Entergy Corp

entergy.com

What Do They Do?

Generates and delivers electricity to retail customers across Arkansas, Louisiana, Mississippi, and Texas.

How Do They Make Money?

Retail customers are billed monthly for electric service at approved rates based on metered use; affiliated utilities receive monthly bills for power at operating costs plus a regulator-approved return.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Electricity, US Regulated Usage-based	99% FY2022: 96%	Usage-based
Natural Gas, US Regulated	0.9% FY2022: 1.7%
Product and Service, Other	0.5% FY2022: 2.5%

Who Are Their Customers?

Households, businesses, and government bodies receive electricity through Entergy's retail utilities; affiliated utilities and other buyers also purchase power wholesale.

Do Revenues Turn Into Profits?

Yes. It kept 14 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$2.5B.

Operating income, FY2025

25% of revenue

▲ +21% vs FY2024 ($2.7B, 22%)

Net income, FY2025

14% of revenue

▲ +67% vs FY2024 ($1.1B, 9%)

Free cash flow, FY2025

−20% of revenue

▲ +624% (Loss) vs FY2024 (−$349.8M, −3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +6%; vs $3.3B in Q2 FY2025
Net income: ▲ +3%; vs $472M in Q2 FY2025

Electricity, US Regulated share of revenue vs 98.4% in Q2 FY2025

Jul 29, 2026 Entergy reaffirmed its 2026 adjusted earnings guidance The guidance range was $4.25 to $4.45 per share.
Apr 29, 2026 Entergy raised its longer-term outlooks The release also updated the four-year capital plan and adjusted earnings outlooks.

Growing. Revenue grew 10% in 4 years, from $11.7B in FY2021 to $12.9B in FY2025, about 2% a year.

Merchant nuclear exit The older report described Entergy Wholesale Commodities as a separate segment that owned, operated, and decommissioned nuclear plants and sold their power. The latest report describes Utility as the primary segment, with non-utility operations included in Parent & Other.

Natural gas distribution sale The older report included natural gas service in Louisiana and New Orleans; the latest report says those distribution businesses were sold, leaving the utility business centered on electric power.

Revenue over time

Electricity, US Regulated Natural Gas, US Regulated Product and Service, Other Electricity Other

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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