Entergy (ETR) FY2025 results: revenue $12.9 billion, up 9.0% on the year

Entergy is an integrated energy company engaged primarily in electric power production and energy delivery to retail customers. It owns and operates power plants with approximately 25,000 MW of electric generating capacity and delivers electricity to approximately 3.1 million customers in Arkansas, Louisiana, Mississippi and Texas. It had approximately 12,000 employees at the end of 2025. It operates primarily through a single reportable segment, Utility.

The five utilities, and the one that sells wholesale

The Utility segment holds five retail electric utility subsidiaries: Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans and Entergy Texas, which generate, transmit, distribute and sell electric power to retail and wholesale customers. Each is regulated by the federal energy regulator and by a state utility commission, except Entergy New Orleans, where the City Council takes that role.

Also inside the segment is System Energy, a wholly-owned subsidiary that owns or leases 90 percent of Grand Gulf and sells that plant's power and capacity at wholesale to Entergy Arkansas, Entergy Mississippi and Entergy New Orleans. Because all of its transactions are at wholesale, System Energy is regulated by the federal energy regulator alone.

Entergy Louisiana and Entergy New Orleans also ran small natural gas distribution businesses in and around Baton Rouge and New Orleans until those were sold on 1 July 2025.

Who takes the power

Of the retail electric customers at the end of 2025, Entergy Louisiana had 36 percent, Entergy Arkansas 24 percent, Entergy Texas 18 percent, Entergy Mississippi 15 percent and Entergy New Orleans 7 percent. Counted in thousands, that was 1,115, 738, 538, 459 and 209 respectively, and 3,059 in total.

Sales to retail customers were 128,960 GWh in 2025 and total sales including resale were 141,957 GWh. The average residential customer used 14,172 kWh. By volume, industrial customers took 42.9 percent of electric sales, residential 26.2 percent, commercial 20.1 percent, wholesale and other 9.1 percent and governmental 1.7 percent. The filing says the major industrial customers are primarily in the petroleum refining and chemical industries.

Sales are seasonal, with the peak normally in the third quarter. Entergy reached a 2025 peak demand of 23,624 MWh on 22 July, against 22,697 MWh on 6 August 2024, and its summer peak load has averaged 22,168 MW over the previous decade.

What it runs

Owned and leased capability came to 24,621 MW at the end of 2025, measured as dependable summer load carrying capability. Of that, 10,579 MW is simple cycle and combined cycle gas turbines, 6,115 MW legacy gas and oil plant, 5,113 MW nuclear, 1,981 MW coal, 759 MW solar and 74 MW hydro.

The stated long-term resource strategy is for the bulk of capacity needs to be met through long-term resources, whether owned or contracted, and over the past decade it has added about 9,430 MW of new long-term resources and deactivated about 4,004 MW of legacy generation. As participants in the MISO market the utilities also buy and sell in its day-ahead and real-time energy and ancillary services markets to dispatch generation and purchase energy.

Data centres

The filing says certain utility operating companies are planning significant infrastructure investments in new solar projects, natural gas power plants and other transmission and generation assets to power new large-scale data centres, primarily under electric service agreements with a small number of new customers, and that the projects are subject to pending regulatory approvals. Entergy Mississippi signed a supply and service agreement in March 2024 for two data centre campuses in Madison County, Mississippi, and another in February 2025 for a campus in Warren County, both being invested in by Amazon Web Services. Entergy Louisiana applied to the Louisiana utility regulator in October 2024 for approval of generation and transmission assets to serve a large-scale data centre being developed in north Louisiana by a subsidiary of Meta Platforms.

Other business activities

Outside the utility, Entergy owns interests in two coal-fired plants that sell their power to wholesale customers: 14 percent of Independence Unit 2 in Newark, Arkansas, and 11 percent of Nelson Unit 6 in Westlake, Louisiana. The same non-utility business provides decommissioning-related services to nuclear power plants owned by non-affiliated entities.

From Entergy's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.