Entergy (ETR) Q4 2025 earnings summary

Executive summary

• 2025 adjusted EPS reached $3.91, in the top half of guidance, up from $3.65 adjusted and $2.45 as-reported in 2024, with strong sales growth, cash flow, and customer-focused investments.

• Retail sales grew 4% year-over-year, led by a 7% increase in industrial sales, with data centers and traditional industries as key drivers.

• Major economic development wins included new data center and industrial projects, notably Hyundai Steel's $5.8B investment, and recognition for service quality and corporate citizenship.

• Customer satisfaction remained high, with top quartile Net Promoter Scores and significant recognition for service quality.

• Secured a $43B customer-centric capital plan supporting long-term growth and robust industrial load outlook.

Financial highlights

• Adjusted EPS for 2025 was $3.91, up from $3.65 in 2024; as-reported EPS was $3.91, up from $2.45 in 2024.

• Full year 2025 net income attributable to shareholders was $1,758 million, with utility segment earnings at $2,280 million.

• Operating cash flow for 2025 reached $5.2B, with cash and cash equivalents at year-end totaling $1,929 million.

• 2025 capital investment totaled $8B, with half allocated to generation projects.

• Moody’s and S&P credit metrics remain above agency thresholds, with Moody’s cash flow to debt >17% and S&P FFO to debt ~16%.

Outlook and guidance

• 2026 adjusted EPS guidance is $4.25–$4.45, with a projected >8% CAGR in adjusted EPS through 2029.

• Weather-adjusted retail sales growth of ~5% expected in 2026, driven by ~10% industrial growth.

• Four-year capital plan raised to $43B, including the Cottonwood Generating Station acquisition.

• 45% of 2026–2029 equity needs already contracted; no need for new equity transactions until well into 2027.

• Guidance incorporates strong sales growth, regulatory actions, and increased depreciation, taxes, and financing costs.