Entergy (ETR) Q4 FY2025 earnings: revenue $3.0 billion, up 7.9% on the year

Entergy Corp. (ETR) reported revenue of $3.0 billion for Q4 FY2025, the quarter ended 31 December 2025, up 7.9% on the same quarter a year earlier. Net income was $236 million, down 17.7% on the year, and diluted earnings per share $0.51. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue

$3.0 billion

+7.9% on the year · -22.4% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

18.4%

24.4% a year earlier

Q1 FY2024Q4 FY2025

Net income

$236 million

-17.7% on the year · -66.0% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.51

-66.7% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 new.

Fourth-quarter EPS was 51 cents: Fourth quarter 2025 earnings were $236 million, or 51 cents per share, on both bases. The year-earlier figures were 65 cents as reported and 66 cents adjusted.
Full-year EPS reached $3.91: Full-year 2025 earnings were $1,758 million, or $3.91 per share, on both bases. In 2024 the figures were $2.45 as reported and $3.65 adjusted.
Jefferson plant approved in Arkansas: The Arkansas Public Service Commission approved Entergy Arkansas's Jefferson Power Station. The prior release described it as a 754-megawatt CCCT submitted for approval.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,959	3,812	2,742	-22.4%	+7.9%
Operating income	546	1,119	670	-51.2%	-18.5%
Operating margin	18.4%	29.4%	24.4%
Interest expense	360	325	299	+10.8%	+20.4%
Pre-tax income	295	904	398	-67.4%	-26.0%
Income tax	54.2	205	111	-73.6%	-51.1%
Effective tax rate	18.4%	22.7%	27.9%
Net income	236	694	286	-66.0%	-17.7%
Net margin	8.0%	18.2%	10.4%
Diluted EPS	$0.51	$1.53	n/a	-66.7%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,218	2,135	1,380	-42.9%	-11.7%
Capital expenditure	2,128	1,889	1,573	+12.7%	+35.2%
Free cash flow	-910	246	-194
Free cash flow margin	-30.7%	6.5%	-7.1%
Cash from investing	-1,898	-1,471	-1,847
Cash from financing	1,092	-323	-84.4
Depreciation and amortisation	575	583	567	-1.3%	+1.4%
Dividends paid	289	268	258	+8.0%	+12.3%
Dividend per share	n/a	$0.60	n/a
Diluted shares, weighted	450m	454m	432m	-0.7%	+4.3%
Shares outstanding at period end	453m	447m	430m	+1.4%	+5.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	16,923	16,662	15,084	+1.6%	+12.2%
Non-controlling interest	91.1	94.7	101	-3.8%	-9.9%
Redeemable equity	219	219	219	0.0%	0.0%
Debt	30,935	30,448	28,919	+1.6%	+7.0%
Operating lease liabilities	211	n/a	211		-0.2%
Finance lease liabilities	95.2	n/a	96.5		-1.4%
Other liabilities	23,416	22,424	20,159	+4.4%	+16.2%
Total liabilities and equity	71,891	69,848	64,790	+2.9%	+11.0%
Fixed assets	482	477	424	+1.0%	+13.6%
Goodwill	368	368	368	0.0%	-0.0%
Investments	7,216	7,062	6,409	+2.2%	+12.6%
Cash and equivalents	1,929	1,517	860	+27.2%	+124.4%
Receivables	1,470	1,780	1,390	-17.4%	+5.7%
Other assets	60,427	58,644	55,339	+3.0%	+9.2%
Total assets	71,891	69,848	64,790	+2.9%	+11.0%

Questions

What was Entergy's revenue in Q4 FY2025?

Entergy (ETR) reported revenue of $3.0 billion for Q4 FY2025, the quarter ended 31 December 2025, up 7.9% on the same quarter a year earlier.

How much did Entergy earn in Q4 FY2025?

Net income for Q4 FY2025 was $236 million, down 17.7% on the year, and diluted earnings per share $0.51.

When did Entergy report Q4 FY2025 results?

Entergy filed its 10-K for the year that ended with the quarter on 19 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,722	2,878	3,395	4,219	3,273	2,981	2,846	3,596	2,725	2,795	2,954	3,389	2,742	2,847	3,329	3,812	2,959	3,188	3,524	4,365
Operating income	342	566	81.1	955	449	462	756	1,143	257	238	618	1,126	670	700	837	1,119	546	572	850	1,481
Operating margin	13%	20%	2%	23%	14%	16%	27%	32%	9%	9%	21%	33%	24%	25%	25%	29%	18%	18%	24%	34%
Interest expense	212	222	227	227	236	246	251	255	254	267	290	295	299	330	322	325	360	380	410	436
Pre-tax income	231	346	-196	740	168	233	527	897	14.9	97.5	85.4	861	398	462	610	904	295	479	619	1,224
Tax rate	-6%	19%	n/a	25%	42%	-34%	26%	25%	-6519%	22%	39%	25%	28%	22%	23%	23%	18%	18%	21%	23%
Net income	259	276	160	561	106	311	391	667	988	75.3	48.9	645	286	361	468	694	236	385	483	940
Net margin	10%	10%	5%	13%	3%	10%	14%	19%	36%	3%	2%	19%	10%	13%	14%	18%	8%	12%	14%	22%
Diluted EPS	$0.64	$0.68	$0.39	$1.37	n/a	$0.73	$0.92	$1.57	$4.65	$0.17	$0.12	$1.50	n/a	$0.82	$1.05	$1.53	$0.51	$0.83	$1.03	$1.98
Operating cash flow	290	538	278	993	776	960	866	1,405	1,063	521	1,025	1,562	1,380	536	1,262	2,135	1,218	829	1,893	2,235
Capital expenditure	132	1,502	1,219	1.0	n/a	0.0	30.4	0.0	1,067	961	1,163	1,141	1,573	1,660	2,008	1,889	2,128	2,252	2,779	2,713
Free cash flow	158	-964	-941	992	n/a	960	836	1,405	-3.7	-440	-138	422	-194	-1,124	-747	246	-910	-1,423	-886	-478
Dividends paid	203	205	205	205	226	226	226	226	239	241	241	242	258	258	258	268	289	293	293	299
Shares outstanding	406m	407m	407m	407m	430m	423m	423m	429m	430m	862m	893m	429m	430m	431m	446m	447m	453m	458m	467m	478m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 19 February 2026: the filing.