ETR 8-K

Entergy Corp /De/ (ETR)

8-K 2026-07-29 For: 2026-07-29

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Added on July 29, 2026

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Commission File Number	Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.	Commission File Number	Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.

1-11299	ENTERGY CORPORATION	1-35747	ENTERGY NEW ORLEANS, LLC
	(a Delaware corporation) 639 Loyola Avenue New Orleans, Louisiana 70113 Telephone (504) 576-4000		(a Texas limited liability company) 1600 Perdido Street New Orleans, Louisiana 70112 Telephone (504) 670-3702
	72-1229752		82-2212934


1-10764	ENTERGY ARKANSAS, LLC	1-34360	ENTERGY TEXAS, INC.
	(a Texas limited liability company) 425 West Capitol Avenue Little Rock, Arkansas 72201 Telephone (501) 377-4000		(a Texas corporation) 2107 Research Forest Drive The Woodlands, Texas 77380 Telephone (409) 981-2000
	83-1918668		61-1435798


1-32718	ENTERGY LOUISIANA, LLC	1-09067	SYSTEM ENERGY RESOURCES, INC.
	(a Texas limited liability company) 4809 Jefferson Highway Jefferson, Louisiana 70121 Telephone (504) 576-4000		(an Arkansas corporation) 1340 Echelon Parkway Jackson, Mississippi 39213 Telephone (601) 368-5000
	47-4469646		72-0752777


1-31508	ENTERGY MISSISSIPPI, LLC
	(a Texas limited liability company) 308 East Pearl Street Jackson, Mississippi 39201 Telephone (601) 368-5000
	83-1950019


Registrant	Title of Class	Trading Symbol	Name of Each Exchange on Which Registered

Entergy Corporation	Common Stock, $0.01 Par Value	ETR	New York Stock Exchange
	Common Stock, $0.01 Par Value	ETR	NYSE Texas

Entergy Arkansas, LLC	Mortgage Bonds, 4.875% Series due September 2066	EAI	New York Stock Exchange

Entergy Louisiana, LLC	Mortgage Bonds, 4.875% Series due September 2066	ELC	New York Stock Exchange

Entergy Mississippi, LLC	Mortgage Bonds, 4.90% Series due October 2066	EMP	New York Stock Exchange

Entergy New Orleans, LLC	Mortgage Bonds, 5.0% Series due December 2052	ENJ	New York Stock Exchange
	Mortgage Bonds, 5.50% Series due April 2066	ENO	New York Stock Exchange

Entergy Texas, Inc.	5.375% Series A Preferred Stock, Cumulative, No Par Value (Liquidation Value $25 Per Share)	ETI/PR	New York Stock Exchange


Exhibit No.			Description
99.1			Earnings Release, dated July 29, 2026, issued by Entergy Corporation

104			Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.


Table of contents			Page
News release Table of appendices and financial statements A: Consolidated results and adjustments B: Earnings variance analysis C: Utility operating and financial measures D: Consolidated financial measures E: Definitions and abbreviations and acronyms F: Other GAAP to non-GAAP reconciliations Financial statements			1 6 7 10 13 14 15 17 19


Consolidated earnings (GAAP and non-GAAP measures)
Second quarter and year-to-date 2026 vs. 2025 (See Appendix A for reconciliation of GAAP to non-GAAP measures and details on adjustments)
	Second quarter			Year-to-date
	2026	2025	Change	2026	2025	Change
(After-tax, $ in millions)
As-reported earnings	483	468	15	868	829	39
Less adjustments	-	-	-	(14)	-	(14)
Adjusted earnings (non-GAAP)	483	468	15	881	829	52
Estimated weather impact	3	38	(35)	(7)	60	(67)

(After-tax, per share in $)
As-reported earnings	1.03	1.05	(0.01)	1.87	1.87	-
Less adjustments	-	-	-	(0.03)	-	(0.03)
Adjusted earnings (non-GAAP)	1.03	1.05	(0.01)	1.90	1.87	0.03
Estimated weather impact	0.01	0.08	(0.08)	(0.02)	0.14	(0.15)


Investor inquiries: Liz Hunter 504-576-3294 [email protected]			Media inquiries: Cristina del Canto 504-576-4238 [email protected]


Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measures Second quarter and year-to-date 2026 vs. 2025 (See Appendix A-2 and Appendix A-3 for details on adjustments)
	Second quarter			Year-to-date
	2026	2025	Change	2026	2025	Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility	626	599	27	1,166	1,089	77
Parent & Other	(143)	(131)	(12)	(298)	(260)	(38)
Consolidated	483	468	15	868	829	39

Less adjustments
Utility	-	-	-	-	-	-
Parent & Other	-	-	-	(14)	-	(14)
Consolidated	-	-	-	(14)	-	(14)

Adjusted earnings (loss) (non-GAAP)
Utility	626	599	27	1,166	1,089	77
Parent & Other	(143)	(131)	(12)	(284)	(260)	(25)
Consolidated	483	468	15	881	829	52
Estimated weather impact	3	38	(35)	(7)	60	(67)

Diluted average number of common shares outstanding (in millions)	466	446	21	464	443	21

(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility	1.34	1.34	-	2.51	2.45	0.06
Parent & Other	(0.31)	(0.29)	(0.01)	(0.64)	(0.59)	(0.06)
Consolidated	1.03	1.05	(0.01)	1.87	1.87	-

Less adjustments
Utility	-	-	-	-	-	-
Parent & Other	-	-	-	(0.03)	-	(0.03)
Consolidated	-	-	-	(0.03)	-	(0.03)

Adjusted earnings (loss) (non-GAAP)
Utility	1.34	1.34	-	2.51	2.45	0.06
Parent & Other	(0.31)	(0.29)	(0.01)	(0.61)	(0.59)	(0.03)
Consolidated	1.03	1.05	(0.01)	1.90	1.87	0.03
Estimated weather impact	0.01	0.08	(0.08)	(0.02)	0.14	(0.15)


Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS)
Second quarter and year-to-date 2026 vs. 2025
	Second quarter			Year-to-date
	2026	2025	Change	2026	2025	Change
(Pre-tax except for income tax effect and totals; $ in millions)
Parent & Other
1Q26 impairment related to the expected sale of a non-utility business interest in Independence power plant	-	-	-	(18)	-	(18)
Income tax effect on Parent & Other adjustment above	-	-	-	4	-	4
Total Parent and Other	-	-	-	(14)	-	(14)

Total adjustments	-	-	-	(14)	-	(14)

(After-tax, per share in $) (b)
Parent & Other
1Q26 impairment related to the expected sale of a non-utility business interest in Independence power plant	-	-	-	(0.03)	-	(0.03)
Total Parent & Other	-	-	-	(0.03)	-	(0.03)

Total adjustments	-	-	-	(0.03)	-	(0.03)


Appendix A-3: Adjustments by income statement line item (shown as positive/ (negative) impact on earnings)
Second quarter and year-to-date 2026 vs. 2025
(Pre-tax except for income taxes and totals; $ in millions)
	Second quarter			Year-to-date
	2026	2025	Change	2026	2025	Change
Parent & Other
Asset write-offs, impairments, and related charges	-	-	-	(18)	-	(18)
Income taxes	-	-	-	4	-	4
Total Parent & Other	-	-	-	(14)	-	(14)

Total adjustments	-	-	-	(14)	-	(14)


Appendix A-4: Consolidated operating cash flow
Second quarter and year-to-date 2026 vs. 2025
($ in millions)
	Second quarter			Year-to-date
	2026	2025	Change	2026	2025	Change
Utility	2,021	1,371	650	2,891	1,937	954
Parent & Other	(128)	(110)	(18)	(169)	(139)	(30)
Consolidated	1,893	1,262	631	2,722	1,798	924


Appendix B-1: As-reported and adjusted earnings per share variance analysis (c), (d)
Second quarter 2026 vs. 2025
(After-tax, per share in $)
	Utility			Parent & Other			Consolidated
	As- reported	Adjusted		As- reported	Adjusted		As- reported	Adjusted
2025 earnings (loss)	1.34	1.34		(0.29)	(0.29)		1.05	1.05
Operating revenue less: fuel, fuel-related exp. and gas purch. for resale; purch. power; and other reg. chgs. (credits) – net	0.18	0.18	(e)	-	-		0.18	0.18
Nuclear refueling outage expenses	-	-		-	-		-	-
Other O&M	(0.08)	(0.08)	(f)	-	-		(0.08)	(0.08)
Asset write-offs, impairments, and related charges	-	-		-	-		-	-
Decommissioning	(0.01)	(0.01)		-	-		-	-
Taxes other than income taxes	(0.02)	(0.02)		-	-		(0.02)	(0.02)
Depreciation and amortization	(0.05)	(0.05)	(g)	-	-		(0.04)	(0.04)
Other income (deductions)	0.13	0.13	(h)	0.01	0.01		0.15	0.15
Interest expense	(0.11)	(0.11)	(i)	(0.04)	(0.04)	(j)	(0.15)	(0.15)
Income taxes – other	0.01	0.01		-	-		-	-
Preferred dividend requirements and noncontrolling interests	-	-		-	-		-	-
Share effect	(0.06)	(0.06)		0.01	0.01		(0.05)	(0.05)	(k)
2026 earnings (loss)	1.34	1.34		(0.31)	(0.31)		1.03	1.03


Appendix B-2: As-reported and adjusted earnings per share variance analysis (c), (d)
Year-to-date 2026 vs. 2025
(After-tax, per share in $)
	Utility			Parent & Other			Consolidated
	As- reported	Adjusted		As- reported	Adjusted		As- reported	Adjusted
2025 earnings (loss)	2.45	2.45		(0.59)	(0.59)		1.87	1.87
Operating revenue less: fuel, fuel-related exp. and gas purch. for resale; purch. power; and other reg. chgs. (credits) – net	0.07	0.07	(e)	-	-		0.07	0.07
Nuclear refueling outage expenses	0.02	0.02		-	-		0.02	0.02
Other O&M	(0.08)	(0.08)	(f)	-	-		(0.08)	(0.08)
Asset write-offs, impairments, and related charges	-	-		(0.03)	-	(l)	(0.03)	-
Decommissioning	(0.01)	(0.01)		-	-		(0.01)	(0.01)
Taxes other than income taxes	(0.04)	(0.04)	(m)	-	-		(0.04)	(0.04)
Depreciation and amortization	(0.09)	(0.09)	(g)	-	-		(0.09)	(0.09)
Other income (deductions)	0.46	0.46	(h)	0.01	0.01		0.48	0.48
Interest expense	(0.18)	(0.18)	(i)	(0.06)	(0.06)	(j)	(0.24)	(0.24)
Income taxes – other	0.02	0.02		-	-		0.02	0.02
Preferred dividend requirements and noncontrolling interests	(0.01)	(0.01)		-	-		(0.01)	(0.01)
Share effect	(0.12)	(0.12)		0.03	0.03		(0.09)	(0.09)	(k)
2026 earnings (loss)	2.51	2.51		(0.64)	(0.61)		1.87	1.90


	2Q26	2Q25	YTD26	YTD25
Utility operating revenue	(13)	(4)	(28)	(6)
Utility income taxes – other	13	4	28	6


Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) – net variance analysis 2026 vs. 2025 ($ EPS)
	2Q	YTD
Electric volume / weather	0.04	0.03
Retail electric price	0.15	0.32
Return on CWIP for certain utility plant investments	0.07	0.12
E-TX MISO capacity costs	0.03	0.03
Sale of natural gas LDCs	(0.04)	(0.11)
Reg. provisions for decommissioning items	(0.07)	(0.36)
Other	0.02	0.05
Total	0.18	0.07


Appendix C: Utility operating and financial measures
Second quarter and year-to-date 2026 vs. 2025
	Second quarter				Year-to-date
	2026	2025	% change	% weather adj. (n)	2026	2025		% change	% weather adj. (n)
GWh sold
Residential	8,736	8,899	(1.8)	2.8	16,792	17,683		(5.0)	(0.2)
Commercial	7,208	7,265	(0.8)	0.3	13,437	13,507		(0.5)	(0.1)
Governmental	617	617	-	1.6	1,172	1,176		(0.3)	0.3
Industrial	17,164	15,620	9.9	9.9	33,060	29,452		12.3	12.3
Total retail	33,725	32,401	4.1	5.7	64,461	61,818		4.3	5.9
Wholesale	3,338	4,133	(19.2)		6,127	5,767		6.2
Total	37,063	36,534	1.4		70,588	67,585		4.4

Number of electric retail customers
Residential					2,637,865	2,608,472		1.1
Commercial					374,149	371,699		0.7
Governmental					19,105	18,008		6.1
Industrial					39,892	41,227		(3.2)
Total					3,071,011	3,039,406		1.0

Other O&M and nuclear refueling outage exp. per MWh	$21.24	$20.33	4.4		$20.88	$21.28	(1.9)


Appendix D: GAAP and non-GAAP financial measures
2026 vs. 2025 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending June 30	2026	2025	Change
GAAP measure
As-reported ROE	10.4%	11.4%	(1)%

Non-GAAP financial measure
Adjusted ROE	10.5%	11.5%	(1)%

As of June 30 ($ in millions, except where noted)	2026	2025	Change
GAAP measures
Cash and cash equivalents	3,854	1,176	2,678
Available revolver capacity	4,346	4,345	1
Commercial paper	1,544	459	1,085
Total debt	34,749	30,522	4,227
Junior subordinated debentures	2,500	1,200	1,300
Securitization debt	213	230	(17)
Total debt to total capital	65%	65%	-
Storm escrows	314	303	11

Non-GAAP financial measures ($ in millions, except where noted)
FFO to adjusted debt	15.8%	15.1%	0.7%
Adjusted debt to adjusted capitalization	63%	63%	-
Adjusted net debt to adjusted net capitalization	60%	62%	(2)%
Gross liquidity	8,200	5,521	2,679
Net liquidity	10,026	7,631	2,395
Adjusted Parent debt to total adjusted debt	18%	17%	1%

Build-to-suit lease agreement (o)	1,450	-	1,450


Appendix E-1: Definitions
Utility operating and financial measures
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
Securitization debt			Debt on the balance sheet associated with securitization bonds that is secured by certain future customer collections
Total capitalization			Total debt plus subsidiaries’ preferred stock without sinking fund plus total equity
Total debt			Sum of short-term and long-term debt, notes payable, and commercial paper
Total debt to total capitalization			Total debt divided by total capitalization
Financial measures – non-GAAP
Adjusted capitalization			Total capitalization excluding securitization debt
Adjusted debt			Total debt excluding securitization debt and 50% of junior subordinated debentures
Adjusted debt to adjusted capitalization			Adjusted debt divided by adjusted capitalization
Adjusted earnings (loss)			As-reported earnings (loss) minus adjustments
Adjusted EPS			Adjusted earnings (loss) divided by the diluted average number of common shares outstanding
Adjusted net capitalization			Adjusted capitalization minus cash and cash equivalents
Adjusted net debt			Adjusted debt minus cash and cash equivalents
Adjusted net debt to adjusted net capitalization			Adjusted net debt divided by adjusted net capitalization
Adjusted Parent debt			Entergy Corp. debt, including amounts drawn on credit revolver and commercial paper facilities plus unamortized debt issuance costs and discounts minus 50% of junior subordinated debentures
Adjusted Parent debt to total adjusted debt			Adjusted Parent debt divided by consolidated adjusted debt
Adjusted ROE			Last twelve months adjusted earnings divided by average common equity
Adjusted ROE excluding affiliate preferred			Last twelve months adjusted earnings, excluding dividend income from affiliate preferred as well as the after-tax cost of debt financing for preferred investment, divided by average common equity adjusted to exclude the estimated equity associated with the affiliate preferred investment
Adjustments			Unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses
FFO			Last twelve months OCF minus preferred dividend requirements of subsidiaries, working capital items in OCF (receivables, fuel inventory, accounts payable, taxes accrued, interest accrued, deferred fuel costs, customer advances – current, and other working capital accounts), 50% of interest on junior subordinated debentures, and securitization regulatory charges
FFO to adjusted debt			Last twelve months FFO divided by end of period adjusted debt
Gross liquidity			Sum of cash and cash equivalents plus available revolver capacity
Net liquidity			Sum of cash and cash equivalents, available revolver capacity, escrow accounts available for certain storm expenses, and equity sold forward but not yet settled minus commercial paper


Appendix E-2: Abbreviations and acronyms
A&G ACM ADIT AFUDC APSC BESS CAGR CCCT CCNO CFO COD CT CWIP DCRF DRM E-AR E-LA E-MS E-NO E-TX EPS ETR FFO FRP GAAP GCRR GGO Grand Gulf or GGNS Independence LDC	Administrative and general expenses Additional Capacity Mechanism Accumulated deferred income taxes Allowance for funds used during construction Arkansas Public Service Commission Battery and energy storage system Compound annual growth rate Combined cycle combustion turbine Council of the City of New Orleans Cash from operations Commercial operation date Combustion turbine Construction work in progress Distribution Cost Recovery Factor Distribution Recovery Mechanism Entergy Arkansas, LLC Entergy Louisiana, LLC Entergy Mississippi, LLC Entergy New Orleans, LLC Entergy Texas, Inc. Earnings per share Entergy Corporation Funds from operations Formula rate plan U.S. generally accepted accounting principles Generation Cost Recovery Rider Geaux Green Option Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI Independence Steam Electric Station Local distribution company	LPSC LTM MCRM MISO Moody’s MPSC NDT NYSE O&M OCAPS OCF OpCo Other O&M P&O PMR PPA PUCT RECs RSHCR ROE RPCR S&P SEC SERI TAM TCRF TRM VMR WACC	Louisiana Public Service Commission Last twelve months MISO Cost Recovery Mechanism Midcontinent Independent System Operator, Inc. Moody’s Ratings Mississippi Public Service Commission Nuclear decommissioning trust New York Stock Exchange Operation and maintenance Orange County Advanced Power Station (CCCT) Net cash flow provided by operating activities Utility operating company Other operation and maintenance expense Parent & Other Performance Management Rider Power purchase agreement or purchased power agreement Public Utility Commission of Texas Renewable energy certificates Resilience and Storm Hardening Cost Recovery Return on equity Resilience Plan Cost Recovery Rider Standard & Poor’s U.S. Securities and Exchange Commission System Energy Resources, Inc. Tax Adjustment Mechanism Transmission Cost Recovery Factor Transmission Recovery Mechanism Vegetation management rider Weighted average cost of capital


Appendix F-1: Reconciliation of GAAP to non-GAAP financial measures – ROE
(LTM $ in millions except where noted)		Second quarter
		2026	2025
As-reported net income attributable to Entergy Corporation	(A)	1,797	1,760
Adjustments	(B)	(14)	(5)

Adjusted earnings (non-GAAP)	(C)=(A-B)	1,811	1,765

Average common equity (average of beginning and ending balances)	(D)	17,221	15,390

As-reported ROE	(A/D)	10.4%	11.4%
Adjusted ROE (non-GAAP)	(C/D)	10.5%	11.5%


Appendix F-2: Reconciliation of GAAP to non-GAAP financial measures – FFO to adjusted debt
($ in millions except where noted)		Second quarter
		2026	2025
Total debt	(A)	34,749	30,522
Securitization debt	(B)	213	230
50% junior subordinated debentures	(C)	1,250	600
Adjusted debt (non-GAAP)	(D)=(A-B-C)	33,286	29,692

Net cash flow provided by operating activities, LTM	(E)	6,075	4,740

Preferred dividend requirements of subsidiaries, LTM	(F)	(18)	(18)

50% of the interest expense associated with junior subordinated debentures, LTM	(G)	(68)	(43)

Working capital items in net cash flow provided by operating activities, LTM:
Receivables		(30)	(84)
Fuel inventory		38	(1)
Accounts payable		226	208
Taxes accrued		69	18
Interest accrued		49	45
Deferred fuel costs		(139)	(216)
Customer advances – current		918	455
Other working capital accounts		(244)	(109)
Securitization regulatory charges, LTM		18	17
Total	(H)	904	332

FFO, LTM (non-GAAP)	(I)=(E-F-G-H)	5,257	4,469

FFO to adjusted debt (non-GAAP)	(I/D)	15.8%	15.1%


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
		2026	2025
Total debt	(A)	34,749	30,522
Securitization debt	(B)	213	230
50% junior subordinated debentures	(C)	1,250	600
Adjusted debt (non-GAAP)	(D)=(A-B-C)	33,286	29,692
Cash and cash equivalents	(E)	3,854	1,176
Adjusted net debt (non-GAAP)	(F)=(D-E)	29,432	28,516

Commercial paper	(G)	1,544	459

Total capitalization	(H)	53,289	47,050
Securitization debt	(B)	213	230
Adjusted capitalization (non-GAAP)	(I)=(H-B)	53,076	46,820
Cash and cash equivalents	(E)	3,854	1,176
Adjusted net capitalization (non-GAAP)	(J)=(I-E)	49,222	45,644

Total debt to total capitalization	(A/H)	65%	65%
Adjusted debt to adjusted capitalization (non-GAAP)	(D/I)	63%	63%
Adjusted net debt to adjusted net capitalization (non-GAAP)	(F/J)	60%	62%

Available revolver capacity	(K)	4,346	4,345

Storm escrows	(L)	314	303
Equity sold forward, not yet settled (p)	(M)	3,056	2,266

Gross liquidity (non-GAAP)	(N)=(E+K)	8,200	5,521
Net liquidity (non-GAAP)	(N-G+L+M)	10,026	7,631

Entergy Corporation notes:
Due September 2025		-	800
Due September 2026		750	750
Due June 2028		650	650
Due June 2030		600	600
Due June 2031		650	650
Due June 2050		600	600
Junior subordinated debentures due Dec. 2054		1200	1,200
Junior subordinated debentures due June 2056		700	-
Junior subordinated debentures due June 2056		600	-
Total Parent long-term debt	(O)	5,750	5,250
Revolver drawn	(P)	-	-
Unamortized debt issuance costs and discounts	(Q)	(53)	(42)
Total Parent debt	(R)=(G+O+P+Q)	7,242	5,667

Adjusted Parent debt (non-GAAP)	(S)=(R-C)	5,992	5,067

Adjusted Parent debt to total adjusted debt (non-GAAP)	(S/D)	18%	17%


Entergy Corporation
Consolidating Balance Sheet
June 30, 2026
(Dollars in thousands)
(Unaudited)
	Utility		Parent & Other		Consolidated
ASSETS

CURRENT ASSETS

Cash and cash equivalents:
Cash	$	55,591	$	62,598	$	118,189
Temporary cash investments	3,507,668		228,188		3,735,856
Total cash and cash equivalents	3,563,259		290,786		3,854,045
Accounts receivable:
Customer	872,618		—		872,618
Allowance for doubtful accounts	(29,436)		—		(29,436)
Associated companies	4,346		(4,346)		—
Other	226,001		4,058		230,059
Accrued unbilled revenues	635,234		—		635,234
Total accounts receivable	1,708,763		(288)		1,708,475
Deferred fuel costs	192,004		—		192,004
Fuel inventory - at average cost	135,171		2,482		137,653
Materials and supplies	1,782,001		2,543		1,784,544
Deferred nuclear refueling outage costs	125,220		—		125,220
Prepayments and other	548,640		(146,380)		402,260
TOTAL	8,055,058		149,143		8,204,201

OTHER PROPERTY AND INVESTMENTS

Investment in affiliates	3,889,949		(3,889,949)		—
Decommissioning trust funds	6,722,325		—		6,722,325
Non-utility property - at cost (less accumulated depreciation)	473,479		6,440		479,919
Storm reserve escrow accounts	314,335		—		314,335
Other	62,001		66,793		128,794
TOTAL	11,462,089		(3,816,716)		7,645,373

PROPERTY, PLANT, AND EQUIPMENT

Electric	76,445,043		100,828		76,545,871
Construction work in progress	9,018,714		139		9,018,853
Nuclear fuel	809,430		—		809,430
TOTAL PROPERTY, PLANT, AND EQUIPMENT	86,273,187		100,967		86,374,154
Less - accumulated depreciation and amortization	29,178,225		72,493		29,250,718
PROPERTY, PLANT, AND EQUIPMENT - NET	57,094,962		28,474		57,123,436

DEFERRED DEBITS AND OTHER ASSETS

Regulatory assets:
Other regulatory assets	4,871,706		—		4,871,706
Deferred fuel costs	172,201		—		172,201
Goodwill	367,582		—		367,582
Accumulated deferred income taxes	25,986		3,733		29,719
Other	629,654		(41,254)		588,400
TOTAL	6,067,129		(37,521)		6,029,608

TOTAL ASSETS	$	82,679,238	$	(3,676,620)	$	79,002,618

*Totals may not foot due to rounding.


Entergy Corporation
Consolidating Balance Sheet
December 31, 2025
(Dollars in thousands)
(Unaudited)
	Utility		Parent & Other		Consolidated
ASSETS

CURRENT ASSETS

Cash and cash equivalents:
Cash	$	39,221	$	6,674	$	45,895
Temporary cash investments	1,817,764		65,257		1,883,021
Total cash and cash equivalents	1,856,985		71,931		1,928,916
Accounts receivable:
Customer	735,734		—		735,734
Allowance for doubtful accounts	(32,324)		—		(32,324)
Associated companies	4,643		(4,643)		—
Other	239,157		3,245		242,402
Accrued unbilled revenues	524,420		—		524,420
Total accounts receivable	1,471,630		(1,398)		1,470,232
Deferred fuel costs	54,133		—		54,133
Fuel inventory - at average cost	125,480		6,494		131,974
Materials and supplies	1,705,669		4,726		1,710,395
Deferred nuclear refueling outage costs	86,497		—		86,497

Prepayments and other	431,881		(7,177)		424,704
TOTAL	5,732,275		74,576		5,806,851

OTHER PROPERTY AND INVESTMENTS

Investment in affiliates	4,014,624		(4,014,624)		—
Decommissioning trust funds	6,300,880		—		6,300,880
Non-utility property - at cost (less accumulated depreciation)	475,121		6,469		481,590
Storm reserve escrow accounts	308,784		—		308,784
Other	57,013		67,401		124,414
TOTAL	11,156,422		(3,940,754)		7,215,668

PROPERTY, PLANT, AND EQUIPMENT

Electric	74,546,777		204,140		74,750,917

Construction work in progress	6,018,996		1,012		6,020,008
Nuclear fuel	834,690		—		834,690
TOTAL PROPERTY, PLANT, AND EQUIPMENT	81,400,463		205,152		81,605,615
Less - accumulated depreciation and amortization	28,598,552		152,449		28,751,001
PROPERTY, PLANT, AND EQUIPMENT - NET	52,801,911		52,703		52,854,614

DEFERRED DEBITS AND OTHER ASSETS

Regulatory assets:
Other regulatory assets	5,005,976		—		5,005,976
Deferred fuel costs	172,201		—		172,201
Goodwill	367,582		—		367,582
Accumulated deferred income taxes	12,311		3,229		15,540
Other	477,426		(25,128)		452,298
TOTAL	6,035,496		(21,899)		6,013,597

TOTAL ASSETS	$	75,726,104	$	(3,835,374)	$	71,890,730

*Totals may not foot due to rounding.


Entergy Corporation
Consolidating Income Statement
Three Months Ended June 30, 2026
(Dollars in thousands)
(Unaudited)
	Utility		Parent & Other		Consolidated

OPERATING REVENUES
Electric	$	3,513,488	$	—	$	3,513,488
Other	—		10,150		10,150
Total	3,513,488		10,150		3,523,638

OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale	756,802		2,541		759,343
Purchased power	305,250		1,993		307,243
Nuclear refueling outage expenses	28,433		—		28,433
Other operation and maintenance	758,723		12,695		771,418

Decommissioning	59,460		63		59,523
Taxes other than income taxes	214,095		675		214,770
Depreciation and amortization	547,671		508		548,179
Other regulatory charges (credits) - net	(15,360)		—		(15,360)
Total	2,655,074		18,475		2,673,549

OPERATING INCOME	858,414		(8,325)		850,089

OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction	54,741		—		54,741
Interest and investment income	243,168		(68,260)		174,908
Miscellaneous - net	(48,391)		(1,596)		(49,987)
Total	249,518		(69,856)		179,662

INTEREST EXPENSE
Interest expense	351,493		81,621		433,114
Allowance for borrowed funds used during construction	(22,861)		—		(22,861)
Total	328,632		81,621		410,253

INCOME BEFORE INCOME TAXES	779,300		(159,802)		619,498

Income taxes	148,924		(17,246)		131,678

CONSOLIDATED NET INCOME	630,376		(142,556)		487,820

Preferred dividend requirements of subsidiaries and noncontrolling interests	4,714		499		5,213

NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION	$	625,662	$	(143,055)	$	482,607

EARNINGS PER AVERAGE COMMON SHARE:
BASIC	$1.36		($0.31)		$1.05
DILUTED	$1.34		($0.31)		$1.03

AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC					458,745,729
DILUTED					466,308,890
*Totals may not foot due to rounding.


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

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.


Entergy Corporation
Consolidating Income Statement
Six Months Ended June 30, 2026
(Dollars in thousands)
(Unaudited)
	Utility		Parent & Other		Consolidated

OPERATING REVENUES
Electric	$	6,683,761	$	—	$	6,683,761
Other	—		27,503		27,503
Total	6,683,761		27,503		6,711,264

OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale	1,362,097		9,070		1,371,167
Purchased power	663,755		6,531		670,286
Nuclear refueling outage expenses	52,576		—		52,576
Other operation and maintenance	1,421,165		23,818		1,444,983
Asset write-offs, impairments, and related charges	—		18,059		18,059
Decommissioning	118,194		147		118,341
Taxes other than income taxes	420,082		1,212		421,294
Depreciation and amortization	1,086,299		2,009		1,088,308
Other regulatory charges (credits) - net	103,939		—		103,939
Total	5,228,107		60,846		5,288,953

OPERATING INCOME	1,455,654		(33,343)		1,422,311

OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction	102,081		—		102,081
Interest and investment income	526,847		(136,129)		390,718
Miscellaneous - net	(16,796)		(10,228)		(27,024)
Total	612,132		(146,357)		465,775

INTEREST EXPENSE
Interest expense	674,734		158,296		833,030
Allowance for borrowed funds used during construction	(43,037)		—		(43,037)
Total	631,697		158,296		789,993

INCOME BEFORE INCOME TAXES	1,436,089		(337,996)		1,098,093

Income taxes	260,328		(40,860)		219,468

CONSOLIDATED NET INCOME	1,175,761		(297,136)		878,625

Preferred dividend requirements of subsidiaries and noncontrolling interests	10,104		998		11,102

NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION	$	1,165,657	$	(298,134)	$	867,523

EARNINGS PER AVERAGE COMMON SHARE:
BASIC	$2.55		($0.65)		$1.90
DILUTED	$2.51		($0.64)		$1.87

AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC					457,240,145
DILUTED					464,415,110
*Totals may not foot due to rounding.


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

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.


Entergy Corporation
Consolidating Income Statement
Twelve Months Ended June 30, 2026
(Dollars in thousands)
(Unaudited)
	Utility		Parent & Other		Consolidated

OPERATING REVENUES
Electric	$	13,426,264	$	—	$	13,426,264
Natural gas	98		—		98
Other	—		55,865		55,865
Total	13,426,362		55,865		13,482,227

OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale	2,729,688		20,086		2,749,774
Purchased power	1,176,544		12,889		1,189,433
Nuclear refueling outage expenses	103,351		—		103,351
Other operation and maintenance	3,058,395		44,555		3,102,950
Asset write-offs, impairments, and related charges	12,795		18,059		30,854
Decommissioning	233,408		311		233,719
Taxes other than income taxes	837,053		2,366		839,419
Depreciation and amortization	2,125,122		5,352		2,130,474
Other regulatory charges (credits) - net	15,193		—		15,193
Total	10,291,549		103,618		10,395,167

OPERATING INCOME	3,134,813		(47,753)		3,087,060

OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction	187,484		—		187,484
Interest and investment income	864,427		(277,186)		587,241
Miscellaneous - net	(77,861)		(12,588)		(90,449)
Total	974,050		(289,774)		684,276

INTEREST EXPENSE
Interest expense	1,269,005		285,529		1,554,534
Allowance for borrowed funds used during construction	(79,755)		—		(79,755)
Total	1,189,250		285,529		1,474,779

INCOME BEFORE INCOME TAXES	2,919,613		(623,056)		2,296,557

Income taxes	544,491		(65,511)		478,980

CONSOLIDATED NET INCOME	2,375,122		(557,545)		1,817,577

Preferred dividend requirements of subsidiaries and noncontrolling interests	18,476		1,996		20,472

NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION	$	2,356,646	$	(559,541)	$	1,797,105

EARNINGS PER AVERAGE COMMON SHARE:
BASIC	$5.20		($1.23)		$3.97
DILUTED	$5.12		($1.22)		$3.90

AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC					453,162,554
DILUTED					460,266,587
*Totals may not foot due to rounding.


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 due to rounding.


Entergy Corporation
Consolidated Cash Flow Statement
Three Months Ended June 30, 2026 vs. 2025
(Dollars in thousands)
(Unaudited)
	2026		2025		Variance

OPERATING ACTIVITIES
Consolidated net income	$	487,820	$	471,954	$	15,866
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization	671,470		632,638		38,832
Deferred income taxes, tax credits, and non-current taxes accrued	134,817		136,301		(1,484)


Changes in working capital:
Receivables	(290,601)		(326,522)		35,921
Fuel inventory	(7,866)		(8,113)		247
Accounts payable	107,920		136,058		(28,138)
Taxes accrued	121,935		106,819		15,116
Interest accrued	(1,739)		11,272		(13,011)
Deferred fuel costs	177,038		14,031		163,007
Customer advances - current	489,386		197,992		291,394
Other working capital accounts	(2,092)		(64,325)		62,233
Changes in provisions for estimated losses	9,082		(4,205)		13,287
Changes in other regulatory assets	19,038		19,705		(667)
Changes in other regulatory liabilities	417,323		221,843		195,480
Change in customer advances - non-current	18,100		—		18,100
Changes in pension and other postretirement funded status	(46,382)		(46,134)		(248)
Other	(412,460)		(237,712)		(174,748)
Net cash flow provided by operating activities	1,892,789		1,261,602		631,187
INVESTING ACTIVITIES
Construction/capital expenditures	(2,778,526)		(2,008,157)		(770,369)
Allowance for equity funds used during construction	54,741		39,143		15,598
Nuclear fuel purchases	(49,030)		(40,567)		(8,463)
Payment for purchase of plant	(263)		(326)		63

Insurance proceeds received for property damages	14,282		—		14,282
Changes in securitization account	5,942		8,747		(2,805)
Payments to storm reserve escrow accounts	(2,784)		(2,360)		(424)

Decrease (increase) in other investments	83,477		(2,131)		85,608


Proceeds from nuclear decommissioning trust fund sales	602,192		348,265		253,927
Investment in nuclear decommissioning trust funds	(601,090)		(373,065)		(228,025)
Net cash flow used in investing activities	(2,671,059)		(2,030,451)		(640,608)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt	944,166		1,070,099		(125,933)
Treasury stock	4,942		1,879		3,063
Common stock	671,460		804,631		(133,171)
Retirement of long-term debt	(573,889)		(746,974)		173,085
Changes in commercial paper - net	187,142		(854,380)		1,041,522
Customer advances received for construction	624,156		520,995		103,161
Customer advances used for construction	(245,319)		(95,938)		(149,381)
Other	(253,785)		(6,196)		(247,589)
Dividends paid:
Common stock	(293,032)		(258,467)		(34,565)
Preferred stock	(4,579)		(4,579)		—
Net cash flow provided by financing activities	1,061,262		431,070		630,192
Net increase in cash and cash equivalents	282,992		(337,779)		620,771
Cash and cash equivalents at beginning of period	3,571,053		1,513,410		2,057,643
Cash and cash equivalents at end of period	$	3,854,045	$	1,175,631	$	2,678,414

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized	$	396,608	$	321,381	$	75,227
Income taxes - net	$	(1,878)	$	3,739	$	(5,617)

Noncash investing activities:
Accrued construction expenditures	$	345,529	$	(80,140)	$	425,669


Entergy Corporation
Consolidated Cash Flow Statement
Year to Date June 30, 2026 vs. 2025
(Dollars in thousands)
(Unaudited)
	2026		2025		Variance

OPERATING ACTIVITIES
Consolidated net income	$	878,625	$	834,376	$	44,249
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization	1,326,139		1,255,204		70,935
Deferred income taxes, tax credits, and non-current taxes accrued	220,890		231,274		(10,384)
Asset write-offs, impairments, and related charges	18,059		—		18,059

Changes in working capital:
Receivables	(225,491)		(275,045)		49,554
Fuel inventory	(5,679)		(4,852)		(827)
Accounts payable	134,118		(53,439)		187,557
Taxes accrued	12,201		11,230		971
Interest accrued	45,508		22,867		22,641
Deferred fuel costs	(131,572)		(263,205)		131,633
Customer advances - current	740,977		303,791		437,186
Other working capital accounts	(118,766)		(58,819)		(59,947)
Changes in provisions for estimated losses	(23,610)		(38,444)		14,834
Changes in other regulatory assets	134,270		174,523		(40,253)
Changes in other regulatory liabilities	32,992		20,040		12,952
Change in customer advances - non-current	135,298		25,000		110,298
Changes in pension and other postretirement funded status	(105,395)		(104,968)		(427)
Other	(346,811)		(281,743)		(65,068)
Net cash flow provided by operating activities	2,721,753		1,797,790		923,963
INVESTING ACTIVITIES
Construction/capital expenditures	(5,030,819)		(3,668,326)		(1,362,493)
Allowance for equity funds used during construction	102,081		83,161		18,920
Nuclear fuel purchases	(199,768)		(129,124)		(70,644)
Payment for purchase of plant	(263)		(1,608)		1,345

Insurance proceeds received for property damages	14,282		—		14,282
Changes in securitization account	215		3,309		(3,094)
Payments to storm reserve escrow accounts	(5,551)		(6,808)		1,257
Receipts from storm reserve escrow accounts	—		43,789		(43,789)
Increase (decrease) in other investments	65,548		(1,659)		67,207
Litigation proceeds for reimbursement of spent nuclear fuel storage costs	—		3,546		(3,546)
Proceeds from nuclear decommissioning trust fund sales	1,548,167		713,102		835,065
Investment in nuclear decommissioning trust funds	(1,586,838)		(780,211)		(806,627)
Net cash flow used in investing activities	(5,092,946)		(3,740,829)		(1,352,117)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt	4,625,848		3,517,949		1,107,899
Treasury stock	11,534		24,539		(13,005)
Common stock	1,017,171		804,631		212,540
Retirement of long-term debt	(1,864,866)		(1,599,728)		(265,138)
Changes in commercial paper - net	911,722		(451,686)		1,363,408
Customer advances received for construction	885,867		732,454		153,413
Customer advances used for construction	(436,221)		(245,481)		(190,740)
Other	(259,675)		2,164		(261,839)
Dividends paid:
Common stock	(585,899)		(516,716)		(69,183)
Preferred stock	(9,159)		(9,159)		—
Net cash flow provided by financing activities	4,296,322		2,258,967		2,037,355
Net increase in cash and cash equivalents	1,925,129		315,928		1,609,201
Cash and cash equivalents at beginning of period	1,928,916		859,703		1,069,213
Cash and cash equivalents at end of period	$	3,854,045	$	1,175,631	$	2,678,414

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized	$	683,997	$	647,900	$	36,097
Income taxes - net	$	(2,301)	$	2,487	$	(4,788)

Noncash investing activities:
Accrued construction expenditures	$	1,002,641	$	576,992	$	425,649


Entergy Corporation
Consolidated Cash Flow Statement
Twelve Months Ended June 30, 2026 vs. 2025
(Dollars in thousands)
(Unaudited)
	2026		2025		Variance

OPERATING ACTIVITIES
Consolidated net income	$	1,817,577	$	1,767,292	$	50,285
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization	2,608,073		2,492,274		115,799
Deferred income taxes, tax credits, and non-current taxes accrued	1,005,125		535,981		469,144
Asset write-offs, impairments, and related charges (credits)	30,854		(24,641)		55,495
Pension settlement charge	—		2,937		(2,937)
Changes in working capital:
Receivables	(30,279)		(84,435)		54,156
Fuel inventory	38,100		(1,278)		39,378
Accounts payable	226,312		207,954		18,358
Taxes accrued	69,054		17,577		51,477
Interest accrued	48,744		44,664		4,080
Deferred fuel costs	(139,476)		(215,580)		76,104
Customer advances - current	918,373		455,454		462,919
Other working capital accounts	(244,420)		(109,382)		(135,038)
Changes in provisions for estimated losses	4,550		419		4,131
Changes in other regulatory assets	244,661		292,315		(47,654)
Changes in other regulatory liabilities	193,763		300,205		(106,442)
Change in customer advances - non-current	145,298		25,000		120,298
Changes in pension and other postretirement funded status	(278,613)		(443,150)		164,537
Other	(583,082)		(523,762)		(59,320)
Net cash flow provided by operating activities	6,074,614		4,739,844		1,334,770
INVESTING ACTIVITIES
Construction/capital expenditures	(9,047,415)		(6,382,386)		(2,665,029)
Allowance for equity funds used during construction	199,646		160,137		39,509
Nuclear fuel purchases	(323,556)		(277,078)		(46,478)
Payment for purchase of plant	(2,172)		(650,928)		648,756
Proceeds from sale of business and assets	858,588		—		858,588
Insurance proceeds received for property damages	14,282		7,907		6,375
Changes in securitization account	(260)		2,641		(2,901)
Payments to storm reserve escrow accounts	(13,637)		(15,203)		1,566
Receipts from storm reserve escrow accounts	2,781		44,525		(41,744)
Decrease (increase) in other investments	(46,181)		8,242		(54,423)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs	—		85,958		(85,958)
Proceeds from nuclear decommissioning trust fund sales	2,345,062		2,317,085		27,977
Investment in nuclear decommissioning trust funds	(2,448,709)		(2,424,248)		(24,461)
Net cash flow used in investing activities	(8,461,571)		(7,123,348)		(1,338,223)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt	6,858,344		6,348,651		509,693
Treasury stock	23,636		115,351		(91,715)
Common stock	1,348,643		804,631		544,012
Retirement of long-term debt	(3,766,938)		(4,273,919)		506,981
Changes in commercial paper - net	1,093,891		(456,746)		1,550,637
Customer advances received for construction	1,797,178		1,087,528		709,650
Customer advances used for construction	(853,636)		(373,704)		(479,932)
Other	(274,094)		(13,382)		(260,712)
Dividends paid:
Common stock	(1,143,334)		(1,016,120)		(127,214)
Preferred stock	(18,319)		(18,319)		—
Net cash flow provided by financing activities	5,065,371		2,203,971		2,861,400
Net increase in cash and cash equivalents	2,678,414		(179,533)		2,857,947
Cash and cash equivalents at beginning of period	1,175,631		1,355,164		(179,533)
Cash and cash equivalents at end of period	$	3,854,045	$	1,175,631	$	2,678,414

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized	$	1,274,381	$	1,229,789	$	44,592
Income taxes - net (includes production tax credit sale proceeds)	$	(519,859)	$	36,216	$	(556,075)

Noncash investing activities:
Accrued construction expenditures	$	1,225,696	$	655,019	$	570,677