | 63听% |
Available revolver capacity | (K) | 4,345 | 4,345 |
Storm escrows | (L) | 303 | 333 |
Equity sold forward, not yet settled (t) | (M) | 2,266 | 815 |
Gross liquidity (non-GAAP) | (N)=(E+K) | 5,521 | 5,700 |
Net liquidity (non-GAAP) | (N-G+L+M) | 7,631 | 5,915 |
Entergy Corporation notes: | |||
Due September 2025 | 800 | 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 December 2054 | 1,200 | 1,200 | |
Total Parent long-term debt | (O) | 5,250 | 5,250 |
Revolver drawn | (P) | - | - |
Unamortized debt issuance costs and discounts | (Q) | (42) | (48) |
Total Parent debt | (R)=(G+O+P+Q) | 5,667 | 6,134 |
Adjusted Parent debt (non-GAAP) | (S)=(R-C) | 5,067 | 5,534 |
Adjusted Parent debt to total adjusted debt (non-GAAP) | (S/D) | 17听% | 20听% |
Calculations may differ due to rounding | |
(t) | 听 听 听Reflects adjustments, including for common dividends between contracting and settlement. |
听
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