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, driven by strong sales, customer growth initiatives, and robust cash flow.

• Major investments in generation, transmission, and resilience projects supported reliability and future growth.

• Secured major electric service agreements with data centers and industrial customers, with regulatory approvals for key projects in Arkansas, Louisiana, and Texas.

• Customer satisfaction remained high, with top quartile Net Promoter Scores and significant rate offsets for residential customers from data center contracts.

• Recognized for economic development and corporate citizenship.

Financial highlights

• Adjusted EPS for 2025 was $3.91, as-reported EPS also $3.91; operating cash flow reached $5.2 billion.

• Retail sales increased 4% (weather-adjusted), with industrial sales up 7%.

• Utility segment 2025 earnings were $2,280 million, with consolidated adjusted net income at $1,758 million.

• $8 billion invested in 2025, with half allocated to generation projects.

• Monetized $550 million in nuclear production tax credits in 2025; plan to monetize $215 million more in 2026.

Outlook and guidance

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

• 2026 capital plan is $11.6 billion, up $3.6 billion from 2025, reflecting increased investment for customer growth.

• 45% of 2026-2029 equity needs already contracted; no need to transact again until well into 2027.

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

• Strong growth expected from customer-centric capital plan and robust data center pipeline.