Entergy (ETR) Q2 2025 earnings summary

Executive summary

• Q2 2025 adjusted EPS was $1.05, up from $0.96 in Q2 2024, with consolidated net income rising to $468M from $49M, driven by strong industrial sales, higher retail electric prices, and favorable weather.

• Four-year capital plan increased by $3B to $40B, supporting major investments in renewables, battery storage, and efficient gas units to meet robust industrial and data center growth.

• Sale of natural gas distribution businesses in Louisiana and New Orleans completed, allowing focus on core electric operations and expected after-tax gains with regulatory sharing.

• Customer service improvements noted, with first quartile Net Promoter Score for residential service and major new industrial growth secured in Arkansas and Texas.

• Settled $800M of equity forwards in Q2 2025, securing equity needs into 2027.

Financial highlights

• Q2 2025 adjusted EPS was $1.05, up from $0.96 in Q2 2024, with net income of $468M and operating revenues of $3.33B, up 13% year-over-year.

• Weather-adjusted retail sales grew 4.5% year-over-year, with industrial sales up nearly 12%.

• Q2 2025 operating cash flow reached $1.26B, up $236M year-over-year.

• Nuclear PTCs recognized at $570M for 2024, with cash benefit assumed in 2025 outlook.

• Utility segment Q2 2025 adjusted earnings: $599M ($1.34/share) vs. $553M ($1.29/share) in Q2 2024.

Outlook and guidance

• 2025 adjusted EPS guidance reaffirmed at $3.75–$3.95, with 2027–2028 outlooks raised and >8% CAGR projected through 2028 from 2024 levels.

• Capital plan increased to $40B for 2025–2028, supporting long-term growth and higher customer demand.

• Equity needs unchanged despite higher capital investment, with two-thirds contracted through 2028.