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Leases

12 Months Ended

Dec. 31, 2025

Lessee, Operating and Finance Leases

LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

As of December 31, 2025 and 2024, Entergy and the Registrant Subsidiaries held operating and finance leases for fleet vehicles used in operations, real estate, and aircraft. Excluded from this discussion of leases are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases under the accounting standards.

Leases have remaining terms of one year to 55 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered reasonably certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications that would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor. Historically, Entergy has renegotiated or refinanced these lease agreements prior to their conclusion and expects to continue this practice, given the nature of the agreements and its ongoing relationship with the lessor. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

Entergy incurred the following total lease costs for the years ended December 31, 2025 and 2024:

						2025						2024
						(In Thousands)
Operating lease cost						$76,642						$76,494
Finance lease cost:
Amortization of right-of-use assets						$19,071						$18,063
Interest on lease liabilities						$5,395						$4,664

Of the lease costs disclosed above, Entergy had $4.2 million and $3.1 million in short-term lease costs for the years ended December 31, 2025 and 2024, respectively.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Operating lease cost			$19,633						$19,875						$9,696						$2,094						$8,396
Finance lease cost:
Amortization of right-of-use assets			$5,834						$5,820						$2,726						$653						$2,376
Interest on lease liabilities			$1,714						$1,207						$1,153						$151						$484

Of the lease costs disclosed above, Entergy Arkansas had $1.6 million, Entergy Louisiana had $1.4 million, Entergy Mississippi had $0.6 million, Entergy New Orleans had $0.2 million, and Entergy Texas had $0.4 million in short-term lease costs for the year ended December 31, 2025.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Operating lease cost			$19,382						$19,770						$9,482						$2,234						$7,977
Finance lease cost:
Amortization of right-of-use assets			$4,675						$5,755						$2,604						$1,240						$2,104
Interest on lease liabilities			$990						$1,068						$1,116						$264						$399

Of the lease costs disclosed above, Entergy Arkansas had $1.1 million, Entergy Louisiana had $1.1 million, Entergy Mississippi had $0.5 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.3 million in short-term lease costs for the year ended December 31, 2024.

The lease costs for the years ended December 31, 2025 and 2024 disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the finance lease costs which are included in financing activities.

Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below.

Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheets at December 31, 2025 and 2024 are $278 million and $277 million related to operating leases, respectively, and $111 million and $110 million related to finance leases, respectively. These lease amounts include $1 million related to operating leases and $4 million related to finance leases classified as held for sale in “Non-current assets held for sale” on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at December 31, 2025 and 2024 are the following amounts:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
2025
Operating leases			$75,148						$66,726						$32,502						$7,940						$26,070
Finance leases			$37,616						$28,637						$23,456						$3,613						$11,550
2024 (a)
Operating leases			$64,960						$65,909						$32,399						$7,971						$27,524
Finance leases			$36,105						$26,159						$22,641						$6,451						$10,822

(a)Includes $0.4 million of operating leases and $1.4 million of finance leases for Entergy Louisiana and $0.4 million of operating leases and $3.0 million of finance leases for Entergy New Orleans classified as held for sale in “Non-current assets held for sale” on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheets at December 31, 2025 and 2024:

						2025						2024
						(In Thousands)
Current liabilities (a):
Operating leases						$67,680						$65,907
Finance leases						$20,274						$18,253
Non-current liabilities (b):
Operating leases						$210,788						$211,290
Finance leases						$95,186						$96,536

(a)Includes $0.3 million of operating leases and $1 million of finance leases classified as held for sale and included within other current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

(b)Includes $1 million of operating leases and $3 million of finance leases classified as held for sale and included within other non-current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Current liabilities:
Operating leases			$17,530						$18,229						$8,567						$1,884						$7,394
Finance leases			$5,332						$5,865						$3,520						$712						$2,449
Non-current liabilities:
Operating leases			$57,631						$48,497						$23,943						$5,931						$18,681
Finance leases			$32,284						$22,772						$21,205						$2,901						$9,101

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Current liabilities (a):
Operating leases			$17,159						$17,016						$8,116						$1,885						$7,387
Finance leases			$3,734						$5,620						$3,228						$1,218						$2,185
Non-current liabilities (b):
Operating leases			$47,799						$48,896						$24,294						$5,995						$20,142
Finance leases			$32,584						$20,539						$20,271						$5,233						$8,637

(a)Includes $0.2 million operating leases and $0.4 million of finance leases for Entergy Louisiana and $0.1 million of operating leases and $0.7 million of finance leases for Entergy New Orleans classified as held for sale and included within other current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

(b)Includes $0.2 million of operating leases and $1.0 million of finance leases for Entergy Louisiana and $0.3 million of operating leases and $2.3 million of finance leases for Entergy New Orleans classified as held for sale and included within other non-current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of Entergy at December 31, 2025 and 2024:

						2025						2024
Weighted-average remaining lease terms:
Operating leases						5.52						5.54
Finance leases						9.44						9.81
Weighted-average discount rate:
Operating leases						4.38		%				4.34		%
Finance leases						4.84		%				4.75		%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
Weighted-average remaining lease terms:
Operating leases			5.14						4.41						5.00						5.70						4.29
Finance leases			10.58						5.73						16.54						5.60						5.65
Weighted-average discount rate:
Operating leases			4.35		%				4.52		%				4.56		%				4.50		%				4.62		%
Finance leases			4.49		%				4.54		%				5.23		%				4.36		%				4.43		%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
Weighted-average remaining lease terms:
Operating leases			4.39						4.64						5.25						6.08						4.59
Finance leases			11.32						5.60						17.58						5.91						5.74
Weighted-average discount rate:
Operating leases			4.38		%				4.38		%				4.52		%				4.40		%				4.55		%
Finance leases			4.38		%				4.28		%				5.18		%				4.19		%				4.19		%

The undiscounted cash flows as of December 31, 2025 for Entergy’s lease liabilities are as follows:

						Operating Leases						Finance Leases
						(In Thousands)
2026						$78,082						$24,804
2027						66,339						22,615
2028						53,738						20,138
2029						38,672						16,084
2030						24,298						12,045
Years thereafter						51,927						52,667
Minimum lease payments						313,056						148,353
Less: amount representing interest						34,588						32,893
Present value of net minimum lease payments						$278,468						$115,460

The undiscounted cash flows as of December 31, 2025 for the Registrant Subsidiaries’ lease liabilities are as follows:

Operating Leases

						Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
						(In Thousands)
2026						$20,124						$20,765						$9,861						$2,175						$8,425
2027						18,062						18,530						9,167						1,893						6,900
2028						15,153						15,022						7,670						1,717						5,968
2029						10,558						9,927						4,927						1,301						4,352
2030						6,937						4,984						2,227						638						1,905
Years thereafter						12,481						4,144						2,609						1,149						1,117
Minimum lease payments						83,315						73,372						36,461						8,873						28,667
Less: amount representing interest						8,154						6,646						3,951						1,058						2,592
Present value of net minimum lease payments						$75,161						$66,726						$32,510						$7,815						$26,075

Finance Leases

						Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
						(In Thousands)
2026						$6,986						$7,134						$3,981						$855						$2,910
2027						6,368						6,387						3,528						817						2,588
2028						5,540						5,565						3,099						719						2,305
2029						4,605						4,705						2,599						655						1,823
2030						3,972						3,876						2,219						519						1,454
Years thereafter						21,350						5,086						23,718						512						2,002
Minimum lease payments						48,821						32,753						39,144						4,077						13,082
Less: amount representing interest						11,205						4,116						14,419						464						1,532
Present value of net minimum lease payments						$37,616						$28,637						$24,725						$3,613						$11,550

In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components related to fleet vehicles used in operations and to allocate the contract consideration to both lease and non-lease components for real estate leases.

Entergy Arkansas [Member]

Lessee, Operating and Finance Leases

LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

As of December 31, 2025 and 2024, Entergy and the Registrant Subsidiaries held operating and finance leases for fleet vehicles used in operations, real estate, and aircraft. Excluded from this discussion of leases are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases under the accounting standards.

Leases have remaining terms of one year to 55 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered reasonably certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications that would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor. Historically, Entergy has renegotiated or refinanced these lease agreements prior to their conclusion and expects to continue this practice, given the nature of the agreements and its ongoing relationship with the lessor. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

Entergy incurred the following total lease costs for the years ended December 31, 2025 and 2024:

						2025						2024
						(In Thousands)
Operating lease cost						$76,642						$76,494
Finance lease cost:
Amortization of right-of-use assets						$19,071						$18,063
Interest on lease liabilities						$5,395						$4,664

Of the lease costs disclosed above, Entergy had $4.2 million and $3.1 million in short-term lease costs for the years ended December 31, 2025 and 2024, respectively.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Operating lease cost			$19,633						$19,875						$9,696						$2,094						$8,396
Finance lease cost:
Amortization of right-of-use assets			$5,834						$5,820						$2,726						$653						$2,376
Interest on lease liabilities			$1,714						$1,207						$1,153						$151						$484

Of the lease costs disclosed above, Entergy Arkansas had $1.6 million, Entergy Louisiana had $1.4 million, Entergy Mississippi had $0.6 million, Entergy New Orleans had $0.2 million, and Entergy Texas had $0.4 million in short-term lease costs for the year ended December 31, 2025.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Operating lease cost			$19,382						$19,770						$9,482						$2,234						$7,977
Finance lease cost:
Amortization of right-of-use assets			$4,675						$5,755						$2,604						$1,240						$2,104
Interest on lease liabilities			$990						$1,068						$1,116						$264						$399

Of the lease costs disclosed above, Entergy Arkansas had $1.1 million, Entergy Louisiana had $1.1 million, Entergy Mississippi had $0.5 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.3 million in short-term lease costs for the year ended December 31, 2024.

The lease costs for the years ended December 31, 2025 and 2024 disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the finance lease costs which are included in financing activities.

Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below.

Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheets at December 31, 2025 and 2024 are $278 million and $277 million related to operating leases, respectively, and $111 million and $110 million related to finance leases, respectively. These lease amounts include $1 million related to operating leases and $4 million related to finance leases classified as held for sale in “Non-current assets held for sale” on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at December 31, 2025 and 2024 are the following amounts:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
2025
Operating leases			$75,148						$66,726						$32,502						$7,940						$26,070
Finance leases			$37,616						$28,637						$23,456						$3,613						$11,550
2024 (a)
Operating leases			$64,960						$65,909						$32,399						$7,971						$27,524
Finance leases			$36,105						$26,159						$22,641						$6,451						$10,822

(a)Includes $0.4 million of operating leases and $1.4 million of finance leases for Entergy Louisiana and $0.4 million of operating leases and $3.0 million of finance leases for Entergy New Orleans classified as held for sale in “Non-current assets held for sale” on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheets at December 31, 2025 and 2024:

						2025						2024
						(In Thousands)
Current liabilities (a):
Operating leases						$67,680						$65,907
Finance leases						$20,274						$18,253
Non-current liabilities (b):
Operating leases						$210,788						$211,290
Finance leases						$95,186						$96,536

(a)Includes $0.3 million of operating leases and $1 million of finance leases classified as held for sale and included within other current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

(b)Includes $1 million of operating leases and $3 million of finance leases classified as held for sale and included within other non-current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Current liabilities:
Operating leases			$17,530						$18,229						$8,567						$1,884						$7,394
Finance leases			$5,332						$5,865						$3,520						$712						$2,449
Non-current liabilities:
Operating leases			$57,631						$48,497						$23,943						$5,931						$18,681
Finance leases			$32,284						$22,772						$21,205						$2,901						$9,101

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Current liabilities (a):
Operating leases			$17,159						$17,016						$8,116						$1,885						$7,387
Finance leases			$3,734						$5,620						$3,228						$1,218						$2,185
Non-current liabilities (b):
Operating leases			$47,799						$48,896						$24,294						$5,995						$20,142
Finance leases			$32,584						$20,539						$20,271						$5,233						$8,637

(a)Includes $0.2 million operating leases and $0.4 million of finance leases for Entergy Louisiana and $0.1 million of operating leases and $0.7 million of finance leases for Entergy New Orleans classified as held for sale and included within other current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

(b)Includes $0.2 million of operating leases and $1.0 million of finance leases for Entergy Louisiana and $0.3 million of operating leases and $2.3 million of finance leases for Entergy New Orleans classified as held for sale and included within other non-current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of Entergy at December 31, 2025 and 2024:

						2025						2024
Weighted-average remaining lease terms:
Operating leases						5.52						5.54
Finance leases						9.44						9.81
Weighted-average discount rate:
Operating leases						4.38		%				4.34		%
Finance leases						4.84		%				4.75		%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
Weighted-average remaining lease terms:
Operating leases			5.14						4.41						5.00						5.70						4.29
Finance leases			10.58						5.73						16.54						5.60						5.65
Weighted-average discount rate:
Operating leases			4.35		%				4.52		%				4.56		%				4.50		%				4.62		%
Finance leases			4.49		%				4.54		%				5.23		%				4.36		%				4.43		%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
Weighted-average remaining lease terms:
Operating leases			4.39						4.64						5.25						6.08						4.59
Finance leases			11.32						5.60						17.58						5.91						5.74
Weighted-average discount rate:
Operating leases			4.38		%				4.38		%				4.52		%				4.40		%				4.55		%
Finance leases			4.38		%				4.28		%				5.18		%				4.19		%				4.19		%

The undiscounted cash flows as of December 31, 2025 for Entergy’s lease liabilities are as follows:

						Operating Leases						Finance Leases
						(In Thousands)
2026						$78,082						$24,804
2027						66,339						22,615
2028						53,738						20,138
2029						38,672						16,084
2030						24,298						12,045
Years thereafter						51,927						52,667
Minimum lease payments						313,056						148,353
Less: amount representing interest						34,588						32,893
Present value of net minimum lease payments						$278,468						$115,460

The undiscounted cash flows as of December 31, 2025 for the Registrant Subsidiaries’ lease liabilities are as follows:

Operating Leases

						Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
						(In Thousands)
2026						$20,124						$20,765						$9,861						$2,175						$8,425
2027						18,062						18,530						9,167						1,893						6,900
2028						15,153						15,022						7,670						1,717						5,968
2029						10,558						9,927						4,927						1,301						4,352
2030						6,937						4,984						2,227						638						1,905
Years thereafter						12,481						4,144						2,609						1,149						1,117
Minimum lease payments						83,315						73,372						36,461						8,873						28,667
Less: amount representing interest						8,154						6,646						3,951						1,058						2,592
Present value of net minimum lease payments						$75,161						$66,726						$32,510						$7,815						$26,075

Finance Leases

						Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
						(In Thousands)
2026						$6,986						$7,134						$3,981						$855						$2,910
2027						6,368						6,387						3,528						817						2,588
2028						5,540						5,565						3,099						719						2,305
2029						4,605						4,705						2,599						655						1,823
2030						3,972						3,876						2,219						519						1,454
Years thereafter						21,350						5,086						23,718						512						2,002
Minimum lease payments						48,821						32,753						39,144						4,077						13,082
Less: amount representing interest						11,205						4,116						14,419						464						1,532
Present value of net minimum lease payments						$37,616						$28,637						$24,725						$3,613						$11,550

In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components related to fleet vehicles used in operations and to allocate the contract consideration to both lease and non-lease components for real estate leases.

Entergy Louisiana [Member]

Lessee, Operating and Finance Leases

LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

As of December 31, 2025 and 2024, Entergy and the Registrant Subsidiaries held operating and finance leases for fleet vehicles used in operations, real estate, and aircraft. Excluded from this discussion of leases are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases under the accounting standards.

Leases have remaining terms of one year to 55 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered reasonably certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications that would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor. Historically, Entergy has renegotiated or refinanced these lease agreements prior to their conclusion and expects to continue this practice, given the nature of the agreements and its ongoing relationship with the lessor. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

Entergy incurred the following total lease costs for the years ended December 31, 2025 and 2024:

						2025						2024
						(In Thousands)
Operating lease cost						$76,642						$76,494
Finance lease cost:
Amortization of right-of-use assets						$19,071						$18,063
Interest on lease liabilities						$5,395						$4,664

Of the lease costs disclosed above, Entergy had $4.2 million and $3.1 million in short-term lease costs for the years ended December 31, 2025 and 2024, respectively.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Operating lease cost			$19,633						$19,875						$9,696						$2,094						$8,396
Finance lease cost:
Amortization of right-of-use assets			$5,834						$5,820						$2,726						$653						$2,376
Interest on lease liabilities			$1,714						$1,207						$1,153						$151						$484

Of the lease costs disclosed above, Entergy Arkansas had $1.6 million, Entergy Louisiana had $1.4 million, Entergy Mississippi had $0.6 million, Entergy New Orleans had $0.2 million, and Entergy Texas had $0.4 million in short-term lease costs for the year ended December 31, 2025.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Operating lease cost			$19,382						$19,770						$9,482						$2,234						$7,977
Finance lease cost:
Amortization of right-of-use assets			$4,675						$5,755						$2,604						$1,240						$2,104
Interest on lease liabilities			$990						$1,068						$1,116						$264						$399

Of the lease costs disclosed above, Entergy Arkansas had $1.1 million, Entergy Louisiana had $1.1 million, Entergy Mississippi had $0.5 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.3 million in short-term lease costs for the year ended December 31, 2024.

The lease costs for the years ended December 31, 2025 and 2024 disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the finance lease costs which are included in financing activities.

Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below.

Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheets at December 31, 2025 and 2024 are $278 million and $277 million related to operating leases, respectively, and $111 million and $110 million related to finance leases, respectively. These lease amounts include $1 million related to operating leases and $4 million related to finance leases classified as held for sale in “Non-current assets held for sale” on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at December 31, 2025 and 2024 are the following amounts:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
2025
Operating leases			$75,148						$66,726						$32,502						$7,940						$26,070
Finance leases			$37,616						$28,637						$23,456						$3,613						$11,550
2024 (a)
Operating leases			$64,960						$65,909						$32,399						$7,971						$27,524
Finance leases			$36,105						$26,159						$22,641						$6,451						$10,822

(a)Includes $0.4 million of operating leases and $1.4 million of finance leases for Entergy Louisiana and $0.4 million of operating leases and $3.0 million of finance leases for Entergy New Orleans classified as held for sale in “Non-current assets held for sale” on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheets at December 31, 2025 and 2024:

						2025						2024
						(In Thousands)
Current liabilities (a):
Operating leases						$67,680						$65,907
Finance leases						$20,274						$18,253
Non-current liabilities (b):
Operating leases						$210,788						$211,290
Finance leases						$95,186						$96,536

(a)Includes $0.3 million of operating leases and $1 million of finance leases classified as held for sale and included within other current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

(b)Includes $1 million of operating leases and $3 million of finance leases classified as held for sale and included within other non-current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Current liabilities:
Operating leases			$17,530						$18,229						$8,567						$1,884						$7,394
Finance leases			$5,332						$5,865						$3,520						$712						$2,449
Non-current liabilities:
Operating leases			$57,631						$48,497						$23,943						$5,931						$18,681
Finance leases			$32,284						$22,772						$21,205						$2,901						$9,101

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Current liabilities (a):
Operating leases			$17,159						$17,016						$8,116						$1,885						$7,387
Finance leases			$3,734						$5,620						$3,228						$1,218						$2,185
Non-current liabilities (b):
Operating leases			$47,799						$48,896						$24,294						$5,995						$20,142
Finance leases			$32,584						$20,539						$20,271						$5,233						$8,637

(a)Includes $0.2 million operating leases and $0.4 million of finance leases for Entergy Louisiana and $0.1 million of operating leases and $0.7 million of finance leases for Entergy New Orleans classified as held for sale and included within other current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

(b)Includes $0.2 million of operating leases and $1.0 million of finance leases for Entergy Louisiana and $0.3 million of operating leases and $2.3 million of finance leases for Entergy New Orleans classified as held for sale and included within other non-current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of Entergy at December 31, 2025 and 2024:

						2025						2024
Weighted-average remaining lease terms:
Operating leases						5.52						5.54
Finance leases						9.44						9.81
Weighted-average discount rate:
Operating leases						4.38		%				4.34		%
Finance leases						4.84		%				4.75		%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
Weighted-average remaining lease terms:
Operating leases			5.14						4.41						5.00						5.70						4.29
Finance leases			10.58						5.73						16.54						5.60						5.65
Weighted-average discount rate:
Operating leases			4.35		%				4.52		%				4.56		%				4.50		%				4.62		%
Finance leases			4.49		%				4.54		%				5.23		%				4.36		%				4.43		%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
Weighted-average remaining lease terms:
Operating leases			4.39						4.64						5.25						6.08						4.59
Finance leases			11.32						5.60						17.58						5.91						5.74
Weighted-average discount rate:
Operating leases			4.38		%				4.38		%				4.52		%				4.40		%				4.55		%
Finance leases			4.38		%				4.28		%				5.18		%				4.19		%				4.19		%

The undiscounted cash flows as of December 31, 2025 for Entergy’s lease liabilities are as follows:

						Operating Leases						Finance Leases
						(In Thousands)
2026						$78,082						$24,804
2027						66,339						22,615
2028						53,738						20,138
2029						38,672						16,084
2030						24,298						12,045
Years thereafter						51,927						52,667
Minimum lease payments						313,056						148,353
Less: amount representing interest						34,588						32,893
Present value of net minimum lease payments						$278,468						$115,460

The undiscounted cash flows as of December 31, 2025 for the Registrant Subsidiaries’ lease liabilities are as follows:

Operating Leases

						Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
						(In Thousands)
2026						$20,124						$20,765						$9,861						$2,175						$8,425
2027						18,062						18,530						9,167						1,893						6,900
2028						15,153						15,022						7,670						1,717						5,968
2029						10,558						9,927						4,927						1,301						4,352
2030						6,937						4,984						2,227						638						1,905
Years thereafter						12,481						4,144						2,609						1,149						1,117
Minimum lease payments						83,315						73,372						36,461						8,873						28,667
Less: amount representing interest						8,154						6,646						3,951						1,058						2,592
Present value of net minimum lease payments						$75,161						$66,726						$32,510						$7,815						$26,075

Finance Leases

						Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
						(In Thousands)
2026						$6,986						$7,134						$3,981						$855						$2,910
2027						6,368						6,387						3,528						817						2,588
2028						5,540						5,565						3,099						719						2,305
2029						4,605						4,705						2,599						655						1,823
2030						3,972						3,876						2,219						519						1,454
Years thereafter						21,350						5,086						23,718						512						2,002
Minimum lease payments						48,821						32,753						39,144						4,077						13,082
Less: amount representing interest						11,205						4,116						14,419						464						1,532
Present value of net minimum lease payments						$37,616						$28,637						$24,725						$3,613						$11,550

In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components related to fleet vehicles used in operations and to allocate the contract consideration to both lease and non-lease components for real estate leases.

Entergy Mississippi [Member]

Lessee, Operating and Finance Leases

LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

As of December 31, 2025 and 2024, Entergy and the Registrant Subsidiaries held operating and finance leases for fleet vehicles used in operations, real estate, and aircraft. Excluded from this discussion of leases are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases under the accounting standards.

Leases have remaining terms of one year to 55 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered reasonably certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications that would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor. Historically, Entergy has renegotiated or refinanced these lease agreements prior to their conclusion and expects to continue this practice, given the nature of the agreements and its ongoing relationship with the lessor. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

Entergy incurred the following total lease costs for the years ended December 31, 2025 and 2024:

						2025						2024
						(In Thousands)
Operating lease cost						$76,642						$76,494
Finance lease cost:
Amortization of right-of-use assets						$19,071						$18,063
Interest on lease liabilities						$5,395						$4,664

Of the lease costs disclosed above, Entergy had $4.2 million and $3.1 million in short-term lease costs for the years ended December 31, 2025 and 2024, respectively.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Operating lease cost			$19,633						$19,875						$9,696						$2,094						$8,396
Finance lease cost:
Amortization of right-of-use assets			$5,834						$5,820						$2,726						$653						$2,376
Interest on lease liabilities			$1,714						$1,207						$1,153						$151						$484

Of the lease costs disclosed above, Entergy Arkansas had $1.6 million, Entergy Louisiana had $1.4 million, Entergy Mississippi had $0.6 million, Entergy New Orleans had $0.2 million, and Entergy Texas had $0.4 million in short-term lease costs for the year ended December 31, 2025.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Operating lease cost			$19,382						$19,770						$9,482						$2,234						$7,977
Finance lease cost:
Amortization of right-of-use assets			$4,675						$5,755						$2,604						$1,240						$2,104
Interest on lease liabilities			$990						$1,068						$1,116						$264						$399

Of the lease costs disclosed above, Entergy Arkansas had $1.1 million, Entergy Louisiana had $1.1 million, Entergy Mississippi had $0.5 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.3 million in short-term lease costs for the year ended December 31, 2024.

The lease costs for the years ended December 31, 2025 and 2024 disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the finance lease costs which are included in financing activities.

Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below.

Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheets at December 31, 2025 and 2024 are $278 million and $277 million related to operating leases, respectively, and $111 million and $110 million related to finance leases, respectively. These lease amounts include $1 million related to operating leases and $4 million related to finance leases classified as held for sale in “Non-current assets held for sale” on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at December 31, 2025 and 2024 are the following amounts:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
2025
Operating leases			$75,148						$66,726						$32,502						$7,940						$26,070
Finance leases			$37,616						$28,637						$23,456						$3,613						$11,550
2024 (a)
Operating leases			$64,960						$65,909						$32,399						$7,971						$27,524
Finance leases			$36,105						$26,159						$22,641						$6,451						$10,822

(a)Includes $0.4 million of operating leases and $1.4 million of finance leases for Entergy Louisiana and $0.4 million of operating leases and $3.0 million of finance leases for Entergy New Orleans classified as held for sale in “Non-current assets held for sale” on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheets at December 31, 2025 and 2024:

						2025						2024
						(In Thousands)
Current liabilities (a):
Operating leases						$67,680						$65,907
Finance leases						$20,274						$18,253
Non-current liabilities (b):
Operating leases						$210,788						$211,290
Finance leases						$95,186						$96,536

(a)Includes $0.3 million of operating leases and $1 million of finance leases classified as held for sale and included within other current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

(b)Includes $1 million of operating leases and $3 million of finance leases classified as held for sale and included within other non-current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Current liabilities:
Operating leases			$17,530						$18,229						$8,567						$1,884						$7,394
Finance leases			$5,332						$5,865						$3,520						$712						$2,449
Non-current liabilities:
Operating leases			$57,631						$48,497						$23,943						$5,931						$18,681
Finance leases			$32,284						$22,772						$21,205						$2,901						$9,101

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Current liabilities (a):
Operating leases			$17,159						$17,016						$8,116						$1,885						$7,387
Finance leases			$3,734						$5,620						$3,228						$1,218						$2,185
Non-current liabilities (b):
Operating leases			$47,799						$48,896						$24,294						$5,995						$20,142
Finance leases			$32,584						$20,539						$20,271						$5,233						$8,637

(a)Includes $0.2 million operating leases and $0.4 million of finance leases for Entergy Louisiana and $0.1 million of operating leases and $0.7 million of finance leases for Entergy New Orleans classified as held for sale and included within other current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

(b)Includes $0.2 million of operating leases and $1.0 million of finance leases for Entergy Louisiana and $0.3 million of operating leases and $2.3 million of finance leases for Entergy New Orleans classified as held for sale and included within other non-current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of Entergy at December 31, 2025 and 2024:

						2025						2024
Weighted-average remaining lease terms:
Operating leases						5.52						5.54
Finance leases						9.44						9.81
Weighted-average discount rate:
Operating leases						4.38		%				4.34		%
Finance leases						4.84		%				4.75		%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
Weighted-average remaining lease terms:
Operating leases			5.14						4.41						5.00						5.70						4.29
Finance leases			10.58						5.73						16.54						5.60						5.65
Weighted-average discount rate:
Operating leases			4.35		%				4.52		%				4.56		%				4.50		%				4.62		%
Finance leases			4.49		%				4.54		%				5.23		%				4.36		%				4.43		%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
Weighted-average remaining lease terms:
Operating leases			4.39						4.64						5.25						6.08						4.59
Finance leases			11.32						5.60						17.58						5.91						5.74
Weighted-average discount rate:
Operating leases			4.38		%				4.38		%				4.52		%				4.40		%				4.55		%
Finance leases			4.38		%				4.28		%				5.18		%				4.19		%				4.19		%

The undiscounted cash flows as of December 31, 2025 for Entergy’s lease liabilities are as follows:

						Operating Leases						Finance Leases
						(In Thousands)
2026						$78,082						$24,804
2027						66,339						22,615
2028						53,738						20,138
2029						38,672						16,084
2030						24,298						12,045
Years thereafter						51,927						52,667
Minimum lease payments						313,056						148,353
Less: amount representing interest						34,588						32,893
Present value of net minimum lease payments						$278,468						$115,460

The undiscounted cash flows as of December 31, 2025 for the Registrant Subsidiaries’ lease liabilities are as follows:

Operating Leases

						Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
						(In Thousands)
2026						$20,124						$20,765						$9,861						$2,175						$8,425
2027						18,062						18,530						9,167						1,893						6,900
2028						15,153						15,022						7,670						1,717						5,968
2029						10,558						9,927						4,927						1,301						4,352
2030						6,937						4,984						2,227						638						1,905
Years thereafter						12,481						4,144						2,609						1,149						1,117
Minimum lease payments						83,315						73,372						36,461						8,873						28,667
Less: amount representing interest						8,154						6,646						3,951						1,058						2,592
Present value of net minimum lease payments						$75,161						$66,726						$32,510						$7,815						$26,075

Finance Leases

						Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
						(In Thousands)
2026						$6,986						$7,134						$3,981						$855						$2,910
2027						6,368						6,387						3,528						817						2,588
2028						5,540						5,565						3,099						719						2,305
2029						4,605						4,705						2,599						655						1,823
2030						3,972						3,876						2,219						519						1,454
Years thereafter						21,350						5,086						23,718						512						2,002
Minimum lease payments						48,821						32,753						39,144						4,077						13,082
Less: amount representing interest						11,205						4,116						14,419						464						1,532
Present value of net minimum lease payments						$37,616						$28,637						$24,725						$3,613						$11,550

In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components related to fleet vehicles used in operations and to allocate the contract consideration to both lease and non-lease components for real estate leases.

Entergy New Orleans [Member]

Lessee, Operating and Finance Leases

LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

As of December 31, 2025 and 2024, Entergy and the Registrant Subsidiaries held operating and finance leases for fleet vehicles used in operations, real estate, and aircraft. Excluded from this discussion of leases are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases under the accounting standards.

Leases have remaining terms of one year to 55 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered reasonably certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications that would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor. Historically, Entergy has renegotiated or refinanced these lease agreements prior to their conclusion and expects to continue this practice, given the nature of the agreements and its ongoing relationship with the lessor. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

Entergy incurred the following total lease costs for the years ended December 31, 2025 and 2024:

						2025						2024
						(In Thousands)
Operating lease cost						$76,642						$76,494
Finance lease cost:
Amortization of right-of-use assets						$19,071						$18,063
Interest on lease liabilities						$5,395						$4,664

Of the lease costs disclosed above, Entergy had $4.2 million and $3.1 million in short-term lease costs for the years ended December 31, 2025 and 2024, respectively.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Operating lease cost			$19,633						$19,875						$9,696						$2,094						$8,396
Finance lease cost:
Amortization of right-of-use assets			$5,834						$5,820						$2,726						$653						$2,376
Interest on lease liabilities			$1,714						$1,207						$1,153						$151						$484

Of the lease costs disclosed above, Entergy Arkansas had $1.6 million, Entergy Louisiana had $1.4 million, Entergy Mississippi had $0.6 million, Entergy New Orleans had $0.2 million, and Entergy Texas had $0.4 million in short-term lease costs for the year ended December 31, 2025.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Operating lease cost			$19,382						$19,770						$9,482						$2,234						$7,977
Finance lease cost:
Amortization of right-of-use assets			$4,675						$5,755						$2,604						$1,240						$2,104
Interest on lease liabilities			$990						$1,068						$1,116						$264						$399

Of the lease costs disclosed above, Entergy Arkansas had $1.1 million, Entergy Louisiana had $1.1 million, Entergy Mississippi had $0.5 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.3 million in short-term lease costs for the year ended December 31, 2024.

The lease costs for the years ended December 31, 2025 and 2024 disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the finance lease costs which are included in financing activities.

Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below.

Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheets at December 31, 2025 and 2024 are $278 million and $277 million related to operating leases, respectively, and $111 million and $110 million related to finance leases, respectively. These lease amounts include $1 million related to operating leases and $4 million related to finance leases classified as held for sale in “Non-current assets held for sale” on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at December 31, 2025 and 2024 are the following amounts:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
2025
Operating leases			$75,148						$66,726						$32,502						$7,940						$26,070
Finance leases			$37,616						$28,637						$23,456						$3,613						$11,550
2024 (a)
Operating leases			$64,960						$65,909						$32,399						$7,971						$27,524
Finance leases			$36,105						$26,159						$22,641						$6,451						$10,822

(a)Includes $0.4 million of operating leases and $1.4 million of finance leases for Entergy Louisiana and $0.4 million of operating leases and $3.0 million of finance leases for Entergy New Orleans classified as held for sale in “Non-current assets held for sale” on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheets at December 31, 2025 and 2024:

						2025						2024
						(In Thousands)
Current liabilities (a):
Operating leases						$67,680						$65,907
Finance leases						$20,274						$18,253
Non-current liabilities (b):
Operating leases						$210,788						$211,290
Finance leases						$95,186						$96,536

(a)Includes $0.3 million of operating leases and $1 million of finance leases classified as held for sale and included within other current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

(b)Includes $1 million of operating leases and $3 million of finance leases classified as held for sale and included within other non-current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Current liabilities:
Operating leases			$17,530						$18,229						$8,567						$1,884						$7,394
Finance leases			$5,332						$5,865						$3,520						$712						$2,449
Non-current liabilities:
Operating leases			$57,631						$48,497						$23,943						$5,931						$18,681
Finance leases			$32,284						$22,772						$21,205						$2,901						$9,101

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Current liabilities (a):
Operating leases			$17,159						$17,016						$8,116						$1,885						$7,387
Finance leases			$3,734						$5,620						$3,228						$1,218						$2,185
Non-current liabilities (b):
Operating leases			$47,799						$48,896						$24,294						$5,995						$20,142
Finance leases			$32,584						$20,539						$20,271						$5,233						$8,637

(a)Includes $0.2 million operating leases and $0.4 million of finance leases for Entergy Louisiana and $0.1 million of operating leases and $0.7 million of finance leases for Entergy New Orleans classified as held for sale and included within other current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

(b)Includes $0.2 million of operating leases and $1.0 million of finance leases for Entergy Louisiana and $0.3 million of operating leases and $2.3 million of finance leases for Entergy New Orleans classified as held for sale and included within other non-current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of Entergy at December 31, 2025 and 2024:

						2025						2024
Weighted-average remaining lease terms:
Operating leases						5.52						5.54
Finance leases						9.44						9.81
Weighted-average discount rate:
Operating leases						4.38		%				4.34		%
Finance leases						4.84		%				4.75		%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
Weighted-average remaining lease terms:
Operating leases			5.14						4.41						5.00						5.70						4.29
Finance leases			10.58						5.73						16.54						5.60						5.65
Weighted-average discount rate:
Operating leases			4.35		%				4.52		%				4.56		%				4.50		%				4.62		%
Finance leases			4.49		%				4.54		%				5.23		%				4.36		%				4.43		%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
Weighted-average remaining lease terms:
Operating leases			4.39						4.64						5.25						6.08						4.59
Finance leases			11.32						5.60						17.58						5.91						5.74
Weighted-average discount rate:
Operating leases			4.38		%				4.38		%				4.52		%				4.40		%				4.55		%
Finance leases			4.38		%				4.28		%				5.18		%				4.19		%				4.19		%

The undiscounted cash flows as of December 31, 2025 for Entergy’s lease liabilities are as follows:

						Operating Leases						Finance Leases
						(In Thousands)
2026						$78,082						$24,804
2027						66,339						22,615
2028						53,738						20,138
2029						38,672						16,084
2030						24,298						12,045
Years thereafter						51,927						52,667
Minimum lease payments						313,056						148,353
Less: amount representing interest						34,588						32,893
Present value of net minimum lease payments						$278,468						$115,460

The undiscounted cash flows as of December 31, 2025 for the Registrant Subsidiaries’ lease liabilities are as follows:

Operating Leases

						Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
						(In Thousands)
2026						$20,124						$20,765						$9,861						$2,175						$8,425
2027						18,062						18,530						9,167						1,893						6,900
2028						15,153						15,022						7,670						1,717						5,968
2029						10,558						9,927						4,927						1,301						4,352
2030						6,937						4,984						2,227						638						1,905
Years thereafter						12,481						4,144						2,609						1,149						1,117
Minimum lease payments						83,315						73,372						36,461						8,873						28,667
Less: amount representing interest						8,154						6,646						3,951						1,058						2,592
Present value of net minimum lease payments						$75,161						$66,726						$32,510						$7,815						$26,075

Finance Leases

						Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
						(In Thousands)
2026						$6,986						$7,134						$3,981						$855						$2,910
2027						6,368						6,387						3,528						817						2,588
2028						5,540						5,565						3,099						719						2,305
2029						4,605						4,705						2,599						655						1,823
2030						3,972						3,876						2,219						519						1,454
Years thereafter						21,350						5,086						23,718						512						2,002
Minimum lease payments						48,821						32,753						39,144						4,077						13,082
Less: amount representing interest						11,205						4,116						14,419						464						1,532
Present value of net minimum lease payments						$37,616						$28,637						$24,725						$3,613						$11,550

In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components related to fleet vehicles used in operations and to allocate the contract consideration to both lease and non-lease components for real estate leases.

Entergy Texas [Member]

Lessee, Operating and Finance Leases

LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

As of December 31, 2025 and 2024, Entergy and the Registrant Subsidiaries held operating and finance leases for fleet vehicles used in operations, real estate, and aircraft. Excluded from this discussion of leases are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases under the accounting standards.

Leases have remaining terms of one year to 55 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered reasonably certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications that would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor. Historically, Entergy has renegotiated or refinanced these lease agreements prior to their conclusion and expects to continue this practice, given the nature of the agreements and its ongoing relationship with the lessor. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

Entergy incurred the following total lease costs for the years ended December 31, 2025 and 2024:

						2025						2024
						(In Thousands)
Operating lease cost						$76,642						$76,494
Finance lease cost:
Amortization of right-of-use assets						$19,071						$18,063
Interest on lease liabilities						$5,395						$4,664

Of the lease costs disclosed above, Entergy had $4.2 million and $3.1 million in short-term lease costs for the years ended December 31, 2025 and 2024, respectively.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Operating lease cost			$19,633						$19,875						$9,696						$2,094						$8,396
Finance lease cost:
Amortization of right-of-use assets			$5,834						$5,820						$2,726						$653						$2,376
Interest on lease liabilities			$1,714						$1,207						$1,153						$151						$484

Of the lease costs disclosed above, Entergy Arkansas had $1.6 million, Entergy Louisiana had $1.4 million, Entergy Mississippi had $0.6 million, Entergy New Orleans had $0.2 million, and Entergy Texas had $0.4 million in short-term lease costs for the year ended December 31, 2025.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Operating lease cost			$19,382						$19,770						$9,482						$2,234						$7,977
Finance lease cost:
Amortization of right-of-use assets			$4,675						$5,755						$2,604						$1,240						$2,104
Interest on lease liabilities			$990						$1,068						$1,116						$264						$399

Of the lease costs disclosed above, Entergy Arkansas had $1.1 million, Entergy Louisiana had $1.1 million, Entergy Mississippi had $0.5 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.3 million in short-term lease costs for the year ended December 31, 2024.

The lease costs for the years ended December 31, 2025 and 2024 disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the finance lease costs which are included in financing activities.

Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below.

Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheets at December 31, 2025 and 2024 are $278 million and $277 million related to operating leases, respectively, and $111 million and $110 million related to finance leases, respectively. These lease amounts include $1 million related to operating leases and $4 million related to finance leases classified as held for sale in “Non-current assets held for sale” on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at December 31, 2025 and 2024 are the following amounts:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
2025
Operating leases			$75,148						$66,726						$32,502						$7,940						$26,070
Finance leases			$37,616						$28,637						$23,456						$3,613						$11,550
2024 (a)
Operating leases			$64,960						$65,909						$32,399						$7,971						$27,524
Finance leases			$36,105						$26,159						$22,641						$6,451						$10,822

(a)Includes $0.4 million of operating leases and $1.4 million of finance leases for Entergy Louisiana and $0.4 million of operating leases and $3.0 million of finance leases for Entergy New Orleans classified as held for sale in “Non-current assets held for sale” on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheets at December 31, 2025 and 2024:

						2025						2024
						(In Thousands)
Current liabilities (a):
Operating leases						$67,680						$65,907
Finance leases						$20,274						$18,253
Non-current liabilities (b):
Operating leases						$210,788						$211,290
Finance leases						$95,186						$96,536

(a)Includes $0.3 million of operating leases and $1 million of finance leases classified as held for sale and included within other current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

(b)Includes $1 million of operating leases and $3 million of finance leases classified as held for sale and included within other non-current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Current liabilities:
Operating leases			$17,530						$18,229						$8,567						$1,884						$7,394
Finance leases			$5,332						$5,865						$3,520						$712						$2,449
Non-current liabilities:
Operating leases			$57,631						$48,497						$23,943						$5,931						$18,681
Finance leases			$32,284						$22,772						$21,205						$2,901						$9,101

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Current liabilities (a):
Operating leases			$17,159						$17,016						$8,116						$1,885						$7,387
Finance leases			$3,734						$5,620						$3,228						$1,218						$2,185
Non-current liabilities (b):
Operating leases			$47,799						$48,896						$24,294						$5,995						$20,142
Finance leases			$32,584						$20,539						$20,271						$5,233						$8,637

(a)Includes $0.2 million operating leases and $0.4 million of finance leases for Entergy Louisiana and $0.1 million of operating leases and $0.7 million of finance leases for Entergy New Orleans classified as held for sale and included within other current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

(b)Includes $0.2 million of operating leases and $1.0 million of finance leases for Entergy Louisiana and $0.3 million of operating leases and $2.3 million of finance leases for Entergy New Orleans classified as held for sale and included within other non-current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of Entergy at December 31, 2025 and 2024:

						2025						2024
Weighted-average remaining lease terms:
Operating leases						5.52						5.54
Finance leases						9.44						9.81
Weighted-average discount rate:
Operating leases						4.38		%				4.34		%
Finance leases						4.84		%				4.75		%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
Weighted-average remaining lease terms:
Operating leases			5.14						4.41						5.00						5.70						4.29
Finance leases			10.58						5.73						16.54						5.60						5.65
Weighted-average discount rate:
Operating leases			4.35		%				4.52		%				4.56		%				4.50		%				4.62		%
Finance leases			4.49		%				4.54		%				5.23		%				4.36		%				4.43		%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
Weighted-average remaining lease terms:
Operating leases			4.39						4.64						5.25						6.08						4.59
Finance leases			11.32						5.60						17.58						5.91						5.74
Weighted-average discount rate:
Operating leases			4.38		%				4.38		%				4.52		%				4.40		%				4.55		%
Finance leases			4.38		%				4.28		%				5.18		%				4.19		%				4.19		%

The undiscounted cash flows as of December 31, 2025 for Entergy’s lease liabilities are as follows:

						Operating Leases						Finance Leases
						(In Thousands)
2026						$78,082						$24,804
2027						66,339						22,615
2028						53,738						20,138
2029						38,672						16,084
2030						24,298						12,045
Years thereafter						51,927						52,667
Minimum lease payments						313,056						148,353
Less: amount representing interest						34,588						32,893
Present value of net minimum lease payments						$278,468						$115,460

The undiscounted cash flows as of December 31, 2025 for the Registrant Subsidiaries’ lease liabilities are as follows:

Operating Leases

						Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
						(In Thousands)
2026						$20,124						$20,765						$9,861						$2,175						$8,425
2027						18,062						18,530						9,167						1,893						6,900
2028						15,153						15,022						7,670						1,717						5,968
2029						10,558						9,927						4,927						1,301						4,352
2030						6,937						4,984						2,227						638						1,905
Years thereafter						12,481						4,144						2,609						1,149						1,117
Minimum lease payments						83,315						73,372						36,461						8,873						28,667
Less: amount representing interest						8,154						6,646						3,951						1,058						2,592
Present value of net minimum lease payments						$75,161						$66,726						$32,510						$7,815						$26,075

Finance Leases

						Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
						(In Thousands)
2026						$6,986						$7,134						$3,981						$855						$2,910
2027						6,368						6,387						3,528						817						2,588
2028						5,540						5,565						3,099						719						2,305
2029						4,605						4,705						2,599						655						1,823
2030						3,972						3,876						2,219						519						1,454
Years thereafter						21,350						5,086						23,718						512						2,002
Minimum lease payments						48,821						32,753						39,144						4,077						13,082
Less: amount representing interest						11,205						4,116						14,419						464						1,532
Present value of net minimum lease payments						$37,616						$28,637						$24,725						$3,613						$11,550

In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components related to fleet vehicles used in operations and to allocate the contract consideration to both lease and non-lease components for real estate leases.

System Energy [Member]

Lessee, Operating and Finance Leases

LEASES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

As of December 31, 2025 and 2024, Entergy and the Registrant Subsidiaries held operating and finance leases for fleet vehicles used in operations, real estate, and aircraft. Excluded from this discussion of leases are power purchase agreements not meeting the definition of a lease, nuclear fuel leases, and the Grand Gulf sale-leaseback which were determined not to be leases under the accounting standards.

Leases have remaining terms of one year to 55 years. Real estate leases generally include at least one five-year renewal option; however, renewal is not typically considered reasonably certain unless Entergy or a Registrant Subsidiary makes significant leasehold improvements or other modifications that would hinder its ability to easily move. In certain of the lease agreements for fleet vehicles used in operations, Entergy and the Registrant Subsidiaries provide residual value guarantees to the lessor. Historically, Entergy has renegotiated or refinanced these lease agreements prior to their conclusion and expects to continue this practice, given the nature of the agreements and its ongoing relationship with the lessor. As such, Entergy and the Registrant Subsidiaries do not believe it is probable that they will be required to pay anything pertaining to the residual value guarantee, and the lease liabilities and right-of-use assets are measured accordingly.

Entergy incurred the following total lease costs for the years ended December 31, 2025 and 2024:

						2025						2024
						(In Thousands)
Operating lease cost						$76,642						$76,494
Finance lease cost:
Amortization of right-of-use assets						$19,071						$18,063
Interest on lease liabilities						$5,395						$4,664

Of the lease costs disclosed above, Entergy had $4.2 million and $3.1 million in short-term lease costs for the years ended December 31, 2025 and 2024, respectively.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Operating lease cost			$19,633						$19,875						$9,696						$2,094						$8,396
Finance lease cost:
Amortization of right-of-use assets			$5,834						$5,820						$2,726						$653						$2,376
Interest on lease liabilities			$1,714						$1,207						$1,153						$151						$484

Of the lease costs disclosed above, Entergy Arkansas had $1.6 million, Entergy Louisiana had $1.4 million, Entergy Mississippi had $0.6 million, Entergy New Orleans had $0.2 million, and Entergy Texas had $0.4 million in short-term lease costs for the year ended December 31, 2025.

The Registrant Subsidiaries incurred the following lease costs for the year ended December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Operating lease cost			$19,382						$19,770						$9,482						$2,234						$7,977
Finance lease cost:
Amortization of right-of-use assets			$4,675						$5,755						$2,604						$1,240						$2,104
Interest on lease liabilities			$990						$1,068						$1,116						$264						$399

Of the lease costs disclosed above, Entergy Arkansas had $1.1 million, Entergy Louisiana had $1.1 million, Entergy Mississippi had $0.5 million, Entergy New Orleans had $0.1 million, and Entergy Texas had $0.3 million in short-term lease costs for the year ended December 31, 2024.

The lease costs for the years ended December 31, 2025 and 2024 disclosed above materially approximate the cash flows used by the Registrant Subsidiaries for leases with all costs included within operating activities on the respective Statements of Cash Flows, except for the finance lease costs which are included in financing activities.

Entergy has elected to account for short-term leases in accordance with policy options provided by accounting guidance; therefore, there are no related lease liabilities or right-of-use assets for the costs recognized above by Entergy or by its Registrant Subsidiaries in the table below.

Included within Property, Plant, and Equipment on Entergy’s consolidated balance sheets at December 31, 2025 and 2024 are $278 million and $277 million related to operating leases, respectively, and $111 million and $110 million related to finance leases, respectively. These lease amounts include $1 million related to operating leases and $4 million related to finance leases classified as held for sale in “Non-current assets held for sale” on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

Included within Utility Plant on the Registrant Subsidiaries’ respective balance sheets at December 31, 2025 and 2024 are the following amounts:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
2025
Operating leases			$75,148						$66,726						$32,502						$7,940						$26,070
Finance leases			$37,616						$28,637						$23,456						$3,613						$11,550
2024 (a)
Operating leases			$64,960						$65,909						$32,399						$7,971						$27,524
Finance leases			$36,105						$26,159						$22,641						$6,451						$10,822

(a)Includes $0.4 million of operating leases and $1.4 million of finance leases for Entergy Louisiana and $0.4 million of operating leases and $3.0 million of finance leases for Entergy New Orleans classified as held for sale in “Non-current assets held for sale” on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following lease-related liabilities are recorded within the respective Other lines on Entergy’s consolidated balance sheets at December 31, 2025 and 2024:

						2025						2024
						(In Thousands)
Current liabilities (a):
Operating leases						$67,680						$65,907
Finance leases						$20,274						$18,253
Non-current liabilities (b):
Operating leases						$210,788						$211,290
Finance leases						$95,186						$96,536

(a)Includes $0.3 million of operating leases and $1 million of finance leases classified as held for sale and included within other current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

(b)Includes $1 million of operating leases and $3 million of finance leases classified as held for sale and included within other non-current liabilities on Entergy’s consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Current liabilities:
Operating leases			$17,530						$18,229						$8,567						$1,884						$7,394
Finance leases			$5,332						$5,865						$3,520						$712						$2,449
Non-current liabilities:
Operating leases			$57,631						$48,497						$23,943						$5,931						$18,681
Finance leases			$32,284						$22,772						$21,205						$2,901						$9,101

The following lease-related liabilities are recorded within the respective Other lines on the Registrant Subsidiaries’ respective balance sheets at December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
			(In Thousands)
Current liabilities (a):
Operating leases			$17,159						$17,016						$8,116						$1,885						$7,387
Finance leases			$3,734						$5,620						$3,228						$1,218						$2,185
Non-current liabilities (b):
Operating leases			$47,799						$48,896						$24,294						$5,995						$20,142
Finance leases			$32,584						$20,539						$20,271						$5,233						$8,637

(a)Includes $0.2 million operating leases and $0.4 million of finance leases for Entergy Louisiana and $0.1 million of operating leases and $0.7 million of finance leases for Entergy New Orleans classified as held for sale and included within other current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

(b)Includes $0.2 million of operating leases and $1.0 million of finance leases for Entergy Louisiana and $0.3 million of operating leases and $2.3 million of finance leases for Entergy New Orleans classified as held for sale and included within other non-current liabilities on their respective consolidated balance sheet as of December 31, 2024. See Note 14 to the financial statements for further discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025 and the classification as held for sale as of December 31, 2024.

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of Entergy at December 31, 2025 and 2024:

						2025						2024
Weighted-average remaining lease terms:
Operating leases						5.52						5.54
Finance leases						9.44						9.81
Weighted-average discount rate:
Operating leases						4.38		%				4.34		%
Finance leases						4.84		%				4.75		%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2025:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
Weighted-average remaining lease terms:
Operating leases			5.14						4.41						5.00						5.70						4.29
Finance leases			10.58						5.73						16.54						5.60						5.65
Weighted-average discount rate:
Operating leases			4.35		%				4.52		%				4.56		%				4.50		%				4.62		%
Finance leases			4.49		%				4.54		%				5.23		%				4.36		%				4.43		%

The following information contains the weighted-average remaining lease term in years and the weighted-average discount rate for the operating and finance leases of the Registrant Subsidiaries at December 31, 2024:

			Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
Weighted-average remaining lease terms:
Operating leases			4.39						4.64						5.25						6.08						4.59
Finance leases			11.32						5.60						17.58						5.91						5.74
Weighted-average discount rate:
Operating leases			4.38		%				4.38		%				4.52		%				4.40		%				4.55		%
Finance leases			4.38		%				4.28		%				5.18		%				4.19		%				4.19		%

The undiscounted cash flows as of December 31, 2025 for Entergy’s lease liabilities are as follows:

						Operating Leases						Finance Leases
						(In Thousands)
2026						$78,082						$24,804
2027						66,339						22,615
2028						53,738						20,138
2029						38,672						16,084
2030						24,298						12,045
Years thereafter						51,927						52,667
Minimum lease payments						313,056						148,353
Less: amount representing interest						34,588						32,893
Present value of net minimum lease payments						$278,468						$115,460

The undiscounted cash flows as of December 31, 2025 for the Registrant Subsidiaries’ lease liabilities are as follows:

Operating Leases

						Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
						(In Thousands)
2026						$20,124						$20,765						$9,861						$2,175						$8,425
2027						18,062						18,530						9,167						1,893						6,900
2028						15,153						15,022						7,670						1,717						5,968
2029						10,558						9,927						4,927						1,301						4,352
2030						6,937						4,984						2,227						638						1,905
Years thereafter						12,481						4,144						2,609						1,149						1,117
Minimum lease payments						83,315						73,372						36,461						8,873						28,667
Less: amount representing interest						8,154						6,646						3,951						1,058						2,592
Present value of net minimum lease payments						$75,161						$66,726						$32,510						$7,815						$26,075

Finance Leases

						Entergy Arkansas						Entergy Louisiana						Entergy Mississippi						Entergy New Orleans						Entergy Texas
						(In Thousands)
2026						$6,986						$7,134						$3,981						$855						$2,910
2027						6,368						6,387						3,528						817						2,588
2028						5,540						5,565						3,099						719						2,305
2029						4,605						4,705						2,599						655						1,823
2030						3,972						3,876						2,219						519						1,454
Years thereafter						21,350						5,086						23,718						512						2,002
Minimum lease payments						48,821						32,753						39,144						4,077						13,082
Less: amount representing interest						11,205						4,116						14,419						464						1,532
Present value of net minimum lease payments						$37,616						$28,637						$24,725						$3,613						$11,550

In allocating consideration in lease contracts to the lease and non-lease components, Entergy and the Registrant Subsidiaries have made the accounting policy election to combine lease and non-lease components related to fleet vehicles used in operations and to allocate the contract consideration to both lease and non-lease components for real estate leases.

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