NEWS RELEASE

FOR IMMEDIATE RELEASE

April 29, 2025

Entergy reports first quarter 2025 financial results

Company affirms guidance and outlooks

NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported first quarter 2025 earnings per share of 82 cents on an as-reported and an adjusted (non-GAAP) basis.

“We had a productive start to the year with progress on our key objectives,” said Drew Marsh, Entergy Chair and Chief Executive Officer. “We are confident in the opportunity ahead as well as our ability to execute and deliver value on behalf of our customers and all stakeholders.”

Business highlights included the following:

•Entergy Texas received approval to place $137 million of transmission investments into rates through the TCRF rider.

•The state of Arkansas passed legislation to allow recovery for certain generation and transmission investments outside of the formula rate plan four percent cap.

•Entergy Louisiana received approval from the LPSC for the West Bank 230kV transmission project.

•Entergy Louisiana received the final approval needed for the sale of its gas distribution business from East Baton Rouge parish.

•Entergy Mississippi filed its annual formula rate plan.

•Entergy Corporation completed an approximately $1.5 billion common stock offering with a forward component.

•EEI awarded its Emergency Response Award to Entergy in recognition of restoration work after Hurricane Francine.

Table of contents			Page
News release     Table of appendices and financial statements     A: Consolidated results and adjustments     B: Earnings variance analysis     C: Utility operating and financial measures     D: Consolidated financial measures     E: Definitions and abbreviations and acronyms     F: Other GAAP to non-GAAP reconciliations     Financial statements			1 6 7 10 12 13 14 16 18

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Entergy reports first quarter 2025 financial results    

April 29, 2025

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Consolidated earnings (GAAP and non-GAAP measures)
First quarter 2025 vs. 2024 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)
			First quarter
			2025			2024			Change
(After-tax, $ in millions)
As-reported earnings			361			75			285
Less adjustments			-			(155)			155
Adjusted earnings (non-GAAP)			361			230			131
Estimated weather impact			22			(26)			48
(After-tax, per share in $)
As-reported earnings			0.82			0.18			0.64
Less adjustments			-			(0.36)			0.36
Adjusted earnings (non-GAAP)			0.82			0.54			0.28
Estimated weather impact			0.05			(0.06)			0.11

Calculations may differ due to rounding

Consolidated results

For first quarter 2025, the company reported earnings of $361 million, or 82 cents per share, on an as-reported and an adjusted basis. This compared to first quarter 2024 earnings of $75 million, or 18 cents per share, on an as-reported basis, and $230 million, or 54 cents per share, on an adjusted basis.

Summary discussions of results by business follow. Additional details, including information on operating cash flow by business, are provided in Appendix A. A more detailed analysis of earnings per share variances by business is provided in Appendix B.

Business results

Utility

For first quarter 2025, the Utility business reported earnings attributable to Entergy Corporation of $490 million, or $1.11 per share, on an as-reported and an adjusted basis. This compared to first quarter 2024 earnings of $195 million, or 46 cents per share, on an as-reported basis, and earnings of $350 million, or 82 cents per share, on an adjusted basis.

The primary drivers for the quarter’s earnings increase included:

•higher retail sales volume, including the impacts of weather;

•the net effect of regulatory actions across the operating companies;

•other income (deductions); and

•lower other O&M.

These drivers were partially offset by higher interest expense as well as higher depreciation and amortization.

First quarter 2024 results also reflected items that were considered adjustments and excluded from adjusted earnings:

•Entergy Arkansas recorded a write off of $(132 million) ($(97 million) after tax) for a regulatory asset related to the opportunity sales proceeding.

•Entergy New Orleans recorded a regulatory charge of $(79 million) ($(57 million) after tax) to reflect the company’s agreement to share additional income tax benefits from the 2016–2018 IRS audit resolution with customers.

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Entergy reports first quarter 2025 financial results    

April 29, 2025

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On a per share basis, first quarter 2025 results reflected higher diluted average number of common shares outstanding primarily due to the dilutive effect from unsettled equity forwards as a result of an increase in the stock price and option exercises under the company’s stock-based compensation plans.

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

Parent & Other

For first quarter 2025, Parent & Other reported a loss attributable to Entergy Corporation of $(129 million), or (29) cents per share, on an as-reported and an adjusted basis. This compared to a first quarter 2024 loss of $(120 million), or (28) cents per share, on an as-reported and an adjusted basis.

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

Earnings per share guidance

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

The company has provided 2025 earnings guidance with regard to the non-GAAP measure of adjusted earnings per share. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below under “Non-GAAP financial measures.” The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. Potential adjustments include, among other things, the exclusion of significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses.

Earnings teleconference

A teleconference will be held at 10:00 a.m. Central Time on Tuesday, April 29, 2025, to discuss Entergy’s quarterly earnings announcement and the company’s financial performance. The teleconference may be accessed by visiting Entergy’s website at
investors.entergy.com/investors/events-and-presentations or by dialing 888-440-4149, conference ID 9024832, no more than 15 minutes prior to the start of the call. The webcast presentation is also being posted to Entergy’s website concurrent with this news release. A replay of the teleconference will be available on Entergy’s website at investors.entergy.com/investors/events-and-presentations and by telephone. The telephone replay will be available through May 6, 2025, by dialing 800-770-2030, conference ID 9024832.

Entergy produces, transmits and distributes electricity to power life for 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We’re investing for growth and improved reliability and resilience of our energy system while working to keep energy rates affordable for our customers. We’re also investing in cleaner energy generation like modern natural gas, nuclear, and renewable energy. A nationally recognized leader in sustainability and corporate citizenship, we deliver more than $100 million in economic benefits each year to the communities we serve through philanthropy, volunteerism and advocacy. Entergy is a Fortune 500 company headquartered in New Orleans, Louisiana, and has approximately 12,000 employees. Learn more at entergy.com and connect with @Entergy on social media.

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Entergy reports first quarter 2025 financial results    

April 29, 2025

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Entergy Corporation’s common stock is listed on the New York Stock Exchange and NYSE Texas under the symbol “ETR”.

Details regarding Entergy’s results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the webcast presentation. Both documents are available on Entergy’s Investor Relations website at investors.entergy.com/investors/events-and-presentations.

Entergy maintains a web page as part of its Investor Relations website entitled Regulatory and other information, which provides investors with key updates on certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.

For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix E.

Non-GAAP financial measures

This news release contains non-GAAP financial measures, which are generally numerical measures of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Entergy reports earnings using the non-GAAP measure of adjusted earnings, which excludes the effect of certain “adjustments.” Adjustments are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant income tax items, certain items recorded as a result of regulatory settlements or decisions, and certain unusual costs or expenses. In addition to reporting GAAP earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.

Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, stockholders, analysts, and investors; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy’s business, comparing period to period results, and comparing Entergy’s financial performance to the financial performance of other companies in the utility sector.

Other non-GAAP measures, including adjusted ROE, adjusted ROE excluding affiliate preferred, FFO to adjusted debt, gross liquidity, net liquidity, adjusted Parent debt to total adjusted debt, adjusted debt to adjusted capitalization, and adjusted net debt to adjusted net capitalization are measures Entergy uses internally for management and board discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy’s ongoing financial results and flexibility and assists investors in comparing Entergy’s credit and liquidity to the credit and liquidity of others in the utility sector. These metrics are defined in Appendix E.

These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy’s operations that, when viewed with Entergy’s GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy’s business. These non-GAAP financial measures should not be used to the exclusion

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Entergy reports first quarter 2025 financial results    

April 29, 2025

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of GAAP financial measures. Investors are strongly encouraged to review Entergy’s consolidated financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy’s performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Cautionary note regarding forward-looking statements

In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy’s 2025 earnings guidance; financial and operational outlooks; industrial load growth outlooks; statements regarding its climate transition and resilience plans, goals, beliefs, or expectations; and other statements of Entergy’s plans, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with (1) realizing the benefits of its resilience plan, including impacts of the frequency and intensity of future storms and storm paths, as well as the pace of project completion and (2) efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust values or earnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including (1) strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized, and (2) Entergy’s ability to meet the rapidly growing demand for electricity, including from hyperscale data centers and other large customers, and to manage the impacts of such growth on customers and Entergy’s business, or the risk that contracted or expected load growth does not materialize or is not sustained; (h) direct and indirect impacts to Entergy or its customers from pandemics, terrorist attacks, geopolitical conflicts, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; and (i) effects on Entergy or its customers of (1) changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, international trade, or energy policies; (2) changes in commodity markets, capital markets, or economic conditions; and (3) technological change, including the costs, pace of development, and commercialization of new and emerging technologies.

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Entergy reports first quarter 2025 financial results    

April 29, 2025

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Investor inquiries:     

Liz Hunter     

504-576-3294     

ehunte1@entergy.com

Media inquiries:

Cristina del Canto

504-576-4238

mdelcan@entergy.com

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First quarter 2025 earnings release appendices and financial statements

Appendices

A: Consolidated results and adjustments

B: Earnings variance analysis

C: Utility operating and financial measures

D: Consolidated financial measures

E: Definitions and abbreviations and acronyms

F: Other GAAP to non-GAAP reconciliations

Financial statements

Consolidating balance sheets

Consolidating income statements

Consolidated cash flow statements

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A: Consolidated results and adjustments

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

Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measures First quarter 2025 vs. 2024 (See Appendix A-2 and Appendix A-3 for details on adjustments)
			First quarter
			2025			2024			Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility			490			195			295
Parent & Other			(129)			(120)			(9)
Consolidated			361			75			285
Less adjustments
Utility			-			(155)			155
Parent & Other			-			-			-
Consolidated			-			(155)			155
Adjusted earnings (loss) (non-GAAP)
Utility			490			350			140
Parent & Other			(129)			(120)			(9)
Consolidated			361			230			131
Estimated weather impact			22			(26)			48
Diluted average number of common shares outstanding (in millions) (a)			441			428			13
(After-tax, per share in $) (a) (b)
As-reported earnings (loss)
Utility			1.11			0.46			0.66
Parent & Other			(0.29)			(0.28)			(0.01)
Consolidated			0.82			0.18			0.64
Less adjustments
Utility			-			(0.36)			0.36
Parent & Other			-			-			-
Consolidated			-			(0.36)			0.36
Adjusted earnings (loss) (non-GAAP)
Utility			1.11			0.82			0.29
Parent & Other			(0.29)			(0.28)			(0.01)
Consolidated			0.82			0.54			0.28
Estimated weather impact			0.05			(0.06)			0.11

Calculations may differ due to rounding

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

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

See Appendix B for detailed earnings variance analysis.

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

Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS)
First quarter 2025 vs. 2024
			First quarter
			2025			2024			Change
(Pre-tax except for income tax effect and totals; $ in millions)
Utility
1Q24 E-AR write-off of a regulatory asset related to the opportunity sales proceeding			-			(132)			132
1Q24 E-NO increase in customer sharing of income tax benefits as a result of the 2016–2018 IRS audit resolution			-			(79)			79
Income tax effect on Utility adjustments above			-			56			(56)
Total Utility			-			(155)			155
Total adjustments			-			(155)			155
(After-tax, per share in $) (c), (d)
Utility
1Q24 E-AR write-off of a regulatory asset related to the opportunity sales proceeding			-			(0.23)			0.23
1Q24 E-NO increase in customer sharing of income tax benefits as a result of the 2016–2018 IRS audit resolution			-			(0.13)			0.13
Total Utility			-			(0.36)			0.36
Total adjustments			-			(0.36)			0.36

Calculations may differ due to rounding

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

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

Appendix A-3: Adjustments by income statement line item (shown as positive/ (negative) impact on earnings)
First quarter 2025 vs. 2024
(Pre-tax except for income taxes and totals; $ in millions)
			First quarter
			2025			2024			Change
Utility
Asset write-offs, impairments, and related charges			-			(132)			132
Other regulatory charges (credits) – net			-			(79)			79
Income taxes			-			56			(56)
Total Utility			-			(155)			155
Total adjustments			-			(155)			155

Calculations may differ due to rounding

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

Appendix A-4: Consolidated operating cash flow
First quarter 2025 vs. 2024
($ in millions)
			First quarter
			2025			2024			Change
Utility			565			515			50
Parent & Other			(29)			6			(35)
Consolidated			536			521			15

Calculations may differ due to rounding

OCF increased year-over-year primarily due to the timing of payments to vendors and advance payments related to customer agreements. The increase was partially offset by higher fuel and purchased power payments, higher interest payments, and the timing of recovery of fuel and purchased power costs.

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B: Earnings variance analysis

Appendix B provides details of current quarter 2025 versus 2024 as-reported and adjusted earnings per share variances.

Appendix B: As-reported and adjusted earnings per share variance analysis (e), (f), (g), (h)
First quarter 2025 vs. 2024
(After-tax, per share in $)
			Utility									Parent & Other									Consolidated
			As- reported			Adjusted						As- reported			Adjusted						As- reported			Adjusted
2024 earnings (loss)			0.46			0.82						(0.28)			(0.28)						0.18			0.54
Operating revenue less: fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) – net			0.59			0.45			(i)			0.01			0.01						0.60			0.47
Nuclear refueling outage expenses			0.01			0.01						-			-						0.01			0.01
Other O&M			0.03			0.03			(j)			(0.01)			(0.01)						0.02			0.02
Asset write-offs, impairments, and related charges			0.23			-			(k)			-			-						0.23			-
Decommissioning			-			-						-			-						-			-
Taxes other than income taxes			(0.01)			(0.01)						-			-						(0.01)			(0.01)
Depreciation and amortization			(0.02)			(0.02)			(l)			-			-						(0.02)			(0.02)
Other income (deductions)			(0.04)			(0.04)			(m)			(0.01)			(0.01)						(0.05)			(0.05)
Interest expense			(0.10)			(0.10)			(n)			(0.01)			(0.01)						(0.11)			(0.11)
Income taxes – other			0.01			0.01						(0.01)			(0.01)						0.01			0.01
Preferred dividend requirements and noncontrolling interests			-			-						-			-						-			-
Share effect			(0.03)			(0.03)						0.01			0.01						(0.02)			(0.02)			(o)
2025 earnings (loss)			1.11			1.11						(0.29)			(0.29)						0.82			0.82

h

Calculations may differ due to rounding

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

			1Q25			1Q24
Utility operating revenue			(2)			8
Utility income taxes – other			2			(8)

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

			1Q25			1Q24
Utility regulatory charges (credits) – net			(3)			(3)
Utility preferred dividend requirements and noncontrolling interests			3			3

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

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

(i)    The first quarter earnings increase reflected several drivers, including higher volume (including the effects of weather), and regulatory actions including: E-AR’s FRP, E-LA’s FRP (including riders), E-MS’s FRP, various E-MS’s riders, and E-TX’s DCRF. The increase also reflected a first quarter 2024 $(79 million) ($(57 million) after tax) regulatory provision recorded at E-NO to reflect the company’s agreement to share additional income tax benefits from the 2016–2018 IRS audit resolution with customers (considered an adjustment and excluded from adjusted earnings). Changes in regulatory provisions for decommissioning items was also a driver (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral). The increase was partially offset by lower Grand Gulf revenue largely due to lower O&M.

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Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits) – net variance analysis 2025 vs. 2024 ($ EPS)
			1Q
Electric volume / weather			0.20
Retail electric price			0.16
1Q24 E-NO provision for increased income tax sharing			0.13
Reg. provisions for decommissioning items			0.12
Grand Gulf recovery			(0.03)
Other			0.01
Total			0.59

(j)    The first quarter earnings increase from lower Utility other O&M was largely due to a decrease in contract costs related to operational performance, customer service, and organizational health initiatives and a decrease in compensation and benefits costs primarily due to a true up to estimated incentive-based compensation expenses.

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

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

(m)    The first quarter earnings decrease from lower Utility other income (deductions) was primarily due to lower nuclear decommissioning trust returns, including portfolio rebalancing in first quarter 2024 (based on regulatory treatment, decommissioning-related variances are offset in other line items and are largely earnings neutral). The decrease was partially offset by higher AFUDC–equity due to higher construction work in progress and an increase in the amortization of tax gross ups on customer advances for construction.

(n)    The first quarter earnings decrease from higher Utility interest expense was primarily due to higher interest rates, higher debt balances, and higher carrying costs on customer advances for construction.

(o)    The first quarter earnings per share impact from share effect was primarily due to the dilutive effect of unsettled equity forwards under the company’s ATM program as a result of an increase in the stock price, and option exercises under the company’s stock-based compensation plans.

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C: Utility operating and financial measures

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

Appendix C: Utility operating and financial measures
First quarter 2025 vs. 2024
			First quarter
			2025			2024			% Change			% Weather adjusted (p)
GWh sold
Residential			8,784			7,758			13.2			4.5
Commercial			6,243			6,223			0.3			(1.1)
Governmental			560			572			(2.1)			(2.5)
Industrial			13,833			12,661			9.3			9.3
Total retail			29,420			27,214			8.1			5.2
Wholesale			1,634			3,958			(58.7)
Total			31,054			31,172			(0.4)
Number of electric retail customers
Residential			2,606,590			2,585,994			0.8
Commercial			370,544			369,918			0.2
Governmental			17,982			18,136			(0.8)
Industrial			42,716			43,849			(2.6)
Total			3,037,832			3,017,897			0.7
Other O&M and nuclear refueling outage exp. per MWh			$22.40			$23.06			(2.9)

Calculations may differ due to rounding

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

For the quarter, weather-adjusted retail sales increased 5.2 percent. The increase was primarily due to a 9.3 percent increase in industrial volume driven by higher sales to petroleum refining, chlor-alkali, and primary metals customers. Residential sales increased 4.5 percent. The increase was partially offset by a commercial sales decline of (1.1) percent.

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D: Consolidated financial measures

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

Appendix D: GAAP and non-GAAP financial measures
2025 vs. 2024 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending March 31			2025			2024			Change
GAAP measure
As-reported ROE			9.0%			15.4%			(6.4)%
Non-GAAP financial measure
Adjusted ROE			11.5%			10.4%			1.1%
As of March 31 ($ in millions, except where noted)			2025			2024			Change
GAAP measures
Cash and cash equivalents			1,513			1,295			218
Available revolver capacity			4,345			4,245			100
Commercial paper			1,330			1,914			(584)
Total debt			31,041			28,493			2,548
Junior subordinated debentures			1,200			-			1,200
Securitization debt			240			263			(23)
Debt to total capital			67%			66%			0.9%
Storm escrows			300			328			(28)
Non-GAAP financial measures ($ in millions, except where noted)
FFO to adjusted debt			14.5%			13.4%			1.1%
Adjusted debt to adjusted capitalization			65%			66%			0%
Adjusted net debt to adjusted net capitalization			64%			65%			(1)%
Gross liquidity			5,858			5,540			318
Net liquidity			7,904			4,380			3,524
Adjusted Parent debt to total adjusted debt			20%			21%			(1)%

Calculations may differ due to rounding

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E: Definitions and abbreviations and acronyms

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

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

Page 15

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

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

Page 16

F: Other GAAP to non-GAAP reconciliations

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

Appendix F-1: Reconciliation of GAAP to non-GAAP financial measures – ROE
(LTM $ in millions except where noted)						First quarter
						2025			2024
As-reported net income attributable to Entergy Corporation			(A)			1,341			2,121
Adjustments			(B)			(367)			695
Adjusted earnings (non-GAAP)			(C)=(A-B)			1,708			1,426
Average common equity (average of beginning and ending balances)			(D)			14,822			13,758
As-reported ROE			(A/D)			9.0%			15.4%
Adjusted ROE (non-GAAP)			(C/D)			11.5%			10.4%

Calculations may differ due to rounding

Appendix F-2: Reconciliation of GAAP to non-GAAP financial measures – FFO to adjusted debt
($ in millions except where noted)						First quarter
						2025			2024
Total debt			(A)			31,041			28,493
Securitization debt			(B)			240			263
50% junior subordinated debentures			(C)			600			-
Adjusted debt (non-GAAP)			(D)=(A-B-C)			30,201			28,230
Net cash flow provided by operating activities, LTM			(E)			4,504			3,856
Preferred dividend requirements of subsidiaries, LTM			(F)			(18)			(18)
50% of the interest expense associated with junior subordinated debentures, LTM			(G)			(37)			-
Working capital items in net cash flow provided by operating activities, LTM:
Receivables						(53)			(63)
Fuel inventory						20			(10)
Accounts payable						210			(83)
Taxes accrued						(9)			13
Interest accrued						27			18
Deferred fuel costs						(187)			409
Other working capital accounts						165			(215)
Securitization regulatory charges, LTM						20			28
Total			(H)			193			98
FFO, LTM (non-GAAP)			(I)=(E-F-G-H)			4,366			3,776
FFO to adjusted debt (non-GAAP)			(I/D)			14.5%			13.4%

Calculations may differ due to rounding

Page 17

Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures – adjusted debt ratios; gross liquidity; and net liquidity
($ in millions except where noted)						First quarter
						2025			2024
Total debt			(A)			31,041			28,493
Securitization debt			(B)			240			263
50% junior subordinated debentures			(C)			600			-
Adjusted debt (non-GAAP)			(D)=(A-B-C)			30,201			28,230
Cash and cash equivalents			(E)			1,513			1,295
Adjusted net debt (non-GAAP)			(F)=(D-E)			28,688			26,935
Commercial paper			(G)			1,330			1,914
Total capitalization			(H)			46,542			43,287
Securitization debt			(B)			240			263
Adjusted capitalization (non-GAAP)			(I)=(H-B)			46,302			43,024
Cash and cash equivalents			(E)			1,513			1,295
Adjusted net capitalization (non-GAAP)			(J)=(I-E)			44,789			41,729
Total debt to total capitalization			(A/H)			67%			66%
Adjusted debt to adjusted capitalization (non-GAAP)			(D/I)			65%			66%
Adjusted net debt to adjusted net capitalization (non-GAAP)			(F/J)			64%			65%
Available revolver capacity			(K)			4,345			4,245
Storm escrows			(L)			300			328
Equity sold forward, not yet settled (q)			(M)			3,075			426
Gross liquidity (non-GAAP)			(N)=(E+K)			5,858			5,540
Net liquidity (non-GAAP)			(N-G+L+M)			7,904			4,380
Entergy Corporation notes:
Due September 2025						800			800
Due September 2026						750			750
Due June 2028						650			650
Due June 2030						600			600
Due June 2031						650			650
Due June 2050						600			600
Junior subordinated debentures due December 2054						1,200			-
Total Parent long-term debt			(O)			5,250			4,050
Revolver draw			(P)			-			-
Unamortized debt issuance costs and discounts			(Q)			(44)			(36)
Total Parent debt			(R)=(G+O+P+Q)			6,536			5,928
Adjusted Parent debt (non-GAAP)			(S)=(R-C)			5,936			5,928
Adjusted Parent debt to total adjusted debt (non-GAAP)			(S/D)			20%			21%

Calculations may differ due to rounding

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

Page 18

Financial Statements

Entergy Corporation
Consolidating Balance Sheet
March 31, 2025
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash						$	61,776					$	7,381					$	69,157
Temporary cash investments						1,395,982						48,271						1,444,253
Total cash and cash equivalents						1,457,758						55,652						1,513,410
Accounts receivable:
Customer						741,254						—						741,254
Allowance for doubtful accounts						(17,638)						—						(17,638)
Associated companies						4,770						(4,770)						—
Other						150,576						4,410						154,986
Accrued unbilled revenues						460,320						—						460,320
Total accounts receivable						1,339,282						(360)						1,338,922
Deferred fuel costs						125,490						—						125,490
Fuel inventory - at average cost						158,022						6,112						164,134
Materials and supplies						1,535,049						4,502						1,539,551
Deferred nuclear refueling outage costs						98,324						—						98,324
Current assets held for sale						15,898						—						15,898
Prepayments and other						400,741						(84,082)						316,659
TOTAL						5,130,564						(18,176)						5,112,388
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates						4,176,976						(4,176,976)						—
Decommissioning trust funds						5,446,731						—						5,446,731
Non-utility property - at cost (less accumulated depreciation)						460,683						6,337						467,020
Storm reserve escrow account						300,269						—						300,269
Other						45,945						36,951						82,896
TOTAL						10,430,604						(4,133,688)						6,296,916
PROPERTY, PLANT, AND EQUIPMENT
Electric						71,034,509						202,810						71,237,319
Natural gas						77,529						—						77,529
Construction work in progress						4,421,052						1,098						4,422,150
Nuclear fuel						728,969						—						728,969
TOTAL PROPERTY, PLANT, AND EQUIPMENT						76,262,059						203,908						76,465,967
Less - accumulated depreciation and amortization						27,644,092						148,545						27,792,637
PROPERTY, PLANT, AND EQUIPMENT - NET						48,617,967						55,363						48,673,330
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						5,101,032						—						5,101,032
Deferred fuel costs						172,201						—						172,201
Goodwill						367,696						—						367,696
Accumulated deferred income taxes						21,299						4,460						25,759
Non-current assets held for sale						467,215						—						467,215
Other						465,845						(61,973)						403,872
TOTAL						6,595,288						(57,513)						6,537,775
TOTAL ASSETS						$	70,774,423					$	(4,154,014)					$	66,620,409
*Totals may not foot due to rounding.

Page 19

Entergy Corporation
Consolidating Balance Sheet
March 31, 2025
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt						$	530,112					$	800,000					$	1,330,112
Notes payable and commercial paper:
Associated companies						50,000						(50,000)						—
Other						—						1,329,985						1,329,985
Accounts payable:
Associated companies						14,558						(14,558)						—
Other						1,806,239						3,652						1,809,891
Customer deposits						468,584						—						468,584
Taxes accrued						352,876						7,357						360,233
Interest accrued						220,684						50,465						271,149
Deferred fuel costs						85,110						—						85,110
Pension and other postretirement liabilities						50,736						12,420						63,156
Other						477,318						4,717						482,035
TOTAL						4,056,217						2,144,038						6,200,255
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						6,430,182						(1,843,239)						4,586,943
Accumulated deferred investment tax credits						191,997						—						191,997
Regulatory liability for income taxes - net						1,148,896						—						1,148,896
Other regulatory liabilities						3,425,277						—						3,425,277
Decommissioning and asset retirement cost liabilities						4,761,405						3,616						4,765,021
Accumulated provisions						471,573						251						471,824
Pension and other postretirement liabilities						186,155						29,585						215,740
Long-term debt						23,858,526						4,406,353						28,264,879
Customer advances for construction						696,502						—						696,502
Other						1,548,476						(397,211)						1,151,265
TOTAL						42,718,989						2,199,355						44,918,344
Subsidiaries' preferred stock without sinking fund						195,161						24,249						219,410
EQUITY
Preferred stock, no par value, authorized 1,000,000 shares;
issued shares in 2025 - none						—						—						—
Common stock, $.01 par value, authorized 998,000,000 shares;
issued 561,950,696 shares in 2025						2,310,842						(2,305,222)						5,620
Paid-in capital						5,197,289						2,595,459						7,792,748
Retained earnings						16,247,007						(4,130,181)						12,116,826
Accumulated other comprehensive income						68,079						(29,039)						39,040
Less - treasury stock, at cost (131,176,587 shares in 2025)						120,000						4,648,923						4,768,923
TOTAL SHAREHOLDERS' EQUITY						23,703,217						(8,517,906)						15,185,311
Subsidiaries' preferred stock without sinking fund
and noncontrolling interests						100,839						(3,750)						97,089
TOTAL						23,804,056						(8,521,656)						15,282,400
TOTAL LIABILITIES AND EQUITY						$	70,774,423					$	(4,154,014)					$	66,620,409
*Totals may not foot due to rounding.

Page 20

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

Page 21

Entergy Corporation
Consolidating Balance Sheet
December 31, 2024
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt						$	578,090					$	800,000					$	1,378,090
Notes payable and commercial paper:
Other						—						927,291						927,291
Accounts payable:
Associated companies						38,557						(38,557)						—
Other						1,922,922						6,240						1,929,162
Customer deposits						462,436						—						462,436
Taxes accrued						456,596						497						457,093
Interest accrued						239,945						19,609						259,554
Deferred fuel costs						237,146						—						237,146
Pension and other postretirement liabilities						52,260						12,594						64,854
Other						378,666						16,745						395,411
TOTAL						4,366,618						1,744,419						6,111,037
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						6,279,159						(1,811,411)						4,467,748
Accumulated deferred investment tax credits						194,146						—						194,146
Regulatory liability for income taxes - net						1,168,078						—						1,168,078
Other regulatory liabilities						3,609,463						—						3,609,463
Decommissioning and asset retirement cost liabilities						4,709,888						3,538						4,713,426
Accumulated provisions						505,807						256						506,063
Pension and other postretirement liabilities						210,924						43,780						254,704
Long-term debt						22,208,572						4,404,933						26,613,505
Customer advances for construction						634,587						—						634,587
Other						1,528,000						(415,119)						1,112,881
TOTAL						41,048,624						2,225,977						43,274,601
Subsidiaries' preferred stock without sinking fund						195,161						24,249						219,410
EQUITY
Preferred stock, no par value, authorized 1,000,000 shares;
issued shares in 2024 - none						—						—						—
Common stock, $.01 par value, authorized 998,000,000 shares;
issued 561,950,696 shares in 2024						2,330,842						(2,325,222)						5,620
Paid-in capital						5,197,289						2,636,236						7,833,525
Retained earnings						15,758,019						(3,743,704)						12,014,315
Accumulated other comprehensive income						70,185						(27,416)						42,769
Less - treasury stock, at cost (132,370,280 shares in 2024)						120,000						4,692,321						4,812,321
TOTAL SHAREHOLDERS' EQUITY						23,236,335						(8,152,427)						15,083,908
Subsidiaries' preferred stock without sinking fund
and noncontrolling interests						104,826						(3,750)						101,076
TOTAL						23,341,161						(8,156,177)						15,184,984
TOTAL LIABILITIES AND EQUITY						$	68,951,564					$	(4,161,532)					$	64,790,032
*Totals may not foot due to rounding.

Page 22

Entergy Corporation
Consolidating Income Statement
Three Months Ended March 31, 2025
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
OPERATING REVENUES
Electric						$	2,757,866					$	—					$	2,757,866
Natural gas						71,731						—						71,731
Other						—						17,277						17,277
Total						2,829,597						17,277						2,846,874
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						338,983						5,539						344,522
Purchased power						342,084						3,662						345,746
Nuclear refueling outage expenses						33,041						—						33,041
Other operation and maintenance						662,474						10,193						672,667
Decommissioning						55,852						77						55,929
Taxes other than income taxes						198,145						620						198,765
Depreciation and amortization						511,335						1,608						512,943
Other regulatory charges (credits) - net						(16,843)						—						(16,843)
Total						2,125,071						21,699						2,146,770
OPERATING INCOME						704,526						(4,422)						700,104
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						44,018						—						44,018
Interest and investment income						107,175						(73,769)						33,406
Miscellaneous - net						16,727						(2,001)						14,726
Total						167,920						(75,770)						92,150
INTEREST EXPENSE
Interest expense						285,724						62,660						348,384
Allowance for borrowed funds used during construction						(18,593)						—						(18,593)
Total						267,131						62,660						329,791
INCOME BEFORE INCOME TAXES						605,315						(142,852)						462,463
Income taxes						114,273						(14,232)						100,041
CONSOLIDATED NET INCOME						491,042						(128,620)						362,422
Preferred dividend requirements of subsidiaries and noncontrolling interests						1,163						499						1,662
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	489,879					$	(129,119)					$	360,760
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$1.14						($0.30)						$0.84
DILUTED						$1.11						($0.29)						$0.82
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																		430,347,768
DILUTED																		440,648,342
*Totals may not foot due to rounding.

Page 23

Entergy Corporation
Consolidating Income Statement
Three Months Ended March 31, 2024
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
OPERATING REVENUES
Electric						$	2,706,506					$	—					$	2,706,506
Natural gas						65,667						—						65,667
Other						—						22,455						22,455
Total						2,772,173						22,455						2,794,628
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						604,404						12,213						616,617
Purchased power						219,194						8,948						228,142
Nuclear refueling outage expenses						38,263						—						38,263
Other operation and maintenance						680,715						6,316						687,031
Asset write-offs, impairments and related charges						131,775						—						131,775
Decommissioning						53,369						13						53,382
Taxes other than income taxes						191,783						646						192,429
Depreciation and amortization						498,120						1,541						499,661
Other regulatory charges (credits) - net						109,346						—						109,346
Total						2,526,969			—			29,677						2,556,646
OPERATING INCOME						245,204						(7,222)						237,982
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						26,794						—						26,794
Interest and investment income						225,251						(74,554)						150,697
Miscellaneous - net						(54,573)						3,830						(50,743)
Total						197,472						(70,724)						126,748
INTEREST EXPENSE
Interest expense						222,691						55,052						277,743
Allowance for borrowed funds used during construction						(10,543)						—						(10,543)
Total						212,148						55,052						267,200
INCOME BEFORE INCOME TAXES						230,528						(132,998)						97,530
Income taxes						34,548						(13,554)						20,994
CONSOLIDATED NET INCOME						195,980						(119,444)						76,536
Preferred dividend requirements of subsidiaries and noncontrolling interests						756						499						1,255
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	195,224					$	(119,943)					$	75,281
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$0.46						($0.28)						$0.18
DILUTED						$0.46						($0.28)						$0.18
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																		426,287,439
DILUTED																		427,746,256
*Totals may not foot due to rounding.
** Entergy executed a two-for-one forward stock split that was effective with trading on December 13, 2024; All
periods presented have been retroactively adjusted to reflect the two-for-one stock split.

Page 24

Entergy Corporation
Consolidating Income Statement
Twelve Months Ended March 31, 2025
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
OPERATING REVENUES
Electric						$	11,679,091					$	—					$	11,679,091
Natural gas						184,135						—						184,135
Other						—						68,673						68,673
Total						11,863,226						68,673						11,931,899
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						1,949,051						35,728						1,984,779
Purchased power						929,536						27,304						956,840
Nuclear refueling outage expenses						141,797						—						141,797
Other operation and maintenance						2,832,923						50,949						2,883,872
Asset write-offs, impairments, and related charges (credits)						—						(24,641)						(24,641)
Decommissioning						222,418						209						222,627
Taxes other than income taxes						756,767						2,517						759,284
Depreciation and amortization						2,019,961						6,490						2,026,451
Other regulatory charges (credits) - net						(132,322)						—						(132,322)
Total						8,720,131						98,556						8,818,687
OPERATING INCOME						3,143,095						(29,883)						3,113,212
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						150,269						—						150,269
Interest and investment income						474,181						(292,607)						181,574
Miscellaneous - net						(92,153)						(332,345)						(424,498)
Total						532,297						(624,952)						(92,655)
INTEREST EXPENSE
Interest expense						1,015,457						258,773						1,274,230
Allowance for borrowed funds used during construction						(60,819)						—						(60,819)
Total						954,638						258,773						1,213,411
INCOME BEFORE INCOME TAXES						2,720,754						(913,608)						1,807,146
Income taxes						595,390						(135,315)						460,075
CONSOLIDATED NET INCOME						2,125,364						(778,293)						1,347,071
Preferred dividend requirements of subsidiaries and noncontrolling interests						4,005						1,996						6,001
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	2,121,359					$	(780,289)					$	1,341,070
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$4.95						($1.82)						$3.13
DILUTED						$4.88						($1.79)						$3.08
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																		428,718,938
DILUTED																		434,814,706
*Totals may not foot due to rounding.

Page 25

Entergy Corporation
Consolidating Income Statement
Twelve Months Ended March 31, 2024
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
OPERATING REVENUES
Electric						$	11,665,549					$	—					$	11,665,549
Natural gas						181,576						—						181,576
Other						—						113,855						113,855
Total						11,847,125						113,855						11,960,980
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						2,471,747						48,066						2,519,813
Purchased power						904,411						53,480						957,891
Nuclear refueling outage expenses						151,176						—						151,176
Other operation and maintenance						2,898,978						54,740						2,953,718
Asset write-offs, impairments, and related charges (credits)						211,737						(37,283)						174,454
Decommissioning						209,513						49						209,562
Taxes other than income taxes						759,882						2,684						762,566
Depreciation and amortization						1,884,373						6,373						1,890,746
Other regulatory charges (credits) - net						(52,796)						—						(52,796)
Total						9,439,021						128,109						9,567,130
OPERATING INCOME						2,408,104						(14,254)						2,393,850
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						102,141						—						102,141
Interest and investment income						569,235						(304,071)						265,164
Miscellaneous - net						(218,378)						21,073						(197,305)
Total						452,998						(282,998)						170,000
INTEREST EXPENSE
Interest expense						867,266						201,312						1,068,578
Allowance for borrowed funds used during construction						(40,709)						—						(40,709)
Total						826,557						201,312						1,027,869
INCOME BEFORE INCOME TAXES						2,034,545						(498,564)						1,535,981
Income taxes						(274,173)						(316,393)						(590,566)
CONSOLIDATED NET INCOME						2,308,718						(182,171)						2,126,547
Preferred dividend requirements of subsidiaries and noncontrolling interests						3,669						1,996						5,665
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	2,305,049					$	(184,167)					$	2,120,882
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$5.44						($0.43)						$5.00
DILUTED						$5.41						($0.43)						$4.98
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																		424,030,272
DILUTED																		425,732,970
*Totals may not foot due to rounding.
** Entergy executed a two-for-one forward stock split that was effective with trading on December 13, 2024; All
periods presented have been retroactively adjusted to reflect the two-for-one stock split.

Page 26

Entergy Corporation
Consolidated Cash Flow Statement
Three Months Ended March 31, 2025 vs. 2024
(Dollars in thousands)
(Unaudited)
						2025						2024						Variance
OPERATING ACTIVITIES
Consolidated net income						$	362,422					$	76,536					$	285,886
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						622,566						600,412						22,154
Deferred income taxes, investment tax credits, and non-current taxes accrued						94,973						(20,656)						115,629
Asset write-offs, impairments and related charges (credits)						—						131,775						(131,775)
Changes in working capital:
Receivables						51,477						107,921						(56,444)
Fuel inventory						3,261						5,387						(2,126)
Accounts payable						(189,497)						(287,418)						97,921
Taxes accrued						(95,589)						(64,085)						(31,504)
Interest accrued						11,595						29,615						(18,020)
Deferred fuel costs						(277,236)						92,685						(369,921)
Other working capital accounts						111,305						(73,315)						184,620
Changes in provisions for estimated losses						(34,239)						9,283						(43,522)
Changes in other regulatory assets						154,818						237,098						(82,280)
Changes in other regulatory liabilities						(201,803)						205,587						(407,390)
Changes in pension and other postretirement funded status						(58,834)						(76,343)						17,509
Other						(19,031)						(453,390)						434,359
Net cash flow provided by operating activities						536,188						521,092						15,096
INVESTING ACTIVITIES
Construction/capital expenditures						(1,660,169)						(961,152)						(699,017)
Allowance for equity funds used during construction						44,018						26,794						17,224
Nuclear fuel purchases						(88,557)						(133,315)						44,758
Payment for purchase of plant and assets						(1,282)						(172,614)						171,332
Changes in securitization account						(5,438)						(8,934)						3,496
Payments to storm reserve escrow accounts						(4,448)						(5,269)						821
Receipts from storm reserve escrow accounts						43,789						—						43,789
Decrease (increase) in other investments						472						(1,562)						2,034
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						3,546						—						3,546
Proceeds from nuclear decommissioning trust fund sales						364,837						489,417						(124,580)
Investment in nuclear decommissioning trust funds						(407,146)						(521,237)						114,091
Net cash flow used in investing activities						(1,710,378)						(1,287,872)						(422,506)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						2,447,850						2,206,338						241,512
Treasury stock						22,660						6,759						15,901
Retirement of long-term debt						(852,754)						(835,740)						(17,014)
Changes in commercial paper - net						402,694						775,333						(372,639)
Other						70,276						21,940						48,336
Dividends paid:
Common stock						(258,249)						(240,959)						(17,290)
Preferred stock						(4,580)						(4,580)						—
Net cash flow provided by financing activities						1,827,897						1,929,091						(101,194)
Net increase in cash and cash equivalents						653,707						1,162,311						(508,604)
Cash and cash equivalents at beginning of period						859,703						132,548						727,155
Cash and cash equivalents at end of period						$	1,513,410					$	1,294,859					$	218,551
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized						$	326,519					$	237,931					$	88,588
Income taxes						$	(1,252)					$	(316)					$	(936)
Noncash investing activities:
Accrued construction expenditures						$	657,132					$	509,046					$	148,086

Page 27

Entergy Corporation
Consolidated Cash Flow Statement
Twelve Months Ended March 31, 2025 vs. 2024
(Dollars in thousands)
(Unaudited)
						2025						2024						Variance
OPERATING ACTIVITIES
Consolidated net income						$	1,347,071					$	2,126,547					$	(779,476)
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						2,465,716						2,291,667						174,049
Deferred income taxes, investment tax credits, and non-current taxes accrued						436,334						(630,234)						1,066,568
Asset write-offs, impairments and related charges (credits)						(24,641)						174,454						(199,095)
Pension settlement charge						319,675						—						319,675
Changes in working capital:
Receivables						(53,388)						(62,811)						9,423
Fuel inventory						19,772						(10,295)						30,067
Accounts payable						209,760						(82,503)						292,263
Taxes accrued						(8,611)						12,754						(21,365)
Interest accrued						27,337						17,921						9,416
Deferred fuel costs						(187,343)						409,448						(596,791)
Other working capital accounts						165,443						(215,382)						380,825
Changes in provisions for estimated losses						(29)						(59,373)						59,344
Changes in other regulatory assets						296,234						130,281						165,953
Changes in other regulatory liabilities						253,169						532,707						(279,538)
Changes in pension and other postretirement funded status						(452,212)						(622,734)						170,522
Other						(310,680)						(156,571)						(154,109)
Net cash flow provided by operating activities						4,503,607						3,855,876						647,731
INVESTING ACTIVITIES
Construction/capital expenditures						(5,537,356)						(4,226,147)						(1,311,209)
Allowance for equity funds used during construction						150,269						102,141						48,128
Nuclear fuel purchases						(264,679)						(313,479)						48,800
Payment for purchase of plant and assets						(650,602)						(207,708)						(442,894)
Proceeds from sale of assets						—						11,000						(11,000)
Insurance proceeds received for property damages						7,907						19,493						(11,586)
Changes in securitization account						6,804						463						6,341
Payments to storm reserve escrow accounts						(17,169)						(20,853)						3,684
Receipts from storm reserve escrow accounts						44,525						98,529						(54,004)
Decrease (increase) in other investments						2,246						(14,833)						17,079
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						85,958						23,655						62,303
Proceeds from nuclear decommissioning trust fund sales						2,680,565						1,368,011						1,312,554
Investment in nuclear decommissioning trust funds						(2,779,985)						(1,473,530)						(1,306,455)
Net cash flow used in investing activities						(6,271,517)						(4,633,258)						(1,638,259)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						8,140,480						4,865,113						3,275,367
Treasury stock						152,695						12,565						140,130
Common stock						—						130,649						(130,649)
Retirement of long-term debt						(5,071,108)						(5,136,963)						65,855
Changes in commercial paper - net						(583,519)						1,047,888						(1,631,407)
Capital contributions from noncontrolling interest						—						25,708						(25,708)
Other						365,181						108,045						257,136
Dividends paid:
Common stock						(998,949)						(932,957)						(65,992)
Preferred stock						(18,319)						(18,319)						—
Net cash flow provided by financing activities						1,986,461						101,729						1,884,732
Net increase (decrease) in cash and cash equivalents						218,551						(675,653)						894,204
Cash and cash equivalents at beginning of period						1,294,859						1,970,512						(675,653)
Cash and cash equivalents at end of period						$	1,513,410					$	1,294,859					$	218,551
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$	1,203,219					$	1,010,101					$	193,118
Income taxes						$	40,615					$	47,857					$	(7,242)
Noncash investing activities:
Accrued construction expenditures						$	657,132					$	568,026					$	89,106

Page 28