Entergy Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 29 April 2026: press release. Guidance figures: 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Adjusted EPS of 86 cents: Adjusted EPS was 86 cents against 82 cents in first quarter 2025. As-reported EPS was 83 cents against 82 cents. Adjusted earnings were $399 million against $361 million. Source
• Impairment excluded from adjusted earnings: A non-cash impairment of $(18 million) pre-tax, $(14 million) after tax, was excluded from adjusted earnings. It relates to the expected sale of a non-utility interest in the Independence power plant. Source
• Regulatory actions drove Utility gain: The Utility increase came from the net effect of regulatory actions across the operating companies and return on CWIP for certain plant investments, partly offset by interest and depreciation. Source
• Retail price added 17 cents: Retail electric price added 0.17 per share in the earnings bridge. The sale of natural gas LDCs reduced it by 0.07, and CWIP return added 0.05. Source
• Industrial sales rose 14.9 percent: Industrial volume rose 14.9 percent, with higher sales to data center, primary metals and transportation customers. Industrial GWh were 15,895 against 13,833. Source
• Capital spending rose to $2.25 billion: Construction and capital expenditures were $2,252,293 thousand, against $1,660,169 thousand a year earlier, an increase of $592,124 thousand. Source
• Louisiana application tied to Meta agreement: E-LA applied under the LPSC Lightning Initiative for investments tied to a 20-year electric service agreement with Evest LLC, a Meta Platforms subsidiary. Source

“It’s shaping up to be another exciting year,” said Drew Marsh, Entergy Chair and Chief Executive Officer.”

Drew Marsh, Entergy Chair and Chief Executive Officer

Guidance

What changed from last quarter

• Guidance kept: The 2026 adjusted EPS range of $4.25 to $4.45 was affirmed, with no change from the February 2026 initiation. Source
• Guidance raised: The headline says longer-term ranges were raised. The release gives no figures for the longer-term ranges. Source
• New: The four-year capital plan and adjusted EPS outlooks were updated. The release gives no new capital plan figures. Source
• New: E-LA applied under the LPSC Lightning Initiative for investments tied to a new 20-year electric service agreement with a Meta subsidiary. Source
• New: E-TX filed a GCRR to place OCAPS investment in rates, a filing not described in the prior quarter's release. Source
• New: Mississippi enacted legislation enabling securitization of winter storm Fern restoration costs. Source

Earnings and per-share results

• Adjusted EPS of 86 cents: Adjusted EPS was 86 cents against 82 cents in first quarter 2025. As-reported EPS was 83 cents against 82 cents. Adjusted earnings were $399 million against $361 million. Source
• Impairment excluded from adjusted earnings: A non-cash impairment of $(18 million) pre-tax, $(14 million) after tax, was excluded from adjusted earnings. It relates to the expected sale of a non-utility interest in the Independence power plant. Source
• Utility earnings rose to $540 million: Utility earned $540 million, or $1.17 per share, against $490 million, or $1.11, in first quarter 2025, on both as-reported and adjusted bases. Source
• Parent & Other loss widened: Parent & Other lost $(155 million), or (34) cents per share, as-reported, against a $(129 million) loss, or (29) cents, a year earlier. Adjusted loss was $(141 million). Source
• Weather swung from benefit to cost: Estimated weather impact was $(10) million, or (2) cents per share, against a $22 million benefit, or 5 cents, in first quarter 2025. Source

Utility earnings drivers

• Regulatory actions drove Utility gain: The Utility increase came from the net effect of regulatory actions across the operating companies and return on CWIP for certain plant investments, partly offset by interest and depreciation. Source
• Retail price added 17 cents: Retail electric price added 0.17 per share in the earnings bridge. The sale of natural gas LDCs reduced it by 0.07, and CWIP return added 0.05. Source
• Diluted share count rose: Diluted average shares were 463 million against 441 million. Equity forward settlements and a higher stock price on unsettled forwards raised the count. Source

“The fundamentals of our company have never been stronger, and we continue to work diligently to deliver real value to our stakeholders.”

Drew Marsh, Entergy Chair and Chief Executive Officer

Retail sales and customers

• Industrial sales rose 14.9 percent: Industrial volume rose 14.9 percent, with higher sales to data center, primary metals and transportation customers. Industrial GWh were 15,895 against 13,833. Source
• Weather-adjusted retail sales up 6 percent: Reported retail GWh rose 4.5 percent to 30,737 from 29,420. Weather-adjusted retail sales grew 6.0 percent for the quarter. Source
• Retail customer count up 0.7 percent: Retail customers totaled 3,060,457 against 3,037,832 a year earlier. Residential accounts were 2,626,812 and industrial accounts 42,318. Source
• Wholesale sales up 70.7 percent: Wholesale GWh sold rose to 2,789 from 1,634. Total GWh sold was 33,526 against 31,054. Source

Costs and depreciation

• Other O&M per MWh fell 8.6 percent: Other O&M plus nuclear refueling outage expense was $20.48 per MWh, against $22.40 a year earlier. Source
• Depreciation rose on plant and rates: Utility depreciation and amortization rose on higher plant in service and on FERC depreciation rate increases at E-AR and E-LA effective January 2026. Source
• Nuclear refueling outage costs fell: Nuclear refueling outage expenses were $24,143 thousand in first quarter 2026, against $33,041 thousand in first quarter 2025. Source

“We announced another major hyperscale agreement in Louisiana that includes an additional estimated $2 billion of savings for retail customers consistent with our Fair Share Plus pledge.”

Drew Marsh, Entergy Chair and Chief Executive Officer

Cash flow and capital spending

• Operating cash flow rose: Net cash flow from operating activities was $828,964 thousand against $546,188 thousand, an increase of $282,776 thousand. Source
• Customer advances lifted operating cash: Higher receipts of customer advance payments, higher Utility customer collections and a decrease in interest paid drove the increase. Higher fuel and purchased power payments partly offset it. Source
• Capital spending rose to $2.25 billion: Construction and capital expenditures were $2,252,293 thousand, against $1,660,169 thousand a year earlier, an increase of $592,124 thousand. Source
• Twelve-month capital spending $8.28 billion: Construction and capital expenditures for the twelve months to March 31, 2026 totaled $8,277,046 thousand, against $5,537,356 thousand for the prior twelve months. Source
• Common stock issuance proceeds: Proceeds from common stock issuance were $345,711 thousand in first quarter 2026, with none shown for first quarter 2025. Source

Dividends, debt and liquidity

• Common dividends paid rose: Common dividends paid were $292,867 thousand, against $258,249 thousand. Preferred stock dividends were $4,580 thousand in both periods. Source
• Total debt rose to $34,177 million: Total debt was $34,177 million at March 31, 2026, against $31,041 million. Junior subordinated debentures were $2,500 million, up from $1,200 million. Source
• Gross and net liquidity both rose: Gross liquidity was $7,917 million and net liquidity $8,451 million, against $5,858 million and $7,904 million a year earlier. Source
• FFO to adjusted debt rose: FFO to adjusted debt was 15.7 percent against 14.5 percent. Adjusted debt to adjusted capitalization was 63 percent against 65 percent. Source

Regulatory filings and approvals

• Louisiana application tied to Meta agreement: E-LA applied under the LPSC Lightning Initiative for investments tied to a 20-year electric service agreement with Evest LLC, a Meta Platforms subsidiary. Source
• Arkansas solar and storage approved: The APSC approved E-AR's 600 MW Arkansas Cypress Solar project with 350 MW of battery storage. Source
• Texas transmission rate update approved: The PUCT approved an update to E-TX's TCRF rate. TCRF is the Transmission Cost Recovery Factor. Source
• Texas OCAPS cost filing: E-TX filed a GCRR to place its OCAPS investment in rates. OCAPS is the Orange County Advanced Power Station. Source
• Arkansas base rate case filed: E-AR submitted its base rate case and Generating Arkansas Jobs Act rider filings. The release gives no decision dates. Source
• Mississippi securitization law passed: Mississippi passed legislation enabling securitization to finance winter storm Fern restoration costs. Source

Capital plan and community

• Four-year capital plan updated: The release does not give updated capital plan figures. It refers readers to the earnings call presentation for EPS guidance details. Source
• Longer-term ranges raised: The headline says the longer-term ranges were raised. The release gives no figures for them. Source
• Environmental fund marks 25 years: The Environmental Initiative Fund has invested nearly $45 million in environmentally beneficial projects and programs since its inception. Source

Coming up, as management said on 29 April 2026

• Independence interest sale expected: Management expects to sell a non-utility business interest in the Independence power plant. The release gives no closing date. Source
• Louisiana Lightning application pending: E-LA's application under the LPSC Lightning Initiative is pending. The release gives no approval date. Source
• Arkansas base rate case pending: E-AR's base rate case and Generating Arkansas Jobs Act rider filings have been submitted. The release gives no decision dates. Source

Figures management reported

Risks management discussed

• Financial: Parent & Other interest expense rose after $1.3 billion of junior subordinated debentures were issued in Nov. 2025. Source
• Regulatory: Changes in regulatory provisions for decommissioning items were the largest single offset in the revenue variance, at minus 0.28 per share. Source
• Financial: Higher Utility interest expense, on higher debt balances and higher interest rates, offset part of the Utility earnings gain. Source
• Demand: On a weather-adjusted basis, residential sales fell 3.1 percent and commercial sales 0.5 percent. Source

Earlier plans management reported on

• Not stated: Management affirmed the 2026 adjusted EPS range rather than changing it, and gave no status beyond that. Source
• Not stated: The company describes the Louisiana hyperscale agreement as consistent with its Fair Share Plus pledge. Source

Other quarters

• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.