NEWS RELEASE

FOR IMMEDIATE RELEASE

July 30, 2025

Entergy reports second quarter 2025 financial results

Company affirms guidance, raises 2027–2028 outlooks

NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported second quarter 2025 earnings per share of $1.05 on an as-reported and an adjusted (non-GAAP) basis.

“It was another solid quarter as we work to deliver on our customer’s expectations for service and growth,” said Drew Marsh, Entergy Chair and Chief Executive Officer. “We remain well positioned to capture significant opportunity ahead and drive value for our stakeholders.”

Business highlights included the following:

•Entergy updated its four-year capital plan and 2027–2028 adjusted EPS outlooks.

•On July 1, Entergy New Orleans and Entergy Louisiana completed the sale of their natural gas distribution businesses.

•Entergy Arkansas secured significant new growth for the state.

•Entergy Texas received approval to place $188 million of distribution investments into rates through the DCRF rider.

•Entergy Louisiana reached a stipulated settlement with the LPSC Staff and other parties recommending approval of generation and transmission resources needed to support the addition of a new large customer.

•Entergy Texas filed a proposal for a new Cypress to Legend 500 kV transmission line.

•The LPSC passed a directive to Staff which will expedite securitization, if needed, for a major storm in 2025.

•The MPSC approved Entergy Mississippi’s formula rate plan.

•Entergy New Orleans, Entergy Louisiana, and Entergy Arkansas each filed their annual formula rate plans.

•The state of Texas passed new laws to expedite storm cost securitization, to recover MISO capacity costs through a rider, and to help manage wildfire risk.

•Waterford 3 and Grand Gulf nuclear plants are celebrating 40 years of producing clean, reliable electricity.

•For the tenth consecutive year, Entergy was named to The Civic 50, a Points of Light initiative honoring the 50 most community-minded companies in the U.S.

Table of contents			Page
News release     Table of appendices and financial statements     A: Consolidated results and adjustments     B: Earnings variance analysis     C: Utility operating and financial measures     D: Consolidated financial measures     E: Definitions and abbreviations and acronyms     F: Other GAAP to non-GAAP reconciliations     Financial statements			1 7 8 11 14 15 16 18 20

Page 1

---

Entergy reports second quarter 2025 financial results    

July 30, 2025

Page 2

        

        

Consolidated earnings (GAAP and non-GAAP measures)
Second quarter and year-to-date 2025 vs. 2024 (See Appendix A for reconciliation of GAAP to non-GAAP measures and details on adjustments)
			Second quarter									Year-to-date
			2025			2024			Change			2025			2024			Change
(After-tax, $ in millions)
As-reported earnings			468			49			419			829			124			704
Less adjustments			-			(362)			362			-			(517)			517
Adjusted earnings (non-GAAP)			468			411			57			829			641			187
Estimated weather impact			38			56			(18)			60			30			31
(After-tax, per share in $)
As-reported earnings			1.05			0.11			0.94			1.87			0.29			1.58
Less adjustments			-			(0.85)			0.85			-			(1.21)			1.21
Adjusted earnings (non-GAAP)			1.05			0.96			0.09			1.87			1.50			0.37
Estimated weather impact			0.08			0.13			(0.04)			0.14			0.07			0.07

Calculations may differ due to rounding

Consolidated results

For second quarter 2025, the company reported earnings of $468 million, or $1.05 per share, on an
as-reported and an adjusted basis. This compared to second quarter 2024 earnings of $49 million, or 11 cents per share, on an as-reported basis, and $411 million, or 96 cents per share, on 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. A more detailed analysis of earnings per share variances by business is provided in Appendix B.

Business results

Utility

For second quarter 2025, the Utility business reported earnings attributable to Entergy Corporation of $599 million, or $1.34 per share, on an as-reported and an adjusted basis. This compared to second quarter 2024 earnings of $441 million, or $1.03 per share, on an as-reported basis, and earnings of $553 million, or $1.29 per share, on an adjusted basis.

Drivers for the quarter-over-quarter increase included the net effect of regulatory actions across the operating companies as well as higher retail sales volume and higher other income (deductions).

These increases were partially offset by higher other O&M, depreciation expense, and interest expense as well as higher capacity costs at Entergy Texas from the MISO planning resource auction that are not currently recovered in rates.

Second quarter 2024 results included expenses totaling $(151 million) ($(112 million) after tax) recorded as a result of Entergy Louisiana’s agreement with the LPSC Staff and other parties to extend and modify the formula rate plan; establish the base formula rate plan rate change for the 2023 test year; and provide $184 million of customer rate credits, including increasing customer sharing of income tax benefits resulting from the 2016–2018 IRS audit resolution (a reserve of $38 million had

(more)

---

Entergy reports second quarter 2025 financial results    

July 30, 2025

Page 3

        

        

been previously established) and to resolve several open matters, including all formula rate plans prior to the 2023 test year (considered an adjustment and excluded from adjusted earnings).

On a per share basis, second quarter 2025 results reflected higher diluted average number of common shares outstanding primarily due to the settlement of equity forwards in May 2025 as well as the dilutive effect from unsettled equity forwards as a result of an increase in the stock price.

Appendix C contains additional details on Utility operating and financial measures.

Parent & Other

For second quarter 2025, Parent & Other reported a loss attributable to Entergy Corporation of $(131 million), or (29) cents per share, on an as-reported and an adjusted basis. This compared to a second quarter 2024 loss of $(392 million), or (91) cents per share, on an as-reported basis and $(142 million), or (33) cents per share, on an adjusted basis.

The quarter-over-quarter as-reported change included a second quarter 2024 $(317 million) ($(250 million) after tax) settlement charge recognized as a result of a group annuity contract purchased in May 2024 to settle certain pension liabilities, also referred to as the pension lift out (considered an adjustment and excluded from adjusted earnings).

On a per share basis, second quarter 2025 results reflected higher diluted average number of common shares outstanding (see details in Utility section).

Earnings per share guidance

Entergy affirmed its 2025 adjusted earnings per share guidance range of $3.75 to $3.95. See webcast presentation for additional details.

The company has provided 2025 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 below under “Non-GAAP financial measures.” 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, the exclusion of 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, July 30, 2025, 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 webcast 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 August 6, 2025, by dialing 800-770-2030, conference ID 9024832.

(more)

---

Entergy reports second quarter 2025 financial results    

July 30, 2025

Page 4

        

        

Entergy produces, transmits and distributes electricity to power life for 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We’re investing for growth and improved reliability and resilience of our energy system while working to keep energy rates affordable for our customers. We’re also investing in cleaner energy generation like modern natural gas, nuclear, and renewable energy. 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 webcast 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, stockholders, analysts, and investors; 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.

(more)

---

Entergy reports second quarter 2025 financial results    

July 30, 2025

Page 5

        

        

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 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 2025 earnings guidance; financial and operational outlooks; industrial load growth outlooks; statements regarding its climate transition and resilience plans, goals, beliefs, or expectations; and other statements of Entergy’s plans, 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

(more)

---

Entergy reports second quarter 2025 financial results    

July 30, 2025

Page 6

        

        

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.

-30-

Investor inquiries: Liz Hunter 504-576-3294 ehunte1@entergy.com			Media inquiries: Cristina del Canto 504-576-4238 mdelcan@entergy.com

(more)

---

        

Second quarter 2025 earnings release appendices and financial statements

Appendices

A: Consolidated results and adjustments

B: Earnings variance analysis

C: Utility operating and financial measures

D: Consolidated financial measures

E: Definitions and abbreviations and acronyms

F: Other GAAP to non-GAAP reconciliations

Financial statements

Consolidating balance sheets

Consolidating income statements

Consolidated cash flow statements

Page 7

---

        

A: Consolidated results and adjustments

Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).

Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measures Second quarter and year-to-date 2025 vs. 2024 (See Appendix A-2 and Appendix A-3 for details on adjustments)
			Second quarter									Year-to-date
			2025			2024			Change			2025			2024			Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility			599			441			158			1,089			636			452
Parent & Other			(131)			(392)			261			(260)			(512)			252
Consolidated			468			49			419			829			124			704
Less adjustments
Utility			-			(112)			112			-			(267)			267
Parent & Other			-			(250)			250			-			(250)			250
Consolidated			-			(362)			362			-			(517)			517
Adjusted earnings (loss) (non-GAAP)
Utility			599			553			46			1,089			903			185
Parent & Other			(131)			(142)			11			(260)			(262)			2
Consolidated			468			411			57			829			641			187
Estimated weather impact			38			56			(18)			60			30			31
Diluted average number of common shares outstanding (in millions) (a)			446			429			17			443			428			15
(After-tax, per share in $) (a) (b)
As-reported earnings (loss)
Utility			1.34			1.03			0.31			2.45			1.49			0.97
Parent & Other			(0.29)			(0.91)			(0.62)			(0.59)			(1.20)			0.61
Consolidated			1.05			0.11			0.94			1.87			0.29			1.58
Less adjustments
Utility			-			(0.26)			0.26			-			(0.62)			0.62
Parent & Other			-			(0.58)			0.58			-			(0.58)			0.58
Consolidated			-			(0.85)			0.85			-			(1.21)			1.21
Adjusted earnings (loss) (non-GAAP)
Utility			1.34			1.29			0.05			2.45			2.11			0.35
Parent & Other			(0.29)			(0.33)			(0.04)			(0.59)			(0.61)			0.03
Consolidated			1.05			0.96			0.09 0.			1.87			1.50			0.37
Estimated weather impact			0.08			0.13			(0.04)			0.14			0.07			0.07

Calculations may differ due to rounding

(a)    Entergy executed a two-for-one forward stock split that was effective with trading on Dec. 13, 2024; 2024 diluted average number of common shares outstanding and per-share information has been restated to reflect the post-split share count.

(b)    Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.

See Appendix B for detailed earnings variance analysis.

Page 8

---

        

Appendix A-2 and Appendix A-3 detail adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.

Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS)
Second quarter and year-to-date 2025 vs. 2024
			Second quarter																		Year-to-date
			2025						2024						Change						2025						2024						Change
(Pre-tax except for income tax effect and totals; $ in millions)
Utility
2Q24 E-LA global agreement to resolve its FRP extension filing and other retail matters			-						(151)						151						-						(151)						151
1Q24 E-AR write-off of a regulatory asset related to the opportunity sales proceeding			-						-						-						-						(132)						132
1Q24 E-NO increase in customer sharing of income tax benefits as a result of the 2016–2018 IRS audit resolution			-						-						-						-						(79)						79
Income tax effect on Utility adjustments above			-						39						(39)						-						95						(95)
Total Utility			-						(112)						112						-						(267)						267
Parent & Other
2Q24 pension lift out			-						(317)						317						-						(317)						317
Income tax effect on Parent & Other adjustment above			-						67						(67)						-						67						(67)
Total Parent & Other			-						(250)						250						-						(250)						250
Total adjustments			-						(362)						362						-						(517)						517
(After-tax, per share in $) (c), (d)
Utility
2Q24 E-LA global agreement to resolve its FRP extension filing and other retail matters			-						(0.26)						0.26						-						(0.26)						0.26
1Q24 E-AR write-off of a regulatory asset related to the opportunity sales proceeding			-						-						-						-						(0.23)						0.23
1Q24 E-NO increase in customer sharing of income tax benefits as a result of the 2016–2018 IRS audit resolution			-						-						-						-						(0.13)						0.13
Total Utility			-						(0.26)						0.26						-						(0.62)						0.62
Parent & Other
2Q24 pension lift out			-						(0.58)						0.58						-						(0.58)						0.58
Total Parent & Other			-						(0.58)						0.58						-						(0.58)						0.58
Total adjustments			-						(0.85)						0.85						-						(1.21)						1.21

Calculations may differ due to rounding

(c)    Entergy executed a two-for-one forward stock split that was effective with trading on Dec. 13, 2024; 2024 per-share information has been restated to reflect the post-split share count.

(d)    Per share amounts are calculated by multiplying the corresponding earnings (loss) by the estimated income tax rate that is expected to apply and dividing by the diluted average number of common shares outstanding for the period.

Page 9

---

        

Appendix A-3: Adjustments by income statement line item (shown as positive/ (negative) impact on earnings)
Second quarter and year-to-date 2025 vs. 2024
(Pre-tax except for income taxes and totals; $ in millions)
			Second quarter									Year-to-date
			2025			2024			Change			2025			2024			Change
Utility
Other O&M			-			(1)			1			-			(1)			1
Asset write-offs, impairments, and related charges			-			-			-			-			(132)			132
Other regulatory charges (credits) – net			-			(150)			150			-			(229)			229
Income taxes			-			39			(39)			-			95			(95)
Total Utility			-			(112)			112			-			(267)			267
Parent & Other
Other income (deductions)			-			(317)			317			-			(317)			317
Income taxes			-			67			(67)			-			67			(67)
Total Parent & Other			-			(250)			250			-			(250)			250
Total adjustments			-			(362)			362			-			(517)			517

Calculations may differ due to rounding

Appendix A-4 provides a comparative summary of OCF by business.

Appendix A-4: Consolidated operating cash flow
Second quarter and year-to-date 2025 vs. 2024
($ in millions)
			Second quarter									Year-to-date
			2025			2024			Change			2025			2024			Change
Utility			1,371			1,111			261			1,937			1,626			311
Parent & Other			(110)			(85)			(24)			(139)			(79)			(60)
Consolidated			1,262			1,025			236			1,798			1,546			251

Calculations may differ due to rounding

Second quarter 2025 OCF increased primarily due to higher Utility customer receipts, including higher fuel revenues, and the receipt of advance payments related to customer agreements in 2025. These increases were partially offset by higher fuel and purchased power payments.

Page 10

---

        

B: Earnings variance analysis

Appendix B-1 and Appendix B-2 provide details of current quarter and year-to-date 2025 versus 2024 as-reported and adjusted earnings per share variances.

    

Appendix B-1: As-reported and adjusted earnings per share variance analysis (e), (f), (g), (h)
Second quarter 2025 vs. 2024
(After-tax, per share in $)
			Utility									Parent & Other									Consolidated
			As- reported			Adjusted						As- reported			Adjusted						As- reported			Adjusted
2024 earnings (loss)			1.03			1.29						(0.91)			(0.33)						0.11			0.96
Operating revenue less: fuel, fuel-related exp. and gas purch. for resale; purch. power; and other reg. chgs. (credits) – net			0.47			0.21			(i)			0.02			0.02						0.48			0.23
Nuclear refueling outage expenses			0.02			0.02						-			-						0.02			0.02
Other O&M			(0.05)			(0.05)			(j)			0.01			0.01						(0.04)			(0.04)
Asset write-offs, impairments, and related charges			-			-						-			-						-			-
Decommissioning			-			-						-			-						-			-
Taxes other than income taxes			(0.02)			(0.02)						-			-						(0.03)			(0.03)
Depreciation and amortization			(0.03)			(0.03)			(k)			-			-						(0.03)			(0.03)
Other income (deductions)			0.06			0.06			(l)			0.57			(0.01)			(m)			0.63			0.05
Interest expense			(0.06)			(0.06)			(n)			0.01			0.01						(0.06)			(0.06)
Income taxes – other			(0.01)			(0.01)						0.01			0.01						-			-
Preferred dividend requirements and noncontrolling interests			-			-						-			-						-			-
Share effect			(0.05)			(0.05)						0.01			0.01						(0.04)			(0.04)			(o)
2025 earnings (loss)			1.34			1.34						(0.29)			(0.29)						1.05			1.05

h

Calculations may differ due to rounding

Appendix B-2: As-reported and adjusted earnings per share variance analysis (e), (f), (g), (h)
Year-to-date 2025 vs. 2024
(After-tax, per share in $)
			Utility									Parent & Other									Consolidated
			As- reported			Adjusted						As- reported			Adjusted						As- reported			Adjusted
2024 earnings (loss)			1.49			2.11						(1.20)			(0.61)						0.29			1.50
Operating revenue less: fuel, fuel-related exp. and gas purch. for resale; purch. power; and other reg. chgs. (credits) – net			1.06			0.66			(i)			0.03			0.03			(p)			1.09			0.69
Nuclear refueling outage expenses			0.02			0.02						-			-						0.02			0.02
Other O&M			(0.02)			(0.02)						-			-						(0.01)			(0.02)
Asset write-offs, impairments, and related charges			0.23			-			(q)			-			-						0.23			-
Decommissioning			(0.01)			(0.01)						-			-						(0.01)			(0.01)
Taxes other than income taxes			(0.04)			(0.04)			(r)			-			-						(0.04)			(0.04)
Depreciation and amortization			(0.05)			(0.05)			(k)			-			-						(0.05)			(0.05)
Other income (deductions)			0.01			0.01						0.57			(0.02)			(m)			0.58			-
Interest expense			(0.16)			(0.16)			(n)			(0.01)			(0.01)						(0.17)			(0.17)
Income taxes – other			0.01			0.01						-			-						0.01			0.01
Preferred dividend requirements and noncontrolling interests			-			-						-			-						-			-
Share effect			(0.09)			(0.09)						0.02			0.02						(0.07)			(0.07)			(o)
2025 earnings (loss)			2.45			2.45						(0.59)			(0.59)						1.87			1.87

h

Calculations may differ due to rounding

Page 11

---

        

(e)    Utility operating revenue and Utility income taxes – other variances exclude the following for the return/collection of excess/deficient unprotected ADIT (net effect was neutral to earnings) ($ in millions):

			2Q25			2Q24			YTD25			YTD24
Utility operating revenue			(4)			8			(6)			16
Utility income taxes – other			4			(8)			6			(16)

(f)    Utility regulatory charges (credits) – net and Utility preferred dividend requirements and noncontrolling interests variances exclude the following for the effects of HLBV accounting and the approved deferral (net effect was neutral to earnings)
($ in millions):

			2Q25			2Q24			YTD25			YTD24
Utility regulatory charges (credits) – net			(1)			(2)			(4)			(5)
Utility preferred dividend requirements and noncontrolling interests			1			2			4			5

Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) – net variance analysis 2025 vs. 2024 ($ EPS)
			2Q			YTD
Electric volume / weather			0.03			0.24
Retail electric price			0.19			0.35
2Q24 E-LA global agreement to resolve certain retail matters			0.26			0.26
1Q24 E-NO provision for increased income tax sharing			—			0.13
E-TX MISO capacity costs			(0.04)			(0.04)
Reg. provisions for decommissioning items			0.03			0.16
Other, including Grand Gulf recovery			(0.01)			(0.04)
Total			0.47			1.06

(g)    Entergy executed a two-for-one forward stock split that was effective with trading on Dec. 13, 2024; 2024 per-share information and diluted number of common shares outstanding has been restated to reflect the post-split share count.

(h)    EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period. Income taxes – other represents income tax differences other than the income tax effect of individual line items. Share effect captures the per share impact from the change in diluted average number of common shares outstanding.

(i)    The second quarter and year-to-date earnings increases reflected higher electric volume, including the effects of weather, and the effect of rate actions including: E-AR’s FRP, E-LA’s FRP (including riders), E-LA’s resilience plan cost recovery rider, E-MS’s FRP, various E-MS riders, E-NO’s FRP, and E-TX’s DCRF. The increases also reflected the effects of a second quarter 2024 regulatory charge of $(150 million) ($(111 million) after tax) recorded as a result of E-LA reaching a settlement with the LPSC staff and other parties (considered an adjustment and excluded from adjusted earnings). Changes in regulatory provisions for decommissioning items was also a driver (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral). The increases were partially offset by higher MISO capacity costs at E-TX. The year-to-date increase also reflected a first quarter 2024 $(79 million) ($(57 million) after tax) regulatory provision recorded at E-NO to reflect the company’s agreement to share additional income tax benefits from the 2016–2018 IRS audit resolution with customers (considered an adjustment and excluded from adjusted earnings). The year-to-date variance was partially offset by lower Grand Gulf revenue primarily due to lower other O&M.

(j)    The second quarter earnings decrease from higher Utility other O&M included higher power generation costs primarily due to a higher scope of work performed, including during plant outages, in second quarter 2025 as compared to second quarter 2024; higher power delivery expenses primarily due to vegetation maintenance costs; and an increase in bad debt expense. The decrease was partly offset by contract costs in 2024 related to operational performance, customer service, and organizational health initiatives.

(k)    The second quarter and year-to-date earnings decreases from higher Utility depreciation and amortization were primarily due to higher plant in service and an increase in E-LA’s nuclear depreciation rates effective September 2024. The decreases were partially offset by the recognition of depreciation expense from E-TX’s 2022 base rate case relate back in first and second quarters of 2024.

(l)    The second quarter earnings increase from higher Utility other income (deductions) was primarily due to higher AFUDC–equity due to higher construction work in progress, a true-up of E-LA’s MISO cost recovery mechanism, and an increase in the amortization of tax gross ups on customer advances for construction. The increase was partly offset by changes in

Page 12

---

        

nuclear decommissioning trust returns, including portfolio rebalancing in second quarter 2024 (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral).

(m)    The second quarter and year-to-date as-reported earnings increases from Parent & Other other income (deductions) were primarily due to a second quarter 2024 $(317 million) ($(250 million) after tax) one-time non-cash pension settlement charge associated with the purchase of a group annuity contract to settle certain pension liabilities (considered an adjustment and excluded from adjusted earnings).

(n)    The second quarter and year-to-date earnings decreases from higher Utility interest expense were primarily due to higher interest rates, higher debt balances, and higher carrying costs on customer advances for construction. The decreases were partially offset by higher AFUDC-debt due to higher construction work in progress.

(o)    The second quarter and year-to-date earnings per share impacts from share effect were primarily due to the settlement of equity forwards in May 2025 and the dilutive effect of unsettled equity forwards as a result of an increase in the stock price.

(p)    The year-to-date earnings increase was primarily due to lower fuel and purchased power expenses associated with the conclusion of a purchased power agreement in December 2024.

(q)    The year-to-date as-reported earnings increase from Utility asset write-offs and impairments was due to the first quarter 2024 write off of an E-AR $(132 million) ($(97 million) after tax) regulatory asset related to the opportunity sales proceeding (considered an adjustment and excluded from adjusted earnings).

(r)    The year-to-date earnings decrease from higher Utility taxes other than income taxes was primarily due to increases in ad valorem taxes resulting from higher assessments and increases in local franchise taxes as a result of higher retail revenues in 2025 as compared to 2024.

Page 13

---

        

C: Utility operating and financial measures

Appendix C provides a comparison of Utility operating and financial measures.

Appendix C: Utility operating and financial measures
Second quarter and year-to-date 2025 vs. 2024
			Second quarter												Year-to-date
			2025			2024			% change			% weather adj. (s)			2025			2024			% change			% weather adj. (s)
GWh sold
Residential			8,899			9,557			(6.9)			(4.3)			17,683			17,315			2.1			(0.1)
Commercial			7,265			7,236			0.4			1.8			13,507			13,460			0.3			0.4
Governmental			617			626			(1.4)			(1.2)			1,176			1,198			(1.8)			(1.8)
Industrial			15,620			13,973			11.8			11.8			29,452			26,633			10.6			10.6
Total retail			32,401			31,392			3.2			4.5			61,818			58,606			5.5			4.9
Wholesale			4,133			3,052			35.4						5,767			7,010			(17.7)
Total			36,524			34,444			6.1						67,585			65,616			3.0
Number of electric retail customers
Residential															2,608,472			2,592,846			0.6
Commercial															371,699			370,219			0.4
Governmental															18,008			18,042			(0.2)
Industrial															41,227			42,294			(2.5)
Total															3,039,406			3,023,401			0.5
Other O&M and nuclear refueling outage exp. per MWh			$20.33			$21.03			(3.3)						$21.28			$22.00			(3.2)

Calculations may differ due to rounding

(s)    The effects of weather were estimated using heating degree days and cooling degree days for the period from certain locations within each jurisdiction and comparing to “normal” weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.

For the quarter, weather-adjusted retail sales increased 4.5 percent. The increase was primarily due to an increase in industrial usage, mainly in the primary metals, chlor-alkali, and technology industries. Commercial sales increased 1.8 percent. The increases were partially offset by a residential sales decline of (4.3) percent.

Page 14

---

        

D: Consolidated financial measures

Appendix D provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.

Appendix D: GAAP and non-GAAP financial measures
2025 vs. 2024 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending June 30			2025			2024			Change
GAAP measure
As-reported ROE			11.4%			12.8%			(1.4)%
Non-GAAP measure
Adjusted ROE			11.5%			10.4%			1.1%
As of June 30 ($ in millions, except where noted)			2025			2024			Change
GAAP measures
Cash and cash equivalents			1,176			1,355			(179)
Available revolver capacity			4,345			4,345			-
Commercial paper			459			932			(473)
Total debt			30,522			28,846			1,676
Junior subordinated debentures			1,200			1,200			-
Securitization debt			230			249			(19)
Total debt to total capital			65%			66%			(1)%
Storm escrows			303			333			(30)
Non-GAAP measures ($ in millions, except where noted)
FFO to adjusted debt			15.1%			14.0%			1.1%
Adjusted debt to adjusted capitalization			63%			64%			(1)%
Adjusted net debt to adjusted net capitalization			62%			63%			(1)%
Gross liquidity			5,521			5,700			(179)
Net liquidity			7,631			5,915			1,716
Adjusted Parent debt to total adjusted debt			17%			20%			(3)%

Calculations may differ due to rounding

Page 15

---

        

E: Definitions and abbreviations and acronyms

Appendix E-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.

Appendix E-1: Definitions
Utility operating and financial measures
GWh sold			Total number of GWh sold to retail and wholesale customers
Number of electric retail customers			Average number of electric customers over the period
Other O&M and refueling outage expense per MWh			Other operation and maintenance expense plus nuclear refueling outage expense per MWh of total sales
Financial measures – GAAP
As-reported ROE			Last twelve months net income attributable to Entergy Corp. divided by average common equity
Available revolver capacity			Amount of undrawn capacity remaining on corporate and subsidiary revolvers
Debt to capital			Total debt divided by total capitalization
Securitization debt			Debt on the balance sheet associated with securitization bonds that is secured by certain future customer collections
Total debt			Sum of short-term and long-term debt, notes payable, and commercial paper
Financial measures – non-GAAP
Adjusted capitalization			Capitalization excluding securitization debt
Adjusted debt			Debt excluding securitization debt and 50% of junior subordinated debentures
Adjusted debt to adjusted capitalization			Adjusted debt divided by adjusted capitalization
Adjusted EPS			As-reported earnings minus adjustments, divided by the diluted average number of common shares outstanding
Adjusted net capitalization			Adjusted capitalization minus cash and cash equivalents
Adjusted net debt			Adjusted debt minus cash and cash equivalents
Adjusted net debt to adjusted net capitalization			Adjusted net debt divided by adjusted net capitalization
Adjusted Parent debt			Entergy Corp. debt, including amounts drawn on credit revolver and commercial paper facilities plus unamortized debt issuance costs and discounts minus 50% of junior subordinated debentures
Adjusted Parent debt to total adjusted debt			Adjusted Parent debt divided by consolidated adjusted debt
Adjusted ROE			Last twelve months adjusted earnings divided by average common equity
Adjusted ROE excluding affiliate preferred			Last twelve months adjusted earnings, excluding dividend income from affiliate preferred as well as the after-tax cost of debt financing for preferred investment, divided by average common equity adjusted to exclude the estimated equity associated with the affiliate preferred investment
Adjustments			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
FFO			OCF minus preferred dividend requirements of subsidiaries, working capital items in OCF (receivables, fuel inventory, accounts payable, taxes accrued, interest accrued, deferred fuel costs, and other working capital accounts), 50% of interest on junior subordinated debentures, and securitization regulatory charges
FFO to adjusted debt			Last twelve months FFO divided by end of period adjusted debt
Gross liquidity			Sum of cash and cash equivalents plus available revolver capacity
Net liquidity			Sum of cash and cash equivalents, available revolver capacity, escrow accounts available for certain storm expenses, and equity sold forward but not yet settled minus commercial paper

Page 16

---

        

Appendix E-2 explains abbreviations and acronyms used in the quarterly earnings materials.

Appendix E-2: Abbreviations and acronyms
A&G			Administrative and general expenses			IRS			Internal Revenue Service
ACM			Additional capacity mechanism			LCPS			Lake Charles Power Station
ADIT			Accumulated deferred income taxes			LDC			Local distribution company
AFUDC – debt			Allowance for debt funds used during construction			LPSC			Louisiana Public Service Commission
AFUDC – equity			Allowance for equity funds used during construction			LTM			Last twelve months
AMS			Advanced metering system			MCRM			MISO cost recovery mechanism
APSC			Arkansas Public Service Commission			MISO			Midcontinent Independent System Operator, Inc.
ATM			At the market equity issuance program			Moody’s			Moody’s Ratings
B&E			Business and Executive Session			MPSC			Mississippi Public Service Commission
CAGR			Compound annual growth rate			NDT			Nuclear decommissioning trust
CCCT			Combined cycle combustion turbine			NYSE			New York Stock Exchange
CCN			Certificate for convenience and necessity			O&M			Operation and maintenance
CCNO			Council of the City of New Orleans			OCAPS			Orange County Advanced Power Station (CCCT)
CCS			Carbon capture and sequestration			OCF			Net cash flow provided by operating activities
CFO			Cash from operations			OpCo			Utility operating company
COD			Commercial operation date			Other O&M			Other non-fuel operation and maintenance expense
CT			Combustion turbine			P&O			Parent & Other
DCRF			Distribution cost recovery factor			PMR			Performance Management Rider
DOE			U.S. Department of Energy			PPA			Power purchase agreement or purchased power agreement
DRM			Distribution Recovery Mechanism			PRA			Planning resource auction
E-AR			Entergy Arkansas, LLC			PTC			Production tax credit
E-LA			Entergy Louisiana, LLC			PUCT			Public Utility Commission of Texas
E-MS			Entergy Mississippi, LLC			RECs			Renewable Energy Certificates
E-NO			Entergy New Orleans, LLC			RSHCR			Resilience and storm hardening cost recovery
E-TX			Entergy Texas, Inc.			ROE			Return on equity
EPS			Earnings per share			RPCR			Resilience plan cost recovery rider
ESA			Electric service agreement			S&P			Standard & Poor’s
ETR			Entergy Corporation			SEC			U.S. Securities and Exchange Commission
FFO			Funds from operations			SERI			System Energy Resources, Inc.
FRP			Formula rate plan			SETEX			Southeast Texas
GAAP			U.S. generally accepted accounting principles			TAM			Tax adjustment mechanism
GCRR			Generation Cost Recovery Rider			TCRF			Transmission cost recovery factor
Grand Gulf or GGNS			Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI			TRM			Transmission Recovery Mechanism (rider within E-LA’s FRP)
HLBV			Hypothetical liquidation at book value			WACC			Weighted-average cost of capital

Page 17

---

        

F: Other GAAP to non-GAAP reconciliations

Appendix F-1, Appendix F-2, and Appendix F-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.

Appendix F-1: Reconciliation of GAAP to non-GAAP financial measures – ROE
(LTM $ in millions except where noted)						Second quarter
						2025			2024
As-reported net income attributable to Entergy Corporation			(A)			1,760			1,779
Adjustments			(B)			(5)			333
Adjusted earnings (non-GAAP)			(C)=(A-B)			1,765			1,446
Average common equity (average of beginning and ending balances)			(D)			15,390			13,902
As-reported ROE			(A/D)			11.4%			12.8%
Adjusted ROE (non-GAAP)			(C/D)			11.5%			10.4%

Calculations may differ due to rounding

Appendix F-2: Reconciliation of GAAP to non-GAAP financial measures – FFO to adjusted debt
($ in millions except where noted)						Second quarter
						2025			2024
Total debt			(A)			30,522			28,846
Securitization debt			(B)			230			249
50% junior subordinated debentures			(C)			600			600
Adjusted debt (non-GAAP)			(D)=(A-B-C)			29,692			27,997
Net cash flow provided by operating activities, LTM			(E)			4,740			4,015
Preferred dividend requirements of subsidiaries, LTM			(F)			(18)			(18)
50% of the interest expense associated with junior subordinated debentures, LTM			(G)			(43)			(5)
Working capital items in net cash flow provided by operating activities, LTM:
Receivables						(84)			(151)
Fuel inventory						(1)			17
Accounts payable						208			(17)
Taxes accrued						18			52
Interest accrued						45			36
Deferred fuel costs						(216)			331
Other working capital accounts						346			(182)
Securitization regulatory charges, LTM						17			30
Total			(H)			332			115
FFO, LTM (non-GAAP)			(I)=(E-F-G-H)			4,469			3,923
FFO to adjusted debt (non-GAAP)			(I/D)			15.1%			14.0%

Calculations may differ due to rounding

Page 18

---

        

Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures – adjusted debt ratios; gross liquidity; and net liquidity
($ in millions except where noted)						Second quarter
						2025			2024
Total debt			(A)			30,522			28,846
Securitization debt			(B)			230			249
50% junior subordinated debentures			(C)			600			600
Adjusted debt (non-GAAP)			(D)=(A-B-C)			29,692			27,997
Cash and cash equivalents			(E)			1,176			1,355
Adjusted net debt (non-GAAP)			(F)=(D-E)			28,516			26,642
Commercial paper			(G)			459			932
Total capitalization			(H)			47,050			43,747
Securitization debt			(B)			230			249
Adjusted capitalization (non-GAAP)			(I)=(H-B)			46,820			43,498
Cash and cash equivalents			(E)			1,176			1,355
Adjusted net capitalization (non-GAAP)			(J)=(I-E)			45,644			42,143
Total debt to total capitalization			(A/H)			65%			66%
Adjusted debt to adjusted capitalization (non-GAAP)			(D/I)			63%			64%
Adjusted net debt to adjusted net capitalization (non-GAAP)			(F/J)			62%			63%
Available revolver capacity			(K)			4,345			4,345
Storm escrows			(L)			303			333
Equity sold forward, not yet settled (t)			(M)			2,266			815
Gross liquidity (non-GAAP)			(N)=(E+K)			5,521			5,700
Net liquidity (non-GAAP)			(N-G+L+M)			7,631			5,915
Entergy Corporation notes:
Due September 2025						800			800
Due September 2026						750			750
Due June 2028						650			650
Due June 2030						600			600
Due June 2031						650			650
Due June 2050						600			600
Junior subordinated debentures due December 2054						1,200			1,200
Total Parent long-term debt			(O)			5,250			5,250
Revolver drawn			(P)			-			-
Unamortized debt issuance costs and discounts			(Q)			(42)			(48)
Total Parent debt			(R)=(G+O+P+Q)			5,667			6,134
Adjusted Parent debt (non-GAAP)			(S)=(R-C)			5,067			5,534
Adjusted Parent debt to total adjusted debt (non-GAAP)			(S/D)			17%			20%

Calculations may differ due to rounding

(t)    Reflects adjustments, including for common dividends between contracting and settlement.

Page 19

---

        

Financial Statements

Entergy Corporation
Consolidating Balance Sheet
June 30, 2025
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash						$	114,331					$	49,693					$	164,024
Temporary cash investments						938,096						73,511						1,011,607
Total cash and cash equivalents						1,052,427						123,204						1,175,631
Accounts receivable:
Customer						839,379						—						839,379
Allowance for doubtful accounts						(23,010)						—						(23,010)
Associated companies						3,699						(3,699)						—
Other						248,730						4,728						253,458
Accrued unbilled revenues						595,617						—						595,617
Total accounts receivable						1,664,415						1,029						1,665,444
Deferred fuel costs						99,774						—						99,774
Fuel inventory - at average cost						163,164						7,761						170,925
Materials and supplies						1,623,125						4,593						1,627,718
Deferred nuclear refueling outage costs						103,072						—						103,072
Current assets held for sale						19,602						—						19,602
Prepayments and other						484,383						(157,099)						327,284
TOTAL						5,209,962						(20,512)						5,189,450
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates						4,146,193						(4,146,193)						—
Decommissioning trust funds						5,833,432						—						5,833,432
Non-utility property - at cost (less accumulated depreciation)						462,044						6,591						468,635
Storm reserve escrow accounts						303,479						—						303,479
Other						46,102						38,309						84,411
TOTAL						10,791,250						(4,101,293)						6,689,957
PROPERTY, PLANT, AND EQUIPMENT
Electric						72,129,984						202,666						72,332,650
Natural gas						78,182						—						78,182
Construction work in progress						5,013,725						1,210						5,014,935
Nuclear fuel						727,407						—						727,407
TOTAL PROPERTY, PLANT, AND EQUIPMENT						77,949,298						203,876						78,153,174
Less - accumulated depreciation and amortization						27,997,656						149,914						28,147,570
PROPERTY, PLANT, AND EQUIPMENT - NET						49,951,642						53,962						50,005,604
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						5,082,842						—						5,082,842
Deferred fuel costs						172,201						—						172,201
Goodwill						367,582						—						367,582
Accumulated deferred income taxes						20,288						4,489						24,777
Non-current assets held for sale						472,528						—						472,528
Other						442,929						(64,730)						378,199
TOTAL						6,558,370						(60,241)						6,498,129
TOTAL ASSETS						$	72,511,224					$	(4,128,084)					$	68,383,140
*Totals may not foot due to rounding.

Page 20

---

        

Entergy Corporation
Consolidating Balance Sheet
June 30, 2025
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt						$	1,015,112					$	800,000					$	1,815,112
Notes payable and commercial paper:
Other						16,379						459,226						475,605
Accounts payable:
Associated companies						32,233						(32,233)						—
Other						2,129,203						4,594						2,133,797
Customer deposits						477,258						—						477,258
Taxes accrued						447,148						21,188						468,336
Interest accrued						262,812						19,609						282,421
Deferred fuel costs						73,937						—						73,937
Pension and other postretirement liabilities						49,211						12,246						61,457
Customer advances						455,454						—						455,454
Other						264,910						4,586						269,496
TOTAL						5,223,657						1,289,216						6,512,873
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						6,620,454						(1,886,874)						4,733,580
Accumulated deferred investment tax credits						189,849						—						189,849
Regulatory liability for income taxes - net						1,140,587						—						1,140,587
Other regulatory liabilities						3,659,163						—						3,659,163
Decommissioning and asset retirement cost liabilities						4,821,669						3,695						4,825,364
Accumulated provisions						467,374						245						467,619
Pension and other postretirement liabilities						164,599						15,463						180,062
Long-term debt						23,706,801						4,407,925						28,114,726
Customer advances for construction						1,121,559						—						1,121,559
Other						1,308,147						(398,739)						909,408
TOTAL						43,200,202						2,141,715						45,341,917
Subsidiaries' preferred stock without sinking fund						195,161						24,249						219,410
EQUITY
Preferred stock, no par value, authorized 1,000,000 shares;
issued shares in 2025 - none						—						—						—
Common stock, $.01 par value, authorized 998,000,000 shares;
issued 577,511,170 shares in 2025						2,280,842						(2,275,067)						5,775
Paid-in capital						5,197,289						3,415,424						8,612,713
Retained earnings						16,369,283						(4,042,994)						12,326,289
Accumulated other comprehensive income						65,100						(30,662)						34,438
Less - treasury stock, at cost (131,102,101 shares in 2025)						120,000						4,646,215						4,766,215
TOTAL SHAREHOLDERS' EQUITY						23,792,514						(7,579,514)						16,213,000
Subsidiaries' preferred stock without sinking fund
and noncontrolling interests						99,690						(3,750)						95,940
TOTAL						23,892,204						(7,583,264)						16,308,940
TOTAL LIABILITIES AND EQUITY						$	72,511,224					$	(4,128,084)					$	68,383,140
*Totals may not foot due to rounding.

Page 21

---

        

Entergy Corporation
Consolidating Balance Sheet
December 31, 2024
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash						$	42,653					$	5,771					$	48,424
Temporary cash investments						770,664						40,615						811,279
Total cash and cash equivalents						813,317						46,386						859,703
Accounts receivable:
Customer						681,504						—						681,504
Allowance for doubtful accounts						(17,919)						—						(17,919)
Associated companies						5,576						(5,576)						—
Other						194,086						10,782						204,868
Accrued unbilled revenues						521,946						—						521,946
Total accounts receivable						1,385,193						5,206						1,390,399
Fuel inventory - at average cost						160,705						5,703						166,408
Materials and supplies						1,626,523						4,533						1,631,056
Deferred nuclear refueling outage costs						99,885						—						99,885
Current assets held for sale						15,574						—						15,574
Prepayments and other						242,201						(8,989)						233,212
TOTAL						4,343,398						52,839						4,396,237
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates						4,264,998						(4,264,998)						—
Decommissioning trust funds						5,562,575						—						5,562,575
Non-utility property - at cost (less accumulated depreciation)						417,392						6,372						423,764
Storm reserve escrow account						340,460						—						340,460
Other						45,733						36,611						82,344
TOTAL						10,631,158						(4,222,015)						6,409,143
PROPERTY, PLANT, AND EQUIPMENT
Electric						70,615,799						202,868						70,818,667
Natural gas						77,054						—						77,054
Construction work in progress						3,205,276						1,032						3,206,308
Nuclear fuel						765,661						—						765,661
TOTAL PROPERTY, PLANT, AND EQUIPMENT						74,663,790						203,900						74,867,690
Less - accumulated depreciation and amortization						27,297,517						147,223						27,444,740
PROPERTY, PLANT, AND EQUIPMENT - NET						47,366,273						56,677						47,422,950
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						5,255,509						—						5,255,509
Deferred fuel costs						172,201						—						172,201
Goodwill						367,625						—						367,625
Accumulated deferred income taxes						15,064						3,922						18,986
Non-current assets held for sale						462,797						—						462,797
Other						337,539						(52,955)						284,584
TOTAL						6,610,735						(49,033)						6,561,702
TOTAL ASSETS						$	68,951,564					$	(4,161,532)					$	64,790,032
*Totals may not foot due to rounding.

Page 22

---

        

Entergy Corporation
Consolidating Balance Sheet
December 31, 2024
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt						$	578,090					$	800,000					$	1,378,090
Notes payable and commercial paper:
Other						—						927,291						927,291
Accounts payable:
Associated companies						38,557						(38,557)						—
Other						1,922,922						6,240						1,929,162
Customer deposits						462,436						—						462,436
Taxes accrued						456,596						497						457,093
Interest accrued						239,945						19,609						259,554
Deferred fuel costs						237,146						—						237,146
Pension and other postretirement liabilities						52,260						12,594						64,854
Customer advances						151,662						—						151,662
Other						227,004						16,745						243,749
TOTAL						4,366,618						1,744,419						6,111,037
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						6,279,159						(1,811,411)						4,467,748
Accumulated deferred investment tax credits						194,146						—						194,146
Regulatory liability for income taxes - net						1,168,078						—						1,168,078
Other regulatory liabilities						3,609,463						—						3,609,463
Decommissioning and asset retirement cost liabilities						4,709,888						3,538						4,713,426
Accumulated provisions						505,807						256						506,063
Pension and other postretirement liabilities						210,924						43,780						254,704
Long-term debt						22,208,572						4,404,933						26,613,505
Customer advances for construction						634,587						—						634,587
Other						1,528,000						(415,119)						1,112,881
TOTAL						41,048,624						2,225,977						43,274,601
Subsidiaries' preferred stock without sinking fund						195,161						24,249						219,410
EQUITY
Preferred stock, no par value, authorized 1,000,000 shares;
issued shares in 2024 - none						—						—						—
Common stock, $.01 par value, authorized 998,000,000 shares;
issued 561,950,696 shares in 2024						2,330,842						(2,325,222)						5,620
Paid-in capital						5,197,289						2,636,236						7,833,525
Retained earnings						15,758,019						(3,743,704)						12,014,315
Accumulated other comprehensive income						70,185						(27,416)						42,769
Less - treasury stock, at cost (132,370,280 shares in 2024)						120,000						4,692,321						4,812,321
TOTAL SHAREHOLDERS' EQUITY						23,236,335						(8,152,427)						15,083,908
Subsidiaries' preferred stock without sinking fund
and noncontrolling interests						104,826						(3,750)						101,076
TOTAL						23,341,161						(8,156,177)						15,184,984
TOTAL LIABILITIES AND EQUITY						$	68,951,564					$	(4,161,532)					$	64,790,032
*Totals may not foot due to rounding.

Page 23

---

        

Entergy Corporation
Consolidating Income Statement
Three Months Ended June 30, 2025
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
OPERATING REVENUES
Electric						$	3,274,945					$	—					$	3,274,945
Natural gas						40,778						—						40,778
Other						—						13,126						13,126
Total						3,315,723						13,126						3,328,849
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						631,773						4,501						636,274
Purchased power						372,842						3,263						376,105
Nuclear refueling outage expenses						29,613						—						29,613
Other operation and maintenance						713,296						11,167						724,463
Decommissioning						56,490						79						56,569
Taxes other than income taxes						200,784						990						201,774
Depreciation and amortization						520,896						1,687						522,583
Other regulatory charges (credits) - net						(55,957)						—						(55,957)
Total						2,469,737						21,687						2,491,424
OPERATING INCOME						845,986						(8,561)						837,425
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						51,305						—						51,305
Interest and investment income						160,248						(72,829)						87,419
Miscellaneous - net						(41,497)						(2,225)						(43,722)
Total						170,056						(75,054)						95,002
INTEREST EXPENSE
Interest expense						282,026						61,041						343,067
Allowance for borrowed funds used during construction						(20,993)						—						(20,993)
Total						261,033						61,041						322,074
INCOME BEFORE INCOME TAXES						755,009						(144,656)						610,353
Income taxes						152,836						(14,437)						138,399
CONSOLIDATED NET INCOME						602,173						(130,219)						471,954
Preferred dividend requirements of subsidiaries and noncontrolling interests						3,525						499						4,024
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	598,648					$	(130,718)					$	467,930
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$1.36						($0.30)						$1.07
DILUTED						$1.34						($0.29)						$1.05
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																		439,182,369
DILUTED																		445,700,889
*Totals may not foot due to rounding.

Page 24

---

        

Entergy Corporation
Consolidating Income Statement
Three Months Ended June 30, 2024
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
OPERATING REVENUES
Electric						$	2,906,047					$	—					$	2,906,047
Natural gas						35,357						—						35,357
Other						—						12,216						12,216
Total						2,941,404						12,216						2,953,620
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						514,223						8,327						522,550
Purchased power						193,010						7,695						200,705
Nuclear refueling outage expenses						38,277						—						38,277
Other operation and maintenance						685,990						15,785						701,775
Decommissioning						54,180						13						54,193
Taxes other than income taxes						186,713						807						187,520
Depreciation and amortization						503,782						1,581						505,363
Other regulatory charges (credits) - net						125,607						—						125,607
Total						2,301,782						34,208						2,335,990
OPERATING INCOME						639,622						(21,992)						617,630
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						29,275						—						29,275
Interest and investment income						141,249						(70,662)						70,587
Miscellaneous - net						(28,299)						(314,250)						(342,549)
Total						142,225						(384,912)						(242,687)
INTEREST EXPENSE
Interest expense						237,197						64,066						301,263
Allowance for borrowed funds used during construction						(11,686)						—						(11,686)
Total						225,511						64,066						289,577
INCOME BEFORE INCOME TAXES						556,336						(470,970)						85,366
Income taxes						113,017						(79,383)						33,634
CONSOLIDATED NET INCOME						443,319						(391,587)						51,732
Preferred dividend requirements of subsidiaries and noncontrolling interests						2,311						499						2,810
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	441,008					$	(392,086)					$	48,922
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$1.03						($0.92)						$0.11
DILUTED						$1.03						($0.91)						$0.11
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																		427,234,219
DILUTED																		428,753,441
*Totals may not foot due to rounding.
** Entergy executed a two-for-one forward stock split that was effective with trading on December 13, 2024; Period presented has been retroactively adjusted to reflect the two-for-one stock split.

Page 25

---

        

Entergy Corporation
Consolidating Income Statement
Six Months Ended June 30, 2025
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
OPERATING REVENUES
Electric						$	6,032,811					$	—					$	6,032,811
Natural gas						112,509						—						112,509
Other						—						30,403						30,403
Total						6,145,320						30,403						6,175,723
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						970,756						10,040						980,796
Purchased power						714,926						6,925						721,851
Nuclear refueling outage expenses						62,654						—						62,654
Other operation and maintenance						1,375,770						21,360						1,397,130
Decommissioning						112,342						156						112,498
Taxes other than income taxes						398,929						1,610						400,539
Depreciation and amortization						1,032,231						3,295						1,035,526
Other regulatory charges (credits) - net						(72,800)						—						(72,800)
Total						4,594,808						43,386						4,638,194
OPERATING INCOME						1,550,512						(12,983)						1,537,529
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						95,323						—						95,323
Interest and investment income						267,423						(146,598)						120,825
Miscellaneous - net						(24,770)						(4,226)						(28,996)
Total						337,976						(150,824)						187,152
INTEREST EXPENSE
Interest expense						567,750						123,701						691,451
Allowance for borrowed funds used during construction						(39,586)						—						(39,586)
Total						528,164						123,701						651,865
INCOME BEFORE INCOME TAXES						1,360,324						(287,508)						1,072,816
Income taxes						267,109						(28,669)						238,440
CONSOLIDATED NET INCOME						1,093,215						(258,839)						834,376
Preferred dividend requirements of subsidiaries and noncontrolling interests						4,688						998						5,686
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	1,088,527					$	(259,837)					$	828,690
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$2.50						($0.60)						$1.91
DILUTED						$2.45						($0.59)						$1.87
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																		434,789,473
DILUTED																		443,446,875
*Totals may not foot due to rounding.

Page 26

---

        

Entergy Corporation
Consolidating Income Statement
Six Months Ended June 30, 2024
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
OPERATING REVENUES
Electric						$	5,612,553					$	—					$	5,612,553
Natural gas						101,024						—						101,024
Other						—						34,671						34,671
Total						5,713,577						34,671						5,748,248
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						1,118,627						20,539						1,139,166
Purchased power						412,204						16,643						428,847
Nuclear refueling outage expenses						76,540						—						76,540
Other operation and maintenance						1,366,705						22,101						1,388,806
Asset write-offs, impairments and related charges						131,775						—						131,775
Decommissioning						107,549						25						107,574
Taxes other than income taxes						378,495						1,454						379,949
Depreciation and amortization						1,001,903						3,121						1,005,024
Other regulatory charges (credits) - net						234,954						—						234,954
Total						4,828,752						63,883						4,892,635
OPERATING INCOME						884,825						(29,212)						855,613
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						56,070						—						56,070
Interest and investment income						366,499						(145,216)						221,283
Miscellaneous - net						(82,871)						(310,423)						(393,294)
Total						339,698						(455,639)						(115,941)
INTEREST EXPENSE
Interest expense						459,888						119,118						579,006
Allowance for borrowed funds used during construction						(22,229)						—						(22,229)
Total						437,659						119,118						556,777
INCOME BEFORE INCOME TAXES						786,864						(603,969)						182,895
Income taxes						147,565						(92,938)						54,627
CONSOLIDATED NET INCOME						639,299						(511,031)						128,268
Preferred dividend requirements of subsidiaries and noncontrolling interests						3,067						998						4,065
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	636,232					$	(512,029)					$	124,203
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$1.49						($1.20)						$0.29
DILUTED						$1.49						($1.20)						$0.29
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																		426,760,829
DILUTED																		428,311,535
*Totals may not foot due to rounding.
**Period presented has also been retrospectively adjusted to reflect the two-for-one stock split.

Page 27

---

        

Entergy Corporation
Consolidating Income Statement
Twelve Months Ended June 30, 2025
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
OPERATING REVENUES
Electric						$	12,047,990					$	—					$	12,047,990
Natural gas						189,555						—						189,555
Other						—						69,583						69,583
Total						12,237,545						69,583						12,307,128
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						2,066,600						31,904						2,098,504
Purchased power						1,109,368						22,872						1,132,240
Nuclear refueling outage expenses						133,133						—						133,133
Other operation and maintenance						2,860,230						46,331						2,906,561
Asset write-offs, impairments and related charges (credits)						—						(24,641)						(24,641)
Decommissioning						224,729						275						225,004
Taxes other than income taxes						770,838						2,700						773,538
Depreciation and amortization						2,037,073						6,597						2,043,670
Other regulatory charges (credits) - net						(313,887)						—						(313,887)
Total						8,888,084						86,038						8,974,122
OPERATING INCOME						3,349,461						(16,455)						3,333,006
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						172,299						—						172,299
Interest and investment income						493,181						(294,774)						198,407
Miscellaneous - net						(105,355)						(20,317)						(125,672)
Total						560,125						(315,091)						245,034
INTEREST EXPENSE
Interest expense						1,060,285						255,748						1,316,033
Allowance for borrowed funds used during construction						(70,125)						—						(70,125)
Total						990,160						255,748						1,245,908
INCOME BEFORE INCOME TAXES						2,919,426						(587,294)						2,332,132
Income taxes						635,209						(70,369)						564,840
CONSOLIDATED NET INCOME						2,284,217						(516,925)						1,767,292
Preferred dividend requirements of subsidiaries and noncontrolling interests						5,218						1,997						7,215
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	2,278,999					$	(518,922)					$	1,760,077
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$5.28						($1.20)						$4.08
DILUTED						$5.19						($1.18)						$4.01
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																		431,697,791
DILUTED																		439,029,562
*Totals may not foot/cross foot due to rounding.

Page 28

---

        

Entergy Corporation
Consolidating Income Statement
Twelve Months Ended June 30, 2024
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
OPERATING REVENUES
Electric						$	11,786,355					$	—					$	11,786,355
Natural gas						183,429						—						183,429
Other						—						98,791						98,791
Total						11,969,784						98,791						12,068,575
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						2,411,471						47,175						2,458,646
Purchased power						906,212						45,848						952,060
Nuclear refueling outage expenses						154,668						—						154,668
Other operation and maintenance						2,940,820						54,779						2,995,599
Asset write-offs, impairments and related charges (credits)						211,737						(37,283)						174,454
Decommissioning						212,554						49						212,603
Taxes other than income taxes						763,806						2,702						766,508
Depreciation and amortization						1,920,775						6,397						1,927,172
Other regulatory charges (credits) - net						171,313						—						171,313
Total						9,693,356						119,667						9,813,023
OPERATING INCOME						2,276,428						(20,876)						2,255,552
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						106,549						—						106,549
Interest and investment income						586,741						(296,419)						290,322
Miscellaneous - net						(190,291)						(301,018)						(491,309)
Total						502,999						(597,437)						(94,438)
INTEREST EXPENSE
Interest expense						889,448						219,044						1,108,492
Allowance for borrowed funds used during construction						(41,915)						—						(41,915)
Total						847,533						219,044						1,066,577
INCOME BEFORE INCOME TAXES						1,931,894						(837,357)						1,094,537
Income taxes						(305,645)						(386,084)						(691,729)
CONSOLIDATED NET INCOME						2,237,539						(451,273)						1,786,266
Preferred dividend requirements of subsidiaries and noncontrolling interests						5,709						1,996						7,705
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	2,231,830					$	(453,269)					$	1,778,561
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$5.25						($1.07)						$4.18
DILUTED						$5.23						($1.06)						$4.17
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																		425,108,299
DILUTED																		426,746,317
*Totals may not foot/cross foot due to rounding.
** Entergy executed a two-for-one forward stock split that was effective with trading on December 13, 2024; All periods presented have been retroactively adjusted to reflect the two-for-one stock split.

Page 29

---

        

Entergy Corporation
Consolidated Cash Flow Statement
Three Months Ended June 30, 2025 vs. 2024
(Dollars in thousands)
(Unaudited)
						2025						2024						Variance
OPERATING ACTIVITIES
Consolidated net income						$	471,954					$	51,732					$	420,222
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						632,638						606,080						26,558
Deferred income taxes, investment tax credits, and non-current taxes accrued						136,301						36,654						99,647
Pension settlement charge						—						316,738						(316,738)
Changes in working capital:
Receivables						(326,522)						(295,475)						(31,047)
Fuel inventory						(8,113)						12,937						(21,050)
Accounts payable						136,058						137,864						(1,806)
Taxes accrued						106,819						80,631						26,188
Interest accrued						11,272						(6,055)						17,327
Deferred fuel costs						14,031						42,268						(28,237)
Other working capital accounts						133,667						(46,962)						180,629
Changes in provisions for estimated losses						(4,205)						(4,653)						448
Changes in other regulatory assets						19,705						23,624						(3,919)
Changes in other regulatory liabilities						221,843						174,807						47,036
Changes in pension and other postretirement funded status						(46,134)						(55,196)						9,062
Other						(237,712)						(49,630)						(188,082)
Net cash flow provided by operating activities						1,261,602						1,025,364						236,238
INVESTING ACTIVITIES
Construction/capital expenditures						(2,008,157)						(1,163,127)						(845,030)
Allowance for equity funds used during construction						39,143						29,275						9,868
Nuclear fuel purchases						(40,567)						(28,168)						(12,399)
Payment for purchase of plant						(326)						—						(326)
Changes in securitization account						8,747						12,910						(4,163)
Payments to storm reserve escrow accounts						(2,360)						(4,326)						1,966
Increase in other investments						(2,131)						(8,127)						5,996
Proceeds from nuclear decommissioning trust fund sales						348,265						711,745						(363,480)
Investment in nuclear decommissioning trust funds						(373,065)						(728,802)						355,737
Net cash flow used in investing activities						(2,030,451)						(1,178,620)						(851,831)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						1,070,099						2,861,928						(1,791,829)
Treasury stock						1,879						39,223						(37,344)
Common stock						804,631						—						804,631
Retirement of long-term debt						(746,974)						(1,544,163)						797,189
Changes in commercial paper - net						(854,380)						(981,153)						126,773
Customer advances received for construction						520,995						136,070						384,925
Customer advances used for construction						(95,938)						(47,290)						(48,648)
Other						(6,196)						(5,179)						(1,017)
Dividends paid:
Common stock						(258,467)						(241,296)						(17,171)
Preferred stock						(4,579)						(4,579)						—
Net cash flow provided by financing activities						431,070						213,561						217,509
Net increase (decrease) in cash and cash equivalents						(337,779)						60,305						(398,084)
Cash and cash equivalents at beginning of period						1,513,410						1,294,859						218,551
Cash and cash equivalents at end of period						$	1,175,631					$	1,355,164					$	(179,533)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$	321,381					$	294,811					$	26,570
Income taxes						$	3,739					$	8,138					$	(4,399)
Noncash investing activities:
Accrued construction expenditures						$	(80,140)					$	28,417					$	(108,557)

Page 30

---

        

Entergy Corporation
Consolidated Cash Flow Statement
Six Months Ended June 30, 2025 vs. 2024
(Dollars in thousands)
(Unaudited)
						2025						2024						Variance
OPERATING ACTIVITIES
Consolidated net income						$	834,376					$	128,268					$	706,108
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						1,255,204						1,206,492						48,712
Deferred income taxes, investment tax credits, and non-current taxes accrued						231,274						15,998						215,276
Asset write-offs, impairments and related charges (credits)						—						131,775						(131,775)
Pension settlement charge						—						316,738						(316,738)
Changes in working capital:
Receivables						(275,045)						(187,554)						(87,491)
Fuel inventory						(4,852)						18,324						(23,176)
Accounts payable						(53,439)						(149,554)						96,115
Taxes accrued						11,230						16,546						(5,316)
Interest accrued						22,867						23,560						(693)
Deferred fuel costs						(263,205)						134,953						(398,158)
Other working capital accounts						244,972						(120,277)						365,249
Changes in provisions for estimated losses						(38,444)						4,630						(43,074)
Changes in other regulatory assets						174,523						260,722						(86,199)
Changes in other regulatory liabilities						20,040						380,394						(360,354)
Changes in pension and other postretirement funded status						(104,968)						(131,539)						26,571
Other						(256,743)						(503,020)						246,277
Net cash flow provided by operating activities						1,797,790						1,546,456						251,334
INVESTING ACTIVITIES
Construction/capital expenditures						(3,668,326)						(2,124,279)						(1,544,047)
Allowance for equity funds used during construction						83,161						56,070						27,091
Nuclear fuel purchases						(129,124)						(161,483)						32,359
Payment for purchase of plant and assets						(1,608)						(172,614)						171,006
Changes in securitization account						3,309						3,976						(667)
Payments to storm reserve escrow accounts						(6,808)						(9,595)						2,787
Receipts from storm reserve escrow accounts						43,789						—						43,789
Increase in other investments						(1,659)						(9,689)						8,030
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						3,546						—						3,546
Proceeds from nuclear decommissioning trust fund sales						713,102						1,201,162						(488,060)
Investment in nuclear decommissioning trust funds						(780,211)						(1,250,039)						469,828
Net cash flow used in investing activities						(3,740,829)						(2,466,491)						(1,274,338)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						3,517,949						5,068,266						(1,550,317)
Treasury stock						24,539						45,982						(21,443)
Common stock						804,631						—						804,631
Retirement of long-term debt						(1,599,728)						(2,379,903)						780,175
Changes in commercial paper - net						(451,686)						(205,820)						(245,866)
Customer advances received for construction						732,454						192,426						540,028
Customer advances used for construction						(245,481)						(76,768)						(168,713)
Other						2,164						(10,118)						12,282
Dividends paid:
Common stock						(516,716)						(482,255)						(34,461)
Preferred stock						(9,159)						(9,159)						—
Net cash flow provided by financing activities						2,258,967						2,142,651						116,316
Net increase in cash and cash equivalents						315,928						1,222,616						(906,688)
Cash and cash equivalents at beginning of period						859,703						132,548						727,155
Cash and cash equivalents at end of period						$	1,175,631					$	1,355,164					$	(179,533)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$	647,900					$	532,742					$	115,158
Income taxes						$	2,487					$	7,822					$	(5,335)
Noncash investing activities:
Accrued construction expenditures						$	576,992					$	537,463					$	39,529

Page 31

---

        

Entergy Corporation
Consolidated Cash Flow Statement
Twelve Months Ended June 30, 2025 vs. 2024
(Dollars in thousands)
(Unaudited)
						2025						2024						Variance
OPERATING ACTIVITIES
Consolidated net income						$	1,767,292					$	1,786,266					$	(18,974)
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						2,492,274						2,334,128						158,146
Deferred income taxes, investment tax credits, and non-current taxes accrued						535,981						(735,326)						1,271,307
Asset write-offs, impairments and related charges (credits)						(24,641)						174,454						(199,095)
Pension settlement charge						2,937						316,738						(313,801)
Changes in working capital:
Receivables						(84,435)						(151,012)						66,577
Fuel inventory						(1,278)						16,651						(17,929)
Accounts payable						207,954						(16,782)						224,736
Taxes accrued						17,577						51,748						(34,171)
Interest accrued						44,664						35,686						8,978
Deferred fuel costs						(215,580)						330,704						(546,284)
Other working capital accounts						346,072						(181,577)						527,649
Changes in provisions for estimated losses						419						(47,437)						47,856
Changes in other regulatory assets						292,315						305,411						(13,096)
Changes in other regulatory liabilities						300,205						536,141						(235,936)
Changes in pension and other postretirement funded status						(443,150)						(613,639)						170,489
Other						(498,762)						(127,341)						(371,421)
Net cash flow provided by operating activities						4,739,844						4,014,813						725,031
INVESTING ACTIVITIES
Construction/capital expenditures						(6,382,386)						(4,253,466)						(2,128,920)
Allowance for equity funds used during construction						160,137						106,549						53,588
Nuclear fuel purchases						(277,078)						(297,758)						20,680
Payment for purchase of plant						(650,928)						(177,276)						(473,652)
Insurance proceeds received for property damages						7,907						13,309						(5,402)
Changes in securitization account						2,641						1,666						975
Payments to storm reserve escrow accounts						(15,203)						(20,295)						5,092
Receipts from storm reserve escrow accounts						44,525						98,529						(54,004)
Decrease (increase) in other investments						8,242						(26,684)						34,926
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						85,958						5,722						80,236
Proceeds from nuclear decommissioning trust fund sales						2,317,085						1,847,981						469,104
Investment in nuclear decommissioning trust funds						(2,424,248)						(1,948,316)						(475,932)
Net cash flow used in investing activities						(7,123,348)						(4,650,039)						(2,473,309)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						6,348,651						6,851,677						(503,026)
Treasury stock						115,351						51,727						63,624
Common stock						804,631						130,649						673,982
Retirement of long-term debt						(4,273,919)						(5,241,883)						967,964
Changes in commercial paper - net						(456,746)						(176,035)						(280,711)
Customer advances received for construction						1,087,528						350,665						736,863
Customer advances used for construction						(373,704)						(144,120)						(229,584)
Other						(13,382)						(60,307)						46,925
Dividends paid:
Common stock						(1,016,120)						(948,006)						(68,114)
Preferred stock						(18,319)						(18,319)						—
Net cash flow provided by financing activities						2,203,971						796,048						1,407,923
Net increase (decrease) in cash and cash equivalents						(179,533)						160,822						(340,355)
Cash and cash equivalents at beginning of period						1,355,164						1,194,342						160,822
Cash and cash equivalents at end of period						$	1,175,631					$	1,355,164					$	(179,533)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$	1,229,789					$	1,029,793					$	199,996
Income taxes						$	36,216					$	19,412					$	16,804
Noncash investing activities:
Accrued construction expenditures						$	655,019					$	537,463					$	117,556

Page 32