Entergy reports third quarter 2025 financial results

Consolidated earnings (GAAP and non-GAAP measures)

Third quarter and year-to-date 2025 vs. 2024
(See Appendix A for reconciliation of GAAP to non-GAAP measures and details on adjustments)

Third quarter

Year-to-date

2025

2024

Change

2025

2024

Change

(After-tax, $ in millions)

As-reported earnings

694

645

49

1,522

769

753

Less adjustments

–

–

–

–

(517)

517

Adjusted earnings (non-GAAP)

694

645

49

1,522

1,286

236

  Estimated weather impact

28

41

(13)

88

70

18

(After-tax, per share in $)

As-reported earnings

1.53

1.50

0.03

3.40

1.79

1.61

Less adjustments

–

–

–

–

(1.20)

1.20

Adjusted earnings (non-GAAP)

1.53

1.50

0.03

3.40

2.99

0.41

  Estimated weather impact

0.06

0.09

(0.03)

0.20

0.16

0.03

Calculations may differ due to rounding

Appendix A-1: Consolidated earnings – reconciliation of GAAP to non-GAAP measures
Third quarter and year-to-date 2025 vs. 2024 (See Appendix A-2 and Appendix A-3 for details on adjustments)

Third quarter

Year-to-date

2025

2024

Change

2025

2024

Change

(After-tax, $ in millions)

As-reported earnings (loss)

Utility

810

787

24

1,899

1,423

476

Parent & Other

(117)

(142)

25

(376)

(654)

277

Consolidated

694

645

49

1,522

769

753

Less adjustments

Utility

–

–

–

–

(267)

267

Parent & Other

–

–

–

–

(250)

250

Consolidated

–

–

–

–

(517)

517

Adjusted earnings (loss) (non-GAAP)

Utility

810

787

24

1,899

1,690

209

Parent & Other

(117)

(142)

25

(376)

(403)

27

Consolidated

694

645

49

1,522

1,286

236

Estimated weather impact

28

41

(13)

88

70

18

Diluted average number of common shares outstanding
(in millions) (a)

454

431

22

447

429

18

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

As-reported earnings (loss)

Utility

1.79

1.82

(0.04)

4.25

3.31

0.93

Parent & Other

(0.26)

(0.33)

0.07

(0.84)

(1.52)

0.68

Consolidated

1.53

1.50

0.03

3.40

1.79

1.61

Less adjustments

Utility

–

–

–

–

(0.62)

0.62

Parent & Other

–

–

–

–

(0.58)

0.58

Consolidated

–

–

–

–

(1.20)

1.20

Adjusted earnings (loss) (non-GAAP)

Utility

1.79

1.82

(0.04)

4.25

3.93

0.31

Parent & Other

(0.26)

(0.33)

0.07

(0.84)

(0.94)

0.10

Consolidated

1.53

1.50

0.03

3.40

2.99

0.41

Estimated weather impact

0.06

0.09

(0.03)

0.20

0.16

0.03

Calculations may differ due to rounding

(a)

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

(b)

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

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

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

Third quarter

Year-to-date

2025

2024

Change

2025

2024

Change

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

Utility

2Q24 E-LA global agreement to resolve its FRP extension filing
and other retail matters

–

–

–

–

(151)

151

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

–

–

–

–

(132)

132

1Q24 E-NO increase in customer sharing of income tax benefits
as a result of the 2016–2018 IRS audit resolution

–

–

–

–

(79)

79

Income tax effect on Utility adjustments above

–

–

–

–

95

(95)

Total Utility

–

–

–

–

(267)

267

Parent & Other

2Q24 pension lift out

–

–

–

–

(317)

317

Income tax effect on Parent & Other adjustment above

–

–

–

–

67

(67)

Total Parent & Other

–

–

–

–

(250)

250

Total adjustments

–

–

–

–

(517)

517

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

Utility

2Q24 E-LA global agreement to resolve its FRP extension filing
and other retail matters

–

–

–

–

(0.26)

0.26

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

–

–

–

–

(0.23)

0.23

1Q24 E-NO increase in customer sharing of income tax benefits
as a result of the 2016–2018 IRS audit resolution

–

–

–

–

(0.13)

0.13

Total Utility

–

–

–

–

(0.62)

0.62

Parent & Other

2Q24 pension lift out

–

–

–

–

(0.58)

0.58

Total Parent & Other

–

–

–

–

(0.58)

0.58

Total adjustments

–

–

–

–

(1.20)

1.20

Calculations may differ due to rounding

(c)

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

(d)

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

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

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

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

Third quarter

Year-to-date

2025

2024

Change

2025

2024

Change

Utility

Other O&M

–

–

–

–

(1)

1

Asset write-offs, impairments, and related charges

–

–

–

–

(132)

132

Other regulatory charges (credits) – net

–

–

–

–

(229)

229

Income taxes

–

–

–

–

95

(95)

Total Utility

–

–

–

–

(267)

267

Parent & Other

Other income (deductions)

–

–

–

–

(317)

317

Income taxes

–

–

–

–

67

(67)

Total Parent & Other

–

–

–

–

(250)

250

Total adjustments

–

–

–

–

(517)

517

Calculations may differ due to rounding

Appendix A-4: Consolidated operating cash flow

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

($ in millions)

Third quarter

Year-to-date

2025

2024

Change

2025

2024

Change

Utility

2,177

1,600

577

4,114

3,225

888

Parent & Other

(42)

(37)

(5)

(181)

(117)

(65)

Consolidated

2,135

1,562

572

3,933

3,109

824

Calculations may differ due to rounding

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

Third quarter 2025 vs. 2024

(After-tax, per share in $)

Utility

Parent & Other

Consolidated

As-

reported

Adjusted

As-

reported

Adjusted

As-

reported

Adjusted

2024 earnings (loss)

1.82

1.82

(0.33)

(0.33)

1.50

1.50

Operating revenue less:
fuel, fuel-related exp. and gas purch. for resale;
purch. power; and other reg. chgs. (credits) – net

0.21

0.21

(i)

0.01

0.01

0.22

0.22

Nuclear refueling outage expenses

0.02

0.02

–

–

0.02

0.02

Other O&M

(0.09)

(0.09)

(j)

–

–

(0.08)

(0.08)

Asset write-offs, impairments, and related charges

(0.02)

(0.02)

–

–

(0.02)

(0.02)

Decommissioning

–

–

–

–

–

–

Taxes other than income taxes

(0.07)

(0.07)

(k)

–

–

(0.07)

(0.07)

Depreciation and amortization

(0.05)

(0.05)

(l)

–

–

(0.05)

(0.05)

Other income (deductions)

0.12

0.12

(m)

0.03

0.03

(n)

0.15

0.15

Interest expense

(0.07)

(0.07)

(o)

0.02

0.02

(0.05)

(0.05)

Income taxes – other

–

–

–

–

0.01

0.01

Preferred dividend requirements and
noncontrolling interests

–

–

–

–

–

–

Share effect

(0.09)

(0.09)

0.01

0.01

(0.08)

(0.08)

(p)

2025 earnings (loss)

1.79

1.79

(0.26)

(0.26)

1.53

1.53

Calculations may differ due to rounding

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

Year-to-date 2025 vs. 2024

(After-tax, per share in $)

Utility

Parent & Other

Consolidated

As-

reported

Adjusted

As-

reported

Adjusted

As-

reported

Adjusted

2024 earnings (loss)

3.31

3.93

(1.52)

(0.94)

1.79

2.99

Operating revenue less:
fuel, fuel-related exp. and gas purch. for resale;
purch. power; and other reg. chgs. (credits) – net

1.26

0.87

(i)

0.04

0.04

(q)

1.30

0.91

Nuclear refueling outage expenses

0.04

0.04

(r)

–

–

0.04

0.04

Other O&M

(0.10)

(0.11)

(j)

–

–

(0.10)

(0.10)

Asset write-offs, impairments, and related charges

0.20

(0.02)

(s)

–

–

0.20

(0.02)

Decommissioning

(0.01)

(0.01)

–

–

(0.01)

(0.01)

Taxes other than income taxes

(0.11)

(0.11)

(k)

–

–

(0.11)

(0.11)

Depreciation and amortization

(0.10)

(0.10)

(l)

–

–

(0.10)

(0.10)

Other income (deductions)

0.14

0.14

(m)

0.59

0.01

(n)

0.73

0.15

Interest expense

(0.23)

(0.23)

(o)

0.01

0.01

(0.22)

(0.22)

Income taxes – other

0.01

0.01

–

–

0.02

0.02

Preferred dividend requirements and noncontrolling interests

–

–

–

–

–

–

Share effect

(0.18)

(0.18)

0.03

0.03

(0.14)

(0.14)

(p)

2025 earnings (loss)

4.25

4.25

(0.84)

(0.84)

3.40

3.40

Calculations may differ due to rounding

(e)

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

3Q25

3Q24

YTD25

YTD24

Utility operating revenue

(8)

6

(14)

22

Utility income taxes – other

8

(6)

14

(22)

(f)

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

3Q25

3Q24

YTD25

YTD24

–

(3)

(4)

(9)

–

3

4

9

(g)

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

(h)

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

3Q

YTD

Electric volume / weather

0.13

0.37

Retail electric price

0.18

0.53

2Q24 E-LA global agreement to resolve
certain retail matters

–

0.26

1Q24 E-NO provision for increased income
tax sharing

–

0.13

E-MS PPA termination proceeds

0.03

0.03

Sale of natural gas distribution businesses

(0.04)

(0.04)

E-TX MISO capacity costs

(0.01)

(0.05)

Reg. provisions for decommissioning items

(0.06)

0.10

Grand Gulf recovery

–

(0.04)

Other

(0.02)

(0.03)

Total

0.21

1.26

(i)

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

(j)

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

(k)

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

(l)

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

(m)

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

(n)

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

(o)

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

(p)

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

(q)

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

(r)

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

(s)

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

Appendix C: Utility operating and financial measures

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

Third quarter

Year-to-date

2025

2024

%
change

% weather

adj. (t)

2025

2024

%
change

% weather

adj. (t)

GWh sold

Residential

11,692

11,519

1.5

2.7

29,376

28,499

3.1

2.2

Commercial

8,499

8,394

1.3

1.9

22,007

21,797

1.0

1.2

Governmental

678

684

(0.9)

(1.4)

1,853

1,883

(1.6)

(1.7)

Industrial

16,255

15,150

7.3

7.3

45,707

42,174

8.4

8.4

Total retail

37,124

35,747

3.9

4.4

98,943

94,353

4.9

4.7

Wholesale

4,079

3,727

9.4

9,847

10,737

(8.3)

Total

41,203

39,474

4.4

108,790

105,090

3.5

Number of electric retail customers

Residential

2,625,811

2,601,894

0.9

Commercial

372,226

371,579

0.2

Governmental

18,845

18,015

4.6

Industrial

48,306

49,550

(2.5)

Total

3,065,188

3,041,038

0.8

Other O&M and nuclear
refueling outage exp. per MWh

$19.15

$19.01

0.7

$20.48

$20.87

(1.9)

Calculations may differ due to rounding

(t)

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

Appendix D: GAAP and non-GAAP financial measures

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

For 12 months ending September 30

2025

2024

Change

GAAP measure

As-reported ROE

11.4 %

12.2 %

(0.8) %

Non-GAAP measure

Adjusted ROE

11.4 %

9.7 %

1.7 %

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

2025

2024

Change

GAAP measures

Cash and cash equivalents

1,517

1,412

105

Available revolver capacity 

4,346

4,345

1

Commercial paper

1,398

1,122

276

Total debt

30,563

29,100

1,463

Junior subordinated debentures

1,200

1,200

–

Securitization debt

231

249

(18)

Total debt to total capital

64 %

65 %

(1) %

  Storm escrows

307

336

(29)

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

FFO to adjusted debt

16.8 %

13.7 %

3.1 %

Adjusted debt to adjusted capitalization

63 %

64 %

(1) %

Adjusted net debt to adjusted net capitalization

62 %

63 %

(1) %

Gross liquidity

5,863

5,757

106

Net liquidity

7,846

6,361

1,485

Adjusted Parent debt to total adjusted debt

18 %

20 %

(2) %

Calculations may differ due to rounding

Appendix E-1: Definitions

Utility operating and financial measures

GWh sold

Total number of GWh sold to retail and wholesale customers

Number of electric retail
customers

Average number of electric customers over the period

Other O&M and refueling
outage expense per MWh

Other operation and maintenance expense plus nuclear refueling outage expense per
MWh of total sales

Financial measures – GAAP

As-reported ROE

Last twelve months net income attributable to Entergy Corp. divided by average common
equity

Available revolver capacity

Amount of undrawn capacity remaining on corporate and subsidiary revolvers

Debt to capital

Total debt divided by total capitalization

Securitization debt

Debt on the balance sheet associated with securitization bonds that is secured by certain
future customer collections

Total debt

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

Financial measures – non-GAAP

Adjusted capitalization

Capitalization excluding securitization debt

Adjusted debt

Debt excluding securitization debt and 50% of junior subordinated debentures

Adjusted debt to adjusted
capitalization

Adjusted debt divided by adjusted capitalization

Adjusted earnings (loss)

As-reported earnings (loss) minus adjustments

Adjusted EPS

Adjusted earnings (loss) divided by the diluted average number of common shares
outstanding

Adjusted net capitalization

Adjusted capitalization minus cash and cash equivalents

Adjusted net debt

Adjusted debt minus cash and cash equivalents

Adjusted net debt to adjusted
net capitalization

Adjusted net debt divided by adjusted net capitalization

Adjusted Parent debt

Entergy Corp. debt, including amounts drawn on credit revolver and commercial paper
facilities plus unamortized debt issuance costs and discounts minus 50% of junior
subordinated debentures

Adjusted Parent debt to total
adjusted debt

Adjusted Parent debt divided by consolidated adjusted debt

Adjusted ROE

Last twelve months adjusted earnings divided by average common equity

Adjusted ROE excluding
affiliate preferred

Last twelve months adjusted earnings, excluding dividend income from affiliate preferred
as well as the after-tax cost of debt financing for preferred investment, divided by average
common equity adjusted to exclude the estimated equity associated with the affiliate
preferred investment

Adjustments

Unusual or non-recurring items or events or other items or events that management
believes do not reflect the ongoing business of Entergy, such as significant income tax
items, certain items recorded as a result of regulatory settlements or decisions, and
certain unusual costs or expenses

FFO

OCF minus preferred dividend requirements of subsidiaries, working capital items in OCF
(receivables, fuel inventory, accounts payable, taxes accrued, interest accrued, deferred
fuel costs, and other working capital accounts), 50% of interest on junior subordinated
debentures, and securitization regulatory charges

FFO to adjusted debt

Last twelve months FFO divided by end of period adjusted debt

Gross liquidity

Sum of cash and cash equivalents plus available revolver capacity

Net liquidity

Sum of cash and cash equivalents, available revolver capacity, escrow accounts available
for certain storm expenses, and equity sold forward but not yet settled minus commercial
paper

Appendix E-2: Abbreviations and acronyms

ACM

ADIT

AFUDC – 
debt

AFUDC –
equity

AMS

APSC

BESS

CAGR

CCCT

CCNO

CCS

CFO

COD

CT

DCRF

DOE

DRM

E-AR

E-LA

E-MS

E-NO

E-TX

EEI

EPS

ETR

EWC

FFO

FRP

GAAP

GCRR

Grand Gulf or

GGNS

Additional capacity mechanism

Accumulated deferred income taxes

Allowance for debt funds used during
construction

Allowance for equity funds used during
construction

Advanced metering system

Arkansas Public Service Commission

Battery and energy storage system

Compound annual growth rate

Combined cycle combustion turbine

Council of the City of New Orleans

Carbon capture and sequestration

Cash from operations

Commercial operation date

Combustion turbine

Distribution cost recovery factor

U.S. Department of Energy

Distribution Recovery Mechanism

Entergy Arkansas, LLC

Entergy Louisiana, LLC

Entergy Mississippi, LLC

Entergy New Orleans, LLC

Entergy Texas, Inc.

Edison Electric Institute

Earnings per share

Entergy Corporation

Entergy Wholesale Commodities

Funds from operations

Formula rate plan

U.S. generally accepted accounting principles

Generation Cost Recovery Rider

Unit 1 of Grand Gulf Nuclear Station (nuclear),

90% owned or leased by SERI

HLBV

IRS

LDC

LPSC

LTM

MCRM

MISO

Moody’s

MPSC

NDT

NYSE

O&M

OCAPS

OCF

OpCo

Other O&M

P&O

PMR

PPA

PUCT

RECs

RSHCR

ROE

RPCR

S&P

SEC

SERI

SETEX

TAM

TCRF

TRM

WACC

Hypothetical liquidation at book value

Internal Revenue Service

Local distribution company

Louisiana Public Service Commission

Last twelve months

MISO cost recovery mechanism

Midcontinent Independent System Operator, Inc.

Moody’s Ratings

Mississippi Public Service Commission

Nuclear decommissioning trust

New York Stock Exchange

Operation and maintenance

Orange County Advanced Power Station (CCCT)

Net cash flow provided by operating activities

Utility operating company

Other non-fuel operation and maintenance expense

Parent & Other

Performance Management Rider

Power purchase agreement or purchased power
agreement

Public Utility Commission of Texas

Renewable Energy Certificates

Resilience and storm hardening cost recovery

Return on equity

Resilience plan cost recovery rider

Standard & Poor’s

U.S. Securities and Exchange Commission

System Energy Resources, Inc.

Southeast Texas

Tax adjustment mechanism

Transmission cost recovery factor

Transmission Recovery Mechanism

Weighted-average cost of capital

Appendix F-1: Reconciliation of GAAP to non-GAAP financial measures – ROE

(LTM $ in millions except where noted)

Third quarter

2025

2024

As-reported net income attributable to Entergy Corporation

(A)

1,809

1,757

Adjustments

(B)

(5)

360

Adjusted earnings (non-GAAP)

(C)=(A-B)

1,814

1,397

Average common equity (average of beginning and ending balances)

(D)

15,847

14,362

As-reported ROE

(A/D)

11.4 %

12.2 %

Adjusted ROE (non-GAAP)

(C/D)

11.4 %

9.7 %

Calculations may differ due to rounding

($ in millions except where noted)

Third quarter

2025

2024

Total debt

(A)

30,563

29,100

Securitization debt

(B)

231

249

50% junior subordinated debentures

(C)

600

600

Adjusted debt (non-GAAP)

(D)=(A-B-C)

29,733

28,251

Net cash flow provided by operating activities, LTM

(E)

5,312

4,172

Preferred dividend requirements of subsidiaries, LTM

(F)

(18)

(18)

50% of the interest expense associated with junior subordinated
debentures, LTM

(G)

(43)

(15)

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

Receivables

(114)

46

Fuel inventory

6

26

Accounts payable

269

32

Taxes accrued

64

39

Interest accrued

30

11

Deferred fuel costs

(216)

347

Other working capital accounts

328

(198)

Securitization regulatory charges, LTM

17

24

Total

(H)

384

328

FFO, LTM (non-GAAP)

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

4,989

3,877

FFO to adjusted debt (non-GAAP)

(I/D)

16.8 %

13.7 %

Calculations may differ due to rounding

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

($ in millions except where noted)

Third quarter

2025

2024

Total debt

(A)

30,563

29,100

Securitization debt

(B)

231

249

50% junior subordinated debentures

(C)

600

600

Adjusted debt (non-GAAP)

(D)=(A-B-C)

29,733

28,251

Cash and cash equivalents

(E)

1,517

1,412

Adjusted net debt (non-GAAP)

(F)=(D-E)

28,216

26,839

Commercial paper

(G)

1,398

1,122

Total capitalization

(H)

47,539

44,461

Securitization debt

(B)

231

249

Adjusted capitalization (non-GAAP)

(I)=(H-B)

47,308

44,212

Cash and cash equivalents

(E)

1,517

1,412

Adjusted net capitalization (non-GAAP)

(J)=(I-E)

45,791

42,800

Total debt to total capitalization

(A/H)

64 %

65 %

Adjusted debt to adjusted capitalization (non-GAAP)

(D/I)

63 %

64 %

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

(F/J)

62 %

63 %

Available revolver capacity

(K)

4,346

4,345

Storm escrows

(L)

307

336

Equity sold forward, not yet settled (u)

(M)

3,075

1,390

Gross liquidity (non-GAAP)

(N)=(E+K)

5,863

5,757

Net liquidity (non-GAAP)

(N-G+L+M)

7,846

6,361

Entergy Corporation notes:

Due Sept. 2025

–

800

Due Sept. 2026

750

750

Due June 2028

650

650

Due June 2030

600

600

Due June 2031

650

650

Due June 2050

600

600

Junior subordinated debentures due Dec. 2054

1,200

1,200

Total Parent long-term debt

(O)

4,450

5,250

Revolver drawn

(P)

–

–

Unamortized debt issuance costs and discounts

(Q)

(41)

(47)

Total Parent debt

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

5,808

6,326

Adjusted Parent debt (non-GAAP)

(S)=(R-C)

5,208

5,726

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

(S/D)

18 %

20 %

Calculations may differ due to rounding

(u)

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