REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy Corporation has in place a credit facility that has a borrowing capacity of $3 billion and expires in June 2031. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. Although there were no borrowings under the facility for the six months ended June 30, 2026, the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility was 5.14%. The following is a summary of the amounts outstanding and capacity available under the credit facility as of June 30, 2026:


Capacity	Borrowings	Letters of Credit	Capacity Available
(In Millions)
$3,000	$—	$3	$2,997

Entergy Corporation’s credit facility includes a covenant requiring Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans and System Energy) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the Entergy Corporation credit facility’s maturity date may occur.

Entergy Corporation has a commercial paper program with a Board-approved program limit of $2 billion. As of June 30, 2026, Entergy Corporation had $1,544 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2026 was 4.01%.

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2026 as follows:


Company	Expiration Date	Amount of Facility	Interest Rate (a)	Amount Drawn as of June 30, 2026	Letters of Credit Outstanding as of June 30, 2026
Entergy Arkansas	April 2028	$25 million (b)	5.59%	$—	$—
Entergy Arkansas	June 2031	$300 million (c)	4.77%	$—	$—
Entergy Louisiana	June 2031	$400 million (c)	4.89%	$—	$—
Entergy Mississippi	June 2031	$300 million (c)	4.77%	$—	$—
Entergy New Orleans	June 2027	$25 million (c)	5.37%	$—	$—
Entergy Texas	June 2031	$300 million (c)	4.89%	$—	$1.1 million

(a)The interest rate is the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility.

(b)Borrowings under this Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.

(c)The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $5 million for Entergy Mississippi; $10 million for Entergy New Orleans; and $25 million for Entergy Texas.

The commitment fees on the credit facilities range from 0.075% to 0.375% of the undrawn commitment amount for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy Texas, and of the entire facility amount for Entergy New Orleans. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant.

In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO and for other purposes. The following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2026:

Company

Amount of
Uncommitted Facility

Letter of Credit Fee

Letters of Credit

Issued as of

June 30, 2026

(a)

Entergy Arkansas

$100 million

0.78%

$59.5 million

Entergy Arkansas

$200 million

0.50%

$118.3 million

Entergy Louisiana

$125 million

0.78%

$111.1 million

Entergy Louisiana

$60 million

0.50%

$38.5 million (b)

Entergy Mississippi

$65 million

0.78%

$64.3 million (c)

Entergy Mississippi

$65 million

0.50%

$56.0 million

Entergy New Orleans

$1 million

1.625%

$0.5 million

Entergy Texas

$150 million

1.25%

$110.6 million

Entergy Texas

$160 million

1.05%

$—

(a)As of June 30, 2026, letters of credit posted with MISO covered financial transmission rights exposure of $1.4 million for Entergy Arkansas; $1.3 million for Entergy Louisiana; $2.5 million for Entergy Mississippi; and $0.6 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.

(b)As of June 30, 2026, the letters of credit issued for Entergy Louisiana under this facility include $37.0 million in MISO letters of credit and $1.5 million in non-MISO letters of credit outstanding.

(c)As of June 30, 2026, the letters of credit issued for Entergy Mississippi under this facility include $63.0 million in MISO letters of credit and $1.3 million in non-MISO letters of credit outstanding.

The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have FERC-authorized short-term borrowing limits effective through January 2027. The FERC-authorized short-term borrowing limit for Entergy Arkansas is effective through February 2028. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy system money pool and from other internal short-term borrowing arrangements. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and the other internal borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings. Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of June 30, 2026 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries:


	Authorized	Borrowings
	(In Millions)
Entergy Arkansas	$250	$—
Entergy Louisiana	$450	$—
Entergy Mississippi	$200	$—
Entergy New Orleans	$150	$—
Entergy Texas	$200	$—
System Energy	$200	$46

Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy)

See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities, three of which previously provided for the issuance of commercial paper until such provisions relating to commercial paper were terminated in June 2026. The following is a summary of the nuclear fuel company VIE credit facilities as of June 30, 2026:


Company	Expiration Date	Amount of Facility	Weighted- Average Interest Rate on Borrowings	Amount Outstanding as of June 30, 2026
		(Dollars in Millions)
Entergy Arkansas VIE	June 2029	$80	4.76%	$40.7
Entergy Louisiana River Bend VIE	June 2029	$105	4.77%	$28.6
Entergy Louisiana Waterford VIE	June 2029	$105	4.77%	$27.7
System Energy VIE	June 2029	$120	4.81%	$54.4

The commitment fees on the credit facilities are 0.100% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy nuclear fuel company VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. Each lessee is in compliance with this covenant.

The nuclear fuel company VIEs had notes payable that were included in debt on the respective balance sheets as of June 30, 2026 as follows:

Company

Description

Amount

Entergy Arkansas VIE

1.84% Series N due July 2026 (a)

$90 million

Entergy Arkansas VIE

5.54% Series O due May 2029

$70 million

Entergy Louisiana River Bend VIE

2.51% Series V due June 2027

$70 million

Entergy Louisiana Waterford VIE

5.94% Series J due September 2026

$70 million

System Energy VIE

2.05% Series K due September 2027

$90 million

System Energy VIE

5.28% Series L due January 2029

$80 million

(a)Repaid at maturity

In July 2026, the Entergy Arkansas nuclear fuel company VIE issued $120 million of 5.28% intermediate term secured notes due July 2031. The Entergy Arkansas nuclear fuel company VIE used the proceeds to repay, at maturity, its $90 million of 1.84% Series N intermediate term secured notes and expects to use the remaining funds to purchase additional nuclear fuel.

In accordance with regulatory treatment, interest on the nuclear fuel company VIEs’ debt arrangements, which currently include their credit facilities and long-term notes payable, is reported in fuel expense.

As of June 30, 2026, Entergy Louisiana and System Energy each has obtained financing authorization from the FERC that extends through January 2027 for issuances by its nuclear fuel company VIEs. Entergy Arkansas has obtained financing authorization from the FERC that extends through February 2028 for issuances by its nuclear fuel company VIE.

Debt Issuances and Retirements

(Entergy Arkansas)

In January 2026, Entergy Arkansas issued $500 million of 4.95% Series mortgage bonds due January 2036 and $500 million of 5.75% Series mortgage bonds due January 2056. Entergy Arkansas used the proceeds, together with other funds, to repay, prior to maturity, its $600 million of 3.5% Series mortgage bonds due April 2026. Entergy Arkansas expects to use the remaining proceeds, together with other funds, to finance a portion of the construction of generation projects, including the Ironwood Power Station and the Arkansas Cypress Solar facility, and for general corporate purposes.

(Entergy Louisiana)

In January 2026, Entergy Louisiana redeemed, at maturity, $250 million of 4.44% Series mortgage bonds.

In February 2026, Entergy Louisiana issued $750 million of 4.90% Series mortgage bonds due April 2036 and $750 million of 5.65% Series mortgage bonds due April 2056. Entergy Louisiana expects to use the proceeds, together with other funds, to finance construction of the Franklin Farms Power Station Units 1 and 2 project, the Waterford 5 Power Station project, and the Westlake Power Station project, to support storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy Mississippi)

In March 2026, Entergy Mississippi issued $650 million of 5.05% Series mortgage bonds due April 2036. Entergy Mississippi expects to use the proceeds, together with other funds, to finance construction of the Traceview

Advanced Power Station and Vicksburg Advanced Power Station, to finance, on an interim basis, storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy New Orleans)

In May 2026, Entergy New Orleans issued $35 million of 5.91% Series mortgage bonds due June 2036 and $55 million of 6.65% Series mortgage bonds due June 2056. Entergy New Orleans used the proceeds to repay, at maturity, its $85 million of 4% Series mortgage bonds due June 2026 and for general corporate purposes.

(Entergy Texas)

In May 2026, Entergy Texas issued $425 million of 5.20% Series mortgage bonds due June 2036. Entergy Texas expects to use the proceeds, together with other funds, to finance construction of the Orange County Advanced Power Station and the Lone Star Power Station, to repay, on or at maturity, its $130 million of 1.50% Series mortgage bonds due September 2026, and for general corporate purposes.

Fair Value

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of June 30, 2026 were as follows:


	Book Value of Long-Term Debt	Fair Value of Long-Term Debt (a)
	(In Thousands)
Entergy	$33,057,826	$30,712,302
Entergy Arkansas	$5,841,909	$5,273,485
Entergy Louisiana	$11,564,821	$10,643,441
Entergy Mississippi	$3,666,384	$3,370,025
Entergy New Orleans	$661,221	$627,938
Entergy Texas	$4,442,972	$4,129,543
System Energy	$1,188,885	$1,187,778

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of December 31, 2025 were as follows:


	Book Value of Long-Term Debt	Fair Value of Long-Term Debt (a)
	(In Thousands)
Entergy	$30,277,161	$28,208,822
Entergy Arkansas	$5,423,604	$4,931,734
Entergy Louisiana	$10,366,835	$9,510,545
Entergy Mississippi	$3,021,324	$2,755,286
Entergy New Orleans	$656,849	$621,670
Entergy Texas	$4,030,188	$3,780,405
System Energy	$1,088,703	$1,104,007

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.

Debt Disclosure [Text Block]

REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy Corporation has in place a credit facility that has a borrowing capacity of $3 billion and expires in June 2031. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. Although there were no borrowings under the facility for the six months ended June 30, 2026, the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility was 5.14%. The following is a summary of the amounts outstanding and capacity available under the credit facility as of June 30, 2026:


Capacity	Borrowings	Letters of Credit	Capacity Available
(In Millions)
$3,000	$—	$3	$2,997

Entergy Corporation’s credit facility includes a covenant requiring Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans and System Energy) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the Entergy Corporation credit facility’s maturity date may occur.

Entergy Corporation has a commercial paper program with a Board-approved program limit of $2 billion. As of June 30, 2026, Entergy Corporation had $1,544 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2026 was 4.01%.

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2026 as follows:


Company	Expiration Date	Amount of Facility	Interest Rate (a)	Amount Drawn as of June 30, 2026	Letters of Credit Outstanding as of June 30, 2026
Entergy Arkansas	April 2028	$25 million (b)	5.59%	$—	$—
Entergy Arkansas	June 2031	$300 million (c)	4.77%	$—	$—
Entergy Louisiana	June 2031	$400 million (c)	4.89%	$—	$—
Entergy Mississippi	June 2031	$300 million (c)	4.77%	$—	$—
Entergy New Orleans	June 2027	$25 million (c)	5.37%	$—	$—
Entergy Texas	June 2031	$300 million (c)	4.89%	$—	$1.1 million

(a)The interest rate is the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility.

(b)Borrowings under this Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.

(c)The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $5 million for Entergy Mississippi; $10 million for Entergy New Orleans; and $25 million for Entergy Texas.

The commitment fees on the credit facilities range from 0.075% to 0.375% of the undrawn commitment amount for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy Texas, and of the entire facility amount for Entergy New Orleans. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant.

In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO and for other purposes. The following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2026:

Company

Amount of
Uncommitted Facility

Letter of Credit Fee

Letters of Credit

Issued as of

June 30, 2026

(a)

Entergy Arkansas

$100 million

0.78%

$59.5 million

Entergy Arkansas

$200 million

0.50%

$118.3 million

Entergy Louisiana

$125 million

0.78%

$111.1 million

Entergy Louisiana

$60 million

0.50%

$38.5 million (b)

Entergy Mississippi

$65 million

0.78%

$64.3 million (c)

Entergy Mississippi

$65 million

0.50%

$56.0 million

Entergy New Orleans

$1 million

1.625%

$0.5 million

Entergy Texas

$150 million

1.25%

$110.6 million

Entergy Texas

$160 million

1.05%

$—

(a)As of June 30, 2026, letters of credit posted with MISO covered financial transmission rights exposure of $1.4 million for Entergy Arkansas; $1.3 million for Entergy Louisiana; $2.5 million for Entergy Mississippi; and $0.6 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.

(b)As of June 30, 2026, the letters of credit issued for Entergy Louisiana under this facility include $37.0 million in MISO letters of credit and $1.5 million in non-MISO letters of credit outstanding.

(c)As of June 30, 2026, the letters of credit issued for Entergy Mississippi under this facility include $63.0 million in MISO letters of credit and $1.3 million in non-MISO letters of credit outstanding.

The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have FERC-authorized short-term borrowing limits effective through January 2027. The FERC-authorized short-term borrowing limit for Entergy Arkansas is effective through February 2028. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy system money pool and from other internal short-term borrowing arrangements. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and the other internal borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings. Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of June 30, 2026 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries:


	Authorized	Borrowings
	(In Millions)
Entergy Arkansas	$250	$—
Entergy Louisiana	$450	$—
Entergy Mississippi	$200	$—
Entergy New Orleans	$150	$—
Entergy Texas	$200	$—
System Energy	$200	$46

Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy)

See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities, three of which previously provided for the issuance of commercial paper until such provisions relating to commercial paper were terminated in June 2026. The following is a summary of the nuclear fuel company VIE credit facilities as of June 30, 2026:


Company	Expiration Date	Amount of Facility	Weighted- Average Interest Rate on Borrowings	Amount Outstanding as of June 30, 2026
		(Dollars in Millions)
Entergy Arkansas VIE	June 2029	$80	4.76%	$40.7
Entergy Louisiana River Bend VIE	June 2029	$105	4.77%	$28.6
Entergy Louisiana Waterford VIE	June 2029	$105	4.77%	$27.7
System Energy VIE	June 2029	$120	4.81%	$54.4

The commitment fees on the credit facilities are 0.100% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy nuclear fuel company VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. Each lessee is in compliance with this covenant.

The nuclear fuel company VIEs had notes payable that were included in debt on the respective balance sheets as of June 30, 2026 as follows:

Company

Description

Amount

Entergy Arkansas VIE

1.84% Series N due July 2026 (a)

$90 million

Entergy Arkansas VIE

5.54% Series O due May 2029

$70 million

Entergy Louisiana River Bend VIE

2.51% Series V due June 2027

$70 million

Entergy Louisiana Waterford VIE

5.94% Series J due September 2026

$70 million

System Energy VIE

2.05% Series K due September 2027

$90 million

System Energy VIE

5.28% Series L due January 2029

$80 million

(a)Repaid at maturity

In July 2026, the Entergy Arkansas nuclear fuel company VIE issued $120 million of 5.28% intermediate term secured notes due July 2031. The Entergy Arkansas nuclear fuel company VIE used the proceeds to repay, at maturity, its $90 million of 1.84% Series N intermediate term secured notes and expects to use the remaining funds to purchase additional nuclear fuel.

In accordance with regulatory treatment, interest on the nuclear fuel company VIEs’ debt arrangements, which currently include their credit facilities and long-term notes payable, is reported in fuel expense.

As of June 30, 2026, Entergy Louisiana and System Energy each has obtained financing authorization from the FERC that extends through January 2027 for issuances by its nuclear fuel company VIEs. Entergy Arkansas has obtained financing authorization from the FERC that extends through February 2028 for issuances by its nuclear fuel company VIE.

Debt Issuances and Retirements

(Entergy Arkansas)

In January 2026, Entergy Arkansas issued $500 million of 4.95% Series mortgage bonds due January 2036 and $500 million of 5.75% Series mortgage bonds due January 2056. Entergy Arkansas used the proceeds, together with other funds, to repay, prior to maturity, its $600 million of 3.5% Series mortgage bonds due April 2026. Entergy Arkansas expects to use the remaining proceeds, together with other funds, to finance a portion of the construction of generation projects, including the Ironwood Power Station and the Arkansas Cypress Solar facility, and for general corporate purposes.

(Entergy Louisiana)

In January 2026, Entergy Louisiana redeemed, at maturity, $250 million of 4.44% Series mortgage bonds.

In February 2026, Entergy Louisiana issued $750 million of 4.90% Series mortgage bonds due April 2036 and $750 million of 5.65% Series mortgage bonds due April 2056. Entergy Louisiana expects to use the proceeds, together with other funds, to finance construction of the Franklin Farms Power Station Units 1 and 2 project, the Waterford 5 Power Station project, and the Westlake Power Station project, to support storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy Mississippi)

In March 2026, Entergy Mississippi issued $650 million of 5.05% Series mortgage bonds due April 2036. Entergy Mississippi expects to use the proceeds, together with other funds, to finance construction of the Traceview

Advanced Power Station and Vicksburg Advanced Power Station, to finance, on an interim basis, storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy New Orleans)

In May 2026, Entergy New Orleans issued $35 million of 5.91% Series mortgage bonds due June 2036 and $55 million of 6.65% Series mortgage bonds due June 2056. Entergy New Orleans used the proceeds to repay, at maturity, its $85 million of 4% Series mortgage bonds due June 2026 and for general corporate purposes.

(Entergy Texas)

In May 2026, Entergy Texas issued $425 million of 5.20% Series mortgage bonds due June 2036. Entergy Texas expects to use the proceeds, together with other funds, to finance construction of the Orange County Advanced Power Station and the Lone Star Power Station, to repay, on or at maturity, its $130 million of 1.50% Series mortgage bonds due September 2026, and for general corporate purposes.

Fair Value

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of June 30, 2026 were as follows:


	Book Value of Long-Term Debt	Fair Value of Long-Term Debt (a)
	(In Thousands)
Entergy	$33,057,826	$30,712,302
Entergy Arkansas	$5,841,909	$5,273,485
Entergy Louisiana	$11,564,821	$10,643,441
Entergy Mississippi	$3,666,384	$3,370,025
Entergy New Orleans	$661,221	$627,938
Entergy Texas	$4,442,972	$4,129,543
System Energy	$1,188,885	$1,187,778

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of December 31, 2025 were as follows:


	Book Value of Long-Term Debt	Fair Value of Long-Term Debt (a)
	(In Thousands)
Entergy	$30,277,161	$28,208,822
Entergy Arkansas	$5,423,604	$4,931,734
Entergy Louisiana	$10,366,835	$9,510,545
Entergy Mississippi	$3,021,324	$2,755,286
Entergy New Orleans	$656,849	$621,670
Entergy Texas	$4,030,188	$3,780,405
System Energy	$1,088,703	$1,104,007

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.

Debt Disclosure [Text Block]

REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy Corporation has in place a credit facility that has a borrowing capacity of $3 billion and expires in June 2031. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. Although there were no borrowings under the facility for the six months ended June 30, 2026, the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility was 5.14%. The following is a summary of the amounts outstanding and capacity available under the credit facility as of June 30, 2026:


Capacity	Borrowings	Letters of Credit	Capacity Available
(In Millions)
$3,000	$—	$3	$2,997

Entergy Corporation’s credit facility includes a covenant requiring Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans and System Energy) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the Entergy Corporation credit facility’s maturity date may occur.

Entergy Corporation has a commercial paper program with a Board-approved program limit of $2 billion. As of June 30, 2026, Entergy Corporation had $1,544 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2026 was 4.01%.

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2026 as follows:


Company	Expiration Date	Amount of Facility	Interest Rate (a)	Amount Drawn as of June 30, 2026	Letters of Credit Outstanding as of June 30, 2026
Entergy Arkansas	April 2028	$25 million (b)	5.59%	$—	$—
Entergy Arkansas	June 2031	$300 million (c)	4.77%	$—	$—
Entergy Louisiana	June 2031	$400 million (c)	4.89%	$—	$—
Entergy Mississippi	June 2031	$300 million (c)	4.77%	$—	$—
Entergy New Orleans	June 2027	$25 million (c)	5.37%	$—	$—
Entergy Texas	June 2031	$300 million (c)	4.89%	$—	$1.1 million

(a)The interest rate is the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility.

(b)Borrowings under this Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.

(c)The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $5 million for Entergy Mississippi; $10 million for Entergy New Orleans; and $25 million for Entergy Texas.

The commitment fees on the credit facilities range from 0.075% to 0.375% of the undrawn commitment amount for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy Texas, and of the entire facility amount for Entergy New Orleans. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant.

In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO and for other purposes. The following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2026:

Company

Amount of
Uncommitted Facility

Letter of Credit Fee

Letters of Credit

Issued as of

June 30, 2026

(a)

Entergy Arkansas

$100 million

0.78%

$59.5 million

Entergy Arkansas

$200 million

0.50%

$118.3 million

Entergy Louisiana

$125 million

0.78%

$111.1 million

Entergy Louisiana

$60 million

0.50%

$38.5 million (b)

Entergy Mississippi

$65 million

0.78%

$64.3 million (c)

Entergy Mississippi

$65 million

0.50%

$56.0 million

Entergy New Orleans

$1 million

1.625%

$0.5 million

Entergy Texas

$150 million

1.25%

$110.6 million

Entergy Texas

$160 million

1.05%

$—

(a)As of June 30, 2026, letters of credit posted with MISO covered financial transmission rights exposure of $1.4 million for Entergy Arkansas; $1.3 million for Entergy Louisiana; $2.5 million for Entergy Mississippi; and $0.6 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.

(b)As of June 30, 2026, the letters of credit issued for Entergy Louisiana under this facility include $37.0 million in MISO letters of credit and $1.5 million in non-MISO letters of credit outstanding.

(c)As of June 30, 2026, the letters of credit issued for Entergy Mississippi under this facility include $63.0 million in MISO letters of credit and $1.3 million in non-MISO letters of credit outstanding.

The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have FERC-authorized short-term borrowing limits effective through January 2027. The FERC-authorized short-term borrowing limit for Entergy Arkansas is effective through February 2028. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy system money pool and from other internal short-term borrowing arrangements. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and the other internal borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings. Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of June 30, 2026 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries:


	Authorized	Borrowings
	(In Millions)
Entergy Arkansas	$250	$—
Entergy Louisiana	$450	$—
Entergy Mississippi	$200	$—
Entergy New Orleans	$150	$—
Entergy Texas	$200	$—
System Energy	$200	$46

Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy)

See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities, three of which previously provided for the issuance of commercial paper until such provisions relating to commercial paper were terminated in June 2026. The following is a summary of the nuclear fuel company VIE credit facilities as of June 30, 2026:


Company	Expiration Date	Amount of Facility	Weighted- Average Interest Rate on Borrowings	Amount Outstanding as of June 30, 2026
		(Dollars in Millions)
Entergy Arkansas VIE	June 2029	$80	4.76%	$40.7
Entergy Louisiana River Bend VIE	June 2029	$105	4.77%	$28.6
Entergy Louisiana Waterford VIE	June 2029	$105	4.77%	$27.7
System Energy VIE	June 2029	$120	4.81%	$54.4

The commitment fees on the credit facilities are 0.100% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy nuclear fuel company VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. Each lessee is in compliance with this covenant.

The nuclear fuel company VIEs had notes payable that were included in debt on the respective balance sheets as of June 30, 2026 as follows:

Company

Description

Amount

Entergy Arkansas VIE

1.84% Series N due July 2026 (a)

$90 million

Entergy Arkansas VIE

5.54% Series O due May 2029

$70 million

Entergy Louisiana River Bend VIE

2.51% Series V due June 2027

$70 million

Entergy Louisiana Waterford VIE

5.94% Series J due September 2026

$70 million

System Energy VIE

2.05% Series K due September 2027

$90 million

System Energy VIE

5.28% Series L due January 2029

$80 million

(a)Repaid at maturity

In July 2026, the Entergy Arkansas nuclear fuel company VIE issued $120 million of 5.28% intermediate term secured notes due July 2031. The Entergy Arkansas nuclear fuel company VIE used the proceeds to repay, at maturity, its $90 million of 1.84% Series N intermediate term secured notes and expects to use the remaining funds to purchase additional nuclear fuel.

In accordance with regulatory treatment, interest on the nuclear fuel company VIEs’ debt arrangements, which currently include their credit facilities and long-term notes payable, is reported in fuel expense.

As of June 30, 2026, Entergy Louisiana and System Energy each has obtained financing authorization from the FERC that extends through January 2027 for issuances by its nuclear fuel company VIEs. Entergy Arkansas has obtained financing authorization from the FERC that extends through February 2028 for issuances by its nuclear fuel company VIE.

Debt Issuances and Retirements

(Entergy Arkansas)

In January 2026, Entergy Arkansas issued $500 million of 4.95% Series mortgage bonds due January 2036 and $500 million of 5.75% Series mortgage bonds due January 2056. Entergy Arkansas used the proceeds, together with other funds, to repay, prior to maturity, its $600 million of 3.5% Series mortgage bonds due April 2026. Entergy Arkansas expects to use the remaining proceeds, together with other funds, to finance a portion of the construction of generation projects, including the Ironwood Power Station and the Arkansas Cypress Solar facility, and for general corporate purposes.

(Entergy Louisiana)

In January 2026, Entergy Louisiana redeemed, at maturity, $250 million of 4.44% Series mortgage bonds.

In February 2026, Entergy Louisiana issued $750 million of 4.90% Series mortgage bonds due April 2036 and $750 million of 5.65% Series mortgage bonds due April 2056. Entergy Louisiana expects to use the proceeds, together with other funds, to finance construction of the Franklin Farms Power Station Units 1 and 2 project, the Waterford 5 Power Station project, and the Westlake Power Station project, to support storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy Mississippi)

In March 2026, Entergy Mississippi issued $650 million of 5.05% Series mortgage bonds due April 2036. Entergy Mississippi expects to use the proceeds, together with other funds, to finance construction of the Traceview

Advanced Power Station and Vicksburg Advanced Power Station, to finance, on an interim basis, storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy New Orleans)

In May 2026, Entergy New Orleans issued $35 million of 5.91% Series mortgage bonds due June 2036 and $55 million of 6.65% Series mortgage bonds due June 2056. Entergy New Orleans used the proceeds to repay, at maturity, its $85 million of 4% Series mortgage bonds due June 2026 and for general corporate purposes.

(Entergy Texas)

In May 2026, Entergy Texas issued $425 million of 5.20% Series mortgage bonds due June 2036. Entergy Texas expects to use the proceeds, together with other funds, to finance construction of the Orange County Advanced Power Station and the Lone Star Power Station, to repay, on or at maturity, its $130 million of 1.50% Series mortgage bonds due September 2026, and for general corporate purposes.

Fair Value

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of June 30, 2026 were as follows:


	Book Value of Long-Term Debt	Fair Value of Long-Term Debt (a)
	(In Thousands)
Entergy	$33,057,826	$30,712,302
Entergy Arkansas	$5,841,909	$5,273,485
Entergy Louisiana	$11,564,821	$10,643,441
Entergy Mississippi	$3,666,384	$3,370,025
Entergy New Orleans	$661,221	$627,938
Entergy Texas	$4,442,972	$4,129,543
System Energy	$1,188,885	$1,187,778

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of December 31, 2025 were as follows:


	Book Value of Long-Term Debt	Fair Value of Long-Term Debt (a)
	(In Thousands)
Entergy	$30,277,161	$28,208,822
Entergy Arkansas	$5,423,604	$4,931,734
Entergy Louisiana	$10,366,835	$9,510,545
Entergy Mississippi	$3,021,324	$2,755,286
Entergy New Orleans	$656,849	$621,670
Entergy Texas	$4,030,188	$3,780,405
System Energy	$1,088,703	$1,104,007

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.

Debt Disclosure [Text Block]

REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy Corporation has in place a credit facility that has a borrowing capacity of $3 billion and expires in June 2031. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. Although there were no borrowings under the facility for the six months ended June 30, 2026, the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility was 5.14%. The following is a summary of the amounts outstanding and capacity available under the credit facility as of June 30, 2026:


Capacity	Borrowings	Letters of Credit	Capacity Available
(In Millions)
$3,000	$—	$3	$2,997

Entergy Corporation’s credit facility includes a covenant requiring Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans and System Energy) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the Entergy Corporation credit facility’s maturity date may occur.

Entergy Corporation has a commercial paper program with a Board-approved program limit of $2 billion. As of June 30, 2026, Entergy Corporation had $1,544 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2026 was 4.01%.

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2026 as follows:


Company	Expiration Date	Amount of Facility	Interest Rate (a)	Amount Drawn as of June 30, 2026	Letters of Credit Outstanding as of June 30, 2026
Entergy Arkansas	April 2028	$25 million (b)	5.59%	$—	$—
Entergy Arkansas	June 2031	$300 million (c)	4.77%	$—	$—
Entergy Louisiana	June 2031	$400 million (c)	4.89%	$—	$—
Entergy Mississippi	June 2031	$300 million (c)	4.77%	$—	$—
Entergy New Orleans	June 2027	$25 million (c)	5.37%	$—	$—
Entergy Texas	June 2031	$300 million (c)	4.89%	$—	$1.1 million

(a)The interest rate is the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility.

(b)Borrowings under this Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.

(c)The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $5 million for Entergy Mississippi; $10 million for Entergy New Orleans; and $25 million for Entergy Texas.

The commitment fees on the credit facilities range from 0.075% to 0.375% of the undrawn commitment amount for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy Texas, and of the entire facility amount for Entergy New Orleans. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant.

In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO and for other purposes. The following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2026:

Company

Amount of
Uncommitted Facility

Letter of Credit Fee

Letters of Credit

Issued as of

June 30, 2026

(a)

Entergy Arkansas

$100 million

0.78%

$59.5 million

Entergy Arkansas

$200 million

0.50%

$118.3 million

Entergy Louisiana

$125 million

0.78%

$111.1 million

Entergy Louisiana

$60 million

0.50%

$38.5 million (b)

Entergy Mississippi

$65 million

0.78%

$64.3 million (c)

Entergy Mississippi

$65 million

0.50%

$56.0 million

Entergy New Orleans

$1 million

1.625%

$0.5 million

Entergy Texas

$150 million

1.25%

$110.6 million

Entergy Texas

$160 million

1.05%

$—

(a)As of June 30, 2026, letters of credit posted with MISO covered financial transmission rights exposure of $1.4 million for Entergy Arkansas; $1.3 million for Entergy Louisiana; $2.5 million for Entergy Mississippi; and $0.6 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.

(b)As of June 30, 2026, the letters of credit issued for Entergy Louisiana under this facility include $37.0 million in MISO letters of credit and $1.5 million in non-MISO letters of credit outstanding.

(c)As of June 30, 2026, the letters of credit issued for Entergy Mississippi under this facility include $63.0 million in MISO letters of credit and $1.3 million in non-MISO letters of credit outstanding.

The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have FERC-authorized short-term borrowing limits effective through January 2027. The FERC-authorized short-term borrowing limit for Entergy Arkansas is effective through February 2028. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy system money pool and from other internal short-term borrowing arrangements. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and the other internal borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings. Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of June 30, 2026 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries:


	Authorized	Borrowings
	(In Millions)
Entergy Arkansas	$250	$—
Entergy Louisiana	$450	$—
Entergy Mississippi	$200	$—
Entergy New Orleans	$150	$—
Entergy Texas	$200	$—
System Energy	$200	$46

Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy)

See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities, three of which previously provided for the issuance of commercial paper until such provisions relating to commercial paper were terminated in June 2026. The following is a summary of the nuclear fuel company VIE credit facilities as of June 30, 2026:


Company	Expiration Date	Amount of Facility	Weighted- Average Interest Rate on Borrowings	Amount Outstanding as of June 30, 2026
		(Dollars in Millions)
Entergy Arkansas VIE	June 2029	$80	4.76%	$40.7
Entergy Louisiana River Bend VIE	June 2029	$105	4.77%	$28.6
Entergy Louisiana Waterford VIE	June 2029	$105	4.77%	$27.7
System Energy VIE	June 2029	$120	4.81%	$54.4

The commitment fees on the credit facilities are 0.100% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy nuclear fuel company VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. Each lessee is in compliance with this covenant.

The nuclear fuel company VIEs had notes payable that were included in debt on the respective balance sheets as of June 30, 2026 as follows:

Company

Description

Amount

Entergy Arkansas VIE

1.84% Series N due July 2026 (a)

$90 million

Entergy Arkansas VIE

5.54% Series O due May 2029

$70 million

Entergy Louisiana River Bend VIE

2.51% Series V due June 2027

$70 million

Entergy Louisiana Waterford VIE

5.94% Series J due September 2026

$70 million

System Energy VIE

2.05% Series K due September 2027

$90 million

System Energy VIE

5.28% Series L due January 2029

$80 million

(a)Repaid at maturity

In July 2026, the Entergy Arkansas nuclear fuel company VIE issued $120 million of 5.28% intermediate term secured notes due July 2031. The Entergy Arkansas nuclear fuel company VIE used the proceeds to repay, at maturity, its $90 million of 1.84% Series N intermediate term secured notes and expects to use the remaining funds to purchase additional nuclear fuel.

In accordance with regulatory treatment, interest on the nuclear fuel company VIEs’ debt arrangements, which currently include their credit facilities and long-term notes payable, is reported in fuel expense.

As of June 30, 2026, Entergy Louisiana and System Energy each has obtained financing authorization from the FERC that extends through January 2027 for issuances by its nuclear fuel company VIEs. Entergy Arkansas has obtained financing authorization from the FERC that extends through February 2028 for issuances by its nuclear fuel company VIE.

Debt Issuances and Retirements

(Entergy Arkansas)

In January 2026, Entergy Arkansas issued $500 million of 4.95% Series mortgage bonds due January 2036 and $500 million of 5.75% Series mortgage bonds due January 2056. Entergy Arkansas used the proceeds, together with other funds, to repay, prior to maturity, its $600 million of 3.5% Series mortgage bonds due April 2026. Entergy Arkansas expects to use the remaining proceeds, together with other funds, to finance a portion of the construction of generation projects, including the Ironwood Power Station and the Arkansas Cypress Solar facility, and for general corporate purposes.

(Entergy Louisiana)

In January 2026, Entergy Louisiana redeemed, at maturity, $250 million of 4.44% Series mortgage bonds.

In February 2026, Entergy Louisiana issued $750 million of 4.90% Series mortgage bonds due April 2036 and $750 million of 5.65% Series mortgage bonds due April 2056. Entergy Louisiana expects to use the proceeds, together with other funds, to finance construction of the Franklin Farms Power Station Units 1 and 2 project, the Waterford 5 Power Station project, and the Westlake Power Station project, to support storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy Mississippi)

In March 2026, Entergy Mississippi issued $650 million of 5.05% Series mortgage bonds due April 2036. Entergy Mississippi expects to use the proceeds, together with other funds, to finance construction of the Traceview

Advanced Power Station and Vicksburg Advanced Power Station, to finance, on an interim basis, storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy New Orleans)

In May 2026, Entergy New Orleans issued $35 million of 5.91% Series mortgage bonds due June 2036 and $55 million of 6.65% Series mortgage bonds due June 2056. Entergy New Orleans used the proceeds to repay, at maturity, its $85 million of 4% Series mortgage bonds due June 2026 and for general corporate purposes.

(Entergy Texas)

In May 2026, Entergy Texas issued $425 million of 5.20% Series mortgage bonds due June 2036. Entergy Texas expects to use the proceeds, together with other funds, to finance construction of the Orange County Advanced Power Station and the Lone Star Power Station, to repay, on or at maturity, its $130 million of 1.50% Series mortgage bonds due September 2026, and for general corporate purposes.

Fair Value

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of June 30, 2026 were as follows:


	Book Value of Long-Term Debt	Fair Value of Long-Term Debt (a)
	(In Thousands)
Entergy	$33,057,826	$30,712,302
Entergy Arkansas	$5,841,909	$5,273,485
Entergy Louisiana	$11,564,821	$10,643,441
Entergy Mississippi	$3,666,384	$3,370,025
Entergy New Orleans	$661,221	$627,938
Entergy Texas	$4,442,972	$4,129,543
System Energy	$1,188,885	$1,187,778

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of December 31, 2025 were as follows:


	Book Value of Long-Term Debt	Fair Value of Long-Term Debt (a)
	(In Thousands)
Entergy	$30,277,161	$28,208,822
Entergy Arkansas	$5,423,604	$4,931,734
Entergy Louisiana	$10,366,835	$9,510,545
Entergy Mississippi	$3,021,324	$2,755,286
Entergy New Orleans	$656,849	$621,670
Entergy Texas	$4,030,188	$3,780,405
System Energy	$1,088,703	$1,104,007

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.

Debt Disclosure [Text Block]

REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy Corporation has in place a credit facility that has a borrowing capacity of $3 billion and expires in June 2031. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. Although there were no borrowings under the facility for the six months ended June 30, 2026, the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility was 5.14%. The following is a summary of the amounts outstanding and capacity available under the credit facility as of June 30, 2026:


Capacity	Borrowings	Letters of Credit	Capacity Available
(In Millions)
$3,000	$—	$3	$2,997

Entergy Corporation’s credit facility includes a covenant requiring Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans and System Energy) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the Entergy Corporation credit facility’s maturity date may occur.

Entergy Corporation has a commercial paper program with a Board-approved program limit of $2 billion. As of June 30, 2026, Entergy Corporation had $1,544 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2026 was 4.01%.

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2026 as follows:


Company	Expiration Date	Amount of Facility	Interest Rate (a)	Amount Drawn as of June 30, 2026	Letters of Credit Outstanding as of June 30, 2026
Entergy Arkansas	April 2028	$25 million (b)	5.59%	$—	$—
Entergy Arkansas	June 2031	$300 million (c)	4.77%	$—	$—
Entergy Louisiana	June 2031	$400 million (c)	4.89%	$—	$—
Entergy Mississippi	June 2031	$300 million (c)	4.77%	$—	$—
Entergy New Orleans	June 2027	$25 million (c)	5.37%	$—	$—
Entergy Texas	June 2031	$300 million (c)	4.89%	$—	$1.1 million

(a)The interest rate is the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility.

(b)Borrowings under this Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.

(c)The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $5 million for Entergy Mississippi; $10 million for Entergy New Orleans; and $25 million for Entergy Texas.

The commitment fees on the credit facilities range from 0.075% to 0.375% of the undrawn commitment amount for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy Texas, and of the entire facility amount for Entergy New Orleans. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant.

In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO and for other purposes. The following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2026:

Company

Amount of
Uncommitted Facility

Letter of Credit Fee

Letters of Credit

Issued as of

June 30, 2026

(a)

Entergy Arkansas

$100 million

0.78%

$59.5 million

Entergy Arkansas

$200 million

0.50%

$118.3 million

Entergy Louisiana

$125 million

0.78%

$111.1 million

Entergy Louisiana

$60 million

0.50%

$38.5 million (b)

Entergy Mississippi

$65 million

0.78%

$64.3 million (c)

Entergy Mississippi

$65 million

0.50%

$56.0 million

Entergy New Orleans

$1 million

1.625%

$0.5 million

Entergy Texas

$150 million

1.25%

$110.6 million

Entergy Texas

$160 million

1.05%

$—

(a)As of June 30, 2026, letters of credit posted with MISO covered financial transmission rights exposure of $1.4 million for Entergy Arkansas; $1.3 million for Entergy Louisiana; $2.5 million for Entergy Mississippi; and $0.6 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.

(b)As of June 30, 2026, the letters of credit issued for Entergy Louisiana under this facility include $37.0 million in MISO letters of credit and $1.5 million in non-MISO letters of credit outstanding.

(c)As of June 30, 2026, the letters of credit issued for Entergy Mississippi under this facility include $63.0 million in MISO letters of credit and $1.3 million in non-MISO letters of credit outstanding.

The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have FERC-authorized short-term borrowing limits effective through January 2027. The FERC-authorized short-term borrowing limit for Entergy Arkansas is effective through February 2028. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy system money pool and from other internal short-term borrowing arrangements. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and the other internal borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings. Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of June 30, 2026 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries:


	Authorized	Borrowings
	(In Millions)
Entergy Arkansas	$250	$—
Entergy Louisiana	$450	$—
Entergy Mississippi	$200	$—
Entergy New Orleans	$150	$—
Entergy Texas	$200	$—
System Energy	$200	$46

Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy)

See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities, three of which previously provided for the issuance of commercial paper until such provisions relating to commercial paper were terminated in June 2026. The following is a summary of the nuclear fuel company VIE credit facilities as of June 30, 2026:


Company	Expiration Date	Amount of Facility	Weighted- Average Interest Rate on Borrowings	Amount Outstanding as of June 30, 2026
		(Dollars in Millions)
Entergy Arkansas VIE	June 2029	$80	4.76%	$40.7
Entergy Louisiana River Bend VIE	June 2029	$105	4.77%	$28.6
Entergy Louisiana Waterford VIE	June 2029	$105	4.77%	$27.7
System Energy VIE	June 2029	$120	4.81%	$54.4

The commitment fees on the credit facilities are 0.100% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy nuclear fuel company VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. Each lessee is in compliance with this covenant.

The nuclear fuel company VIEs had notes payable that were included in debt on the respective balance sheets as of June 30, 2026 as follows:

Company

Description

Amount

Entergy Arkansas VIE

1.84% Series N due July 2026 (a)

$90 million

Entergy Arkansas VIE

5.54% Series O due May 2029

$70 million

Entergy Louisiana River Bend VIE

2.51% Series V due June 2027

$70 million

Entergy Louisiana Waterford VIE

5.94% Series J due September 2026

$70 million

System Energy VIE

2.05% Series K due September 2027

$90 million

System Energy VIE

5.28% Series L due January 2029

$80 million

(a)Repaid at maturity

In July 2026, the Entergy Arkansas nuclear fuel company VIE issued $120 million of 5.28% intermediate term secured notes due July 2031. The Entergy Arkansas nuclear fuel company VIE used the proceeds to repay, at maturity, its $90 million of 1.84% Series N intermediate term secured notes and expects to use the remaining funds to purchase additional nuclear fuel.

In accordance with regulatory treatment, interest on the nuclear fuel company VIEs’ debt arrangements, which currently include their credit facilities and long-term notes payable, is reported in fuel expense.

As of June 30, 2026, Entergy Louisiana and System Energy each has obtained financing authorization from the FERC that extends through January 2027 for issuances by its nuclear fuel company VIEs. Entergy Arkansas has obtained financing authorization from the FERC that extends through February 2028 for issuances by its nuclear fuel company VIE.

Debt Issuances and Retirements

(Entergy Arkansas)

In January 2026, Entergy Arkansas issued $500 million of 4.95% Series mortgage bonds due January 2036 and $500 million of 5.75% Series mortgage bonds due January 2056. Entergy Arkansas used the proceeds, together with other funds, to repay, prior to maturity, its $600 million of 3.5% Series mortgage bonds due April 2026. Entergy Arkansas expects to use the remaining proceeds, together with other funds, to finance a portion of the construction of generation projects, including the Ironwood Power Station and the Arkansas Cypress Solar facility, and for general corporate purposes.

(Entergy Louisiana)

In January 2026, Entergy Louisiana redeemed, at maturity, $250 million of 4.44% Series mortgage bonds.

In February 2026, Entergy Louisiana issued $750 million of 4.90% Series mortgage bonds due April 2036 and $750 million of 5.65% Series mortgage bonds due April 2056. Entergy Louisiana expects to use the proceeds, together with other funds, to finance construction of the Franklin Farms Power Station Units 1 and 2 project, the Waterford 5 Power Station project, and the Westlake Power Station project, to support storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy Mississippi)

In March 2026, Entergy Mississippi issued $650 million of 5.05% Series mortgage bonds due April 2036. Entergy Mississippi expects to use the proceeds, together with other funds, to finance construction of the Traceview

Advanced Power Station and Vicksburg Advanced Power Station, to finance, on an interim basis, storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy New Orleans)

In May 2026, Entergy New Orleans issued $35 million of 5.91% Series mortgage bonds due June 2036 and $55 million of 6.65% Series mortgage bonds due June 2056. Entergy New Orleans used the proceeds to repay, at maturity, its $85 million of 4% Series mortgage bonds due June 2026 and for general corporate purposes.

(Entergy Texas)

In May 2026, Entergy Texas issued $425 million of 5.20% Series mortgage bonds due June 2036. Entergy Texas expects to use the proceeds, together with other funds, to finance construction of the Orange County Advanced Power Station and the Lone Star Power Station, to repay, on or at maturity, its $130 million of 1.50% Series mortgage bonds due September 2026, and for general corporate purposes.

Fair Value

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of June 30, 2026 were as follows:


	Book Value of Long-Term Debt	Fair Value of Long-Term Debt (a)
	(In Thousands)
Entergy	$33,057,826	$30,712,302
Entergy Arkansas	$5,841,909	$5,273,485
Entergy Louisiana	$11,564,821	$10,643,441
Entergy Mississippi	$3,666,384	$3,370,025
Entergy New Orleans	$661,221	$627,938
Entergy Texas	$4,442,972	$4,129,543
System Energy	$1,188,885	$1,187,778

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of December 31, 2025 were as follows:


	Book Value of Long-Term Debt	Fair Value of Long-Term Debt (a)
	(In Thousands)
Entergy	$30,277,161	$28,208,822
Entergy Arkansas	$5,423,604	$4,931,734
Entergy Louisiana	$10,366,835	$9,510,545
Entergy Mississippi	$3,021,324	$2,755,286
Entergy New Orleans	$656,849	$621,670
Entergy Texas	$4,030,188	$3,780,405
System Energy	$1,088,703	$1,104,007

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.

Debt Disclosure [Text Block]

REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy Corporation has in place a credit facility that has a borrowing capacity of $3 billion and expires in June 2031. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. Although there were no borrowings under the facility for the six months ended June 30, 2026, the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility was 5.14%. The following is a summary of the amounts outstanding and capacity available under the credit facility as of June 30, 2026:


Capacity	Borrowings	Letters of Credit	Capacity Available
(In Millions)
$3,000	$—	$3	$2,997

Entergy Corporation’s credit facility includes a covenant requiring Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans and System Energy) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the Entergy Corporation credit facility’s maturity date may occur.

Entergy Corporation has a commercial paper program with a Board-approved program limit of $2 billion. As of June 30, 2026, Entergy Corporation had $1,544 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2026 was 4.01%.

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2026 as follows:


Company	Expiration Date	Amount of Facility	Interest Rate (a)	Amount Drawn as of June 30, 2026	Letters of Credit Outstanding as of June 30, 2026
Entergy Arkansas	April 2028	$25 million (b)	5.59%	$—	$—
Entergy Arkansas	June 2031	$300 million (c)	4.77%	$—	$—
Entergy Louisiana	June 2031	$400 million (c)	4.89%	$—	$—
Entergy Mississippi	June 2031	$300 million (c)	4.77%	$—	$—
Entergy New Orleans	June 2027	$25 million (c)	5.37%	$—	$—
Entergy Texas	June 2031	$300 million (c)	4.89%	$—	$1.1 million

(a)The interest rate is the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility.

(b)Borrowings under this Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.

(c)The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $5 million for Entergy Mississippi; $10 million for Entergy New Orleans; and $25 million for Entergy Texas.

The commitment fees on the credit facilities range from 0.075% to 0.375% of the undrawn commitment amount for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy Texas, and of the entire facility amount for Entergy New Orleans. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant.

In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO and for other purposes. The following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2026:

Company

Amount of
Uncommitted Facility

Letter of Credit Fee

Letters of Credit

Issued as of

June 30, 2026

(a)

Entergy Arkansas

$100 million

0.78%

$59.5 million

Entergy Arkansas

$200 million

0.50%

$118.3 million

Entergy Louisiana

$125 million

0.78%

$111.1 million

Entergy Louisiana

$60 million

0.50%

$38.5 million (b)

Entergy Mississippi

$65 million

0.78%

$64.3 million (c)

Entergy Mississippi

$65 million

0.50%

$56.0 million

Entergy New Orleans

$1 million

1.625%

$0.5 million

Entergy Texas

$150 million

1.25%

$110.6 million

Entergy Texas

$160 million

1.05%

$—

(a)As of June 30, 2026, letters of credit posted with MISO covered financial transmission rights exposure of $1.4 million for Entergy Arkansas; $1.3 million for Entergy Louisiana; $2.5 million for Entergy Mississippi; and $0.6 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.

(b)As of June 30, 2026, the letters of credit issued for Entergy Louisiana under this facility include $37.0 million in MISO letters of credit and $1.5 million in non-MISO letters of credit outstanding.

(c)As of June 30, 2026, the letters of credit issued for Entergy Mississippi under this facility include $63.0 million in MISO letters of credit and $1.3 million in non-MISO letters of credit outstanding.

The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have FERC-authorized short-term borrowing limits effective through January 2027. The FERC-authorized short-term borrowing limit for Entergy Arkansas is effective through February 2028. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy system money pool and from other internal short-term borrowing arrangements. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and the other internal borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings. Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of June 30, 2026 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries:


	Authorized	Borrowings
	(In Millions)
Entergy Arkansas	$250	$—
Entergy Louisiana	$450	$—
Entergy Mississippi	$200	$—
Entergy New Orleans	$150	$—
Entergy Texas	$200	$—
System Energy	$200	$46

Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy)

See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities, three of which previously provided for the issuance of commercial paper until such provisions relating to commercial paper were terminated in June 2026. The following is a summary of the nuclear fuel company VIE credit facilities as of June 30, 2026:


Company	Expiration Date	Amount of Facility	Weighted- Average Interest Rate on Borrowings	Amount Outstanding as of June 30, 2026
		(Dollars in Millions)
Entergy Arkansas VIE	June 2029	$80	4.76%	$40.7
Entergy Louisiana River Bend VIE	June 2029	$105	4.77%	$28.6
Entergy Louisiana Waterford VIE	June 2029	$105	4.77%	$27.7
System Energy VIE	June 2029	$120	4.81%	$54.4

The commitment fees on the credit facilities are 0.100% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy nuclear fuel company VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. Each lessee is in compliance with this covenant.

The nuclear fuel company VIEs had notes payable that were included in debt on the respective balance sheets as of June 30, 2026 as follows:

Company

Description

Amount

Entergy Arkansas VIE

1.84% Series N due July 2026 (a)

$90 million

Entergy Arkansas VIE

5.54% Series O due May 2029

$70 million

Entergy Louisiana River Bend VIE

2.51% Series V due June 2027

$70 million

Entergy Louisiana Waterford VIE

5.94% Series J due September 2026

$70 million

System Energy VIE

2.05% Series K due September 2027

$90 million

System Energy VIE

5.28% Series L due January 2029

$80 million

(a)Repaid at maturity

In July 2026, the Entergy Arkansas nuclear fuel company VIE issued $120 million of 5.28% intermediate term secured notes due July 2031. The Entergy Arkansas nuclear fuel company VIE used the proceeds to repay, at maturity, its $90 million of 1.84% Series N intermediate term secured notes and expects to use the remaining funds to purchase additional nuclear fuel.

In accordance with regulatory treatment, interest on the nuclear fuel company VIEs’ debt arrangements, which currently include their credit facilities and long-term notes payable, is reported in fuel expense.

As of June 30, 2026, Entergy Louisiana and System Energy each has obtained financing authorization from the FERC that extends through January 2027 for issuances by its nuclear fuel company VIEs. Entergy Arkansas has obtained financing authorization from the FERC that extends through February 2028 for issuances by its nuclear fuel company VIE.

Debt Issuances and Retirements

(Entergy Arkansas)

In January 2026, Entergy Arkansas issued $500 million of 4.95% Series mortgage bonds due January 2036 and $500 million of 5.75% Series mortgage bonds due January 2056. Entergy Arkansas used the proceeds, together with other funds, to repay, prior to maturity, its $600 million of 3.5% Series mortgage bonds due April 2026. Entergy Arkansas expects to use the remaining proceeds, together with other funds, to finance a portion of the construction of generation projects, including the Ironwood Power Station and the Arkansas Cypress Solar facility, and for general corporate purposes.

(Entergy Louisiana)

In January 2026, Entergy Louisiana redeemed, at maturity, $250 million of 4.44% Series mortgage bonds.

In February 2026, Entergy Louisiana issued $750 million of 4.90% Series mortgage bonds due April 2036 and $750 million of 5.65% Series mortgage bonds due April 2056. Entergy Louisiana expects to use the proceeds, together with other funds, to finance construction of the Franklin Farms Power Station Units 1 and 2 project, the Waterford 5 Power Station project, and the Westlake Power Station project, to support storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy Mississippi)

In March 2026, Entergy Mississippi issued $650 million of 5.05% Series mortgage bonds due April 2036. Entergy Mississippi expects to use the proceeds, together with other funds, to finance construction of the Traceview

Advanced Power Station and Vicksburg Advanced Power Station, to finance, on an interim basis, storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy New Orleans)

In May 2026, Entergy New Orleans issued $35 million of 5.91% Series mortgage bonds due June 2036 and $55 million of 6.65% Series mortgage bonds due June 2056. Entergy New Orleans used the proceeds to repay, at maturity, its $85 million of 4% Series mortgage bonds due June 2026 and for general corporate purposes.

(Entergy Texas)

In May 2026, Entergy Texas issued $425 million of 5.20% Series mortgage bonds due June 2036. Entergy Texas expects to use the proceeds, together with other funds, to finance construction of the Orange County Advanced Power Station and the Lone Star Power Station, to repay, on or at maturity, its $130 million of 1.50% Series mortgage bonds due September 2026, and for general corporate purposes.

Fair Value

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of June 30, 2026 were as follows:


	Book Value of Long-Term Debt	Fair Value of Long-Term Debt (a)
	(In Thousands)
Entergy	$33,057,826	$30,712,302
Entergy Arkansas	$5,841,909	$5,273,485
Entergy Louisiana	$11,564,821	$10,643,441
Entergy Mississippi	$3,666,384	$3,370,025
Entergy New Orleans	$661,221	$627,938
Entergy Texas	$4,442,972	$4,129,543
System Energy	$1,188,885	$1,187,778

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of December 31, 2025 were as follows:


	Book Value of Long-Term Debt	Fair Value of Long-Term Debt (a)
	(In Thousands)
Entergy	$30,277,161	$28,208,822
Entergy Arkansas	$5,423,604	$4,931,734
Entergy Louisiana	$10,366,835	$9,510,545
Entergy Mississippi	$3,021,324	$2,755,286
Entergy New Orleans	$656,849	$621,670
Entergy Texas	$4,030,188	$3,780,405
System Energy	$1,088,703	$1,104,007

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.

Debt Disclosure [Text Block]

REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy Corporation has in place a credit facility that has a borrowing capacity of $3 billion and expires in June 2031. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. Although there were no borrowings under the facility for the six months ended June 30, 2026, the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility was 5.14%. The following is a summary of the amounts outstanding and capacity available under the credit facility as of June 30, 2026:


Capacity	Borrowings	Letters of Credit	Capacity Available
(In Millions)
$3,000	$—	$3	$2,997

Entergy Corporation’s credit facility includes a covenant requiring Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans and System Energy) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the Entergy Corporation credit facility’s maturity date may occur.

Entergy Corporation has a commercial paper program with a Board-approved program limit of $2 billion. As of June 30, 2026, Entergy Corporation had $1,544 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2026 was 4.01%.

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2026 as follows:


Company	Expiration Date	Amount of Facility	Interest Rate (a)	Amount Drawn as of June 30, 2026	Letters of Credit Outstanding as of June 30, 2026
Entergy Arkansas	April 2028	$25 million (b)	5.59%	$—	$—
Entergy Arkansas	June 2031	$300 million (c)	4.77%	$—	$—
Entergy Louisiana	June 2031	$400 million (c)	4.89%	$—	$—
Entergy Mississippi	June 2031	$300 million (c)	4.77%	$—	$—
Entergy New Orleans	June 2027	$25 million (c)	5.37%	$—	$—
Entergy Texas	June 2031	$300 million (c)	4.89%	$—	$1.1 million

(a)The interest rate is the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility.

(b)Borrowings under this Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.

(c)The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $5 million for Entergy Mississippi; $10 million for Entergy New Orleans; and $25 million for Entergy Texas.

The commitment fees on the credit facilities range from 0.075% to 0.375% of the undrawn commitment amount for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy Texas, and of the entire facility amount for Entergy New Orleans. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization. Each Registrant Subsidiary is in compliance with this covenant.

In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one or more uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO and for other purposes. The following is a summary of the uncommitted standby letter of credit facilities as of June 30, 2026:

Company

Amount of
Uncommitted Facility

Letter of Credit Fee

Letters of Credit

Issued as of

June 30, 2026

(a)

Entergy Arkansas

$100 million

0.78%

$59.5 million

Entergy Arkansas

$200 million

0.50%

$118.3 million

Entergy Louisiana

$125 million

0.78%

$111.1 million

Entergy Louisiana

$60 million

0.50%

$38.5 million (b)

Entergy Mississippi

$65 million

0.78%

$64.3 million (c)

Entergy Mississippi

$65 million

0.50%

$56.0 million

Entergy New Orleans

$1 million

1.625%

$0.5 million

Entergy Texas

$150 million

1.25%

$110.6 million

Entergy Texas

$160 million

1.05%

$—

(a)As of June 30, 2026, letters of credit posted with MISO covered financial transmission rights exposure of $1.4 million for Entergy Arkansas; $1.3 million for Entergy Louisiana; $2.5 million for Entergy Mississippi; and $0.6 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.

(b)As of June 30, 2026, the letters of credit issued for Entergy Louisiana under this facility include $37.0 million in MISO letters of credit and $1.5 million in non-MISO letters of credit outstanding.

(c)As of June 30, 2026, the letters of credit issued for Entergy Mississippi under this facility include $63.0 million in MISO letters of credit and $1.3 million in non-MISO letters of credit outstanding.

The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have FERC-authorized short-term borrowing limits effective through January 2027. The FERC-authorized short-term borrowing limit for Entergy Arkansas is effective through February 2028. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy system money pool and from other internal short-term borrowing arrangements. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and the other internal borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings. Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of June 30, 2026 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries:


	Authorized	Borrowings
	(In Millions)
Entergy Arkansas	$250	$—
Entergy Louisiana	$450	$—
Entergy Mississippi	$200	$—
Entergy New Orleans	$150	$—
Entergy Texas	$200	$—
System Energy	$200	$46

Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy)

See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs). To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities, three of which previously provided for the issuance of commercial paper until such provisions relating to commercial paper were terminated in June 2026. The following is a summary of the nuclear fuel company VIE credit facilities as of June 30, 2026:


Company	Expiration Date	Amount of Facility	Weighted- Average Interest Rate on Borrowings	Amount Outstanding as of June 30, 2026
		(Dollars in Millions)
Entergy Arkansas VIE	June 2029	$80	4.76%	$40.7
Entergy Louisiana River Bend VIE	June 2029	$105	4.77%	$28.6
Entergy Louisiana Waterford VIE	June 2029	$105	4.77%	$27.7
System Energy VIE	June 2029	$120	4.81%	$54.4

The commitment fees on the credit facilities are 0.100% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy nuclear fuel company VIEs. Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. Each lessee is in compliance with this covenant.

The nuclear fuel company VIEs had notes payable that were included in debt on the respective balance sheets as of June 30, 2026 as follows:

Company

Description

Amount

Entergy Arkansas VIE

1.84% Series N due July 2026 (a)

$90 million

Entergy Arkansas VIE

5.54% Series O due May 2029

$70 million

Entergy Louisiana River Bend VIE

2.51% Series V due June 2027

$70 million

Entergy Louisiana Waterford VIE

5.94% Series J due September 2026

$70 million

System Energy VIE

2.05% Series K due September 2027

$90 million

System Energy VIE

5.28% Series L due January 2029

$80 million

(a)Repaid at maturity

In July 2026, the Entergy Arkansas nuclear fuel company VIE issued $120 million of 5.28% intermediate term secured notes due July 2031. The Entergy Arkansas nuclear fuel company VIE used the proceeds to repay, at maturity, its $90 million of 1.84% Series N intermediate term secured notes and expects to use the remaining funds to purchase additional nuclear fuel.

In accordance with regulatory treatment, interest on the nuclear fuel company VIEs’ debt arrangements, which currently include their credit facilities and long-term notes payable, is reported in fuel expense.

As of June 30, 2026, Entergy Louisiana and System Energy each has obtained financing authorization from the FERC that extends through January 2027 for issuances by its nuclear fuel company VIEs. Entergy Arkansas has obtained financing authorization from the FERC that extends through February 2028 for issuances by its nuclear fuel company VIE.

Debt Issuances and Retirements

(Entergy Arkansas)

In January 2026, Entergy Arkansas issued $500 million of 4.95% Series mortgage bonds due January 2036 and $500 million of 5.75% Series mortgage bonds due January 2056. Entergy Arkansas used the proceeds, together with other funds, to repay, prior to maturity, its $600 million of 3.5% Series mortgage bonds due April 2026. Entergy Arkansas expects to use the remaining proceeds, together with other funds, to finance a portion of the construction of generation projects, including the Ironwood Power Station and the Arkansas Cypress Solar facility, and for general corporate purposes.

(Entergy Louisiana)

In January 2026, Entergy Louisiana redeemed, at maturity, $250 million of 4.44% Series mortgage bonds.

In February 2026, Entergy Louisiana issued $750 million of 4.90% Series mortgage bonds due April 2036 and $750 million of 5.65% Series mortgage bonds due April 2056. Entergy Louisiana expects to use the proceeds, together with other funds, to finance construction of the Franklin Farms Power Station Units 1 and 2 project, the Waterford 5 Power Station project, and the Westlake Power Station project, to support storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy Mississippi)

In March 2026, Entergy Mississippi issued $650 million of 5.05% Series mortgage bonds due April 2036. Entergy Mississippi expects to use the proceeds, together with other funds, to finance construction of the Traceview

Advanced Power Station and Vicksburg Advanced Power Station, to finance, on an interim basis, storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy New Orleans)

In May 2026, Entergy New Orleans issued $35 million of 5.91% Series mortgage bonds due June 2036 and $55 million of 6.65% Series mortgage bonds due June 2056. Entergy New Orleans used the proceeds to repay, at maturity, its $85 million of 4% Series mortgage bonds due June 2026 and for general corporate purposes.

(Entergy Texas)

In May 2026, Entergy Texas issued $425 million of 5.20% Series mortgage bonds due June 2036. Entergy Texas expects to use the proceeds, together with other funds, to finance construction of the Orange County Advanced Power Station and the Lone Star Power Station, to repay, on or at maturity, its $130 million of 1.50% Series mortgage bonds due September 2026, and for general corporate purposes.

Fair Value

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of June 30, 2026 were as follows:


	Book Value of Long-Term Debt	Fair Value of Long-Term Debt (a)
	(In Thousands)
Entergy	$33,057,826	$30,712,302
Entergy Arkansas	$5,841,909	$5,273,485
Entergy Louisiana	$11,564,821	$10,643,441
Entergy Mississippi	$3,666,384	$3,370,025
Entergy New Orleans	$661,221	$627,938
Entergy Texas	$4,442,972	$4,129,543
System Energy	$1,188,885	$1,187,778

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of December 31, 2025 were as follows:


	Book Value of Long-Term Debt	Fair Value of Long-Term Debt (a)
	(In Thousands)
Entergy	$30,277,161	$28,208,822
Entergy Arkansas	$5,423,604	$4,931,734
Entergy Louisiana	$10,366,835	$9,510,545
Entergy Mississippi	$3,021,324	$2,755,286
Entergy New Orleans	$656,849	$621,670
Entergy Texas	$4,030,188	$3,780,405
System Energy	$1,088,703	$1,104,007

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.