NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported first quarter 2026 earnings per share of 83 cents on an as-reported basis and 86 cents on an adjusted (non-GAAP) basis.
“It’s shaping up to be another exciting year,” said Drew Marsh, Entergy Chair and Chief Executive Officer. “We announced another major hyperscale agreement in Louisiana that includes an additional estimated $2 billion of savings for retail customers consistent with our Fair Share Plus pledge. The fundamentals of our company have never been stronger, and we continue to work diligently to deliver real value to our stakeholders.”
Business highlights included the following:
- Entergy updated its four-year capital plan and adjusted EPS outlooks.
- The PUCT approved an update to E-TX’s TCRF rate.
- E-TX submitted a GCRR filing to place OCAPS investment in rates.
- The APSC approved E-AR’s 600 MW Arkansas Cypress Solar with 350 MW of battery storage.
- E-LA submitted an application for approval under the LPSC’s Lightning Initiative for investments proposed in connection with a new 20-year electric service agreement with Evest LLC, a subsidiary of Meta Platforms, Inc.
- E-MS filed its annual formula rate plan.
- E-AR submitted its base rate case and Generating Arkansas Jobs Act rider filings.
- The state of Mississippi passed legislation to enable securitization to finance winter storm Fern restoration costs.
- Entergy marked 25 years of giving through the Environmental Initiative Fund investing nearly $45 million in environmentally beneficial projects and programs since inception.
| Consolidated earnings (GAAP and non-GAAP measures) | |||
| First quarter 2026 vs. 2025 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments) | |||
| First quarter | |||
| 2026 | 2025 | Change | |
| (After-tax, $ in millions) | |||
| As-reported earnings | 385 | 361 | 24 |
| Less adjustments | (14) | – | (14) |
| Adjusted earnings (non-GAAP) | 399 | 361 | 38 |
| Estimated weather impact | (10) | 22 | (32) |
| (After-tax, per share in $) | |||
| As-reported earnings | 0.83 | 0.82 | 0.01 |
| Less adjustments | (0.03) | – | (0.03) |
| Adjusted earnings (non-GAAP) | 0.86 | 0.82 | 0.04 |
| Estimated weather impact | (0.02) | 0.05 | (0.07) |
Calculations may differ due to rounding
Consolidated results
For first quarter 2026, the company reported earnings of $385 million, or 83 cents per share, on an as-reported basis, and earnings of $399 million, or 86 cents per share on an adjusted basis. This compared to first quarter 2025 earnings of $361 million, or 82 cents per share, on an as-reported and 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. Appendix B provides a more detailed analysis of earnings per share variances by business.
Business results
Utility
For first quarter 2026, the Utility business reported earnings attributable to Entergy Corporation of $540 million, or $1.17 per share, on an as-reported and an adjusted basis. This compared to first quarter 2025 earnings of $490 million, or $1.11 per share, on an as-reported and an adjusted basis.
The primary drivers for the quarter’s earnings increase included the net effect of regulatory actions across the operating companies and return on construction work in progress for certain utility plant investments.
These drivers were partially offset by higher interest expense as well as higher depreciation and amortization.
On a per share basis, first quarter 2026 results reflected higher diluted average number of common shares outstanding primarily due to the settlement of equity forwards in 2025 and 2026 as well as the dilutive effect of an increase in the stock price on unsettled equity forwards.
Appendix C contains additional details on Utility operating and financial measures.
Parent & Other
For first quarter 2026, Parent & Other reported a loss attributable to Entergy Corporation of $(155 million), or (34) cents per share, on an as-reported basis, and a loss of $(141 million), or (31) cents per share on an adjusted basis. This compared to a first quarter 2025 loss of $(129 million), or (29) cents per share, on an as-reported and an adjusted basis.
First quarter 2026 results included an $(18 million) ($(14 million) after tax) non-cash impairment charge related to the expected sale of a non-utility business interest in the Independence power plant (considered an adjustment and excluded from adjusted earnings). Higher interest expense was also a driver for the quarter.
On a per share basis, first quarter 2026 results reflected higher diluted average number of common shares outstanding (see details in Utility section).
Earnings per share guidance
Entergy affirmed its 2026 adjusted earnings per share guidance range of $4.25 to $4.45. See the earnings call presentation for additional details.
The company has provided 2026 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 in the “Non-GAAP financial measures” section. 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, certain 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 Wednesday, April 29, 2026, 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 earnings call 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, 2026, by dialing 800-770-2030, conference ID 9024832.
Entergy (NYSE: ETR) generates, transmits and distributes electricity to power life for more than 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We’re focused on keeping costs for our customers as low as possible while providing reliable energy that our communities count on. We’re also investing in growth for the future with a more resilient, cleaner energy system that includes modern natural gas, nuclear and renewable energy generation. As 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 earnings call 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, owners, and analysts; 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 of directors 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 2026 adjusted earnings per share guidance; financial and operational outlooks; industrial load growth outlooks; statements regarding its resilience plans, goals, beliefs, or expectations; and other statements of Entergy’s plans, goals, 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.
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Investor inquiries:
Liz Hunter
504-576-3294
[email protected]
Media inquiries:
Cristina del Canto
504-576-4238
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