Earnings release
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1 NEWS RELEASE FOR IMMEDIATE RELEASE July 30, 2025 Entergy reports second quarter 2025 financial results Company affirms guidance, raises 2027–2028 outlooks NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported second quarter 2025 earnings per share of $1.05 on an as-reported and an adjusted (non-GAAP) basis. “It was another solid quarter as we work to deliver on our customer’s expectations for service and growth,” said Drew Marsh, Entergy Chair and Chief Executive Officer. “We remain well positioned to capture significant opportunity ahead and drive value for our stakeholders.” Business highlights included the following: • Entergy updated its four-year capital plan and 2027–2028 adjusted EPS outlooks. • On July 1, Entergy New Orleans and Entergy Louisiana completed the sale of their natural gas distribution businesses. • Entergy Arkansas secured significant new growth for the state. • Entergy Texas received approval to place $188 million of distribution investments into rates through the DCRF rider. • Entergy Louisiana reached a stipulated settlement with the LPSC Staff and other parties recommending approval of generation and transmission resources needed to support the addition of a new large customer. • Entergy Texas filed a proposal for a new Cypress to Legend 500 kV transmission line. • The LPSC passed a directive to Staff which will expedite securitization, if needed, for a major storm in 2025. • The MPSC approved Entergy Mississippi’s formula rate plan. • Entergy New Orleans, Entergy Louisiana, and Entergy Arkansas each filed their annual formula rate plans. • The state of Texas passed new laws to expedite storm cost securitization, to recover MISO capacity costs through a rider, and to help manage wildfire risk. • Waterford 3 and Grand Gulf nuclear plants are celebrating 40 years of producing clean, reliable electricity. • For the tenth consecutive year, Entergy was named to The Civic 50, a Points of Light initiative honoring the 50 most community-minded companies in the U.S. Table of contents Page News release 1 Table of appendices and financial statements 7 A: Consolidated results and adjustments 8 B: Earnings variance analysis 11 C: Utility operating and financial measures 14 D: Consolidated financial measures 15 E: Definitions and abbreviations and acronyms 16 F: Other GAAP to non-GAAP reconciliations 18 Financial statements 20
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Entergy reports second quarter 2025 financial results July 30, 2025 Page 2 (more) Consolidated earnings (GAAP and non-GAAP measures) Second quarter and year-to-date 2025 vs. 2024 (See Appendix A for reconciliation of GAAP to non-GAAP measures and details on adjustments) Second quarter Year-to-date 2025 2024 Change 2025 2024 Change (After-tax, $ in millions) As-reported earnings 468 49 419 829 124 704 Less adjustments - (362) 362 - (517) 517 Adjusted earnings (non-GAAP) 468 411 57 829 641 187 Estimated weather impact 38 56 (18) 60 30 31 (After-tax, per share in $) As-reported earnings 1.05 0.11 0.94 1.87 0.29 1.58 Less adjustments - (0.85) 0.85 - (1.21) 1.21 Adjusted earnings (non-GAAP) 1.05 0.96 0.09 1.87 1.50 0.37 Estimated weather impact 0.08 0.13 (0.04) 0.14 0.07 0.07 Calculations may differ due to rounding Consolidated results For second quarter 2025, the company reported earnings of $468 million, or $1.05 per share, on an as-reported and an adjusted basis. This compared to second quarter 2024 earnings of $49 million, or 11 cents per share, on an as-reported basis, and $411 million, or 96 cents per share, on an adjusted basis. Summary discussions of results by business follow. Additional details, including information on operating cash flow by business, are provided in Appendix A. A more detailed analysis of earnings per share variances by business is provided in Appendix B. Business results Utility For second quarter 2025, the Utility business reported earnings attributable to Entergy Corporation of $599 million, or $1.34 per share, on an as-reported and an adjusted basis. This compared to second quarter 2024 earnings of $441 million, or $1.03 per share, on an as-reported basis, and earnings of $553 million, or $1.29 per share, on an adjusted basis. Drivers for the quarter-over-quarter increase included the net effect of regulatory actions across the operating companies as well as higher retail sales volume and higher other income (deductions). These increases were partially offset by higher other O&M, depreciation expense, and interest expense as well as higher capacity costs at Entergy Texas from the MISO planning resource auction that are not currently recovered in rates. Second quarter 2024 results included expenses totaling $(151 million) ($(112 million) after tax) recorded as a result of Entergy Louisiana’s agreement with the LPSC Staff and other parties to extend and modify the formula rate plan; establish the base formula rate plan rate change for the 2023 test year; and provide $184 million of customer rate credits, including increasing customer sharing of income tax benefits resulting from the 2016–2018 IRS audit resolution (a reserve of $38 million had been previously established) and to resolve several open matters, including all formula rate plans prior to the 2023 test year (considered an adjustment and excluded from adjusted earnings).
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Entergy reports second quarter 2025 financial results July 30, 2025 Page 3 (more) On a per share basis, second quarter 2025 results reflected higher diluted average number of common shares outstanding primarily due to the settlement of equity forwards in May 2025 as well as the dilutive effect from unsettled equity forwards as a result of an increase in the stock price. Appendix C contains additional details on Utility operating and financial measures. Parent & Other For second quarter 2025, Parent & Other reported a loss attributable to Entergy Corporation of $(131 million), or (29) cents per share, on an as-reported and an adjusted basis. This compared to a second quarter 2024 loss of $(392 million), or (91) cents per share, on an as-reported basis and $(142 million), or (33) cents per share, on an adjusted basis. The quarter-over-quarter as-reported change included a second quarter 2024 $(317 million) ($(250 million) after tax) settlement charge recognized as a result of a group annuity contract purchased in May 2024 to settle certain pension liabilities, also referred to as the pension lift out (considered an adjustment and excluded from adjusted earnings). On a per share basis, second quarter 2025 results reflected higher diluted average number of common shares outstanding (see details in Utility section). Earnings per share guidance Entergy affirmed its 2025 adjusted earnings per share guidance range of $3.75 to $3.95. See webcast presentation for additional details. The company has provided 2025 earnings guidance with regard to the non-GAAP measure of adjusted earnings per share. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below under “Non-GAAP financial measures.” The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. Potential adjustments include, among other things, the exclusion of significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses. Earnings teleconference A teleconference will be held at 10:00 a.m. Central Time on Wednesday, July 30, 2025, to discuss Entergy’s quarterly earnings announcement and the company’s financial performance. The teleconference may be accessed by visiting Entergy’s website at 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 webcast presentation is also being posted to Entergy’s website concurrent with this news release. A replay of the teleconference will be available on Entergy’s website at investors.entergy.com/investors/events-and-presentations and by telephone. The telephone replay will be available through August 6, 2025, by dialing 800-770-2030, conference ID 9024832. Entergy produces, transmits and distributes electricity to power life for 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We’re investing for growth and improved reliability and resilience of our energy system while working to keep energy rates affordable
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Entergy reports second quarter 2025 financial results July 30, 2025 Page 4 (more) for our customers. We’re also investing in cleaner energy generation like modern natural gas, nuclear, and renewable energy. A nationally recognized leader in sustainability and corporate citizenship, we deliver more than $100 million in economic benefits each year to the communities we serve through philanthropy, volunteerism and advocacy. Entergy is a Fortune 500 company headquartered in New Orleans, Louisiana, and has approximately 12,000 employees. Learn more at entergy.com and connect with @Entergy on social media. Entergy Corporation’s common stock is listed on the New York Stock Exchange and NYSE Texas under the symbol “ETR”. Details regarding Entergy’s results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the webcast presentation. Both documents are available on Entergy’s Investor Relations website at investors.entergy.com/investors/events-and-presentations. Entergy maintains a web page as part of its Investor Relations website entitled Regulatory and other information, which provides investors with key updates on certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information. For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix E. Non-GAAP financial measures This news release contains non-GAAP financial measures, which are generally numerical measures of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Entergy reports earnings using the non-GAAP measure of adjusted earnings, which excludes the effect of certain “adjustments.” Adjustments are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses. In addition to reporting GAAP earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period. Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, stockholders, analysts, and investors; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy’s business, comparing period to period results, and comparing Entergy’s financial performance to the financial performance of other companies in the utility sector. Other non-GAAP measures, including adjusted ROE, adjusted ROE excluding affiliate preferred, FFO to adjusted debt, gross liquidity, net liquidity, adjusted Parent debt to total adjusted debt, adjusted debt to adjusted capitalization, and adjusted net debt to adjusted net capitalization are measures Entergy
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Entergy reports second quarter 2025 financial results July 30, 2025 Page 5 (more) uses internally for management and board discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy’s ongoing financial results and flexibility and assists investors in comparing Entergy’s credit and liquidity to the credit and liquidity of others in the utility sector. These metrics are defined in Appendix E. These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy’s operations that, when viewed with Entergy’s GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy’s business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy’s consolidated financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy’s performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Cautionary note regarding forward-looking statements In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward- looking statements include, among other things, statements regarding Entergy’s 2025 earnings guidance; financial and operational outlooks; industrial load growth outlooks; statements regarding its climate transition and resilience plans, goals, beliefs, or expectations; and other statements of Entergy’s plans, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with (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
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Entergy reports second quarter 2025 financial results July 30, 2025 Page 6 (more) 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: Media inquiries: Liz Hunter Cristina del Canto 504-576-3294 504-576-4238 ehunte1@entergy.com mdelcan@entergy.com
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7 Second quarter 2025 earnings release appendices and financial statements Appendices A: Consolidated results and adjustments B: Earnings variance analysis C: Utility operating and financial measures D: Consolidated financial measures E: Definitions and abbreviations and acronyms F: Other GAAP to non-GAAP reconciliations Financial statements Consolidating balance sheets Consolidating income statements Consolidated cash flow statements
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8 A: Consolidated results and adjustments Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as -reported earnings (GAAP) to adjusted earnings (non-GAAP). Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measures Second quarter and year-to-date 2025 vs. 2024 (See Appendix A-2 and Appendix A-3 for details on adjustments) Second quarter Year-to-date 2025 2024 Change 2025 2024 Change (After-tax, $ in millions) As-reported earnings (loss) Utility 599 441 158 1,089 636 452 Parent & Other (131) (392) 261 (260) (512) 252 Consolidated 468 49 419 829 124 704 Less adjustments Utility - (112) 112 - (267) 267 Parent & Other - (250) 250 - (250) 250 Consolidated - (362) 362 - (517) 517 Adjusted earnings (loss) (non-GAAP) Utility 599 553 46 1,089 903 185 Parent & Other (131) (142) 11 (260) (262) 2 Consolidated 468 411 57 829 641 187 Estimated weather impact 38 56 (18) 60 30 31 Diluted average number of common shares outstanding (in millions) (a) 446 429 17 443 428 15 (After-tax, per share in $) (a) (b) As-reported earnings (loss) Utility 1.34 1.03 0.31 2.45 1.49 0.97 Parent & Other (0.29) (0.91) 0.62 (0.59) (1.20) 0.61 Consolidated 1.05 0.11 0.94 1.87 0.29 1.58 Less adjustments Utility - (0.26) 0.26 - (0.62) 0.62 Parent & Other - (0.58) 0.58 - (0.58) 0.58 Consolidated - (0.85) 0.85 - (1.21) 1.21 Adjusted earnings (loss) (non-GAAP) Utility 1.34 1.29 0.05 2.45 2.11 0.35 Parent & Other (0.29) (0.33) 0.04 (0.59) (0.61) 0.03 Consolidated 1.05 0.96 0.09 0. 1.87 1.50 0.37 Estimated weather impact 0.08 0.13 (0.04) 0.14 0.07 0.07 Calculations may differ due to rounding (a) Entergy executed a two-for-one forward stock split that was effective with trading on Dec. 13, 2024; 2024 diluted average number of common shares outstanding and per-share information has been restated to reflect the post-split share count. (b) Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period. See Appendix B for detailed earnings variance analysis.
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9 Appendix A-2 and Appendix A-3 detail adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure. Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS) Second quarter and year-to-date 2025 vs. 2024 Second quarter Year-to-date 2025 2024 Change 2025 2024 Change (Pre-tax except for income tax effect and totals; $ in millions) Utility 2Q24 E-LA global agreement to resolve its FRP extension filing and other retail matters - (151) 151 - (151) 151 1Q24 E-AR write-off of a regulatory asset related to the opportunity sales proceeding - - - - (132) 132 1Q24 E-NO increase in customer sharing of income tax benefits as a result of the 2016–2018 IRS audit resolution - - - - (79) 79 Income tax effect on Utility adjustments above - 39 (39) - 95 (95) Total Utility - (112) 112 - (267) 267 Parent & Other 2Q24 pension lift out - (317) 317 - (317) 317 Income tax effect on Parent & Other adjustment above - 67 (67) - 67 (67) Total Parent & Other - (250) 250 - (250) 250 Total adjustments - (362) 362 - (517) 517 (After-tax, per share in $) (c), (d) Utility 2Q24 E-LA global agreement to resolve its FRP extension filing and other retail matters - (0.26) 0.26 - (0.26) 0.26 1Q24 E-AR write-off of a regulatory asset related to the opportunity sales proceeding - - - - (0.23) 0.23 1Q24 E-NO increase in customer sharing of income tax benefits as a result of the 2016–2018 IRS audit resolution - - - - (0.13) 0.13 Total Utility - (0.26) 0.26 - (0.62) 0.62 Parent & Other 2Q24 pension lift out - (0.58) 0.58 - (0.58) 0.58 Total Parent & Other - (0.58) 0.58 - (0.58) 0.58 Total adjustments - (0.85) 0.85 - (1.21) 1.21 Calculations may differ due to rounding (c) Entergy executed a two-for-one forward stock split that was effective with trading on Dec. 13, 2024; 2024 per-share information has been restated to reflect the post-split share count. (d) Per share amounts are calculated by multiplying the corresponding earnings (loss) by the estimated income tax rate that is expected to apply and dividing by the diluted average number of common shares outstanding for the period.
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10 Appendix A-3: Adjustments by income statement line item (shown as positive/ (negative) impact on earnings) Second quarter and year-to-date 2025 vs. 2024 (Pre-tax except for income taxes and totals; $ in millions) Second quarter Year-to-date 2025 2024 Change 2025 2024 Change Utility Other O&M - (1) 1 - (1) 1 Asset write-offs, impairments, and related charges - - - - (132) 132 Other regulatory charges (credits) – net - (150) 150 - (229) 229 Income taxes - 39 (39) - 95 (95) Total Utility - (112) 112 - (267) 267 Parent & Other Other income (deductions) - (317) 317 - (317) 317 Income taxes - 67 (67) - 67 (67) Total Parent & Other - (250) 250 - (250) 250 Total adjustments - (362) 362 - (517) 517 Calculations may differ due to rounding Appendix A-4 provides a comparative summary of OCF by business. Appendix A-4: Consolidated operating cash flow Second quarter and year-to-date 2025 vs. 2024 ($ in millions) Second quarter Year-to-date 2025 2024 Change 2025 2024 Change Utility 1,371 1,111 261 1,937 1,626 311 Parent & Other (110) (85) (24) (139) (79) (60) Consolidated 1,262 1,025 236 1,798 1,546 251 Calculations may differ due to rounding Second quarter 2025 OCF increased primarily due to higher Utility customer receipts, including higher fuel revenues, and the receipt of advance payments related to customer agreements in 2025. These increases were partially offset by higher fuel and purchased power payments.
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11 B: Earnings variance analysis Appendix B-1 and Appendix B-2 provide details of current quarter and year-to-date 2025 versus 2024 as-reported and adjusted earnings per share variances. Appendix B-1: As-reported and adjusted earnings per share variance analysis (e), (f), (g), (h) Second quarter 2025 vs. 2024 (After-tax, per share in $) Utility Parent & Other Consolidated As- reported Adjusted As- reported Adjusted As- reported Adjusted 2024 earnings (loss) 1.03 1.29 (0.91) (0.33) 0.11 0.96 Operating revenue less: fuel, fuel-related exp. and gas purch. for resale; purch. power; and other reg. chgs. (credits) – net 0.47 0.21 (i) 0.02 0.02 0.48 0.23 Nuclear refueling outage expenses 0.02 0.02 - - 0.02 0.02 Other O&M (0.05) (0.05) (j) 0.01 0.01 (0.04) (0.04) Asset write-offs, impairments, and related charges - - - - - - Decommissioning - - - - - - Taxes other than income taxes (0.02) (0.02) - - (0.03) (0.03) Depreciation and amortization (0.03) (0.03) (k) - - (0.03) (0.03) Other income (deductions) 0.06 0.06 (l) 0.57 (0.01) (m) 0.63 0.05 Interest expense (0.06) (0.06) (n) 0.01 0.01 (0.06) (0.06) Income taxes – other (0.01) (0.01) 0.01 0.01 - - Preferred dividend requirements and noncontrolling interests - - - - - - Share effect (0.05) (0.05) 0.01 0.01 (0.04) (0.04) (o) 2025 earnings (loss) 1.34 1.34 (0.29) (0.29) 1.05 1.05 h 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 $) Utility Parent & Other Consolidated As- reported Adjusted As- reported Adjusted As- reported Adjusted 2024 earnings (loss) 1.49 2.11 (1.20) (0.61) 0.29 1.50 Operating revenue less: fuel, fuel-related exp. and gas purch. for resale; purch. power; and other reg. chgs. (credits) – net 1.06 0.66 (i) 0.03 0.03 (p) 1.09 0.69 Nuclear refueling outage expenses 0.02 0.02 - - 0.02 0.02 Other O&M (0.02) (0.02) - - (0.01) (0.02) Asset write-offs, impairments, and related charges 0.23 - (q) - - 0.23 - Decommissioning (0.01) (0.01) - - (0.01) (0.01) Taxes other than income taxes (0.04) (0.04) (r) - - (0.04) (0.04) Depreciation and amortization (0.05) (0.05) (k) - - (0.05) (0.05) Other income (deductions) 0.01 0.01 0.57 (0.02) (m) 0.58 - Interest expense (0.16) (0.16) (n) (0.01) (0.01) (0.17) (0.17) Income taxes – other 0.01 0.01 - - 0.01 0.01 Preferred dividend requirements and noncontrolling interests - - - - - - Share effect (0.09) (0.09) 0.02 0.02 (0.07) (0.07) (o) 2025 earnings (loss) 2.45 2.45 (0.59) (0.59) 1.87 1.87 h Calculations may differ due to rounding
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12 (e) Utility operating revenue and Utility income taxes – other variances exclude the following for the return/collection of excess/deficient unprotected ADIT (net effect was neutral to earnings) ($ in millions): 2Q25 2Q24 YTD25 YTD24 Utility operating revenue (4) 8 (6) 16 Utility income taxes – other 4 (8) 6 (16) (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 deferral (net effect was neutral to earnings) ($ in millions): 2Q25 2Q24 YTD25 YTD24 Utility regulatory charges (credits) – net (1) (2) (4) (5) Utility preferred dividend requirements and noncontrolling interests 1 2 4 5 (g) Entergy executed a two-for-one forward stock split that was effective with trading on Dec. 13, 2024; 2024 per-share information and diluted number of common shares outstanding has been restated to reflect the post-split share count. (h) EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period. Income taxes – other represents income tax differences other than the income tax effect of individual line items. Share effect captures the per share impact from the change in diluted average number of common shares outstanding. (i) The second quarter and year-to-date earnings increases reflected higher electric volume, including the effects of weather, and the effect of rate actions including: E-AR’s FRP, E-LA’s FRP (including riders), E-LA’s resilience plan cost recovery rider, E-MS’s FRP, various E-MS riders, E-NO’s FRP, and E-TX’s DCRF. The increases also reflected the effects of a second quarter 2024 regulatory charge of $(150 million) ($(111 million) after tax) recorded as a result of E-LA reaching a settlement with the LPSC staff and other parties (considered an adjustment and excluded from adjusted earnings). Changes in regulatory provisions for decommissioning items was also a driver (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral). The increases were partially offset by higher MISO capacity costs at E-TX. 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 (considered an adjustment and excluded from adjusted earnings). The year-to- date variance was partially offset by lower Grand Gulf revenue primarily due to lower other O&M. (j) The second quarter earnings decrease from higher Utility other O&M included higher power generation costs primarily due to a higher scope of work performed, including during plant outages, in second quarter 2025 as compared to second quarter 2024; higher power delivery expenses primarily due to vegetation maintenance costs; and an increase in bad debt expense. The decrease was partly offset by contract costs in 2024 related to operational performance, customer service, and organizational health initiatives. (k) The second quarter and year-to-date earnings decreases from higher Utility depreciation and amortization were primarily due to higher plant in service and an increase in E-LA’s nuclear depreciation rates effective September 2024. The decreases were partially offset by the recognition of depreciation expense from E-TX’s 2022 base rate case relate back in first and second quarters of 2024. (l) The second quarter earnings increase from higher Utility other income (deductions) was primarily due to higher AFUDC– equity due to higher construction work in progress, a true-up of E-LA’s MISO cost recovery mechanism, and an increase in the amortization of tax gross ups on customer advances for construction. The increase was partly offset by changes in nuclear decommissioning trust returns, including portfolio rebalancing in second quarter 2024 (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral). (m) The second quarter and year-to-date as-reported earnings increases from Parent & Other other income (deductions) were primarily due to a second quarter 2024 $(317 million) ($(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). (n) The second quarter and year-to-date earnings decreases from higher Utility interest expense were primarily due to higher interest rates, higher debt balances, and higher carrying costs on customer advances for construction. The decreases were partially offset by higher AFUDC-debt due to higher construction work in progress. Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) – net variance analysis 2025 vs. 2024 ($ EPS) 2Q YTD Electric volume / weather 0.03 0.24 Retail electric price 0.19 0.35 2Q24 E-LA global agreement to resolve certain retail matters 0.26 0.26 1Q24 E-NO provision for increased income tax sharing - 0.13 E-TX MISO capacity costs (0.04) (0.04) Reg. provisions for decommissioning items 0.03 0.16 Other, including Grand Gulf recovery (0.01) (0.04) Total 0.47 1.06
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13 (o) The second quarter and year-to-date earnings per share impacts from share effect were primarily due to the settlement of equity forwards in May 2025 and the dilutive effect of unsettled equity forwards as a result of an increase in the stock price. (p) The year-to-date earnings increase was primarily due to lower fuel and purchased power expenses associated with the conclusion of a purchased power agreement in December 2024. (q) The year-to-date as-reported earnings increase from Utility asset write-offs and impairments 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). (r) The year-to-date earnings decrease from higher Utility taxes other than income taxes was primarily due to increases in ad valorem taxes resulting from higher assessments and increases in local franchise taxes as a result of higher retail revenues in 2025 as compared to 2024.
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14 C: Utility operating and financial measures Appendix C provides a comparison of Utility operating and financial measures. Appendix C: Utility operating and financial measures Second quarter and year-to-date 2025 vs. 2024 Second quarter Year-to-date 2025 2024 % change % weather adj. (s) 2025 2024 % change % weather adj. (s) GWh sold Residential 8,899 9,557 (6.9) (4.3) 17,683 17,315 2.1 (0.1) Commercial 7,265 7,236 0.4 1.8 13,507 13,460 0.3 0.4 Governmental 617 626 (1.4) (1.2) 1,176 1,198 (1.8) (1.8) Industrial 15,620 13,973 11.8 11.8 29,452 26,633 10.6 10.6 Total retail 32,401 31,392 3.2 4.5 61,818 58,606 5.5 4.9 Wholesale 4,133 3,052 35.4 5,767 7,010 (17.7) Total 36,534 34,444 6.1 67,585 65,616 3.0 Number of electric retail customers Residential 2,608,472 2,592,846 0.6 Commercial 371,699 370,219 0.4 Governmental 18,008 18,042 (0.2) Industrial 41,227 42,294 (2.5) Total 3,039,406 3,023,401 0.5 Other O&M and nuclear refueling outage exp. per MWh $20.33 $21.03 (3.3) $21.28 $22.00 (3.2) Calculations may differ due to rounding (s) The effects of weather were estimated using heating degree days and cooling degree days for the period from certain locations within each jurisdiction and comparing to “normal” weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change. For the quarter, weather-adjusted retail sales increased 4.5 percent. The increase was primarily due to an increase in industrial usage, mainly in the primary metals, chlor-alkali, and technology industries. Commercial sales increased 1.8 percent. The increases were partially offset by a residential sales decline of (4.3) percent.
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15 D: Consolidated financial measures Appendix D provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non -GAAP financial measures. Appendix D: GAAP and non-GAAP financial measures 2025 vs. 2024 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures) For 12 months ending June 30 2025 2024 Change GAAP measure As-reported ROE 11.4% 12.8% (1.4)% Non-GAAP measure Adjusted ROE 11.5% 10.4% 1.1% As of June 30 ($ in millions, except where noted) 2025 2024 Change GAAP measures Cash and cash equivalents 1,176 1,355 (179) Available revolver capacity 4,345 4,345 - Commercial paper 459 932 (473) Total debt 30,522 28,846 1,676 Junior subordinated debentures 1,200 1,200 - Securitization debt 230 249 (19) Total debt to total capital 65% 66% (1)% Storm escrows 303 333 (30) Non-GAAP measures ($ in millions, except where noted) FFO to adjusted debt 15.1% 14.0% 1.1% Adjusted debt to adjusted capitalization 63% 64% (1)% Adjusted net debt to adjusted net capitalization 62% 63% (1)% Gross liquidity 5,521 5,700 (179) Net liquidity 7,631 5,915 1,716 Adjusted Parent debt to total adjusted debt 17% 20% (3)% Calculations may differ due to rounding
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16 E: Definitions and abbreviations and acronyms Appendix E-1 provides definitions of certain operating measures, as well as GAAP and non -GAAP financial measures. Appendix E-1: Definitions Utility operating and financial measures GWh sold Total number of GWh sold to retail and wholesale customers Number of electric retail customers Average number of electric customers over the period Other O&M and refueling outage expense per MWh Other operation and maintenance expense plus nuclear refueling outage expense per MWh of total sales Financial measures – GAAP As-reported ROE Last twelve months net income attributable to Entergy Corp. divided by average common equity Available revolver capacity Amount of undrawn capacity remaining on corporate and subsidiary revolvers Debt to capital Total debt divided by total capitalization Securitization debt Debt on the balance sheet associated with securitization bonds that is secured by certain future customer collections Total debt Sum of short-term and long-term debt, notes payable, and commercial paper Financial measures – non-GAAP Adjusted capitalization Capitalization excluding securitization debt Adjusted debt Debt excluding securitization debt and 50% of junior subordinated debentures Adjusted debt to adjusted capitalization Adjusted debt divided by adjusted capitalization Adjusted EPS As-reported earnings minus adjustments, 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
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17 Appendix E-2 explains abbreviations and acronyms used in the quarterly earnings materials. Appendix E-2: Abbreviations and acronyms A&G ACM ADIT AFUDC – debt AFUDC – equity AMS APSC ATM B&E CAGR CCCT CCN CCNO CCS CFO COD CT DCRF DOE DRM E-AR E-LA E-MS E-NO E-TX EPS ESA ETR FFO FRP GAAP GCRR Grand Gulf or GGNS HLBV Administrative and general expenses 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 At the market equity issuance program Business and Executive Session Compound annual growth rate Combined cycle combustion turbine Certificate for convenience and necessity Council of the 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. Earnings per share Electric service agreement Entergy Corporation 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 Hypothetical liquidation at book value IRS LCPS LDC LPSC LTM MCRM MISO Moody’s MPSC NDT NYSE O&M OCAPS OCF OpCo Other O&M P&O PMR PPA PRA PTC PUCT RECs RSHCR ROE RPCR S&P SEC SERI SETEX TAM TCRF TRM WACC Internal Revenue Service Lake Charles Power Station Local distribution company Louisiana Public Service Commission Last twelve months MISO cost recovery mechanism Midcontinent Independent System Operator, Inc. Moody’s Ratings Mississippi Public Service Commission Nuclear decommissioning trust New York Stock Exchange Operation and maintenance Orange County Advanced Power Station (CCCT) Net cash flow provided by operating activities Utility operating company Other non-fuel operation and maintenance expense Parent & Other Performance Management Rider Power purchase agreement or purchased power agreement Planning resource auction Production tax credit 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 (rider within E-LA’s FRP) Weighted-average cost of capital
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18 F: Other GAAP to non-GAAP reconciliations Appendix F-1, Appendix F-2, and Appendix F-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure. Appendix F-1: Reconciliation of GAAP to non-GAAP financial measures – ROE (LTM $ in millions except where noted) Second quarter 2025 2024 As-reported net income attributable to Entergy Corporation (A) 1,760 1,779 Adjustments (B) (5) 333 Adjusted earnings (non-GAAP) (C)=(A-B) 1,765 1,446 Average common equity (average of beginning and ending balances) (D) 15,390 13,902 As-reported ROE (A/D) 11.4% 12.8% Adjusted ROE (non-GAAP) (C/D) 11.5% 10.4% Calculations may differ due to rounding Appendix F-2: Reconciliation of GAAP to non-GAAP financial measures – FFO to adjusted debt ($ in millions except where noted) Second quarter 2025 2024 Total debt (A) 30,522 28,846 Securitization debt (B) 230 249 50% junior subordinated debentures (C) 600 600 Adjusted debt (non-GAAP) (D)=(A-B-C) 29,692 27,997 Net cash flow provided by operating activities, LTM (E) 4,740 4,015 Preferred dividend requirements of subsidiaries, LTM (F) (18) (18) 50% of the interest expense associated with junior subordinated debentures, LTM (G) (43) (5) Working capital items in net cash flow provided by operating activities, LTM: Receivables (84) (151) Fuel inventory (1) 17 Accounts payable 208 (17) Taxes accrued 18 52 Interest accrued 45 36 Deferred fuel costs (216) 331 Other working capital accounts 346 (182) Securitization regulatory charges, LTM 17 30 Total (H) 332 115 FFO, LTM (non-GAAP) (I)=(E-F-G-H) 4,469 3,923 FFO to adjusted debt (non-GAAP) (I/D) 15.1% 14.0% Calculations may differ due to rounding
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19 Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures – adjusted debt ratios; gross liquidity; and net liquidity ($ in millions except where noted) Second quarter 2025 2024 Total debt (A) 30,522 28,846 Securitization debt (B) 230 249 50% junior subordinated debentures (C) 600 600 Adjusted debt (non-GAAP) (D)=(A-B-C) 29,692 27,997 Cash and cash equivalents (E) 1,176 1,355 Adjusted net debt (non-GAAP) (F)=(D-E) 28,516 26,642 Commercial paper (G) 459 932 Total capitalization (H) 47,050 43,747 Securitization debt (B) 230 249 Adjusted capitalization (non-GAAP) (I)=(H-B) 46,820 43,498 Cash and cash equivalents (E) 1,176 1,355 Adjusted net capitalization (non-GAAP) (J)=(I-E) 45,644 42,143 Total debt to total capitalization (A/H) 65% 66% 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) 4,345 4,345 Storm escrows (L) 303 333 Equity sold forward, not yet settled (t) (M) 2,266 815 Gross liquidity (non-GAAP) (N)=(E+K) 5,521 5,700 Net liquidity (non-GAAP) (N-G+L+M) 7,631 5,915 Entergy Corporation notes: Due September 2025 800 800 Due September 2026 750 750 Due June 2028 650 650 Due June 2030 600 600 Due June 2031 650 650 Due June 2050 600 600 Junior subordinated debentures due December 2054 1,200 1,200 Total Parent long-term debt (O) 5,250 5,250 Revolver drawn (P) - - Unamortized debt issuance costs and discounts (Q) (42) (48) Total Parent debt (R)=(G+O+P+Q) 5,667 6,134 Adjusted Parent debt (non-GAAP) (S)=(R-C) 5,067 5,534 Adjusted Parent debt to total adjusted debt (non-GAAP) (S/D) 17% 20% Calculations may differ due to rounding (t) Reflects adjustments, including for common dividends between contracting and settlement.
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Entergy Corporation Consolidating Balance Sheet June 30, 2025 (Dollars in thousands) (Unaudited) Utility Parent & Other Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents: Cash............................................................................................. 114,331$ 49,693$ 164,024$ Temporary cash investments....................................................... 938,096 73,511 1,011,607 Total cash and cash equivalents................................................. 1,052,427 123,204 1,175,631 Accounts receivable: Customer ..................................................................................... 839,379 - 839,379 Allowance for doubtful accounts.................................................... (23,010) - (23,010) Associated companies.................................................................. 3,699 (3,699) - Other............................................................................................. 248,730 4,728 253,458 Accrued unbilled revenues............................................................ 595,617 - 595,617 Total accounts receivable............................................................ 1,664,415 1,029 1,665,444 Deferred fuel costs........................................................................... 99,774 - 99,774 Fuel inventory - at average cost....................................................... 163,164 7,761 170,925 Materials and supplies...................................................................... 1,623,125 4,593 1,627,718 Deferred nuclear refueling outage costs........................................... 103,072 - 103,072 Current assets held for sale ............................................................. 19,602 - 19,602 Prepayments and other.................................................................... 484,383 (157,099) 327,284 TOTAL............................................................................................. 5,209,962 (20,512) 5,189,450 OTHER PROPERTY AND INVESTMENTS Investment in affiliates...................................................................... 4,146,193 (4,146,193) - Decommissioning trust funds........................................................... 5,833,432 - 5,833,432 Non-utility property - at cost (less accumulated depreciation)........... 462,044 6,591 468,635 Storm reserve escrow accounts....................................................... 303,479 - 303,479 Other ............................................................................................... 46,102 38,309 84,411 TOTAL............................................................................................. 10,791,250 (4,101,293) 6,689,957 PROPERTY, PLANT, AND EQUIPMENT Electric............................................................................................. 72,129,984 202,666 72,332,650 Natural gas....................................................................................... 78,182 - 78,182 Construction work in progress.......................................................... 5,013,725 1,210 5,014,935 Nuclear fuel...................................................................................... 727,407 - 727,407 TOTAL PROPERTY, PLANT, AND EQUIPMENT............................ 77,949,298 203,876 78,153,174 Less - accumulated depreciation and amortization........................... 27,997,656 149,914 28,147,570 PROPERTY, PLANT, AND EQUIPMENT - NET.............................. 49,951,642 53,962 50,005,604 DEFERRED DEBITS AND OTHER ASSETS Regulatory assets: Other regulatory assets................................................................ 5,082,842 - 5,082,842 Deferred fuel costs....................................................................... 172,201 - 172,201 Goodwill........................................................................................... 367,582 - 367,582 A ccumulated deferred income taxes................................................ 20,288 4,489 24,777 Non-current assets held for sale ...................................................... 472,528 - 472,528 Other................................................................................................ 442,929 (64,730) 378,199 TOTAL............................................................................................. 6,558,370 (60,241) 6,498,129 TOTAL ASSETS.............................................................................. 72,511,224$ (4,128,084)$ 68, 383,140$ *Totals may not foot due to rounding. 20
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Entergy Corporation Consolidating Balance Sheet June 30, 2025 (Dollars in thousands) (Unaudited) Utility Parent & Other Consolidated LIABILITIES AND EQUITY CURRENT LIABILITIES Currently maturing long-term debt.................................................... 1,015,112$ 800,000$ 1,815,112$ Notes payable and commercial paper: Other.............................................................................................. 16,379 459,226 475,605 Accounts payable: Associated companies................................................................... 32,233 (32,233) - Other.............................................................................................. 2,129,203 4,594 2,133,797 Customer deposits........................................................................... 477,258 - 477,258 Taxes accrued.................................................................................. 447,148 21,188 468,336 Interest accrued............................................................................... 262,812 19,609 282,421 Deferred fuel costs........................................................................... 73,937 - 73,937 Pension and other postretirement liabilities...................................... 49,211 12,246 61,457 Customer advances......................................................................... 455,454 - 455,454 Other................................................................................................ 264,910 4,586 269,496 TOTAL............................................................................................. 5,223,657 1,289,216 6,512,873 NON-CURRENT LIABILITIES Accumulated deferred income taxes and taxes accrued................... 6,620,454 (1,886,874) 4,733,580 Accumulated deferred investment tax credits................................... 189,849 - 189,849 Regulatory liability for income taxes - net......................................... 1,140,587 - 1,140,587 Other regulatory liabilities................................................................. 3,659,163 - 3,659,163 Decommissioning and asset retirement cost liabilities...................... 4,821,669 3,695 4,825,364 Accumulated provisions................................................................... 467,374 245 467,619 Pension and other postretirement liabilities...................................... 164,599 15,463 180,062 Long-term debt................................................................................. 23,706,801 4,407,925 28,114,726 Customer advances for construction................................................ 1,121,559 - 1,121,559 Other ............................................................................................. 1,308,147 (398,739) 909,408 TOTAL............................................................................................. 43,200,202 2,141,715 45,341,917 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, $.01 par value, authorized 998,000,000 shares; issued 577,511,170 shares in 2025.............................................. 2,280,842 (2,275,067) 5,775 Paid-in capital................................................................................... 5,197,289 3,415,424 8,612,713 Retained earnings............................................................................ 16,369,283 (4,042,994) 12,326,289 Accumulated other comprehensive income...................................... 65,100 (30,662) 34,438 Less - treasury stock, at cost (131,102,101 shares in 2025)............. 120,000 4,646,215 4,766,215 TOTAL SHAREHOLDERS' EQUITY................................................ 23,792,514 (7,579,514) 16,213,000 Subsidiaries' preferred stock without sinking fund and noncontrolling interests........................................................... 99,690 (3,750) 95,940 TOTAL............................................................................................. 23,892,204 (7,583,264) 16,308,940 TOTAL LIABILITIES AND EQUITY.................................................. 72,511,224$ (4,128,084)$ 68,383,140$ *Totals may not foot due to rounding. 21
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Entergy Corporation Consolidating Balance Sheet December 31, 2024 (Dollars in thousands) (Unaudited) Utility Parent & Other Consolidated ASSETS CURRENT ASSETS Cash and cash equivalents: Cash............................................................................................. 42,653$ 5,771$ 48,424$ Temporary cash investments....................................................... 770,664 40,615 811,279 Total cash and cash equivalents................................................. 813,317 46,386 859,703 Accounts receivable: Customer ..................................................................................... 681,504 - 681,504 Allowance for doubtful accounts.................................................... (17,919) - (17,919) Associated companies.................................................................. 5,576 (5,576) - Other............................................................................................. 194,086 10,782 204,868 Accrued unbilled revenues............................................................ 521,946 - 521,946 Total accounts receivable............................................................ 1,385,193 5,206 1,390,399 Fuel inventory - at average cost....................................................... 160,705 5,703 166,408 Materials and supplies...................................................................... 1,626,523 4,533 1,631,056 Deferred nuclear refueling outage costs........................................... 99,885 - 99,885 Current assets held for sale ............................................................. 15,574 - 15,574 Prepayments and other.................................................................... 242,201 (8,989) 233,212 TOTAL............................................................................................. 4,343,398 52,839 4,396,237 OTHER PROPERTY AND INVESTMENTS Investment in affiliates...................................................................... 4,264,998 (4,264,998) - Decommissioning trust funds........................................................... 5,562,575 - 5,562,575 Non-utility property - at cost (less accumulated depreciation)........... 417,392 6,372 423,764 Storm reserve escrow account......................................................... 340,460 - 340,460 Other ............................................................................................... 45,733 36,611 82,344 TOTAL............................................................................................. 10,631,158 (4,222,015) 6,409,143 PROPERTY, PLANT, AND EQUIPMENT Electric............................................................................................. 70,615,799 202,868 70,818,667 Natural gas....................................................................................... 77,054 - 77,054 Construction work in progress.......................................................... 3,205,276 1,032 3,206,308 Nuclear fuel...................................................................................... 765,661 - 765,661 TOTAL PROPERTY, PLANT, AND EQUIPMENT............................ 74,663,790 203,900 74,867,690 Less - accumulated depreciation and amortization........................... 27,297,517 147,223 27,444,740 PROPERTY, PLANT, AND EQUIPMENT - NET.............................. 47,366,273 56,677 47,422,950 DEFERRED DEBITS AND OTHER ASSETS Regulatory assets: Other regulatory assets................................................................ 5,255,509 - 5,255,509 Deferred fuel costs....................................................................... 172,201 - 172,201 Goodwill........................................................................................... 367,625 - 367,625 Accumulated deferred income taxes................................................ 15,064 3, 922 18,986 Non-current assets held for sale ...................................................... 462,797 - 462,797 Other................................................................................................ 337,539 (52,955) 284,584 TOTAL............................................................................................. 6,610,735 (49,033) 6,561,702 TOTAL ASSETS.............................................................................. 68,951,564$ (4,161,532)$ 64,790,032$ *Totals may not foot due to rounding. 22
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Entergy Corporation Consolidating Balance Sheet December 31, 2024 (Dollars in thousands) (Unaudited) Utility Parent & Other Consolidated LIABILITIES AND EQUITY CURRENT LIABILITIES Currently maturing long-term debt.................................................... 578,090$ 800,000$ 1,378,090$ Notes payable and commercial paper: Other.............................................................................................. - 927,291 927,291 Accounts payable: Associated companies................................................................... 38,557 (38,557) - Other.............................................................................................. 1,922,922 6,240 1,929,162 Customer deposits........................................................................... 462,436 - 462,436 Taxes accrued.................................................................................. 456,596 497 457,093 Interest accrued............................................................................... 239,945 19,609 259,554 Deferred fuel costs........................................................................... 237,146 - 237,146 Pension and other postretirement liabilities...................................... 52,260 12,594 64,854 Customer advances......................................................................... 151,662 - 151,662 Other................................................................................................ 227,004 16,745 243,749 TOTAL............................................................................................. 4,366,618 1,744,419 6,111,037 NON-CURRENT LIABILITIES Accumulated deferred income taxes and taxes accrued................... 6,279,159 (1,811,411) 4,467,748 Accumulated deferred investment tax credits................................... 194,146 - 194,146 Regulatory liability for income taxes - net......................................... 1,168,078 - 1,168,078 Other regulatory liabilities................................................................. 3,609,463 - 3,609,463 Decommissioning and asset retirement cost liabilities...................... 4,709,888 3,538 4,713,426 Accumulated provisions................................................................... 505,807 256 506,063 Pension and other postretirement liabilities...................................... 210,924 43,780 254,704 Long-term debt................................................................................. 22,208,572 4,404,933 26,613,505 Customer advances for construction................................................ 634,587 - 634,587 Other ............................................................................................. 1,528,000 (415,119) 1,112,881 TOTAL............................................................................................. 41,048,624 2,225,977 43,274,601 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 2024 - none....................................................... - - - Common stock, $.01 par value, authorized 998,000,000 shares; issued 561,950,696 shares in 2024.............................................. 2,330,842 (2,325,222) 5,620 Paid-in capital................................................................................... 5,197,289 2,636,236 7,833,525 Retained earnings............................................................................ 15,758,019 (3,743,704) 12,014,315 Accumulated other comprehensive income...................................... 70,185 (27,416) 42,769 Less - treasury stock, at cost (132,370,280 shares in 2024)............. 120,000 4,692,321 4,812,321 TOTAL SHAREHOLDERS' EQUITY................................................ 23,236,335 (8,152,427) 15,083,908 Subsidiaries' preferred stock without sinking fund and noncontrolling interests........................................................... 104,826 (3,750) 101,076 TOTAL............................................................................................. 23,341,161 (8,156,177) 15,184,984 TOTAL LIABILITIES AND EQUITY.................................................. 68,951,564$ (4,161,532)$ 64,790,032$ *Totals may not foot due to rounding. 23
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Entergy Corporation Consolidating Income Statement Three Months Ended June 30, 2025 (Dollars in thousands) (Unaudited) Utility Parent & Other Consolidated OPERATING REVENUES Electric................................................................................................................ 3,274,945$ -$ 3,274,945$ Natural gas.......................................................................................................... 40,778 - 40,778 Other................................................................................................................... - 13,126 13,126 Total................................................................................................ 3,315,723 13,126 3,328,849 OPERATING EXPENSES Operating and Maintenance: Fuel, fuel related expenses, and gas purchased for resale............................. 631,773 4,501 636,274 Purchased power............................................................................................ 372,842 3,263 376,105 Nuclear refueling outage expenses................................................................. 29,613 - 29,613 Other operation and maintenance................................................................... 713,296 11,167 724,463 Decommissioning................................................................................................ 56,490 79 56,569 Taxes other than income taxes............................................................................ 200,784 990 201,774 Depreciation and amortization............................................................................. 520,896 1,687 522,583 Other regulatory charges (credits) - net............................................................... (55,957) - (55,957) Total................................................................................................ 2,469,737 21,687 2,491,424 OPERATING INCOME ............................................................................................ 845,986 (8,561) 837,425 1.3 OTHER INCOME (DEDUCTIONS) Allowance for equity funds used during construction........................................... 51,305 - 51,305 Interest and investment income........................................................................... 160,248 (72,829) 87,419 Miscellaneous - net.............................................................................................. (41,497) (2,225) (43,722) Total............................................................................................... 170,056 (75,054) 95,002 INTEREST EXPENSE Interest expense.................................................................................................. 282,026 61,041 343,067 Allowance for borrowed funds used during construction...................................... (20,993) - (20,993) Total................................................................................................ 261,033 61,041 322,074 INCOME BEFORE INCOME TAXES ...................................................................... 755,009 (144,656) 610,353 Income taxes............................................................................................................ 152,836 (14,437) 138,399 CONSOLIDATED NET INCOME ............................................................................. 602,173 (130,219) 471,954 Preferred dividend requirements of subsidiaries and noncontrolling interests........... 3,525 499 4,024 NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION............................ 598,648$ (130,718)$ 467,930$ EARNINGS PER AVERAGE COMMON SHARE: BASIC $1.36 ($0.30) $1.07 DILUTED $1.34 ($0.29) $1.05 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 439,182,369 DILUTED 445,700,889 *Totals may not foot due to rounding. 24
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Entergy Corporation Consolidating Income Statement Three Months Ended June 30, 2024 (Dollars in thousands) (Unaudited) Utility Parent & Other Consolidated OPERATING REVENUES Electric.................................................................................................................. 2,906,047$ -$ 2,906,047$ Natural gas............................................................................................................ 35,357 - 35,357 Other..................................................................................................................... - 12,216 12,216 Total.................................................................................................. 2,941,404 12,216 2,953,620 OPERATING EXPENSES Operating and Maintenance: Fuel, fuel related expenses, and gas purchased for resale............................... 514,223 8,327 522,550 Purchased power.............................................................................................. 193,010 7,695 200,705 Nuclear refueling outage expenses................................................................... 38,277 - 38,277 Other operation and maintenance..................................................................... 685,990 15,785 701,775 Decommissioning.................................................................................................. 54,180 13 54,193 Taxes other than income taxes.............................................................................. 186,713 807 187,520 Depreciation and amortization............................................................................... 503,782 1,581 505,363 Other regulatory charges (credits) - net................................................................. 125,607 - 125,607 Total.................................................................................................. 2,301,782 34,208 2,335,990 OPERATING INCOME .............................................................................................. 639,622 (21,992) 617,630 OTHER INCOME (DEDUCTIONS) Allowance for equity funds used during construction............................................. 29,275 - 29,275 Interest and investment income............................................................................. 141,249 (70,662) 70,587 Miscellaneous - net................................................................................................ (28,299) (314,250) (342,549) Total................................................................................................. 142,225 (384,912) (242,687) INTEREST EXPENSE Interest expense.................................................................................................... 237,197 64,066 301,263 Allowance for borrowed funds used during construction........................................ (11,686) - (11,686) Total.................................................................................................. 225,511 64,066 289,577 INCOME BEFORE INCOME TAXES ........................................................................ 556,336 (470,970) 85,366 Income taxes.............................................................................................................. 113,017 (79,383) 33,634 CONSOLIDATED NET INCOME ............................................................................... 443,319 (391,587) 51,732 Preferred dividend requirements of subsidiaries and noncontrolling interests............. 2,311 499 2,810 NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION.............................. 441,008$ (392,086)$ 48,922$ EARNINGS PER AVERAGE COMMON SHARE: BASIC $1.03 ($0.92) $0.11 DILUTED $1.03 ($0.91) $0.11 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 427,234,219 DILUTED 428,753,441 *Totals may not foot due to rounding. been retroactively adjusted to reflect the two-for-one stock split. ** Entergy executed a two-for-one forward stock split that was effective with trading on December 13, 2024; Period presented has 25
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Entergy Corporation Consolidating Income Statement Six Months Ended June 30, 2025 (Dollars in thousands) (Unaudited) Utility Parent & Other Consolidated OPERATING REVENUES Electric................................................................................................................ 6,032,811$ -$ 6,032,811$ Natural gas.......................................................................................................... 112,509 - 112,509 Other................................................................................................................... - 30,403 30,403 Total................................................................................................ 6,145,320 30,403 6,175,723 OPERATING EXPENSES Operating and Maintenance:................................................................................ Fuel, fuel related expenses, and gas purchased for resale............................. 970,756 10,040 980,796 Purchased power............................................................................................ 714,926 6,925 721,851 Nuclear refueling outage expenses................................................................. 62,654 - 62,654 Other operation and maintenance................................................................... 1,375,770 21,360 1,397,130 Decommissioning................................................................................................ 112,342 156 112,498 Taxes other than income taxes............................................................................ 398,929 1,610 400,539 Depreciation and amortization............................................................................. 1,032,231 3,295 1,035,526 Other regulatory charges (credits) - net............................................................... (72,800) - (72,800) Total................................................................................................ 4,594,808 43,386 4,638,194 OPERATING INCOME ............................................................................................ 1,550,512 (12,983) 1,537,529 0.9 OTHER INCOME (DEDUCTIONS) Allowance for equity funds used during construction........................................... 95,323 - 95,323 Interest and investment income........................................................................... 267,423 (146,598) 120,825 Miscellaneous - net.............................................................................................. (24,770) (4,226) (28,996) Total............................................................................................... 337,976 (150,824) 187,152 INTEREST EXPENSE Interest expense.................................................................................................. 567,750 123,701 691,451 Allowance for borrowed funds used during construction...................................... (39,586) - (39,586) Total................................................................................................ 528,164 123,701 651,865 INCOME BEFORE INCOME TAXES ...................................................................... 1,360,324 (287,508) 1,072,816 Income taxes............................................................................................................ 267,109 (28,669) 238,440 CONSOLIDATED NET INCOME ............................................................................. 1,093,215 (258,839) 834,376 Preferred dividend requirements of subsidiaries and noncontrolling interests........... 4,688 998 5,686 NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION............................ 1,088,527$ (259,837)$ 828,690$ EARNINGS PER AVERAGE COMMON SHARE: BASIC $2.50 ($0.60) $1.91 DILUTED $2.45 ($0.59) $1.87 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 434,789,473 DILUTED 443,446,875 *Totals may not foot due to rounding. 26
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Entergy Corporation Consolidating Income Statement Six Months Ended June 30, 2024 (Dollars in thousands) (Unaudited) Utility Parent & Other Consolidated OPERATING REVENUES Electric................................................................................................................ 5,612,553$ -$ 5,612,553$ Natural gas.......................................................................................................... 101,024 - 101,024 Other................................................................................................................... - 34,671 34,671 Total................................................................................................ 5,713,577 34,671 5,748,248 OPERATING EXPENSES Operating and Maintenance:................................................................................ Fuel, fuel related expenses, and gas purchased for resale............................. 1,118,627 20,539 1,139,166 Purchased power............................................................................................ 412,204 16,643 428,847 Nuclear refueling outage expenses................................................................. 76,540 - 76,540 Other operation and maintenance................................................................... 1,366,705 22,101 1,388,806 Asset write-offs, impairments and related charges.............................................. 131,775 - 131,775 Decommissioning................................................................................................ 107,549 25 107,574 Taxes other than income taxes............................................................................ 378,495 1,454 379,949 Depreciation and amortization............................................................................. 1,001,903 3,121 1,005,024 Other regulatory charges (credits) - net............................................................... 234,954 - 234,954 Total................................................................................................ 4,828,752 63,883 4,892,635 OPERATING INCOME ............................................................................................ 884,825 (29,212) 855,613 OTHER INCOME (DEDUCTIONS) Allowance for equity funds used during construction........................................... 56,070 - 56,070 Interest and investment income........................................................................... 366,499 (145,216) 221,283 Miscellaneous - net.............................................................................................. (82,871) (310,423) (393,294) Total............................................................................................... 339,698 (455,639) (115,941) INTEREST EXPENSE Interest expense.................................................................................................. 459,888 119,118 579,006 Allowance for borrowed funds used during construction...................................... (22,229) - (22,229) Total................................................................................................ 437,659 119,118 556,777 INCOME BEFORE INCOME TAXES ...................................................................... 786,864 (603,969) 182,895 Income taxes............................................................................................................ 147,565 (92,938) 54,627 CONSOLIDATED NET INCOME ............................................................................. 639,299 (511,031) 128,268 Preferred dividend requirements of subsidiaries and noncontrolling interests........... 3,067 998 4,065 NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION............................ 636,232$ (512,029)$ 124,203$ EARNINGS PER AVERAGE COMMON SHARE: BASIC $1.49 ($1.20) $0.29 DILUTED $1.49 ($1.20) $0.29 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 426,760,829 DILUTED 428,311,535 *Totals may not foot due to rounding. **Period presented has also been retrospectively adjusted to reflect the two-for-one stock split. 27
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Entergy Corporation Consolidating Income Statement Twelve Months Ended June 30, 2025 (Dollars in thousands) (Unaudited) Utility Parent & Other Consolidated OPERATING REVENUES Electric................................................................................................................ 12,047,990$ -$ 12,047,990$ Natural gas.......................................................................................................... 189,555 - 189,555 Other................................................................................................................... - 69,583 69,583 Total................................................................................................ 12,237,545 69,583 12,307,128 OPERATING EXPENSES Operating and Maintenance: Fuel, fuel related expenses, and gas purchased for resale............................. 2,066,600 31,904 2,098,504 Purchased power............................................................................................ 1,109,368 22,872 1,132,240 Nuclear refueling outage expenses................................................................. 133,133 - 133,133 Other operation and maintenance................................................................... 2,860,230 46,331 2,906,561 Asset write-offs, impairments and related charges (credits)................................. - (24,641) (24,641) Decommissioning................................................................................................ 224,729 275 225,004 Taxes other than income taxes............................................................................ 770,838 2,700 773,538 Depreciation and amortization............................................................................. 2,037,073 6,597 2,043,670 Other regulatory charges (credits) - net............................................................... (313,887) - (313,887) Total................................................................................................ 8,888,084 86,038 8,974,122 OPERATING INCOME............................................................................................. 3,349,461 (16,455) 3,333,006 OTHER INCOME (DEDUCTIONS) Allowance for equity funds used during construction........................................... 172,299 - 172,299 Interest and investment income........................................................................... 493,181 (294,774) 198,407 Miscellaneous - net.............................................................................................. (105,355) (20,317) (125,672) Total............................................................................................... 560,125 (315,091) 245,034 INTEREST EXPENSE Interest expense.................................................................................................. 1,060,285 255,748 1,316,033 Allowance for borrowed funds used during construction...................................... (70,125) - (70,125) Total................................................................................................ 990,160 255,748 1,245,908 INCOME BEFORE INCOME TAXES ...................................................................... 2,919,426 (587,294) 2,332,132 Income taxes............................................................................................................ 635,209 (70,369) 564,840 CONSOLIDATED NET INCOME.............................................................................. 2,284,217 (516,925) 1,767,292 Preferred dividend requirements of subsidiaries and noncontrolling interests........... 5,218 1,997 7,215 NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION............................ 2,278,999$ (518,922)$ 1,760,077$ EARNINGS PER AVERAGE COMMON SHARE: BASIC $5.28 ($1.20) $4.08 DILUTED $5.19 ($1.18) $4.01 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 431,697,791 DILUTED 439,029,562 *Totals may not foot/cross foot due to rounding. 28
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Entergy Corporation Consolidating Income Statement Twelve Months Ended June 30, 2024 (Dollars in thousands) (Unaudited) Utility Parent & Other Consolidated OPERATING REVENUES Electric................................................................................................................ 11,786,355$ -$ 11,786,355$ Natural gas.......................................................................................................... 183,429 - 183,429 Other................................................................................................................... - 98,791 98,791 Total................................................................................................ 11,969,784 98,791 12,068,575 OPERATING EXPENSES Operating and Maintenance: Fuel, fuel related expenses, and gas purchased for resale............................. 2,411,471 47,175 2,458,646 Purchased power............................................................................................ 906,212 45,848 952,060 Nuclear refueling outage expenses................................................................. 154,668 - 154,668 Other operation and maintenance................................................................... 2,940,820 54,779 2,995,599 Asset write-offs, impairments and related charges (credits)................................. 211,737 (37,283) 174,454 Decommissioning................................................................................................ 212,554 49 212,603 Taxes other than income taxes............................................................................ 763,806 2,702 766,508 Depreciation and amortization............................................................................. 1,920,775 6,397 1,927,172 Other regulatory charges (credits) - net............................................................... 171,313 - 171,313 Total................................................................................................ 9,693,356 119,667 9,813,023 OPERATING INCOME............................................................................................. 2,276,428 (20,876) 2,255,552 OTHER INCOME (DEDUCTIONS) Allowance for equity funds used during construction........................................... 106,549 - 106,549 Interest and investment income........................................................................... 586,741 (296,419) 290,322 Miscellaneous - net.............................................................................................. (190,291) (301,018) (491,309) Total............................................................................................... 502,999 (597,437) (94,438) INTEREST EXPENSE Interest expense.................................................................................................. 889,448 219,044 1,108,492 Allowance for borrowed funds used during construction...................................... (41,915) - (41,915) Total................................................................................................ 847,533 219,044 1,066,577 INCOME BEFORE INCOME TAXES ...................................................................... 1,931,894 (837,357) 1,094,537 Income taxes............................................................................................................ (305,645) (386,084) (691,729) CONSOLIDATED NET INCOME.............................................................................. 2,237,539 (451,273) 1,786,266 Preferred dividend requirements of subsidiaries and noncontrolling interests........... 5,709 1,996 7,705 NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION............................ 2,231,830$ (453,269)$ 1,778,561$ EARNINGS PER AVERAGE COMMON SHARE: BASIC $5.25 ($1.07) $4.18 DILUTED $5.23 ($1.06) $4.17 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC 425,108,299 DILUTED 426,746,317 *Totals may not foot/cross foot due to rounding. been retroactively adjusted to reflect the two-for-one stock split. ** Entergy executed a two-for-one forward stock split that was effective with trading on December 13, 2024; All periods presented have 29
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Entergy Corporation Consolidated Cash Flow Statement Three Months Ended June 30, 2025 vs. 2024 (Dollars in thousands) (Unaudited) 2025 2024 Variance OPERATING ACTIVITIES Consolidated net income .................................................................................................... $471,954 $51,732 $420,222 Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: Depreciation, amortization, and decommissioning, including nuclear fuel amortization......... 632,638 606,080 26,558 Deferred income taxes, investment tax credits, and non-current taxes accrued.................... 136,301 36,654 99,647 Pension settlement charge .................................................................................................. - 316,738 (316,738) Changes in working capital: Receivables....................................................................................................................... (326,522) (295,475) (31,047) Fuel inventory.................................................................................................................... (8,113) 12,937 (21,050) Accounts payable.............................................................................................................. 136,058 137,864 (1,806) Taxes accrued................................................................................................................... 106,819 80,631 26,188 Interest accrued................................................................................................................. 11,272 (6,055) 17,327 Deferred fuel costs............................................................................................................ 14,031 42,268 (28,237) Other working capital accounts.......................................................................................... 133,667 (46,962) 180,629 Changes in provisions for estimated losses.......................................................................... (4,205) (4,653) 448 Changes in other regulatory assets...................................................................................... 19,705 23,624 (3,919) Changes in other regulatory liabilities................................................................................... 221,843 174,807 47,036 Changes in pension and other postretirement funded status................................................ (46,134) (55,196) 9,062 Other.................................................................................................................................... (237,712) (49,630) (188,082) Net cash flow provided by operating activities.................................................................. 1,261,602 1,025,364 236,238 INVESTING ACTIVITIES Construction/capital expenditures .......................................................................................... (2,008,157) (1,163,127) (845,030) Allowance for equity funds used during construction............................................................... 39,143 29,275 9,868 Nuclear fuel purchases........................................................................................................... (40,567) (28,168) (12,399) Payment for purchase of plant................................................................................................ (326) - (326) Changes in securitization account.......................................................................................... 8,747 12,910 (4,163) Payments to storm reserve escrow accounts.......................................................................... (2,360) (4,326) 1,966 Increase in other investments................................................................................................. (2,131) (8,127) 5,996 Proceeds from nuclear decommissioning trust fund sales...................................................... 348,265 711,745 (363,480) Investment in nuclear decommissioning trust funds................................................................ (373,065) (728,802) 355,737 Net cash flow used in investing activities.......................................................................... (2,030,451) (1,178,620) (851,831) FINANCING ACTIVITIES Proceeds from the issuance of: Long-term debt................................................................................................................... 1,070,099 2,861,928 (1,791,829) Treasury stock.................................................................................................................... 1,879 39,223 (37,344) Common stock................................................................................................................... 804,631 - 804,631 Retirement of long-term debt................................................................................................ (746,974) (1,544,163) 797,189 Changes in commercial paper - net...................................................................................... (854,380) (981,153) 126,773 Customer advances received for construction...................................................................... 520,995 136,070 384,925 Customer advances used for construction............................................................................ (95,938) (47,290) (48,648) Other.................................................................................................................................... (6,196) (5,179) (1,017) Dividends paid: Common stock.................................................................................................................. (258,467) (241,296) (17,171) Preferred stock.................................................................................................................. (4,579) (4,579) - Net cash flow provided by financing activities................................................................... 431,070 213,561 217,509 Net increase (decrease) in cash and cash equivalents...................................................... (337,779) 60,305 (398,084) Cash and cash equivalents at beginning of period............................................................ 1,513,410 1,294,859 218,551 Cash and cash equivalents at end of period...................................................................... $1,175,631 $1,355,164 ($179,533) SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest - net of amount capitalized.................................................................................... $321,381 $294,811 $26,570 Income taxes..................................................................................................................... $3,739 $8,138 ($4,399) Noncash investing activities: Accrued construction expenditures ................................................................................... ($80,140) $28,417 ($108,557) 30
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Entergy Corporation Consolidated Cash Flow Statement Six Months Ended June 30, 2025 vs. 2024 (Dollars in thousands) (Unaudited) 2025 2024 Variance OPERATING ACTIVITIES Consolidated net income ................................................................................................... $834,376 $128,268 $706,108 Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: Depreciation, amortization, and decommissioning, including nuclear fuel amortization........ 1,255,204 1,206,492 48,712 Deferred income taxes, investment tax credits, and non-current taxes accrued................... 231,274 15,998 215,276 Asset write-offs, impairments and related charges (credits)................................................. - 131,775 (131,775) Pension settlement charge ................................................................................................. - 316,738 (316,738) Changes in working capital: Receivables...................................................................................................................... (275,045) (187,554) (87,491) Fuel inventory................................................................................................................... (4,852) 18,324 (23,176) Accounts payable............................................................................................................. (53,439) (149,554) 96,115 Taxes accrued.................................................................................................................. 11,230 16,546 (5,316) Interest accrued................................................................................................................ 22,867 23,560 (693) Deferred fuel costs............................................................................................................ (263,205) 134,953 (398,158) Other working capital accounts......................................................................................... 244,972 (120,277) 365,249 Changes in provisions for estimated losses......................................................................... (38,444) 4,630 (43,074) Changes in other regulatory assets...................................................................................... 174,523 260,722 (86,199) Changes in other regulatory liabilities.................................................................................. 20,040 380,394 (360,354) Changes in pension and other postretirement funded status .............................................. (104,968) (131,539) 26,571 Other................................................................................................................................... (256,743) (503,020) 246,277 Net cash flow provided by operating activities.................................................................. 1,797,790 1,546,456 251,334 INVESTING ACTIVITIES Construction/capital expenditures ......................................................................................... (3,668,326) (2,124,279) (1,544,047) Allowance for equity funds used during construction.............................................................. 83,161 56,070 27,091 Nuclear fuel purchases.......................................................................................................... (129,124) (161,483) 32,359 Payment for purchase of plant and assets............................................................................. (1,608) (172,614) 171,006 Changes in securitization account......................................................................................... 3,309 3,976 (667) Payments to storm reserve escrow accounts......................................................................... (6,808) (9,595) 2,787 Receipts from storm reserve escrow accounts....................................................................... 43,789 - 43,789 Increase in other investments................................................................................................ (1,659) (9,689) 8,030 Litigation proceeds for reimbursement of spent nuclear fuel storage costs............................ 3,546 - 3,546 Proceeds from nuclear decommissioning trust fund sales..................................................... 713,102 1,201,162 (488,060) Investment in nuclear decommissioning trust funds............................................................... (780,211) (1,250,039) 469,828 Net cash flow used in investing activities.......................................................................... (3,740,829) (2,466,491) (1,274,338) FINANCING ACTIVITIES Proceeds from the issuance of: Long-term debt.................................................................................................................. 3,517,949 5,068,266 (1,550,317) Treasury stock................................................................................................................... 24,539 45,982 (21,443) Common stock................................................................................................................... 804,631 - 804,631 Retirement of long-term debt............................................................................................... (1,599,728) (2,379,903) 780,175 Changes in commercial paper - net..................................................................................... (451,686) (205,820) (245,866) Customer advances received for construction..................................................................... 732,454 192,426 540,028 Customer advances used for construction........................................................................... (245,481) (76,768) (168,713) Other................................................................................................................................... 2,164 (10,118) 12,282 Dividends paid: Common stock.................................................................................................................. (516,716) (482,255) (34,461) Preferred stock................................................................................................................. (9,159) (9,159) - Net cash flow provided by financing activities.................................................................. 2,258,967 2,142,651 116,316 Net increase in cash and cash equivalents........................................................................ 315,928 1,222,616 (906,688) Cash and cash equivalents at beginning of period........................................................... 859,703 132,548 727,155 Cash and cash equivalents at end of period...................................................................... $1,175,631 $1,355,164 ($179,533) SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest - net of amount capitalized................................................................................... $647,900 $532,742 $115,158 Income taxes.................................................................................................................... $2,487 $7,822 ($5,335) Noncash investing activities: Accrued construction expenditures .................................................................................. $576,992 $537,463 $39,529 31
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Entergy Corporation Consolidated Cash Flow Statement Twelve Months Ended June 30, 2025 vs. 2024 (Dollars in thousands) (Unaudited) 2025 2024 Variance OPERATING ACTIVITIES Consolidated net income..................................................................................................... $1,767,292 $1,786,266 ($18,974) Adjustments to reconcile consolidated net income to net cash flow provided by operating activities: Depreciation, amortization, and decommissioning, including nuclear fuel amortization......... 2,492,274 2,334,128 158,146 Deferred income taxes, investment tax credits, and non-current taxes accrued.................... 535,981 (735,326) 1,271,307 Asset write-offs, impairments and related charges (credits).................................................. (24,641) 174,454 (199,095) Pension settlement charge .................................................................................................. 2,937 316,738 (313,801) Changes in working capital: Receivables....................................................................................................................... (84,435) (151,012) 66,577 Fuel inventory.................................................................................................................... (1,278) 16,651 (17,929) Accounts payable.............................................................................................................. 207,954 (16,782) 224,736 Taxes accrued................................................................................................................... 17,577 51,748 (34,171) Interest accrued................................................................................................................. 44,664 35,686 8,978 Deferred fuel costs............................................................................................................ (215,580) 330,704 (546,284) Other working capital accounts.......................................................................................... 346,072 (181,577) 527,649 Changes in provisions for estimated losses.......................................................................... 419 (47,437) 47,856 Changes in other regulatory assets...................................................................................... 292,315 305,411 (13,096) Changes in other regulatory liabilities................................................................................... 300,205 536,141 (235,936) Changes in pension and other postretirement funded status ............................................... (443,150) (613,639) 170,489 Other.................................................................................................................................... (498,762) (127,341) (371,421) Net cash flow provided by operating activities.................................................................. 4,739,844 4,014,813 725,031 INVESTING ACTIVITIES Construction/capital expenditures .......................................................................................... (6,382,386) (4,253,466) (2,128,920) Allowance for equity funds used during construction............................................................... 160,137 106,549 53,588 Nuclear fuel purchases........................................................................................................... (277,078) (297,758) 20,680 Payment for purchase of plant................................................................................................ (650,928) (177,276) (473,652) Insurance proceeds received for property damages .............................................................. 7,907 13,309 (5,402) Changes in securitization account.......................................................................................... 2,641 1,666 975 Payments to storm reserve escrow accounts.......................................................................... (15,203) (20,295) 5,092 Receipts from storm reserve escrow accounts....................................................................... 44,525 98,529 (54,004) Decrease (increase) in other investments............................................................................... 8,242 (26,684) 34,926 Litigation proceeds for reimbursement of spent nuclear fuel storage costs............................. 85,958 5,722 80,236 Proceeds from nuclear decommissioning trust fund sales...................................................... 2,317,085 1,847,981 469,104 Investment in nuclear decommissioning trust funds................................................................ (2,424,248) (1,948,316) (475,932) Net cash flow used in investing activities.......................................................................... (7,123,348) (4,650,039) (2,473,309) FINANCING ACTIVITIES Proceeds from the issuance of: Long-term debt................................................................................................................... 6,348,651 6,851,677 (503,026) Treasury stock.................................................................................................................... 115,351 51,727 63,624 Common stock................................................................................................................... 804,631 130,649 673,982 Retirement of long-term debt................................................................................................ (4,273,919) (5,241,883) 967,964 Changes in commercial paper - net...................................................................................... (456,746) (176,035) (280,711) Customer advances received for construction...................................................................... 1,087,528 350,665 736,863 Customer advances used for construction............................................................................ (373,704) (144,120) (229,584) Other.................................................................................................................................... (13,382) (60,307) 46,925 Dividends paid: Common stock.................................................................................................................. (1,016,120) (948,006) (68,114) Preferred stock.................................................................................................................. (18,319) (18,319) - Net cash flow provided by financing activities................................................................... 2,203,971 796,048 1,407,923 Net increase (decrease) in cash and cash equivalents...................................................... (179,533) 160,822 (340,355) Cash and cash equivalents at beginning of period............................................................ 1,355,164 1,194,342 160,822 Cash and cash equivalents at end of period...................................................................... $1,175,631 $1,355,164 ($179,533) SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the period for: Interest - net of amount capitalized.................................................................................... $1,229,789 $1,029,793 $199,996 Income taxes..................................................................................................................... $36,216 $19,412 $16,804 Noncash investing activities: Accrued construction expenditures ................................................................................... $655,019 $537,463 $117,556 32