Form 8-K
8-K — ENTERGY CORP /DE/
Accession: 0000065984-26-000217
Filed: 2026-04-29
Period: 2026-04-29
CIK: 0000065984
SIC: 4911 (ELECTRIC SERVICES)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — etr-20260429.htm (Primary)
EX-99.1 (earningsrelease1q26_ex991.htm)
GRAPHIC (image_0a.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: etr-20260429.htm · Sequence: 1
etr-20260429
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date earliest event reported) April 29, 2026
Commission
File Number
Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.
Commission
File Number
Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.
1-11299 ENTERGY CORPORATION 1-35747 ENTERGY NEW ORLEANS, LLC
(a Delaware corporation)
639 Loyola Avenue
New Orleans, Louisiana 70113
Telephone (504) 576-4000
(a Texas limited liability company)
1600 Perdido Street
New Orleans, Louisiana 70112
Telephone (504) 670-3702
72-1229752 82-2212934
1-10764 ENTERGY ARKANSAS, LLC 1-34360 ENTERGY TEXAS, INC.
(a Texas limited liability company)
425 West Capitol Avenue
Little Rock, Arkansas 72201
Telephone (501) 377-4000
(a Texas corporation)
2107 Research Forest Drive
The Woodlands, Texas 77380
Telephone (409) 981-2000
83-1918668 61-1435798
1-32718 ENTERGY LOUISIANA, LLC 1-09067 SYSTEM ENERGY RESOURCES, INC.
(a Texas limited liability company)
4809 Jefferson Highway
Jefferson, Louisiana 70121
Telephone (504) 576-4000
(an Arkansas corporation)
1340 Echelon Parkway
Jackson, Mississippi 39213
Telephone (601) 368-5000
47-4469646 72-0752777
1-31508 ENTERGY MISSISSIPPI, LLC
(a Texas limited liability company)
308 East Pearl Street
Jackson, Mississippi 39201
Telephone (601) 368-5000
83-1950019
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Registrant Title of Class Trading
Symbol Name of Each Exchange
on Which Registered
Entergy Corporation
Common Stock, $0.01 Par Value
ETR
New York Stock Exchange
Common Stock, $0.01 Par Value
ETR
NYSE Texas
Entergy Arkansas, LLC
Mortgage Bonds, 4.875% Series due September 2066
EAI
New York Stock Exchange
Entergy Louisiana, LLC
Mortgage Bonds, 4.875% Series due September 2066
ELC
New York Stock Exchange
Entergy Mississippi, LLC
Mortgage Bonds, 4.90% Series due October 2066
EMP
New York Stock Exchange
Entergy New Orleans, LLC
Mortgage Bonds, 5.0% Series due December 2052
ENJ
New York Stock Exchange
Mortgage Bonds, 5.50% Series due April 2066
ENO
New York Stock Exchange
Entergy Texas, Inc.
5.375% Series A Preferred Stock, Cumulative, No Par Value (Liquidation Value $25 Per Share)
ETI/PR
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On April 29, 2026, Entergy Corporation (the “Company”) issued a press release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the first quarter 2026 (the “Earnings Release”). The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 2.02.
Item 7.01. Regulation FD Disclosure
On April 29, 2026, the Company issued the Earnings Release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the first quarter 2026. The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 7.01.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit No.
Description
99.1
Earnings Release, dated April 29, 2026, issued by Entergy Corporation
104
Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Entergy Corporation
Entergy Arkansas, LLC
Entergy Louisiana, LLC
Entergy Mississippi, LLC
Entergy New Orleans, LLC
Entergy Texas, Inc.
System Energy Resources, Inc.
By: /s/ Reginald T. Jackson
Reginald T. Jackson
Senior Vice President and
Chief Accounting Officer
Dated: April 29, 2026
EX-99.1
EX-99.1
Filename: earningsrelease1q26_ex991.htm · Sequence: 2
Document
NEWS RELEASE
FOR IMMEDIATE RELEASE
April 29, 2026
Entergy reports first quarter 2026 financial results
Company affirms 2026 guidance, raises longer-term outlooks
NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported first quarter 2026 earnings per share of 83 cents on an as-reported basis and 86 cents on an adjusted (non-GAAP) basis.
“It’s shaping up to be another exciting year,” said Drew Marsh, Entergy Chair and Chief Executive Officer. “We announced another major hyperscale agreement in Louisiana that includes an additional estimated $2 billion of savings for retail customers consistent with our Fair Share Plus pledge. The fundamentals of our company have never been stronger, and we continue to work diligently to deliver real value to our stakeholders.”
Business highlights included the following:
•Entergy updated its four-year capital plan and adjusted EPS outlooks.
•The PUCT approved an update to E-TX’s TCRF rate.
•E-TX submitted a GCRR filing to place OCAPS investment in rates.
•The APSC approved E-AR’s 600 MW Arkansas Cypress Solar with 350 MW of battery storage.
•E-LA submitted an application for approval under the LPSC’s Lightning Initiative for investments proposed in connection with a new 20-year electric service agreement with Evest LLC, a subsidiary of Meta Platforms, Inc.
•E-MS filed its annual formula rate plan.
•E-AR submitted its base rate case and Generating Arkansas Jobs Act rider filings.
•The state of Mississippi passed legislation to enable securitization to finance winter storm Fern restoration costs.
•Entergy marked 25 years of giving through the Environmental Initiative Fund investing nearly $45 million in environmentally beneficial projects and programs since inception.
Table of contents
Page
News release
Table of appendices and financial statements
A: Consolidated results and adjustments
B: Earnings variance analysis
C: Utility operating and financial measures
D: Consolidated financial measures
E: Definitions and abbreviations and acronyms
F: Other GAAP to non-GAAP reconciliations
Financial statements
1
6
7
10
12
13
14
16
18
Page 1
Entergy reports first quarter 2026 financial results
April 29, 2026
Page 2
Consolidated earnings (GAAP and non-GAAP measures)
First quarter 2026 vs. 2025 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)
First quarter
2026 2025 Change
(After-tax, $ in millions)
As-reported earnings
385 361 24
Less adjustments
(14) - (14)
Adjusted earnings (non-GAAP)
399 361 38
Estimated weather impact
(10) 22 (32)
(After-tax, per share in $)
As-reported earnings
0.83 0.82 0.01
Less adjustments
(0.03) - (0.03)
Adjusted earnings (non-GAAP)
0.86 0.82 0.04
Estimated weather impact
(0.02) 0.05 (0.07)
Calculations may differ due to rounding
Consolidated results
For first quarter 2026, the company reported earnings of $385 million, or 83 cents per share, on an as-reported basis, and earnings of $399 million, or 86 cents per share on an adjusted basis. This compared to first quarter 2025 earnings of $361 million, or 82 cents per share, on an as-reported and an adjusted basis.
Summary discussions of results by business follow. Additional details, including information on operating cash flow by business, are provided in Appendix A. Appendix B provides a more detailed analysis of earnings per share variances by business.
Business results
Utility
For first quarter 2026, the Utility business reported earnings attributable to Entergy Corporation of $540 million, or $1.17 per share, on an as-reported and an adjusted basis. This compared to first quarter 2025 earnings of $490 million, or $1.11 per share, on an as-reported and an adjusted basis.
The primary drivers for the quarter’s earnings increase included the net effect of regulatory actions across the operating companies and return on construction work in progress for certain utility plant investments.
These drivers were partially offset by higher interest expense as well as higher depreciation and amortization.
On a per share basis, first quarter 2026 results reflected higher diluted average number of common shares outstanding primarily due to the settlement of equity forwards in 2025 and 2026 as well as the dilutive effect of an increase in the stock price on unsettled equity forwards.
Appendix C contains additional details on Utility operating and financial measures.
Parent & Other
For first quarter 2026, Parent & Other reported a loss attributable to Entergy Corporation of $(155 million), or (34) cents per share, on an as-reported basis, and a loss of $(141 million), or (31) cents per
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Entergy reports first quarter 2026 financial results
April 29, 2026
Page 3
share on an adjusted basis. This compared to a first quarter 2025 loss of $(129 million), or (29) cents per share, on an as-reported and an adjusted basis.
First quarter 2026 results included an $(18 million) ($(14 million) after tax) non-cash impairment charge related to the expected sale of a non-utility business interest in the Independence power plant (considered an adjustment and excluded from adjusted earnings). Higher interest expense was also a driver for the quarter.
On a per share basis, first quarter 2026 results reflected higher diluted average number of common shares outstanding (see details in Utility section).
Earnings per share guidance
Entergy affirmed its 2026 adjusted earnings per share guidance range of $4.25 to $4.45. See the earnings call presentation for additional details.
The company has provided 2026 earnings guidance with regard to the non-GAAP measure of adjusted earnings per share. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described in the “Non-GAAP financial measures” section. The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. Potential adjustments include, among other things, certain significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses.
Earnings teleconference
A teleconference will be held at 10:00 a.m. Central Time on Wednesday, April 29, 2026, to discuss Entergy’s quarterly earnings announcement and the company’s financial performance. The teleconference may be accessed by visiting Entergy’s website at investors.entergy.com/investors/events-and-presentations or by dialing 888-440-4149, conference ID 9024832, no more than 15 minutes prior to the start of the call. The earnings call presentation is also being posted to Entergy’s website concurrent with this news release. A replay of the teleconference will be available on Entergy’s website at investors.entergy.com/investors/events-and-presentations and by telephone. The telephone replay will be available through May 6, 2026, by dialing 800-770-2030, conference ID 9024832.
Entergy (NYSE: ETR) generates, transmits and distributes electricity to power life for more than 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We’re focused on keeping costs for our customers as low as possible while providing reliable energy that our communities count on. We’re also investing in growth for the future with a more resilient, cleaner energy system that includes modern natural gas, nuclear and renewable energy generation. As a nationally recognized leader in sustainability and corporate citizenship, we deliver more than $100 million in economic benefits each year to the communities we serve through philanthropy, volunteerism and advocacy. Entergy is a Fortune 500 company headquartered in New Orleans, Louisiana, and has approximately 12,000 employees. Learn more at Entergy.com and connect with @Entergy on social media.
Entergy Corporation’s common stock is listed on the New York Stock Exchange and NYSE Texas under the symbol “ETR”.
Details regarding Entergy’s results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the earnings call presentation. Both documents are available on Entergy’s Investor Relations website at investors.entergy.com/investors/events-and-presentations.
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Entergy reports first quarter 2026 financial results
April 29, 2026
Page 4
Entergy maintains a web page as part of its Investor Relations website entitled Regulatory and other information, which provides investors with key updates on certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.
For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix E.
Non-GAAP financial measures
This news release contains non-GAAP financial measures, which are generally numerical measures of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Entergy reports earnings using the non-GAAP measure of adjusted earnings, which excludes the effect of certain “adjustments”. Adjustments are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses. In addition to reporting GAAP earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.
Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, owners, and analysts; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy’s business, comparing period to period results, and comparing Entergy’s financial performance to the financial performance of other companies in the utility sector.
Other non-GAAP measures, including adjusted ROE, adjusted ROE excluding affiliate preferred, FFO to adjusted debt, gross liquidity, net liquidity, adjusted Parent debt to total adjusted debt, adjusted debt to adjusted capitalization, and adjusted net debt to adjusted net capitalization are measures Entergy uses internally for management and board of directors discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy’s ongoing financial results and flexibility and assists investors in comparing Entergy’s credit and liquidity to the credit and liquidity of others in the utility sector. These metrics are defined in Appendix E.
These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy’s operations that, when viewed with Entergy’s GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy’s business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy’s consolidated financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy’s performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.
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Entergy reports first quarter 2026 financial results
April 29, 2026
Page 5
Cautionary note regarding forward-looking statements
In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy’s 2026 adjusted earnings per share guidance; financial and operational outlooks; industrial load growth outlooks; statements regarding its resilience plans, goals, beliefs, or expectations; and other statements of Entergy’s plans, goals, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with (1) realizing the benefits of its resilience plan, including impacts of the frequency and intensity of future storms and storm paths, as well as the pace of project completion and (2) efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust values or earnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including (1) strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized, and (2) Entergy’s ability to meet the rapidly growing demand for electricity, including from hyperscale data centers and other large customers, and to manage the impacts of such growth on customers and Entergy’s business, or the risk that contracted or expected load growth does not materialize or is not sustained; (h) direct and indirect impacts to Entergy or its customers from pandemics, terrorist attacks, geopolitical conflicts, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; and (i) effects on Entergy or its customers of (1) changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, international trade, or energy policies; (2) changes in commodity markets, capital markets, or economic conditions; and (3) technological change, including the costs, pace of development, and commercialization of new and emerging technologies.
-30-
Investor inquiries:
Liz Hunter
504-576-3294
ehunte1@entergy.com
Media inquiries:
Cristina del Canto
504-576-4238
mdelcan@entergy.com
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First quarter 2026 earnings release appendices and financial statements
Appendices
A: Consolidated results and adjustments
B: Earnings variance analysis
C: Utility operating and financial measures
D: Consolidated financial measures
E: Definitions and abbreviations and acronyms
F: Other GAAP to non-GAAP reconciliations
Financial statements
Consolidating balance sheets
Consolidating income statements
Consolidated cash flow statements
Page 6
A: Consolidated results and adjustments
Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).
Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measures
First quarter 2026 vs. 2025 (See Appendix A-2 and Appendix A-3 for details on adjustments)
First quarter
2026 2025 Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility 540 490 50
Parent & Other (155) (129) (26)
Consolidated 385 361 24
Less adjustments
Utility - - -
Parent & Other (14) - (14)
Consolidated (14) - (14)
Adjusted earnings (loss) (non-GAAP)
Utility 540 490 50
Parent & Other (141) (129) (12)
Consolidated 399 361 38
Estimated weather impact (10) 22 (32)
Diluted average number of common shares outstanding (in millions) 463 441 22
(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility 1.17 1.11 0.06
Parent & Other (0.34) (0.29) (0.04)
Consolidated 0.83 0.82 0.01
Less adjustments
Utility - - -
Parent & Other (0.03) - (0.03)
Consolidated (0.03) - (0.03)
Adjusted earnings (loss) (non-GAAP)
Utility 1.17 1.11 0.06
Parent & Other (0.31) (0.29) (0.01)
Consolidated 0.86 0.82 0.04
Estimated weather impact (0.02) 0.05 (0.07)
Calculations may differ due to rounding
(a)Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.
See Appendix B for detailed earnings variance analysis.
Page 7
Appendix A-2 and Appendix A-3 detail adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.
Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS)
First quarter 2026 vs. 2025
First quarter
2026
2025
Change
(Pre-tax except for income tax effect and totals; $ in millions)
Parent & Other
1Q26 impairment related to the expected sale of a non-utility business interest in Independence power plant
(18)
-
(18)
Income tax effect on Parent & Other adjustment above
4
-
4
Total Parent & Other
(14)
-
(14)
Total adjustments
(14)
-
(14)
(After-tax, per share in $) (b)
Parent & Other
1Q26 impairment related to the expected sale of a non-utility business interest in Independence power plant
(0.03)
-
(0.03)
Total Parent & Other
(0.03)
-
(0.03)
Total adjustments
(0.03)
-
(0.03)
Calculations may differ due to rounding
(b)Per share amounts are calculated by multiplying the corresponding earnings (loss) by the estimated income tax rate that is expected to apply and dividing by the diluted average number of common shares outstanding for the period.
Appendix A-3: Adjustments by income statement line item (shown as positive/ (negative) impact on earnings)
First quarter 2026 vs. 2025
(Pre-tax except for income taxes and totals; $ in millions)
First quarter
2026
2025
Change
Parent & Other
Asset write-offs, impairments, and related charges
(18)
-
(18)
Income taxes
4
-
4
Total Parent & Other
(14)
-
(14)
Total adjustments
(14)
-
(14)
Calculations may differ due to rounding
Page 8
Appendix A-4 provides a comparative summary of OCF by business.
Appendix A-4: Consolidated operating cash flow
First quarter 2026 vs. 2025
($ in millions)
First quarter
2026 2025 Change
Utility 870 565 305
Parent & Other (41) (29) (12)
Consolidated 829 536 293
Calculations may differ due to rounding
First quarter 2026 OCF increased primarily due to higher receipts of advance payments related to customer agreements, higher collections from Utility customers, and a decrease in interest paid. These increases were partially offset by higher fuel and purchased power payments and the timing of payments to vendors.
Page 9
B: Earnings variance analysis
Appendix B provides details of current quarter 2026 versus 2025 as-reported and adjusted earnings per share variances.
Appendix B: As-reported and adjusted earnings per share variance analysis (c), (d)
First quarter 2026 vs. 2025
(After-tax, per share in $)
Utility
Parent & Other
Consolidated
As-
reported
Adjusted
As-
reported
Adjusted
As-
reported
Adjusted
2025 earnings (loss) 1.11 1.11 (0.29) (0.29) 0.82 0.82
Operating revenue less:
fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) – net
(0.11) (0.11)
(e)
- - (0.12) (0.12)
Nuclear refueling outage expenses
0.02 0.02 - - 0.02 0.02
Other O&M
- - - - - -
Asset write-offs, impairments, and related charges
- - (0.03) -
(f)
(0.03) -
Decommissioning
- - - - - -
Taxes other than income taxes
(0.01) (0.01) - - (0.01) (0.01)
Depreciation and amortization
(0.05) (0.05)
(g)
- - (0.05) (0.05)
Other income (deductions)
0.33 0.33
(h)
- - 0.33 0.33
Interest expense
(0.06) (0.06)
(i)
(0.03) (0.03)
(j)
(0.09) (0.09)
Income taxes – other
0.01 0.01 - - 0.02 0.02
Preferred dividend requirements and noncontrolling interests
(0.01) (0.01) - - (0.01) (0.01)
Share effect
(0.06) (0.06) 0.02 0.02 (0.04) (0.04)
(k)
2026 earnings (loss)
1.17 1.17 (0.34) (0.31) 0.83 0.86
h
Calculations may differ due to rounding
(c)Utility operating revenue and Utility income taxes – other variances exclude the following for the return/collection of excess/deficient unprotected ADIT (net effect was neutral to earnings) ($ in millions):
1Q26
1Q25
Utility operating revenue
(15)
(2)
Utility income taxes – other
15
2
(d)EPS effects of individual income statement line item variances are calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period. Income taxes – other represents income tax differences other than the income tax effect of individual line item variances. Share effect captures the per share impact from the change in diluted average number of common shares outstanding.
Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power;
and other regulatory charges (credits) – net variance analysis
2026 vs. 2025 ($ EPS)
1Q
Retail electric price
0.17
Return on CWIP for certain utility plant investments
0.05
Reg. provisions for decommissioning items
(0.28)
Sale of natural gas LDCs
(0.07)
Other
0.02
Total
(0.11)
(e)The first quarter earnings decrease was primarily due to two items: changes in regulatory provisions for decommissioning items (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral) and the absence of revenues from the natural gas LDC businesses that were sold in July 2025. The decreases were partially offset by regulatory actions including E-AR’s FRP, E-LA’s FRP (including riders), E-LA’s RPCR, E-MS’s FRP interim facilities rate adjustment, E-MS’s grid mod rider, and E-TX’s DCRF. Higher revenue related to the amortization of customer advances designed to provide a return on CWIP for certain utility plant investments, which is recognized as the related costs are incurred, was also a driver.
Page 10
(f)The first quarter as-reported earnings decrease from higher Parent & Other asset write-offs, impairments, and related charges was due to a first quarter 2026 $(18 million) ($(14 million) after tax) non-cash impairment related to the expected sale of a non-utility business interest in the Independence power plant (considered an adjustment and excluded from adjusted earnings).
(g)The first quarter earnings decrease from higher Utility depreciation and amortization was primarily due to higher plant in service, an increase in FERC jurisdictional depreciation rates at E-AR and E-LA effective Jan. 2026, and an increase in E-LA’s nuclear depreciation rates effective Sept. 2025.
(h)The first quarter earnings increase from higher Utility other income (deductions) was primarily due to changes in nuclear decommissioning trust returns, including portfolio rebalancing in first quarter 2026 (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral).
(i)The first quarter earnings decrease from higher Utility interest expense was primarily due to higher debt balances and higher interest rates.
(j)The first quarter earnings decrease from higher Parent & Other interest expense was primarily due to the issuance of $1.3 billion of junior subordinated debentures in Nov. 2025.
(k)The first quarter earnings per share impact from share effect was from higher diluted average number of common shares outstanding primarily due to the settlement of equity forwards in May 2025, Oct. 2025, and Feb. 2026 and the dilutive effect of an increase in the stock price on unsettled equity forwards.
Page 11
C: Utility operating and financial measures
Appendix C provides a comparison of Utility operating and financial measures.
Appendix C: Utility operating and financial measures
First quarter 2026 vs. 2025
First quarter
2026
2025
% Change
% Weather adjusted (l)
GWh sold
Residential
8,057 8,784 (8.3) (3.1)
Commercial
6,230 6,243 (0.2) (0.5)
Governmental
555 560 (0.9) (1.3)
Industrial
15,895 13,833 14.9 14.9
Total retail
30,737 29,420 4.5 6.0
Wholesale
2,789 1,634 70.7
Total
33,526 31,054 8.0
Number of electric retail customers
Residential
2,626,812 2,606,590
0.8
Commercial
372,312 370,544
0.5
Governmental
19,016 17,982
5.8
Industrial
42,318 42,716
(0.9)
Total
3,060,457 3,037,832
0.7
Other O&M and nuclear refueling outage exp. per MWh $20.48 $22.40 (8.6)
Calculations may differ due to rounding
(l)The effects of weather were estimated using heating degree days and cooling degree days for the period from various locations and comparing to “normal” weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.
For the quarter, weather-adjusted retail sales increased 6 percent. The increase was due to a 14.9 percent increase in industrial volume driven by higher sales to data center, primary metals, and transportation customers. The increase was partially offset by residential and commercial sales declines. Residential sales were (3.1) percent lower and commercial sales decreased (0.5) percent.
Page 12
D: Consolidated financial measures
Appendix D provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.
Appendix D: GAAP and non-GAAP financial measures
2026 vs. 2025 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending March 31
2026 2025 Change
GAAP measure
As-reported ROE
11.0% 9.0% 2.0%
Non-GAAP financial measure
Adjusted ROE
11.0% 11.5% (0.5)%
As of March 31 ($ in millions, except where noted)
2026 2025 Change
GAAP measures
Cash and cash equivalents
3,571 1,513 2,058
Available revolver capacity
4,346 4,345 1
Commercial paper
1,367 1,330 37
Total debt
34,177 31,041 3,136
Junior subordinated debentures
2,500 1,200 1,300
Securitization debt
221 240 (19)
Debt to total capital
66% 67% (1)%
Storm escrows
312 300 12
Non-GAAP financial measures ($ in millions, except where noted)
FFO to adjusted debt
15.7% 14.5% 1.2%
Adjusted debt to adjusted capitalization
63% 65% (2)%
Adjusted net debt to adjusted net capitalization
61% 64% (3)%
Gross liquidity
7,917 5,858 2,059
Net liquidity
8,451 7,904 547
Adjusted Parent debt to total adjusted debt
18% 20% (2)%
Build-to-suit lease arrangement (m)
1,450 - 1,450
Calculations may differ due to rounding
(m) Maximum counterparty commitment; see Form 10-K for the fiscal year ended Dec. 2025 for additional details.
Page 13
E: Definitions and abbreviations and acronyms
Appendix E-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.
Appendix E-1: Definitions
Utility operating and financial measures
GWh sold
Total number of GWh sold to retail and wholesale customers
Number of electric retail customers
Average number of electric customers over the period
Other O&M and refueling outage expense per MWh
Other operation and maintenance expense plus nuclear refueling outage expense per MWh of total sales
Financial measures – GAAP
As-reported ROE
Last twelve months net income attributable to Entergy Corp. divided by average common equity
Available revolver capacity
Amount of undrawn capacity remaining on corporate and subsidiary revolvers
Total debt to total capitalization
Total debt divided by total capitalization
Securitization debt
Debt on the balance sheet associated with securitization bonds that is secured by certain future customer collections
Total capitalization
Total debt plus subsidiaries’ preferred stock without sinking fund and total equity
Total debt
Sum of short-term and long-term debt, notes payable, and commercial paper
Financial measures – non-GAAP
Adjusted capitalization
Total capitalization excluding securitization debt
Adjusted debt
Debt excluding securitization debt and 50% of junior subordinated debentures
Adjusted debt to adjusted capitalization
Adjusted debt divided by adjusted capitalization
Adjusted earnings (loss)
As-reported earnings (loss) minus adjustments
Adjusted EPS
Adjusted earnings (loss) divided by the diluted average number of common shares outstanding
Adjusted net capitalization
Adjusted capitalization minus cash and cash equivalents
Adjusted net debt
Adjusted debt minus cash and cash equivalents
Adjusted net debt to adjusted net capitalization
Adjusted net debt divided by adjusted net capitalization
Adjusted Parent debt
Entergy Corp. debt, including amounts drawn on credit revolver and commercial paper facilities plus unamortized debt issuance costs and discounts minus 50% of junior subordinated debentures
Adjusted Parent debt to total adjusted debt
Adjusted Parent debt divided by consolidated adjusted debt
Adjusted ROE
Last twelve months adjusted earnings divided by average common equity
Adjusted ROE excluding affiliate preferred
Last twelve months adjusted earnings, excluding dividend income from affiliate preferred as well as the after-tax cost of debt financing for preferred investment, divided by average common equity adjusted to exclude the estimated equity associated with the affiliate preferred investment
Adjustments
Unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses
FFO
OCF minus preferred dividend requirements of subsidiaries, working capital items in OCF (receivables, fuel inventory, accounts payable, taxes accrued, interest accrued, deferred fuel costs, customer advances – current, and other working capital accounts), 50% of interest on junior subordinated debentures, and securitization regulatory charges
FFO to adjusted debt
Last twelve months FFO divided by end of period adjusted debt
Gross liquidity
Sum of cash and cash equivalents plus available revolver capacity
Net liquidity
Sum of cash and cash equivalents, available revolver capacity, escrow accounts available for certain storm expenses, and equity sold forward but not yet settled minus commercial paper
Page 14
Appendix E-2 explains abbreviations and acronyms used in the quarterly earnings materials.
Appendix E-2: Abbreviations and acronyms
ACM
ADIT
AFUDC
APSC
BESS
CAGR
CCCT
CCNO
CFO
COD
CT
CWIP
DCRF
DRM
E-AR
E-LA
E-MS
E-NO
E-TX
EPS
ETR
EWC
FFO
FRP
GAAP
GCRR
GGO
Grand Gulf or GGNS
Independence
Additional Capacity Mechanism
Accumulated deferred income taxes
Allowance for funds used during construction
Arkansas Public Service Commission
Battery and energy storage system
Compound annual growth rate
Combined cycle combustion turbine
Council of the City of New Orleans
Cash from operations
Commercial operation date
Combustion turbine
Construction work in progress
Distribution Cost Recovery Factor
Distribution Recovery Mechanism
Entergy Arkansas, LLC
Entergy Louisiana, LLC
Entergy Mississippi, LLC
Entergy New Orleans, LLC
Entergy Texas, Inc.
Earnings per share
Entergy Corporation
Entergy Wholesale Commodities
Funds from operations
Formula rate plan
U.S. generally accepted accounting principles
Generation Cost Recovery Rider
Geaux Green Option
Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI
Independence Steam Electric Station
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
TAM
TCRF
TRM
WACC
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 operation and maintenance expense
Parent & Other
Performance Management Rider
Power purchase agreement or purchased power agreement
Public Utility Commission of Texas
Renewable energy certificates
Resilience and Storm Hardening Cost Recovery
Return on equity
Resilience Plan Cost Recovery Rider
Standard & Poor’s
U.S. Securities and Exchange Commission
System Energy Resources, Inc.
Tax Adjustment Mechanism
Transmission Cost Recovery Factor
Transmission Recovery Mechanism
Weighted average cost of capital
Page 15
F: Other GAAP to non-GAAP reconciliations
Appendix F-1, Appendix F-2, and Appendix F-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.
Appendix F-1: Reconciliation of GAAP to non-GAAP financial measures – ROE
(LTM $ in millions except where noted) First quarter
2026 2025
As-reported net income attributable to Entergy Corporation
(A) 1,782 1,341
Adjustments (B) (14) (367)
Adjusted earnings (non-GAAP) (C)=(A-B) 1,796 1,708
Average common equity (average of beginning and ending balances) (D) 16,266 14,822
As-reported ROE (A/D) 11.0% 9.0%
Adjusted ROE (non-GAAP) (C/D) 11.0% 11.5%
Calculations may differ due to rounding
Appendix F-2: Reconciliation of GAAP to non-GAAP financial measures – FFO to adjusted debt
($ in millions except where noted)
First quarter
2026 2025
Total debt
(A) 34,177 31,041
Securitization debt
(B) 221 240
50% junior subordinated debentures
(C) 1,250 600
Adjusted debt (non-GAAP)
(D)=(A-B-C) 32,706 30,201
Net cash flow provided by operating activities, LTM
(E) 5,443 4,504
Preferred dividend requirements of subsidiaries, LTM
(F) (18) (18)
50% of the interest expense associated with junior subordinated debentures, LTM
(G) (58) (37)
Working capital items in net cash flow provided by operating activities, LTM:
Receivables
(66) (53)
Fuel inventory
38 20
Accounts payable
254 210
Taxes accrued
54 (9)
Interest accrued
62 27
Deferred fuel costs
(302) (187)
Customer advances – current
627 257
Other working capital accounts
(307) (92)
Securitization regulatory charges, LTM 16 20
Total
(H) 376 193
FFO, LTM (non-GAAP)
(I)=(E-F-G-H) 5,144 4,366
FFO to adjusted debt (non-GAAP)
(I/D) 15.7% 14.5%
Calculations may differ due to rounding
Page 16
Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures – adjusted debt ratios; gross liquidity; and net liquidity
($ in millions except where noted) First quarter
2026 2025
Total debt (A) 34,177 31,041
Securitization debt (B) 221 240
50% junior subordinated debentures (C) 1,250 600
Adjusted debt (non-GAAP)
(D)=(A-B-C) 32,706 30,201
Cash and cash equivalents (E) 3,571 1,513
Adjusted net debt (non-GAAP) (F)=(D-E) 29,135 28,688
Commercial paper (G) 1,367 1,330
Total capitalization (H) 51,835 46,542
Securitization debt (B) 221 240
Adjusted capitalization (non-GAAP) (I)=(H-B) 51,614 46,302
Cash and cash equivalents (E) 3,571 1,513
Adjusted net capitalization (non-GAAP) (J)=(I-E) 48,043 44,789
Total debt to total capitalization (A/H) 66% 67%
Adjusted debt to adjusted capitalization (non-GAAP) (D/I) 63% 65%
Adjusted net debt to adjusted net capitalization (non-GAAP) (F/J) 61% 64%
Available revolver capacity (K) 4,346 4,345
Storm escrows (L) 312 300
Equity sold forward, not yet settled (n)
(M) 1,589 3,075
Gross liquidity (non-GAAP) (N)=(E+K) 7,917 5,858
Net liquidity (non-GAAP)
(N-G+L+M)
8,451 7,904
Entergy Corporation notes:
Due September 2025 - 800
Due September 2026 750 750
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
Junior subordinated debentures due June 2056 700 -
Junior subordinated debentures due June 2056 600 -
Total Parent long-term debt (O) 5,750 5,250
Revolver draw (P) - -
Unamortized debt issuance costs and discounts (Q) (54) (44)
Total Parent debt (R)=(G+O+P+Q) 7,063 6,536
Adjusted Parent debt (non-GAAP) (S)=(R-C) 5,813 5,936
Adjusted Parent debt to total adjusted debt (non-GAAP) (S/D) 18% 20%
Calculations may differ due to rounding
(n) Reflects adjustments, including for common dividends between contracting and settlement.
Page 17
Financial statements
Entergy Corporation
Consolidating Balance Sheet
March 31, 2026
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash $ 61,362 $ 6,783 $ 68,145
Temporary cash investments 3,430,544 72,364 3,502,908
Total cash and cash equivalents 3,491,906 79,147 3,571,053
Accounts receivable:
Customer 770,177 — 770,177
Allowance for doubtful accounts (31,024) — (31,024)
Associated companies 3,420 (3,420) —
Other 205,057 3,271 208,328
Accrued unbilled revenues 484,672 — 484,672
Total accounts receivable 1,432,302 (149) 1,432,153
Deferred fuel costs 348,181 — 348,181
Fuel inventory - at average cost 124,370 5,417 129,787
Materials and supplies 1,748,934 4,725 1,753,659
Deferred nuclear refueling outage costs 127,332 — 127,332
Prepayments and other 519,058 (71,164) 447,894
TOTAL 7,792,083 17,976 7,810,059
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates 3,922,697 (3,922,697) —
Decommissioning trust funds 6,155,164 — 6,155,164
Non-utility property - at cost (less accumulated depreciation) 473,205 6,501 479,706
Storm reserve escrow accounts 311,550 — 311,550
Other 57,013 66,213 123,226
TOTAL 10,919,629 (3,849,983) 7,069,646
PROPERTY, PLANT, AND EQUIPMENT
Electric 75,229,678 186,064 75,415,742
Construction work in progress 7,730,280 57 7,730,337
Nuclear fuel 838,825 — 838,825
TOTAL PROPERTY, PLANT, AND EQUIPMENT 83,798,783 186,121 83,984,904
Less - accumulated depreciation and amortization 28,942,141 153,832 29,095,973
PROPERTY, PLANT, AND EQUIPMENT - NET 54,856,642 32,289 54,888,931
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets 4,890,744 — 4,890,744
Deferred fuel costs 172,201 — 172,201
Goodwill 367,582 — 367,582
Accumulated deferred income taxes 19,058 3,749 22,807
Other 618,061 (35,891) 582,170
TOTAL 6,067,646 (32,142) 6,035,504
TOTAL ASSETS $ 79,636,000 $ (3,831,860) $ 75,804,140
*Totals may not foot due to rounding.
Page 18
Entergy Corporation
Consolidating Balance Sheet
March 31, 2026
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt $ 775,174 $ 750,000 $ 1,525,174
Notes payable and commercial paper:
Associated companies 100,228 (100,228) —
Other 15,621 1,366,733 1,382,354
Accounts payable:
Associated companies 15,106 (15,106) —
Other 2,745,855 2,964 2,748,819
Customer deposits 485,236 — 485,236
Taxes accrued 422,387 (6,932) 415,455
Interest accrued 251,579 81,325 332,904
Pension and other postretirement liabilities 50,960 11,210 62,170
Customer advances 980,670 — 980,670
Other 223,176 4,014 227,190
TOTAL 6,065,992 2,093,980 8,159,972
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued 7,662,739 (1,942,189) 5,720,550
Accumulated deferred investment tax credits 185,123 — 185,123
Regulatory liability for income taxes - net 1,047,465 — 1,047,465
Other regulatory liabilities 3,559,742 — 3,559,742
Customer advances 152,198 — 152,198
Decommissioning and asset retirement cost liabilities 5,000,147 3,943 5,004,090
Accumulated provisions 462,864 223 463,087
Pension and other postretirement liabilities 70,443 28,266 98,709
Long-term debt 26,204,536 4,946,379 31,150,915
Customer advances for construction 1,665,914 — 1,665,914
Other 1,337,682 (398,860) 938,822
TOTAL 47,348,853 2,637,762 49,986,615
Subsidiaries' preferred stock without sinking fund 195,161 24,249 219,410
EQUITY
Preferred stock, no par value, authorized 1,000,000 shares;
issued shares in 2026 - none — — —
Common stock, $0.01 par value, authorized 998,000,000 shares; —
issued 587,817,564 shares in 2026 2,280,842 (2,274,964) 5,878
Paid-in capital 5,785,108 3,489,985 9,275,093
Retained earnings 17,943,340 (5,152,855) 12,790,485
Accumulated other comprehensive income 41,552 (40,647) 905
Less - treasury stock, at cost (129,985,494 shares in 2026) 120,000 4,605,620 4,725,620
TOTAL SHAREHOLDERS' EQUITY 25,930,842 (8,584,101) 17,346,741
Subsidiaries' preferred stock without sinking fund
and noncontrolling interests 95,152 (3,750) 91,402
TOTAL 26,025,994 (8,587,851) 17,438,143
TOTAL LIABILITIES AND EQUITY $ 79,636,000 $ (3,831,860) $ 75,804,140
*Totals may not foot due to rounding.
Page 19
Entergy Corporation
Consolidating Balance Sheet
December 31, 2025
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash $ 39,221 $ 6,674 $ 45,895
Temporary cash investments 1,817,764 65,257 1,883,021
Total cash and cash equivalents 1,856,985 71,931 1,928,916
Accounts receivable:
Customer 735,734 — 735,734
Allowance for doubtful accounts (32,324) — (32,324)
Associated companies 4,643 (4,643) —
Other 239,157 3,245 242,402
Accrued unbilled revenues 524,420 — 524,420
Total accounts receivable 1,471,630 (1,398) 1,470,232
Deferred fuel costs 54,133 — 54,133
Fuel inventory - at average cost 125,480 6,494 131,974
Materials and supplies 1,705,669 4,726 1,710,395
Deferred nuclear refueling outage costs 86,497 — 86,497
Prepayments and other 431,881 (7,177) 424,704
TOTAL 5,732,275 74,576 5,806,851
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates 4,014,624 (4,014,624) —
Decommissioning trust funds 6,300,880 — 6,300,880
Non-utility property - at cost (less accumulated depreciation) 475,121 6,469 481,590
Storm reserve escrow accounts 308,784 — 308,784
Other 57,013 67,401 124,414
TOTAL 11,156,422 (3,940,754) 7,215,668
PROPERTY, PLANT, AND EQUIPMENT
Electric 74,546,777 204,140 74,750,917
Construction work in progress 6,018,996 1,012 6,020,008
Nuclear fuel 834,690 — 834,690
TOTAL PROPERTY, PLANT, AND EQUIPMENT 81,400,463 205,152 81,605,615
Less - accumulated depreciation and amortization 28,598,552 152,449 28,751,001
PROPERTY, PLANT, AND EQUIPMENT - NET 52,801,911 52,703 52,854,614
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets 5,005,976 — 5,005,976
Deferred fuel costs 172,201 — 172,201
Goodwill 367,582 — 367,582
Accumulated deferred income taxes 12,311 3,229 15,540
Other 477,426 (25,128) 452,298
TOTAL 6,035,496 (21,899) 6,013,597
TOTAL ASSETS $ 75,726,104 $ (3,835,374) $ 71,890,730
*Totals may not foot due to rounding.
Page 20
Entergy Corporation
Consolidating Balance Sheet
December 31, 2025
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt $ 1,625,140 $ 750,000 $ 2,375,140
Notes payable and commercial paper:
Other 20,012 637,762 657,774
Accounts payable:
Associated companies 43,470 (43,470) —
Other 2,560,083 5,463 2,565,546
Customer deposits 479,796 — 479,796
Taxes accrued 526,984 (1,795) 525,189
Interest accrued 256,476 29,181 285,657
Deferred fuel costs 14,562 — 14,562
Pension and other postretirement liabilities 51,906 11,308 63,214
Customer advances 632,850 — 632,850
Other 218,775 4,465 223,240
TOTAL 6,430,054 1,392,914 7,822,968
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued 7,503,093 (1,910,412) 5,592,681
Accumulated deferred investment tax credits 187,173 — 187,173
Regulatory liability for income taxes - net 1,079,699 — 1,079,699
Other regulatory liabilities 3,911,839 — 3,911,839
Customer advances 35,000 — 35,000
Decommissioning and asset retirement cost liabilities 4,943,671 3,859 4,947,530
Accumulated provisions 495,549 230 495,779
Pension and other postretirement liabilities 70,484 43,446 113,930
Long-term debt 22,956,499 4,945,522 27,902,021
Customer advances for construction 1,615,455 — 1,615,455
Other 1,359,531 (406,453) 953,078
TOTAL 44,157,993 2,676,192 46,834,185
Subsidiaries' preferred stock without sinking fund 195,161 24,249 219,410
EQUITY
Preferred stock, no par value, authorized 1,000,000 shares;
issued shares in 2025 - none — — —
Common stock, $0.01 par value, authorized 998,000,000 shares;
issued 583,203,774 shares in 2025 2,280,842 (2,275,010) 5,832
Paid-in capital 5,420,248 3,559,139 8,979,387
Retained earnings 17,223,994 (4,525,558) 12,698,436
Accumulated other comprehensive income (loss) 42,971 (45,977) (3,006)
Less - treasury stock, at cost (130,864,409 shares in 2025) 120,000 4,637,573 4,757,573
TOTAL SHAREHOLDERS' EQUITY 24,848,055 (7,924,979) 16,923,076
Subsidiaries' preferred stock without sinking fund
and noncontrolling interests 94,841 (3,750) 91,091
TOTAL 24,942,896 (7,928,729) 17,014,167
TOTAL LIABILITIES AND EQUITY $ 75,726,104 $ (3,835,374) $ 71,890,730
*Totals may not foot due to rounding.
Page 21
Entergy Corporation
Consolidating Income Statement
Three Months Ended March 31, 2026
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
OPERATING REVENUES
Electric $ 3,170,273 $ — $ 3,170,273
Other — 17,353 17,353
Total 3,170,273 17,353 3,187,626
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 605,295 6,529 611,824
Purchased power 358,505 4,538 363,043
Nuclear refueling outage expenses 24,143 — 24,143
Other operation and maintenance 662,442 11,123 673,565
Asset write-offs, impairments, and related charges — 18,059 18,059
Decommissioning 58,734 84 58,818
Taxes other than income taxes 205,987 537 206,524
Depreciation and amortization 538,628 1,501 540,129
Other regulatory charges (credits) - net 119,299 — 119,299
Total 2,573,033 42,371 2,615,404
OPERATING INCOME 597,240 (25,018) 572,222
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction 47,340 — 47,340
Interest and investment income 283,679 (67,869) 215,810
Miscellaneous - net 31,595 (8,632) 22,963
Total 362,614 (76,501) 286,113
INTEREST EXPENSE
Interest expense 323,241 76,675 399,916
Allowance for borrowed funds used during construction (20,176) — (20,176)
Total 303,065 76,675 379,740
INCOME BEFORE INCOME TAXES 656,789 (178,194) 478,595
Income taxes 111,404 (23,614) 87,790
CONSOLIDATED NET INCOME 545,385 (154,580) 390,805
Preferred dividend requirements of subsidiaries and noncontrolling interests 5,390 499 5,889
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $ 539,995 $ (155,079) $ 384,916
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $1.18 ($0.34) $0.84
DILUTED $1.17 ($0.34) $0.83
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 455,717,833
DILUTED 462,510,666
*Totals may not foot due to rounding.
Page 22
Entergy Corporation
Consolidating Income Statement
Three Months Ended March 31, 2025
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
OPERATING REVENUES
Electric $ 2,757,866 $ — $ 2,757,866
Natural gas 71,731 — 71,731
Other — 17,277 17,277
Total 2,829,597 17,277 2,846,874
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 338,983 5,539 344,522
Purchased power 342,084 3,662 345,746
Nuclear refueling outage expenses 33,041 — 33,041
Other operation and maintenance 662,474 10,193 672,667
Decommissioning 55,852 77 55,929
Taxes other than income taxes 198,145 620 198,765
Depreciation and amortization 511,335 1,608 512,943
Other regulatory charges (credits) - net (16,843) — (16,843)
Total 2,125,071 21,699 2,146,770
OPERATING INCOME 704,526 (4,422) 700,104
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction 44,018 — 44,018
Interest and investment income 107,175 (73,769) 33,406
Miscellaneous - net 16,727 (2,001) 14,726
Total 167,920 (75,770) 92,150
INTEREST EXPENSE
Interest expense 285,724 62,660 348,384
Allowance for borrowed funds used during construction (18,593) — (18,593)
Total 267,131 62,660 329,791
INCOME BEFORE INCOME TAXES 605,315 (142,852) 462,463
Income taxes 114,273 (14,232) 100,041
CONSOLIDATED NET INCOME 491,042 (128,620) 362,422
Preferred dividend requirements of subsidiaries and noncontrolling interests 1,163 499 1,662
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $ 489,879 $ (129,119) $ 360,760
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $1.14 ($0.30) $0.84
DILUTED $1.11 ($0.29) $0.82
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 430,347,768
DILUTED 440,648,342
*Totals may not foot due to rounding.
Page 23
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended March 31, 2026
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
OPERATING REVENUES
Electric $ 13,187,721 $ — $ 13,187,721
Natural gas 40,876 — 40,876
Other — 58,841 58,841
Total 13,228,597 58,841 13,287,438
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 2,604,659 22,046 2,626,705
Purchased power 1,244,136 14,159 1,258,295
Nuclear refueling outage expenses 104,531 — 104,531
Other operation and maintenance 3,012,968 43,027 3,055,995
Asset write-offs, impairments, and related charges 12,795 18,059 30,854
Decommissioning 230,438 327 230,765
Taxes other than income taxes 823,742 2,681 826,423
Depreciation and amortization 2,098,347 6,531 2,104,878
Other regulatory charges (credits) - net (25,404) — (25,404)
Total 10,106,212 106,830 10,213,042
OPERATING INCOME 3,122,385 (47,989) 3,074,396
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction 184,048 — 184,048
Interest and investment income 781,507 (281,755) 499,752
Miscellaneous - net (70,967) (13,217) (84,184)
Total 894,588 (294,972) 599,616
INTEREST EXPENSE
Interest expense 1,199,538 264,949 1,464,487
Allowance for borrowed funds used during construction (77,887) — (77,887)
Total 1,121,651 264,949 1,386,600
INCOME BEFORE INCOME TAXES 2,895,322 (607,910) 2,287,412
Income taxes 548,403 (62,702) 485,701
CONSOLIDATED NET INCOME 2,346,919 (545,208) 1,801,711
Preferred dividend requirements of subsidiaries and noncontrolling interests 17,286 1,997 19,283
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $ 2,329,633 $ (547,205) $ 1,782,428
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $5.20 ($1.22) $3.98
DILUTED $5.12 ($1.20) $3.91
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 448,285,113
DILUTED 455,313,322
*Totals may not foot due to rounding.
Page 24
Entergy Corporation
Consolidating Income Statement
Twelve Months Ended March 31, 2025
(Dollars in thousands)
(Unaudited)
Utility Parent & Other Consolidated
OPERATING REVENUES
Electric $ 11,679,091 $ — $ 11,679,091
Natural gas 184,135 — 184,135
Other — 68,673 68,673
Total 11,863,226 68,673 11,931,899
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale 1,949,051 35,728 1,984,779
Purchased power 929,536 27,304 956,840
Nuclear refueling outage expenses 141,797 — 141,797
Other operation and maintenance 2,832,923 50,949 2,883,872
Asset write-offs, impairments, and related charges (credits) — (24,641) (24,641)
Decommissioning 222,418 209 222,627
Taxes other than income taxes 756,767 2,517 759,284
Depreciation and amortization 2,019,961 6,490 2,026,451
Other regulatory charges (credits) - net (132,322) — (132,322)
Total 8,720,131 98,556 8,818,687
OPERATING INCOME 3,143,095 (29,883) 3,113,212
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction 150,269 — 150,269
Interest and investment income 474,181 (292,607) 181,574
Miscellaneous - net (92,153) (332,345) (424,498)
Total 532,297 (624,952) (92,655)
INTEREST EXPENSE
Interest expense 1,015,457 258,773 1,274,230
Allowance for borrowed funds used during construction (60,819) — (60,819)
Total 954,638 258,773 1,213,411
INCOME BEFORE INCOME TAXES 2,720,754 (913,608) 1,807,146
Income taxes 595,390 (135,315) 460,075
CONSOLIDATED NET INCOME 2,125,364 (778,293) 1,347,071
Preferred dividend requirements of subsidiaries and noncontrolling interests 4,005 1,996 6,001
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $ 2,121,359 $ (780,289) $ 1,341,070
EARNINGS PER AVERAGE COMMON SHARE:
BASIC $4.95 ($1.82) $3.13
DILUTED $4.88 ($1.79) $3.08
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC 428,718,938
DILUTED 434,814,706
*Totals may not foot due to rounding.
Page 25
Entergy Corporation
Consolidated Cash Flow Statement
Three Months Ended March 31, 2026 vs. 2025
(Dollars in thousands)
(Unaudited)
2026 2025 Variance
OPERATING ACTIVITIES
Consolidated net income $ 390,805 $ 362,422 $ 28,383
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization 654,669 622,566 32,103
Deferred income taxes, tax credits, and non-current taxes accrued 86,073 94,973 (8,900)
Asset write-offs, impairments, and related charges 18,059 — 18,059
Pension settlement charge — — —
Changes in working capital: —
Receivables 65,110 61,477 3,633
Fuel inventory 2,187 3,261 (1,074)
Accounts payable 26,198 (189,497) 215,695
Taxes accrued (109,734) (95,589) (14,145)
Interest accrued 47,247 11,595 35,652
Deferred fuel costs (308,610) (277,236) (31,374)
Customer advances - current 251,591 105,799 145,792
Other working capital accounts (116,674) 5,506 (122,180)
Changes in provisions for estimated losses (32,692) (34,239) 1,547
Changes in other regulatory assets 115,232 154,818 (39,586)
Changes in other regulatory liabilities (384,331) (201,803) (182,528)
Change in customer advances - non-current 117,198 25,000 92,198
Changes in pension and other postretirement funded status (59,013) (58,834) (179)
Other 65,649 (44,031) 109,680
Net cash flow provided by operating activities 828,964 546,188 282,776
INVESTING ACTIVITIES
Construction/capital expenditures (2,252,293) (1,660,169) (592,124)
Allowance for equity funds used during construction 47,340 44,018 3,322
Nuclear fuel purchases (150,738) (88,557) (62,181)
Payment for purchase of plant — (1,282) 1,282
Changes in securitization account (5,727) (5,438) (289)
Payments to storm reserve escrow accounts (2,767) (4,448) 1,681
Receipts from storm reserve escrow accounts — 43,789 (43,789)
Decrease (increase) in other investments (17,929) 472 (18,401)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs — 3,546 (3,546)
Proceeds from nuclear decommissioning trust fund sales 945,975 364,837 581,138
Investment in nuclear decommissioning trust funds (985,748) (407,146) (578,602)
Net cash flow used in investing activities (2,421,887) (1,710,378) (711,509)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt 3,681,682 2,447,850 1,233,832
Treasury stock 6,592 22,660 (16,068)
Common stock 345,711 — 345,711
Retirement of long-term debt (1,290,977) (852,754) (438,223)
Changes in commercial paper - net 724,580 402,694 321,886
Customer advances received for construction 261,711 211,459 50,252
Customer advances used for construction (190,902) (149,543) (41,359)
Other (5,890) 8,360 (14,250)
Dividends paid: —
Common stock (292,867) (258,249) (34,618)
Preferred stock (4,580) (4,580) —
Net cash flow provided by (used in) financing activities 3,235,060 1,827,897 1,407,163
Net increase in cash and cash equivalents 1,642,137 663,707 978,430
Cash and cash equivalents at beginning of period 1,928,916 859,703 1,069,213
Cash and cash equivalents at end of period $ 3,571,053 $ 1,523,410 $ 2,047,643
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized $ 287,389 $ 326,519 $ (39,130)
Income taxes - net $ (423) $ (1,252) $ 829
Noncash investing activities:
Accrued construction expenditures $ 657,112 $ 657,132 $ (20)
Page 26
Entergy Corporation
Consolidated Cash Flow Statement
Twelve Months Ended March 31, 2026 vs. 2025
(Dollars in thousands)
(Unaudited)
2026 2025 Variance
OPERATING ACTIVITIES
Consolidated net income $ 1,801,711 $ 1,347,071 $ 454,640
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization 2,569,241 2,465,716 103,525
Deferred income taxes, tax credits, and non-current taxes accrued 1,006,609 436,334 570,275
Asset write-offs, impairments, and related charges (credits) 30,854 (24,641) 55,495
Pension settlement charge — 319,675 (319,675)
Changes in working capital: —
Receivables (66,200) (53,388) (12,812)
Fuel inventory 37,853 19,772 18,081
Accounts payable 254,450 209,760 44,690
Taxes accrued 53,938 (8,611) 62,549
Interest accrued 61,755 27,337 34,418
Deferred fuel costs (302,483) (187,343) (115,140)
Customer advances - current 626,979 257,461 369,518
Other working capital accounts (306,653) (92,018) (214,635)
Changes in provisions for estimated losses (8,737) (29) (8,708)
Changes in other regulatory assets 245,328 296,234 (50,906)
Changes in other regulatory liabilities (1,717) 253,169 (254,886)
Change in customer advances - non-current 152,198 25,000 127,198
Changes in pension and other postretirement funded status (278,365) (452,212) 173,847
Other (433,334) (335,680) (97,654)
Net cash flow provided by operating activities 5,443,427 4,503,607 939,820
INVESTING ACTIVITIES
Construction/capital expenditures (8,277,046) (5,537,356) (2,739,690)
Allowance for equity funds used during construction 184,048 150,269 33,779
Nuclear fuel purchases (315,093) (264,679) (50,414)
Payment for purchase of plant (2,235) (650,602) 648,367
Proceeds from sale of business and assets 858,588 — 858,588
Insurance proceeds received for property damages — 7,907 (7,907)
Changes in securitization account 2,545 6,804 (4,259)
Payments to storm reserve escrow accounts (13,213) (17,169) 3,956
Receipts from storm reserve escrow accounts 2,781 44,525 (41,744)
Decrease (increase) in other investments (131,789) 2,246 (134,035)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs — 85,958 (85,958)
Proceeds from nuclear decommissioning trust fund sales 2,091,135 2,680,565 (589,430)
Investment in nuclear decommissioning trust funds (2,220,684) (2,779,985) 559,301
Net cash flow used in investing activities (7,820,963) (6,271,517) (1,549,446)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt 6,984,277 8,140,480 (1,156,203)
Treasury stock 20,573 152,695 (132,122)
Common stock 1,481,814 — 1,481,814
Retirement of long-term debt (3,940,023) (5,071,108) 1,131,085
Changes in commercial paper - net 52,369 (583,519) 635,888
Customer advances received for construction 1,694,017 702,603 991,414
Customer advances used for construction (704,255) (325,056) (379,199)
Other (26,505) (12,366) (14,139)
Dividends paid: —
Common stock (1,108,769) (998,949) (109,820)
Preferred stock (18,319) (18,319) —
Net cash flow provided by financing activities 4,435,179 1,986,461 2,448,718
Net increase in cash and cash equivalents 2,057,643 218,551 1,839,092
Cash and cash equivalents at beginning of period 1,513,410 1,294,859 218,551
Cash and cash equivalents at end of period $ 3,571,053 $ 1,513,410 $ 2,057,643
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized $ 1,199,154 $ 1,203,219 $ (4,065)
Income taxes - net (includes production tax credit sale proceeds in 2025) $ (514,242) $ 40,615 $ (554,857)
Noncash investing activities:
Accrued construction expenditures $ 800,027 $ 657,132 $ 142,895
Page 27
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Apr. 29, 2026
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Entity File Number
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ENTERGY CORPORATION
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Security Exchange Name
NYSE
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Title of 12(b) Security
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Security Exchange Name
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ENTERGY NEW ORLEANS, LLC
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Entity File Number
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Registrant Name
ENTERGY ARKANSAS, LLC
Entity Tax Identification Number
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Entity Incorporation, State or Country Code
TX
Entity Address, Address Line One
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Entity Address, City or Town
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Local Phone Number
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Entity File Number
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Registrant Name
ENTERGY TEXAS, INC.
Entity Tax Identification Number
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Entity Incorporation, State or Country Code
TX
Entity Address, Address Line One
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Entity Address, City or Town
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Entity Address, State or Province
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Local Phone Number
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Entity Incorporation, State or Country Code
TX
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LA
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City Area Code
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Local Phone Number
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Central Index Key
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Entity Emerging Growth Company
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Entity File Number
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Registrant Name
SYSTEM ENERGY RESOURCES, INC.
Entity Tax Identification Number
72-0752777
Entity Incorporation, State or Country Code
AR
Entity Address, Address Line One
1340 Echelon Parkway
Entity Address, City or Town
Jackson
Entity Address, State or Province
MS
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City Area Code
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Local Phone Number
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Central Index Key
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Entity File Number
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Registrant Name
ENTERGY MISSISSIPPI, LLC
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TX
Entity Address, Address Line One
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Entity Address, City or Town
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5.375% Series A Preferred Stock, Cumulative, No Par Value [Member] | Entergy Texas [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]
Title of 12(b) Security
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Trading Symbol
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Security Exchange Name
NYSE
Mortgage Bonds, 4.875% Series due September 2066 [Member] | Entergy Arkansas [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]
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Trading Symbol
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Security Exchange Name
NYSE
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Security Exchange Name
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Trading Symbol
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Security Exchange Name
NYSE
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Trading Symbol
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Security Exchange Name
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Security Exchange Name
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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
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Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
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