Entergy Corporation: Entergy reports first quarter 2025 financial results

Company affirms guidance and outlooks

NEW ORLEANS, April 29, 2025 /PRNewswire/ -- Entergy Corporation (NYSE: ETR) reported first quarter 2025 earnings per share of 82 cents on an as-reported and an adjusted (non-GAAP) basis.

"We had a productive start to the year with progress on our key objectives," said Drew Marsh, Entergy Chair and Chief Executive Officer. "We are confident in the opportunity ahead as well as our ability to execute and deliver value on behalf of our customers and all stakeholders."

Business highlights included the following:

• Entergy Texas received approval to place $137 million of transmission investments into rates through the TCRF rider.
• The state of Arkansas passed legislation to allow recovery for certain generation and transmission investments outside of the formula rate plan four percent cap.
• Entergy Louisiana received approval from the LPSC for the West Bank 230kV transmission project.
• Entergy Louisiana received the final approval needed for the sale of its gas distribution business from East Baton Rouge parish.
• Entergy Mississippi filed its annual formula rate plan.
• Entergy Corporation completed an approximately $1.5 billion common stock offering with a forward component.
• EEI awarded its Emergency Response Award to Entergy in recognition of restoration work after Hurricane Francine.

Consolidated earnings (GAAP and non-GAAP measures)
First quarter 2025 vs. 2024 (See Appendix A for reconciliation of GAAP to non- GAAP measures and description of adjustments)
	First quarter
	2025	2024	Change
(After-tax, $ in millions)
As-reported earnings	361	75	285
Less adjustments	-	(155)	155
Adjusted earnings (non-GAAP)	361	230	131
Estimated weather impact	22	(26)	48
(After-tax, per share in $)
As-reported earnings	0.82	0.18	0.64
Less adjustments	-	(0.36)	0.36
Adjusted earnings (non-GAAP)	0.82	0.54	0.28
Estimated weather impact	0.05	(0.06)	0.11

Calculations may differ due to rounding

Consolidated results

For first quarter 2025, the company reported earnings of $361 million, or 82 cents per share, on an as-reported and an adjusted basis. This compared to first quarter 2024 earnings of $75 million, or 18 cents per share, on an as-reported basis, and $230 million, or 54 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 first quarter 2025, the Utility business reported earnings attributable to Entergy Corporation of $490 million, or $1.11 per share, on an as-reported and an adjusted basis. This compared to first quarter 2024 earnings of $195 million, or 46 cents per share, on an as-reported basis, and earnings of $350 million, or 82 cents per share, on an adjusted basis.

The primary drivers for the quarter's earnings increase included:

• higher retail sales volume, including the impacts of weather;
• the net effect of regulatory actions across the operating companies;
• other income (deductions); and
• lower other O&M.

These drivers were partially offset by higher interest expense as well as higher depreciation and amortization.

First quarter 2024 results also reflected items that were considered adjustments and excluded from adjusted earnings:

• Entergy Arkansas recorded a write off of $(132 million) ($(97 million) after tax) for a regulatory asset related to the opportunity sales proceeding.
• Entergy New Orleans recorded a regulatory charge of $(79 million) ($(57 million) after tax) to reflect the company's agreement to share additional income tax benefits from the 2016-2018 IRS audit resolution with customers.

On a per share basis, first quarter 2025 results reflected higher diluted average number of common shares outstanding primarily due to the dilutive effect from unsettled equity forwards as a result of an increase in the stock price and option exercises under the company's stock-based compensation plans.

Appendix C contains additional details on Utility operating and financial measures.

Parent & Other

For first quarter 2025, Parent & Other reported a loss attributable to Entergy Corporation of
$(129 million), or (29) cents per share, on an as-reported and an adjusted basis. This compared to a first quarter 2024 loss of $(120 million), or (28) cents per share, on an as-reported and an adjusted basis.

On a per share basis, first 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 Tuesday, April 29, 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 May 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 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 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 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.

First quarter 2025 earnings release appendices and financial statements

Appendices
A: Consolidated results and adjustments
B: Earnings variance analysis
C: Utility operating and financial measures
D: Consolidated financial measures
E: Definitions and abbreviations and acronyms
F: Other GAAP to non-GAAP reconciliations

Financial statements
Consolidating balance sheets
Consolidating income statements
Consolidated cash flow statements

A: Consolidated results and adjustments
Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).

Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measures First quarter 2025 vs. 2024 (See Appendix A-2 and Appendix A-3 for details on adjustments)
	First quarter
	2025	2024	Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility	490	195	295
Parent & Other	(129)	(120)	(9)
Consolidated	361	75	285
Less adjustments
Utility	-	(155)	155
Parent & Other	-	-	-
Consolidated	-	(155)	155
Adjusted earnings (loss) (non-GAAP)
Utility	490	350	140
Parent & Other	(129)	(120)	(9)
Consolidated	361	230	131
Estimated weather impact	22	(26)	48
Diluted average number of common shares outstanding (in millions) (a)	441	428	13
(After-tax, per share in $) (a) (b)
As-reported earnings (loss)
Utility	1.11	0.46	0.66
Parent & Other	(0.29)	(0.28)	(0.01)
Consolidated	0.82	0.18	0.64
Less adjustments
Utility	-	(0.36)	0.36
Parent & Other	-	-	-
Consolidated	-	(0.36)	0.36
Adjusted earnings (loss) (non-GAAP)
Utility	1.11	0.82	0.29
Parent & Other	(0.29)	(0.28)	(0.01)
Consolidated	0.82	0.54	0.28
Estimated weather impact	0.05	(0.06)	0.11

Calculations may differ due to rounding
(a)	Entergy executed a two-for-one forward stock split that was effective with trading on December 13, 2024; 2024 diluted average number of common shares outstanding and per-share information were 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.

Appendix A-2 and Appendix A-3 detail adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.

Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS)
First quarter 2025 vs. 2024
	First quarter
	2025	2024	Change
(Pre-tax except for income tax effect and totals; $ in millions)
Utility
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	-	56	(56)
Total Utility	-	(155)	155
Total adjustments	-	(155)	155
(After-tax, per share in $) (c), (d)
Utility
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	-	(0.36)	0.36
Total adjustments	-	(0.36)	0.36

Calculations may differ due to rounding
(c)	Entergy executed a two-for-one forward stock split that was effective with trading on December 13, 2024; 2024 per-share information was restated to reflect the post-split share count.
(d)	Per share amounts are calculated by multiplying the corresponding earnings (loss) by the estimated income tax rate that is expected to apply and dividing by the diluted average number of common shares outstanding for the period.

Appendix A-3: Adjustments by income statement line item (shown as positive/ (negative) impact on earnings)
First quarter 2025 vs. 2024
(Pre-tax except for income taxes and totals; $ in millions)
	First quarter
	2025	2024	Change
Utility
Asset write-offs, impairments, and related charges	-	(132)	132
Other regulatory charges (credits) - net	-	(79)	79
Income taxes	-	56	(56)
Total Utility	-	(155)	155
Total adjustments	-	(155)	155

Calculations may differ due to rounding

Appendix A-4 provides a comparative summary of OCF by business.

Appendix A-4: Consolidated operating cash flow
First quarter 2025 vs. 2024
($ in millions)
	First quarter
	2025	2024	Change
Utility	565	515	50
Parent & Other	(29)	6	(35)
Consolidated	536	521	15

Calculations may differ due to rounding

OCF increased year-over-year primarily due to the timing of payments to vendors and advance payments related to customer agreements. The increase was partially offset by higher fuel and purchased power payments, higher interest payments, and the timing of recovery of fuel and purchased power costs.

B: Earnings variance analysis
Appendix B provides details of current quarter 2025 versus 2024 as-reported and adjusted earnings per share variances.

Appendix B: As-reported and adjusted earnings per share variance analysis (e), (f), (g), (h)
First 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)	0.46	0.82		(0.28)	(0.28)		0.18	0.54
Operating revenue less: fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) - net	0.59	0.45	(i)	0.01	0.01		0.60	0.47
Nuclear refueling outage expenses	0.01	0.01		-	-		0.01	0.01
Other O&M	0.03	0.03	(j)	(0.01)	(0.01)		0.02	0.02
Asset write-offs, impairments, and related charges	0.23	-	(k)	-	-		0.23	-
Decommissioning	-	-		-	-		-	-
Taxes other than income taxes	(0.01)	(0.01)		-	-		(0.01)	(0.01)
Depreciation and amortization	(0.02)	(0.02)	(l)	-	-		(0.02)	(0.02)
Other income (deductions)	(0.04)	(0.04)	(m)	(0.01)	(0.01)		(0.05)	(0.05)
Interest expense	(0.10)	(0.10)	(n)	(0.01)	(0.01)		(0.11)	(0.11)
Income taxes - other	0.01	0.01		(0.01)	(0.01)		0.01	0.01
Preferred dividend requirements and noncontrolling interests	-	-		-	-		-	-
Share effect	(0.03)	(0.03)		0.01	0.01		(0.02)	(0.02)	(o)
2025 earnings (loss)	1.11	1.11		(0.29)	(0.29)		0.82	0.82

Calculations may differ due to rounding
(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):

	1Q25	1Q24
Utility operating revenue	(2)	8
Utility income taxes - other	2	(8)

(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):

	1Q25	1Q24
Utility regulatory charges (credits) - net	(3)	(3)
Utility preferred dividend requirements and noncontrolling interests	3	3

(g)

Entergy executed a two-for-one forward stock split that was effective with trading on December 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.

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)
	1Q
Electric volume / weather	0.20
Retail electric price	0.16
1Q24 E-NO provision for increased income tax sharing	0.13
Reg. provisions for decommissioning items	0.12
Grand Gulf recovery	(0.03)
Other	0.01
Total	0.59

(i)	The first quarter earnings increase reflected several drivers, including higher volume (including the effects of weather), and regulatory actions including: E-AR's FRP, E-LA's FRP (including riders), E-MS's FRP, various E-MS's riders, and E-TX's DCRF. The 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). 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 increase was partially offset by lower Grand Gulf revenue largely due to lower O&M.
(j)	The first quarter earnings increase from lower Utility other O&M was largely due to a decrease in contract costs related to operational performance, customer service, and organizational health initiatives and a decrease in compensation and benefits costs primarily due to a true up to estimated incentive-based compensation expenses.
(k)	The first quarter 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) write off of a regulatory asset related to the opportunity sales proceeding (considered an adjustment and excluded from adjusted earnings).
(l)	The first quarter earnings decrease from higher Utility depreciation and amortization was primarily due to higher plant in service and an increase in E-LA's nuclear depreciation rates effective September 2024. The decrease was partially offset by the first quarter 2024 recognition of depreciation expense from E-TX's 2022 base rate case relate back.
(m)	The first quarter earnings decrease from lower Utility other income (deductions) was primarily due to lower nuclear decommissioning trust returns, including portfolio rebalancing in first quarter 2024 (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral). The decrease was partially offset by higher AFUDC-equity due to higher construction work in progress and an increase in the amortization of tax gross ups on customer advances for construction.
(n)	The first quarter earnings decrease from higher Utility interest expense was primarily due to higher interest rates, higher debt balances, and higher carrying costs on customer advances for construction.
(o)	The first quarter earnings per share impact from share effect was primarily due to the dilutive effect of unsettled equity forwards under the company's ATM program as a result of an increase in the stock price, and option exercises under the company's stock-based compensation plans.

C: Utility operating and financial measures
Appendix C provides a comparison of Utility operating and financial measures.

Appendix C: Utility operating and financial measures
First quarter 2025 vs. 2024
	First quarter
	2025	2024	% Change	% Weather adjusted (p)
GWh sold
Residential	8,784	7,758	13.2	4.5
Commercial	6,243	6,223	0.3	(1.1)
Governmental	560	572	(2.1)	(2.5)
Industrial	13,833	12,661	9.3	9.3
Total retail	29,420	27,214	8.1	5.2
Wholesale	1,634	3,958	(58.7)
Total	31,054	31,172	(0.4)
Number of electric retail customers
Residential	2,606,590	2,585,994	0.8
Commercial	370,544	369,918	0.2
Governmental	17,982	18,136	(0.8)
Industrial	42,716	43,849	(2.6)
Total	3,037,832	3,017,897	0.7
Other O&M and nuclear refueling outage exp. per MWh	$22.40	$23.06	(2.9)

Calculations may differ due to rounding
(p)	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 5.2 percent. The increase was primarily due to a 9.3 percent increase in industrial volume driven by higher sales to petroleum refining, chlor-alkali, and primary metals customers. Residential sales increased 4.5 percent. The increase was partially offset by a commercial sales decline of (1.1) percent.

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 March 31	2025	2024	Change
GAAP measure
As-reported ROE	9.0 %	15.4 %	(6.4) %
Non-GAAP financial measure
Adjusted ROE	11.5 %	10.4 %	1.1 %
As of March 31 ($ in millions, except where noted)	2025	2024	Change
GAAP measures
Cash and cash equivalents	1,513	1,295	218
Available revolver capacity	4,345	4,245	100
Commercial paper	1,330	1,914	(584)
Total debt	31,041	28,493	2,548
Junior subordinated debentures	1,200	-	1,200
Securitization debt	240	263	(23)
Debt to total capital	67 %	66 %	0.9 %
Storm escrows	300	328	(28)
Non-GAAP financial measures ($ in millions, except where noted)
FFO to adjusted debt	14.5 %	13.4 %	1.1 %
Adjusted debt to adjusted capitalization	65 %	66 %	0 %
Adjusted net debt to adjusted net capitalization	64 %	65 %	(1) %
Gross liquidity	5,858	5,540	318
Net liquidity	7,904	4,380	3,524
Adjusted Parent debt to total adjusted debt	20 %	21 %	(1) %

Calculations may differ due to rounding

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
Debt to capital	Total debt divided by total capitalization
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 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 borrowing

Appendix E-2 explains abbreviations and acronyms used in the quarterly earnings materials.

Appendix E-2: Abbreviations and acronyms
ADIT AFUDC - equity AMS APSC ATM B&E bps CAGR CCCT CCN CCNO CCS CFO COD CT DCRF DOE DRM E-AR E-LA E-MS E-NO E-TX EEI EPS ETR FFO FRP GAAP GCRR Grand Gulf or GGNS HLBV	Accumulated deferred income taxes Allowance for equity funds used during construction Advanced metering system Arkansas Public Service Commission At the market equity issuance program Business and Executive Session Basis points 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 (rider within E-LA's FRP) Entergy Arkansas, LLC Entergy Louisiana, LLC Entergy Mississippi, LLC Entergy New Orleans, LLC Entergy Texas, Inc Edison Electric Institute Earnings per share 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 MISO Moody's MPSC NDT NYSE O&M OCAPS OCF OpCo Other O&M P&O PMR PPA PUCT RECs RFP RSHCR ROE RPCR RSP S&P SEC SERI SETEX TCRF TRAM TRM WACC	Internal Revenue Service Lake Charles Power Station Local distribution company Louisiana Public Service Commission Last twelve months Midcontinent Independent System Operator, Inc Moody's Ratings Mississippi Public Service Commission Nuclear decommissioning trust New York Stock Exchange Operation and maintenance Orange County Advanced Power Station (CCCT) Net cash flow provided by operating activities Utility operating company Other non-fuel operation and maintenance expense Parent & Other Performance Management Rider Power purchase agreement or purchased power agreement Public Utility Commission of Texas Renewable Energy Certificates Request for proposals Resilience and storm hardening cost recovery Return on equity Resilience plan cost recovery rider Rate Stabilization Plan (E-LA gas) Standard & Poor's U.S. Securities and Exchange Commission System Energy Resources, Inc Southeast Texas Transmission cost recovery factor Tax reform adjustment mechanism Transmission Recovery Mechanism (rider within E-LA's FRP) Weighted-average cost of capital

F: Other GAAP to non-GAAP reconciliations
Appendix F-1, Appendix F-2, and Appendix F-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.

Appendix F-1: Reconciliation of GAAP to non-GAAP financial measures - ROE
(LTM $ in millions except where noted)		First quarter
		2025	2024
As-reported net income attributable to Entergy Corporation	(A)	1,341	2,121
Adjustments	(B)	(367)	695
Adjusted earnings (non-GAAP)	(C)=(A-B)	1,708	1,426
Average common equity (average of beginning and ending balances)	(D)	14,822	13,758
As-reported ROE	(A/D)	9.0 %	15.4 %
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)		First quarter
		2025	2024
Total debt	(A)	31,041	28,493
Securitization debt	(B)	240	263
50% junior subordinated debentures	(C)	600	-
Adjusted debt (non-GAAP)	(D)=(A-B-C)	30,201	28,230
Net cash flow provided by operating activities, LTM	(E)	4,504	3,856
Preferred dividend requirements of subsidiaries, LTM	(F)	(18)	(18)
50% of the interest expense associated with junior subordinated debentures, LTM	(G)	(37)	-
Working capital items in net cash flow provided by operating activities, LTM:
Receivables		(53)	(63)
Fuel inventory		20	(10)
Accounts payable		210	(83)
Taxes accrued		(9)	13
Interest accrued		27	18
Deferred fuel costs		(187)	409
Other working capital accounts		165	(215)
Securitization regulatory charges, LTM		20	28
Total	(H)	193	98
FFO, LTM (non-GAAP)	(I)=(E-F-G-H)	4,366	3,776
FFO to adjusted debt (non-GAAP)	(I/D)	14.5 %	13.4 %

Calculations may differ due to rounding

Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures - adjusted debt ratios; gross liquidity; and net liquidity
($ in millions except where noted)		First quarter
		2025	2024
Total debt	(A)	31,041	28,493
Securitization debt	(B)	240	263
50% junior subordinated debentures	(C)	600	-
Adjusted debt (non-GAAP)	(D)=(A-B-C)	30,201	28,230
Cash and cash equivalents	(E)	1,513	1,295
Adjusted net debt (non-GAAP)	(F)=(D-E)	28,688	26,935
Commercial paper	(G)	1,330	1,914
Total capitalization	(H)	46,542	43,287
Securitization debt	(B)	240	263
Adjusted capitalization (non-GAAP)	(I)=(H-B)	46,302	43,024
Cash and cash equivalents	(E)	1,513	1,295
Adjusted net capitalization (non-GAAP)	(J)=(I-E)	44,789	41,729
Total debt to total capitalization	(A/H)	67 %	66 %
Adjusted debt to adjusted capitalization (non-GAAP)	(D/I)	65 %	66 %
Adjusted net debt to adjusted net capitalization (non-GAAP)	(F/J)	64 %	65 %
Available revolver capacity	(K)	4,345	4,245
Storm escrows	(L)	300	328
Equity sold forward, not yet settled (q)	(M)	3,075	426
Gross liquidity (non-GAAP)	(N)=(E+K)	5,858	5,540
Net liquidity (non-GAAP)	(N-G+L+M)	7,904	4,380
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	-
Total Parent long-term debt	(O)	5,250	4,050
Revolver draw	(P)	-	-
Unamortized debt issuance costs and discounts	(Q)	(44)	(36)
Total Parent debt	(R)=(G+O+P+Q)	6,536	5,928
Adjusted Parent debt (non-GAAP)	(S)=(R-C)	5,936	5,928
Adjusted Parent debt to total adjusted debt (non-GAAP)	(S/D)	20 %	21 %

Calculations may differ due to rounding
(q)	Reflects adjustments, including for common dividends between contracting and settlement.

SOURCE Entergy Corporation