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Long-Term Debt (Notes)

12 Months Ended

Dec. 31, 2025

Long-Term Debt [Text Block]

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy as of December 31, 2025 and 2024 consisted of:

Type of Debt and Maturity						Weighted-Average Interest Rate December 31, 2025						Interest Rate Ranges at December 31,												Outstanding at  December 31,
												2025						2024						2025						2024
																								(In Thousands)
Mortgage Bonds
2025-2029						3.72%						1.50% - 6.25%						1.50% - 6.25%						$4,025,000						$4,603,000
2030-2034						4.40%						1.60% - 6.54%						1.60% - 6.54%						6,405,000						5,865,000
2035-2045						4.57%						3.10% - 5.15%						3.10% - 5.15%						2,707,000						2,207,000
2048-2066						4.64%						2.65% - 5.85%						2.65% - 5.85%						10,335,000						8,985,000
Governmental Bonds (a)
2030-2044						2.43%						2.0% - 2.5%						2.0% - 2.5%						282,375						282,375
Securitization Bonds
2028-2036						3.67%						3.051% - 3.697%						3.051% - 3.697%						223,577						242,424
Variable Interest Entities Notes Payable (Note 4)
2026-2029						3.85%						1.84% - 5.94%						1.84% - 5.94%						390,000						390,000
Entergy Corporation Senior Notes
due September 2025						n/a						—						0.90%						—						800,000
due September 2026						n/a						2.95%						2.95%						750,000						750,000
due June 2028						n/a						1.9%						1.9%						650,000						650,000
due June 2030						n/a						2.80%						2.80%						600,000						600,000
due June 2031						n/a						2.40%						2.40%						650,000						650,000
due June 2050						n/a						3.75%						3.75%						600,000						600,000
Entergy Corporation Junior Subordinated Debentures
due December 2054 (b)						n/a						7.125%						7.125%						1,200,000						1,200,000
due June 2056 (c)						n/a						6.100%						—						700,000						—
due June 2056 (d)						n/a						5.875%						—						600,000						—
Entergy Arkansas VIE Credit Facility (Note 4)						n/a						5.34%						6.28%						13,700						22,500
Entergy Louisiana River Bend VIE Credit Facility (Note 4)						n/a						5.36%						6.33%						50,300						18,700
Entergy Louisiana Waterford VIE Credit Facility (Note 4)						n/a						5.36%						6.32%						43,700						18,900
System Energy VIE Credit Facility (Note 4)						n/a						5.37%						6.27%						36,400						72,700
Long-term DOE Obligation (e)						—						—						—						225,309						216,016
Grand Gulf Sale-Leaseback Obligation						n/a						—						—						34,113						34,203
Unamortized Premium and Discount - Net																								(23,442)						(17,575)
Unamortized Debt Issuance Costs																								(226,174)						(204,010)
Other																								5,303						5,362
Total Long-Term Debt																								30,277,161						27,991,595
Less Amount Due Within One Year																								2,375,140						1,378,090
Long-Term Debt Excluding Amount Due Within One Year																								$27,902,021						$26,613,505
Fair Value of Long-Term Debt																								$28,208,822						$25,181,802

(a)Consists of pollution control revenue bonds and environmental revenue bonds, all of which are secured by mortgage bonds.

(b)Entergy Corporation will pay interest at an annual rate of 7.125% through November 2029. Commencing on December 1, 2029, the annual rate will equal the five-year treasury rate as of the most recent reset

interest determination date plus 2.67%, which interest resets will occur on each five-year anniversary of December 1 after December 1, 2029.

(c)Entergy Corporation will pay interest at an annual rate of 6.100% through June 14, 2036. Commencing on June 15, 2036, the annual rate will equal the five-year treasury rate as of the most recent reset interest determination date plus 2.013%, provided that the interest rate during an interest reset period will not reset below 6.100%. Interest resets will occur on each five-year anniversary of June 15 after June 15, 2036.

(d)Entergy Corporation will pay interest at an annual rate of 5.875% through June 14, 2031. Commencing on June 15, 2031, the annual rate will equal the five-year treasury rate as of the most recent reset interest determination date plus 2.179%, provided that the interest rate during an interest reset period will not reset below 5.875%. Interest resets will occur on each five-year anniversary of June 15 after June 15, 2031.

(e)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2025, for the next five years are as follows:

			Amount
			(In Thousands)
2026			$2,375,720
2027			$1,054,820
2028			$2,158,446
2029			$405,720
2030			$916,822

Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through January 2027. Entergy Arkansas has obtained long-term financing authorization from the FERC that extends through February 2028. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through December 2027. Entergy Arkansas has also obtained first mortgage bond/secured financing authorization from the APSC that extends through December 2027.

Long-term debt for the Registrant Subsidiaries as of December 31, 2025 and 2024 consisted of:

						2025						2024
						(In Thousands)
Entergy Arkansas
Mortgage Bonds:
3.5% Series due April 2026						$600,000						$600,000
4.00% Series due June 2028						350,000						350,000
5.15% Series due January 2033						425,000						425,000
5.30% Series due September 2033						300,000						300,000
5.45% Series due June 2034						700,000						400,000
4.95% Series due December 2044						250,000						250,000
4.20% Series due April 2049						550,000						550,000
2.65% Series due June 2051						675,000						675,000
3.35% Series due June 2052						400,000						400,000
5.75% Series due June 2054						400,000						400,000
4.875% Series due September 2066						410,000						410,000
Total mortgage bonds						5,060,000						4,760,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):
1.84% Series N due July 2026						90,000						90,000
5.54% Series O due May 2029						70,000						70,000
Credit Facility due June 2027, weighted-average rate 5.34%						13,700						22,500
Total variable interest entity notes payable and credit facility						173,700						182,500
Other:
Long-term DOE Obligation (a)						225,309						216,016
Unamortized Premium and Discount – Net						4,023						3,620
Unamortized Debt Issuance Costs						(41,316)						(41,552)
Other						1,888						1,910
Total Long-Term Debt						5,423,604						5,122,494
Less Amount Due Within One Year						690,000						—
Long-Term Debt Excluding Amount Due Within One Year						$4,733,604						$5,122,494
Fair Value of Long-Term Debt						$4,931,734						$4,546,643

						2025						2024
						(In Thousands)
Entergy Louisiana
Mortgage Bonds:
3.78% Series due April 2025						$—						$110,000
3.78% Series due April 2025						—						190,000
4.44% Series due January 2026						250,000						250,000
2.40% Series due October 2026						400,000						400,000
3.12% Series due September 2027						450,000						450,000
3.25% Series due April 2028						425,000						425,000
1.60% Series due December 2030						300,000						300,000
3.05% Series due June 2031						325,000						325,000
2.35% Series due June 2032						500,000						500,000
4.00% Series due March 2033						750,000						750,000
5.35% Series due March 2034						500,000						500,000
5.15% Series due September 2034						700,000						700,000
3.10% Series due June 2041						500,000						500,000
5% Series due July 2044						170,000						170,000
4.95% Series due January 2045						450,000						450,000
4.20% Series due September 2048						900,000						900,000
4.20% Series due April 2050						525,000						525,000
2.90% Series due March 2051						650,000						650,000
4.75% Series due September 2052						500,000						500,000
5.70% Series due March 2054						700,000						700,000
5.80% Series due March 2055						750,000						—
4.875% Series due September 2066						270,000						270,000
Total mortgage bonds						10,015,000						9,565,000
Governmental Bonds (b):
2.00% Series due June 2030, Louisiana Local Government Environmental Facilities and Community Development Authority (c)						16,200						16,200
2.50% Series due April 2036, Louisiana Local Government Environmental Facilities and Community Development Authority (c)						182,480						182,480
Total governmental bonds						198,680						198,680
Variable Interest Entity Notes Payable and Credit Facilities (Note 4):
5.94% Series J due September 2026						70,000						70,000
2.51% Series V due June 2027						70,000						70,000
Credit Facility due June 2027, weighted-average rate 5.36%						50,300						18,700
Credit Facility due June 2027, weighted-average rate 5.36%						43,700						18,900
Total variable interest entity notes payable and credit facilities						234,000						177,600
Other:
Unamortized Premium and Discount - Net						(12,753)						(9,820)
Unamortized Debt Issuance Costs						(71,507)						(68,459)
Other						3,415						3,452
Total Long-Term Debt						10,366,835						9,866,453
Less Amount Due Within One Year						720,000						300,000
Long-Term Debt Excluding Amount Due Within One Year						$9,646,835						$9,566,453
Fair Value of Long-Term Debt						$9,510,545						$8,751,266

						2025						2024
						(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.25% Series due December 2027						$150,000						$150,000
2.85% Series due June 2028						375,000						375,000
5.0% Series due September 2033						300,000						300,000
2.55% Series due December 2033						200,000						200,000
4.52% Series due December 2038						55,000						55,000
3.85% Series due June 2049						435,000						435,000
3.50% Series due June 2051						370,000						370,000
5.85% Series due June 2054						300,000						300,000
5.80% Series due April 2055						600,000						—
4.90% Series due October 2066						260,000						260,000
Total mortgage bonds						3,045,000						2,445,000
Other:
Unamortized Premium and Discount – Net						4,942						5,283
Unamortized Debt Issuance Costs						(28,618)						(23,210)
Total Long-Term Debt						3,021,324						2,427,073
Less Amount Due Within One Year						—						—
Long-Term Debt Excluding Amount Due Within One Year						$3,021,324						$2,427,073
Fair Value of Long-Term Debt						$2,755,286						$2,116,246

						2025						2024
						(In Thousands)
Entergy New Orleans
Mortgage Bonds:
3.00% Series due March 2025						$—						$78,000
4% Series due June 2026						85,000						85,000
6.25% Series due June 2029						35,000						35,000
6.41% Series due June 2031						65,000						65,000
4.19% Series due November 2031						90,000						90,000
4.51% Series due September 2033						60,000						60,000
6.54% Series due June 2034						50,000						50,000
4.51% Series due November 2036						70,000						70,000
3.75% Series due March 2040						62,000						62,000
5.0% Series due December 2052						30,000						30,000
5.50% Series due April 2066						110,000						110,000
Total mortgage bonds						657,000						735,000
Other:
Payable to associated company due November 2035						5,864						7,004
Unamortized Debt Issuance Costs						(6,015)						(6,537)
Total Long-Term Debt						656,849						735,467
Less Amount Due Within One Year						85,720						79,140
Long-Term Debt Excluding Amount Due Within One Year						$571,129						$656,327
Fair Value of Long-Term Debt						$621,670						$697,466

						2025						2024
						(In Thousands)
Entergy Texas
Mortgage Bonds:
1.50% Series due September 2026						$130,000						$130,000
3.45% Series due December 2027						150,000						150,000
4.0% Series due March 2029						300,000						300,000
1.75% Series due March 2031						600,000						600,000
5.25% Series due April 2035						500,000						—
4.50% Series due March 2039						400,000						400,000
5.15% Series due June 2045						250,000						250,000
3.55% Series due September 2049						475,000						475,000
5.00% Series due September 2052						325,000						325,000
5.80% Series due September 2053						350,000						350,000
5.55% Series due September 2054						350,000						350,000
Total mortgage bonds						3,830,000						3,330,000
Securitization Bonds:
3.051% Series Senior Secured, Series A Tranche A-1 due December 2028						32,727						51,574
3.697% Series Senior Secured, Series A Tranche A-2 due December 2036						190,850						190,850
Total securitization bonds						223,577						242,424
Other:
Unamortized Premium and Discount - Net						6,415						7,624
Unamortized Debt Issuance Costs						(29,804)						(27,605)
Total Long-Term Debt						4,030,188						3,552,443
Less Amount Due Within One Year						130,000						—
Long-Term Debt Excluding Amount Due Within One Year						$3,900,188						$3,552,443
Fair Value of Long-Term Debt						$3,780,405						$3,176,230

						2025						2024
						(In Thousands)
System Energy
Mortgage Bonds:
2.14% Series due December 2025						$—						$200,000
6.00% Series due April 2028						325,000						325,000
5.30% Series due December 2034						540,000						300,000
Total mortgage bonds						865,000						825,000
Governmental Bonds (b):
2.375% Series due June 2044, Mississippi Business Finance Corp. (c)						83,695						83,695
Total governmental bonds						83,695						83,695
Variable Interest Entity Notes Payable and Credit Facility (Note 4):
2.05% Series K due September 2027						90,000						90,000
Credit Facility due June 2027, weighted-average rate 5.37%						36,400						72,700
Total variable interest entity notes payable and credit facility						126,400						162,700
Other:
Grand Gulf Sale-Leaseback Obligation						34,113						34,203
Unamortized Premium and Discount – Net						(12,673)						(8,698)
Unamortized Debt Issuance Costs						(7,832)						(7,164)
Total Long-Term Debt						1,088,703						1,089,736
Less Amount Due Within One Year						140						200,090
Long-Term Debt Excluding Amount Due Within One Year						$1,088,563						$889,646
Fair Value of Long-Term Debt						$1,104,007						$1,063,946

(a)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(b)Consists of pollution control revenue bonds.

(c)The debt is secured by a series of collateral mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2025, for the next five years are as follows:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas						System Energy
			(In Thousands)
2026			$690,000						$720,000						$—						$85,720						$130,000						$—
2027			$13,700						$614,000						$150,000						$720						$150,000						$126,400
2028			$350,000						$425,000						$375,000						$719						$32,727						$325,000
2029			$70,000						$—						$—						$35,720						$300,000						$—
2030			$—						$316,200						$—						$622						$—						$—

Debt Issuances and Retirements

Entergy Arkansas Debt Issuance

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 (formerly Lake Catherine Unit 5) and the Arkansas Cypress Solar facility, and for general corporate purposes.

Entergy Louisiana Debt Retirement

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

System Energy Debt Issuance

In January 2026, the System Energy nuclear fuel company VIE issued $80 million of 5.28% Series L intermediate term secured notes due January 2029. The System Energy nuclear fuel company VIE expects to use the proceeds to purchase additional nuclear fuel. See additional discussion of the System Energy nuclear fuel company VIE in Note 4 and Note 17 to the financial statements.

Securitization Bonds

Entergy New Orleans Securitization Bonds - Hurricane Isaac

In May 2015 the City Council issued a financing order authorizing the issuance of securitization bonds to recover Entergy New Orleans’s Hurricane Isaac storm restoration costs of $31.8 million, including carrying costs, the costs of funding and replenishing the storm recovery reserve in the amount of $63.9 million, and approximately $3 million of up-front financing costs associated with the securitization. In July 2015, Entergy New Orleans Storm Recovery Funding I, L.L.C., a company wholly owned and consolidated by Entergy New Orleans, issued $98.7 million of storm cost recovery bonds. The bonds have a coupon of 2.67%. Although the principal amount

was not due until June 2027, Entergy New Orleans Storm Recovery Funding made a principal payment on the bonds in the amount of $6.2 million in 2024, after which the bonds were fully repaid.

Entergy Texas Securitization Bonds - Hurricane Laura, Hurricane Delta, and Winter Storm Uri

In January 2022 the PUCT authorized the issuance of securitization bonds to recover $242.9 million of Entergy Texas’s Hurricane Laura, Hurricane Delta, and Winter Storm Uri restoration costs, plus carrying costs, plus approximately $13.3 million relating to a system restoration regulatory asset related to Hurricane Harvey, plus up-front qualified costs. In April 2022, Entergy Texas Restoration Funding II, LLC, a company wholly-owned and consolidated by Entergy Texas, issued $290.85 million of senior secured system restoration bonds (securitization bonds), as follows:

			Amount
			(In Thousands)
Senior Secured System Restoration Bonds:
Tranche A-1 (3.051%) due December 2028			$100,000
Tranche A-2 (3.697%) due December 2036			190,850
Total senior secured system restoration bonds			$290,850

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding II expects to make principal payments on the securitization bonds over the next two years in the amounts of $19.4 million for 2026 and $13.4 million for 2027 for Tranche A-1, after which Tranche A-1 will be fully repaid. Entergy Texas Restoration Funding II expects to begin principal payments for Tranche A-2 in 2027 with payments of $6.6 million in 2027, $20.5 million in 2028, $21.2 million in 2029, and $21.9 million in 2030.

With the proceeds, Entergy Texas Restoration Funding II purchased from Entergy Texas the transition property, which is the right to recover from customers through a system restoration charge amounts sufficient to service the securitization bonds. Entergy Texas began cost recovery through the system restoration charge effective with the first billing cycle of May 2022 and the system restoration charge is expected to remain in place up to 15 years. Entergy Texas expects to use the proceeds to reduce its outstanding debt. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding II, including the transition property, and the creditors of Entergy Texas Restoration Funding II do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Texas Restoration Funding II except to remit system restoration charge collections.

Grand Gulf Sale-Leaseback Transactions

In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million.  The initial term of the leases expired in July 2015.  System Energy renewed the leases in December 2013 for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value.  In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy.

System Energy is required to report the sale-leaseback as a financing transaction in its financial statements.  As such, it has recognized debt for the lease obligation and retained the portion of the plant subject to the sale-leaseback on its balance sheet. For financial reporting purposes, System Energy has recognized interest expense on the debt balance and depreciation on the applicable plant balance.  The lease payments are recognized as principal and interest payments on the debt balance.

As of December 31, 2025, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments, as follows, which reflects the effect of the December 2013 renewal:

			Amount
			(In Thousands)
2026			$17,188
2027			17,188
2028			17,188
2029			17,188
2030			17,188
Years thereafter			103,125
Total			189,065
Less: Amount representing interest			154,952
Present value of net minimum lease payments			$34,113

Entergy Arkansas [Member]

Long-Term Debt [Text Block]

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy as of December 31, 2025 and 2024 consisted of:

Type of Debt and Maturity						Weighted-Average Interest Rate December 31, 2025						Interest Rate Ranges at December 31,												Outstanding at  December 31,
												2025						2024						2025						2024
																								(In Thousands)
Mortgage Bonds
2025-2029						3.72%						1.50% - 6.25%						1.50% - 6.25%						$4,025,000						$4,603,000
2030-2034						4.40%						1.60% - 6.54%						1.60% - 6.54%						6,405,000						5,865,000
2035-2045						4.57%						3.10% - 5.15%						3.10% - 5.15%						2,707,000						2,207,000
2048-2066						4.64%						2.65% - 5.85%						2.65% - 5.85%						10,335,000						8,985,000
Governmental Bonds (a)
2030-2044						2.43%						2.0% - 2.5%						2.0% - 2.5%						282,375						282,375
Securitization Bonds
2028-2036						3.67%						3.051% - 3.697%						3.051% - 3.697%						223,577						242,424
Variable Interest Entities Notes Payable (Note 4)
2026-2029						3.85%						1.84% - 5.94%						1.84% - 5.94%						390,000						390,000
Entergy Corporation Senior Notes
due September 2025						n/a						—						0.90%						—						800,000
due September 2026						n/a						2.95%						2.95%						750,000						750,000
due June 2028						n/a						1.9%						1.9%						650,000						650,000
due June 2030						n/a						2.80%						2.80%						600,000						600,000
due June 2031						n/a						2.40%						2.40%						650,000						650,000
due June 2050						n/a						3.75%						3.75%						600,000						600,000
Entergy Corporation Junior Subordinated Debentures
due December 2054 (b)						n/a						7.125%						7.125%						1,200,000						1,200,000
due June 2056 (c)						n/a						6.100%						—						700,000						—
due June 2056 (d)						n/a						5.875%						—						600,000						—
Entergy Arkansas VIE Credit Facility (Note 4)						n/a						5.34%						6.28%						13,700						22,500
Entergy Louisiana River Bend VIE Credit Facility (Note 4)						n/a						5.36%						6.33%						50,300						18,700
Entergy Louisiana Waterford VIE Credit Facility (Note 4)						n/a						5.36%						6.32%						43,700						18,900
System Energy VIE Credit Facility (Note 4)						n/a						5.37%						6.27%						36,400						72,700
Long-term DOE Obligation (e)						—						—						—						225,309						216,016
Grand Gulf Sale-Leaseback Obligation						n/a						—						—						34,113						34,203
Unamortized Premium and Discount - Net																								(23,442)						(17,575)
Unamortized Debt Issuance Costs																								(226,174)						(204,010)
Other																								5,303						5,362
Total Long-Term Debt																								30,277,161						27,991,595
Less Amount Due Within One Year																								2,375,140						1,378,090
Long-Term Debt Excluding Amount Due Within One Year																								$27,902,021						$26,613,505
Fair Value of Long-Term Debt																								$28,208,822						$25,181,802

(a)Consists of pollution control revenue bonds and environmental revenue bonds, all of which are secured by mortgage bonds.

(b)Entergy Corporation will pay interest at an annual rate of 7.125% through November 2029. Commencing on December 1, 2029, the annual rate will equal the five-year treasury rate as of the most recent reset

interest determination date plus 2.67%, which interest resets will occur on each five-year anniversary of December 1 after December 1, 2029.

(c)Entergy Corporation will pay interest at an annual rate of 6.100% through June 14, 2036. Commencing on June 15, 2036, the annual rate will equal the five-year treasury rate as of the most recent reset interest determination date plus 2.013%, provided that the interest rate during an interest reset period will not reset below 6.100%. Interest resets will occur on each five-year anniversary of June 15 after June 15, 2036.

(d)Entergy Corporation will pay interest at an annual rate of 5.875% through June 14, 2031. Commencing on June 15, 2031, the annual rate will equal the five-year treasury rate as of the most recent reset interest determination date plus 2.179%, provided that the interest rate during an interest reset period will not reset below 5.875%. Interest resets will occur on each five-year anniversary of June 15 after June 15, 2031.

(e)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2025, for the next five years are as follows:

			Amount
			(In Thousands)
2026			$2,375,720
2027			$1,054,820
2028			$2,158,446
2029			$405,720
2030			$916,822

Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through January 2027. Entergy Arkansas has obtained long-term financing authorization from the FERC that extends through February 2028. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through December 2027. Entergy Arkansas has also obtained first mortgage bond/secured financing authorization from the APSC that extends through December 2027.

Long-term debt for the Registrant Subsidiaries as of December 31, 2025 and 2024 consisted of:

						2025						2024
						(In Thousands)
Entergy Arkansas
Mortgage Bonds:
3.5% Series due April 2026						$600,000						$600,000
4.00% Series due June 2028						350,000						350,000
5.15% Series due January 2033						425,000						425,000
5.30% Series due September 2033						300,000						300,000
5.45% Series due June 2034						700,000						400,000
4.95% Series due December 2044						250,000						250,000
4.20% Series due April 2049						550,000						550,000
2.65% Series due June 2051						675,000						675,000
3.35% Series due June 2052						400,000						400,000
5.75% Series due June 2054						400,000						400,000
4.875% Series due September 2066						410,000						410,000
Total mortgage bonds						5,060,000						4,760,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):
1.84% Series N due July 2026						90,000						90,000
5.54% Series O due May 2029						70,000						70,000
Credit Facility due June 2027, weighted-average rate 5.34%						13,700						22,500
Total variable interest entity notes payable and credit facility						173,700						182,500
Other:
Long-term DOE Obligation (a)						225,309						216,016
Unamortized Premium and Discount – Net						4,023						3,620
Unamortized Debt Issuance Costs						(41,316)						(41,552)
Other						1,888						1,910
Total Long-Term Debt						5,423,604						5,122,494
Less Amount Due Within One Year						690,000						—
Long-Term Debt Excluding Amount Due Within One Year						$4,733,604						$5,122,494
Fair Value of Long-Term Debt						$4,931,734						$4,546,643

						2025						2024
						(In Thousands)
Entergy Louisiana
Mortgage Bonds:
3.78% Series due April 2025						$—						$110,000
3.78% Series due April 2025						—						190,000
4.44% Series due January 2026						250,000						250,000
2.40% Series due October 2026						400,000						400,000
3.12% Series due September 2027						450,000						450,000
3.25% Series due April 2028						425,000						425,000
1.60% Series due December 2030						300,000						300,000
3.05% Series due June 2031						325,000						325,000
2.35% Series due June 2032						500,000						500,000
4.00% Series due March 2033						750,000						750,000
5.35% Series due March 2034						500,000						500,000
5.15% Series due September 2034						700,000						700,000
3.10% Series due June 2041						500,000						500,000
5% Series due July 2044						170,000						170,000
4.95% Series due January 2045						450,000						450,000
4.20% Series due September 2048						900,000						900,000
4.20% Series due April 2050						525,000						525,000
2.90% Series due March 2051						650,000						650,000
4.75% Series due September 2052						500,000						500,000
5.70% Series due March 2054						700,000						700,000
5.80% Series due March 2055						750,000						—
4.875% Series due September 2066						270,000						270,000
Total mortgage bonds						10,015,000						9,565,000
Governmental Bonds (b):
2.00% Series due June 2030, Louisiana Local Government Environmental Facilities and Community Development Authority (c)						16,200						16,200
2.50% Series due April 2036, Louisiana Local Government Environmental Facilities and Community Development Authority (c)						182,480						182,480
Total governmental bonds						198,680						198,680
Variable Interest Entity Notes Payable and Credit Facilities (Note 4):
5.94% Series J due September 2026						70,000						70,000
2.51% Series V due June 2027						70,000						70,000
Credit Facility due June 2027, weighted-average rate 5.36%						50,300						18,700
Credit Facility due June 2027, weighted-average rate 5.36%						43,700						18,900
Total variable interest entity notes payable and credit facilities						234,000						177,600
Other:
Unamortized Premium and Discount - Net						(12,753)						(9,820)
Unamortized Debt Issuance Costs						(71,507)						(68,459)
Other						3,415						3,452
Total Long-Term Debt						10,366,835						9,866,453
Less Amount Due Within One Year						720,000						300,000
Long-Term Debt Excluding Amount Due Within One Year						$9,646,835						$9,566,453
Fair Value of Long-Term Debt						$9,510,545						$8,751,266

						2025						2024
						(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.25% Series due December 2027						$150,000						$150,000
2.85% Series due June 2028						375,000						375,000
5.0% Series due September 2033						300,000						300,000
2.55% Series due December 2033						200,000						200,000
4.52% Series due December 2038						55,000						55,000
3.85% Series due June 2049						435,000						435,000
3.50% Series due June 2051						370,000						370,000
5.85% Series due June 2054						300,000						300,000
5.80% Series due April 2055						600,000						—
4.90% Series due October 2066						260,000						260,000
Total mortgage bonds						3,045,000						2,445,000
Other:
Unamortized Premium and Discount – Net						4,942						5,283
Unamortized Debt Issuance Costs						(28,618)						(23,210)
Total Long-Term Debt						3,021,324						2,427,073
Less Amount Due Within One Year						—						—
Long-Term Debt Excluding Amount Due Within One Year						$3,021,324						$2,427,073
Fair Value of Long-Term Debt						$2,755,286						$2,116,246

						2025						2024
						(In Thousands)
Entergy New Orleans
Mortgage Bonds:
3.00% Series due March 2025						$—						$78,000
4% Series due June 2026						85,000						85,000
6.25% Series due June 2029						35,000						35,000
6.41% Series due June 2031						65,000						65,000
4.19% Series due November 2031						90,000						90,000
4.51% Series due September 2033						60,000						60,000
6.54% Series due June 2034						50,000						50,000
4.51% Series due November 2036						70,000						70,000
3.75% Series due March 2040						62,000						62,000
5.0% Series due December 2052						30,000						30,000
5.50% Series due April 2066						110,000						110,000
Total mortgage bonds						657,000						735,000
Other:
Payable to associated company due November 2035						5,864						7,004
Unamortized Debt Issuance Costs						(6,015)						(6,537)
Total Long-Term Debt						656,849						735,467
Less Amount Due Within One Year						85,720						79,140
Long-Term Debt Excluding Amount Due Within One Year						$571,129						$656,327
Fair Value of Long-Term Debt						$621,670						$697,466

						2025						2024
						(In Thousands)
Entergy Texas
Mortgage Bonds:
1.50% Series due September 2026						$130,000						$130,000
3.45% Series due December 2027						150,000						150,000
4.0% Series due March 2029						300,000						300,000
1.75% Series due March 2031						600,000						600,000
5.25% Series due April 2035						500,000						—
4.50% Series due March 2039						400,000						400,000
5.15% Series due June 2045						250,000						250,000
3.55% Series due September 2049						475,000						475,000
5.00% Series due September 2052						325,000						325,000
5.80% Series due September 2053						350,000						350,000
5.55% Series due September 2054						350,000						350,000
Total mortgage bonds						3,830,000						3,330,000
Securitization Bonds:
3.051% Series Senior Secured, Series A Tranche A-1 due December 2028						32,727						51,574
3.697% Series Senior Secured, Series A Tranche A-2 due December 2036						190,850						190,850
Total securitization bonds						223,577						242,424
Other:
Unamortized Premium and Discount - Net						6,415						7,624
Unamortized Debt Issuance Costs						(29,804)						(27,605)
Total Long-Term Debt						4,030,188						3,552,443
Less Amount Due Within One Year						130,000						—
Long-Term Debt Excluding Amount Due Within One Year						$3,900,188						$3,552,443
Fair Value of Long-Term Debt						$3,780,405						$3,176,230

						2025						2024
						(In Thousands)
System Energy
Mortgage Bonds:
2.14% Series due December 2025						$—						$200,000
6.00% Series due April 2028						325,000						325,000
5.30% Series due December 2034						540,000						300,000
Total mortgage bonds						865,000						825,000
Governmental Bonds (b):
2.375% Series due June 2044, Mississippi Business Finance Corp. (c)						83,695						83,695
Total governmental bonds						83,695						83,695
Variable Interest Entity Notes Payable and Credit Facility (Note 4):
2.05% Series K due September 2027						90,000						90,000
Credit Facility due June 2027, weighted-average rate 5.37%						36,400						72,700
Total variable interest entity notes payable and credit facility						126,400						162,700
Other:
Grand Gulf Sale-Leaseback Obligation						34,113						34,203
Unamortized Premium and Discount – Net						(12,673)						(8,698)
Unamortized Debt Issuance Costs						(7,832)						(7,164)
Total Long-Term Debt						1,088,703						1,089,736
Less Amount Due Within One Year						140						200,090
Long-Term Debt Excluding Amount Due Within One Year						$1,088,563						$889,646
Fair Value of Long-Term Debt						$1,104,007						$1,063,946

(a)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(b)Consists of pollution control revenue bonds.

(c)The debt is secured by a series of collateral mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2025, for the next five years are as follows:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas						System Energy
			(In Thousands)
2026			$690,000						$720,000						$—						$85,720						$130,000						$—
2027			$13,700						$614,000						$150,000						$720						$150,000						$126,400
2028			$350,000						$425,000						$375,000						$719						$32,727						$325,000
2029			$70,000						$—						$—						$35,720						$300,000						$—
2030			$—						$316,200						$—						$622						$—						$—

Debt Issuances and Retirements

Entergy Arkansas Debt Issuance

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 (formerly Lake Catherine Unit 5) and the Arkansas Cypress Solar facility, and for general corporate purposes.

Entergy Louisiana Debt Retirement

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

System Energy Debt Issuance

In January 2026, the System Energy nuclear fuel company VIE issued $80 million of 5.28% Series L intermediate term secured notes due January 2029. The System Energy nuclear fuel company VIE expects to use the proceeds to purchase additional nuclear fuel. See additional discussion of the System Energy nuclear fuel company VIE in Note 4 and Note 17 to the financial statements.

Securitization Bonds

Entergy New Orleans Securitization Bonds - Hurricane Isaac

In May 2015 the City Council issued a financing order authorizing the issuance of securitization bonds to recover Entergy New Orleans’s Hurricane Isaac storm restoration costs of $31.8 million, including carrying costs, the costs of funding and replenishing the storm recovery reserve in the amount of $63.9 million, and approximately $3 million of up-front financing costs associated with the securitization. In July 2015, Entergy New Orleans Storm Recovery Funding I, L.L.C., a company wholly owned and consolidated by Entergy New Orleans, issued $98.7 million of storm cost recovery bonds. The bonds have a coupon of 2.67%. Although the principal amount

was not due until June 2027, Entergy New Orleans Storm Recovery Funding made a principal payment on the bonds in the amount of $6.2 million in 2024, after which the bonds were fully repaid.

Entergy Texas Securitization Bonds - Hurricane Laura, Hurricane Delta, and Winter Storm Uri

In January 2022 the PUCT authorized the issuance of securitization bonds to recover $242.9 million of Entergy Texas’s Hurricane Laura, Hurricane Delta, and Winter Storm Uri restoration costs, plus carrying costs, plus approximately $13.3 million relating to a system restoration regulatory asset related to Hurricane Harvey, plus up-front qualified costs. In April 2022, Entergy Texas Restoration Funding II, LLC, a company wholly-owned and consolidated by Entergy Texas, issued $290.85 million of senior secured system restoration bonds (securitization bonds), as follows:

			Amount
			(In Thousands)
Senior Secured System Restoration Bonds:
Tranche A-1 (3.051%) due December 2028			$100,000
Tranche A-2 (3.697%) due December 2036			190,850
Total senior secured system restoration bonds			$290,850

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding II expects to make principal payments on the securitization bonds over the next two years in the amounts of $19.4 million for 2026 and $13.4 million for 2027 for Tranche A-1, after which Tranche A-1 will be fully repaid. Entergy Texas Restoration Funding II expects to begin principal payments for Tranche A-2 in 2027 with payments of $6.6 million in 2027, $20.5 million in 2028, $21.2 million in 2029, and $21.9 million in 2030.

With the proceeds, Entergy Texas Restoration Funding II purchased from Entergy Texas the transition property, which is the right to recover from customers through a system restoration charge amounts sufficient to service the securitization bonds. Entergy Texas began cost recovery through the system restoration charge effective with the first billing cycle of May 2022 and the system restoration charge is expected to remain in place up to 15 years. Entergy Texas expects to use the proceeds to reduce its outstanding debt. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding II, including the transition property, and the creditors of Entergy Texas Restoration Funding II do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Texas Restoration Funding II except to remit system restoration charge collections.

Grand Gulf Sale-Leaseback Transactions

In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million.  The initial term of the leases expired in July 2015.  System Energy renewed the leases in December 2013 for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value.  In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy.

System Energy is required to report the sale-leaseback as a financing transaction in its financial statements.  As such, it has recognized debt for the lease obligation and retained the portion of the plant subject to the sale-leaseback on its balance sheet. For financial reporting purposes, System Energy has recognized interest expense on the debt balance and depreciation on the applicable plant balance.  The lease payments are recognized as principal and interest payments on the debt balance.

As of December 31, 2025, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments, as follows, which reflects the effect of the December 2013 renewal:

			Amount
			(In Thousands)
2026			$17,188
2027			17,188
2028			17,188
2029			17,188
2030			17,188
Years thereafter			103,125
Total			189,065
Less: Amount representing interest			154,952
Present value of net minimum lease payments			$34,113

Entergy Louisiana [Member]

Long-Term Debt [Text Block]

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy as of December 31, 2025 and 2024 consisted of:

Type of Debt and Maturity						Weighted-Average Interest Rate December 31, 2025						Interest Rate Ranges at December 31,												Outstanding at  December 31,
												2025						2024						2025						2024
																								(In Thousands)
Mortgage Bonds
2025-2029						3.72%						1.50% - 6.25%						1.50% - 6.25%						$4,025,000						$4,603,000
2030-2034						4.40%						1.60% - 6.54%						1.60% - 6.54%						6,405,000						5,865,000
2035-2045						4.57%						3.10% - 5.15%						3.10% - 5.15%						2,707,000						2,207,000
2048-2066						4.64%						2.65% - 5.85%						2.65% - 5.85%						10,335,000						8,985,000
Governmental Bonds (a)
2030-2044						2.43%						2.0% - 2.5%						2.0% - 2.5%						282,375						282,375
Securitization Bonds
2028-2036						3.67%						3.051% - 3.697%						3.051% - 3.697%						223,577						242,424
Variable Interest Entities Notes Payable (Note 4)
2026-2029						3.85%						1.84% - 5.94%						1.84% - 5.94%						390,000						390,000
Entergy Corporation Senior Notes
due September 2025						n/a						—						0.90%						—						800,000
due September 2026						n/a						2.95%						2.95%						750,000						750,000
due June 2028						n/a						1.9%						1.9%						650,000						650,000
due June 2030						n/a						2.80%						2.80%						600,000						600,000
due June 2031						n/a						2.40%						2.40%						650,000						650,000
due June 2050						n/a						3.75%						3.75%						600,000						600,000
Entergy Corporation Junior Subordinated Debentures
due December 2054 (b)						n/a						7.125%						7.125%						1,200,000						1,200,000
due June 2056 (c)						n/a						6.100%						—						700,000						—
due June 2056 (d)						n/a						5.875%						—						600,000						—
Entergy Arkansas VIE Credit Facility (Note 4)						n/a						5.34%						6.28%						13,700						22,500
Entergy Louisiana River Bend VIE Credit Facility (Note 4)						n/a						5.36%						6.33%						50,300						18,700
Entergy Louisiana Waterford VIE Credit Facility (Note 4)						n/a						5.36%						6.32%						43,700						18,900
System Energy VIE Credit Facility (Note 4)						n/a						5.37%						6.27%						36,400						72,700
Long-term DOE Obligation (e)						—						—						—						225,309						216,016
Grand Gulf Sale-Leaseback Obligation						n/a						—						—						34,113						34,203
Unamortized Premium and Discount - Net																								(23,442)						(17,575)
Unamortized Debt Issuance Costs																								(226,174)						(204,010)
Other																								5,303						5,362
Total Long-Term Debt																								30,277,161						27,991,595
Less Amount Due Within One Year																								2,375,140						1,378,090
Long-Term Debt Excluding Amount Due Within One Year																								$27,902,021						$26,613,505
Fair Value of Long-Term Debt																								$28,208,822						$25,181,802

(a)Consists of pollution control revenue bonds and environmental revenue bonds, all of which are secured by mortgage bonds.

(b)Entergy Corporation will pay interest at an annual rate of 7.125% through November 2029. Commencing on December 1, 2029, the annual rate will equal the five-year treasury rate as of the most recent reset

interest determination date plus 2.67%, which interest resets will occur on each five-year anniversary of December 1 after December 1, 2029.

(c)Entergy Corporation will pay interest at an annual rate of 6.100% through June 14, 2036. Commencing on June 15, 2036, the annual rate will equal the five-year treasury rate as of the most recent reset interest determination date plus 2.013%, provided that the interest rate during an interest reset period will not reset below 6.100%. Interest resets will occur on each five-year anniversary of June 15 after June 15, 2036.

(d)Entergy Corporation will pay interest at an annual rate of 5.875% through June 14, 2031. Commencing on June 15, 2031, the annual rate will equal the five-year treasury rate as of the most recent reset interest determination date plus 2.179%, provided that the interest rate during an interest reset period will not reset below 5.875%. Interest resets will occur on each five-year anniversary of June 15 after June 15, 2031.

(e)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2025, for the next five years are as follows:

			Amount
			(In Thousands)
2026			$2,375,720
2027			$1,054,820
2028			$2,158,446
2029			$405,720
2030			$916,822

Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through January 2027. Entergy Arkansas has obtained long-term financing authorization from the FERC that extends through February 2028. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through December 2027. Entergy Arkansas has also obtained first mortgage bond/secured financing authorization from the APSC that extends through December 2027.

Long-term debt for the Registrant Subsidiaries as of December 31, 2025 and 2024 consisted of:

						2025						2024
						(In Thousands)
Entergy Arkansas
Mortgage Bonds:
3.5% Series due April 2026						$600,000						$600,000
4.00% Series due June 2028						350,000						350,000
5.15% Series due January 2033						425,000						425,000
5.30% Series due September 2033						300,000						300,000
5.45% Series due June 2034						700,000						400,000
4.95% Series due December 2044						250,000						250,000
4.20% Series due April 2049						550,000						550,000
2.65% Series due June 2051						675,000						675,000
3.35% Series due June 2052						400,000						400,000
5.75% Series due June 2054						400,000						400,000
4.875% Series due September 2066						410,000						410,000
Total mortgage bonds						5,060,000						4,760,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):
1.84% Series N due July 2026						90,000						90,000
5.54% Series O due May 2029						70,000						70,000
Credit Facility due June 2027, weighted-average rate 5.34%						13,700						22,500
Total variable interest entity notes payable and credit facility						173,700						182,500
Other:
Long-term DOE Obligation (a)						225,309						216,016
Unamortized Premium and Discount – Net						4,023						3,620
Unamortized Debt Issuance Costs						(41,316)						(41,552)
Other						1,888						1,910
Total Long-Term Debt						5,423,604						5,122,494
Less Amount Due Within One Year						690,000						—
Long-Term Debt Excluding Amount Due Within One Year						$4,733,604						$5,122,494
Fair Value of Long-Term Debt						$4,931,734						$4,546,643

						2025						2024
						(In Thousands)
Entergy Louisiana
Mortgage Bonds:
3.78% Series due April 2025						$—						$110,000
3.78% Series due April 2025						—						190,000
4.44% Series due January 2026						250,000						250,000
2.40% Series due October 2026						400,000						400,000
3.12% Series due September 2027						450,000						450,000
3.25% Series due April 2028						425,000						425,000
1.60% Series due December 2030						300,000						300,000
3.05% Series due June 2031						325,000						325,000
2.35% Series due June 2032						500,000						500,000
4.00% Series due March 2033						750,000						750,000
5.35% Series due March 2034						500,000						500,000
5.15% Series due September 2034						700,000						700,000
3.10% Series due June 2041						500,000						500,000
5% Series due July 2044						170,000						170,000
4.95% Series due January 2045						450,000						450,000
4.20% Series due September 2048						900,000						900,000
4.20% Series due April 2050						525,000						525,000
2.90% Series due March 2051						650,000						650,000
4.75% Series due September 2052						500,000						500,000
5.70% Series due March 2054						700,000						700,000
5.80% Series due March 2055						750,000						—
4.875% Series due September 2066						270,000						270,000
Total mortgage bonds						10,015,000						9,565,000
Governmental Bonds (b):
2.00% Series due June 2030, Louisiana Local Government Environmental Facilities and Community Development Authority (c)						16,200						16,200
2.50% Series due April 2036, Louisiana Local Government Environmental Facilities and Community Development Authority (c)						182,480						182,480
Total governmental bonds						198,680						198,680
Variable Interest Entity Notes Payable and Credit Facilities (Note 4):
5.94% Series J due September 2026						70,000						70,000
2.51% Series V due June 2027						70,000						70,000
Credit Facility due June 2027, weighted-average rate 5.36%						50,300						18,700
Credit Facility due June 2027, weighted-average rate 5.36%						43,700						18,900
Total variable interest entity notes payable and credit facilities						234,000						177,600
Other:
Unamortized Premium and Discount - Net						(12,753)						(9,820)
Unamortized Debt Issuance Costs						(71,507)						(68,459)
Other						3,415						3,452
Total Long-Term Debt						10,366,835						9,866,453
Less Amount Due Within One Year						720,000						300,000
Long-Term Debt Excluding Amount Due Within One Year						$9,646,835						$9,566,453
Fair Value of Long-Term Debt						$9,510,545						$8,751,266

						2025						2024
						(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.25% Series due December 2027						$150,000						$150,000
2.85% Series due June 2028						375,000						375,000
5.0% Series due September 2033						300,000						300,000
2.55% Series due December 2033						200,000						200,000
4.52% Series due December 2038						55,000						55,000
3.85% Series due June 2049						435,000						435,000
3.50% Series due June 2051						370,000						370,000
5.85% Series due June 2054						300,000						300,000
5.80% Series due April 2055						600,000						—
4.90% Series due October 2066						260,000						260,000
Total mortgage bonds						3,045,000						2,445,000
Other:
Unamortized Premium and Discount – Net						4,942						5,283
Unamortized Debt Issuance Costs						(28,618)						(23,210)
Total Long-Term Debt						3,021,324						2,427,073
Less Amount Due Within One Year						—						—
Long-Term Debt Excluding Amount Due Within One Year						$3,021,324						$2,427,073
Fair Value of Long-Term Debt						$2,755,286						$2,116,246

						2025						2024
						(In Thousands)
Entergy New Orleans
Mortgage Bonds:
3.00% Series due March 2025						$—						$78,000
4% Series due June 2026						85,000						85,000
6.25% Series due June 2029						35,000						35,000
6.41% Series due June 2031						65,000						65,000
4.19% Series due November 2031						90,000						90,000
4.51% Series due September 2033						60,000						60,000
6.54% Series due June 2034						50,000						50,000
4.51% Series due November 2036						70,000						70,000
3.75% Series due March 2040						62,000						62,000
5.0% Series due December 2052						30,000						30,000
5.50% Series due April 2066						110,000						110,000
Total mortgage bonds						657,000						735,000
Other:
Payable to associated company due November 2035						5,864						7,004
Unamortized Debt Issuance Costs						(6,015)						(6,537)
Total Long-Term Debt						656,849						735,467
Less Amount Due Within One Year						85,720						79,140
Long-Term Debt Excluding Amount Due Within One Year						$571,129						$656,327
Fair Value of Long-Term Debt						$621,670						$697,466

						2025						2024
						(In Thousands)
Entergy Texas
Mortgage Bonds:
1.50% Series due September 2026						$130,000						$130,000
3.45% Series due December 2027						150,000						150,000
4.0% Series due March 2029						300,000						300,000
1.75% Series due March 2031						600,000						600,000
5.25% Series due April 2035						500,000						—
4.50% Series due March 2039						400,000						400,000
5.15% Series due June 2045						250,000						250,000
3.55% Series due September 2049						475,000						475,000
5.00% Series due September 2052						325,000						325,000
5.80% Series due September 2053						350,000						350,000
5.55% Series due September 2054						350,000						350,000
Total mortgage bonds						3,830,000						3,330,000
Securitization Bonds:
3.051% Series Senior Secured, Series A Tranche A-1 due December 2028						32,727						51,574
3.697% Series Senior Secured, Series A Tranche A-2 due December 2036						190,850						190,850
Total securitization bonds						223,577						242,424
Other:
Unamortized Premium and Discount - Net						6,415						7,624
Unamortized Debt Issuance Costs						(29,804)						(27,605)
Total Long-Term Debt						4,030,188						3,552,443
Less Amount Due Within One Year						130,000						—
Long-Term Debt Excluding Amount Due Within One Year						$3,900,188						$3,552,443
Fair Value of Long-Term Debt						$3,780,405						$3,176,230

						2025						2024
						(In Thousands)
System Energy
Mortgage Bonds:
2.14% Series due December 2025						$—						$200,000
6.00% Series due April 2028						325,000						325,000
5.30% Series due December 2034						540,000						300,000
Total mortgage bonds						865,000						825,000
Governmental Bonds (b):
2.375% Series due June 2044, Mississippi Business Finance Corp. (c)						83,695						83,695
Total governmental bonds						83,695						83,695
Variable Interest Entity Notes Payable and Credit Facility (Note 4):
2.05% Series K due September 2027						90,000						90,000
Credit Facility due June 2027, weighted-average rate 5.37%						36,400						72,700
Total variable interest entity notes payable and credit facility						126,400						162,700
Other:
Grand Gulf Sale-Leaseback Obligation						34,113						34,203
Unamortized Premium and Discount – Net						(12,673)						(8,698)
Unamortized Debt Issuance Costs						(7,832)						(7,164)
Total Long-Term Debt						1,088,703						1,089,736
Less Amount Due Within One Year						140						200,090
Long-Term Debt Excluding Amount Due Within One Year						$1,088,563						$889,646
Fair Value of Long-Term Debt						$1,104,007						$1,063,946

(a)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(b)Consists of pollution control revenue bonds.

(c)The debt is secured by a series of collateral mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2025, for the next five years are as follows:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas						System Energy
			(In Thousands)
2026			$690,000						$720,000						$—						$85,720						$130,000						$—
2027			$13,700						$614,000						$150,000						$720						$150,000						$126,400
2028			$350,000						$425,000						$375,000						$719						$32,727						$325,000
2029			$70,000						$—						$—						$35,720						$300,000						$—
2030			$—						$316,200						$—						$622						$—						$—

Debt Issuances and Retirements

Entergy Arkansas Debt Issuance

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 (formerly Lake Catherine Unit 5) and the Arkansas Cypress Solar facility, and for general corporate purposes.

Entergy Louisiana Debt Retirement

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

System Energy Debt Issuance

In January 2026, the System Energy nuclear fuel company VIE issued $80 million of 5.28% Series L intermediate term secured notes due January 2029. The System Energy nuclear fuel company VIE expects to use the proceeds to purchase additional nuclear fuel. See additional discussion of the System Energy nuclear fuel company VIE in Note 4 and Note 17 to the financial statements.

Securitization Bonds

Entergy New Orleans Securitization Bonds - Hurricane Isaac

In May 2015 the City Council issued a financing order authorizing the issuance of securitization bonds to recover Entergy New Orleans’s Hurricane Isaac storm restoration costs of $31.8 million, including carrying costs, the costs of funding and replenishing the storm recovery reserve in the amount of $63.9 million, and approximately $3 million of up-front financing costs associated with the securitization. In July 2015, Entergy New Orleans Storm Recovery Funding I, L.L.C., a company wholly owned and consolidated by Entergy New Orleans, issued $98.7 million of storm cost recovery bonds. The bonds have a coupon of 2.67%. Although the principal amount

was not due until June 2027, Entergy New Orleans Storm Recovery Funding made a principal payment on the bonds in the amount of $6.2 million in 2024, after which the bonds were fully repaid.

Entergy Texas Securitization Bonds - Hurricane Laura, Hurricane Delta, and Winter Storm Uri

In January 2022 the PUCT authorized the issuance of securitization bonds to recover $242.9 million of Entergy Texas’s Hurricane Laura, Hurricane Delta, and Winter Storm Uri restoration costs, plus carrying costs, plus approximately $13.3 million relating to a system restoration regulatory asset related to Hurricane Harvey, plus up-front qualified costs. In April 2022, Entergy Texas Restoration Funding II, LLC, a company wholly-owned and consolidated by Entergy Texas, issued $290.85 million of senior secured system restoration bonds (securitization bonds), as follows:

			Amount
			(In Thousands)
Senior Secured System Restoration Bonds:
Tranche A-1 (3.051%) due December 2028			$100,000
Tranche A-2 (3.697%) due December 2036			190,850
Total senior secured system restoration bonds			$290,850

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding II expects to make principal payments on the securitization bonds over the next two years in the amounts of $19.4 million for 2026 and $13.4 million for 2027 for Tranche A-1, after which Tranche A-1 will be fully repaid. Entergy Texas Restoration Funding II expects to begin principal payments for Tranche A-2 in 2027 with payments of $6.6 million in 2027, $20.5 million in 2028, $21.2 million in 2029, and $21.9 million in 2030.

With the proceeds, Entergy Texas Restoration Funding II purchased from Entergy Texas the transition property, which is the right to recover from customers through a system restoration charge amounts sufficient to service the securitization bonds. Entergy Texas began cost recovery through the system restoration charge effective with the first billing cycle of May 2022 and the system restoration charge is expected to remain in place up to 15 years. Entergy Texas expects to use the proceeds to reduce its outstanding debt. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding II, including the transition property, and the creditors of Entergy Texas Restoration Funding II do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Texas Restoration Funding II except to remit system restoration charge collections.

Grand Gulf Sale-Leaseback Transactions

In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million.  The initial term of the leases expired in July 2015.  System Energy renewed the leases in December 2013 for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value.  In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy.

System Energy is required to report the sale-leaseback as a financing transaction in its financial statements.  As such, it has recognized debt for the lease obligation and retained the portion of the plant subject to the sale-leaseback on its balance sheet. For financial reporting purposes, System Energy has recognized interest expense on the debt balance and depreciation on the applicable plant balance.  The lease payments are recognized as principal and interest payments on the debt balance.

As of December 31, 2025, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments, as follows, which reflects the effect of the December 2013 renewal:

			Amount
			(In Thousands)
2026			$17,188
2027			17,188
2028			17,188
2029			17,188
2030			17,188
Years thereafter			103,125
Total			189,065
Less: Amount representing interest			154,952
Present value of net minimum lease payments			$34,113

Entergy Mississippi [Member]

Long-Term Debt [Text Block]

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy as of December 31, 2025 and 2024 consisted of:

Type of Debt and Maturity						Weighted-Average Interest Rate December 31, 2025						Interest Rate Ranges at December 31,												Outstanding at  December 31,
												2025						2024						2025						2024
																								(In Thousands)
Mortgage Bonds
2025-2029						3.72%						1.50% - 6.25%						1.50% - 6.25%						$4,025,000						$4,603,000
2030-2034						4.40%						1.60% - 6.54%						1.60% - 6.54%						6,405,000						5,865,000
2035-2045						4.57%						3.10% - 5.15%						3.10% - 5.15%						2,707,000						2,207,000
2048-2066						4.64%						2.65% - 5.85%						2.65% - 5.85%						10,335,000						8,985,000
Governmental Bonds (a)
2030-2044						2.43%						2.0% - 2.5%						2.0% - 2.5%						282,375						282,375
Securitization Bonds
2028-2036						3.67%						3.051% - 3.697%						3.051% - 3.697%						223,577						242,424
Variable Interest Entities Notes Payable (Note 4)
2026-2029						3.85%						1.84% - 5.94%						1.84% - 5.94%						390,000						390,000
Entergy Corporation Senior Notes
due September 2025						n/a						—						0.90%						—						800,000
due September 2026						n/a						2.95%						2.95%						750,000						750,000
due June 2028						n/a						1.9%						1.9%						650,000						650,000
due June 2030						n/a						2.80%						2.80%						600,000						600,000
due June 2031						n/a						2.40%						2.40%						650,000						650,000
due June 2050						n/a						3.75%						3.75%						600,000						600,000
Entergy Corporation Junior Subordinated Debentures
due December 2054 (b)						n/a						7.125%						7.125%						1,200,000						1,200,000
due June 2056 (c)						n/a						6.100%						—						700,000						—
due June 2056 (d)						n/a						5.875%						—						600,000						—
Entergy Arkansas VIE Credit Facility (Note 4)						n/a						5.34%						6.28%						13,700						22,500
Entergy Louisiana River Bend VIE Credit Facility (Note 4)						n/a						5.36%						6.33%						50,300						18,700
Entergy Louisiana Waterford VIE Credit Facility (Note 4)						n/a						5.36%						6.32%						43,700						18,900
System Energy VIE Credit Facility (Note 4)						n/a						5.37%						6.27%						36,400						72,700
Long-term DOE Obligation (e)						—						—						—						225,309						216,016
Grand Gulf Sale-Leaseback Obligation						n/a						—						—						34,113						34,203
Unamortized Premium and Discount - Net																								(23,442)						(17,575)
Unamortized Debt Issuance Costs																								(226,174)						(204,010)
Other																								5,303						5,362
Total Long-Term Debt																								30,277,161						27,991,595
Less Amount Due Within One Year																								2,375,140						1,378,090
Long-Term Debt Excluding Amount Due Within One Year																								$27,902,021						$26,613,505
Fair Value of Long-Term Debt																								$28,208,822						$25,181,802

(a)Consists of pollution control revenue bonds and environmental revenue bonds, all of which are secured by mortgage bonds.

(b)Entergy Corporation will pay interest at an annual rate of 7.125% through November 2029. Commencing on December 1, 2029, the annual rate will equal the five-year treasury rate as of the most recent reset

interest determination date plus 2.67%, which interest resets will occur on each five-year anniversary of December 1 after December 1, 2029.

(c)Entergy Corporation will pay interest at an annual rate of 6.100% through June 14, 2036. Commencing on June 15, 2036, the annual rate will equal the five-year treasury rate as of the most recent reset interest determination date plus 2.013%, provided that the interest rate during an interest reset period will not reset below 6.100%. Interest resets will occur on each five-year anniversary of June 15 after June 15, 2036.

(d)Entergy Corporation will pay interest at an annual rate of 5.875% through June 14, 2031. Commencing on June 15, 2031, the annual rate will equal the five-year treasury rate as of the most recent reset interest determination date plus 2.179%, provided that the interest rate during an interest reset period will not reset below 5.875%. Interest resets will occur on each five-year anniversary of June 15 after June 15, 2031.

(e)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2025, for the next five years are as follows:

			Amount
			(In Thousands)
2026			$2,375,720
2027			$1,054,820
2028			$2,158,446
2029			$405,720
2030			$916,822

Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through January 2027. Entergy Arkansas has obtained long-term financing authorization from the FERC that extends through February 2028. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through December 2027. Entergy Arkansas has also obtained first mortgage bond/secured financing authorization from the APSC that extends through December 2027.

Long-term debt for the Registrant Subsidiaries as of December 31, 2025 and 2024 consisted of:

						2025						2024
						(In Thousands)
Entergy Arkansas
Mortgage Bonds:
3.5% Series due April 2026						$600,000						$600,000
4.00% Series due June 2028						350,000						350,000
5.15% Series due January 2033						425,000						425,000
5.30% Series due September 2033						300,000						300,000
5.45% Series due June 2034						700,000						400,000
4.95% Series due December 2044						250,000						250,000
4.20% Series due April 2049						550,000						550,000
2.65% Series due June 2051						675,000						675,000
3.35% Series due June 2052						400,000						400,000
5.75% Series due June 2054						400,000						400,000
4.875% Series due September 2066						410,000						410,000
Total mortgage bonds						5,060,000						4,760,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):
1.84% Series N due July 2026						90,000						90,000
5.54% Series O due May 2029						70,000						70,000
Credit Facility due June 2027, weighted-average rate 5.34%						13,700						22,500
Total variable interest entity notes payable and credit facility						173,700						182,500
Other:
Long-term DOE Obligation (a)						225,309						216,016
Unamortized Premium and Discount – Net						4,023						3,620
Unamortized Debt Issuance Costs						(41,316)						(41,552)
Other						1,888						1,910
Total Long-Term Debt						5,423,604						5,122,494
Less Amount Due Within One Year						690,000						—
Long-Term Debt Excluding Amount Due Within One Year						$4,733,604						$5,122,494
Fair Value of Long-Term Debt						$4,931,734						$4,546,643

						2025						2024
						(In Thousands)
Entergy Louisiana
Mortgage Bonds:
3.78% Series due April 2025						$—						$110,000
3.78% Series due April 2025						—						190,000
4.44% Series due January 2026						250,000						250,000
2.40% Series due October 2026						400,000						400,000
3.12% Series due September 2027						450,000						450,000
3.25% Series due April 2028						425,000						425,000
1.60% Series due December 2030						300,000						300,000
3.05% Series due June 2031						325,000						325,000
2.35% Series due June 2032						500,000						500,000
4.00% Series due March 2033						750,000						750,000
5.35% Series due March 2034						500,000						500,000
5.15% Series due September 2034						700,000						700,000
3.10% Series due June 2041						500,000						500,000
5% Series due July 2044						170,000						170,000
4.95% Series due January 2045						450,000						450,000
4.20% Series due September 2048						900,000						900,000
4.20% Series due April 2050						525,000						525,000
2.90% Series due March 2051						650,000						650,000
4.75% Series due September 2052						500,000						500,000
5.70% Series due March 2054						700,000						700,000
5.80% Series due March 2055						750,000						—
4.875% Series due September 2066						270,000						270,000
Total mortgage bonds						10,015,000						9,565,000
Governmental Bonds (b):
2.00% Series due June 2030, Louisiana Local Government Environmental Facilities and Community Development Authority (c)						16,200						16,200
2.50% Series due April 2036, Louisiana Local Government Environmental Facilities and Community Development Authority (c)						182,480						182,480
Total governmental bonds						198,680						198,680
Variable Interest Entity Notes Payable and Credit Facilities (Note 4):
5.94% Series J due September 2026						70,000						70,000
2.51% Series V due June 2027						70,000						70,000
Credit Facility due June 2027, weighted-average rate 5.36%						50,300						18,700
Credit Facility due June 2027, weighted-average rate 5.36%						43,700						18,900
Total variable interest entity notes payable and credit facilities						234,000						177,600
Other:
Unamortized Premium and Discount - Net						(12,753)						(9,820)
Unamortized Debt Issuance Costs						(71,507)						(68,459)
Other						3,415						3,452
Total Long-Term Debt						10,366,835						9,866,453
Less Amount Due Within One Year						720,000						300,000
Long-Term Debt Excluding Amount Due Within One Year						$9,646,835						$9,566,453
Fair Value of Long-Term Debt						$9,510,545						$8,751,266

						2025						2024
						(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.25% Series due December 2027						$150,000						$150,000
2.85% Series due June 2028						375,000						375,000
5.0% Series due September 2033						300,000						300,000
2.55% Series due December 2033						200,000						200,000
4.52% Series due December 2038						55,000						55,000
3.85% Series due June 2049						435,000						435,000
3.50% Series due June 2051						370,000						370,000
5.85% Series due June 2054						300,000						300,000
5.80% Series due April 2055						600,000						—
4.90% Series due October 2066						260,000						260,000
Total mortgage bonds						3,045,000						2,445,000
Other:
Unamortized Premium and Discount – Net						4,942						5,283
Unamortized Debt Issuance Costs						(28,618)						(23,210)
Total Long-Term Debt						3,021,324						2,427,073
Less Amount Due Within One Year						—						—
Long-Term Debt Excluding Amount Due Within One Year						$3,021,324						$2,427,073
Fair Value of Long-Term Debt						$2,755,286						$2,116,246

						2025						2024
						(In Thousands)
Entergy New Orleans
Mortgage Bonds:
3.00% Series due March 2025						$—						$78,000
4% Series due June 2026						85,000						85,000
6.25% Series due June 2029						35,000						35,000
6.41% Series due June 2031						65,000						65,000
4.19% Series due November 2031						90,000						90,000
4.51% Series due September 2033						60,000						60,000
6.54% Series due June 2034						50,000						50,000
4.51% Series due November 2036						70,000						70,000
3.75% Series due March 2040						62,000						62,000
5.0% Series due December 2052						30,000						30,000
5.50% Series due April 2066						110,000						110,000
Total mortgage bonds						657,000						735,000
Other:
Payable to associated company due November 2035						5,864						7,004
Unamortized Debt Issuance Costs						(6,015)						(6,537)
Total Long-Term Debt						656,849						735,467
Less Amount Due Within One Year						85,720						79,140
Long-Term Debt Excluding Amount Due Within One Year						$571,129						$656,327
Fair Value of Long-Term Debt						$621,670						$697,466

						2025						2024
						(In Thousands)
Entergy Texas
Mortgage Bonds:
1.50% Series due September 2026						$130,000						$130,000
3.45% Series due December 2027						150,000						150,000
4.0% Series due March 2029						300,000						300,000
1.75% Series due March 2031						600,000						600,000
5.25% Series due April 2035						500,000						—
4.50% Series due March 2039						400,000						400,000
5.15% Series due June 2045						250,000						250,000
3.55% Series due September 2049						475,000						475,000
5.00% Series due September 2052						325,000						325,000
5.80% Series due September 2053						350,000						350,000
5.55% Series due September 2054						350,000						350,000
Total mortgage bonds						3,830,000						3,330,000
Securitization Bonds:
3.051% Series Senior Secured, Series A Tranche A-1 due December 2028						32,727						51,574
3.697% Series Senior Secured, Series A Tranche A-2 due December 2036						190,850						190,850
Total securitization bonds						223,577						242,424
Other:
Unamortized Premium and Discount - Net						6,415						7,624
Unamortized Debt Issuance Costs						(29,804)						(27,605)
Total Long-Term Debt						4,030,188						3,552,443
Less Amount Due Within One Year						130,000						—
Long-Term Debt Excluding Amount Due Within One Year						$3,900,188						$3,552,443
Fair Value of Long-Term Debt						$3,780,405						$3,176,230

						2025						2024
						(In Thousands)
System Energy
Mortgage Bonds:
2.14% Series due December 2025						$—						$200,000
6.00% Series due April 2028						325,000						325,000
5.30% Series due December 2034						540,000						300,000
Total mortgage bonds						865,000						825,000
Governmental Bonds (b):
2.375% Series due June 2044, Mississippi Business Finance Corp. (c)						83,695						83,695
Total governmental bonds						83,695						83,695
Variable Interest Entity Notes Payable and Credit Facility (Note 4):
2.05% Series K due September 2027						90,000						90,000
Credit Facility due June 2027, weighted-average rate 5.37%						36,400						72,700
Total variable interest entity notes payable and credit facility						126,400						162,700
Other:
Grand Gulf Sale-Leaseback Obligation						34,113						34,203
Unamortized Premium and Discount – Net						(12,673)						(8,698)
Unamortized Debt Issuance Costs						(7,832)						(7,164)
Total Long-Term Debt						1,088,703						1,089,736
Less Amount Due Within One Year						140						200,090
Long-Term Debt Excluding Amount Due Within One Year						$1,088,563						$889,646
Fair Value of Long-Term Debt						$1,104,007						$1,063,946

(a)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(b)Consists of pollution control revenue bonds.

(c)The debt is secured by a series of collateral mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2025, for the next five years are as follows:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas						System Energy
			(In Thousands)
2026			$690,000						$720,000						$—						$85,720						$130,000						$—
2027			$13,700						$614,000						$150,000						$720						$150,000						$126,400
2028			$350,000						$425,000						$375,000						$719						$32,727						$325,000
2029			$70,000						$—						$—						$35,720						$300,000						$—
2030			$—						$316,200						$—						$622						$—						$—

Debt Issuances and Retirements

Entergy Arkansas Debt Issuance

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 (formerly Lake Catherine Unit 5) and the Arkansas Cypress Solar facility, and for general corporate purposes.

Entergy Louisiana Debt Retirement

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

System Energy Debt Issuance

In January 2026, the System Energy nuclear fuel company VIE issued $80 million of 5.28% Series L intermediate term secured notes due January 2029. The System Energy nuclear fuel company VIE expects to use the proceeds to purchase additional nuclear fuel. See additional discussion of the System Energy nuclear fuel company VIE in Note 4 and Note 17 to the financial statements.

Securitization Bonds

Entergy New Orleans Securitization Bonds - Hurricane Isaac

In May 2015 the City Council issued a financing order authorizing the issuance of securitization bonds to recover Entergy New Orleans’s Hurricane Isaac storm restoration costs of $31.8 million, including carrying costs, the costs of funding and replenishing the storm recovery reserve in the amount of $63.9 million, and approximately $3 million of up-front financing costs associated with the securitization. In July 2015, Entergy New Orleans Storm Recovery Funding I, L.L.C., a company wholly owned and consolidated by Entergy New Orleans, issued $98.7 million of storm cost recovery bonds. The bonds have a coupon of 2.67%. Although the principal amount

was not due until June 2027, Entergy New Orleans Storm Recovery Funding made a principal payment on the bonds in the amount of $6.2 million in 2024, after which the bonds were fully repaid.

Entergy Texas Securitization Bonds - Hurricane Laura, Hurricane Delta, and Winter Storm Uri

In January 2022 the PUCT authorized the issuance of securitization bonds to recover $242.9 million of Entergy Texas’s Hurricane Laura, Hurricane Delta, and Winter Storm Uri restoration costs, plus carrying costs, plus approximately $13.3 million relating to a system restoration regulatory asset related to Hurricane Harvey, plus up-front qualified costs. In April 2022, Entergy Texas Restoration Funding II, LLC, a company wholly-owned and consolidated by Entergy Texas, issued $290.85 million of senior secured system restoration bonds (securitization bonds), as follows:

			Amount
			(In Thousands)
Senior Secured System Restoration Bonds:
Tranche A-1 (3.051%) due December 2028			$100,000
Tranche A-2 (3.697%) due December 2036			190,850
Total senior secured system restoration bonds			$290,850

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding II expects to make principal payments on the securitization bonds over the next two years in the amounts of $19.4 million for 2026 and $13.4 million for 2027 for Tranche A-1, after which Tranche A-1 will be fully repaid. Entergy Texas Restoration Funding II expects to begin principal payments for Tranche A-2 in 2027 with payments of $6.6 million in 2027, $20.5 million in 2028, $21.2 million in 2029, and $21.9 million in 2030.

With the proceeds, Entergy Texas Restoration Funding II purchased from Entergy Texas the transition property, which is the right to recover from customers through a system restoration charge amounts sufficient to service the securitization bonds. Entergy Texas began cost recovery through the system restoration charge effective with the first billing cycle of May 2022 and the system restoration charge is expected to remain in place up to 15 years. Entergy Texas expects to use the proceeds to reduce its outstanding debt. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding II, including the transition property, and the creditors of Entergy Texas Restoration Funding II do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Texas Restoration Funding II except to remit system restoration charge collections.

Grand Gulf Sale-Leaseback Transactions

In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million.  The initial term of the leases expired in July 2015.  System Energy renewed the leases in December 2013 for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value.  In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy.

System Energy is required to report the sale-leaseback as a financing transaction in its financial statements.  As such, it has recognized debt for the lease obligation and retained the portion of the plant subject to the sale-leaseback on its balance sheet. For financial reporting purposes, System Energy has recognized interest expense on the debt balance and depreciation on the applicable plant balance.  The lease payments are recognized as principal and interest payments on the debt balance.

As of December 31, 2025, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments, as follows, which reflects the effect of the December 2013 renewal:

			Amount
			(In Thousands)
2026			$17,188
2027			17,188
2028			17,188
2029			17,188
2030			17,188
Years thereafter			103,125
Total			189,065
Less: Amount representing interest			154,952
Present value of net minimum lease payments			$34,113

Entergy New Orleans [Member]

Long-Term Debt [Text Block]

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy as of December 31, 2025 and 2024 consisted of:

Type of Debt and Maturity						Weighted-Average Interest Rate December 31, 2025						Interest Rate Ranges at December 31,												Outstanding at  December 31,
												2025						2024						2025						2024
																								(In Thousands)
Mortgage Bonds
2025-2029						3.72%						1.50% - 6.25%						1.50% - 6.25%						$4,025,000						$4,603,000
2030-2034						4.40%						1.60% - 6.54%						1.60% - 6.54%						6,405,000						5,865,000
2035-2045						4.57%						3.10% - 5.15%						3.10% - 5.15%						2,707,000						2,207,000
2048-2066						4.64%						2.65% - 5.85%						2.65% - 5.85%						10,335,000						8,985,000
Governmental Bonds (a)
2030-2044						2.43%						2.0% - 2.5%						2.0% - 2.5%						282,375						282,375
Securitization Bonds
2028-2036						3.67%						3.051% - 3.697%						3.051% - 3.697%						223,577						242,424
Variable Interest Entities Notes Payable (Note 4)
2026-2029						3.85%						1.84% - 5.94%						1.84% - 5.94%						390,000						390,000
Entergy Corporation Senior Notes
due September 2025						n/a						—						0.90%						—						800,000
due September 2026						n/a						2.95%						2.95%						750,000						750,000
due June 2028						n/a						1.9%						1.9%						650,000						650,000
due June 2030						n/a						2.80%						2.80%						600,000						600,000
due June 2031						n/a						2.40%						2.40%						650,000						650,000
due June 2050						n/a						3.75%						3.75%						600,000						600,000
Entergy Corporation Junior Subordinated Debentures
due December 2054 (b)						n/a						7.125%						7.125%						1,200,000						1,200,000
due June 2056 (c)						n/a						6.100%						—						700,000						—
due June 2056 (d)						n/a						5.875%						—						600,000						—
Entergy Arkansas VIE Credit Facility (Note 4)						n/a						5.34%						6.28%						13,700						22,500
Entergy Louisiana River Bend VIE Credit Facility (Note 4)						n/a						5.36%						6.33%						50,300						18,700
Entergy Louisiana Waterford VIE Credit Facility (Note 4)						n/a						5.36%						6.32%						43,700						18,900
System Energy VIE Credit Facility (Note 4)						n/a						5.37%						6.27%						36,400						72,700
Long-term DOE Obligation (e)						—						—						—						225,309						216,016
Grand Gulf Sale-Leaseback Obligation						n/a						—						—						34,113						34,203
Unamortized Premium and Discount - Net																								(23,442)						(17,575)
Unamortized Debt Issuance Costs																								(226,174)						(204,010)
Other																								5,303						5,362
Total Long-Term Debt																								30,277,161						27,991,595
Less Amount Due Within One Year																								2,375,140						1,378,090
Long-Term Debt Excluding Amount Due Within One Year																								$27,902,021						$26,613,505
Fair Value of Long-Term Debt																								$28,208,822						$25,181,802

(a)Consists of pollution control revenue bonds and environmental revenue bonds, all of which are secured by mortgage bonds.

(b)Entergy Corporation will pay interest at an annual rate of 7.125% through November 2029. Commencing on December 1, 2029, the annual rate will equal the five-year treasury rate as of the most recent reset

interest determination date plus 2.67%, which interest resets will occur on each five-year anniversary of December 1 after December 1, 2029.

(c)Entergy Corporation will pay interest at an annual rate of 6.100% through June 14, 2036. Commencing on June 15, 2036, the annual rate will equal the five-year treasury rate as of the most recent reset interest determination date plus 2.013%, provided that the interest rate during an interest reset period will not reset below 6.100%. Interest resets will occur on each five-year anniversary of June 15 after June 15, 2036.

(d)Entergy Corporation will pay interest at an annual rate of 5.875% through June 14, 2031. Commencing on June 15, 2031, the annual rate will equal the five-year treasury rate as of the most recent reset interest determination date plus 2.179%, provided that the interest rate during an interest reset period will not reset below 5.875%. Interest resets will occur on each five-year anniversary of June 15 after June 15, 2031.

(e)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2025, for the next five years are as follows:

			Amount
			(In Thousands)
2026			$2,375,720
2027			$1,054,820
2028			$2,158,446
2029			$405,720
2030			$916,822

Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through January 2027. Entergy Arkansas has obtained long-term financing authorization from the FERC that extends through February 2028. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through December 2027. Entergy Arkansas has also obtained first mortgage bond/secured financing authorization from the APSC that extends through December 2027.

Long-term debt for the Registrant Subsidiaries as of December 31, 2025 and 2024 consisted of:

						2025						2024
						(In Thousands)
Entergy Arkansas
Mortgage Bonds:
3.5% Series due April 2026						$600,000						$600,000
4.00% Series due June 2028						350,000						350,000
5.15% Series due January 2033						425,000						425,000
5.30% Series due September 2033						300,000						300,000
5.45% Series due June 2034						700,000						400,000
4.95% Series due December 2044						250,000						250,000
4.20% Series due April 2049						550,000						550,000
2.65% Series due June 2051						675,000						675,000
3.35% Series due June 2052						400,000						400,000
5.75% Series due June 2054						400,000						400,000
4.875% Series due September 2066						410,000						410,000
Total mortgage bonds						5,060,000						4,760,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):
1.84% Series N due July 2026						90,000						90,000
5.54% Series O due May 2029						70,000						70,000
Credit Facility due June 2027, weighted-average rate 5.34%						13,700						22,500
Total variable interest entity notes payable and credit facility						173,700						182,500
Other:
Long-term DOE Obligation (a)						225,309						216,016
Unamortized Premium and Discount – Net						4,023						3,620
Unamortized Debt Issuance Costs						(41,316)						(41,552)
Other						1,888						1,910
Total Long-Term Debt						5,423,604						5,122,494
Less Amount Due Within One Year						690,000						—
Long-Term Debt Excluding Amount Due Within One Year						$4,733,604						$5,122,494
Fair Value of Long-Term Debt						$4,931,734						$4,546,643

						2025						2024
						(In Thousands)
Entergy Louisiana
Mortgage Bonds:
3.78% Series due April 2025						$—						$110,000
3.78% Series due April 2025						—						190,000
4.44% Series due January 2026						250,000						250,000
2.40% Series due October 2026						400,000						400,000
3.12% Series due September 2027						450,000						450,000
3.25% Series due April 2028						425,000						425,000
1.60% Series due December 2030						300,000						300,000
3.05% Series due June 2031						325,000						325,000
2.35% Series due June 2032						500,000						500,000
4.00% Series due March 2033						750,000						750,000
5.35% Series due March 2034						500,000						500,000
5.15% Series due September 2034						700,000						700,000
3.10% Series due June 2041						500,000						500,000
5% Series due July 2044						170,000						170,000
4.95% Series due January 2045						450,000						450,000
4.20% Series due September 2048						900,000						900,000
4.20% Series due April 2050						525,000						525,000
2.90% Series due March 2051						650,000						650,000
4.75% Series due September 2052						500,000						500,000
5.70% Series due March 2054						700,000						700,000
5.80% Series due March 2055						750,000						—
4.875% Series due September 2066						270,000						270,000
Total mortgage bonds						10,015,000						9,565,000
Governmental Bonds (b):
2.00% Series due June 2030, Louisiana Local Government Environmental Facilities and Community Development Authority (c)						16,200						16,200
2.50% Series due April 2036, Louisiana Local Government Environmental Facilities and Community Development Authority (c)						182,480						182,480
Total governmental bonds						198,680						198,680
Variable Interest Entity Notes Payable and Credit Facilities (Note 4):
5.94% Series J due September 2026						70,000						70,000
2.51% Series V due June 2027						70,000						70,000
Credit Facility due June 2027, weighted-average rate 5.36%						50,300						18,700
Credit Facility due June 2027, weighted-average rate 5.36%						43,700						18,900
Total variable interest entity notes payable and credit facilities						234,000						177,600
Other:
Unamortized Premium and Discount - Net						(12,753)						(9,820)
Unamortized Debt Issuance Costs						(71,507)						(68,459)
Other						3,415						3,452
Total Long-Term Debt						10,366,835						9,866,453
Less Amount Due Within One Year						720,000						300,000
Long-Term Debt Excluding Amount Due Within One Year						$9,646,835						$9,566,453
Fair Value of Long-Term Debt						$9,510,545						$8,751,266

						2025						2024
						(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.25% Series due December 2027						$150,000						$150,000
2.85% Series due June 2028						375,000						375,000
5.0% Series due September 2033						300,000						300,000
2.55% Series due December 2033						200,000						200,000
4.52% Series due December 2038						55,000						55,000
3.85% Series due June 2049						435,000						435,000
3.50% Series due June 2051						370,000						370,000
5.85% Series due June 2054						300,000						300,000
5.80% Series due April 2055						600,000						—
4.90% Series due October 2066						260,000						260,000
Total mortgage bonds						3,045,000						2,445,000
Other:
Unamortized Premium and Discount – Net						4,942						5,283
Unamortized Debt Issuance Costs						(28,618)						(23,210)
Total Long-Term Debt						3,021,324						2,427,073
Less Amount Due Within One Year						—						—
Long-Term Debt Excluding Amount Due Within One Year						$3,021,324						$2,427,073
Fair Value of Long-Term Debt						$2,755,286						$2,116,246

						2025						2024
						(In Thousands)
Entergy New Orleans
Mortgage Bonds:
3.00% Series due March 2025						$—						$78,000
4% Series due June 2026						85,000						85,000
6.25% Series due June 2029						35,000						35,000
6.41% Series due June 2031						65,000						65,000
4.19% Series due November 2031						90,000						90,000
4.51% Series due September 2033						60,000						60,000
6.54% Series due June 2034						50,000						50,000
4.51% Series due November 2036						70,000						70,000
3.75% Series due March 2040						62,000						62,000
5.0% Series due December 2052						30,000						30,000
5.50% Series due April 2066						110,000						110,000
Total mortgage bonds						657,000						735,000
Other:
Payable to associated company due November 2035						5,864						7,004
Unamortized Debt Issuance Costs						(6,015)						(6,537)
Total Long-Term Debt						656,849						735,467
Less Amount Due Within One Year						85,720						79,140
Long-Term Debt Excluding Amount Due Within One Year						$571,129						$656,327
Fair Value of Long-Term Debt						$621,670						$697,466

						2025						2024
						(In Thousands)
Entergy Texas
Mortgage Bonds:
1.50% Series due September 2026						$130,000						$130,000
3.45% Series due December 2027						150,000						150,000
4.0% Series due March 2029						300,000						300,000
1.75% Series due March 2031						600,000						600,000
5.25% Series due April 2035						500,000						—
4.50% Series due March 2039						400,000						400,000
5.15% Series due June 2045						250,000						250,000
3.55% Series due September 2049						475,000						475,000
5.00% Series due September 2052						325,000						325,000
5.80% Series due September 2053						350,000						350,000
5.55% Series due September 2054						350,000						350,000
Total mortgage bonds						3,830,000						3,330,000
Securitization Bonds:
3.051% Series Senior Secured, Series A Tranche A-1 due December 2028						32,727						51,574
3.697% Series Senior Secured, Series A Tranche A-2 due December 2036						190,850						190,850
Total securitization bonds						223,577						242,424
Other:
Unamortized Premium and Discount - Net						6,415						7,624
Unamortized Debt Issuance Costs						(29,804)						(27,605)
Total Long-Term Debt						4,030,188						3,552,443
Less Amount Due Within One Year						130,000						—
Long-Term Debt Excluding Amount Due Within One Year						$3,900,188						$3,552,443
Fair Value of Long-Term Debt						$3,780,405						$3,176,230

						2025						2024
						(In Thousands)
System Energy
Mortgage Bonds:
2.14% Series due December 2025						$—						$200,000
6.00% Series due April 2028						325,000						325,000
5.30% Series due December 2034						540,000						300,000
Total mortgage bonds						865,000						825,000
Governmental Bonds (b):
2.375% Series due June 2044, Mississippi Business Finance Corp. (c)						83,695						83,695
Total governmental bonds						83,695						83,695
Variable Interest Entity Notes Payable and Credit Facility (Note 4):
2.05% Series K due September 2027						90,000						90,000
Credit Facility due June 2027, weighted-average rate 5.37%						36,400						72,700
Total variable interest entity notes payable and credit facility						126,400						162,700
Other:
Grand Gulf Sale-Leaseback Obligation						34,113						34,203
Unamortized Premium and Discount – Net						(12,673)						(8,698)
Unamortized Debt Issuance Costs						(7,832)						(7,164)
Total Long-Term Debt						1,088,703						1,089,736
Less Amount Due Within One Year						140						200,090
Long-Term Debt Excluding Amount Due Within One Year						$1,088,563						$889,646
Fair Value of Long-Term Debt						$1,104,007						$1,063,946

(a)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(b)Consists of pollution control revenue bonds.

(c)The debt is secured by a series of collateral mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2025, for the next five years are as follows:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas						System Energy
			(In Thousands)
2026			$690,000						$720,000						$—						$85,720						$130,000						$—
2027			$13,700						$614,000						$150,000						$720						$150,000						$126,400
2028			$350,000						$425,000						$375,000						$719						$32,727						$325,000
2029			$70,000						$—						$—						$35,720						$300,000						$—
2030			$—						$316,200						$—						$622						$—						$—

Debt Issuances and Retirements

Entergy Arkansas Debt Issuance

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 (formerly Lake Catherine Unit 5) and the Arkansas Cypress Solar facility, and for general corporate purposes.

Entergy Louisiana Debt Retirement

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

System Energy Debt Issuance

In January 2026, the System Energy nuclear fuel company VIE issued $80 million of 5.28% Series L intermediate term secured notes due January 2029. The System Energy nuclear fuel company VIE expects to use the proceeds to purchase additional nuclear fuel. See additional discussion of the System Energy nuclear fuel company VIE in Note 4 and Note 17 to the financial statements.

Securitization Bonds

Entergy New Orleans Securitization Bonds - Hurricane Isaac

In May 2015 the City Council issued a financing order authorizing the issuance of securitization bonds to recover Entergy New Orleans’s Hurricane Isaac storm restoration costs of $31.8 million, including carrying costs, the costs of funding and replenishing the storm recovery reserve in the amount of $63.9 million, and approximately $3 million of up-front financing costs associated with the securitization. In July 2015, Entergy New Orleans Storm Recovery Funding I, L.L.C., a company wholly owned and consolidated by Entergy New Orleans, issued $98.7 million of storm cost recovery bonds. The bonds have a coupon of 2.67%. Although the principal amount

was not due until June 2027, Entergy New Orleans Storm Recovery Funding made a principal payment on the bonds in the amount of $6.2 million in 2024, after which the bonds were fully repaid.

Entergy Texas Securitization Bonds - Hurricane Laura, Hurricane Delta, and Winter Storm Uri

In January 2022 the PUCT authorized the issuance of securitization bonds to recover $242.9 million of Entergy Texas’s Hurricane Laura, Hurricane Delta, and Winter Storm Uri restoration costs, plus carrying costs, plus approximately $13.3 million relating to a system restoration regulatory asset related to Hurricane Harvey, plus up-front qualified costs. In April 2022, Entergy Texas Restoration Funding II, LLC, a company wholly-owned and consolidated by Entergy Texas, issued $290.85 million of senior secured system restoration bonds (securitization bonds), as follows:

			Amount
			(In Thousands)
Senior Secured System Restoration Bonds:
Tranche A-1 (3.051%) due December 2028			$100,000
Tranche A-2 (3.697%) due December 2036			190,850
Total senior secured system restoration bonds			$290,850

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding II expects to make principal payments on the securitization bonds over the next two years in the amounts of $19.4 million for 2026 and $13.4 million for 2027 for Tranche A-1, after which Tranche A-1 will be fully repaid. Entergy Texas Restoration Funding II expects to begin principal payments for Tranche A-2 in 2027 with payments of $6.6 million in 2027, $20.5 million in 2028, $21.2 million in 2029, and $21.9 million in 2030.

With the proceeds, Entergy Texas Restoration Funding II purchased from Entergy Texas the transition property, which is the right to recover from customers through a system restoration charge amounts sufficient to service the securitization bonds. Entergy Texas began cost recovery through the system restoration charge effective with the first billing cycle of May 2022 and the system restoration charge is expected to remain in place up to 15 years. Entergy Texas expects to use the proceeds to reduce its outstanding debt. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding II, including the transition property, and the creditors of Entergy Texas Restoration Funding II do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Texas Restoration Funding II except to remit system restoration charge collections.

Grand Gulf Sale-Leaseback Transactions

In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million.  The initial term of the leases expired in July 2015.  System Energy renewed the leases in December 2013 for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value.  In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy.

System Energy is required to report the sale-leaseback as a financing transaction in its financial statements.  As such, it has recognized debt for the lease obligation and retained the portion of the plant subject to the sale-leaseback on its balance sheet. For financial reporting purposes, System Energy has recognized interest expense on the debt balance and depreciation on the applicable plant balance.  The lease payments are recognized as principal and interest payments on the debt balance.

As of December 31, 2025, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments, as follows, which reflects the effect of the December 2013 renewal:

			Amount
			(In Thousands)
2026			$17,188
2027			17,188
2028			17,188
2029			17,188
2030			17,188
Years thereafter			103,125
Total			189,065
Less: Amount representing interest			154,952
Present value of net minimum lease payments			$34,113

Entergy Texas [Member]

Long-Term Debt [Text Block]

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy as of December 31, 2025 and 2024 consisted of:

Type of Debt and Maturity						Weighted-Average Interest Rate December 31, 2025						Interest Rate Ranges at December 31,												Outstanding at  December 31,
												2025						2024						2025						2024
																								(In Thousands)
Mortgage Bonds
2025-2029						3.72%						1.50% - 6.25%						1.50% - 6.25%						$4,025,000						$4,603,000
2030-2034						4.40%						1.60% - 6.54%						1.60% - 6.54%						6,405,000						5,865,000
2035-2045						4.57%						3.10% - 5.15%						3.10% - 5.15%						2,707,000						2,207,000
2048-2066						4.64%						2.65% - 5.85%						2.65% - 5.85%						10,335,000						8,985,000
Governmental Bonds (a)
2030-2044						2.43%						2.0% - 2.5%						2.0% - 2.5%						282,375						282,375
Securitization Bonds
2028-2036						3.67%						3.051% - 3.697%						3.051% - 3.697%						223,577						242,424
Variable Interest Entities Notes Payable (Note 4)
2026-2029						3.85%						1.84% - 5.94%						1.84% - 5.94%						390,000						390,000
Entergy Corporation Senior Notes
due September 2025						n/a						—						0.90%						—						800,000
due September 2026						n/a						2.95%						2.95%						750,000						750,000
due June 2028						n/a						1.9%						1.9%						650,000						650,000
due June 2030						n/a						2.80%						2.80%						600,000						600,000
due June 2031						n/a						2.40%						2.40%						650,000						650,000
due June 2050						n/a						3.75%						3.75%						600,000						600,000
Entergy Corporation Junior Subordinated Debentures
due December 2054 (b)						n/a						7.125%						7.125%						1,200,000						1,200,000
due June 2056 (c)						n/a						6.100%						—						700,000						—
due June 2056 (d)						n/a						5.875%						—						600,000						—
Entergy Arkansas VIE Credit Facility (Note 4)						n/a						5.34%						6.28%						13,700						22,500
Entergy Louisiana River Bend VIE Credit Facility (Note 4)						n/a						5.36%						6.33%						50,300						18,700
Entergy Louisiana Waterford VIE Credit Facility (Note 4)						n/a						5.36%						6.32%						43,700						18,900
System Energy VIE Credit Facility (Note 4)						n/a						5.37%						6.27%						36,400						72,700
Long-term DOE Obligation (e)						—						—						—						225,309						216,016
Grand Gulf Sale-Leaseback Obligation						n/a						—						—						34,113						34,203
Unamortized Premium and Discount - Net																								(23,442)						(17,575)
Unamortized Debt Issuance Costs																								(226,174)						(204,010)
Other																								5,303						5,362
Total Long-Term Debt																								30,277,161						27,991,595
Less Amount Due Within One Year																								2,375,140						1,378,090
Long-Term Debt Excluding Amount Due Within One Year																								$27,902,021						$26,613,505
Fair Value of Long-Term Debt																								$28,208,822						$25,181,802

(a)Consists of pollution control revenue bonds and environmental revenue bonds, all of which are secured by mortgage bonds.

(b)Entergy Corporation will pay interest at an annual rate of 7.125% through November 2029. Commencing on December 1, 2029, the annual rate will equal the five-year treasury rate as of the most recent reset

interest determination date plus 2.67%, which interest resets will occur on each five-year anniversary of December 1 after December 1, 2029.

(c)Entergy Corporation will pay interest at an annual rate of 6.100% through June 14, 2036. Commencing on June 15, 2036, the annual rate will equal the five-year treasury rate as of the most recent reset interest determination date plus 2.013%, provided that the interest rate during an interest reset period will not reset below 6.100%. Interest resets will occur on each five-year anniversary of June 15 after June 15, 2036.

(d)Entergy Corporation will pay interest at an annual rate of 5.875% through June 14, 2031. Commencing on June 15, 2031, the annual rate will equal the five-year treasury rate as of the most recent reset interest determination date plus 2.179%, provided that the interest rate during an interest reset period will not reset below 5.875%. Interest resets will occur on each five-year anniversary of June 15 after June 15, 2031.

(e)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2025, for the next five years are as follows:

			Amount
			(In Thousands)
2026			$2,375,720
2027			$1,054,820
2028			$2,158,446
2029			$405,720
2030			$916,822

Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through January 2027. Entergy Arkansas has obtained long-term financing authorization from the FERC that extends through February 2028. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through December 2027. Entergy Arkansas has also obtained first mortgage bond/secured financing authorization from the APSC that extends through December 2027.

Long-term debt for the Registrant Subsidiaries as of December 31, 2025 and 2024 consisted of:

						2025						2024
						(In Thousands)
Entergy Arkansas
Mortgage Bonds:
3.5% Series due April 2026						$600,000						$600,000
4.00% Series due June 2028						350,000						350,000
5.15% Series due January 2033						425,000						425,000
5.30% Series due September 2033						300,000						300,000
5.45% Series due June 2034						700,000						400,000
4.95% Series due December 2044						250,000						250,000
4.20% Series due April 2049						550,000						550,000
2.65% Series due June 2051						675,000						675,000
3.35% Series due June 2052						400,000						400,000
5.75% Series due June 2054						400,000						400,000
4.875% Series due September 2066						410,000						410,000
Total mortgage bonds						5,060,000						4,760,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):
1.84% Series N due July 2026						90,000						90,000
5.54% Series O due May 2029						70,000						70,000
Credit Facility due June 2027, weighted-average rate 5.34%						13,700						22,500
Total variable interest entity notes payable and credit facility						173,700						182,500
Other:
Long-term DOE Obligation (a)						225,309						216,016
Unamortized Premium and Discount – Net						4,023						3,620
Unamortized Debt Issuance Costs						(41,316)						(41,552)
Other						1,888						1,910
Total Long-Term Debt						5,423,604						5,122,494
Less Amount Due Within One Year						690,000						—
Long-Term Debt Excluding Amount Due Within One Year						$4,733,604						$5,122,494
Fair Value of Long-Term Debt						$4,931,734						$4,546,643

						2025						2024
						(In Thousands)
Entergy Louisiana
Mortgage Bonds:
3.78% Series due April 2025						$—						$110,000
3.78% Series due April 2025						—						190,000
4.44% Series due January 2026						250,000						250,000
2.40% Series due October 2026						400,000						400,000
3.12% Series due September 2027						450,000						450,000
3.25% Series due April 2028						425,000						425,000
1.60% Series due December 2030						300,000						300,000
3.05% Series due June 2031						325,000						325,000
2.35% Series due June 2032						500,000						500,000
4.00% Series due March 2033						750,000						750,000
5.35% Series due March 2034						500,000						500,000
5.15% Series due September 2034						700,000						700,000
3.10% Series due June 2041						500,000						500,000
5% Series due July 2044						170,000						170,000
4.95% Series due January 2045						450,000						450,000
4.20% Series due September 2048						900,000						900,000
4.20% Series due April 2050						525,000						525,000
2.90% Series due March 2051						650,000						650,000
4.75% Series due September 2052						500,000						500,000
5.70% Series due March 2054						700,000						700,000
5.80% Series due March 2055						750,000						—
4.875% Series due September 2066						270,000						270,000
Total mortgage bonds						10,015,000						9,565,000
Governmental Bonds (b):
2.00% Series due June 2030, Louisiana Local Government Environmental Facilities and Community Development Authority (c)						16,200						16,200
2.50% Series due April 2036, Louisiana Local Government Environmental Facilities and Community Development Authority (c)						182,480						182,480
Total governmental bonds						198,680						198,680
Variable Interest Entity Notes Payable and Credit Facilities (Note 4):
5.94% Series J due September 2026						70,000						70,000
2.51% Series V due June 2027						70,000						70,000
Credit Facility due June 2027, weighted-average rate 5.36%						50,300						18,700
Credit Facility due June 2027, weighted-average rate 5.36%						43,700						18,900
Total variable interest entity notes payable and credit facilities						234,000						177,600
Other:
Unamortized Premium and Discount - Net						(12,753)						(9,820)
Unamortized Debt Issuance Costs						(71,507)						(68,459)
Other						3,415						3,452
Total Long-Term Debt						10,366,835						9,866,453
Less Amount Due Within One Year						720,000						300,000
Long-Term Debt Excluding Amount Due Within One Year						$9,646,835						$9,566,453
Fair Value of Long-Term Debt						$9,510,545						$8,751,266

						2025						2024
						(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.25% Series due December 2027						$150,000						$150,000
2.85% Series due June 2028						375,000						375,000
5.0% Series due September 2033						300,000						300,000
2.55% Series due December 2033						200,000						200,000
4.52% Series due December 2038						55,000						55,000
3.85% Series due June 2049						435,000						435,000
3.50% Series due June 2051						370,000						370,000
5.85% Series due June 2054						300,000						300,000
5.80% Series due April 2055						600,000						—
4.90% Series due October 2066						260,000						260,000
Total mortgage bonds						3,045,000						2,445,000
Other:
Unamortized Premium and Discount – Net						4,942						5,283
Unamortized Debt Issuance Costs						(28,618)						(23,210)
Total Long-Term Debt						3,021,324						2,427,073
Less Amount Due Within One Year						—						—
Long-Term Debt Excluding Amount Due Within One Year						$3,021,324						$2,427,073
Fair Value of Long-Term Debt						$2,755,286						$2,116,246

						2025						2024
						(In Thousands)
Entergy New Orleans
Mortgage Bonds:
3.00% Series due March 2025						$—						$78,000
4% Series due June 2026						85,000						85,000
6.25% Series due June 2029						35,000						35,000
6.41% Series due June 2031						65,000						65,000
4.19% Series due November 2031						90,000						90,000
4.51% Series due September 2033						60,000						60,000
6.54% Series due June 2034						50,000						50,000
4.51% Series due November 2036						70,000						70,000
3.75% Series due March 2040						62,000						62,000
5.0% Series due December 2052						30,000						30,000
5.50% Series due April 2066						110,000						110,000
Total mortgage bonds						657,000						735,000
Other:
Payable to associated company due November 2035						5,864						7,004
Unamortized Debt Issuance Costs						(6,015)						(6,537)
Total Long-Term Debt						656,849						735,467
Less Amount Due Within One Year						85,720						79,140
Long-Term Debt Excluding Amount Due Within One Year						$571,129						$656,327
Fair Value of Long-Term Debt						$621,670						$697,466

						2025						2024
						(In Thousands)
Entergy Texas
Mortgage Bonds:
1.50% Series due September 2026						$130,000						$130,000
3.45% Series due December 2027						150,000						150,000
4.0% Series due March 2029						300,000						300,000
1.75% Series due March 2031						600,000						600,000
5.25% Series due April 2035						500,000						—
4.50% Series due March 2039						400,000						400,000
5.15% Series due June 2045						250,000						250,000
3.55% Series due September 2049						475,000						475,000
5.00% Series due September 2052						325,000						325,000
5.80% Series due September 2053						350,000						350,000
5.55% Series due September 2054						350,000						350,000
Total mortgage bonds						3,830,000						3,330,000
Securitization Bonds:
3.051% Series Senior Secured, Series A Tranche A-1 due December 2028						32,727						51,574
3.697% Series Senior Secured, Series A Tranche A-2 due December 2036						190,850						190,850
Total securitization bonds						223,577						242,424
Other:
Unamortized Premium and Discount - Net						6,415						7,624
Unamortized Debt Issuance Costs						(29,804)						(27,605)
Total Long-Term Debt						4,030,188						3,552,443
Less Amount Due Within One Year						130,000						—
Long-Term Debt Excluding Amount Due Within One Year						$3,900,188						$3,552,443
Fair Value of Long-Term Debt						$3,780,405						$3,176,230

						2025						2024
						(In Thousands)
System Energy
Mortgage Bonds:
2.14% Series due December 2025						$—						$200,000
6.00% Series due April 2028						325,000						325,000
5.30% Series due December 2034						540,000						300,000
Total mortgage bonds						865,000						825,000
Governmental Bonds (b):
2.375% Series due June 2044, Mississippi Business Finance Corp. (c)						83,695						83,695
Total governmental bonds						83,695						83,695
Variable Interest Entity Notes Payable and Credit Facility (Note 4):
2.05% Series K due September 2027						90,000						90,000
Credit Facility due June 2027, weighted-average rate 5.37%						36,400						72,700
Total variable interest entity notes payable and credit facility						126,400						162,700
Other:
Grand Gulf Sale-Leaseback Obligation						34,113						34,203
Unamortized Premium and Discount – Net						(12,673)						(8,698)
Unamortized Debt Issuance Costs						(7,832)						(7,164)
Total Long-Term Debt						1,088,703						1,089,736
Less Amount Due Within One Year						140						200,090
Long-Term Debt Excluding Amount Due Within One Year						$1,088,563						$889,646
Fair Value of Long-Term Debt						$1,104,007						$1,063,946

(a)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(b)Consists of pollution control revenue bonds.

(c)The debt is secured by a series of collateral mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2025, for the next five years are as follows:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas						System Energy
			(In Thousands)
2026			$690,000						$720,000						$—						$85,720						$130,000						$—
2027			$13,700						$614,000						$150,000						$720						$150,000						$126,400
2028			$350,000						$425,000						$375,000						$719						$32,727						$325,000
2029			$70,000						$—						$—						$35,720						$300,000						$—
2030			$—						$316,200						$—						$622						$—						$—

Debt Issuances and Retirements

Entergy Arkansas Debt Issuance

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 (formerly Lake Catherine Unit 5) and the Arkansas Cypress Solar facility, and for general corporate purposes.

Entergy Louisiana Debt Retirement

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

System Energy Debt Issuance

In January 2026, the System Energy nuclear fuel company VIE issued $80 million of 5.28% Series L intermediate term secured notes due January 2029. The System Energy nuclear fuel company VIE expects to use the proceeds to purchase additional nuclear fuel. See additional discussion of the System Energy nuclear fuel company VIE in Note 4 and Note 17 to the financial statements.

Securitization Bonds

Entergy New Orleans Securitization Bonds - Hurricane Isaac

In May 2015 the City Council issued a financing order authorizing the issuance of securitization bonds to recover Entergy New Orleans’s Hurricane Isaac storm restoration costs of $31.8 million, including carrying costs, the costs of funding and replenishing the storm recovery reserve in the amount of $63.9 million, and approximately $3 million of up-front financing costs associated with the securitization. In July 2015, Entergy New Orleans Storm Recovery Funding I, L.L.C., a company wholly owned and consolidated by Entergy New Orleans, issued $98.7 million of storm cost recovery bonds. The bonds have a coupon of 2.67%. Although the principal amount

was not due until June 2027, Entergy New Orleans Storm Recovery Funding made a principal payment on the bonds in the amount of $6.2 million in 2024, after which the bonds were fully repaid.

Entergy Texas Securitization Bonds - Hurricane Laura, Hurricane Delta, and Winter Storm Uri

In January 2022 the PUCT authorized the issuance of securitization bonds to recover $242.9 million of Entergy Texas’s Hurricane Laura, Hurricane Delta, and Winter Storm Uri restoration costs, plus carrying costs, plus approximately $13.3 million relating to a system restoration regulatory asset related to Hurricane Harvey, plus up-front qualified costs. In April 2022, Entergy Texas Restoration Funding II, LLC, a company wholly-owned and consolidated by Entergy Texas, issued $290.85 million of senior secured system restoration bonds (securitization bonds), as follows:

			Amount
			(In Thousands)
Senior Secured System Restoration Bonds:
Tranche A-1 (3.051%) due December 2028			$100,000
Tranche A-2 (3.697%) due December 2036			190,850
Total senior secured system restoration bonds			$290,850

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding II expects to make principal payments on the securitization bonds over the next two years in the amounts of $19.4 million for 2026 and $13.4 million for 2027 for Tranche A-1, after which Tranche A-1 will be fully repaid. Entergy Texas Restoration Funding II expects to begin principal payments for Tranche A-2 in 2027 with payments of $6.6 million in 2027, $20.5 million in 2028, $21.2 million in 2029, and $21.9 million in 2030.

With the proceeds, Entergy Texas Restoration Funding II purchased from Entergy Texas the transition property, which is the right to recover from customers through a system restoration charge amounts sufficient to service the securitization bonds. Entergy Texas began cost recovery through the system restoration charge effective with the first billing cycle of May 2022 and the system restoration charge is expected to remain in place up to 15 years. Entergy Texas expects to use the proceeds to reduce its outstanding debt. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding II, including the transition property, and the creditors of Entergy Texas Restoration Funding II do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Texas Restoration Funding II except to remit system restoration charge collections.

Grand Gulf Sale-Leaseback Transactions

In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million.  The initial term of the leases expired in July 2015.  System Energy renewed the leases in December 2013 for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value.  In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy.

System Energy is required to report the sale-leaseback as a financing transaction in its financial statements.  As such, it has recognized debt for the lease obligation and retained the portion of the plant subject to the sale-leaseback on its balance sheet. For financial reporting purposes, System Energy has recognized interest expense on the debt balance and depreciation on the applicable plant balance.  The lease payments are recognized as principal and interest payments on the debt balance.

As of December 31, 2025, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments, as follows, which reflects the effect of the December 2013 renewal:

			Amount
			(In Thousands)
2026			$17,188
2027			17,188
2028			17,188
2029			17,188
2030			17,188
Years thereafter			103,125
Total			189,065
Less: Amount representing interest			154,952
Present value of net minimum lease payments			$34,113

System Energy [Member]

Long-Term Debt [Text Block]

LONG - TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Long-term debt for Entergy as of December 31, 2025 and 2024 consisted of:

Type of Debt and Maturity						Weighted-Average Interest Rate December 31, 2025						Interest Rate Ranges at December 31,												Outstanding at  December 31,
												2025						2024						2025						2024
																								(In Thousands)
Mortgage Bonds
2025-2029						3.72%						1.50% - 6.25%						1.50% - 6.25%						$4,025,000						$4,603,000
2030-2034						4.40%						1.60% - 6.54%						1.60% - 6.54%						6,405,000						5,865,000
2035-2045						4.57%						3.10% - 5.15%						3.10% - 5.15%						2,707,000						2,207,000
2048-2066						4.64%						2.65% - 5.85%						2.65% - 5.85%						10,335,000						8,985,000
Governmental Bonds (a)
2030-2044						2.43%						2.0% - 2.5%						2.0% - 2.5%						282,375						282,375
Securitization Bonds
2028-2036						3.67%						3.051% - 3.697%						3.051% - 3.697%						223,577						242,424
Variable Interest Entities Notes Payable (Note 4)
2026-2029						3.85%						1.84% - 5.94%						1.84% - 5.94%						390,000						390,000
Entergy Corporation Senior Notes
due September 2025						n/a						—						0.90%						—						800,000
due September 2026						n/a						2.95%						2.95%						750,000						750,000
due June 2028						n/a						1.9%						1.9%						650,000						650,000
due June 2030						n/a						2.80%						2.80%						600,000						600,000
due June 2031						n/a						2.40%						2.40%						650,000						650,000
due June 2050						n/a						3.75%						3.75%						600,000						600,000
Entergy Corporation Junior Subordinated Debentures
due December 2054 (b)						n/a						7.125%						7.125%						1,200,000						1,200,000
due June 2056 (c)						n/a						6.100%						—						700,000						—
due June 2056 (d)						n/a						5.875%						—						600,000						—
Entergy Arkansas VIE Credit Facility (Note 4)						n/a						5.34%						6.28%						13,700						22,500
Entergy Louisiana River Bend VIE Credit Facility (Note 4)						n/a						5.36%						6.33%						50,300						18,700
Entergy Louisiana Waterford VIE Credit Facility (Note 4)						n/a						5.36%						6.32%						43,700						18,900
System Energy VIE Credit Facility (Note 4)						n/a						5.37%						6.27%						36,400						72,700
Long-term DOE Obligation (e)						—						—						—						225,309						216,016
Grand Gulf Sale-Leaseback Obligation						n/a						—						—						34,113						34,203
Unamortized Premium and Discount - Net																								(23,442)						(17,575)
Unamortized Debt Issuance Costs																								(226,174)						(204,010)
Other																								5,303						5,362
Total Long-Term Debt																								30,277,161						27,991,595
Less Amount Due Within One Year																								2,375,140						1,378,090
Long-Term Debt Excluding Amount Due Within One Year																								$27,902,021						$26,613,505
Fair Value of Long-Term Debt																								$28,208,822						$25,181,802

(a)Consists of pollution control revenue bonds and environmental revenue bonds, all of which are secured by mortgage bonds.

(b)Entergy Corporation will pay interest at an annual rate of 7.125% through November 2029. Commencing on December 1, 2029, the annual rate will equal the five-year treasury rate as of the most recent reset

interest determination date plus 2.67%, which interest resets will occur on each five-year anniversary of December 1 after December 1, 2029.

(c)Entergy Corporation will pay interest at an annual rate of 6.100% through June 14, 2036. Commencing on June 15, 2036, the annual rate will equal the five-year treasury rate as of the most recent reset interest determination date plus 2.013%, provided that the interest rate during an interest reset period will not reset below 6.100%. Interest resets will occur on each five-year anniversary of June 15 after June 15, 2036.

(d)Entergy Corporation will pay interest at an annual rate of 5.875% through June 14, 2031. Commencing on June 15, 2031, the annual rate will equal the five-year treasury rate as of the most recent reset interest determination date plus 2.179%, provided that the interest rate during an interest reset period will not reset below 5.875%. Interest resets will occur on each five-year anniversary of June 15 after June 15, 2031.

(e)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2025, for the next five years are as follows:

			Amount
			(In Thousands)
2026			$2,375,720
2027			$1,054,820
2028			$2,158,446
2029			$405,720
2030			$916,822

Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have obtained long-term financing authorizations from the FERC that extend through January 2027. Entergy Arkansas has obtained long-term financing authorization from the FERC that extends through February 2028. Entergy New Orleans has obtained long-term financing authorization from the City Council that extends through December 2027. Entergy Arkansas has also obtained first mortgage bond/secured financing authorization from the APSC that extends through December 2027.

Long-term debt for the Registrant Subsidiaries as of December 31, 2025 and 2024 consisted of:

						2025						2024
						(In Thousands)
Entergy Arkansas
Mortgage Bonds:
3.5% Series due April 2026						$600,000						$600,000
4.00% Series due June 2028						350,000						350,000
5.15% Series due January 2033						425,000						425,000
5.30% Series due September 2033						300,000						300,000
5.45% Series due June 2034						700,000						400,000
4.95% Series due December 2044						250,000						250,000
4.20% Series due April 2049						550,000						550,000
2.65% Series due June 2051						675,000						675,000
3.35% Series due June 2052						400,000						400,000
5.75% Series due June 2054						400,000						400,000
4.875% Series due September 2066						410,000						410,000
Total mortgage bonds						5,060,000						4,760,000
Variable Interest Entity Notes Payable and Credit Facility (Note 4):
1.84% Series N due July 2026						90,000						90,000
5.54% Series O due May 2029						70,000						70,000
Credit Facility due June 2027, weighted-average rate 5.34%						13,700						22,500
Total variable interest entity notes payable and credit facility						173,700						182,500
Other:
Long-term DOE Obligation (a)						225,309						216,016
Unamortized Premium and Discount – Net						4,023						3,620
Unamortized Debt Issuance Costs						(41,316)						(41,552)
Other						1,888						1,910
Total Long-Term Debt						5,423,604						5,122,494
Less Amount Due Within One Year						690,000						—
Long-Term Debt Excluding Amount Due Within One Year						$4,733,604						$5,122,494
Fair Value of Long-Term Debt						$4,931,734						$4,546,643

						2025						2024
						(In Thousands)
Entergy Louisiana
Mortgage Bonds:
3.78% Series due April 2025						$—						$110,000
3.78% Series due April 2025						—						190,000
4.44% Series due January 2026						250,000						250,000
2.40% Series due October 2026						400,000						400,000
3.12% Series due September 2027						450,000						450,000
3.25% Series due April 2028						425,000						425,000
1.60% Series due December 2030						300,000						300,000
3.05% Series due June 2031						325,000						325,000
2.35% Series due June 2032						500,000						500,000
4.00% Series due March 2033						750,000						750,000
5.35% Series due March 2034						500,000						500,000
5.15% Series due September 2034						700,000						700,000
3.10% Series due June 2041						500,000						500,000
5% Series due July 2044						170,000						170,000
4.95% Series due January 2045						450,000						450,000
4.20% Series due September 2048						900,000						900,000
4.20% Series due April 2050						525,000						525,000
2.90% Series due March 2051						650,000						650,000
4.75% Series due September 2052						500,000						500,000
5.70% Series due March 2054						700,000						700,000
5.80% Series due March 2055						750,000						—
4.875% Series due September 2066						270,000						270,000
Total mortgage bonds						10,015,000						9,565,000
Governmental Bonds (b):
2.00% Series due June 2030, Louisiana Local Government Environmental Facilities and Community Development Authority (c)						16,200						16,200
2.50% Series due April 2036, Louisiana Local Government Environmental Facilities and Community Development Authority (c)						182,480						182,480
Total governmental bonds						198,680						198,680
Variable Interest Entity Notes Payable and Credit Facilities (Note 4):
5.94% Series J due September 2026						70,000						70,000
2.51% Series V due June 2027						70,000						70,000
Credit Facility due June 2027, weighted-average rate 5.36%						50,300						18,700
Credit Facility due June 2027, weighted-average rate 5.36%						43,700						18,900
Total variable interest entity notes payable and credit facilities						234,000						177,600
Other:
Unamortized Premium and Discount - Net						(12,753)						(9,820)
Unamortized Debt Issuance Costs						(71,507)						(68,459)
Other						3,415						3,452
Total Long-Term Debt						10,366,835						9,866,453
Less Amount Due Within One Year						720,000						300,000
Long-Term Debt Excluding Amount Due Within One Year						$9,646,835						$9,566,453
Fair Value of Long-Term Debt						$9,510,545						$8,751,266

						2025						2024
						(In Thousands)
Entergy Mississippi
Mortgage Bonds:
3.25% Series due December 2027						$150,000						$150,000
2.85% Series due June 2028						375,000						375,000
5.0% Series due September 2033						300,000						300,000
2.55% Series due December 2033						200,000						200,000
4.52% Series due December 2038						55,000						55,000
3.85% Series due June 2049						435,000						435,000
3.50% Series due June 2051						370,000						370,000
5.85% Series due June 2054						300,000						300,000
5.80% Series due April 2055						600,000						—
4.90% Series due October 2066						260,000						260,000
Total mortgage bonds						3,045,000						2,445,000
Other:
Unamortized Premium and Discount – Net						4,942						5,283
Unamortized Debt Issuance Costs						(28,618)						(23,210)
Total Long-Term Debt						3,021,324						2,427,073
Less Amount Due Within One Year						—						—
Long-Term Debt Excluding Amount Due Within One Year						$3,021,324						$2,427,073
Fair Value of Long-Term Debt						$2,755,286						$2,116,246

						2025						2024
						(In Thousands)
Entergy New Orleans
Mortgage Bonds:
3.00% Series due March 2025						$—						$78,000
4% Series due June 2026						85,000						85,000
6.25% Series due June 2029						35,000						35,000
6.41% Series due June 2031						65,000						65,000
4.19% Series due November 2031						90,000						90,000
4.51% Series due September 2033						60,000						60,000
6.54% Series due June 2034						50,000						50,000
4.51% Series due November 2036						70,000						70,000
3.75% Series due March 2040						62,000						62,000
5.0% Series due December 2052						30,000						30,000
5.50% Series due April 2066						110,000						110,000
Total mortgage bonds						657,000						735,000
Other:
Payable to associated company due November 2035						5,864						7,004
Unamortized Debt Issuance Costs						(6,015)						(6,537)
Total Long-Term Debt						656,849						735,467
Less Amount Due Within One Year						85,720						79,140
Long-Term Debt Excluding Amount Due Within One Year						$571,129						$656,327
Fair Value of Long-Term Debt						$621,670						$697,466

						2025						2024
						(In Thousands)
Entergy Texas
Mortgage Bonds:
1.50% Series due September 2026						$130,000						$130,000
3.45% Series due December 2027						150,000						150,000
4.0% Series due March 2029						300,000						300,000
1.75% Series due March 2031						600,000						600,000
5.25% Series due April 2035						500,000						—
4.50% Series due March 2039						400,000						400,000
5.15% Series due June 2045						250,000						250,000
3.55% Series due September 2049						475,000						475,000
5.00% Series due September 2052						325,000						325,000
5.80% Series due September 2053						350,000						350,000
5.55% Series due September 2054						350,000						350,000
Total mortgage bonds						3,830,000						3,330,000
Securitization Bonds:
3.051% Series Senior Secured, Series A Tranche A-1 due December 2028						32,727						51,574
3.697% Series Senior Secured, Series A Tranche A-2 due December 2036						190,850						190,850
Total securitization bonds						223,577						242,424
Other:
Unamortized Premium and Discount - Net						6,415						7,624
Unamortized Debt Issuance Costs						(29,804)						(27,605)
Total Long-Term Debt						4,030,188						3,552,443
Less Amount Due Within One Year						130,000						—
Long-Term Debt Excluding Amount Due Within One Year						$3,900,188						$3,552,443
Fair Value of Long-Term Debt						$3,780,405						$3,176,230

						2025						2024
						(In Thousands)
System Energy
Mortgage Bonds:
2.14% Series due December 2025						$—						$200,000
6.00% Series due April 2028						325,000						325,000
5.30% Series due December 2034						540,000						300,000
Total mortgage bonds						865,000						825,000
Governmental Bonds (b):
2.375% Series due June 2044, Mississippi Business Finance Corp. (c)						83,695						83,695
Total governmental bonds						83,695						83,695
Variable Interest Entity Notes Payable and Credit Facility (Note 4):
2.05% Series K due September 2027						90,000						90,000
Credit Facility due June 2027, weighted-average rate 5.37%						36,400						72,700
Total variable interest entity notes payable and credit facility						126,400						162,700
Other:
Grand Gulf Sale-Leaseback Obligation						34,113						34,203
Unamortized Premium and Discount – Net						(12,673)						(8,698)
Unamortized Debt Issuance Costs						(7,832)						(7,164)
Total Long-Term Debt						1,088,703						1,089,736
Less Amount Due Within One Year						140						200,090
Long-Term Debt Excluding Amount Due Within One Year						$1,088,563						$889,646
Fair Value of Long-Term Debt						$1,104,007						$1,063,946

(a)Pursuant to the Nuclear Waste Policy Act of 1982, Entergy’s nuclear owner/licensee subsidiaries have contracts with the DOE for spent nuclear fuel disposal service.  The contracts include a one-time fee for generation prior to April 7, 1983.  Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt.

(b)Consists of pollution control revenue bonds.

(c)The debt is secured by a series of collateral mortgage bonds.

The annual long-term debt maturities (excluding lease obligations and long-term DOE obligations) for debt outstanding as of December 31, 2025, for the next five years are as follows:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas						System Energy
			(In Thousands)
2026			$690,000						$720,000						$—						$85,720						$130,000						$—
2027			$13,700						$614,000						$150,000						$720						$150,000						$126,400
2028			$350,000						$425,000						$375,000						$719						$32,727						$325,000
2029			$70,000						$—						$—						$35,720						$300,000						$—
2030			$—						$316,200						$—						$622						$—						$—

Debt Issuances and Retirements

Entergy Arkansas Debt Issuance

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 (formerly Lake Catherine Unit 5) and the Arkansas Cypress Solar facility, and for general corporate purposes.

Entergy Louisiana Debt Retirement

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

System Energy Debt Issuance

In January 2026, the System Energy nuclear fuel company VIE issued $80 million of 5.28% Series L intermediate term secured notes due January 2029. The System Energy nuclear fuel company VIE expects to use the proceeds to purchase additional nuclear fuel. See additional discussion of the System Energy nuclear fuel company VIE in Note 4 and Note 17 to the financial statements.

Securitization Bonds

Entergy New Orleans Securitization Bonds - Hurricane Isaac

In May 2015 the City Council issued a financing order authorizing the issuance of securitization bonds to recover Entergy New Orleans’s Hurricane Isaac storm restoration costs of $31.8 million, including carrying costs, the costs of funding and replenishing the storm recovery reserve in the amount of $63.9 million, and approximately $3 million of up-front financing costs associated with the securitization. In July 2015, Entergy New Orleans Storm Recovery Funding I, L.L.C., a company wholly owned and consolidated by Entergy New Orleans, issued $98.7 million of storm cost recovery bonds. The bonds have a coupon of 2.67%. Although the principal amount

was not due until June 2027, Entergy New Orleans Storm Recovery Funding made a principal payment on the bonds in the amount of $6.2 million in 2024, after which the bonds were fully repaid.

Entergy Texas Securitization Bonds - Hurricane Laura, Hurricane Delta, and Winter Storm Uri

In January 2022 the PUCT authorized the issuance of securitization bonds to recover $242.9 million of Entergy Texas’s Hurricane Laura, Hurricane Delta, and Winter Storm Uri restoration costs, plus carrying costs, plus approximately $13.3 million relating to a system restoration regulatory asset related to Hurricane Harvey, plus up-front qualified costs. In April 2022, Entergy Texas Restoration Funding II, LLC, a company wholly-owned and consolidated by Entergy Texas, issued $290.85 million of senior secured system restoration bonds (securitization bonds), as follows:

			Amount
			(In Thousands)
Senior Secured System Restoration Bonds:
Tranche A-1 (3.051%) due December 2028			$100,000
Tranche A-2 (3.697%) due December 2036			190,850
Total senior secured system restoration bonds			$290,850

Although the principal amount of each tranche is not due until the dates given above, Entergy Texas Restoration Funding II expects to make principal payments on the securitization bonds over the next two years in the amounts of $19.4 million for 2026 and $13.4 million for 2027 for Tranche A-1, after which Tranche A-1 will be fully repaid. Entergy Texas Restoration Funding II expects to begin principal payments for Tranche A-2 in 2027 with payments of $6.6 million in 2027, $20.5 million in 2028, $21.2 million in 2029, and $21.9 million in 2030.

With the proceeds, Entergy Texas Restoration Funding II purchased from Entergy Texas the transition property, which is the right to recover from customers through a system restoration charge amounts sufficient to service the securitization bonds. Entergy Texas began cost recovery through the system restoration charge effective with the first billing cycle of May 2022 and the system restoration charge is expected to remain in place up to 15 years. Entergy Texas expects to use the proceeds to reduce its outstanding debt. The creditors of Entergy Texas do not have recourse to the assets or revenues of Entergy Texas Restoration Funding II, including the transition property, and the creditors of Entergy Texas Restoration Funding II do not have recourse to the assets or revenues of Entergy Texas. Entergy Texas has no payment obligations to Entergy Texas Restoration Funding II except to remit system restoration charge collections.

Grand Gulf Sale-Leaseback Transactions

In 1988, in two separate but substantially identical transactions, System Energy sold and leased back undivided ownership interests in Grand Gulf for the aggregate sum of $500 million.  The initial term of the leases expired in July 2015.  System Energy renewed the leases in December 2013 for fair market value with renewal terms expiring in July 2036. At the end of the new lease renewal terms, System Energy has the option to repurchase the leased interests in Grand Gulf or renew the leases at fair market value.  In the event that System Energy does not renew or purchase the interests, System Energy would surrender such interests and their associated entitlement of Grand Gulf’s capacity and energy.

System Energy is required to report the sale-leaseback as a financing transaction in its financial statements.  As such, it has recognized debt for the lease obligation and retained the portion of the plant subject to the sale-leaseback on its balance sheet. For financial reporting purposes, System Energy has recognized interest expense on the debt balance and depreciation on the applicable plant balance.  The lease payments are recognized as principal and interest payments on the debt balance.

As of December 31, 2025, System Energy, in connection with the Grand Gulf sale and leaseback transactions, had future minimum lease payments, as follows, which reflects the effect of the December 2013 renewal:

			Amount
			(In Thousands)
2026			$17,188
2027			17,188
2028			17,188
2029			17,188
2030			17,188
Years thereafter			103,125
Total			189,065
Less: Amount representing interest			154,952
Present value of net minimum lease payments			$34,113

X

- Definition

The entire disclosure for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

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