Entergy (ETR) Q4 2025 earnings summary

Executive summary

• 2025 adjusted EPS reached $3.91, in the top half of guidance, with strong sales, cash flow, and customer-focused investments, supported by robust industrial and data center demand.

• Retail sales grew 4% year-over-year, with industrial sales up 7%, and data centers as a primary growth driver.

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

• A $43 billion capital plan through 2029 supports new generation, resilience, and reliability projects, with strong regulatory and legislative support.

• Secured major electric service agreements and recognized for economic development and corporate citizenship.

Financial highlights

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

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

• 2025 capital investment totaled $8 billion, about half in generation.

• Operating cash flow for 2025 was $5.2 billion, with net income attributable to shareholders at $1,758 million.

• Moody’s cash flow from operations to debt exceeded 17%; S&P’s FFO to debt was about 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.

• 2026 capital plan is $11.6 billion, up $3.6 billion from 2025, including the Cottonwood acquisition.

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

• Guidance excludes potential significant income tax items, regulatory settlements, and unusual costs.