Companies: 10,652     total market cap: $140.916 T
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Entergy
ETR
#570
Rank
$42.64 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$95.49
Share price
-0.42%
Change (1 day)
18.89%
Change (1 year)
๐Ÿ”‹ Electricity๐Ÿšฐ Utility companies โšก Energy
Categories
  1. Entergy
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q1

Entergy - 10-Q quarterly report FY2025 Q1


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__________________________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________

Commission
File Number
Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.

Commission
File Number
Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.
1-11299ENTERGY CORPORATION1-35747ENTERGY NEW ORLEANS, LLC
(a Delaware corporation)
639 Loyola Avenue
New Orleans, Louisiana 70113
Telephone (504) 576-4000
(a Texas limited liability company)
1600 Perdido Street
New Orleans, Louisiana 70112
Telephone (504) 670-3702
72-122975282-2212934
1-10764ENTERGY ARKANSAS, LLC1-34360ENTERGY TEXAS, INC.
(a Texas limited liability company)
425 West Capitol Avenue
Little Rock, Arkansas 72201
Telephone (501) 377-4000
(a Texas corporation)
2107 Research Forest Drive
The Woodlands, Texas 77380
Telephone (409) 981-2000
83-191866861-1435798
1-32718ENTERGY LOUISIANA, LLC1-09067SYSTEM ENERGY RESOURCES, INC.
(a Texas limited liability company)
4809 Jefferson Highway
Jefferson, Louisiana 70121
Telephone (504) 576-4000
(an Arkansas corporation)
1340 Echelon Parkway
Jackson, Mississippi 39213
Telephone (601) 368-5000
47-446964672-0752777
1-31508ENTERGY MISSISSIPPI, LLC
(a Texas limited liability company)
308 East Pearl Street
Jackson, Mississippi 39201
Telephone (601) 368-5000
83-1950019
__________________________________________________________________________________________





Securities registered pursuant to Section 12(b) of the Act:
RegistrantTitle of ClassTrading
Symbol		Name of Each Exchange
on Which Registered
Entergy Corporation
Common Stock, $0.01 Par Value
ETR
New York Stock Exchange
Common Stock, $0.01 Par Value
ETR
NYSE Texas
 
 
 
Entergy Arkansas, LLC
Mortgage Bonds, 4.875% Series due September 2066
EAI
New York Stock Exchange
 
 
 
Entergy Louisiana, LLC
Mortgage Bonds, 4.875% Series due September 2066
ELC
New York Stock Exchange
 
 
 
Entergy Mississippi, LLC
Mortgage Bonds, 4.90% Series due October 2066
EMP
New York Stock Exchange
 
 
 
Entergy New Orleans, LLC
Mortgage Bonds, 5.0% Series due December 2052
ENJ
New York Stock Exchange
Mortgage Bonds, 5.50% Series due April 2066
ENO
New York Stock Exchange
 
 
 
Entergy Texas, Inc.
5.375% Series A Preferred Stock, Cumulative, No Par Value (Liquidation Value $25 Per Share)
ETI/PR
New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:
RegistrantTitle of Class
Entergy Texas, Inc.Common Stock, no par value

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files).  Yes ☑ No ☐

Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated
filer		Non-accelerated filerSmaller
reporting
company		Emerging
growth
company
Entergy Corporationü
Entergy Arkansas, LLCü
Entergy Louisiana, LLCü
Entergy Mississippi, LLCü
Entergy New Orleans, LLCü
Entergy Texas, Inc.ü
System Energy Resources, Inc.ü

If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Common Stock Outstanding
Outstanding at March 31, 2025
Entergy Corporation($0.01 par value)430,774,109

Entergy Corporation, Entergy Arkansas, LLC, Entergy Louisiana, LLC, Entergy Mississippi, LLC, Entergy New Orleans, LLC, Entergy Texas, Inc., and System Energy Resources, Inc. separately file this combined Quarterly Report on Form 10-Q.  Information contained herein relating to any individual company is filed by such company on its own behalf.  Each company makes representations only as to itself and makes no other representations whatsoever as to any other company.  This combined Quarterly Report on Form 10-Q supplements and updates the Annual Report on Form 10-K for the calendar year ended December 31, 2024, filed by the individual registrants with the SEC, and should be read in conjunction therewith.


TABLE OF CONTENTS
Page Number
iii
vii
Part I. Financial Information
Entergy Corporation and Subsidiaries
Management’s Financial Discussion and Analysis
1
Consolidated Income Statements
12
Consolidated Statements of Comprehensive Income
13
Consolidated Statements of Cash Flows
14
Consolidated Balance Sheets
16
Consolidated Statements of Changes in Equity
18
Notes to Financial Statements
Note 1. Commitments and Contingencies
19
Note 2. Rate and Regulatory Matters
21
Note 3. Equity
27
Note 4. Revolving Credit Facilities, Lines of Credit, Short-term Borrowings, and Long-term Debt
30
Note 5. Stock-based Compensation
35
Note 6. Retirement and Other Postretirement Benefits
36
Note 7. Business Segment Information
41
Note 8. Risk Management and Fair Values
42
Note 9. Decommissioning Trust Funds
54
Note 10. Income Taxes
59
Note 11. Variable Interest Entities
60
Note 12. Revenue
61
Note 13. Held for Sale
62
66
66
Entergy Arkansas, LLC and Subsidiaries
Management’s Financial Discussion and Analysis
67
Consolidated Statements of Operations
75
Consolidated Statements of Cash Flows
77
Consolidated Balance Sheets
78
Consolidated Statements of Changes in Equity
80
Entergy Louisiana, LLC and Subsidiaries
Management’s Financial Discussion and Analysis
81
Consolidated Income Statements
90
Consolidated Statements of Comprehensive Income
91
Consolidated Statements of Cash Flows
93
Consolidated Balance Sheets
94
Consolidated Statements of Changes in Equity
96
i
TABLE OF CONTENTS
Page Number
Entergy Mississippi, LLC and Subsidiaries
Management’s Financial Discussion and Analysis
97
Consolidated Income Statements
103
Consolidated Statements of Cash Flows
105
Consolidated Balance Sheets
106
Consolidated Statements of Changes in Equity
108
Entergy New Orleans, LLC and Subsidiaries
Management’s Financial Discussion and Analysis
109
Consolidated Statements of Operations
115
Consolidated Statements of Cash Flows
117
Consolidated Balance Sheets
118
Consolidated Statements of Changes in Member’s Equity
120
Entergy Texas, Inc. and Subsidiaries
Management’s Financial Discussion and Analysis
121
Consolidated Income Statements
128
Consolidated Statements of Cash Flows
129
Consolidated Balance Sheets
130
Consolidated Statements of Changes in Equity
132
System Energy Resources, Inc.
Management’s Financial Discussion and Analysis
133
Income Statements
137
Statements of Cash Flows
139
Balance Sheets
140
Statements of Changes in Common Equity
142
Part II. Other Information
143
143
143
144
146
148
ii
FORWARD-LOOKING INFORMATION

In this combined report and from time to time, Entergy Corporation and the Registrant Subsidiaries each makes statements as a registrant concerning its expectations, beliefs, plans, objectives, goals, projections, strategies, and future events or performance.  Such statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as “may,” “will,” “could,” “project,” “believe,” “anticipate,” “intend,” “goal,” “commitment,” “expect,” “estimate,” “continue,” “potential,” “plan,” “predict,” “forecast,” and other similar words or expressions are intended to identify forward-looking statements but are not the only means to identify these statements.  Although each of these registrants believes that these forward-looking statements and the underlying assumptions are reasonable, it cannot provide assurance that they will prove correct.  Any forward-looking statement is based on information current as of the date of this combined report and speaks only as of the date on which such statement is made.  Except to the extent required by the federal securities laws, each registrant undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Forward-looking statements involve a number of risks and uncertainties.  There are factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including (a) those factors discussed or incorporated by reference in Item 1A. Risk Factors in the Form 10-K and in this report, (b) those factors discussed or incorporated by reference in Management’s Financial Discussion and Analysis in the Form 10-K and in this report, and (c) the following factors (in addition to others described elsewhere in this combined report and in subsequent filings with the SEC):

•resolution of pending and future rate cases and related litigation, formula rate proceedings and related negotiations, including various performance-based rate discussions, Entergy’s utility supply plan, and recovery of fuel and purchased power costs, as well as delays in cost recovery resulting from these proceedings;
•regulatory and operating challenges and uncertainties and economic risks associated with the Utility operating companies’ participation in MISO, including the benefits of continued MISO participation, the effect of current or projected MISO market rules, market design and market and system conditions in the MISO markets, the allocation of MISO system transmission upgrade costs, delays in developing or interconnecting new generation or other resources or other adverse effects arising from the volume of requests in the MISO transmission interconnection queue, which delays or other adverse effects may be exacerbated by significant current and expected load growth, the MISO-wide base rate of return on equity allowed or any MISO-related charges and credits required by the FERC, and the effect of planning decisions that MISO makes with respect to future transmission investments by the Utility operating companies;
•changes in utility regulation, including, with respect to retail and wholesale competition, the ability to recover net utility assets and other potential stranded costs, including those capital investments associated with unrealized customer growth expectations (including data center customers), and the application of more stringent return on equity criteria, transmission reliability requirements, or market power criteria by the FERC or the U.S. Department of Justice;
•changes in the regulation or regulatory oversight of Entergy’s owned or operated nuclear generating facilities, nuclear materials and fuel, and the effects of new or existing safety or environmental concerns regarding nuclear power plants and fuel;
•resolution of pending or future applications, as well as regulatory proceedings and litigation, relating to generation, transmission, or other facilities (including license modifications or other authorizations for nuclear generating facilities) and the effect of public and political opposition on these applications, regulatory proceedings, and litigation, including without limitation opposition to the employment of technologies to capture, transport, and store carbon dioxide from gas plants, land use opposition to new solar facilities and transmission lines, and land use and other environmental opposition to wind turbines;
•the performance of and deliverability of power from Entergy’s generation resources, including the capacity factors at Entergy’s nuclear generating facilities;
iii


FORWARD-LOOKING INFORMATION (Continued)

•increases in costs and capital expenditures that could result from changing regulatory requirements, changing governmental policies, priorities, programs, and actions, including as a result of tariffs, shifts in international trade policies, and other measures, changing or volatile economic conditions, disruptions to pre-existing supply chains and vendor relations, and emerging operating and industry issues, such as anticipated growth in demand from large data centers, and the risks related to recovery of these costs and capital expenditures from Entergy’s customers (especially in an increasing cost environment);
•the commitment of substantial human and capital resources required for the safe and reliable operation and maintenance of Entergy’s utility system, including its nuclear generating facilities;
•Entergy’s ability to develop and execute on a point of view regarding future prices of electricity, natural gas, and other energy-related commodities;
•the prices and availability of fuel and power Entergy must purchase for its Utility customers, particularly given the recent and ongoing significant growth in liquified natural gas exports and the associated significantly increased demand for natural gas and resulting fluctuation in natural gas prices, increasing challenges with respect to natural gas transportation arrangements, and Entergy’s ability to meet credit support requirements for fuel and power supply contracts;
•volatility and changes in markets for electricity, natural gas, uranium, emissions allowances, and other energy-related commodities, including as a result of trade-related governmental actions, such as tariffs and other measures, and the effect of those changes on Entergy and its customers;
•changes in environmental laws and regulations, agency positions, or associated litigation, including requirements for reduced emissions of sulfur dioxide, nitrogen oxide, greenhouse gases, mercury, particulate matter and other regulated air emissions, heat and other regulated discharges to water, waste management and disposal, remediation of contaminated sites, wetlands protection and permitting, and reporting, and changes in costs of compliance with environmental laws and regulations, as well as changes to governmental policies incentivizing the development or utilization of alternative sources of generation;
•changes in laws and regulations, agency positions, or associated litigation related to protected species and associated critical habitat designations;
•the effects of changes in federal, state, or local laws and regulations, and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, trade/tariff, domestic purchase requirements, or energy policies and related laws, regulations, and other governmental actions, including as a result of prolonged litigation over proposed legislation or regulatory actions;
•the effects of full or partial shutdowns of the federal government or delays in obtaining government or regulatory actions or decisions;
•uncertainty regarding the establishment of interim or permanent sites for spent nuclear fuel and nuclear waste storage and disposal and the level of spent fuel and nuclear waste disposal fees charged by the U.S. government or other providers related to such sites;
•variations in weather and the occurrence of hurricanes and other storms and disasters, including uncertainties associated with efforts to remediate the effects of hurricanes, ice storms, wildfires, or other weather events and the recovery of costs associated with restoration, including the ability to access funded storm reserves, federal and local cost recovery mechanisms, securitization, and insurance, as well as any related unplanned outages;
•effects of climate change, including the potential for increases in the frequency or severity of extreme weather events, such as hurricanes, heat waves, drought or wildfires, and rising sea levels or coastal land and wetland loss, and Entergy’s ability to effectively prepare for such effects and events, including through accelerated resilience plans and projects, and any challenges in execution thereof and/or in obtaining any necessary regulatory approvals for appropriate scope and timing of such plans and projects now and in the future;
•the risk that as a result of Entergy’s membership in Nuclear Electric Insurance Limited (NEIL), an incident at a NEIL member-insured nuclear generation facility could lead to a significant retrospective assessment;

iv


FORWARD-LOOKING INFORMATION (Continued)

•the risk that an incident at a nuclear generation facility participating in a secondary financial protection system could lead to a significant retrospective insurance premium;
•changes in the quality and availability of water supplies and the related regulation of water use and diversion;
•Entergy’s ability to manage and execute on its capital projects, including any capital projects to serve the growing demand for electricity driven in part by the anticipated development of large data centers, and to complete such capital projects timely and within budget, to obtain the anticipated performance or other benefits of such capital projects, and to manage its capital and operation and maintenance costs;
•the effects of supply chain disruptions, including those driven by geopolitical developments or trade-related governmental actions, including tariffs and other measures, on Entergy’s ability to complete its capital projects in a timely and cost-effective manner;
•Entergy’s ability to purchase and sell assets at attractive prices and on other attractive terms;
•the economic climate, and particularly economic conditions in the Utility service area and events and circumstances that could influence economic conditions in those areas, including power prices and inflation, and the risk that anticipated load growth may not materialize;
•changes to or the repeal of federal income tax laws, regulations, and interpretive guidance and policies, including the Inflation Reduction Act of 2022 and the continuing impact of the Tax Cuts and Jobs Act of 2017, and any related intended or unintended consequences on financial results and future cash flows;
•the effects of Entergy’s strategies to reduce tax payments;
•the effect of interest rate volatility and other changes in the financial markets and regulatory requirements for the issuance of securities, particularly as they affect access to and cost of capital and Entergy’s ability to refinance existing securities and fund investments and acquisitions;
•actions of rating agencies, including changes in the ratings of debt and preferred stock, changes in general corporate ratings, and changes in the rating agencies’ ratings criteria;
•changes in inflation and interest rates and the impacts of inflation or a recession on Entergy’s customers;
•the effects of government investigations, proceedings, or audits;
•changes in technology, including (i) Entergy’s ability to effectively assess, acquire, implement, and manage new or emerging technologies, including its ability to maintain and protect personally identifiable information while doing so; (ii) the emergence of artificial intelligence (including machine learning), which may present increased electricity demand, as well as ethical, security, legal, operational, or regulatory challenges; (iii) advances in artificial intelligence (including machine learning) technologies that could reduce the expected electricity demand for these technologies and data centers; (iv) the impact of changes relating to new, developing, or alternative sources of generation such as distributed energy and energy storage, renewable energy, energy efficiency, demand side management, and other measures that reduce load and government policies impacting development or utilization of the foregoing; and (v) competition from other companies offering products and services to Entergy’s customers based on new or emerging technologies or alternative sources of generation;
•Entergy’s ability to effectively formulate and implement plans to increase its carbon-free energy capacity and to reduce its carbon emission rate and aggregate carbon emissions, including its commitment to achieve net-zero carbon emissions by 2050 and the related increasing investment in renewable power generation sources and carbon capture and storage, the potential impact on its business and financial condition of attempting to achieve such objectives, and Entergy’s ability to achieve its climate goals and commitments due to expected load growth;
•the effects, including increased security costs, of threatened or actual terrorism, cyber attacks or data security breaches, physical attacks on or other interference with facilities or infrastructure, natural or man-made electromagnetic pulses that affect transmission or generation infrastructure, accidents, and war or a catastrophic event such as a nuclear accident or a natural gas pipeline explosion;
v


FORWARD-LOOKING INFORMATION (Concluded)

•impacts of perceived or actual cybersecurity or data security threats or events on Entergy and its subsidiaries, its vendors, suppliers or other third parties interconnected through the grid, which could, among other things, result in disruptions to its operations, including but not limited to, the loss of operational control, temporary or extended outages, or loss of data, including but not limited to, sensitive customer, employee, financial or operations data;
•the effects of a catastrophe, pandemic (or other health-related event), or a global or geopolitical event such as escalating trade tensions between the United States and China or the military activities between Russia and Ukraine, or Israel and Hamas, including resultant economic and societal disruptions; fuel procurement disruptions; volatility in the capital markets (and any related increased cost of capital or any inability to access the capital markets or draw on available bank credit facilities); reduced demand for electricity, particularly from commercial and industrial customers; increased or unrecoverable costs; supply chain, vendor, and contractor disruptions, including as a result of trade-related sanctions; delays in completion of capital or other construction projects, maintenance, and other operations activities, including prolonged or delayed outages; impacts to Entergy’s workforce availability, health, or safety; increased cybersecurity risks as a result of many employees telecommuting and/or working partially remotely; increased late or uncollectible customer payments; regulatory delays; executive orders affecting, or increased regulation of, Entergy’s business; changes in credit ratings or outlooks as a result of any of the foregoing; or other adverse impacts on Entergy’s ability to execute on its business strategies and initiatives or, more generally, on Entergy’s results of operations, financial condition, and liquidity;
•Entergy’s ability to attract and retain talented management, directors, and employees with specialized skills, institutional knowledge, capacity, and abilities, including the ability to effectively execute on Entergy’s growth strategy;
•Entergy’s ability to attract, retain, and manage an appropriately qualified and sufficiently staffed workforce;
•changes in accounting standards and corporate governance best practices;
•declines in the market prices of marketable securities and changes in interest rates and resulting pension and retiree welfare plan funding requirements and the effects on benefits costs for Entergy’s defined benefit pension and other postretirement benefits plans;
•future wage and employee benefits costs, including changes in discount rates and returns on benefit plan assets;
•changes in decommissioning trust fund values or earnings or in the timing of, requirements for, or cost to decommission Entergy’s nuclear plant sites and the implementation of decommissioning of such sites following shutdown;
•the effectiveness of Entergy’s risk management policies and procedures and the ability and willingness of its counterparties, including lending, hedging, credit support, and major customer counterparties, to satisfy their financial and performance commitments;
•reductions in the demand for electricity to power hyperscale data centers and the potential for stranded assets;
•concentration of business with a small number of customers in an industry based on emerging technologies, including artificial intelligence and machine learning; and
•Entergy and its subsidiaries’ ability to successfully execute on their business strategies, including their ability to complete strategic transactions that they may undertake, and their ability to meet the rapidly growing demand for electricity, including from hyperscale data center and other large customers, and to manage the impacts of growth in demand for electricity on customers and Entergy’s business.
vi
DEFINITIONS

Certain abbreviations or acronyms used in the text and notes are defined below:
Abbreviation or AcronymTerm
AFUDC
Allowance for Funds Used During Construction
ALJ
Administrative Law Judge
ANO 1 and 2
Units 1 and 2 of Arkansas Nuclear One (nuclear), owned by Entergy Arkansas
APSC
Arkansas Public Service Commission
Board
Board of Directors of Entergy Corporation
Cajun
Cajun Electric Power Cooperative, Inc.
capacity factor
Actual plant output divided by maximum potential plant output for the period
City Council
Council of the City of New Orleans, Louisiana
D.C. Circuit
U.S. Court of Appeals for the District of Columbia Circuit
DOE
United States Department of Energy
Entergy
Entergy Corporation and its direct and indirect subsidiaries
Entergy Corporation
Entergy Corporation, a Delaware corporation
Entergy Gulf States, Inc.
Predecessor company for financial reporting purposes to Entergy Gulf States Louisiana that included the assets and business operations of both Entergy Gulf States Louisiana and Entergy Texas
Entergy Gulf States Louisiana
Entergy Gulf States Louisiana, L.L.C., a Louisiana limited liability company formally created as part of the jurisdictional separation of Entergy Gulf States, Inc. and the successor company to Entergy Gulf States, Inc. for financial reporting purposes.  The term is also used to refer to the Louisiana jurisdictional business of Entergy Gulf States, Inc., as the context requires. Effective October 1, 2015, the business of Entergy Gulf States Louisiana was combined with Entergy Louisiana.
Entergy Louisiana
Entergy Louisiana, LLC, a Texas limited liability company formally created as part of the combination of Entergy Gulf States Louisiana and the company formerly known as Entergy Louisiana, LLC (Old Entergy Louisiana) into a single public utility company and the successor to Old Entergy Louisiana for financial reporting purposes
Entergy Texas
Entergy Texas, Inc., a Texas corporation formally created as part of the jurisdictional separation of Entergy Gulf States, Inc.  The term is also used to refer to the Texas jurisdictional business of Entergy Gulf States, Inc., as the context requires.
Entergy Wholesale Commodities
Prior to January 1, 2023, one of Entergy’s reportable business segments consisting of non-utility business activities primarily comprised of the ownership, operation, and decommissioning of nuclear power plants, the ownership of interests in non-nuclear power plants, and the sale of the electric power produced by its operating power plants to wholesale customers
EPA
United States Environmental Protection Agency
FERC
Federal Energy Regulatory Commission
Form 10-K
Annual Report on Form 10-K for the calendar year ended December 31, 2024, filed with the SEC by Entergy Corporation and its Registrant Subsidiaries
GAAP
Generally Accepted Accounting Principles
Grand Gulf
Unit No. 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by System Energy
GWh
Gigawatt-hour(s), which equals one million kilowatt-hours
Independence
Independence Steam Electric Station (coal), owned 16% by Entergy Arkansas, 25% by Entergy Mississippi, and 7% by Entergy Power, LLC
IRS
Internal Revenue Service
ISOIndependent System Operator
kVKilovolt
vii

DEFINITIONS (Concluded)
Abbreviation or AcronymTerm
kW
Kilowatt, which equals one thousand watts
kWh
Kilowatt-hour(s)
LPSC
Louisiana Public Service Commission
LURC
Louisiana Utilities Restoration Corporation
MISO
Midcontinent Independent System Operator, Inc., a regional transmission organization
MMBtu
One million British Thermal Units
MPSC
Mississippi Public Service Commission
MW
Megawatt(s), which equals one thousand kilowatts
MWh
Megawatt-hour(s)
Net debt to net capital ratio
Gross debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, which is a non-GAAP measure
NRC
Nuclear Regulatory Commission
Palisades
Palisades Nuclear Plant (nuclear), previously owned as part of Entergy’s non-utility business, which ceased power production in May 2022 and was sold in June 2022
Parent & Other
The portions of Entergy not included in the Utility segment, primarily consisting of the activities of the parent company, Entergy Corporation, and other business activity, including Entergy’s non-utility operations business which owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers and also provides decommissioning services to nuclear power plants owned by non-affiliated entities in the United States
PPA
Purchased power agreement or power purchase agreement
PUCT
Public Utility Commission of Texas
Registrant Subsidiaries
Entergy Arkansas, LLC, Entergy Louisiana, LLC, Entergy Mississippi, LLC, Entergy New Orleans, LLC, Entergy Texas, Inc., and System Energy Resources, Inc.
River Bend
River Bend Station (nuclear), owned by Entergy Louisiana
SEC
Securities and Exchange Commission
System Agreement
Agreement, effective January 1, 1983, as modified, among the Utility operating companies relating to the sharing of generating capacity and other power resources. The agreement terminated effective August 2016.
System Energy
System Energy Resources, Inc.
Unit Power Sales Agreement
Agreement, dated as of June 10, 1982, as amended and approved by the FERC, among Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and System Energy, relating to the sale of capacity and energy from System Energy’s share of Grand Gulf
Utility
Entergy’s reportable segment that generates, transmits, distributes, and sells electric power, with a small amount of natural gas distribution in portions of Louisiana
Utility operating companies
Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas
Waterford 3
Unit No. 3 (nuclear) of the Waterford Steam Electric Station, owned by Entergy Louisiana
weather-adjusted usage
Electric usage excluding the effects of deviations from normal weather

ENTERGY CORPORATION AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Entergy operates primarily through a single reportable segment, Utility. The Utility segment includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and operation of a small natural gas distribution business in portions of Louisiana. See Note 13 to the financial statements herein and the “Held for Sale - Natural Gas Distribution Businesses” section in Note 14 to the financial statements in the Form 10-K for discussion of the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses. See Note 7 to the financial statements herein for discussion of and financial information regarding Entergy’s reportable segment.

Results of Operations

First Quarter 2025 Compared to First Quarter 2024

Following are income statement variances for Utility, Parent & Other, and Entergy comparing the first quarter 2025 to the first quarter 2024 showing how much the line item increased or (decreased) in comparison to the prior period.

Utility
Parent &
Other (a)

Entergy
(In Thousands)
2024 Net Income (Loss) Attributable to Entergy Corporation$195,224 ($119,943)$75,281 
Operating revenues57,424 (5,178)52,246 
Fuel, fuel-related expenses, and gas purchased for resale(265,421)(6,674)(272,095)
Purchased power122,890 (5,286)117,604 
Other regulatory charges (credits) - net(126,189)— (126,189)
Other operation and maintenance(18,241)3,877 (14,364)
Asset write-offs, impairments, and related charges (credits)(131,775)— (131,775)
Taxes other than income taxes6,362 (26)6,336 
Depreciation and amortization13,215 67 13,282 
Other income (deductions)
(29,552)(5,046)(34,598)
Interest expense54,983 7,608 62,591 
Other expenses(2,739)64 (2,675)
Income taxes79,725 (678)79,047 
Preferred dividend requirements of subsidiaries and noncontrolling interests407 — 407 
2025 Net Income (Loss) Attributable to Entergy Corporation$489,879 ($129,119)$360,760 

(a)Parent & Other includes eliminations, which are primarily intersegment activity.

First quarter 2024 results of operations include: (1) a $132 million ($97 million net-of-tax) charge, recorded at Utility, to reflect the write-off of a previously recorded regulatory asset as a result of an adverse decision in the Entergy Arkansas opportunity sales proceeding in March 2024; and (2) a $78 million ($57 million net-of-tax) regulatory charge, recorded at Utility, primarily to reflect a settlement in principle between Entergy New Orleans and the City Council in April 2024 for additional sharing with customers of income tax benefits from the resolution of the 2016-2018 IRS audit. See Note 2 to the financial statements herein and in the Form 10-K for discussion of the Entergy Arkansas opportunity sales proceeding. See Note 3 to the financial statements in the Form 10-K for

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discussion of the Entergy New Orleans April 2024 settlement in principle and discussion of the resolution of the 2016-2018 IRS audit.

Operating Revenues

Utility

Following is an analysis of the change in operating revenues comparing the first quarter 2025 to the first quarter 2024:
Amount
(In Millions)
2024 operating revenues$2,772 
Fuel, rider, and other revenues that do not significantly affect net income(132)
Volume/weather114 
Retail electric price76 
2025 operating revenues$2,830 

The Utility operating companies’ results include revenues from rate mechanisms designed to recover fuel, purchased power, and other costs such that the revenues and expenses associated with these items generally offset and do not affect net income. “Fuel, rider, and other revenues that do not significantly affect net income” includes the revenue variance associated with these items.

The volume/weather variance is primarily due to the effect of more favorable weather on residential sales and an increase in industrial usage. The increase in industrial usage is primarily due to an increase in demand from large industrial customers, primarily in the petroleum refining, chlor-alkali, and primary metals industries.

The retail electric price variance is primarily due to:

•an increase in Entergy Arkansas’s formula rate plan rates effective January 2025;
•an increase in Entergy Louisiana’s formula rate plan revenues, including an increase in the distribution recovery mechanism, effective September 2024, partially offset by decreases in formula rate plan revenues due to interim formula rate plan rate adjustments effective January 2025 and March 2025;
•increases in Entergy Mississippi’s formula rate plan rates effective April 2024 and July 2024 and an increase in the interim facilities rate adjustment revenues effective January 2025; and
•the implementation of the distribution cost recovery factor rider effective with the first billing cycle in October 2024 and an increase in the distribution cost recovery factor rider effective in late December 2024, each at Entergy Texas.

See Note 2 to the financial statements herein and in the Form 10-K for discussion of the regulatory proceedings discussed above.


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Total electric energy sales for Utility for the three months ended March 31, 2025 and 2024 are as follows:
20252024% Change
(GWh)
Residential8,784 7,758 13 
Commercial6,243 6,223 — 
Industrial13,833 12,661 9 
Governmental560 572 (2)
Total retail29,420 27,214 8 
Sales for resale1,634 3,958 (59)
Total31,054 31,172 — 

See Note 12 to the financial statements herein for additional discussion of operating revenues.

Other Income Statement Items

Utility

Other operation and maintenance expenses decreased from $681 million for the first quarter 2024 to $662 million for the first quarter 2025 primarily due to contract costs of $12 million, in first quarter 2024, related to operational performance, customer service, and organizational health initiatives and a decrease of $8 million in compensation and benefits costs primarily due to a higher revision to estimated incentive-based compensation expense in first quarter 2025 as compared to first quarter 2024.

Asset write-offs, impairments, and related charges (credits) includes a $132 million charge to reflect the write-off, at Entergy Arkansas, of a previously recorded regulatory asset as a result of an adverse decision in the Entergy Arkansas opportunity sales proceeding in March 2024. See Note 2 to the financial statements herein and in the Form 10-K for discussion of the Entergy Arkansas opportunity sales proceeding.

Depreciation and amortization expenses increased primarily due to additions to plant in service and an increase in nuclear depreciation rates at Entergy Louisiana effective September 2024 in accordance with the global stipulated settlement agreement approved by the LPSC in August 2024. The increase was partially offset by the recognition of $14 million in depreciation expense in first quarter 2024 at Entergy Texas for the 2022 base rate case relate back period, effective over six months beginning January 2024. The recognition of depreciation expense for the relate back period was effective over the same period as collections from the relate back surcharge rider and resulted in no effect on net income. See Note 2 to the financial statements in the Form 10-K for discussion of the global stipulated settlement agreement. See Note 2 to the financial statements in the Form 10-K for discussion of the 2022 base rate case at Entergy Texas.

Other regulatory charges (credits) - net includes a regulatory charge of $78 million, recorded by Entergy New Orleans in first quarter 2024, primarily to reflect a settlement in principle between Entergy New Orleans and the City Council in April 2024 for additional sharing with customers of income tax benefits from the resolution of the 2016-2018 IRS audit. See Note 3 to the financial statements in the Form 10-K for discussion of the April 2024 settlement in principle and for discussion of the resolution of the 2016-2018 IRS audit. In addition, Entergy records a regulatory charge or credit for the difference between asset retirement obligation-related expenses and nuclear decommissioning trust earnings plus asset retirement obligation-related costs collected in revenue.

Other income decreased primarily due to changes in decommissioning trust fund activity, including portfolio rebalancing of decommissioning trust funds in first quarter 2024, partially offset by an increase in the

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allowance for equity funds used during construction due to higher construction work in progress in 2025 and an increase in the amortization of tax gross ups on customer advances for construction.

Interest expense increased primarily due to:

•the issuances by Entergy Arkansas of $400 million of 5.75% Series mortgage bonds and $400 million of 5.45% Series mortgage bonds, each in May 2024;
•the issuance by Entergy Louisiana of $700 million of 5.15% Series mortgage bonds in August 2024;
•the issuance by Entergy Louisiana of $750 million of 5.80% Series mortgage bonds in January 2025;
•the issuance by Entergy Mississippi of $300 million of 5.85% Series mortgage bonds in May 2024;
•the issuance by Entergy Texas of $350 million of 5.55% Series mortgage bonds in August 2024;
•the issuance by System Energy of $300 million of 5.30% Series mortgage bonds in December 2024; and
•carrying costs on customer advances for construction.

Income Taxes

The effective income tax rate was 21.6% for the first quarter 2025. The difference in the effective income tax rate for the first quarter 2025 versus the federal statutory rate of 21% was primarily due to the accrual for state income taxes, partially offset by certain book and tax differences related to utility plant items and book and tax differences related to the allowance for equity funds used during construction.

The effective income tax rate was 21.5% for the first quarter 2024. The difference in the effective income tax rate for the first quarter 2024 versus the federal statutory rate of 21% was primarily due to the amortization of state accumulated deferred income taxes as a result of tax rate changes, a provision for uncertain tax positions, and the accrual for state income taxes, partially offset by certain book and tax differences related to utility plant items and book and tax differences related to the allowance for equity funds used during construction.

Income Tax Legislation and Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Income Tax Legislation and Regulation” in the Form 10-K for discussion of income tax legislation and regulation.

Entergy Wholesale Commodities Exit from the Merchant Power Business

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Entergy Wholesale Commodities Exit from the Merchant Power Business” in the Form 10-K for discussion of the exit from the merchant power business.

Liquidity and Capital Resources

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources” in the Form 10-K for a discussion of Entergy’s capital structure, capital spending plans and other uses of capital, and sources of capital.  The following are updates to that discussion.

Recent announcements of changes to international trade policy and tariffs and further similar changes may impact Entergy’s business, operations, results of operations, and liquidity and capital resources. Potential impacts may include increases in costs associated with Entergy’s capital investments or operations and maintenance expenses; operational impacts, such as supply chain, manufacturing or raw materials sourcing disruptions which may affect Entergy’s ability to make planned capital investments as and when expected and needed; legal uncertainties, such as potential legal or other challenges to presidential tariff authority; or broader economic risks, including shifting customer demand, impacts on customer investment decisions, and volatile or uncertain credit and capital markets, which may affect Entergy’s ability to access needed capital. The nature and extent of any such

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effects will depend on, among other things, the specifics of the changes that are ultimately implemented both domestically and internationally, the responses of vendors, suppliers, and other counterparties to those changes, indirect effects on the price and availability of non-tariffed goods, and the effectiveness of mitigation measures.

Capital Structure and Resources

Entergy’s debt to capital ratio is shown in the following table. The increase in the debt to capital ratio is primarily due to the net issuance of long-term debt in 2025.
March 31, 2025December 31, 2024
Debt to capital66.7 %65.3 %
Effect of excluding securitization bonds(0.2 %)(0.2 %)
Debt to capital, excluding securitization bonds (non-GAAP) (a)66.5 %65.1 %
Effect of subtracting cash(1.1 %)(0.7 %)
Net debt to net capital, excluding securitization bonds (non-GAAP) (a)65.4 %64.4 %

(a)Calculation excludes the Texas securitization bonds, which are non-recourse to Entergy Texas.

As of March 31, 2025, 21.1% of the debt outstanding is at the parent company, Entergy Corporation, and 78.9% is at the Utility. Net debt consists of debt less cash and cash equivalents.  Debt consists of notes payable and commercial paper, finance lease obligations, and long-term debt, including the currently maturing portion.  Capital consists of debt, equity, and subsidiaries’ preferred stock without sinking fund.  Net capital consists of capital less cash and cash equivalents.  The debt to capital ratio excluding securitization bonds and net debt to net capital ratio excluding securitization bonds are non-GAAP measures. Entergy uses the debt to capital ratios excluding securitization bonds in analyzing its financial condition and believes they provide useful information to its investors and creditors in evaluating Entergy’s financial condition because the securitization bonds are non-recourse to Entergy, as more fully described in Note 5 to the financial statements in the Form 10-K.  Entergy also uses the net debt to net capital ratio excluding securitization bonds in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy’s financial condition because net debt indicates Entergy’s outstanding debt position that could not be readily satisfied by cash and cash equivalents on hand.

Entergy Corporation has in place a credit facility that has a borrowing capacity of $3 billion and expires in June 2029.  The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility.  The commitment fee is currently 0.225% of the undrawn commitment amount.  Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation. As there were no borrowings under the facility for the three months ended March 31, 2025, the estimated interest rate as of March 31, 2025 that would have been applied to outstanding borrowings under the facility was 5.92%. The following is a summary of the amounts outstanding and capacity available under the credit facility as of March 31, 2025:
Capacity BorrowingsLetters
of Credit		Capacity
Available
(In Millions)
$3,000$—$4$2,996
Entergy Corporation’s credit facility includes a covenant requiring Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization.  The calculation of this debt ratio under Entergy Corporation’s credit facility is different than the calculation of the debt to capital ratio above.  Entergy is currently in compliance with the covenant and expects to remain in compliance with this covenant.  If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans and System

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Management’s Financial Discussion and Analysis


Energy) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the Entergy Corporation credit facility’s maturity date may occur.  See Note 4 to the financial statements herein for additional discussion of the Entergy Corporation credit facility and discussion of the Registrant Subsidiaries’ credit facilities.

Entergy Corporation has a commercial paper program with a Board-approved program limit of $2 billion. As of March 31, 2025, Entergy Corporation had $1,330 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2025 was 4.66%.

Equity Issuances and Equity Distribution Program

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources - Sources of Capital - Equity Issuances and Equity Distribution Program” in the Form 10-K and Note 3 to the financial statements herein for discussion of equity issuances and the equity distribution program. The following is an update to that discussion.

In March 2025, Entergy marketed an equity offering of 17.8 million shares of Entergy Corporation common stock. In lieu of issuing equity at the time of the offering, Entergy entered into forward sale agreements with several forward counterparties. The forward sale agreements require Entergy to, at its election on or prior to September 30, 2026, either (1) physically settle the transactions by issuing the total of 17.8 million shares of its common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially $81.87 per share) or (2) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreements. See Note 3 to the financial statements herein for further discussion of the forward sale agreements.

Capital Expenditure Plans and Other Uses of Capital

See the table and discussion in the Form 10-K under “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources - Capital Expenditure Plans and Other Uses of Capital,” that sets forth the amounts of Entergy’s planned construction and other capital investments for 2025 through 2027. The following are updates to that discussion.

Other Generation

Lake Catherine Unit 5

As discussed in the Form 10-K, in November 2024, Entergy Arkansas filed an application with the APSC seeking a certificate of environmental compatibility and public need for the construction and operation of Lake Catherine Unit 5, a 446 MW hydrogen-capable simple-cycle natural gas combustion turbine facility to be located at the existing Lake Catherine facility site in Hot Spring County, Arkansas. In December 2024 other parties, including the APSC general staff, filed testimony opposing the resource, although the APSC general staff recognized the capacity need for the resource. Entergy Arkansas filed testimony in January 2025 further supporting its application, and in February 2025 the opposing parties filed responsive rebuttal testimony continuing to dispute the estimated costs and to dispute that Entergy Arkansas performed a market solicitation sufficient to demonstrate that this resource is the most reasonable option for customers. Also in February 2025, Entergy Arkansas filed surrebuttal testimony responding to the opposing parties’ testimony. A hearing was held in March 2025, and in April 2025 the APSC issued an order approving certification of the facility. The order also provided a presumption of prudence finding with respect to a benchmark project cost, which excluded AFUDC and contingency among other items. Entergy Arkansas will have the opportunity to later present all actual costs to the APSC for review for a prudence determination, including any costs incremental to the benchmark. Entergy Arkansas is evaluating potential responses to the APSC order. Subject to receipt of required regulatory approval and other conditions, the facility is expected to be in service by the end of 2028.

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Management’s Financial Discussion and Analysis

Entergy Louisiana Additional Generation and Transmission Resources

As discussed in the Form 10-K, in October 2024, Entergy Louisiana filed an application with the LPSC seeking approval of a variety of generation and transmission resources proposed in connection with establishing service to a new data center to be developed by a subsidiary of Meta Platforms, Inc. in north Louisiana, for which an electric service agreement has been executed. The filing requests LPSC certification of three new combined cycle combustion turbine generation resources totaling 2,262 MW, each of which will be enabled for future carbon capture and storage, a new 500 kV transmission line, and 500 kV substation upgrades. The application also requests approval to implement a corporate sustainability rider applicable to the new customer. The corporate sustainability rider contemplates the new customer contributing to the costs of the future addition of 1,500 MW of new solar and energy storage resources, agreements involving carbon capture and storage at Entergy Louisiana’s existing Lake Charles Power Station, and potential future wind and nuclear resources. Entergy Louisiana anticipates funding the incremental cost to serve the customer through direct financial contributions from the customer and the revenues it expects to earn under the electric service agreement. The electric service agreement also contains provisions for termination payments that will help ensure that there is no harm to Entergy Louisiana and its customers in the event of early termination. A directive was issued at the LPSC’s November 2024 meeting for the matter to be decided by October 2025. In February 2025 intervenors filed a motion asking the LPSC to deny Entergy Louisiana’s requested exemption from the LPSC’s order addressing competitive solicitation procedures and further asking the LPSC to dismiss the application. The ALJ issued an order denying the motion to dismiss the application and deferring the LPSC’s consideration of the motion regarding the competitive solicitation procedures until the hearing. In March 2025 the same intervenors filed a motion requesting the LPSC to require the customer and its parent company to be joined as parties to the proceeding or dismiss the application. In April 2025 the ALJ issued an order denying the March 2025 motion, and the moving parties filed a motion asking the LPSC to review and reverse the ALJ’s decision. In April 2025 the LPSC staff and intervenors filed direct testimony. The LPSC staff’s testimony discusses the significant projected benefits associated with the data center project and also recommends that the LPSC impose certain conditions on its approval, including a condition that would require, under specified circumstances, certain sharing of net revenues from service to the project with Entergy Louisiana’s other customers. The LPSC staff also recommends that the LPSC deny approval of the corporate sustainability rider terms providing for the customer to supply funding toward the cost of installing carbon capture and storage infrastructure at Entergy Louisiana’s Lake Charles Power Station. The Louisiana Energy Users Group and other intervenors recommended that the LPSC require various changes to the terms of the electric service agreement with the customer that would shift additional risk and cost to the customer rather than Entergy Louisiana’s broader customer base. Certain intervenors also challenged approval on the basis that Entergy Louisiana did not conduct a request for proposals to procure the proposed generation resources to serve the customer’s project; these intervenors also advocate that Entergy Louisiana be required to procure more renewable generation and evaluate transmission alternatives rather than proceeding with development of all of the proposed new generation resources. Entergy Louisiana’s rebuttal testimony is due in May 2025, and a hearing is set for July 2025.

Entergy Louisiana Transmission Projects

As discussed in the Form 10-K, in March 2024, Entergy Louisiana filed an application with the LPSC seeking an exemption determination, or alternatively, a certificate of public convenience and necessity, for a transmission project that includes a new 500 kV/230 kV Commodore substation and an approximately 60-mile 230 kV line connecting the new Commodore substation to the Waterford substation. In February 2025, Entergy Louisiana and the LPSC staff jointly filed, for consideration by the LPSC, an uncontested stipulated settlement agreement resolving all issues in the proceeding. The LPSC approved the uncontested stipulated settlement agreement in March 2025 and thereby granted certification of the project.

As discussed in the Form 10-K, in December 2024, Entergy Louisiana filed an application with the LPSC seeking a certificate of public convenience and necessity for a 500 kV transmission project that includes the construction of a new 84-mile Commodore to Churchill 500 kV transmission line, the expansion of the Waterford

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Management’s Financial Discussion and Analysis


500 kV substation, the construction of a new Churchill 500 kV substation and improvements to the Churchill 230 kV substation, and the conversion of the existing 230 kV Waterford to Churchill transmission line to 500 kV, forming a 500 kV loop into the Downstream of Gypsy load pocket. In April 2025 the LPSC staff and the Louisiana Energy Users Group, an intervenor, filed direct testimony. The LPSC staff’s testimony recommends LPSC approval of the project. The Louisiana Energy Users Group’s testimony opines that Entergy Louisiana has shown that there is a need for additional transmission investment in the West Bank area of Amite South but recommends that the LPSC withhold approval pending further analysis, including analysis of potential lower cost alternatives to the proposed project, and also pending Entergy Louisiana demonstrating that it has contributions in aid of construction from the customers whose block load additions would be enabled by the proposed transmission project in amounts sufficient to substantially, if not fully, cover the revenue requirement of the proposed project. Discovery is ongoing in the proceeding, and a hearing is set for August 2025.

Legend Power Station and Lone Star Power Station

As discussed in the Form 10-K, in June 2024, Entergy Texas filed an application seeking PUCT approval to amend Entergy Texas’s certificate of convenience and necessity to construct, own, and operate the Legend Power Station, a 754 MW combined-cycle combustion turbine facility, which will be enabled for future carbon capture and storage and for hydrogen co-firing optionality, to be located in Jefferson County, Texas, and the Lone Star Power Station, a 453 MW simple-cycle combustion turbine facility, which will be enabled with hydrogen co-firing optionality, to be located in Liberty County, Texas. A hearing on the merits was held in April 2025. Also in April 2025, Entergy Texas, intervenors, and the PUCT staff filed initial briefs. In its initial brief, the PUCT staff recommends denial of Entergy Texas’s application or, in the alternative, approval subject to conditions that include a prudence review by an external consultant if actual project costs exceed estimated costs by more than 10%, transmission cost reporting, and weatherization of both the Legend Power Station and the Lone Star Power Station. Certain intervenors requested that the PUCT impose various conditions upon the approval of the resources, including, among others, cost recovery limitations, a direction that Entergy Texas initiate a competitive tariff proceeding to facilitate industrial sleeving, a requirement for additional regulatory approvals related to hydrogen or carbon capture and storage implementation, limits on the recovery of supplemental filing costs, and calculation of AFUDC based on an adjusted weighted average cost of capital. Reply briefs are due in May 2025. A PUCT decision is expected in third quarter 2025. Subject to receipt of required regulatory approval and other conditions, both facilities are expected to be in service by mid-2028.

SETEX Area Reliability Project

In February 2025, Entergy Texas filed an application seeking PUCT approval to amend Entergy Texas’s certificate of convenience and necessity to construct, own, and operate a new single-circuit 500 kV transmission line and associated stations and 138/230 kV facilities. The transmission line is expected to be approximately 131 to 160 miles in length and the estimated cost of the project ranges from $1.3 billion to $1.5 billion, depending upon the route ultimately approved by the PUCT. Also in February 2025 the PUCT referred the proceeding to the State Office of Administrative Hearings. In March 2025 the ALJs with the State Office of Administrative Hearings adopted a procedural schedule with a hearing on the merits to be held in May 2025. A PUCT decision is expected in third quarter 2025. Subject to receipt of required regulatory approval and other conditions and approvals, construction of the project is expected to be completed by the end of 2029.

Dividends

Declarations of dividends on Entergy Corporation common stock are made at the discretion of the Board.  Among other things, the Board evaluates the level of Entergy Corporation common stock dividends based upon earnings per share from the Utility segment and the Parent and Other portion of the business, financial strength, and future investment opportunities.  In April 2025, the Board declared a dividend of $0.60 per share.


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Management’s Financial Discussion and Analysis
Cash Flow Activity

As shown in Entergy’s Consolidated Statements of Cash Flows, cash flows for the three months ended March 31, 2025 and 2024 were as follows:
20252024
(In Millions)
Cash and cash equivalents at beginning of period$860 $133 
Net cash provided by (used in):  
Operating activities536 521 
Investing activities(1,711)(1,288)
Financing activities1,828 1,929 
Net increase in cash and cash equivalents653 1,162 
Cash and cash equivalents at end of period$1,513 $1,295 

Operating Activities

Net cash flow provided by operating activities increased $15 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to the timing of payments to vendors and the receipt of $108 million in advance payments related to customer agreements. The increase was offset by higher fuel and purchased power payments, an increase of $89 million in interest paid, and the timing of recovery of fuel and purchased power costs. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of fuel and purchased power cost recovery.

Investing Activities

Net cash flow used in investing activities increased $423 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to:

•an increase of $502 million in non-nuclear generation construction expenditures primarily due to higher spending by Entergy Louisiana on new generation resources in north Louisiana, by Entergy Mississippi on the Delta Blues Advanced Power Station project and the Penton Solar project, and by Entergy Texas on the Orange County Advanced Power Station project and the Legend Power Station project;
•an increase of $144 million in distribution construction expenditures primarily due to increased investment in the resilience of the Utility distribution system and higher capital expenditures for storm restoration in 2025. The increase in storm restoration expenditures is primarily due to Hurricane Francine restoration efforts in 2025;
•an increase of $83 million in nuclear construction expenditures primarily due to increased spending on various nuclear projects in 2025; and
•an increase of $64 million in transmission construction expenditures primarily due to increased spending on various transmission projects in 2025.

The increase was partially offset by:

•the initial payment of approximately $170 million in February 2024 for the purchase of the Walnut Bend Solar facility by Entergy Arkansas;
•a decrease of $113 million in information technology capital expenditures primarily due to decreased spending on various technology projects in 2025;

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Entergy Corporation and Subsidiaries
Management’s Financial Discussion and Analysis


•a decrease of $45 million in nuclear fuel purchases due to variations from year to year in the timing and pricing of fuel reload requirements, materials and services deliveries, and the timing of cash payments during the nuclear fuel cycle; and
•net receipts from storm reserve escrow accounts of $39 million in 2025 compared to payments to storm reserve escrow accounts of $5 million in 2024.

See Note 14 to the financial statements in the Form 10-K for discussion of the Walnut Bend Solar facility purchase.

Financing Activities

Net cash flow provided by financing activities decreased $101 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to a decrease of $373 million in net issuances of commercial paper in 2025 as compared to 2024, partially offset by long-term debt activity providing approximately $1,595 million of cash in 2025 compared to providing approximately $1,371 million of cash in 2024 and an increase of $48 million in advance payments from customers for construction related to transmission, distribution, and generator interconnection agreements. See Note 4 to the financial statements herein and Notes 4 and 5 to the financial statements in the Form 10-K for details of Entergy’s commercial paper program and long-term debt.

Rate, Cost-recovery, and Other Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Rate, Cost-recovery, and Other Regulation” in the Form 10-K for discussions of rate regulation, federal regulation, and related regulatory proceedings.

State and Local Rate Regulation and Fuel-Cost Recovery

See Note 2 to the financial statements herein for updates to the discussion in the Form 10-K regarding these proceedings.

Federal Regulation

See Note 2 to the financial statements herein for updates to the discussion in the Form 10-K regarding federal regulatory proceedings.

Market and Credit Risk Sensitive Instruments

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Market and Credit Risk Sensitive Instruments” in the Form 10-K for a discussion of market and credit risk sensitive instruments. The following is an update to that discussion.

Some of the agreements to sell the power produced by Entergy’s non-utility operations business contain provisions that require an Entergy subsidiary to provide credit support to secure its obligations under such agreements. The primary form of credit support used to satisfy these requirements is an Entergy Corporation guarantee.  Cash and letters of credit are also acceptable forms of credit support. At March 31, 2025, based on power prices at that time, Entergy had no liquidity exposure under the guarantees in place supporting its non-utility operations business transactions and $3 million of posted cash collateral.

Nuclear Matters

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Nuclear Matters” in the Form 10-K for a discussion of nuclear matters.

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Management’s Financial Discussion and Analysis

Critical Accounting Estimates

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Critical Accounting Estimates” in the Form 10-K for a discussion of the estimates and judgments necessary in Entergy’s accounting for nuclear decommissioning costs, utility regulatory accounting, taxation and uncertain tax positions, qualified pension and other postretirement benefits, and other contingencies.

New Accounting Pronouncements

See Note 1 to the financial statements in the Form 10-K for discussion of new accounting pronouncements. The following is an update to that discussion.

As discussed in the Form 10-K, in March 2024 the SEC issued final rules that require registrants to provide certain climate-related disclosures in annual reports and registration statements in order to enhance and standardize climate-related disclosures for investors. In April 2024 the SEC stayed the final rules, pending judicial review of consolidated challenges to the rules by the United States Court of Appeals for the Eighth Circuit. In March 2025, the SEC voted to end its defense of the final rules against parties that have legally challenged the rules. Entergy will continue to monitor developments related to the SEC’s stay of, and subsequent vote to end its defense in litigation of, the rules.

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ENTERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands, Except Share Data)
OPERATING REVENUES
Electric$2,757,866 $2,706,506 
Natural gas71,731 65,667 
Other17,277 22,455 
TOTAL2,846,874 2,794,628 
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale344,522 616,617 
Purchased power345,746 228,142 
Nuclear refueling outage expenses33,041 38,263 
Other operation and maintenance672,667 687,031 
Asset write-offs, impairments, and related charges (credits)— 131,775 
Decommissioning55,929 53,382 
Taxes other than income taxes198,765 192,429 
Depreciation and amortization512,943 499,661 
Other regulatory charges (credits) - net(16,843)109,346 
TOTAL2,146,770 2,556,646 
OPERATING INCOME 700,104 237,982 
OTHER INCOME
Allowance for equity funds used during construction44,018 26,794 
Interest and investment income33,406 150,697 
Miscellaneous - net14,726 (50,743)
TOTAL92,150 126,748 
INTEREST EXPENSE
Interest expense348,384 277,743 
Allowance for borrowed funds used during construction(18,593)(10,543)
TOTAL329,791 267,200 
INCOME BEFORE INCOME TAXES462,463 97,530 
Income taxes100,041 20,994 
CONSOLIDATED NET INCOME362,422 76,536 
Preferred dividend requirements of subsidiaries and noncontrolling interests1,662 1,255 
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION$360,760 $75,281 
Earnings per average common share:
Basic$0.84 $0.18 
Diluted$0.82 $0.18 
Basic average number of common shares outstanding430,347,768 426,287,439 
Diluted average number of common shares outstanding440,648,342 427,746,256 
See Notes to Financial Statements.

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ENTERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
Net Income $362,422 $76,536 
Other comprehensive loss
Pension and other postretirement plan changes (net of tax benefit of $2,284 and $1,202)
(3,729)(3,668)
Other comprehensive loss(3,729)(3,668)
Comprehensive Income 358,693 72,868 
Preferred dividend requirements of subsidiaries and noncontrolling interests1,662 1,255 
Comprehensive Income Attributable to Entergy Corporation$357,031 $71,613 
See Notes to Financial Statements.

13
ENTERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
OPERATING ACTIVITIES
Consolidated net income $362,422 $76,536 
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization622,566 600,412 
Deferred income taxes, investment tax credits, and non-current taxes accrued94,973 (20,656)
Asset write-offs, impairments, and related charges (credits)
— 131,775 
Changes in working capital:
Receivables51,477 107,921 
Fuel inventory3,261 5,387 
Accounts payable(189,497)(287,418)
Taxes accrued(95,589)(64,085)
Interest accrued11,595 29,615 
Deferred fuel costs(277,236)92,685 
Other working capital accounts111,305 (73,315)
Changes in provisions for estimated losses(34,239)9,283 
Changes in other regulatory assets154,818 237,098 
Changes in other regulatory liabilities(201,803)205,587 
Changes in pension and other postretirement funded status(58,834)(76,343)
Other(19,031)(453,390)
Net cash flow provided by operating activities
536,188 521,092 
INVESTING ACTIVITIES
Construction/capital expenditures(1,660,169)(961,152)
Allowance for equity funds used during construction44,018 26,794 
Nuclear fuel purchases(88,557)(133,315)
Payment for purchase of plant and assets(1,282)(172,614)
Changes in securitization account(5,438)(8,934)
Payments to storm reserve escrow accounts(4,448)(5,269)
Receipts from storm reserve escrow accounts43,789 — 
Decrease (increase) in other investments472 (1,562)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs3,546 — 
Proceeds from nuclear decommissioning trust fund sales364,837 489,417 
Investment in nuclear decommissioning trust funds(407,146)(521,237)
Net cash flow used in investing activities(1,710,378)(1,287,872)
See Notes to Financial Statements.

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ENTERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt2,447,850 2,206,338 
Treasury stock22,660 6,759 
Retirement of long-term debt(852,754)(835,740)
Changes in commercial paper - net402,694 775,333 
Other70,276 21,940 
Dividends paid:
Common stock(258,249)(240,959)
Preferred stock(4,580)(4,580)
Net cash flow provided by financing activities1,827,897 1,929,091 
Net increase in cash and cash equivalents653,707 1,162,311 
Cash and cash equivalents at beginning of period859,703 132,548 
Cash and cash equivalents at end of period$1,513,410 $1,294,859 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized$326,519 $237,931 
Income taxes($1,252)($316)
  Noncash investing activities:
     Accrued construction expenditures $657,132 $509,046 
See Notes to Financial Statements.

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ENTERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, 2025 and December 31, 2024
(Unaudited)
20252024
(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash$69,157 $48,424 
Temporary cash investments1,444,253 811,279 
Total cash and cash equivalents1,513,410 859,703 
Accounts receivable:
Customer741,254 681,504 
Allowance for doubtful accounts(17,638)(17,919)
Other154,986 204,868 
Accrued unbilled revenues460,320 521,946 
Total accounts receivable1,338,922 1,390,399 
Deferred fuel costs125,490 — 
Fuel inventory - at average cost164,134 166,408 
Materials and supplies1,539,551 1,631,056 
Deferred nuclear refueling outage costs98,324 99,885 
Current assets held for sale 15,898 15,574 
Prepayments and other316,659 233,212 
TOTAL5,112,388 4,396,237 
OTHER PROPERTY AND INVESTMENTS
Decommissioning trust funds5,446,731 5,562,575 
Non-utility property - at cost (less accumulated depreciation)467,020 423,764 
Storm reserve escrow accounts300,269 340,460 
Other82,896 82,344 
TOTAL6,296,916 6,409,143 
PROPERTY, PLANT, AND EQUIPMENT
Electric71,237,319 70,818,667 
Natural gas77,529 77,054 
Construction work in progress4,422,150 3,206,308 
Nuclear fuel728,969 765,661 
TOTAL PROPERTY, PLANT, AND EQUIPMENT76,465,967 74,867,690 
Less - accumulated depreciation and amortization27,792,637 27,444,740 
PROPERTY, PLANT, AND EQUIPMENT - NET48,673,330 47,422,950 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets (includes securitization property of $230,065 as of March 31, 2025 and $234,112 as of December 31, 2024)
5,101,032 5,255,509 
Deferred fuel costs172,201 172,201 
Goodwill367,696 367,625 
Accumulated deferred income taxes25,759 18,986 
Non-current assets held for sale 467,215 462,797 
Other403,872 284,584 
TOTAL6,537,775 6,561,702 
TOTAL ASSETS$66,620,409 $64,790,032 
See Notes to Financial Statements.

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ENTERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
March 31, 2025 and December 31, 2024
(Unaudited)
20252024
(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt$1,330,112 $1,378,090 
Notes payable and commercial paper1,329,985 927,291 
Accounts payable1,809,891 1,929,162 
Customer deposits468,584 462,436 
Taxes accrued360,233 457,093 
Interest accrued271,149 259,554 
Deferred fuel costs85,110 237,146 
Pension and other postretirement liabilities63,156 64,854 
Other482,035 395,411 
TOTAL6,200,255 6,111,037 
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued4,586,943 4,467,748 
Accumulated deferred investment tax credits191,997 194,146 
Regulatory liability for income taxes - net1,148,896 1,168,078 
Other regulatory liabilities3,425,277 3,609,463 
Decommissioning and asset retirement cost liabilities4,765,021 4,713,426 
Accumulated provisions471,824 506,063 
Pension and other postretirement liabilities215,740 254,704 
Long-term debt (includes securitization bonds of $239,713 as of March 31, 2025 and $239,622 as of December 31, 2024)
28,264,879 26,613,505 
Customer advances for construction 696,502 634,587 
Other1,151,265 1,112,881 
TOTAL44,918,344 43,274,601 
Commitments and Contingencies
Subsidiaries’ preferred stock without sinking fund
219,410 219,410 
EQUITY
Preferred stock, no par value, authorized 1,000,000 shares in 2025 and 2024; issued shares in 2025 and 2024 - none
— — 
Common stock, $0.01 par value, authorized 998,000,000 shares in 2025 and 2024; issued 561,950,696 shares in 2025 and 2024
5,620 5,620 
Paid-in capital7,792,748 7,833,525 
Retained earnings12,116,826 12,014,315 
Accumulated other comprehensive income39,040 42,769 
Less - treasury stock, at cost (131,176,587 shares in 2025 and 132,370,280 shares in 2024)
4,768,923 4,812,321 
Total shareholders’ equity
15,185,311 15,083,908 
Subsidiaries’ preferred stock without sinking fund and noncontrolling interests
97,089 101,076 
TOTAL15,282,400 15,184,984 
TOTAL LIABILITIES AND EQUITY$66,620,409 $64,790,032 
See Notes to Financial Statements.

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ENTERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
Shareholders’ Equity
Subsidiaries’ Preferred Stock and Noncontrolling InterestsCommon
Stock		Treasury
Stock		Paid-in
Capital		Retained EarningsAccumulated Other Comprehensive Income (Loss)Total
(In Thousands)
Balance at December 31, 2023$120,459 $5,620 ($4,953,498)$7,792,601 $11,940,384 ($162,460)$14,743,106 
Consolidated net income (a)1,255 — — — 75,281 — 76,536 
Other comprehensive loss— — — — — (3,668)(3,668)
Common stock issuances related to stock plans— — 30,881 (25,842)— — 5,039 
Common stock dividends declared— — — — (240,959)— (240,959)
Distributions to noncontrolling interests(1,108)— — — — — (1,108)
Preferred dividend requirements of subsidiaries (a)(4,580)— — — — — (4,580)
Balance at March 31, 2024$116,026 $5,620 ($4,922,617)$7,766,759 $11,774,706 ($166,128)$14,574,366 
Balance at December 31, 2024$101,076 $5,620 ($4,812,321)$7,833,525 $12,014,315 $42,769 $15,184,984 
Consolidated net income (a)1,662 — — — 360,760 — 362,422 
Other comprehensive loss— — — — — (3,729)(3,729)
Common stock issuances related to stock plans— — 43,398 (40,777)— — 2,621 
Common stock dividends declared— — — — (258,249)— (258,249)
Distributions to noncontrolling interests (1,069)— — — — — (1,069)
Preferred dividend requirements of subsidiaries (a)(4,580)— — — — — (4,580)
Balance at March 31, 2025$97,089 $5,620 ($4,768,923)$7,792,748 $12,116,826 $39,040 $15,282,400 
See Notes to Financial Statements.
(a) Consolidated net income and preferred dividend requirements of subsidiaries for first quarter 2025 and first quarter 2024 each includes $4 million of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented as equity.


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ENTERGY CORPORATION AND SUBSIDIARIES

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

NOTE 1.  COMMITMENTS AND CONTINGENCIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy and the Registrant Subsidiaries are involved in a number of legal, regulatory, and tax proceedings before various courts, regulatory authorities, and governmental agencies in the ordinary course of business.  While management is unable to predict with certainty the outcome of such proceedings, management does not believe that the ultimate resolution of these matters will have a material adverse effect on Entergy’s results of operations, cash flows, or financial condition, except as otherwise discussed in the Form 10-K or in this report.  Entergy discusses regulatory proceedings in Note 2 to the financial statements in the Form 10-K and herein and discusses tax proceedings in Note 3 to the financial statements in the Form 10-K and Note 10 to the financial statements herein.

Vidalia Purchased Power Agreement

See Note 8 to the financial statements in the Form 10-K for information on Entergy Louisiana’s Vidalia purchased power agreement.

Spent Nuclear Fuel Litigation

See Note 8 to the financial statements in the Form 10-K for information on Entergy’s spent nuclear fuel litigation. The following is an update to that discussion.

As discussed in the Form 10-K, in October 2024 the U.S. Court of Federal Claims issued a final judgment in the amount of $7 million in favor of Holtec Palisades, LLC (previously Entergy Nuclear Palisades) and against the DOE in the final round Palisades damages case. Holtec, as the current owner, received payment from the U.S. Treasury in March 2025 and subsequently transferred the $7 million judgment to Entergy. The effect in 2024 of recording the judgment was a reduction to asset write-offs, impairments, and related charges (credits). The damages awarded included $4 million related to costs previously recorded as plant and $3 million related to costs previously recorded as other operation and maintenance expenses.

Nuclear Insurance

See Note 8 to the financial statements in the Form 10-K for information on nuclear liability and property insurance associated with Entergy’s nuclear power plants.

Non-Nuclear Property Insurance

See Note 8 to the financial statements in the Form 10-K for information on Entergy’s non-nuclear property insurance program.

Employment and Labor-related Proceedings

See Note 8 to the financial statements in the Form 10-K for information on Entergy’s employment and labor-related proceedings.

Asbestos Litigation (Entergy Arkansas, Entergy Louisiana, Entergy New Orleans, and Entergy Texas)

See Note 8 to the financial statements in the Form 10-K for information regarding asbestos litigation.

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Entergy Corporation and Subsidiaries
Notes to Financial Statements

Grand Gulf-Related Agreements

See Note 8 to the financial statements in the Form 10-K for information regarding Grand Gulf-related agreements, including the Unit Power Sales Agreement, the Availability Agreement, and the Reallocation Agreement.

Exclusivity Agreement with Major Vendor

Entergy entered into an exclusivity agreement with a major vendor to manufacture power island equipment (PIE) and combustion turbines (CT) for combustion turbine generator set frames larger than 400 MWs. The agreement guarantees Entergy one manufacturing slot per quarter for the shorter of a five-year period or until Entergy fulfills its minimum commitment. The agreement commits Entergy to a minimum order of 15 sets of PIE and two CTs during that time period. The commitments are fully transferable to any of the Utility operating companies, including those not listed below. The aggregate minimum commitment as allocated by unit among the Utility operating companies is as follows:
PIE
CT
Entergy Arkansas41
Entergy Louisiana9—
Entergy Mississippi2—
Entergy Texas—1
Total152

Cancellation or failure to purchase the minimum commitment amounts will result in a charge that will be allocated to the Utility operating company, or companies, that fell short of their original commitment amount. If any of the Utility operating companies included above purchases any PIEs or CTs within the scope of the agreement from another supplier (except as permitted under the agreement), then the vendor has the right to terminate the agreement with respect to such Utility operating company. The Utility operating company would then be obligated to pay 50% of the base price for each PIE or CT not yet ordered.

The agreement does not establish final pricing and delivery dates of purchases that will go towards meeting the commitments under the agreement. Such terms shall be agreed to in separate agreements.



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Notes to Financial Statements
NOTE 2.  RATE AND REGULATORY MATTERS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Regulatory Assets and Regulatory Liabilities

See Note 2 to the financial statements in the Form 10-K for information regarding regulatory assets and regulatory liabilities in the Utility business presented on the balance sheets of Entergy and the Registrant Subsidiaries.  The following are updates to that discussion.

Fuel and purchased power cost recovery

Entergy Arkansas

Energy Cost Recovery Rider

In March 2025, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected an increase in the rate from $0.00882 per kWh to $0.01333 per kWh. The annual redetermination included a credit related to the remaining balance due to retail customers from the System Energy settlement with the APSC, plus carrying charges and interest. See “Retail Rate Proceedings - Filings with the APSC (Entergy Arkansas) - Retail Rates - Grand Gulf Credit Rider” below for further discussion. The primary reason for the rate increase is an adjustment to account for projected increases in natural gas prices in 2025. This adjustment is expected to reduce the rate change that will be reflected in its 2026 energy cost rate redetermination. The redetermined rate of $0.01333 per kWh became effective with the first billing cycle in April 2025 through the normal operation of the tariff.

Entergy Louisiana

As discussed in the Form 10-K, in January 2023 the LPSC staff provided notice of an audit of Entergy Louisiana’s purchased gas adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through Entergy Louisiana’s purchased gas adjustment clause for the period from 2021 through 2022. In April 2025 the LPSC staff issued its audit report (for Entergy Louisiana’s gas operations), which included several prospective recommendations but no financial disallowances. The next procedural step is for the LPSC to review the report; however there is no deadline for completion of the LPSC’s review.

Retail Rate Proceedings

See Note 2 to the financial statements in the Form 10-K for information regarding retail rate proceedings involving the Utility operating companies. The following are updates to that discussion.

Filings with the APSC (Entergy Arkansas)

Retail Rates

Grand Gulf Credit Rider

As discussed in the Form 10-K, in June 2024, Entergy Arkansas filed with the APSC a tariff to provide retail customers a credit resulting from the terms of the settlement agreement between Entergy Arkansas, System Energy, additional named Entergy parties, and the APSC pertaining to System Energy’s billings for wholesale sales of energy and capacity from the Grand Gulf nuclear plant. See “Complaints Against System Energy - System Energy Settlement with the APSC” in Note 2 to the financial statements in the Form 10-K for discussion of the System Energy settlement with the APSC. In July 2024 the APSC approved the tariff, under which Entergy Arkansas would refund to retail customers a total of $100.6 million. Entergy Arkansas refunded $92.3 million of

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Notes to Financial Statements
the total through one-time bill credits under the Grand Gulf credit rider during the August 2024 billing cycle. In March 2025, Entergy Arkansas included the remaining balance as a credit to retail customers in its energy cost recovery rider rate redetermination filing. See further discussion within "Regulatory Assets and Regulatory Liabilities - Fuel and purchased power cost recovery - Entergy Arkansas - Energy Cost Recovery Rider" above. In April 2025 the APSC approved Entergy Arkansas’s proposal to include the remaining balance in its energy cost recovery rider effective with the first billing cycle of April 2025 and the withdrawal of the Grand Gulf credit rider after all credits have been issued.

Filings with the LPSC (Entergy Louisiana)

Retail Rates - Electric

2023 Formula Rate Plan Filing

As discussed in the Form 10-K, in August 2024, pursuant to the global stipulated settlement agreement, Entergy Louisiana filed its formula rate plan evaluation report for its 2023 calendar year operations. Consistent with the global stipulated settlement agreement, the filing reflected a 9.7% allowed return on common equity with a bandwidth of 40 basis points above and below the midpoint. For the 2023 test year, however, the bandwidth provisions of the formula rate plan are temporarily suspended and, pursuant to the terms of the global stipulated settlement agreement, Entergy Louisiana implemented the September 2024 formula rate plan rate adjustments effective with the first billing cycle of September 2024. In January 2025, Entergy Louisiana and the LPSC filed a joint report indicating that no disputed issues remained in the proceeding and requesting that the LPSC issue an order accepting Entergy Louisiana’s evaluation report and, ultimately, resolving this matter. In March 2025 the LPSC issued an order accepting the evaluation report.

In December 2024, pursuant to the terms of the global stipulated settlement agreement, Entergy Louisiana filed an interim rate adjustment for the 2023 test year reflecting the return of $25.1 million of refunds from the System Energy settlement with the LPSC to customers from January through August 2025. In February 2025, pursuant to the terms of the global stipulated settlement agreement, Entergy Louisiana filed a second interim rate adjustment for the 2023 test year reflecting the divestiture of Entergy Louisiana’s share of Grand Gulf capacity and energy, which was effective as of January 1, 2025. The second interim rate adjustment also reflected a revenue increase of $17.8 million for the recovery of Hurricane Francine costs as approved by the LPSC (on an interim basis). The second interim rate adjustment was implemented with the first billing cycle of March 2025. See further discussion of the Hurricane Francine proceeding in “Storm Cost Recovery Filings with Retail Regulators – Entergy Louisiana – Hurricane Francine” below. See Note 8 to the financial statements in the Form 10-K for discussion of Entergy Louisiana’s divestiture from the Unit Power Sales Agreement.

Additional Generation and Transmission Resources

As discussed in the Form 10-K, in October 2024, Entergy Louisiana filed an application with the LPSC seeking approval of a variety of generation and transmission resources proposed in connection with establishing service to a new data center to be developed by a subsidiary of Meta Platforms, Inc. in north Louisiana, for which an electric service agreement has been executed. The filing requests LPSC certification of three new combined cycle combustion turbine generation resources totaling 2,262 MW, each of which will be enabled for future carbon capture and storage, a new 500 kV transmission line, and 500 kV substation upgrades. The application also requests approval to implement a corporate sustainability rider applicable to the new customer. The corporate sustainability rider contemplates the new customer contributing to the costs of the future addition of 1,500 MW of new solar and energy storage resources, agreements involving carbon capture and storage at Entergy Louisiana’s existing Lake Charles Power Station, and potential future wind and nuclear resources. Entergy Louisiana anticipates funding the incremental cost to serve the customer through direct financial contributions from the customer and the revenues it expects to earn under the electric service agreement. The electric service agreement also contains provisions for termination payments that will help ensure that there is no harm to Entergy Louisiana and its customers in the event

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Notes to Financial Statements
of early termination. A directive was issued at the LPSC’s November 2024 meeting for the matter to be decided by October 2025. In February 2025 intervenors filed a motion asking the LPSC to deny Entergy Louisiana’s requested exemption from the LPSC’s order addressing competitive solicitation procedures and further asking the LPSC to dismiss the application. The ALJ issued an order denying the motion to dismiss the application and deferring the LPSC’s consideration of the motion regarding the competitive solicitation procedures until the hearing. In March 2025 the same intervenors filed a motion requesting the LPSC to require the customer and its parent company to be joined as parties to the proceeding or dismiss the application. In April 2025 the ALJ issued an order denying the March 2025 motion, and the moving parties filed a motion asking the LPSC to review and reverse the ALJ’s decision. In April 2025 the LPSC staff and intervenors filed direct testimony. The LPSC staff’s testimony discusses the significant projected benefits associated with the data center project and also recommends that the LPSC impose certain conditions on its approval, including a condition that would require, under specified circumstances, certain sharing of net revenues from service to the project with Entergy Louisiana’s other customers. The LPSC staff also recommends that the LPSC deny approval of the corporate sustainability rider terms providing for the customer to supply funding toward the cost of installing carbon capture and storage infrastructure at Entergy Louisiana’s Lake Charles Power Station. The Louisiana Energy Users Group and other intervenors recommended that the LPSC require various changes to the terms of the electric service agreement with the customer that would shift additional risk and cost to the customer rather than Entergy Louisiana’s broader customer base. Certain intervenors also challenged approval on the basis that Entergy Louisiana did not conduct a request for proposals to procure the proposed generation resources to serve the customer’s project; these intervenors also advocate that Entergy Louisiana be required to procure more renewable generation and evaluate transmission alternatives rather than proceeding with development of all of the proposed new generation resources. Entergy Louisiana’s rebuttal testimony is due in May 2025, and a hearing is set for July 2025.

Filings with the MPSC (Entergy Mississippi)

Retail Rates

2025 Formula Rate Plan Filing

In February 2025, Entergy Mississippi submitted its formula rate plan 2025 test year filing and 2024 look-back filing showing Entergy Mississippi’s earned return on rate base for the historical 2024 calendar year to be within the formula rate plan bandwidth and projected earned return for the 2025 calendar year to also be within the formula rate plan bandwidth. The 2025 test year filing resulted in an earned return on rate base of 7.64% and reflected no change in formula rate plan revenues. The 2024 look-back filing compared actual 2024 results to the approved benchmark return on rate base and reflected no change in formula rate plan revenues, although Entergy Mississippi proposes to adjust interim rates by $135 thousand to reflect two outside-the-bandwidth changes: (1) the completion of Entergy Mississippi’s return to customers of credits under its restructuring credit rider; and (2) a true-up of demand side management costs. A final order is expected in second quarter 2025.

Interim Facilities Rate Adjustments

In May 2024, Entergy Mississippi received approval from the MPSC for formula rate plan revisions that were necessary for Entergy Mississippi to comply with state legislation passed in January 2024. The legislation allows Entergy Mississippi to make interim rate adjustments to recover the non-fuel related annual ownership cost of certain facilities that directly or indirectly provide service to customers who own certain data processing center projects as specified in the legislation. Entergy Mississippi filed the first of its annual interim facilities rate adjustment reports in May 2024 to recover approximately $8.7 million of these costs over a six-month period with rates effective beginning in July 2024. Entergy Mississippi filed its second interim facilities rate adjustment report in November 2024 to recover approximately $46.7 million of these costs over a 12-month period with rates effective beginning in January 2025. In February 2025, Entergy Mississippi filed a true-up interim facilities rate adjustment report to the initial annual interim facilities rate adjustment report filed in May 2024, reflecting the recovery of an

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Entergy Corporation and Subsidiaries
Notes to Financial Statements
additional approximately $1.0 million of costs over a 12-month period with rates effective with the first billing cycle of April 2025.

Filings with the City Council (Entergy New Orleans)

Retail Rates

2025 Formula Rate Plan Filing

In April 2025, Entergy New Orleans submitted to the City Council its formula rate plan 2024 test year filing. The 2024 evaluation report produced an electric earned return on equity of 10.98% and a gas earned return on equity of 8.96% compared to the authorized return on equity for each of 9.35%. Without adjustments, this would result in a decrease in electric rates of $13.8 million and no change in gas rates. The decrease in electric rates is driven by the realignment of regulatory liabilities into the formula from a separate rate mechanism, partially offset by the cost of known and measurable electric capital additions. The filing also commences the previously authorized recovery of certain regulatory costs and requests a revenue-neutral recovery to offset a proposed reduction in bill payment late fees. Taking into account these proposed adjustments, the filing presents a decrease in authorized electric revenues of $8.6 million and an increase in authorized gas revenues of $0.5 million. The filing is subject to a 75-day review period, followed by a 25-day period to resolve any disputes among the parties. For any disputed rate adjustments, however, the City Council would set a procedural schedule to resolve. Resulting rates will be effective with the first billing cycle of September 2025 pursuant to the formula rate plan tariff.

Filings with the PUCT and Texas Cities (Entergy Texas)

Retail Rates

Distribution Cost Recovery Factor (DCRF) Rider

In April 2025, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect from Entergy Texas’s retail customers approximately $77.8 million annually, or $29.3 million in incremental annual revenues beyond Entergy Texas’s currently effective DCRF rider based on its capital invested in distribution between July 1, 2024 and December 31, 2024, including distribution-related restoration costs associated with Hurricane Beryl.

Transmission Cost Recovery Factor (TCRF) Rider

As discussed in the Form 10-K, in October 2024, Entergy Texas filed with the PUCT a request to amend its TCRF rider, which was previously reset to zero in June 2023 as a result of the 2022 base rate case. The amended rider was designed to collect from Entergy Texas’s retail customers approximately $9.7 million annually based on its capital invested in transmission between January 1, 2022 and June 30, 2024 and changes in other transmission charges. In April 2025 the PUCT approved the TCRF rider, consistent with Entergy Texas’s as-filed request, and rates became effective for usage on and after April 7, 2025.

Entergy Arkansas Opportunity Sales Proceeding

As discussed in the Form 10-K, in September 2020, Entergy Arkansas filed a complaint in the U.S. District Court for the Eastern District of Arkansas challenging the APSC’s denial of recovery of $135 million of payments to other Utility operating companies in December 2018 relating to off-system sales of electricity from 2002-2009, as ordered by the FERC. The complaint also involved a challenge to the $13.7 million, plus interest, of related refunds ordered by the APSC and paid by Entergy Arkansas in August 2020. The trial was held in February 2023.


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Notes to Financial Statements
In March 2024 the U.S. District Court for the Eastern District of Arkansas issued a judgment in favor of the APSC and against Entergy Arkansas. In March 2024 Entergy Arkansas filed a notice of appeal and a motion to expedite oral arguments with the United States Court of Appeals for the Eighth Circuit and the court granted the motion to expedite. As a result of the adverse decision by the U.S. District Court for the Eastern District of Arkansas, Entergy Arkansas concluded that it could no longer support the recognition of its $131.8 million regulatory asset reflecting the previously-expected recovery of a portion of the costs at issue in the opportunity sales proceeding and recorded a $131.8 million ($99.1 million net-of-tax) charge to earnings in first quarter 2024. In December 2024 the United States Court of Appeals for the Eighth Circuit affirmed the decision of the U.S. District Court for the Eastern District of Arkansas, and Entergy Arkansas filed a petition for rehearing en banc. In January 2025 the United States Court of Appeals for the Eighth Circuit denied Entergy Arkansas’s petition. In April 2025, Entergy Arkansas filed a petition for certiorari with the United States Supreme Court.

MSS-4 Replacement Tariff - Net Operating Loss Carryforward Proceeding

See Note 2 to the financial statements in the Form 10-K for discussion of the MSS-4 replacement tariff net operating loss carryforward proceeding.

The MSS-4 replacement tariff, a tariff governing the sales of energy and capacity among the Utility operating companies, includes protocols that provide for the disclosure of cost inputs, an opportunity for informal discovery procedures, and a challenge process. In April 2025, pursuant to such protocols, the City Council filed with the FERC a formal challenge relating to Entergy Services’ inclusion and allocation of net operating loss carryforward accumulated deferred income taxes in the MSS-4 replacement tariff rates charged to Entergy New Orleans’s monthly bills for calendar year 2023. Entergy Services plans to file a response to the formal challenge by the May 2025 deadline.

Complaints Against System Energy

See Note 2 to the financial statements in the Form 10-K for information regarding pending complaints against System Energy and the settlements approved by the FERC that resolved all significant aspects of these complaints. The following is an update to that discussion.

Grand Gulf Sale-leaseback Renewal Complaint and Uncertain Tax Position Rate Base Issue

As discussed in the Form 10-K, in February 2023, System Energy submitted a tariff compliance filing with the FERC to clarify that, consistent with the releases provided in the June 2022 MPSC settlement, Entergy Mississippi would continue to be charged for its allocation of the sale-leaseback renewal costs under the Unit Power Sales Agreement. In March 2023 the MPSC filed a protest to System Energy’s tariff compliance filing. The MPSC argued that the settlement did not specifically address post-settlement sale-leaseback renewal costs and that the sale-leaseback renewal costs may not be recovered under the Unit Power Sales Agreement. In February 2025, System Energy and the MPSC resolved their dispute concerning the sale-leaseback renewal costs. As a result, the MPSC withdrew its protest at the FERC on System Energy’s tariff compliance filing. Entergy Mississippi will continue to pay the allocated sale-leaseback renewal costs of approximately $5.7 million annually and there are no refunds due for prior periods. In March 2025, System Energy filed a status report with the FERC explaining that the dispute is resolved.


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Entergy Corporation and Subsidiaries
Notes to Financial Statements
Storm Cost Recovery Filings with Retail Regulators

See Note 2 to the financial statements in the Form 10-K for discussion regarding storm cost recovery filings. The following is an update to that discussion.

Entergy Louisiana

Hurricane Francine

In September 2024, Hurricane Francine caused damage to the areas served by Entergy Louisiana. The storm resulted in widespread power outages, primarily due to damage to distribution infrastructure as a result of strong winds and heavy rain, and the loss of sales during the power outages.

In December 2024, and subsequently amended in an errata filed in February 2025, Entergy Louisiana submitted an application to the LPSC seeking a determination that approximately $183.6 million in storm restoration costs associated with Hurricane Francine were reasonable and necessary and, therefore, eligible for recovery from customers, as well as approval to recover approximately $3.6 million in certain carrying costs from customers. In February 2025, Entergy Louisiana filed a second interim rate adjustment for the 2023 test year reflecting a revenue increase of $17.8 million from funds approved by the LPSC (on an interim basis) for Hurricane Francine recovery costs. The second interim rate adjustment was implemented with the first billing cycle of March 2025. See further discussion of the 2023 formula rate plan filing above. Also in February 2025, Entergy Louisiana withdrew $33.5 million from its funded storm reserves. In March 2025 a status conference was held in which a procedural schedule was established including a hearing in November 2025.



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Notes to Financial Statements
NOTE 3.  EQUITY (Entergy Corporation and Entergy Louisiana)

Common Stock

Earnings per Share

Historical share and share-based data presented in the accompanying financial statements has been retroactively adjusted to reflect the two-for-one forward stock split of Entergy Corporation common stock effective December 12, 2024. See Note 7 to the financial statements in the Form 10-K for discussion of the stock split.

The following table presents Entergy’s basic and diluted earnings per share calculations for the three months ended March 31, 2025 and 2024, included on the consolidated income statements:
For the Three Months Ended March 31,
20252024
(Dollars In Thousands, Except Per Share Data; Shares in Millions)
$/share$/share
Consolidated net income$362,422 $76,536 
Less: Preferred dividend requirements of subsidiaries and noncontrolling interests1,662 1,255 
Net income attributable to Entergy Corporation$360,760 $75,281 
Basic shares and earnings per average common share430.3 $0.84 426.3 $0.18 
Average dilutive effect of:
Stock options0.9 — 0.5 — 
Other equity plans1.5 — 0.9 — 
Equity forwards7.9 (0.02)— — 
Diluted shares and earnings per average common shares440.6 $0.82 427.7 $0.18 

Earnings per share dilution resulting from stock options outstanding and other equity plans is determined under the treasury stock method. The calculation of diluted earnings per share excluded 244,091 stock options outstanding for the three months ended March 31, 2025 and 2,282,518 stock options outstanding for the three months ended March 31, 2024 because their effect would have been antidilutive. Until settlement of the forward sale agreements discussed below in “Equity Distribution Program” and “Equity Forward Sale Agreements,” earnings per share dilution resulting from the agreements, if any, is determined under the treasury stock method. Share dilution occurs when the average market price of Entergy Corporation’s common stock is higher than the average forward sales price. The calculation of diluted earnings per share excluded 185,897 shares for the three months ended March 31, 2025 and 3,820,510 shares for the three months ended March 31, 2024 under forward sale agreements outstanding because their effect would have been antidilutive.

Entergy’s stock options and other equity compensation plans are discussed in Note 5 to the financial statements herein and in Note 12 to the financial statements in the Form 10-K.

Dividends declared per common share were $0.60 for the three months ended March 31, 2025 and $0.57 for the three months ended March 31, 2024.


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Entergy Corporation and Subsidiaries
Notes to Financial Statements
(System Energy)

In February 2025, System Energy paid its parent, Entergy Corporation, a $20 million distribution out of its common stock.

Equity Distribution Program

See Note 7 to the financial statements in the Form 10-K for discussion of Entergy Corporation’s at the market equity distribution program. The following are updates to that discussion.

In February 2025, Entergy Corporation increased by an additional $1.5 billion the aggregate gross sales price authorized under its at the market equity distribution program pursuant to the terms of the equity distribution sales agreement for such program. The aggregate number of shares of common stock sold under this sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $4.5 billion. As of March 31, 2025, an aggregate gross sales price of approximately $2.8 billion has been sold under the at the market equity distribution program.

During the three months ended March 31, 2025 and 2024, there were no shares of common stock issued under the at the market equity distribution program.

The following forward sale agreements were entered into by Entergy Corporation under its at the market equity distribution program during the three months ended March 31, 2025:
Effective DateShares of Common Stock per Forward Sale AgreementMaturity DateForward Sale Price per ShareGross Sales PriceForward Sellers Fees
(Dollars In Thousands, Except Per Share Data)
March 20252,713,790 August 2026$84.77 $232,216 $2,322 

Equity Forward Sale Agreements

In March 2025, Entergy marketed an equity offering of 17.8 million shares of Entergy Corporation common stock. In lieu of issuing equity at the time of the offering, Entergy entered into forward sale agreements with several forward counterparties. No amounts have been or will be recorded on Entergy’s balance sheet with respect to the equity offering until settlements of the forward sale agreements occur. The forward sale agreements require Entergy to, at its election on or prior to September 30, 2026, either (1) physically settle the transactions by issuing the total of 17.8 million shares of its common stock to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the agreements (initially $81.87 per share) or (2) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other fixed amounts specified in the agreements.

Until settlement of the forward sale agreements, earnings per share dilution resulting from the agreements, if any, will be determined under the treasury stock method. Share dilution occurs when the average market price of Entergy’s common stock is higher than the average forward sales price. If Entergy had elected to net share settle the forward sale agreements as of March 31, 2025, Entergy would have been required to deliver 0.7 million shares.

Treasury Stock

During the three months ended March 31, 2025, Entergy Corporation reissued 1,193,693 shares of its previously repurchased common stock to satisfy stock option exercises, vesting of shares of restricted stock, and

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Notes to Financial Statements
other stock-based awards.  Entergy Corporation did not repurchase any of its common stock during the three months ended March 31, 2025.

Retained Earnings

On April 7, 2025, Entergy Corporation’s Board of Directors declared a common stock dividend of $0.60 per share, payable on June 2, 2025 to holders of record as of May 2, 2025.

Comprehensive Income
Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2025 and 2024:
Pension and Other Postretirement Plan Changes
20252024
(In Thousands)
Beginning balance, January 1,$42,769 ($162,460)
Amounts reclassified from accumulated other comprehensive income (loss)
(3,729)(3,668)
Net other comprehensive loss for the period
(3,729)(3,668)
Ending balance, March 31,$39,040 ($166,128)
The following table presents changes in accumulated other comprehensive income for Entergy Louisiana for the three months ended March 31, 2025 and 2024:
Pension and Other Postretirement Plan Changes
20252024
(In Thousands)
Beginning balance, January 1,$53,658 $54,798 
Amounts reclassified from accumulated other comprehensive income(971)(2,024)
Net other comprehensive loss for the period(971)(2,024)
Ending balance, March 31,$52,687 $52,774 

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Notes to Financial Statements
Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the three months ended March 31, 2025 and 2024 are as follows:
Amounts reclassified from AOCIIncome Statement Location
20252024
(In Thousands)
Pension and other postretirement plan changes
   Amortization of prior service credit$3,462 $3,473 (a)
   Amortization of net gain2,551 1,397 (a)
Total amortization
6,013 4,870 
Income taxes(2,284)(1,202)Income taxes
Total amortization (net of tax)
$3,729 $3,668 
Total reclassifications for the period (net of tax)$3,729 $3,668 

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 6 to the financial statements herein for additional details.
Total reclassifications out of accumulated other comprehensive income (AOCI) for Entergy Louisiana for the three months ended March 31, 2025 and 2024 are as follows:
Amounts reclassified from AOCIIncome Statement Location
20252024
(In Thousands)
Pension and other postretirement plan changes
   Amortization of prior service credit$1,136 $1,136 (a)
   Amortization of net gain1,719 1,634 (a)
Total amortization
2,855 2,770 
Income taxes(1,884)(746)Income taxes
Total amortization (net of tax)
$971 $2,024 
Total reclassifications for the period (net of tax)$971 $2,024 

(a)These accumulated other comprehensive income components are included in the computation of net periodic pension and other postretirement cost.  See Note 6 to the financial statements herein for additional details.


NOTE 4.  REVOLVING CREDIT FACILITIES, LINES OF CREDIT, SHORT-TERM BORROWINGS, AND LONG-TERM DEBT (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy Corporation has in place a credit facility that has a borrowing capacity of $3 billion and expires in June 2029. The facility includes fronting commitments for the issuance of letters of credit against $20 million of the total borrowing capacity of the credit facility. The commitment fee is currently 0.225% of the undrawn commitment amount. Commitment fees and interest rates on loans under the credit facility can fluctuate depending on the senior unsecured debt ratings of Entergy Corporation.  As there were no borrowings under the facility for the three months ended March 31, 2025, the estimated interest rate as of March 31, 2025 that would have been applied

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Notes to Financial Statements
to outstanding borrowings under the facility was 5.92%. The following is a summary of the amounts outstanding and capacity available under the credit facility as of March 31, 2025:
Capacity BorrowingsLetters
of Credit		Capacity
Available
(In Millions)
$3,000$—$4$2,996

Entergy Corporation’s credit facility includes a covenant requiring Entergy to maintain a consolidated debt ratio, as defined, of 65% or less of its total capitalization. Entergy is in compliance with this covenant. If Entergy fails to meet this ratio, or if Entergy Corporation or one of the Registrant Subsidiaries (except Entergy New Orleans and System Energy) defaults on other indebtedness or is in bankruptcy or insolvency proceedings, an acceleration of the Entergy Corporation credit facility’s maturity date may occur.

Entergy Corporation has a commercial paper program with a Board-approved program limit of $2 billion.  As of March 31, 2025, Entergy Corporation had $1,330 million of commercial paper outstanding. The weighted-average interest rate for the three months ended March 31, 2025 was 4.66%.

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of March 31, 2025 as follows:
CompanyExpiration
Date		Amount of
Facility		Interest Rate
(a)		Amount Drawn
as of
March 31, 2025		Letters of Credit
Outstanding as of
March 31, 2025
Entergy ArkansasApril 2026$25 million (b)6.27%$—$—
Entergy ArkansasJune 2029$300 million (c)5.55%$—$—
Entergy LouisianaJune 2029$400 million (c)5.67%$—$—
Entergy MississippiJune 2029$300 million (c)5.55%$—$—
Entergy New OrleansJune 2027$25 million (c)6.05%$—$—
Entergy TexasJune 2029$300 million (c)5.67%$—$1.1 million

(a)The interest rate is the estimated interest rate as of March 31, 2025 that would have been applied to outstanding borrowings under the facility.
(b)Borrowings under this Entergy Arkansas credit facility may be secured by a security interest in its accounts receivable at Entergy Arkansas’s option.
(c)The credit facility includes fronting commitments for the issuance of letters of credit against a portion of the borrowing capacity of the facility as follows: $5 million for Entergy Arkansas; $15 million for Entergy Louisiana; $5 million for Entergy Mississippi; $10 million for Entergy New Orleans; and $25 million for Entergy Texas.

The commitment fees on the credit facilities range from 0.075% to 0.375% of the undrawn commitment amount for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy Texas, and of the entire facility amount for Entergy New Orleans. Each of the credit facilities requires the Registrant Subsidiary borrower to maintain a debt ratio, as defined, of 65% or less of its total capitalization.  Each Registrant Subsidiary is in compliance with this covenant.


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In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has an uncommitted standby letter of credit facility as a means to post collateral to support its obligations to MISO and for other purposes. The following is a summary of the uncommitted standby letter of credit facilities as of March 31, 2025:
CompanyAmount of
Uncommitted Facility		Letter of Credit FeeLetters of Credit
Issued as of
March 31, 2025
(a) (b)
Entergy Arkansas$25 million0.78%$17.1 million
Entergy Louisiana$125 million 0.78%$56.2 million
Entergy Mississippi$65 million0.78%$32.6 million
Entergy New Orleans$1 million1.625%$0.5 million
Entergy Texas$150 million1.250%$105.4 million

(a)As of March 31, 2025, no letters of credit were posted with MISO to cover financial transmission rights at the Utility operating companies.
(b)As of March 31, 2025, the letters of credit issued for Entergy Mississippi include $31.3 million in MISO letters of credit and $1.3 million in non-MISO letters of credit outstanding under this facility.

The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have FERC-authorized short-term borrowing limits effective through January 2027. In addition to borrowings from commercial banks, these companies may also borrow from the Entergy system money pool and from other internal short-term borrowing arrangements.  The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and the other internal borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings.  Borrowings from internal and external short-term borrowings combined may not exceed the FERC-authorized limits. The following are the FERC-authorized limits for short-term borrowings and the outstanding short-term borrowings as of March 31, 2025 (aggregating both internal and external short-term borrowings) for the Registrant Subsidiaries:
 AuthorizedBorrowings
 (In Millions)
Entergy Arkansas$250$—
Entergy Louisiana $450 $—
Entergy Mississippi$200$—
Entergy New Orleans$150$—
Entergy Texas$200$—
System Energy$200$—


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Notes to Financial Statements
Variable Interest Entities (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy)

See Note 17 to the financial statements in the Form 10-K for a discussion of the consolidation of the nuclear fuel company variable interest entities (VIEs).  To finance the acquisition and ownership of nuclear fuel, the nuclear fuel company VIEs have credit facilities and three of the four VIEs also issue commercial paper, details of which follow as of March 31, 2025:
CompanyExpiration
Date 		Amount
of
Facility		Weighted-
 Average Interest
 Rate on
 Borrowings (a)		Amount
Outstanding as of
March 31, 2025
(Dollars in Millions)
Entergy Arkansas VIEJune 2027$805.44%$5.4
Entergy Louisiana River Bend VIEJune 2027$1055.43%$72.3
Entergy Louisiana Waterford VIEJune 2027$1055.43%$65.3
System Energy VIEJune 2027$1205.43%$58.9

(a)Includes letter of credit fees and bank fronting fees on commercial paper issuances by the nuclear fuel company VIEs for Entergy Arkansas, Entergy Louisiana, and System Energy. The nuclear fuel company VIE for Entergy Louisiana River Bend does not issue commercial paper, but borrows directly on its bank credit facility.

The commitment fees on the credit facilities are 0.100% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy VIEs.  Each credit facility requires the respective lessee of nuclear fuel (Entergy Arkansas, Entergy Louisiana, or Entergy Corporation as guarantor for System Energy) to maintain a consolidated debt ratio, as defined, of 70% or less of its total capitalization. Each lessee is in compliance with this covenant.

The nuclear fuel company VIEs had notes payable that were included in debt on the respective balance sheets as of March 31, 2025 as follows:
CompanyDescriptionAmount
Entergy Arkansas VIE
1.84% Series N due July 2026
$90 million
Entergy Arkansas VIE
5.54% Series O due May 2029
$70 million
Entergy Louisiana River Bend VIE
2.51% Series V due June 2027
$70 million
Entergy Louisiana Waterford VIE
5.94% Series J due September 2026
$70 million
System Energy VIE
2.05% Series K due September 2027
$90 million

In accordance with regulatory treatment, interest on the nuclear fuel company VIEs’ credit facilities, commercial paper, and long-term notes payable is reported in fuel expense.

As of March 31, 2025, Entergy Arkansas, Entergy Louisiana, and System Energy each has obtained financing authorization from the FERC that extends through January 2027 for issuances by its nuclear fuel company VIEs.

Debt Issuances and Retirements

(Entergy Louisiana)

In January 2025, Entergy Louisiana issued $750 million of 5.80% Series mortgage bonds due March 2055. Entergy Louisiana used the proceeds, together with other funds: (1) to repay, prior to maturity, its $190 million of

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3.78% Series mortgage bonds due April 2025; (2) to repay, prior to maturity, its $110 million of 3.78% Series mortgage bonds due April 2025; (3) for capital expenditures; and (4) for general corporate purposes.

(Entergy Mississippi)

In March 2025, Entergy Mississippi issued $600 million of 5.80% Series mortgage bonds due April 2055. Entergy Mississippi expects to use the proceeds, together with other funds, to finance a portion of the construction of the Delta Blues Advanced Power Station, the Delta Solar facility, and the Penton Solar facility, and for general corporate purposes.

(Entergy New Orleans)

In February 2025, Entergy New Orleans entered into a term loan credit agreement providing a $80 million unsecured term loan due March 2026. The term loan bears interest at a variable interest rate based on an adjusted term Secured Overnight Financing Rate plus the applicable adjustment. The rate set as of March 31, 2025 was 5.77%. Entergy New Orleans received the funds in March 2025 and used the proceeds to repay, at maturity, its $78 million of 3.00% Series mortgage bonds due March 2025 and for general corporate purposes.

(Entergy Texas)

In February 2025, Entergy Texas issued $500 million of 5.25% Series mortgage bonds due April 2035. Entergy Texas expects to use the proceeds, together with other funds, to finance the construction of the Orange County Advanced Power Station and the Lone Star Power Station, and for general corporate purposes.

Fair Value

The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of March 31, 2025 were as follows:
Book Value
of Long-Term Debt		Fair Value
of Long-Term Debt (a)
(In Thousands)
Entergy$29,594,991 $26,976,295 
Entergy Arkansas$5,107,853 $4,538,510 
Entergy Louisiana$10,405,643 $9,371,023 
Entergy Mississippi$3,020,618 $2,712,650 
Entergy New Orleans$737,355 $697,047 
Entergy Texas$4,047,376 $3,723,403 
System Energy$1,076,797 $1,063,300 

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.


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The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of December 31, 2024 were as follows:
Book Value
of Long-Term Debt		Fair Value
of Long-Term Debt (a)
(In Thousands)
Entergy$27,991,595 $25,181,802 
Entergy Arkansas$5,122,494 $4,546,643 
Entergy Louisiana$9,866,453 $8,751,266 
Entergy Mississippi$2,427,073 $2,116,246 
Entergy New Orleans$735,467 $697,466 
Entergy Texas$3,552,443 $3,176,230 
System Energy$1,089,736 $1,063,946 

(a)Fair values were classified as Level 2 in the fair value hierarchy discussed in Note 8 to the financial statements herein.


NOTE 5.  STOCK-BASED COMPENSATION (Entergy Corporation)

Entergy grants stock and stock-based awards, which are described more fully in Note 12 to the financial statements in the Form 10-K.  Awards under Entergy’s plans generally vest over three years.

Stock Options

In February 2025 the Board approved and Entergy granted long-term incentive awards in the form of options on 366,136 shares of its common stock under the 2019 Omnibus Incentive Plan with a fair value of $17.43 per option.  As of March 31, 2025, there were options on 3,176,358 shares of common stock outstanding with a weighted-average exercise price of $56.58.  The intrinsic value, which has no effect on net income, of the outstanding stock options is calculated by the positive difference between the weighted-average exercise price of the stock options granted and Entergy Corporation’s common stock price as of March 31, 2025.  The aggregate intrinsic value of the stock options outstanding as of March 31, 2025 was $91.8 million.

The following table includes financial information for stock options for the three months ended March 31, 2025 and 2024:
20252024
(In Millions)
Compensation expense included in Entergy’s consolidated net income$1.1 $1.1 
Tax benefit recognized in Entergy’s consolidated net income$0.3 $0.3 
Compensation cost capitalized as part of fixed assets and materials and supplies$0.5 $0.5 
Other Equity Awards

In February 2025 the Board approved and Entergy granted long-term incentive awards in the form of 510,009 restricted stock awards and 187,036 performance units under the 2019 Omnibus Incentive Plan.  The restricted stock awards were made effective on February 6, 2025 and were valued at $82.79 per share, which was the closing price of Entergy Corporation’s common stock on the grant date.  Shares of restricted stock have the same dividend and voting rights as other common stock, are considered issued and outstanding shares of Entergy

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Notes to Financial Statements
upon vesting, and are expensed ratably over the three-year vesting period. One-third of the restricted stock awards and accrued dividends will vest upon each anniversary of the grant date.

The performance units represent the value of, and are settled with, one share of Entergy Corporation common stock at the end of the three-year performance period, plus dividends accrued during the performance period on the number of performance units earned. To emphasize the importance of environmental stewardship, specifically of carbon-free generation and resilience, an environmental achievement measure was selected as one of the performance measures for the 2025-2027 performance period. For the 2025-2027 performance period, performance will be measured based eighty percent on relative total shareholder return and twenty percent on the environmental achievement measure.  The performance units were granted on February 6, 2025 and eighty percent were valued at $115.13 per share based on various factors, primarily market conditions; and twenty percent were valued at $82.79 per share, the closing price of Entergy Corporation’s common stock on the grant date.  Performance units have the same dividend and voting rights as other common stock, are considered issued and outstanding shares of Entergy upon vesting, and are expensed ratably over the three-year vesting period, and compensation cost for the portion of the award based on the selected environmental achievement measure will be adjusted based on the number of units that ultimately vest. See Note 12 to the financial statements in the Form 10-K for a description of the Long-Term Performance Unit Program.

The following table includes financial information for other outstanding equity awards for the three months ended March 31, 2025 and 2024:
20252024
(In Millions)
Compensation expense included in Entergy’s consolidated net income$10.0 $9.9 
Tax benefit recognized in Entergy’s consolidated net income$2.5 $2.5 
Compensation cost capitalized as part of fixed assets and materials and supplies$4.8 $4.5 

NOTE 6.  RETIREMENT AND OTHER POSTRETIREMENT BENEFITS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Components of Qualified Net Pension Cost
Entergy’s qualified pension costs, including amounts capitalized, for the three months ended March 31, 2025 and 2024, included the following components:
20252024
(In Thousands)
Service cost - benefits earned during the period$23,617 $23,376 
Interest cost on projected benefit obligation59,680 70,626 
Expected return on assets(75,280)(95,980)
Recognized net loss13,309 15,120 
Net pension cost$21,326 $13,142 

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Notes to Financial Statements
The Registrant Subsidiaries’ qualified pension costs, including amounts capitalized, for their current and former employees for the three months ended March 31, 2025 and 2024, included the following components:
2025Entergy
Arkansas		Entergy
Louisiana		Entergy
 Mississippi		Entergy
New Orleans		Entergy
Texas		System
Energy
(In Thousands)
Service cost - benefits earned during the period$4,427 $5,454 $1,304 $411 $1,024 $1,372 
Interest cost on projected benefit obligation13,814 14,704 3,699 1,647 2,973 3,585 
Expected return on assets(17,676)(18,897)(4,949)(2,174)(3,889)(4,575)
Recognized net loss4,791 2,268 822 415 454 1,114 
Net pension cost$5,356 $3,529 $876 $299 $562 $1,496 

2024Entergy
Arkansas		Entergy
Louisiana		Entergy
 Mississippi		Entergy
New Orleans		Entergy
Texas		System
Energy
(In Thousands)
Service cost - benefits earned during the period$4,099 $5,551 $1,284 $440 $961 $1,384 
Interest cost on projected benefit obligation13,217 13,961 3,521 1,569 2,831 3,391 
Expected return on assets(18,155)(19,447)(5,113)(2,204)(4,077)(4,648)
Recognized net loss5,746 2,602 1,140 470 393 1,165 
Net pension cost$4,907 $2,667 $832 $275 $108 $1,292 

Non-Qualified Net Pension Cost

Entergy recognized $2.5 million and $2.7 million in pension cost for its non-qualified pension plans for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025 and 2024, there were no settlement charges related to the payment of lump sum benefits out of the plan.
The Registrant Subsidiaries recognized the following pension cost for their current and former employees for their non-qualified pension plans for the three months ended March 31, 2025 and 2024:
Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New Orleans		Entergy
Texas
(In Thousands)
2025$47 $36 $90 $35 $39 
2024$68 $51 $83 $31 $62 

For the three months ended March 31, 2025 and 2024 there were no settlement charges for the Registrant Subsidiaries related to the payment of lump sum benefits out of the plan.


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Notes to Financial Statements
Components of Net Other Postretirement Benefits Income
Entergy’s other postretirement benefits income, including amounts capitalized, for the three months ended March 31, 2025 and 2024, included the following components:
 20252024
 (In Thousands)
Service cost - benefits earned during the period$2,757 $3,126 
Interest cost on accumulated postretirement benefits obligation (APBO)
9,690 9,852 
Expected return on assets(10,209)(10,569)
Amortization of prior service credit(5,720)(5,720)
Recognized net gain(3,870)(2,761)
Net other postretirement benefits income($7,352)($6,072)
The Registrant Subsidiaries’ other postretirement benefits income, including amounts capitalized, for their current and former employees for the three months ended March 31, 2025 and 2024 included the following components:
2025Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New Orleans		Entergy
Texas		System
Energy
(In Thousands)
Service cost - benefits earned during the period$572 $671 $162 $52 $159 $174 
Interest cost on APBO1,775 2,012 489 249 582 394 
Expected return on assets(4,225)— (1,328)(1,445)(2,452)(702)
Amortization of prior service cost (credit)524 (1,136)(239)(229)(1,093)(73)
Recognized net (gain) loss(353)(1,811)(57)(27)153 (7)
Net other postretirement benefits income($1,707)($264)($973)($1,400)($2,651)($214)

2024Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New Orleans		Entergy
Texas		System
Energy
(In Thousands)
Service cost - benefits earned during the period$642 $700 $184 $51 $168 $175 
Interest cost on APBO1,833 1,999 486 253 603 398 
Expected return on assets(4,384)— (1,372)(1,479)(2,539)(728)
Amortization of prior service cost (credit)524 (1,136)(239)(229)(1,093)(73)
Recognized net (gain) loss— (1,738)15 19 148 — 
Net other postretirement benefits income($1,385)($175)($926)($1,385)($2,713)($228)


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Notes to Financial Statements
Reclassification out of Accumulated Other Comprehensive Income (Loss)
Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the three months ended March 31, 2025 and 2024:
2025Qualified
Pension
Costs		Other
Postretirement
Costs		Non-Qualified
Pension Costs		Total
(In Thousands)
Entergy
Amortization of prior service credit (cost)$— $3,493 ($31)$3,462 
Amortization of net gain (loss)(411)3,070 (108)2,551 
($411)$6,563 ($139)$6,013 
Entergy Louisiana
Amortization of prior service credit$— $1,136 $— $1,136 
Amortization of net gain (loss)(91)1,811 (1)1,719 
($91)$2,947 ($1)$2,855 

2024Qualified
Pension
Costs		Other
Postretirement
Costs		Non-Qualified
Pension Costs		Total
(In Thousands)
Entergy
Amortization of prior service credit (cost)$— $3,513 ($40)$3,473 
Amortization of net gain (loss)(1,138)2,615 (80)1,397 
($1,138)$6,128 ($120)$4,870 
Entergy Louisiana
Amortization of prior service credit$— $1,136 $— $1,136 
Amortization of net gain (loss)(104)1,738 — 1,634 
($104)$2,874 $— $2,770 

Accounting for Pension and Other Postretirement Benefits

In accordance with accounting standards, the other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations and are presented by Entergy in miscellaneous - net in other income.


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Notes to Financial Statements
Employer Contributions

Based on current assumptions, Entergy expects to contribute $240 million to its qualified pension plans in 2025.  As of March 31, 2025, Entergy had contributed $52.9 million to its pension plans.  Based on current assumptions, the Registrant Subsidiaries expect to contribute the following to qualified pension plans for their current and former employees in 2025:
Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New Orleans		Entergy
Texas		System
Energy
(In Thousands)
Expected 2025 pension contributions$35,544 $41,253 $8,064 $5,016 $7,725 $15,668 
Pension contributions made through March 2025$10,776 $9,513 $2,580 $1,144 $1,745 $3,328 
Remaining estimated pension contributions to be made in 2025$24,768 $31,740 $5,484 $3,872 $5,980 $12,340 



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NOTE 7.  BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy has a single reportable segment, Utility, which includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and operation of a small natural gas distribution business in portions of Louisiana.  Parent & Other includes the parent company, Entergy Corporation, and other business activity, including Entergy’s non-utility operations business, which is an operating segment that does not meet the quantitative thresholds for determining reportable segments.

The following table includes operating revenues and significant expense categories regularly provided to the chief operating decision maker for the Utility segment, a reconciliation of Utility operating revenues to Entergy’s consolidated operating revenues, and a reconciliation of Utility net income to consolidated net income and net income attributable to Entergy Corporation for the three months ended March 31, 2025 and 2024:
20252024
(In Thousands)
Utility operating revenues$2,829,597 $2,772,173 
Reconciliation of revenues:
Other revenues (a)17,303 22,476 
Elimination of intersegment revenues(26)(21)
Consolidated operating revenues2,846,874 2,794,628 
Less Utility expenses and other items:
Fuel, fuel-related expenses, and gas purchased for resale338,983 604,404 
Purchased power342,084 219,194 
Other operation and maintenance expenses662,474 680,715 
Other regulatory charges (credits) - net(16,843)109,346 
Other Utility items (b)1,011,857 962,534 
Utility net income491,042 195,980 
Reconciliation of net income:
Other loss(53,372)(39,883)
Elimination of intersegment loss(75,248)(79,561)
Consolidated net income362,422 76,536 
Preferred dividend requirements of subsidiaries and noncontrolling interests (c)1,662 1,255 
Net income attributable to Entergy Corporation$360,760 $75,281 

(a)See Note 12 to the financial statements herein and Note 19 to the financial statements in the Form 10-K for discussion of other revenues.
(b)Other Utility items includes nuclear refueling outage expenses, asset write-offs, decommissioning expenses, taxes other than income taxes, depreciation and amortization expenses, other income, interest expense, and income tax expense.
(c)Preferred dividend requirements of subsidiaries and noncontrolling interests is substantially derived from the Utility segment. See Note 6 to the financial statements in the Form 10-K for discussion of preferred stock and noncontrolling interests.


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Notes to Financial Statements
The following tables present segment financial information for Entergy’s single reportable segment, Utility, and a reconciliation to the corresponding consolidated amounts for Entergy Corporation for the three months ended March 31, 2025 and 2024:
UtilityParent & OtherEliminationsConsolidated
(In Thousands)
2025
Depreciation, amortization, and decommissioning$567,187 $1,685 $— $568,872 
Interest and investment income$107,175 $1,688 ($75,457)$33,406 
Interest expense$267,131 $62,869 ($209)$329,791 
Income taxes$114,273 ($14,232)$— $100,041 
Total assets as of March 31, 2025
$70,774,423 $733,093 ($4,887,107)$66,620,409 
Total expenditures for additions to long-lived assets$1,749,817 $191 $— $1,750,008 
2024
Asset write-offs, impairments, and related charges (credits)$131,775 $— $— $131,775 
Depreciation, amortization, and decommissioning$551,489 $1,554 $— $553,043 
Interest and investment income$225,251 $5,368 ($79,922)$150,697 
Interest expense$212,148 $55,413 ($361)$267,200 
Income taxes$34,548 ($13,554)$— $20,994 
Total assets as of December 31, 2024
$68,951,564 $721,459 ($4,882,991)$64,790,032 
Total expenditures for additions to long-lived assets$1,266,823 $258 $— $1,267,081 

Eliminations are primarily intersegment activity. All of Entergy’s goodwill is related to the Utility segment.

Registrant Subsidiaries

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one operating and reportable segment, an integrated utility business which includes the generation, transmission, and distribution of electric power; and operation of a small natural gas distribution business at each of Entergy Louisiana and Entergy New Orleans. System Energy has one operating and reportable segment, which is an electricity generation business. Each of the Registrant Subsidiaries’ operations are managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. All segment financial information for the Registrant Subsidiaries is as reported on the respective financial statements for each of the Registrant Subsidiaries.


NOTE 8.  RISK MANAGEMENT AND FAIR VALUES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Market Risk

In the normal course of business, Entergy is exposed to a number of market risks.  Market risk is the potential loss that Entergy may incur as a result of changes in the market or fair value of a particular commodity or instrument.  All financial and commodity-related instruments, including derivatives, are subject to market risk

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including commodity price risk, equity price, and interest rate risk.  Entergy uses derivatives primarily to mitigate commodity price risk associated with the price of fuel.

The Utility has limited exposure to the effects of market risk because it operates primarily under cost-based rate regulation.  To the extent approved by their retail regulators, the Utility operating companies use commodity and financial instruments to hedge the exposure to price volatility inherent in their purchased power, fuel, and gas purchased for resale costs, that are recovered from customers.

Derivatives

Entergy designates a significant portion of its derivative instruments as normal purchase/normal sale transactions due to their physical settlement provisions, including power purchase and sales agreements, fuel purchase agreements, and capacity contracts. Certain derivative instruments do not qualify for designation as normal purchase/normal sale transactions due to their financial settlement provisions. See further discussion below regarding the accounting for these derivative instruments.

Entergy manages fuel price volatility for its Louisiana jurisdictions (Entergy Louisiana and Entergy New Orleans) and Entergy Mississippi through the purchase of natural gas swaps that financially settle against either the average Henry Hub Gas Daily prices or the NYMEX Henry Hub. These swaps are marked-to-market through fuel expense with offsetting regulatory assets or liabilities. All benefits or costs of the program are recorded in fuel costs. The notional volumes of these swaps are based on a portion of projected annual exposure to gas price volatility for electric generation at Entergy Louisiana and Entergy Mississippi and projected winter purchases for gas distribution at Entergy New Orleans. The maximum length of time over which Entergy has executed natural gas swaps as of March 31, 2025 is 7 months for Entergy Mississippi. The total volume of natural gas swaps outstanding as of March 31, 2025 is 12,246,850 MMBtu for Entergy and Entergy Mississippi. As of March 31, 2025, Entergy Louisiana and Entergy New Orleans had no outstanding natural gas swaps. Credit support for these natural gas swaps is covered by master agreements that do not require Entergy to provide collateral based on mark-to-market value, but do carry adequate assurance language that may lead to requests for collateral.

During the second quarter 2024, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2024 through May 31, 2025. Financial transmission rights are derivative instruments that represent economic hedges of future congestion charges that will be incurred in serving Entergy’s customer load. They are not designated as hedging instruments. Entergy initially records financial transmission rights at their estimated fair value and subsequently adjusts the carrying value to their estimated fair value at the end of each accounting period prior to settlement. Unrealized gains or losses on financial transmission rights held by the non-utility operations are included in operating revenues. The Utility operating companies recognize regulatory liabilities or assets for unrealized gains or losses on financial transmission rights. The total volume of financial transmission rights outstanding as of March 31, 2025 is 24,226 GWh for Entergy, including 5,865 GWh for Entergy Arkansas, 10,036 GWh for Entergy Louisiana, 3,781 GWh for Entergy Mississippi, 1,001 GWh for Entergy New Orleans, and 3,501 GWh for Entergy Texas. Credit support for financial transmission rights held by the Utility operating companies is covered by cash and/or letters of credit issued by each Utility operating company as required by MISO. Credit support for financial transmission rights held by Entergy’s non-utility operations business is covered by cash. No cash or letters of credit were required to be posted for financial transmission rights exposure for the non-utility operations business as of March 31, 2025 and December 31, 2024. No letters of credit were posted with MISO to cover financial transmission rights exposure as of March 31, 2025. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas as of December 31, 2024.

The fair values of Entergy’s derivative instruments not designated as hedging instruments on the consolidated balance sheets as of March 31, 2025 and December 31, 2024 are shown in the table below.  Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and

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are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging.
InstrumentBalance Sheet LocationGross Fair Value (a)Offsetting Position (b)Net Fair Value (c) (d)
(In Millions)
2025
Assets:
Natural gas swapsPrepayments and other$8$—$8
Financial transmission rightsPrepayments and other$7$—$7
2024
Assets:
Natural gas swapsPrepayments and other$2$—$2
Financial transmission rightsPrepayments and other$21($1)$20
Liabilities:
Financial transmission rightsOther current liabilities($—)$1$1

(a)Represents the gross amounts of recognized assets/liabilities
(b)Represents the netting of fair value balances with the same counterparty
(c)Represents the net amounts of assets/liabilities presented on the Entergy Corporation and Subsidiaries’ Consolidated Balance Sheets
(d)Excludes letters of credit posted with MISO to cover financial transmission rights exposure in the amount of $2 million as of December 31, 2024

The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended March 31, 2025 and 2024 are as follows:
InstrumentIncome Statement
Location		Amount of gain (loss)
recorded in the income statement
(In Millions)
2025
Natural gas swapsFuel, fuel-related expenses, and gas purchased for resale(a)$11
Financial transmission rightsPurchased power expense(b)$49
2024
Natural gas swapsFuel, fuel-related expenses, and gas purchased for resale(a)($6)
Financial transmission rightsPurchased power expense(b)$53
(a)Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms.

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(b)Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.

The fair values of derivative instruments not designated as hedging instruments on the Registrant Subsidiaries’ balance sheets as of March 31, 2025 and December 31, 2024 are shown in the tables below. Certain investments, including those not designated as hedging instruments, are subject to master netting agreements and are presented in the balance sheet on a net basis in accordance with accounting guidance for derivatives and hedging.
InstrumentBalance Sheet LocationGross Fair Value (a)Offsetting Position (b)Net Fair Value (c) (d)Registrant
(In Millions)
2025
Assets:
Natural gas swapsPrepayments and other$8.4$—$8.4Entergy Mississippi
Financial transmission rightsPrepayments and other$3.0$—$3.0Entergy Arkansas
Financial transmission rightsPrepayments and other$3.4$—$3.4Entergy Louisiana
Financial transmission rightsPrepayments and other$0.4$—$0.4Entergy New Orleans
Financial transmission rightsPrepayments and other$0.6($0.2)$0.4Entergy Texas
Liabilities:
Financial transmission rightsOther current liabilities($0.2)$0.3$0.1Entergy Mississippi


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Notes to Financial Statements
InstrumentBalance Sheet LocationGross Fair Value (a)Offsetting Position (b)Net Fair Value (c) (d)Registrant
(In Millions)
2024
Assets:
Natural gas swapsPrepayments and other$1.6$—$1.6Entergy Mississippi
Financial transmission rightsPrepayments and other$8.6($0.1)$8.5Entergy Arkansas
Financial transmission rightsPrepayments and other$8.7($0.1)$8.6Entergy Louisiana
Financial transmission rightsPrepayments and other$1.3$—$1.3Entergy New Orleans
Financial transmission rightsPrepayments and other$2.0($0.1)$1.9Entergy Texas
Liabilities:
Financial transmission rightsOther current liabilities($0.4)$0.9$0.5Entergy Mississippi

(a)Represents the gross amounts of recognized assets/liabilities
(b)Represents the netting of fair value balances with the same counterparty
(c)Represents the net amounts of assets/liabilities presented on the Registrant Subsidiaries’ balance sheets
(d)Excludes letters of credit posted with MISO to cover financial transmission rights exposure in the amount of $0.5 million for Entergy Arkansas, $0.1 million for Entergy Louisiana, $0.8 million for Entergy Mississippi, $0.1 million for Entergy New Orleans, and $0.3 million for Entergy Texas as of December 31, 2024.


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The effects of derivative instruments not designated as hedging instruments on the Registrant Subsidiaries’ income statements for the three months ended March 31, 2025 and 2024 are as follows:
InstrumentIncome Statement LocationAmount of gain
(loss) recorded
in the income statement		Registrant
(In Millions)
2025
Natural gas swapsFuel, fuel-related expenses, and gas purchased for resale$11.4(a)Entergy Mississippi
Financial transmission rightsPurchased power expense$18.8(b)Entergy Arkansas
Financial transmission rightsPurchased power expense$22.0(b)Entergy Louisiana
Financial transmission rightsPurchased power expense$2.0(b)Entergy Mississippi
Financial transmission rightsPurchased power expense$2.2(b)Entergy New Orleans
Financial transmission rightsPurchased power expense$3.5(b)Entergy Texas
2024
Natural gas swapsFuel, fuel-related expenses, and gas purchased for resale$5.2(a)Entergy Mississippi
Natural gas swapsFuel, fuel-related expenses, and gas purchased for resale$0.5(a)Entergy New Orleans
Financial transmission rightsPurchased power expense$26.9(b)Entergy Arkansas
Financial transmission rightsPurchased power expense$16.2(b)Entergy Louisiana
Financial transmission rightsPurchased power expense$1.1(b)Entergy Mississippi
Financial transmission rightsPurchased power expense$1.1(b)Entergy New Orleans
Financial transmission rightsPurchased power expense$7.5(b)Entergy Texas
(a)Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as fuel expenses when the swaps are settled are recovered or refunded through fuel cost recovery mechanisms.
(b)Due to regulatory treatment, the changes in the estimated fair value of financial transmission rights for the Utility operating companies are recorded through purchased power expense and then such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability.  The gains or losses recorded as purchased power expense when the financial transmission rights for the Utility operating companies are settled are recovered or refunded through fuel cost recovery mechanisms.

Fair Values

The estimated fair values of Entergy’s financial instruments and derivatives are determined using historical prices, bid prices, market quotes, and financial modeling.  Considerable judgment is required in developing the estimates of fair value.  Therefore, estimates are not necessarily indicative of the amounts that Entergy could realize in a current market exchange.  Gains or losses realized on financial instruments are reflected in future rates and therefore do not affect net income. Entergy considers the carrying amounts of most financial instruments classified as current assets and liabilities to be a reasonable estimate of their fair value because of the short maturity of these instruments.

Accounting standards define fair value as an exit price, or the price that would be received to sell an asset or the amount that would be paid to transfer a liability in an orderly transaction between knowledgeable market

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Notes to Financial Statements
participants at the date of measurement.  Entergy and the Registrant Subsidiaries use assumptions or market input data that market participants would use in pricing assets or liabilities at fair value.  The inputs can be readily observable, corroborated by market data, or generally unobservable.  Entergy and the Registrant Subsidiaries endeavor to use the best available information to determine fair value.

Accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value.  The hierarchy establishes the highest priority for unadjusted market quotes in an active market for the identical asset or liability and the lowest priority for unobservable inputs.

The three levels of the fair value hierarchy are:

•Level 1 - Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.  Level 1 primarily consists of individually owned common stocks, cash equivalents (temporary cash investments, securitization recovery trust account, and escrow accounts), debt instruments, and gas swaps traded on exchanges with active markets.  Cash equivalents includes all unrestricted highly liquid debt instruments with an original or remaining maturity of three months or less at the date of purchase.

•Level 2 - Level 2 inputs are inputs other than quoted prices included in Level 1 that are, either directly or indirectly, observable for the asset or liability at the measurement date.  Assets are valued based on prices derived by independent third parties that use inputs such as benchmark yields, reported trades, broker/dealer quotes, and issuer spreads.  Prices are reviewed and can be challenged with the independent parties and/or overridden by Entergy if it is believed such would be more reflective of fair value.  Level 2 inputs include the following:

–quoted prices for similar assets or liabilities in active markets;
–quoted prices for identical assets or liabilities in inactive markets;
–inputs other than quoted prices that are observable for the asset or liability; or
–inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 2 consists primarily of individually-owned debt instruments and gas swaps valued using observable inputs.

•Level 3 - Level 3 inputs are pricing inputs that are generally less observable or unobservable from objective sources.  These inputs are used with internally developed methodologies to produce management’s best estimate of fair value for the asset or liability.  Level 3 consists primarily of financial transmission rights.

The values of financial transmission rights are based on unobservable inputs, including estimates of congestion costs in MISO between applicable generation and load pricing nodes based on the 50th percentile of historical prices.  They are classified as Level 3 assets and liabilities.  The valuations of these assets and liabilities are performed by the Office of Corporate Risk Oversight.  The values are calculated internally and verified against the data published by MISO. Entergy’s Accounting group reviews these valuations for reasonableness, with the assistance of others within the organization with knowledge of the various inputs and assumptions used in the valuation. The Office of Corporate Risk Oversight reports to the Vice President and Treasurer.  The Accounting group reports to the Chief Accounting Officer.

The following tables set forth, by level within the fair value hierarchy, Entergy’s assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2025 and December 31, 2024.  The assessment

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of the significance of a particular input to a fair value measurement requires judgment and may affect placement within the fair value hierarchy levels.
2025Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$1,444 $— $— $1,444 
Decommissioning trust funds (a):
Equity securities41 — — 41 
Debt securities861 1,230 — 2,091 
Common trusts (b)3,315 
Securitization recovery trust account10 — — 10 
Storm reserve escrow accounts300 — — 300 
Natural gas swaps8 — — 8 
Financial transmission rights— — 7 7 
$2,664 $1,230 $7 $7,216 

2024Level 1Level 2Level 3Total
(In Millions)
Assets:    
Temporary cash investments$811 $— $— $811 
Decommissioning trust funds (a):
Equity securities30 — — 30 
Debt securities848 1,199 — 2,047 
Common trusts (b)3,486 
Securitization recovery trust account4 — — 4 
Storm reserve escrow accounts340 — — 340 
Natural gas swaps2 — — 2 
Financial transmission rights— — 20 20 
 $2,035 $1,199 $20 $6,740 
Liabilities:    
Financial transmission rights$— $— $1 $1 

(a)The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices.  Fixed income securities are held in various governmental and corporate securities.  See Note 9 to the financial statements herein for additional information on the investment portfolios.
(b)Common trust funds are not publicly quoted and are valued by the fund administrators using net asset value as a practical expedient. Accordingly, these funds are not assigned a level in the fair value table. The fund administrator of these investments allows daily trading at the net asset value and trades settle at a later date.


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Entergy Corporation and Subsidiaries
Notes to Financial Statements
The following table sets forth a reconciliation of changes in the net assets for the fair value of financial transmission rights classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2025 and 2024:
20252024
(In Millions)
Balance as of January 1,$20 $21 
Gains included as a regulatory liability/asset36 41 
Settlements(49)(53)
Balance as of March 31,$7 $9 
The fair values of the Level 3 financial transmission rights are based on unobservable inputs calculated internally and verified against historical pricing data published by MISO.

The following tables set forth, by level within the fair value hierarchy, the Registrant Subsidiaries’ assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2025 and December 31, 2024.  The assessment of the significance of a particular input to a fair value measurement requires judgment and may affect placement within the fair value hierarchy levels.

Entergy Arkansas

2025Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$54.9 $— $— $54.9 
Decommissioning trust funds (a):
Equity securities19.5 — — 19.5 
Debt securities265.9 324.2 — 590.1 
Common trusts (b)961.6 
Financial transmission rights— — 3.0 3.0 
$340.3 $324.2 $3.0 $1,629.1 

2024Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$3.4 $— $— $3.4 
Decommissioning trust funds (a):
Equity securities12.9 — — 12.9 
Debt securities259.9 319.1 — 579.0 
Common trusts (b)1,012.5 
Financial transmission rights— — 8.5 8.5 
$276.2 $319.1 $8.5 $1,616.3 

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Entergy Louisiana

2025Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$392.0 $— $— $392.0 
Decommissioning trust funds (a):
Equity securities17.1 — — 17.1 
Debt securities329.2 596.9 — 926.1 
Common trusts (b)1,435.0 
Storm reserve escrow account226.0 — — 226.0 
Financial transmission rights— — 3.4 3.4 
$964.3 $596.9 $3.4 $2,999.6 

2024Level 1Level 2Level 3Total
 (In Millions)
Assets:    
Temporary cash investments$326.8 $— $— $326.8 
Decommissioning trust funds (a):
Equity securities14.5 — — 14.5 
Debt securities326.0 582.1 — 908.1 
Common trusts (b)1,506.5 
Storm reserve escrow account256.7 — — 256.7 
Financial transmission rights— — 8.6 8.6 
 $924.0 $582.1 $8.6 $3,021.2 

Entergy Mississippi

2025Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$598.0 $— $— $598.0 
Natural gas swaps8.4 — — 8.4 
$606.4 $— $— $606.4 
Liabilities:
Financial transmission rights$— $— $0.1 $0.1 


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2024Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$155.5 $— $— $155.5 
Natural gas swaps1.6 — — 1.6 
 $157.1 $— $— $157.1 
Liabilities:
Financial transmission rights$— $— $0.5 $0.5 

Entergy New Orleans

2025Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$13.9 $— $— $13.9 
Securitization recovery trust account0.9 — — 0.9 
Storm reserve escrow account74.3 — — 74.3 
Financial transmission rights— — 0.4 0.4 
$89.1 $— $0.4 $89.5 

2024Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$31.4 $— $— $31.4 
Securitization recovery trust account1.6 — — 1.6 
Storm reserve escrow account83.7 — — 83.7 
Financial transmission rights— — 1.3 1.3 
$116.7 $— $1.3 $118.0 

Entergy Texas

2025Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$298.0 $— $— $298.0 
Securitization recovery trust account8.8 — — 8.8 
Financial transmission rights— — 0.4 0.4 
$306.8 $— $0.4 $307.2 


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2024Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$184.7 $— $— $184.7 
Securitization recovery trust account2.7 — — 2.7 
Financial transmission rights— — 1.9 1.9 
$187.4 $— $1.9 $189.3 

System Energy

2025Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$2.4 $— $— $2.4 
Decommissioning trust funds (a):
Equity securities3.7 — — 3.7 
Debt securities266.0 308.9 — 574.9 
Common trusts (b)918.7 
$272.1 $308.9 $— $1,499.7 

2024Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$28.5 $— $— $28.5 
Decommissioning trust funds (a):
Equity securities2.4 — — 2.4 
Debt securities262.4 297.4 — 559.8 
Common trusts (b)966.9 
$293.3 $297.4 $— $1,557.6 

(a)The decommissioning trust funds hold equity and fixed income securities. Equity securities are invested to approximate the returns of major market indices.  Fixed income securities are held in various governmental and corporate securities.  See Note 9 to the financial statements herein for additional information on the investment portfolios.
(b)Common trust funds are not publicly quoted and are valued by the fund administrators using net asset value as a practical expedient. Accordingly, these funds are not assigned a level in the fair value table. The fund administrator of these investments allows daily trading at the net asset value and trades settle at a later date.

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The following table sets forth a reconciliation of changes in the net assets (liabilities) for the fair value of financial transmission rights classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2025.
Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New
Orleans		Entergy
Texas
 (In Millions)
Balance as of January 1,$8.6 $8.6 ($0.5)$1.3 $1.9 
Gains included as a regulatory liability/asset13.2 16.8 2.4 1.3 2.0 
Settlements(18.8)(22.0)(2.0)(2.2)(3.5)
Balance as of March 31,$3.0 $3.4 ($0.1)$0.4 $0.4 

The following table sets forth a reconciliation of changes in the net assets for the fair value of financial transmission rights classified as Level 3 in the fair value hierarchy for the three months ended March 31, 2024.
Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New
Orleans		Entergy
Texas
 (In Millions)
Balance as of January 1,$6.0 $9.8 $1.4 $1.1 $2.4 
Gains included as a regulatory liability/asset23.7 10.5 0.3 0.5 6.3 
Settlements(26.9)(16.2)(1.1)(1.1)(7.5)
Balance as of March 31,$2.8 $4.1 $0.6 $0.5 $1.2 


NOTE 9.  DECOMMISSIONING TRUST FUNDS (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy)

The NRC requires certain of the Utility operating companies and System Energy to maintain nuclear decommissioning trusts to fund the costs of decommissioning ANO 1 and 2, River Bend, Waterford 3, and Grand Gulf. Entergy’s nuclear decommissioning trust funds invest in equity securities, fixed-rate debt securities, and cash and cash equivalents.

Entergy records decommissioning trust funds on the balance sheet at their fair value. Because of the ability of the Registrant Subsidiaries to recover decommissioning costs in rates and in accordance with the regulatory treatment for decommissioning trust funds, for unrealized gains/(losses) on investment securities, the Registrant Subsidiaries record an offsetting amount in other regulatory liabilities/assets.  For the 30% interest in River Bend formerly owned by Cajun, Entergy Louisiana records an offsetting amount in other long-term liabilities on the consolidated balance sheets of Entergy and Entergy Louisiana for the unrealized trust earnings not currently expected to be needed to decommission the plant. Generally, Entergy records gains and losses on its debt and equity securities using the specific identification method to determine the cost basis of its securities.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $190 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index.  A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.


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The available-for-sale debt securities held as of March 31, 2025 and December 31, 2024 are summarized as follows:
20252024
(In Millions)
Fair value$2,091 $2,047 
Unrealized gains$15 $7 
Unrealized losses$62 $80 

As of March 31, 2025 and December 31, 2024, there were no deferred taxes on unrealized gains/(losses). The amortized cost of available-for-sale debt securities was $2,138 million as of March 31, 2025 and $2,121 million as of December 31, 2024.  As of March 31, 2025, available-for-sale debt securities had an average coupon rate of approximately 4.12%, an average duration of approximately 6.35 years, and an average maturity of approximately 10.94 years.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2025 and December 31, 2024:
20252024
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
(In Millions)
Less than 12 months$638 $14 $1,102 $24 
More than 12 months469 48 510 56 
Total$1,107 $62 $1,612 $80 

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:
20252024
(In Millions)
Less than 1 year$29 $36 
1 year - 5 years551 574 
5 years - 10 years639 629 
10 years - 15 years205 166 
15 years - 20 years216 218 
20 years+451 424 
Total$2,091 $2,047 

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:
 20252024
 (In Millions)
Proceeds from disposition of securities$262 $169 
Realized gains$1 $— 
Realized losses$4 $7 


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During the three months ended March 31, 2025 and 2024, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.

Entergy Arkansas

Entergy Arkansas holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts.  The available-for-sale debt securities held as of March 31, 2025 and December 31, 2024 are summarized as follows:
20252024
(In Millions)
Fair value$590.1 $579.0 
Unrealized gains$4.0 $1.2 
Unrealized losses$18.1 $25.8 

The amortized cost of available-for-sale debt securities was $604.3 million as of March 31, 2025 and $603.5 million as of December 31, 2024.  As of March 31, 2025, the available-for-sale debt securities had an average coupon rate of approximately 3.71%, an average duration of approximately 6.24 years, and an average maturity of approximately 8.49 years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $56.9 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2025 and December 31, 2024:
20252024
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
(In Millions)
Less than 12 months$158.4 $3.9 $282.8 $8.2 
More than 12 months183.0 14.2 195.0 17.6 
Total$341.4 $18.1 $477.8 $25.8 

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:
 20252024
 (In Millions)
Less than 1 year$25.2 $31.7 
1 year - 5 years144.0 142.5 
5 years - 10 years234.8 231.0 
10 years - 15 years71.2 62.2 
15 years - 20 years64.2 62.8 
20 years+50.7 48.8 
Total$590.1 $579.0 

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Entergy Corporation and Subsidiaries
Notes to Financial Statements

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:
 20252024
 (In Millions)
Proceeds from disposition of securities$— $12.4 
Realized gains$— $— 
Realized losses$— $0.4 

During three months ended March 31, 2025 and 2024, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.

Entergy Louisiana

Entergy Louisiana holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts.  The available-for-sale debt securities held as of March 31, 2025 and December 31, 2024 are summarized as follows:
20252024
(In Millions)
Fair value$926.1 $908.1 
Unrealized gains$6.3 $3.6 
Unrealized losses$23.1 $26.9 

The amortized cost of available-for-sale debt securities was $943 million as of March 31, 2025 and $931.5 million as of December 31, 2024.  As of March 31, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.37%, an average duration of approximately 6.43 years, and an average maturity of approximately 12.67 years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $78.8 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.

The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2025 and December 31, 2024:
20252024
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
(In Millions)
Less than 12 months$324.8 $6.7 $543.8 $8.8 
More than 12 months165.0 16.4 178.4 18.1 
Total$489.8 $23.1 $722.2 $26.9 


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Entergy Corporation and Subsidiaries
Notes to Financial Statements
The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:
20252024
(In Millions)
Less than 1 year$3.7 $4.4 
1 year - 5 years221.2 188.2 
5 years - 10 years212.0 259.4 
10 years - 15 years97.4 80.9 
15 years - 20 years103.6 106.1 
20 years+288.2 269.1 
Total$926.1 $908.1 

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:
 20252024
 (In Millions)
Proceeds from disposition of securities$110.0 $48.4 
Realized gains$0.1 $0.2 
Realized losses$1.5 $2.9 

During the three months ended March 31, 2025 and 2024, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.

System Energy

System Energy holds equity securities and available-for-sale debt securities in nuclear decommissioning trust accounts.  The available-for-sale debt securities held as of March 31, 2025 and December 31, 2024 are summarized as follows:
20252024
(In Millions)
Fair value$574.9 $559.8 
Unrealized gains$4.7 $1.9 
Unrealized losses$20.6 $27.6 

The amortized cost of available-for-sale debt securities was $590.7 million as of March 31, 2025 and $585.5 million as of December 31, 2024.  As of March 31, 2025, the available-for-sale debt securities had an average coupon rate of approximately 4.16%, an average duration of approximately 6.35 years, and an average maturity of approximately 10.71 years.

The unrealized gains/(losses) recognized during the three months ended March 31, 2025 on equity securities still held as of March 31, 2025 were $53.8 million. The equity securities are generally held in funds that are designed to approximate or somewhat exceed the return of the Standard & Poor’s 500 Index. A relatively small percentage of the equity securities are held in funds that are designed to approximate or somewhat exceed the return of the Wilshire 4500 Index. The debt securities are generally held in individual government and credit issuances.


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Notes to Financial Statements
The fair value and gross unrealized losses of available-for-sale debt securities, summarized by length of time that the securities had been in a continuous loss position, were as follows as of March 31, 2025 and December 31, 2024:
20252024
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
(In Millions)
Less than 12 months$154.4 $2.9 $275.6 $6.8 
More than 12 months120.6 17.7 136.8 20.8 
Total$275.0 $20.6 $412.4 $27.6 

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of March 31, 2025 and December 31, 2024 were as follows:
20252024
(In Millions)
Less than 1 year$0.2 $0.2 
1 year - 5 years185.8 243.7 
5 years - 10 years192.4 138.9 
10 years - 15 years36.2 22.7 
15 years - 20 years48.6 49.4 
20 years+111.7 104.9 
Total$574.9 $559.8 

The following table summarizes proceeds from the dispositions of available-for-sale debt securities and the related gains and losses from the sales during the three months ended March 31, 2025 and 2024:
 20252024
 (In Millions)
Proceeds from disposition of securities$152.3 $108.0 
Realized gains$0.6 $0.2 
Realized losses$2.7 $3.5 

During the three months ended March 31, 2025 and 2024, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.


NOTE 10.  INCOME TAXES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

See “Income Tax Audits” and “Other Tax Matters” in Note 3 to the financial statements in the Form 10-K for a discussion of income tax audits, the Tax Cuts and Jobs Act, and other income tax matters involving Entergy. There are no material updates to the information discussed in Note 3 to the financial statements in the Form 10-K.



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Entergy Corporation and Subsidiaries
Notes to Financial Statements
NOTE 11.  VARIABLE INTEREST ENTITIES (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

See Note 17 to the financial statements in the Form 10-K for a discussion of variable interest entities (VIEs).  See Note 4 to the financial statements herein for details of the nuclear fuel companies’ credit facilities, commercial paper borrowings, and long-term debt. See Note 6 to the financial statements in the Form 10-K for discussion of noncontrolling interests.

Restoration Law Trust I (the storm trust I), a trust consolidated by Entergy Louisiana, is a VIE and Entergy Louisiana is the primary beneficiary. As of March 31, 2025 and December 31, 2024, the primary asset held by the storm trust I was $2.8 billion and $2.9 billion, respectively, of outstanding Entergy Finance Company preferred membership interests, which is reflected as an investment in affiliate preferred membership interests on the consolidated balance sheets of Entergy Louisiana. The LURC’s 1% beneficial interest in the storm trust I is recorded as noncontrolling interest on the consolidated balance sheets of Entergy and Entergy Louisiana, with balances of $28.4 million as of March 31, 2025 and $28.8 million as of December 31, 2024.

Restoration Law Trust II (the storm trust II), a trust consolidated by Entergy Louisiana, is a VIE and Entergy Louisiana is the primary beneficiary. As of March 31, 2025 and December 31, 2024, the primary asset held by the storm trust II was $1.4 billion of outstanding Entergy Finance Company preferred membership interests, which is reflected as an investment in affiliate preferred membership interests on the consolidated balance sheets of Entergy Louisiana. The LURC’s 1% beneficial interest in the storm trust II is recorded as noncontrolling interest on the consolidated balance sheets of Entergy and Entergy Louisiana, with balances of $14.1 million as of March 31, 2025 and $13.9 million as of December 31, 2024.

System Energy is considered to hold a variable interest in the lessor from which it leases an undivided interest in the Grand Gulf nuclear plant. System Energy is the lessee under this arrangement, which is described in more detail in Note 5 to the financial statements in the Form 10-K. System Energy made payments under this arrangement, including interest, of $8.6 million in each of the three months ended March 31, 2025 and the three months ended March 31, 2024.

AR Searcy Partnership, LLC is a tax equity partnership that qualifies as a VIE, which Entergy Arkansas is required to consolidate as it is the primary beneficiary. As of March 31, 2025, AR Searcy Partnership, LLC recorded assets equal to $128.5 million, primarily consisting of property, plant, and equipment, and the carrying value of Entergy Arkansas’s ownership interest in the partnership was approximately $113.8 million. As of December 31, 2024, AR Searcy Partnership, LLC recorded assets equal to $129.7 million, primarily consisting of property, plant, and equipment, and the carrying value of Entergy Arkansas’s ownership interest in the partnership was approximately $113.2 million. The tax equity investor’s ownership interest is recorded as noncontrolling interest on the consolidated balance sheets of Entergy and Entergy Arkansas.

MS Sunflower Partnership, LLC is a tax equity partnership that qualifies as a VIE, which Entergy Mississippi is required to consolidate as it is the primary beneficiary. As of March 31, 2025, MS Sunflower Partnership, LLC recorded assets equal to $154.9 million, primarily consisting of property, plant, and equipment, and the carrying value of Entergy Mississippi’s ownership interest in the partnership was approximately $137.4 million. As of December 31, 2024, MS Sunflower Partnership, LLC recorded assets equal to $157.8 million, primarily consisting of property, plant, and equipment, and the carrying value of Entergy Mississippi’s ownership interest in the partnership was approximately $132.7 million. The tax equity investor’s ownership interest is recorded as noncontrolling interest on the consolidated balance sheets of Entergy and Entergy Mississippi.



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Table of Contents
Entergy Corporation and Subsidiaries
Notes to Financial Statements
NOTE 12.  REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Operating Revenues

See Note 19 to the financial statements in the Form 10-K for a discussion of revenue recognition.  Entergy’s total revenues for the three months ended March 31, 2025 and 2024 were as follows:
20252024
(In Thousands)
Utility:
Residential$1,113,304 $1,070,341 
Commercial684,007 691,851 
Industrial774,119 748,957 
Governmental62,819 65,310 
Total billed retail2,634,249 2,576,459 
Sales for resale (a)51,872 79,003 
Other electric revenues (b)76,218 36,035 
Revenues from contracts with customers2,762,339 2,691,497 
Other Utility revenues (c)(4,473)15,009 
Electric revenues2,757,866 2,706,506 
Natural gas revenues71,731 65,667 
Other revenues (d)17,277 22,455 
Total operating revenues$2,846,874 $2,794,628 

The Utility operating companies’ total revenues for the three months ended March 31, 2025 and 2024 were as follows:
2025Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New
Orleans		Entergy
Texas
(In Thousands)
Residential$274,606 $378,238 $186,308 $65,689 $208,463 
Commercial131,617 263,200 135,873 47,622 105,695 
Industrial149,065 465,707 47,345 5,654 106,348 
Governmental4,219 21,669 13,690 16,529 6,712 
Total billed retail559,507 1,128,814 383,216 135,494 427,218 
Sales for resale (a)36,729 111,548 28,097 3,889 2,395 
Other electric revenues (b)16,076 37,989 11,799 (565)12,296 
Revenues from contracts with customers612,312 1,278,351 423,112 138,818 441,909 
Other revenues (c)1,199 (6,405)597 107 30 
Electric revenues613,511 1,271,946 423,709 138,925 441,939 
Natural gas revenues— 29,601 — 42,130 — 
Total operating revenues$613,511 $1,301,547 $423,709 $181,055 $441,939 

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Entergy Corporation and Subsidiaries
Notes to Financial Statements
2024Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New
Orleans		Entergy
Texas
(In Thousands)
Residential$275,753 $345,027 $178,617 $67,677 $203,267 
Commercial141,307 256,696 132,318 53,226 108,304 
Industrial149,407 421,597 46,427 6,977 124,549 
Governmental4,698 21,821 13,330 18,354 7,107 
Total billed retail571,165 1,045,141 370,692 146,234 443,227 
Sales for resale (a)38,965 82,728 47,932 12,500 1,907 
Other electric revenues (b)9,342 37,945 (6,202)(3,219)(488)
Revenues from contracts with customers619,472 1,165,814 412,422 155,515 444,646 
Other revenues (c)2,573 6,979 2,434 1,426 (155)
Electric revenues622,045 1,172,793 414,856 156,941 444,491 
Natural gas revenues— 29,647 — 36,020 — 
Total operating revenues$622,045 $1,202,440 $414,856 $192,961 $444,491 

(a)Sales for resale includes day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments and includes them as part of customer revenues.
(b)Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market, unbilled revenue, and certain customer credits as directed by regulators.
(c)Other Utility revenues include the occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, and late fees.
(d)Other revenues include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.


NOTE 13.  HELD FOR SALE (Entergy Corporation, Entergy Louisiana, and Entergy New Orleans)

Held for Sale

See Note 14 to the financial statements in the Form 10-K for information regarding the planned sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses. The following are updates to that discussion.

Natural Gas Distribution Businesses

On October 28, 2023, Entergy New Orleans and Entergy Louisiana each entered into separate purchase and sale agreements with respect to the sale of their respective regulated natural gas local distribution company businesses to two separate affiliates of Bernhard Capital Partners Management LP. Under the purchase and sale agreements, Entergy New Orleans has agreed to sell its regulated natural gas local distribution company business serving customers in the Parish of Orleans, Louisiana, and Entergy Louisiana has agreed to sell its regulated natural gas local distribution company business serving customers in the Parish of East Baton Rouge, Louisiana. The Entergy Louisiana and Entergy New Orleans natural gas distribution businesses are reflected in Entergy’s Utility reportable segment and in the respective single reportable segment for each of Entergy Louisiana and Entergy New Orleans.

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Entergy Corporation and Subsidiaries
Notes to Financial Statements

Required regulatory approval was received from the LPSC and the City Council in August 2024 and December 2024, respectively. In February 2025 the Metropolitan Council of the Parish of East Baton Rouge approved the proposed sale of the Entergy Louisiana natural gas distribution business and also approved the assignment of the parish franchise from Entergy Louisiana to Delta Capital Gas Company, LLC (a Bernhard Capital Partners Management LP affiliate).

The transactions have two phases: (1) an “Initial Phase” prior to regulatory approvals in connection with both transactions; and (2) a “Second Phase” following regulatory approvals in connection with both transactions to the extent that certain conditions are satisfied or, where permissible, waived for both transactions. As described above, the transactions have received all required regulatory approvals, and the Second Phase commenced on March 5, 2025.

Under the purchase and sale agreements, the closing of the transactions is not required to occur earlier than six months following the initiation of the Second Phase; however, the parties may agree to close prior to that date. The purchase and sale agreements may be terminated by either party in the event the closing has not occurred prior to October 28, 2025. Neither transaction is subject to a financing condition for the applicable buyer.

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Entergy Corporation and Subsidiaries
Notes to Financial Statements
As of March 31, 2025 and December 31, 2024, the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses met the criteria to be classified as held for sale. As of March 31, 2025, neither Entergy Louisiana nor Entergy New Orleans has recognized any write downs of the natural gas distribution business assets as a result of their classification as held for sale, as neither sale is expected to result in a loss. The assets and liabilities of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses classified as held for sale on Entergy’s, Entergy Louisiana’s, and Entergy New Orleans’s consolidated balance sheets as of March 31, 2025 and December 31, 2024 included the following amounts:
March 31, 2025
December 31, 2024
EntergyEntergy LouisianaEntergy New OrleansEntergyEntergy LouisianaEntergy New Orleans
(In Thousands)(In Thousands)
Deferred fuel$5,318 $2,676 $2,642 $5,608 $727 $4,881 
Fuel inventory - at average cost3,506 802 2,7044,493 702 3,791
Materials and supplies5,0651,1213,9445,4511,0454,406
Prepayments and other2,009 81 1,92822 — 22
Total current assets held for sale$15,898 $4,680 $11,218 $15,574 $2,474 $13,100 
Property, plant, and equipment - natural gas$688,009 $308,239 $379,770 $679,502 $303,193 $376,309 
Construction work in progress3,441 1,287 2,154 2,959 1,085 1,874 
Less - accumulated depreciation and amortization(280,796)(141,851)(138,945)(276,388)(139,556)(136,832)
Other regulatory assets35,040 8,904 23,412 35,381 8,947 23,682 
Goodwill (a)6,403 — — 6,474 — — 
Pension and other postretirement assets14,916 — 19,724 14,663 — 19,499 
Other202 — 202 206 — 206 
Total non-current assets held for sale$467,215 $176,579 $286,317 $462,797 $173,669 $284,738 
Accounts payable$802 $802 $— $702 $702 $— 
Customer deposits6,017 1,809 4,208 6,214 1,984 4,230 
Taxes accrued1,284 1,268 16 13 13 — 
Other1,349 541 808 1,401 589 812 
Total current liabilities held for sale (b)
$9,452 $4,420 $5,032 $8,330 $3,288 $5,042 
Regulatory liability for income taxes - net$32,327 $5,418 $26,909 $31,575 $4,981 $26,594 
Other regulatory liabilities2,424 1,850 574 1,611 1,214 397 
Pension and other postretirement liabilities3,988 4,546 1,188 3,976 4,525 1,197 
Other3,610 1,110 2,500 3,844 1,194 2,650 
Total non-current liabilities held for sale (c)
$42,349 $12,924 $31,171 $41,006 $11,914 $30,838 

(a)    Goodwill is allocated to the natural gas distribution business based on its relative fair value compared to the retained portion of the reporting unit.
(b)    Included within other current liabilities on the respective consolidated balance sheets.
(c)    Included within other non-current liabilities on the respective consolidated balance sheets.

Entergy Louisiana and Entergy New Orleans will continue to recognize depreciation on the natural gas distribution businesses assets since they will continue to receive revenues through utility customer rates until the closing of the transaction, and because the final purchase price for the natural gas distribution businesses will be adjusted by an amount equal to that depreciation, among other adjustments.


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Entergy Corporation and Subsidiaries
Notes to Financial Statements
The pre-tax income for the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses, excluding interest and corporate allocations, included in Entergy’s, Entergy Louisiana’s, and Entergy New Orleans’s consolidated income statements for the three months ended March 31, 2025 and 2024 is as follows:
20252024
(In Thousands)
Entergy$22,016 $19,932 
Entergy Louisiana$9,775 $10,104 
Entergy New Orleans$12,241 $9,828 

________________

In the opinion of the management of Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring accruals and reclassification of previously reported amounts to conform to current classifications) necessary for a fair statement of the results for the interim periods presented.  Entergy’s business is subject to seasonal fluctuations, however, with peak periods occurring typically during the first and third quarters.  The results for the interim periods presented should not be used as a basis for estimating results of operations for a full year.

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Part I, Item 3. Quantitative and Qualitative Disclosures About Market Risk

See the “Market and Credit Risk Sensitive Instruments” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis.

Part I, Item 4. Controls and Procedures

Disclosure Controls and Procedures

As of March 31, 2025, evaluations were performed under the supervision and with the participation of Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy (each individually a “Registrant” and collectively the “Registrants”) management, including their respective Principal Executive Officers (PEO) and Principal Financial Officers (PFO). The evaluations assessed the effectiveness of the Registrants’ disclosure controls and procedures. Based on the evaluations, each PEO and PFO has concluded that, as to the Registrant or Registrants for which they serve as PEO or PFO, the Registrant’s or Registrants’ disclosure controls and procedures are effective to ensure that information required to be disclosed by each Registrant in reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms; and that the Registrant’s or Registrants’ disclosure controls and procedures are also effective in reasonably assuring that such information is accumulated and communicated to the Registrant’s or Registrants’ management, including their respective PEOs and PFOs, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

Under the supervision and with the participation of each Registrant’s management, including its respective PEO and PFO, each Registrant evaluated changes in internal control over financial reporting that occurred during the quarter ended March 31, 2025 and found no change that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.

66

ENTERGY ARKANSAS, LLC AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Results of Operations

Net Income

Entergy Arkansas had net income of $86.5 million for the three months ended March 31, 2025 compared to a net loss of $32.3 million for the three months ended March 31, 2024 primarily due to a $131.8 million ($99.1 million net-of-tax) charge to reflect the write-off of a previously recorded regulatory asset as a result of an adverse decision in the opportunity sales proceeding in March 2024. Also contributing to the net income were higher volume/weather and higher retail electric price, partially offset by higher depreciation and amortization expenses and higher interest expense. See Note 2 to the financial statements herein and in the Form 10-K for discussion of the opportunity sales proceeding.

Operating Revenues
Following is an analysis of the change in operating revenues comparing the three months ended March 31, 2025 to the three months ended March 31, 2024:
Amount
(In Millions)
2024 operating revenues$622.0 
Fuel, rider, and other revenues that do not significantly affect net income(59.6)
Retail electric price16.2 
Volume/weather34.9 
2025 operating revenues$613.5 

Entergy Arkansas’s results include revenues from rate mechanisms designed to recover fuel, purchased power, and other costs such that the revenues and expenses associated with these items generally offset and do not affect net income. “Fuel, rider, and other revenues that do not significantly affect net income” includes the revenue variance associated with these items.

The retail electric price variance is primarily due to an increase in formula rate plan rates effective January 2025. See Note 2 to the financial statements in the Form 10-K for discussion of the 2024 formula rate plan filing.

The volume/weather variance is primarily due to an increase in industrial usage and the effect of more favorable weather on residential sales. The increase in industrial usage is primarily due to an increase in demand from large industrial customers, primarily in the primary metals and technology industries, and an increase in demand from small industrial customers.


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Entergy Arkansas, LLC and Subsidiaries
Management's Financial Discussion and Analysis
Total electric energy sales for Entergy Arkansas for the three months ended March 31, 2025 and 2024 are as follows:
20252024% Change
(GWh)
Residential2,210 1,966 12 
Commercial1,260 1,280 (2)
Industrial2,542 2,268 12 
Governmental39 46 (15)
  Total retail 6,051 5,560 9 
Sales for resale:
  Associated companies536 462 16 
  Non-associated companies563 966 (42)
Total7,150 6,988 2 

See Note 12 to the financial statements herein for additional discussion of Entergy Arkansas’s operating revenues.

Other Income Statement Variances

Fuel, fuel-related expenses, and gas purchased for resale includes a credit of $9 million, recorded in first quarter 2024, for costs related to net metering. The costs were incurred in 2023 and included within Entergy Arkansas’s annual redetermination of its energy cost recovery rider filed in March 2024 due to a change in law in the state of Arkansas. See Note 2 to the financial statements in the Form 10-K for discussion of the March 2024 energy cost recovery rider filing.

Other operation and maintenance expenses decreased primarily due to a decrease of $4.1 million in power delivery expenses primarily due to lower scope of work performed in 2025 as compared to 2024 and contract costs of $2.9 million, in first quarter 2024, related to operational performance, customer service, and organizational health initiatives.

Asset write-offs includes a $131.8 million charge to reflect the write-off of a previously recorded regulatory asset as a result of an adverse decision in the opportunity sales proceeding in March 2024. See Note 2 to the financial statements herein and in the Form 10-K for discussion of the opportunity sales proceeding.

Depreciation and amortization expenses increased primarily due to additions to plant in service, including the Walnut Bend Solar facility, which was placed in service in September 2024, and the West Memphis Solar facility and the Driver Solar facility, which were placed in service in December 2024.

Entergy Arkansas records a regulatory charge or credit for the difference between asset retirement obligation-related expenses and nuclear decommissioning trust earnings plus asset retirement obligation-related costs collected in revenue.

Other income decreased primarily due to changes in decommissioning trust fund activity, including portfolio rebalancing of decommissioning trust funds in first quarter 2024.

Interest expense increased primarily due to the issuances of $400 million of 5.75% Series mortgage bonds and $400 million of 5.45% Series mortgage bonds, each in May 2024. The increase was partially offset by the repayment of $375 million of 3.70% Series mortgage bonds in June 2024.


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Management’s Financial Discussion and Analysis
Income Taxes

The effective income tax rate was 21% for the first quarter 2025. The accrual for state income taxes was offset by certain book and tax differences related to utility plant items and the amortization of excess state accumulated deferred income taxes as a result of tax rate changes.

The effective income tax rate was 24.8% for the first quarter 2024. The difference in the effective income tax rate for the first quarter 2024 versus the federal statutory rate of 21% was primarily due to certain book and tax differences related to utility plant items and the accrual for state income taxes, partially offset by the amortization of state accumulated deferred income taxes as a result of tax rate changes.

Income Tax Legislation and Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Income Tax Legislation and Regulation” in the Form 10-K for discussion of income tax legislation and regulation.

Liquidity and Capital Resources

Cash Flow

Cash flows for the three months ended March 31, 2025 and 2024 were as follows:
 20252024
 (In Thousands)
Cash and cash equivalents at beginning of period$4,747 $3,632 
Net cash provided by (used in):
Operating activities257,177 287,251 
Investing activities(161,111)(371,389)
Financing activities(45,753)126,073 
Net increase in cash and cash equivalents50,313 41,935 
Cash and cash equivalents at end of period$55,060 $45,567 

Operating Activities

Net cash flow provided by operating activities decreased $30.1 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to:

•the timing of recovery of fuel and purchased power costs. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of fuel and purchased power cost recovery;
•lower collections from customers; and
•higher fuel and purchased power payments.

Investing Activities

Net cash flow used in investing activities decreased $210.3 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to:

•the initial payment of approximately $169.7 million in February 2024 for the purchase of the Walnut Bend Solar facility;

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•a decrease of $27.5 million in information technology capital expenditures primarily due to decreased spending on various technology projects in 2025;
•a decrease of $27.4 million in transmission construction expenditures primarily due to decreased spending on various transmission projects in 2025; and
•net proceeds of $12.3 million in 2025 compared to net purchases of $11.2 million in 2024 as a result of fluctuations in nuclear fuel activity due to variations from year to year in the timing and pricing of fuel reload requirements, materials and services deliveries, and the timing of cash payments during the nuclear fuel cycle.

The decrease was partially offset by an increase of $21.3 million in distribution construction expenditures primarily due to higher capital expenditures for storm restoration in 2025 and an increase of $11.7 million in non-nuclear generation construction expenditures primarily due to a higher scope of work during plant outages performed in 2025 as compared to 2024.

See Note 14 to the financial statements in the Form 10-K for discussion of the Walnut Bend Solar facility purchase.

Financing Activities

Entergy Arkansas’s financing activities used $45.8 million of cash for the three months ended March 31, 2025 compared to providing $126.1 million of cash for the three months ended March 31, 2024 primarily due to the following activity:

•a capital contribution of approximately $275 million received from Entergy Corporation in 2024 in anticipation of upcoming expenditures, including the acquisition of the Walnut Bend Solar facility;
•the issuance of $70 million of 5.54% Series O notes by the Entergy Arkansas nuclear fuel company variable interest entity in March 2024;
•a decrease in net repayments of $53.1 million on the nuclear fuel company variable interest entity’s credit facility; and
•money pool activity.

Decreases in Entergy Arkansas’s payable to the money pool are a use of cash flow, and Entergy Arkansas’s payable to the money pool decreased $15.2 million for the three months ended March 31, 2025 compared to decreasing by $145.4 million for the three months ended March 31, 2024. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and other borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings.

See Note 4 to the financial statements herein and Note 5 to the financial statements in the Form 10-K for more details on long-term debt.

Capital Structure

Entergy Arkansas’s debt to capital ratio is shown in the following table.
March 31, 2025December 31, 2024
Debt to capital53.1 %53.6 %
Effect of subtracting cash(0.3 %)— %
Net debt to net capital (non-GAAP)52.8 %53.6 %

Net debt consists of debt less cash and cash equivalents.  Debt consists of short-term borrowings, finance lease obligations, and long-term debt, including the currently maturing portion.  Capital consists of debt and equity.  Net

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capital consists of capital less cash and cash equivalents.  Entergy Arkansas uses the debt to capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy Arkansas’s financial condition.  The net debt to net capital ratio is a non-GAAP measure. Entergy Arkansas also uses the net debt to net capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy Arkansas’s financial condition because net debt indicates Entergy Arkansas’s outstanding debt position that could not be readily satisfied by cash and cash equivalents on hand.

Uses and Sources of Capital

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources” in the Form 10-K for a discussion of Entergy Arkansas’s uses and sources of capital. The following are updates to the information provided in the Form 10-K.

Recent announcements of changes to international trade policy and tariffs and further similar changes may impact Entergy Arkansas’s business, operations, results of operations, and liquidity and capital resources. Potential impacts may include increases in costs associated with Entergy Arkansas’s capital investments or operations and maintenance expenses; operational impacts, such as supply chain, manufacturing or raw materials sourcing disruptions which may affect Entergy Arkansas’s ability to make planned capital investments as and when expected and needed; legal uncertainties, such as potential legal or other challenges to presidential tariff authority; or broader economic risks, including shifting customer demand, impacts on customer investment decisions, and volatile or uncertain credit and capital markets, which may affect Entergy Arkansas’s ability to access needed capital. The nature and extent of any such effects will depend on, among other things, the specifics of the changes that are ultimately implemented both domestically and internationally, the responses of vendors, suppliers, and other counterparties to those changes, indirect effects on the price and availability of non-tariffed goods, and the effectiveness of mitigation measures.

Entergy Arkansas’s receivables from or (payables to) the money pool were as follows:
March 31,
2025
December 31, 2024March 31,
2024		December 31, 2023
(In Thousands)
$9,608($15,190)$8,505($145,385)

See Note 4 to the financial statements in the Form 10-K for a description of the money pool.

Entergy Arkansas has a credit facility in the amount of $300 million scheduled to expire in June 2029. Entergy Arkansas also has a $25 million credit facility scheduled to expire in April 2026.  The $300 million credit facility includes fronting commitments for the issuance of letters of credit against $5 million of the borrowing capacity of the facility. As of March 31, 2025, there were no cash borrowings under either credit facility and no letters of credit outstanding under the $300 million credit facility. In addition, Entergy Arkansas is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations to MISO. As of March 31, 2025, $17.1 million in letters of credit were outstanding under Entergy Arkansas’s uncommitted letter of credit facility. See Note 4 to the financial statements herein for additional discussion of the credit facilities.

The Entergy Arkansas nuclear fuel company variable interest entity has a credit facility in the amount of $80 million scheduled to expire in June 2027.  As of March 31, 2025, there were $5.4 million in loans outstanding under the credit facility for the Entergy Arkansas nuclear fuel company variable interest entity. See Note 4 to the financial statements herein for discussion of the nuclear fuel company variable interest entity credit facility.


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Lake Catherine Unit 5

As discussed in the Form 10-K, in November 2024, Entergy Arkansas filed an application with the APSC seeking a certificate of environmental compatibility and public need for the construction and operation of Lake Catherine Unit 5, a 446 MW hydrogen-capable simple-cycle natural gas combustion turbine facility to be located at the existing Lake Catherine facility site in Hot Spring County, Arkansas. In December 2024 other parties, including the APSC general staff, filed testimony opposing the resource, although the APSC general staff recognized the capacity need for the resource. Entergy Arkansas filed testimony in January 2025 further supporting its application, and in February 2025 the opposing parties filed responsive rebuttal testimony continuing to dispute the estimated costs and to dispute that Entergy Arkansas performed a market solicitation sufficient to demonstrate that this resource is the most reasonable option for customers. Also in February 2025, Entergy Arkansas filed surrebuttal testimony responding to the opposing parties’ testimony. A hearing was held in March 2025, and in April 2025 the APSC issued an order approving certification of the facility. The order also provided a presumption of prudence finding with respect to a benchmark project cost, which excluded AFUDC and contingency among other items. Entergy Arkansas will have the opportunity to later present all actual costs to the APSC for review for a prudence determination, including any costs incremental to the benchmark. Entergy Arkansas is evaluating potential responses to the APSC order. Subject to receipt of required regulatory approval and other conditions, the facility is expected to be in service by the end of 2028.

State and Local Rate Regulation and Fuel-Cost Recovery

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – State and Local Rate Regulation and Fuel-Cost Recovery” in the Form 10-K for a discussion of state and local rate regulation and fuel-cost recovery.  The following are updates to that discussion.

Retail Rates

Grand Gulf Credit Rider

As discussed in the Form 10-K, in June 2024, Entergy Arkansas filed with the APSC a tariff to provide retail customers a credit resulting from the terms of the settlement agreement between Entergy Arkansas, System Energy, additional named Entergy parties, and the APSC pertaining to System Energy’s billings for wholesale sales of energy and capacity from the Grand Gulf nuclear plant. See “Complaints Against System Energy - System Energy Settlement with the APSC” in Note 2 to the financial statements in the Form 10-K for discussion of the System Energy settlement with the APSC. In July 2024 the APSC approved the tariff, under which Entergy Arkansas would refund to retail customers a total of $100.6 million. Entergy Arkansas refunded $92.3 million of the total through one-time bill credits under the Grand Gulf credit rider during the August 2024 billing cycle. In March 2025, Entergy Arkansas included the remaining balance as a credit to retail customers in its energy cost recovery rider rate redetermination filing. See further discussion within “Energy Cost Recovery Rider” below. In April 2025 the APSC approved Entergy Arkansas’s proposal to include the remaining balance in its energy cost recovery rider effective with the first billing cycle of April 2025 and the withdrawal of the Grand Gulf credit rider after all credits have been issued.

Energy Cost Recovery Rider

In March 2025, Entergy Arkansas filed its annual redetermination of its energy cost rate pursuant to the energy cost recovery rider, which reflected an increase in the rate from $0.00882 per kWh to $0.01333 per kWh. The annual redetermination included a credit related to the remaining balance due to retail customers from the System Energy settlement with the APSC, plus carrying charges and interest. See “Retail Rates - Grand Gulf Credit Rider” above for further discussion. The primary reason for the rate increase is an adjustment to account for projected increases in natural gas prices in 2025. This adjustment is expected to reduce the rate change that will be

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reflected in its 2026 energy cost rate redetermination. The redetermined rate of $0.01333 per kWh became effective with the first billing cycle in April 2025 through the normal operation of the tariff.

Opportunity Sales Proceeding

As discussed in the Form 10-K, in September 2020, Entergy Arkansas filed a complaint in the U.S. District Court for the Eastern District of Arkansas challenging the APSC’s denial of recovery of $135 million of payments to other Utility operating companies in December 2018 relating to off-system sales of electricity from 2002-2009, as ordered by the FERC. The complaint also involved a challenge to the $13.7 million, plus interest, of related refunds ordered by the APSC and paid by Entergy Arkansas in August 2020. The trial was held in February 2023.

In March 2024 the U.S. District Court for the Eastern District of Arkansas issued a judgment in favor of the APSC and against Entergy Arkansas. In March 2024 Entergy Arkansas filed a notice of appeal and a motion to expedite oral arguments with the United States Court of Appeals for the Eighth Circuit and the court granted the motion to expedite. As a result of the adverse decision by the U.S. District Court for the Eastern District of Arkansas, Entergy Arkansas concluded that it could no longer support the recognition of its $131.8 million regulatory asset reflecting the previously-expected recovery of a portion of the costs at issue in the opportunity sales proceeding and recorded a $131.8 million ($99.1 million net-of-tax) charge to earnings in first quarter 2024. In December 2024 the United States Court of Appeals for the Eighth Circuit affirmed the decision of the U.S. District Court for the Eastern District of Arkansas, and Entergy Arkansas filed a petition for rehearing en banc. In January 2025 the United States Court of Appeals for the Eighth Circuit denied Entergy Arkansas’s petition. In April 2025, Entergy Arkansas filed a petition for certiorari with the United States Supreme Court.

Generating Arkansas Jobs Act of 2025

In March 2025 the State of Arkansas passed the Generating Arkansas Jobs Act of 2025, now Act 373 (Act 373), that authorizes the recovery of financing costs during construction of generation and transmission investments through a rider separate from the formula rate plan. Act 373 also permits cost recovery of those investments when completed and in service, either through the next general rate case proceeding or under the formula rate plan. Act 373 streamlines and simplifies the regulatory approval process and provides increased timeliness and certainty of cost recovery.

Federal Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Federal Regulation” in the Form 10-K for a discussion of federal regulation.

Nuclear Matters

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Nuclear Matters” in the Form 10-K for a discussion of nuclear matters.

Environmental Risks

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Environmental Risks” in the Form 10-K for a discussion of environmental risks.

Critical Accounting Estimates

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Critical Accounting Estimates” in the Form 10-K for a discussion of the estimates and judgments necessary in Entergy Arkansas’s

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accounting for nuclear decommissioning costs, utility regulatory accounting, taxation and uncertain tax positions, qualified pension and other postretirement benefits, and other contingencies.

New Accounting Pronouncements

See the “New Accounting Pronouncements” section of Note 1 to the financial statements in the Form 10-K for a discussion of new accounting pronouncements and the “New Accounting Pronouncements” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis herein for updates to the discussion of new accounting pronouncements.

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ENTERGY ARKANSAS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
OPERATING REVENUES
Electric$613,511 $622,045 
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale47,559 106,439 
Purchased power64,947 52,320 
Nuclear refueling outage expenses10,581 14,088 
Other operation and maintenance171,518 178,041 
Asset write-offs— 131,775 
Decommissioning24,622 22,647 
Taxes other than income taxes35,981 36,224 
Depreciation and amortization113,268 102,991 
Other regulatory charges (credits) - net(5,117)48,619 
TOTAL463,359 693,144 
OPERATING INCOME (LOSS)150,152 (71,099)
OTHER INCOME
Allowance for equity funds used during construction4,262 5,532 
Interest and investment income13,579 72,760 
Miscellaneous - net(2,778)(3,581)
TOTAL15,063 74,711 
INTEREST EXPENSE
Interest expense57,743 49,265 
Allowance for borrowed funds used during construction(2,053)(2,699)
TOTAL55,690 46,566 
INCOME (LOSS) BEFORE INCOME TAXES109,525 (42,954)
Income taxes23,002 (10,674)
NET INCOME (LOSS)86,523 (32,280)
Net loss attributable to noncontrolling interest(1,191)(1,818)
EARNINGS (LOSS) APPLICABLE TO MEMBER'S EQUITY$87,714 ($30,462)
See Notes to Financial Statements.

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ENTERGY ARKANSAS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
OPERATING ACTIVITIES
Net income (loss)$86,523 ($32,280)
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization159,997 144,309 
Deferred income taxes, investment tax credits, and non-current taxes accrued38,647 8,754 
Asset write-offs— 131,775 
Changes in assets and liabilities:
Receivables20,884 27,640 
Fuel inventory(6,636)(289)
Accounts payable(10,943)(36,137)
Taxes accrued(1,370)4,735 
Interest accrued25,947 16,868 
Deferred fuel costs(42,248)18,179 
Other working capital accounts(1,447)13,059 
Provisions for estimated losses4,441 4,387 
Other regulatory assets10,149 197,825 
Other regulatory liabilities(47,940)21,357 
Pension and other postretirement funded status(13,269)(15,541)
Other assets and liabilities34,442 (217,390)
Net cash flow provided by operating activities257,177 287,251 
INVESTING ACTIVITIES
Construction expenditures(156,345)(180,227)
Allowance for equity funds used during construction4,262 5,532 
Payment for purchase of plant(1,282)(169,694)
Nuclear fuel purchases(28,000)(44,445)
Proceeds from sale of nuclear fuel40,260 33,213 
Proceeds from nuclear decommissioning trust fund sales23,272 204,049 
Investment in nuclear decommissioning trust funds(33,721)(211,342)
Changes in money pool receivable - net
(9,608)(8,505)
Decrease in other investments51 30 
Net cash flow used in investing activities(161,111)(371,389)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt17,607 179,937 
Retirement of long-term debt(34,905)(180,405)
Capital contribution from parent— 275,000 
Changes in money pool payable - net(15,190)(145,385)
Other(13,265)(3,074)
Net cash flow provided by (used in) financing activities(45,753)126,073 
Net increase in cash and cash equivalents50,313 41,935 
Cash and cash equivalents at beginning of period4,747 3,632 
Cash and cash equivalents at end of period$55,060 $45,567 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: 
Cash paid during the period for:
Interest - net of amount capitalized$31,134 $31,793 
Noncash investing activities:
Accrued construction expenditures$51,028 $35,791 
See Notes to Financial Statements.

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ENTERGY ARKANSAS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, 2025 and December 31, 2024
(Unaudited)
20252024
(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash$154 $1,306 
Temporary cash investments54,906 3,441 
Total cash and cash equivalents55,060 4,747 
Accounts receivable:
Customer153,929 139,234 
Allowance for doubtful accounts(4,947)(4,672)
Associated companies47,076 35,412 
Other57,008 70,927 
Accrued unbilled revenues102,383 125,824 
Total accounts receivable355,449 366,725 
Fuel inventory - at average cost56,573 49,937 
Materials and supplies394,613 384,238 
Deferred nuclear refueling outage costs37,611 48,879 
Prepayments and other45,215 41,404 
TOTAL944,521 895,930 
OTHER PROPERTY AND INVESTMENTS
Decommissioning trust funds1,571,159 1,604,428 
Other796 797 
TOTAL1,571,955 1,605,225 
UTILITY PLANT
Electric16,407,844 16,371,182 
Construction work in progress434,808 320,447 
Nuclear fuel200,749 257,533 
TOTAL UTILITY PLANT17,043,401 16,949,162 
Less - accumulated depreciation and amortization6,367,812 6,275,150 
UTILITY PLANT - NET10,675,589 10,674,012 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets1,689,961 1,700,110 
Other210,061 198,706 
TOTAL1,900,022 1,898,816 
TOTAL ASSETS$15,092,087 $15,073,983 
See Notes to Financial Statements.

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ENTERGY ARKANSAS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
March 31, 2025 and December 31, 2024
(Unaudited)
20252024
(In Thousands)
CURRENT LIABILITIES
Accounts payable:
Associated companies$39,988 $85,137 
Other219,594 210,040 
Customer deposits131,951 129,267 
Taxes accrued91,845 93,215 
Interest accrued64,324 38,377 
Deferred fuel costs2,910 45,158 
Other54,834 55,313 
TOTAL605,446 656,507 
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued1,529,054 1,489,169 
Accumulated deferred investment tax credits25,769 26,069 
Regulatory liability for income taxes - net420,275 417,561 
Other regulatory liabilities780,511 831,165 
Decommissioning1,716,205 1,691,583 
Accumulated provisions80,920 76,479 
Long-term debt5,107,853 5,122,494 
Other275,707 298,951 
TOTAL9,936,294 9,953,471 
Commitments and Contingencies
EQUITY
Member's equity4,536,551 4,448,837 
Noncontrolling interest13,796 15,168 
TOTAL4,550,347 4,464,005 
TOTAL LIABILITIES AND EQUITY$15,092,087 $15,073,983 
See Notes to Financial Statements.

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ENTERGY ARKANSAS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
Noncontrolling InterestMember's EquityTotal
(In Thousands)
Balance at December 31, 2023$21,599 $3,739,071 $3,760,670 
Net loss(1,818)(30,462)(32,280)
Capital contribution from parent— 275,000 275,000 
Distributions to noncontrolling interest(250)— (250)
Balance at March 31, 2024$19,531 $3,983,609 $4,003,140 
Balance at December 31, 2024$15,168 $4,448,837 $4,464,005 
Net income (loss)(1,191)87,714 86,523 
Distributions to noncontrolling interest(181)— (181)
Balance at March 31, 2025$13,796 $4,536,551 $4,550,347 
See Notes to Financial Statements.

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MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Results of Operations

Net Income

Net income increased $71.5 million primarily due to higher volume/weather and higher other income, partially offset by higher interest expense and higher depreciation and amortization expense.

Operating Revenues

Following is an analysis of the change in operating revenues comparing the first quarter 2025 to the first quarter 2024:
Amount
(In Millions)
2024 operating revenues$1,202.4 
Fuel, rider, and other revenues that do not significantly affect net income43.3 
Volume/weather33.3 
Retail electric price22.5 
2025 operating revenues$1,301.5 

Entergy Louisiana’s results include revenues from rate mechanisms designed to recover fuel, purchased power, and other costs such that the revenues and expenses associated with these items generally offset and do not affect net income. “Fuel, rider, and other revenues that do not significantly affect net income” includes the revenue variance associated with these items.

The volume/weather variance is primarily due to the effect of more favorable weather on residential sales and an increase in industrial usage. The increase in industrial usage is primarily due to an increase in demand from large industrial customers, primarily in the petroleum refining and chlor-alkali industries.

The retail electric price variance is primarily due to an increase in formula rate plan revenues, including an increase in the distribution recovery mechanism, effective September 2024, partially offset by decreases in formula rate plan revenues due to interim formula rate plan rate adjustments effective January 2025 and March 2025. See Note 2 to the financial statements herein and in the Form 10-K for discussion of the 2023 formula rate plan proceeding.


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Total electric energy sales for Entergy Louisiana for the three months ended March 31, 2025 and 2024 are as follows:
20252024% Change
(GWh)
Residential3,169 2,815 13 
Commercial2,432 2,455 (1)
Industrial8,533 7,761 10 
Governmental195 199 (2)
  Total retail 14,329 13,230 8 
Sales for resale:
  Associated companies1,448 1,258 15 
  Non-associated companies228 382 (40)
Total16,005 14,870 8 

See Note 12 to the financial statements herein for additional discussion of Entergy Louisiana’s operating revenues.

Other Income Statement Variances

Depreciation and amortization expenses increased primarily due to additions to plant in service and an increase in nuclear depreciation rates effective September 2024 in accordance with the global stipulated settlement agreement approved by the LPSC in August 2024. See Note 2 to the financial statements in the Form 10-K for discussion of the global stipulated settlement agreement.

Other income increased primarily due to higher interest earned on money pool investments, an increase in the allowance for equity funds used during construction due to higher construction work in progress in 2025, and an increase in the amortization of tax gross ups on customer advances for construction. The increase was partially offset by changes in decommissioning trust fund activity, including portfolio rebalancing of the River Bend decommissioning trust fund in first quarter 2024.

Interest expense increased primarily due to the issuance of $700 million of 5.15% Series mortgage bonds in August 2024 and the issuance of $750 million of 5.80% Series mortgage bonds in January 2025.

Income Taxes

The effective income tax rate was 17.5% for the first quarter 2025. The difference in the effective income tax rate for the first quarter 2025 versus the federal statutory rate of 21% was primarily due to the book and tax differences related to the non-taxable income distributions earned on preferred membership interests, book and tax differences related to the allowance for equity funds used during construction, and certain book and tax differences related to utility plant items, partially offset by the accrual for state income taxes.

The effective income tax rate was 17.6% for the first quarter 2024. The difference in the effective income tax rate for the first quarter 2024 versus the federal statutory rate of 21% was primarily due to the book and tax differences related to the non-taxable income distributions earned on preferred membership interests and certain book and tax differences related to utility plant items, partially offset by the accrual for state income taxes and the amortization of deficient state accumulated deferred income taxes as a result of tax rate changes.


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Income Tax Legislation and Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Income Tax Legislation and Regulation” in the Form 10-K for discussion of income tax legislation and regulation.

Sale of Natural Gas Distribution Business

See Note 13 to the financial statements herein and the “Held For Sale - Natural Gas Distribution Businesses” section in Note 14 to the financial statements in the Form 10-K discussion of the planned sale of Entergy Louisiana’s gas distribution business.

Liquidity and Capital Resources

Cash Flow

Cash flows for the three months ended March 31, 2025 and 2024 were as follows:
20252024
(In Thousands)
Cash and cash equivalents at beginning of period$327,102 $2,772 
Net cash provided by (used in):
Operating activities273,135 304,836 
Investing activities(696,217)(483,943)
Financing activities488,225 949,534 
Net increase in cash and cash equivalents65,143 770,427 
Cash and cash equivalents at end of period$392,245 $773,199 

Operating Activities

Net cash flow provided by operating activities decreased $31.7 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to higher fuel and purchased power payments and the timing of recovery of fuel and purchased power costs, the timing of payments to vendors, and an increase of $61.1 million in interest paid. The decrease was partially offset by higher collections from customers. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of fuel and purchased power cost recovery.

Investing Activities

Net cash flow used in investing activities increased $212.3 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to:

•an increase of $114.4 million in non-nuclear generation construction expenditures primarily due to higher spending on new generation resources in north Louisiana;
•an increase of $107.7 million in distribution construction expenditures primarily due to increased investment in the resilience of the distribution system and higher capital expenditures for storm restoration in 2025. The increase in storm restoration expenditures is primarily due to Hurricane Francine restoration efforts in 2025;
•an increase in cash used of $102.3 million as a result of fluctuations in nuclear fuel activity due to variations from year to year in the timing and pricing of fuel reload requirements, materials and services deliveries, and the timing of cash payments during the nuclear fuel cycle;

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•an increase of $88.6 million in nuclear construction expenditures primarily due to increased spending on various nuclear projects in 2025; and
•an increase of $53 million in transmission construction expenditures primarily due to increased spending on various transmission projects in 2025.

The increase was partially offset by:

•money pool activity;
•a decrease of $29.1 million in information technology capital expenditures primarily due to decreased spending on various technology projects in 2025; and
•the receipt of $33.5 million from the storm reserve escrow account in 2025. See Note 2 to the financial statements herein for a discussion of the storm reserve funds.

Increases in Entergy Louisiana’s receivable from the money pool are a use of cash flow, and Entergy Louisiana’s receivable from the money pool increased $39.1 million for the three months ended March 31, 2025 compared to increasing by $218.1 million for the three months ended March 31, 2024. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and other borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings.

Financing Activities

Net cash flow provided by financing activities decreased $461.3 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to:

•the issuances of $500 million of 5.35% Series mortgage bonds and $700 million of 5.70% Series mortgage bonds in March 2024;
•the repayment, prior to maturity, of $190 million of 3.78% Series mortgage bonds in March 2025;
•the repayment, prior to maturity, of $110 million of 3.78% Series mortgage bonds in March 2025; and
•a decrease of $35.5 million in advance payments from customers for construction related to transmission, distribution, and generator interconnection agreements.

The decrease was partially offset by:

•the issuance of $750 million of 5.80% Series mortgage bonds in January 2025;
•money pool activity;
•net long-term borrowings of $100 million in 2025 compared to net repayments of $6 million in 2024 on the nuclear fuel company variable interest entities’ credit facilities; and
•a decrease of $61.3 million in common equity distributions paid in 2025 in order to maintain Entergy Louisiana’s capital structure.

Decreases in Entergy Louisiana’s payable to the money pool are a use of cash flow, and Entergy Louisiana’s payable to the money pool decreased $156.2 million for the three months ended March 31, 2024.

See Note 4 to the financial statements herein and Note 5 to the financial statements in the Form 10-K for more details on long-term debt.


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Management’s Financial Discussion and Analysis
Capital Structure

Entergy Louisiana’s debt to capital ratio is shown in the following table. The increase in the debt to capital ratio for Entergy Louisiana is primarily due to the net issuance of long-term debt in 2025.
March 31, 2025December 31,
2024
Debt to capital46.9 %46.0 %
Effect of subtracting cash(1.0 %)(0.8 %)
Net debt to net capital (non-GAAP)45.9 %45.2 %

Net debt consists of debt less cash and cash equivalents. Debt consists of short-term borrowings, finance lease obligations, and long-term debt, including the currently maturing portion. Capital consists of debt and equity. Net capital consists of capital less cash and cash equivalents. Entergy Louisiana uses the debt to capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy Louisiana’s financial condition. The net debt to net capital ratio is a non-GAAP measure. Entergy Louisiana also uses the net debt to net capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy Louisiana’s financial condition because net debt indicates Entergy Louisiana’s outstanding debt position that could not be readily satisfied by cash and cash equivalents on hand.

Uses and Sources of Capital

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources” in the Form 10-K for a discussion of Entergy Louisiana’s uses and sources of capital. The following are updates to the information provided in the Form 10-K.

Recent announcements of changes to international trade policy and tariffs and further similar changes may impact Entergy Louisiana’s business, operations, results of operations, and liquidity and capital resources. Potential impacts may include increases in costs associated with Entergy Louisiana’s capital investments or operations and maintenance expenses; operational impacts, such as supply chain, manufacturing or raw materials sourcing disruptions which may affect Entergy Louisiana’s ability to make planned capital investments as and when expected and needed; legal uncertainties, such as potential legal or other challenges to presidential tariff authority; or broader economic risks, including shifting customer demand, impacts on customer investment decisions, and volatile or uncertain credit and capital markets, which may affect Entergy Louisiana’s ability to access needed capital. The nature and extent of any such effects will depend on, among other things, the specifics of the changes that are ultimately implemented both domestically and internationally, the responses of vendors, suppliers, and other counterparties to those changes, indirect effects on the price and availability of non-tariffed goods, and the effectiveness of mitigation measures.

Entergy Louisiana’s receivables from or (payables to) the money pool were as follows:
March 31, 2025December 31,
2024		March 31, 2024December 31,
2023
(In Thousands)
$71,805$32,668$218,098($156,166)

See Note 4 to the financial statements in the Form 10-K for a description of the money pool.

Entergy Louisiana has a credit facility in the amount of $400 million scheduled to expire in June 2029.  The credit facility includes fronting commitments for the issuance of letters of credit against $15 million of the borrowing capacity of the facility. As of March 31, 2025, there were no cash borrowings and no letters of credit

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outstanding under the credit facility.  In addition, Entergy Louisiana is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations to MISO. As of March 31, 2025, $56.2 million in letters of credit were outstanding under Entergy Louisiana’s uncommitted letter of credit facility. See Note 4 to the financial statements herein for additional discussion of the credit facilities.

The Entergy Louisiana nuclear fuel company variable interest entities have two separate credit facilities, each in the amount of $105 million and scheduled to expire in June 2027.  As of March 31, 2025, $72.3 million in loans were outstanding under the credit facility for the Entergy Louisiana River Bend nuclear fuel company variable interest entity and $65.3 million in loans were outstanding under the credit facility for the Entergy Louisiana Waterford nuclear fuel company variable interest entity. See Note 4 to the financial statements herein for additional discussion of the nuclear fuel company variable interest entity credit facilities.

Additional Generation and Transmission Resources

As discussed in the Form 10-K, in October 2024, Entergy Louisiana filed an application with the LPSC seeking approval of a variety of generation and transmission resources proposed in connection with establishing service to a new data center to be developed by a subsidiary of Meta Platforms, Inc. in north Louisiana, for which an electric service agreement has been executed. The filing requests LPSC certification of three new combined cycle combustion turbine generation resources totaling 2,262 MW, each of which will be enabled for future carbon capture and storage, a new 500 kV transmission line, and 500 kV substation upgrades. The application also requests approval to implement a corporate sustainability rider applicable to the new customer. The corporate sustainability rider contemplates the new customer contributing to the costs of the future addition of 1,500 MW of new solar and energy storage resources, agreements involving carbon capture and storage at Entergy Louisiana’s existing Lake Charles Power Station, and potential future wind and nuclear resources. Entergy Louisiana anticipates funding the incremental cost to serve the customer through direct financial contributions from the customer and the revenues it expects to earn under the electric service agreement. The electric service agreement also contains provisions for termination payments that will help ensure that there is no harm to Entergy Louisiana and its customers in the event of early termination. A directive was issued at the LPSC’s November 2024 meeting for the matter to be decided by October 2025. In February 2025 intervenors filed a motion asking the LPSC to deny Entergy Louisiana’s requested exemption from the LPSC’s order addressing competitive solicitation procedures and further asking the LPSC to dismiss the application. The ALJ issued an order denying the motion to dismiss the application and deferring the LPSC’s consideration of the motion regarding the competitive solicitation procedures until the hearing. In March 2025 the same intervenors filed a motion requesting the LPSC to require the customer and its parent company to be joined as parties to the proceeding or dismiss the application. In April 2025 the ALJ issued an order denying the March 2025 motion, and the moving parties filed a motion asking the LPSC to review and reverse the ALJ’s decision. In April 2025 the LPSC staff and intervenors filed direct testimony. The LPSC staff’s testimony discusses the significant projected benefits associated with the data center project and also recommends that the LPSC impose certain conditions on its approval, including a condition that would require, under specified circumstances, certain sharing of net revenues from service to the project with Entergy Louisiana’s other customers. The LPSC staff also recommends that the LPSC deny approval of the corporate sustainability rider terms providing for the customer to supply funding toward the cost of installing carbon capture and storage infrastructure at Entergy Louisiana’s Lake Charles Power Station. The Louisiana Energy Users Group and other intervenors recommended that the LPSC require various changes to the terms of the electric service agreement with the customer that would shift additional risk and cost to the customer rather than Entergy Louisiana’s broader customer base. Certain intervenors also challenged approval on the basis that Entergy Louisiana did not conduct a request for proposals to procure the proposed generation resources to serve the customer’s project; these intervenors also advocate that Entergy Louisiana be required to procure more renewable generation and evaluate transmission alternatives rather than proceeding with development of all of the proposed new generation resources. Entergy Louisiana’s rebuttal testimony is due in May 2025, and a hearing is set for July 2025.


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Management’s Financial Discussion and Analysis
Transmission Projects

As discussed in the Form 10-K, in March 2024, Entergy Louisiana filed an application with the LPSC seeking an exemption determination, or alternatively, a certificate of public convenience and necessity, for a transmission project that includes a new 500 kV/230 kV Commodore substation and an approximately 60-mile 230 kV line connecting the new Commodore substation to the Waterford substation. In February 2025, Entergy Louisiana and the LPSC staff jointly filed, for consideration by the LPSC, an uncontested stipulated settlement agreement resolving all issues in the proceeding. The LPSC approved the uncontested stipulated settlement agreement in March 2025 and thereby granted certification of the project.

As discussed in the Form 10-K, in December 2024, Entergy Louisiana filed an application with the LPSC seeking a certificate of public convenience and necessity for a 500 kV transmission project that includes the construction of a new 84-mile Commodore to Churchill 500 kV transmission line, the expansion of the Waterford 500 kV substation, the construction of a new Churchill 500 kV substation and improvements to the Churchill 230 kV substation, and the conversion of the existing 230 kV Waterford to Churchill transmission line to 500 kV, forming a 500 kV loop into the Downstream of Gypsy load pocket. In April 2025 the LPSC staff and the Louisiana Energy Users Group, an intervenor, filed direct testimony. The LPSC staff’s testimony recommends LPSC approval of the project. The Louisiana Energy Users Group’s testimony opines that Entergy Louisiana has shown that there is a need for additional transmission investment in the West Bank area of Amite South but recommends that the LPSC withhold approval pending further analysis, including analysis of potential lower cost alternatives to the proposed project, and also pending Entergy Louisiana demonstrating that it has contributions in aid of construction from the customers whose block load additions would be enabled by the proposed transmission project in amounts sufficient to substantially, if not fully, cover the revenue requirement of the proposed project. Discovery is ongoing in the proceeding, and a hearing is set for August 2025.

State and Local Rate Regulation and Fuel-Cost Recovery

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – State and Local Rate Regulation and Fuel Cost Recovery” in the Form 10-K for a discussion of state and local rate regulation and fuel-cost recovery. The following are updates to that discussion.

Retail Rates

2023 Formula Rate Plan Filing

As discussed in the Form 10-K, in August 2024, pursuant to the global stipulated settlement agreement, Entergy Louisiana filed its formula rate plan evaluation report for its 2023 calendar year operations. Consistent with the global stipulated settlement agreement, the filing reflected a 9.7% allowed return on common equity with a bandwidth of 40 basis points above and below the midpoint. For the 2023 test year, however, the bandwidth provisions of the formula rate plan are temporarily suspended and, pursuant to the terms of the global stipulated settlement agreement, Entergy Louisiana implemented the September 2024 formula rate plan rate adjustments effective with the first billing cycle of September 2024. In January 2025, Entergy Louisiana and the LPSC filed a joint report indicating that no disputed issues remained in the proceeding and requesting that the LPSC issue an order accepting Entergy Louisiana’s evaluation report and, ultimately, resolving this matter. In March 2025 the LPSC issued an order accepting the evaluation report.

In December 2024, pursuant to the terms of the global stipulated settlement agreement, Entergy Louisiana filed an interim rate adjustment for the 2023 test year reflecting the return of $25.1 million of refunds from the System Energy settlement with the LPSC to customers from January through August 2025. In February 2025, pursuant to the terms of the global stipulated settlement agreement, Entergy Louisiana filed a second interim rate adjustment for the 2023 test year reflecting the divestiture of Entergy Louisiana’s share of Grand Gulf capacity and energy, which was effective as of January 1, 2025. The second interim rate adjustment also reflected a revenue

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Management’s Financial Discussion and Analysis
increase of $17.8 million for the recovery of Hurricane Francine costs as approved by the LPSC (on an interim basis). The second interim rate adjustment was implemented with the first billing cycle of March 2025. See further discussion of the Hurricane Francine proceeding in Note 2 to the financial statements herein. See Note 8 to the financial statements in the Form 10-K for discussion of Entergy Louisiana’s divestiture from the Unit Power Sales Agreement.

Fuel and purchased power cost recovery

As discussed in the Form 10-K, in January 2023 the LPSC staff provided notice of an audit of Entergy Louisiana’s purchased gas adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through Entergy Louisiana’s purchased gas adjustment clause for the period from 2021 through 2022. In April 2025 the LPSC staff issued its audit report (for Entergy Louisiana’s gas operations), which included several prospective recommendations but no financial disallowances. The next procedural step is for the LPSC to review the report; however there is no deadline for completion of the LPSC’s review.

Storm Cost Recovery

In March 2025, Entergy Louisiana filed an application asking that the LPSC issue an order establishing a presumption, in future proceedings involving Entergy Louisiana’s petition for a financing order allowing securitization of storm costs, that the LPSC will enter a decision on the request for a financing order within 120 days from the date of the filing of the petition, while preserving the LPSC’s jurisdiction to complete its full prudence review. A procedural schedule has not been set.

Industrial and Commercial Customers

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Industrial and Commercial Customers” in the Form 10-K for a discussion of industrial and commercial customers.
Federal Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Federal Regulation” in the Form 10-K for a discussion of federal regulation.

Nuclear Matters

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Nuclear Matters” in the Form 10-K for a discussion of nuclear matters.

Environmental Risks

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Environmental Risks” in the Form 10-K for a discussion of environmental risks.

Critical Accounting Estimates

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Critical Accounting Estimates” in the Form 10-K for a discussion of the estimates and judgments necessary in Entergy Louisiana’s accounting for nuclear decommissioning costs, utility regulatory accounting, taxation and uncertain tax positions, qualified pension and other postretirement benefits, and other contingencies.


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Management’s Financial Discussion and Analysis
New Accounting Pronouncements

See the “New Accounting Pronouncements” section of Note 1 to the financial statements in the Form 10-K for a discussion of new accounting pronouncements and the “New Accounting Pronouncements” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis herein for updates to the discussion of new accounting pronouncements.

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ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
OPERATING REVENUES
Electric$1,271,946 $1,172,793 
Natural gas29,601 29,647 
TOTAL1,301,547 1,202,440 
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale213,852 240,087 
Purchased power261,788 200,280 
Nuclear refueling outage expenses18,371 17,513 
Other operation and maintenance258,037 260,979 
Decommissioning19,417 19,664 
Taxes other than income taxes66,221 69,839 
Depreciation and amortization197,622 189,544 
Other regulatory charges (credits) - net(47,233)(8,354)
TOTAL988,075 989,552 
OPERATING INCOME313,472 212,888 
OTHER INCOME
Allowance for equity funds used during construction15,206 7,285 
Interest and investment income1,088 62,963 
Interest and investment income - affiliated76,571 80,404 
Miscellaneous - net17,071 (47,175)
TOTAL109,936 103,477 
INTEREST EXPENSE
Interest expense121,334 97,195 
Allowance for borrowed funds used during construction(6,185)(2,477)
TOTAL115,149 94,718 
INCOME BEFORE INCOME TAXES308,259 221,647 
Income taxes54,062 38,924 
NET INCOME254,197 182,723 
Net income attributable to noncontrolling interests752 795 
EARNINGS APPLICABLE TO MEMBER'S EQUITY$253,445 $181,928 
See Notes to Financial Statements.


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ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
Net Income$254,197 $182,723 
Other comprehensive loss
Pension and other postretirement adjustment (net of tax benefit of $1,884, and $746)
(971)(2,024)
Other comprehensive loss(971)(2,024)
Comprehensive Income253,226 180,699 
Net income attributable to noncontrolling interests752 795 
Comprehensive Income Applicable to Member’s Equity$252,474 $179,904 
See Notes to Financial Statements.


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ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
OPERATING ACTIVITIES
Net income$254,197 $182,723 
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization235,886 226,874 
Deferred income taxes, investment tax credits, and non-current taxes accrued154,018 126,334 
Changes in working capital:
Receivables(30,919)39,860 
Fuel inventory2,458 4,236 
Accounts payable(15,853)(109,430)
Prepaid taxes and taxes accrued(57,828)(26,684)
Interest accrued(47,251)(9,995)
Deferred fuel costs(120,941)6,940 
Other working capital accounts(6,688)(101,798)
Changes in provisions for estimated losses(25,824)5,497 
Changes in other regulatory assets65,140 11,834 
Changes in other regulatory liabilities(101,039)51,414 
Changes in pension and other postretirement funded status(10,612)(12,466)
Other(21,609)(90,503)
Net cash flow provided by operating activities273,135 304,836 
INVESTING ACTIVITIES
Construction expenditures(658,846)(327,980)
Allowance for equity funds used during construction15,206 7,285 
Proceeds from sale of assets366 — 
Nuclear fuel purchases(112,379)(48,914)
Proceeds from sale of nuclear fuel— 38,790 
Payments to storm reserve escrow account(2,728)(3,299)
Receipt from storm reserve escrow account33,456 — 
Redemption of preferred membership interests of affiliate88,022 85,027 
Proceeds from nuclear decommissioning trust fund sales158,694 149,334 
Investment in nuclear decommissioning trust funds(178,871)(166,123)
Changes in money pool receivable - net(39,137)(218,098)
Decrease in other investments— 35 
Net cash flow used in investing activities(696,217)(483,943)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt1,088,338 1,693,150 
Retirement of long-term debt(551,009)(513,009)
Change in money pool payable - net— (156,166)
Common equity distributions paid(36,250)(97,500)
Other(12,854)23,059 
Net cash flow provided by financing activities488,225 949,534 
Net increase in cash and cash equivalents65,143 770,427 
Cash and cash equivalents at beginning of period327,102 2,772 
Cash and cash equivalents at end of period$392,245 $773,199 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized$166,286 $105,176 
Noncash investing activities:
Accrued construction expenditures$251,166 $84,035 
See Notes to Financial Statements.

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ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, 2025 and December 31, 2024
(Unaudited)
20252024
(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash$211 $327 
Temporary cash investments392,034 326,775 
Total cash and cash equivalents392,245 327,102 
Accounts receivable:
Customer329,591 294,089 
Allowance for doubtful accounts(3,148)(3,036)
Associated companies153,893 103,055 
Other40,755 39,056 
Accrued unbilled revenues195,155 213,026 
Total accounts receivable716,246 646,190 
Deferred fuel costs113,571 — 
Fuel inventory - at average cost46,957 49,515 
Materials and supplies680,242 782,459 
Deferred nuclear refueling outage costs44,786 31,121 
Prepaid taxes30,081 — 
Current assets held for sale4,680 2,474 
Prepayments and other181,405 84,236 
TOTAL2,210,213 1,923,097 
OTHER PROPERTY AND INVESTMENTS
Investment in affiliate preferred membership interests4,168,974 4,256,997 
Decommissioning trust funds2,378,235 2,429,088 
Non-utility property - at cost (less accumulated depreciation)453,908 410,611 
Storm reserve escrow account225,990 256,718 
Other9,831 9,749 
TOTAL7,236,938 7,363,163 
UTILITY PLANT
Electric29,010,385 28,736,547 
Natural gas34,133 33,775 
Construction work in progress1,217,409 761,090 
Nuclear fuel350,069 288,084 
TOTAL UTILITY PLANT30,611,996 29,819,496 
Less - accumulated depreciation and amortization10,894,148 10,794,817 
UTILITY PLANT - NET19,717,848 19,024,679 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets1,572,870 1,637,967 
Deferred fuel costs168,122 168,122 
Non-current assets held for sale176,579 173,669 
Other76,176 57,853 
TOTAL1,993,747 2,037,611 
TOTAL ASSETS$31,158,746 $30,348,550 
See Notes to Financial Statements.

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ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
March 31, 2025 and December 31, 2024
(Unaudited)
20252024
(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt$250,000 $300,000 
Accounts payable:
Associated companies64,963 108,688 
Other669,116 533,087 
Customer deposits170,677 169,544 
Taxes accrued— 29,002 
Interest accrued72,935 120,186 
Deferred fuel costs— 5,421 
Customer advances150,967 151,662 
Other92,939 96,426 
TOTAL1,471,597 1,514,016 
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued2,649,356 2,477,954 
Accumulated deferred investment tax credits87,553 88,679 
Regulatory liability for income taxes - net343,434 355,432 
Other regulatory liabilities1,602,433 1,692,547 
Decommissioning1,861,362 1,842,855 
Accumulated provisions253,799 279,623 
Pension and other postretirement liabilities155,012 160,577 
Long-term debt10,155,643 9,566,453 
Customer advances for construction281,334 291,842 
Other481,753 479,178 
TOTAL17,871,679 17,235,140 
Commitments and Contingencies
EQUITY
Member’s equity
11,720,213 11,503,030 
Accumulated other comprehensive income52,687 53,658 
Noncontrolling interests42,570 42,706 
TOTAL11,815,470 11,599,394 
TOTAL LIABILITIES AND EQUITY$31,158,746 $30,348,550 
See Notes to Financial Statements.

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ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
Noncontrolling InterestsMember’s
Equity		Accumulated
Other
Comprehensive
Income		Total
(In Thousands)
Balance at December 31, 2023$45,107 $11,473,614 $54,798 $11,573,519 
Net income795 181,928 — 182,723 
Other comprehensive loss— — (2,024)(2,024)
Non-cash contribution from parent— 976 — 976 
Common equity distributions— (97,500)— (97,500)
Distributions to LURC(858)— — (858)
Other— (43)— (43)
Balance at March 31, 2024$45,044 $11,558,975 $52,774 $11,656,793 
Balance at December 31, 2024$42,706 $11,503,030 $53,658 $11,599,394 
Net income752 253,445 — 254,197 
Other comprehensive loss— — (971)(971)
Common equity distributions — (36,250)— (36,250)
Distributions to LURC(888)— — (888)
Other— (12)— (12)
Balance at March 31, 2025$42,570 $11,720,213 $52,687 $11,815,470 
See Notes to Financial Statements.

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ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Results of Operations

Net Income

Net income increased $19.4 million primarily due to higher retail electric price and higher volume/weather, partially offset by a regulatory charge, recorded in the first quarter 2025, to reflect an adjustment to the grid modernization over/under recovery deferral balance.

Operating Revenues

Following is an analysis of the change in operating revenues comparing the first quarter 2025 to the first quarter 2024:
Amount
(In Millions)
2024 operating revenues$414.9 
Fuel, rider, and other revenues that do not significantly affect net income(34.3)
Retail electric price24.1 
Volume/weather19.0 
2025 operating revenues$423.7 

Entergy Mississippi’s results include revenues from rate mechanisms designed to recover fuel, purchased power, and other costs such that the revenues and expenses associated with these items generally offset and do not affect net income. “Fuel, rider, and other revenues that do not significantly affect net income” includes the revenue variance associated with these items.

The retail electric price variance is primarily due to increases in formula rate plan rates effective April 2024 and July 2024 and an increase in the interim facilities rate adjustment revenues effective January 2025. See Note 2 to the financial statements herein and in the Form 10-K for discussion of the 2024 formula rate plan filings, including the interim facilities rate adjustment.

The volume/weather variance is primarily due to an increase in industrial usage and the effect of more favorable weather on residential sales. The increase in industrial usage is primarily due to an increase in demand from large industrial customers, primarily from new customers in the technology industry, and an increase in demand from small industrial customers.


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Management’s Financial Discussion and Analysis
Total electric energy sales for Entergy Mississippi for the three months ended March 31, 2025 and 2024 are as follows:
20252024% Change
(GWh)
Residential1,311 1,186 11 
Commercial1,002 963 4 
Industrial526 494 6 
Governmental89 87 2 
  Total retail 2,928 2,730 7 
Sales for resale:
  Non-associated companies694 1,988 (65)
Total3,622 4,718 (23)

See Note 12 to the financial statements herein for additional discussion of Entergy Mississippi’s operating revenues.

Other Income Statement Variances

Other operation and maintenance expenses increased primarily due to an increase of $4.2 million in storm damage provisions and an increase of $3.5 million in power delivery expenses primarily due to higher vegetation maintenance costs. See Note 2 to the financial statements in the Form 10-K for discussion of Entergy Mississippi’s storm damage mitigation and restoration rider.

Taxes other than income taxes increased primarily due to increases in ad valorem taxes resulting from higher assessments.

Other regulatory charges (credits) – net includes a regulatory charge of $21 million, recorded in first quarter 2025, to reflect an adjustment to the grid modernization over/under recovery deferral balance.

Other income increased primarily due to an increase in the amortization of tax gross ups on customer advances for construction and an increase in the allowance for equity funds used during construction due to higher construction in progress in 2025.

Interest expense increased primarily due to carrying costs on customer advances for construction and the issuance of $300 million of 5.85% Series mortgage bonds in May 2024.

Income Taxes

The effective income tax rates were 24.1% for the first quarter 2025 and 22.2% for the first quarter 2024. The differences in the effective income tax rates for the first quarter 2025 and the first quarter 2024 versus the federal statutory rate of 21% were primarily due to the accrual for state income taxes, partially offset by certain book and tax differences related to utility plant items.

Income Tax Legislation and Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Income Tax Legislation and Regulation” in the Form 10-K for discussion of income tax legislation and regulation.


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Management’s Financial Discussion and Analysis
Liquidity and Capital Resources

Cash Flow

Cash flows for the three months ended March 31, 2025 and 2024 were as follows:
20252024
(In Thousands)
Cash and cash equivalents at beginning of period$155,693 $6,630 
Net cash provided by (used in):
Operating activities120,105 34,401 
Investing activities(432,064)(112,436)
Financing activities754,423 73,530 
Net increase (decrease) in cash and cash equivalents442,464 (4,505)
Cash and cash equivalents at end of period$598,157 $2,125 

Operating Activities

Net cash flow provided by operating activities increased $85.7 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to the receipt of $108.4 million in advance payments related to customer agreements and higher collections from customers, including $25 million of deferred revenue. The increase was partially offset by:

•the timing of recovery of fuel and purchased power costs. See Note 2 to the financial statements in the Form 10-K for a discussion of fuel and purchased power cost recovery;
•the timing of payments to vendors; and
•higher fuel and purchased power payments.

Investing Activities

Net cash flow used in investing activities increased $319.6 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to an increase of $239 million in non-nuclear generation construction expenditures primarily due to higher spending on the Delta Blues Advanced Power Station project, the Penton Solar project, and other non-nuclear generation projects and money pool activity.

Increases in Entergy Mississippi’s receivable from the money pool are a use of cash flow, and Entergy Mississippi’s receivable from the money pool increased $94.3 million for the three months ended March 31, 2025. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and other borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings.

Financing Activities

Net cash flow provided by financing activities increased $680.9 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to:

•the issuance of $600 million of 5.80% Series mortgage bonds in March 2025;
•an increase of $107.6 million in advance payments from customers for construction related to transmission, distribution, and generator interconnection agreements;

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•a capital contribution of $62.5 million received from Entergy Corporation in order to maintain Entergy Mississippi’s capital structure; and
•money pool activity.

The increase was partially offset by borrowings of $100 million in 2024 on Entergy Mississippi’s credit facility.

Decreases in Entergy Mississippi’s payable to the money pool are a use of cash flow, and Entergy Mississippi’s payable to the money pool decreased by $17.5 million for the three months ended March 31, 2024.

See Note 4 to the financial statements herein and Note 5 to the financial statements in the Form 10-K for more details on long-term debt.

Capital Structure

Entergy Mississippi’s debt to capital ratio is shown in the following table. The increase in the debt to capital ratio for Entergy Mississippi is primarily due to net issuance of long-term debt in 2025.
March 31, 2025December 31, 2024
Debt to capital54.7 %50.4 %
Effect of subtracting cash(5.4 %)(1.6 %)
Net debt to net capital (non-GAAP)49.3 %48.8 %

Net debt consists of debt less cash and cash equivalents. Debt consists of short-term borrowings, finance lease obligations, and long-term debt, including the currently maturing portion. Capital consists of debt and equity. Net capital consists of capital less cash and cash equivalents. Entergy Mississippi uses the debt to capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy Mississippi’s financial condition. The net debt to net capital ratio is a non-GAAP measure. Entergy Mississippi uses the net debt to net capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy Mississippi’s financial condition because net debt indicates Entergy Mississippi’s outstanding debt position that could not be readily satisfied by cash and cash equivalents on hand.

Uses and Sources of Capital

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources” in the Form 10-K for a discussion of Entergy Mississippi’s uses and sources of capital. The following are updates to the information provided in the Form 10-K.

Recent announcements of changes to international trade policy and tariffs and further similar changes may impact Entergy Mississippi’s business, operations, results of operations, and liquidity and capital resources. Potential impacts may include increases in costs associated with Entergy Mississippi’s capital investments or operations and maintenance expenses; operational impacts, such as supply chain, manufacturing or raw materials sourcing disruptions which may affect Entergy Mississippi’s ability to make planned capital investments as and when expected and needed; legal uncertainties, such as potential legal or other challenges to presidential tariff authority; or broader economic risks, including shifting customer demand, impacts on customer investment decisions, and volatile or uncertain credit and capital markets, which may affect Entergy Mississippi’s ability to access needed capital. The nature and extent of any such effects will depend on, among other things, the specifics of the changes that are ultimately implemented both domestically and internationally, the responses of vendors, suppliers, and other counterparties to those changes, indirect effects on the price and availability of non-tariffed goods, and the effectiveness of mitigation measures.


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Management’s Financial Discussion and Analysis
Entergy Mississippi’s receivables from or (payables to) the money pool were as follows:
March 31, 2025December 31, 2024March 31, 2024December 31, 2023
(In Thousands)
$109,532$15,218($56,220)($73,769)

See Note 4 to the financial statements in the Form 10-K for a description of the money pool.

Entergy Mississippi has a credit facility in the amount of $300 million scheduled to expire in June 2029. The credit facility includes fronting commitments for the issuance of letters of credit against $5 million of the borrowing capacity of the facility. As of March 31, 2025, there were no cash borrowings and no letters of credit outstanding under the credit facility. In addition, Entergy Mississippi is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations to MISO and for other purposes. As of March 31, 2025, $31.3 million in MISO letters of credit and $1.3 million in non-MISO letters of credit were outstanding under this facility. See Note 4 to the financial statements herein for additional discussion of the credit facilities.

State and Local Rate Regulation and Fuel-Cost Recovery

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - State and Local Rate Regulation and Fuel-Cost Recovery” in the Form 10-K for a discussion of state and local rate regulation and fuel-cost recovery. The following are updates to that discussion.

Retail Rates

2025 Formula Rate Plan Filing

In February 2025, Entergy Mississippi submitted its formula rate plan 2025 test year filing and 2024 look-back filing showing Entergy Mississippi’s earned return on rate base for the historical 2024 calendar year to be within the formula rate plan bandwidth and projected earned return for the 2025 calendar year to also be within the formula rate plan bandwidth. The 2025 test year filing resulted in an earned return on rate base of 7.64% and reflected no change in formula rate plan revenues. The 2024 look-back filing compared actual 2024 results to the approved benchmark return on rate base and reflected no change in formula rate plan revenues, although Entergy Mississippi proposes to adjust interim rates by $135 thousand to reflect two outside-the-bandwidth changes: (1) the completion of Entergy Mississippi’s return to customers of credits under its restructuring credit rider; and (2) a true-up of demand side management costs. A final order is expected in second quarter 2025.

Interim Facilities Rate Adjustments

In May 2024, Entergy Mississippi received approval from the MPSC for formula rate plan revisions that were necessary for Entergy Mississippi to comply with state legislation passed in January 2024. The legislation allows Entergy Mississippi to make interim rate adjustments to recover the non-fuel related annual ownership cost of certain facilities that directly or indirectly provide service to customers who own certain data processing center projects as specified in the legislation. Entergy Mississippi filed the first of its annual interim facilities rate adjustment reports in May 2024 to recover approximately $8.7 million of these costs over a six-month period with rates effective beginning in July 2024. Entergy Mississippi filed its second interim facilities rate adjustment report in November 2024 to recover approximately $46.7 million of these costs over a 12-month period with rates effective beginning in January 2025. In February 2025, Entergy Mississippi filed a true-up interim facilities rate adjustment report to the initial annual interim facilities rate adjustment report filed in May 2024, reflecting the recovery of an additional approximately $1.0 million of costs over a 12-month period with rates effective with the first billing cycle of April 2025.


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Federal Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Federal Regulation” in the Form 10-K for a discussion of federal regulation.

Nuclear Matters

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Nuclear Matters” in the Form 10-K for a discussion of nuclear matters.

Environmental Risks

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Environmental Risks” in the Form 10-K for a discussion of environmental risks.

Critical Accounting Estimates

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Critical Accounting Estimates” in the Form 10-K for a discussion of the estimates and judgments necessary in Entergy Mississippi’s accounting for utility regulatory accounting, taxation and uncertain tax positions, qualified pension and other postretirement benefits, and other contingencies.

New Accounting Pronouncements

See the “New Accounting Pronouncements” section of Note 1 to the financial statements in the Form 10-K for a discussion of new accounting pronouncements and the “New Accounting Pronouncements” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis herein for updates to the discussion of new accounting pronouncements.

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ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
OPERATING REVENUES
Electric$423,709 $414,856 
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale26,051 117,850 
Purchased power87,511 67,655 
Other operation and maintenance78,800 71,206 
Taxes other than income taxes43,510 38,310 
Depreciation and amortization67,984 65,917 
Other regulatory charges (credits) - net35,587 (6,491)
TOTAL339,443 354,447 
OPERATING INCOME84,266 60,409 
OTHER INCOME
Allowance for equity funds used during construction5,270 1,918 
Interest and investment income2,317 193 
Miscellaneous - net4,094 (1,621)
TOTAL11,681 490 
INTEREST EXPENSE
Interest expense36,180 26,397 
Allowance for borrowed funds used during construction(2,016)(747)
TOTAL34,164 25,650 
INCOME BEFORE INCOME TAXES61,783 35,249 
Income taxes14,917 7,817 
NET INCOME 46,866 27,432 
Net loss attributable to noncontrolling interest(2,479)(2,302)
EARNINGS APPLICABLE TO MEMBER'S EQUITY$49,345 $29,734 
See Notes to Financial Statements.

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ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
OPERATING ACTIVITIES
Net income$46,866 $27,432 
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization67,984 65,917 
Deferred income taxes, investment tax credits, and non-current taxes accrued(42,852)(9,162)
Changes in assets and liabilities:
Receivables12,853 36,151 
Fuel inventory2,142 (1,012)
Accounts payable(33,483)(15,691)
Taxes accrued(45,531)(75,046)
Interest accrued16,507 5,960 
Deferred fuel costs(46,363)28,337 
Other working capital accounts75,700 (6,853)
Provisions for estimated losses(2,411)(977)
Other regulatory assets38,417 (3,166)
Other regulatory liabilities11,034 (2,701)
Pension and other postretirement funded status
(3,654)(6,014)
Other assets and liabilities22,896 (8,774)
Net cash flow provided by operating activities120,105 34,401 
INVESTING ACTIVITIES
Construction expenditures(342,980)(114,260)
Allowance for equity funds used during construction5,270 1,918 
Change in money pool receivable - net(94,314)— 
Increase in other investments(40)(94)
Net cash flow used in investing activities(432,064)(112,436)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt593,201 99,860 
Capital contribution from parent62,500 — 
Change in money pool payable - net— (17,549)
Other98,722 (8,781)
Net cash flow provided by financing activities754,423 73,530 
Net increase (decrease) in cash and cash equivalents442,464 (4,505)
Cash and cash equivalents at beginning of period155,693 6,630 
Cash and cash equivalents at end of period$598,157 $2,125 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized$19,084 $19,838 
Income taxes$— $2,353 
Noncash investing activities:
Accrued construction expenditures$129,085 $43,943 
See Notes to Financial Statements.

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ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, 2025 and December 31, 2024
(Unaudited)
 20252024
 (In Thousands)
CURRENT ASSETS  
Cash and cash equivalents:  
Cash$141 $184 
Temporary cash investments598,016 155,509 
Total cash and cash equivalents598,157 155,693 
Accounts receivable:  
Customer109,059 97,609 
Allowance for doubtful accounts(2,074)(2,172)
Associated companies116,538 23,909 
Other12,121 25,148 
Accrued unbilled revenues66,051 75,740 
Total accounts receivable301,695 220,234 
Fuel inventory - at average cost12,821 14,963 
Materials and supplies113,838 113,256 
Prepayments and other51,825 19,764 
TOTAL1,078,336 523,910 
OTHER PROPERTY AND INVESTMENTS  
Non-utility property - at cost (less accumulated depreciation)4,478 4,482 
Other920 880 
TOTAL5,398 5,362 
UTILITY PLANT  
Electric7,916,942 7,860,409 
Construction work in progress739,110 487,273 
TOTAL UTILITY PLANT8,656,052 8,347,682 
Less - accumulated depreciation and amortization2,551,210 2,511,091 
UTILITY PLANT - NET6,104,842 5,836,591 
DEFERRED DEBITS AND OTHER ASSETS  
Regulatory assets:  
Other regulatory assets487,430 525,847 
Other104,509 97,260 
TOTAL591,939 623,107 
TOTAL ASSETS$7,780,515 $6,988,970 
See Notes to Financial Statements.  

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ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
March 31, 2025 and December 31, 2024
(Unaudited)
 20252024
 (In Thousands)
CURRENT LIABILITIES  
Accounts payable:  
Associated companies$53,243 $58,087 
Other248,751 283,755 
Customer deposits96,819 94,009 
Taxes accrued133,493 179,024 
Interest accrued37,174 20,667 
Deferred fuel costs79,953 126,316 
Customer advances106,494 — 
Other19,493 20,720 
TOTAL775,420 782,578 
NON-CURRENT LIABILITIES  
Accumulated deferred income taxes and taxes accrued831,951 870,116 
Accumulated deferred investment tax credits13,340 13,446 
Regulatory liability for income taxes - net178,278 180,851 
Other regulatory liabilities73,151 59,544 
Asset retirement cost liabilities25,460 25,110 
Accumulated provisions44,789 47,200 
Long-term debt3,020,618 2,427,073 
Customer advances for construction212,028 112,618 
Other87,126 61,446 
TOTAL4,486,741 3,797,404 
Commitments and Contingencies  
EQUITY  
Member's equity2,512,631 2,400,786 
Noncontrolling interest5,723 8,202 
TOTAL2,518,354 2,408,988 
TOTAL LIABILITIES AND EQUITY$7,780,515 $6,988,970 
See Notes to Financial Statements.  

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ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
 Noncontrolling InterestMember's EquityTotal
 (In Thousands)
Balance at December 31, 2023$18,753 $2,189,461 $2,208,214 
Net income (loss)(2,302)29,734 27,432 
Balance at March 31, 2024$16,451 $2,219,195 $2,235,646 
Balance at December 31, 2024$8,202 $2,400,786 $2,408,988 
Net income (loss)(2,479)49,345 46,866 
Capital contribution from parent— 62,500 62,500 
Balance at March 31, 2025$5,723 $2,512,631 $2,518,354 
See Notes to Financial Statements.

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ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Results of Operations

Net Income

Entergy New Orleans had net income of $12.1 million for the three months ended March 31, 2025 compared to a net loss of $49.0 million for the three months ended March 31, 2024 primarily due to a $78.5 million ($57.4 million net-of-tax) regulatory charge, recorded in first quarter 2024, primarily to reflect a settlement in principle between Entergy New Orleans and the City Council in April 2024 for additional sharing with customers of income tax benefits from the resolution of the 2016-2018 IRS audit. Also contributing to the net income were lower other operation and maintenance expenses, partially offset by higher interest expense. See Note 3 to the financial statements in the Form 10-K for discussion of the April 2024 settlement in principle and discussion of the resolution of the 2016-2018 IRS audit.

Operating Revenues

Following is an analysis of the change in operating revenues comparing the first quarter 2025 to the first quarter 2024:
Amount
(In Millions)
2024 operating revenues$193.0 
Fuel, rider, and other revenues that do not significantly affect net income(18.1)
Retail electric price1.7 
Volume/weather4.5 
2025 operating revenues$181.1 

Entergy New Orleans’s results include revenues from rate mechanisms designed to recover fuel, purchased power, and other costs such that the revenues and expenses associated with these items generally offset and do not affect net income. “Fuel, rider, and other revenues that do not significantly affect net income” includes the revenue variance associated with these items.

The retail electric price variance is primarily due to an increase in formula rate plan rates effective September 2024 in accordance with the terms of the 2024 formula rate plan filing. See Note 2 to the financial statements in the Form 10-K for discussion of the formula rate plan filing.

The volume/weather variance is primarily due to the effect of more favorable weather on residential sales, partially offset by a decrease in weather-adjusted residential usage.


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Total electric energy sales for Entergy New Orleans for the three months ended March 31, 2025 and 2024 are as follows:
20252024% Change
(GWh)
Residential534 480 11 
Commercial439 443 (1)
Industrial72 85 (15)
Governmental174 177 (2)
  Total retail 1,219 1,185 3 
Sales for resale:
  Non-associated companies97 505 (81)
Total1,316 1,690 (22)

See Note 12 to the financial statements herein for additional discussion of Entergy New Orleans’s operating revenues.

Other Income Statement Variances

Other operation and maintenance expenses decreased primarily due to:

•a decrease of $1.5 million in loss provisions;
•a decrease of $1.4 million in costs recognized related to credits provided to customers as part of the rate mitigation plan approved in the settlement of the 2023 formula rate plan filing. See Note 2 to the financial statements in the Form 10-K for discussion of the formula rate plan filing; and
•contract costs of $0.8 million, in first quarter 2024, related to operational performance, customer service, and organizational health initiatives.

Other regulatory charges (credits) - net includes a regulatory charge of $78.5 million, recorded in first quarter 2024, primarily to reflect a settlement in principle between Entergy New Orleans and the City Council in April 2024 for additional sharing with customers of income tax benefits from the resolution of the 2016-2018 IRS audit. See Note 3 to the financial statements in the Form 10-K for discussion of the April 2024 settlement in principle and discussion of the resolution of the 2016-2018 IRS audit.

Interest expense increased primarily due to higher carrying costs related to higher regulatory liability balances and the issuances of $65 million of 6.41% Series mortgage bonds, $50 million of 6.54% Series mortgage bonds, and $35 million of 6.25% Series mortgage bonds, each in May 2024, partially offset by the repayment of an $85 million unsecured term loan in June 2024.

Income Taxes

The effective income tax rate was 23.6% for the first quarter 2025. The difference in the effective income tax rate for the first quarter 2025 versus the federal statutory rate of 21% was primarily due to the accrual for state income taxes, partially offset by certain book and tax differences related to utility plant items.

The effective income tax rate was 28.3% for the first quarter 2024. The difference in the effective income tax rate for the first quarter 2024 versus the federal statutory rate of 21% was primarily due to the accrual for state income taxes.


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Income Tax Legislation and Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Income Tax Legislation and Regulation” in the Form 10-K for discussion of income tax legislation and regulation.

Sale of Natural Gas Distribution Business

See Note 13 to the financial statements herein and the “Held For Sale - Natural Gas Distribution Businesses” section in Note 14 to the financial statements in the Form 10-K for discussion of the planned sale of Entergy New Orleans’s gas distribution business.

Liquidity and Capital Resources

Cash Flow

Cash flows for the three months ended March 31, 2025 and 2024 were as follows:
20252024
(In Thousands)
Cash and cash equivalents at beginning of period$31,777 $26 
Net cash provided by (used in):
Operating activities2,589 9,139 
Investing activities(21,851)(36,893)
Financing activities1,411 27,754 
Net decrease in cash and cash equivalents(17,851)— 
Cash and cash equivalents at end of period$13,926 $26 

Operating Activities

Net cash flow provided by operating activities decreased $6.6 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to lower collections from customers, partially offset by the timing of payments to vendors.

Investing Activities

Net cash flow used in investing activities decreased $15.0 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to net receipts of $9.5 million from the storm reserve escrow account in 2025 compared to payments of $1.9 million to the storm reserve escrow account in 2024.

Financing Activities

Net cash flow provided by financing activities decreased $26.3 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to the repayment, at maturity, of $78 million of 3.00% Series mortgage bonds in March 2025 and money pool activity. The decrease was partially offset by proceeds received in March 2025 from an $80 million unsecured term loan due March 2026.

Increases in Entergy New Orleans’s payable to the money pool are a source of cash flow, and Entergy New Orleans’s payable to the money pool increased $28.1 million for the three months ended March 31, 2024. The money pool is an intercompany cash management program that makes possible intercompany borrowing and

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lending arrangements, and the money pool and other borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings.

See Note 4 to the financial statements herein and Note 5 to the financial statements in the Form 10-K for more details on long-term debt.

Capital Structure

Entergy New Orleans’s debt to capital ratio is shown in the following table.
March 31,
2025		December 31,
2024
Debt to capital51.2 %51.5 %
Effect of subtracting cash(0.5 %)(1.1 %)
Net debt to net capital (non-GAAP)50.7 %50.4 %

Net debt consists of debt less cash and cash equivalents. Debt consists of short-term borrowings, finance lease obligations, long-term debt, including the currently maturing portion, and the long-term payable due to an associated company. Capital consists of debt and equity. Net capital consists of capital less cash and cash equivalents. Entergy New Orleans uses the debt to capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy New Orleans’s financial condition. The net debt to net capital ratio is a non-GAAP measure. Entergy New Orleans also uses the net debt to net capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy New Orleans’s financial condition because net debt indicates Entergy New Orleans’s outstanding debt position that could not be readily satisfied by cash and cash equivalents on hand.

Uses and Sources of Capital

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources” in the Form 10-K for a discussion of Entergy New Orleans’s uses and sources of capital. The following are updates to the information provided in the Form 10-K.

Recent announcements of changes to international trade policy and tariffs and further similar changes may impact Entergy New Orleans’s business, operations, results of operations, and liquidity and capital resources. Potential impacts may include increases in costs associated with Entergy New Orleans’s capital investments or operations and maintenance expenses; operational impacts, such as supply chain, manufacturing or raw materials sourcing disruptions which may affect Entergy New Orleans’s ability to make planned capital investments as and when expected and needed; legal uncertainties, such as potential legal or other challenges to presidential tariff authority; or broader economic risks, including shifting customer demand, impacts on customer investment decisions, and volatile or uncertain credit and capital markets, which may affect Entergy New Orleans’s ability to access needed capital. The nature and extent of any such effects will depend on, among other things, the specifics of the changes that are ultimately implemented both domestically and internationally, the responses of vendors, suppliers, and other counterparties to those changes, indirect effects on the price and availability of non-tariffed goods, and the effectiveness of mitigation measures.


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Management’s Financial Discussion and Analysis
Entergy New Orleans’s receivables from or (payables to) the money pool were as follows:
March 31,
2025		December 31,
2024		March 31,
2024		December 31,
2023
(In Thousands)
$2,549$3,146($49,776)($21,651)

See Note 4 to the financial statements in the Form 10-K for a description of the money pool.

Entergy New Orleans has a credit facility in the amount of $25 million scheduled to expire in June 2027. The credit facility includes fronting commitments for the issuance of letters of credit against $10 million of the borrowing capacity of the facility. As of March 31, 2025, there were no cash borrowings and no letters of credit outstanding under the credit facility. In addition, Entergy New Orleans is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations to MISO. As of March 31, 2025, a $0.5 million letter of credit was outstanding under Entergy New Orleans’s uncommitted letter of credit facility. See Note 4 to the financial statements herein for additional discussion of the credit facilities.

State and Local Rate Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – State and Local Rate Regulation” in the Form 10-K for a discussion of state and local rate regulation. The following is an update to that discussion.

Retail Rates

2025 Formula Rate Plan Filing

In April 2025, Entergy New Orleans submitted to the City Council its formula rate plan 2024 test year filing. The 2024 evaluation report produced an electric earned return on equity of 10.98% and a gas earned return on equity of 8.96% compared to the authorized return on equity for each of 9.35%. Without adjustments, this would result in a decrease in electric rates of $13.8 million and no change in gas rates. The decrease in electric rates is driven by the realignment of regulatory liabilities into the formula from a separate rate mechanism, partially offset by the cost of known and measurable electric capital additions. The filing also commences the previously authorized recovery of certain regulatory costs and requests a revenue-neutral recovery to offset a proposed reduction in bill payment late fees. Taking into account these proposed adjustments, the filing presents a decrease in authorized electric revenues of $8.6 million and an increase in authorized gas revenues of $0.5 million. The filing is subject to a 75-day review period, followed by a 25-day period to resolve any disputes among the parties. For any disputed rate adjustments, however, the City Council would set a procedural schedule to resolve. Resulting rates will be effective with the first billing cycle of September 2025 pursuant to the formula rate plan tariff.

Federal Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Federal Regulation” in the Form 10-K for a discussion of federal regulation.

Nuclear Matters

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Nuclear Matters” in the Form 10-K for a discussion of nuclear matters.


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Environmental Risks

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Environmental Risks” in the Form 10-K for a discussion of environmental risks.

Critical Accounting Estimates

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Critical Accounting Estimates” in the Form 10-K for a discussion of the estimates and judgments necessary in Entergy New Orleans’s accounting for utility regulatory accounting, taxation and uncertain tax positions, qualified pension and other postretirement benefits, and other contingencies.

New Accounting Pronouncements

See the “New Accounting Pronouncements” section of Note 1 to the financial statements in the Form 10-K for a discussion of new accounting pronouncements and the “New Accounting Pronouncements” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis herein for updates to the discussion of new accounting pronouncements.

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ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
OPERATING REVENUES
Electric$138,925 $156,941 
Natural gas42,130 36,020 
TOTAL181,055 192,961 
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale12,363 30,825 
Purchased power67,741 60,382 
Other operation and maintenance38,658 43,332 
Taxes other than income taxes14,893 15,422 
Depreciation and amortization21,845 20,914 
Other regulatory charges (credits) - net(3,430)81,520 
TOTAL152,070 252,395 
OPERATING INCOME (LOSS)28,985 (59,434)
OTHER INCOME
Allowance for equity funds used during construction306 378 
Interest and investment income434 141 
Miscellaneous - net(579)(29)
TOTAL161 490 
INTEREST EXPENSE
Interest expense13,475 9,526 
Allowance for borrowed funds used during construction(167)(157)
TOTAL13,308 9,369 
INCOME (LOSS) BEFORE INCOME TAXES15,838 (68,313)
Income taxes3,739 (19,333)
NET INCOME (LOSS)$12,099 ($48,980)
See Notes to Financial Statements.


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ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
OPERATING ACTIVITIES
Net income (loss)$12,099 ($48,980)
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Depreciation and amortization21,845 20,914 
Deferred income taxes, investment tax credits, and non-current taxes accrued(31,821)(25,534)
Changes in assets and liabilities:
Receivables10,089 (89,009)
Fuel inventory156 638 
Accounts payable(10,252)(19,282)
Prepaid taxes and taxes accrued35,139 8,632 
Interest accrued2,436 1,132 
Deferred fuel costs(10,659)369 
Other working capital accounts(12,165)(10,924)
Provisions for estimated losses(10,339)1,758 
Other regulatory assets6,058 9,257 
Other regulatory liabilities(11,514)166,532 
Pension and other postretirement funded status(2,637)(1,896)
Other assets and liabilities4,154 (4,468)
Net cash flow provided by operating activities2,589 9,139 
INVESTING ACTIVITIES
Construction expenditures(32,915)(32,418)
Allowance for equity funds used during construction306 378 
Change in money pool receivable - net597 — 
Receipt from storm reserve escrow account10,333 — 
Payments to storm reserve escrow account(870)(1,877)
Changes in securitization account698 (2,976)
Net cash flow used in investing activities(21,851)(36,893)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt79,717 — 
Retirement of long-term debt(78,000)— 
Change in money pool payable - net— 28,125 
Other(306)(371)
Net cash flow provided by financing activities1,411 27,754 
Net decrease in cash and cash equivalents(17,851)— 
Cash and cash equivalents at beginning of period31,777 26 
Cash and cash equivalents at end of period$13,926 $26 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized$10,795 $8,047 
Noncash investing activities:
Accrued construction expenditures$3,550 $4,941 
See Notes to Financial Statements.

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ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, 2025 and December 31, 2024
(Unaudited)
20252024
(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash$34 $374 
Temporary cash investments13,892 31,403 
Total cash and cash equivalents13,926 31,777 
Securitization recovery trust account913 1,611 
Accounts receivable: 
Customer67,888 65,731 
Allowance for doubtful accounts(6,343)(6,735)
Associated companies4,440 5,844 
Other3,733 9,467 
Accrued unbilled revenues27,199 33,296 
Total accounts receivable96,917 107,603 
Deferred fuel costs11,918 — 
Fuel inventory - at average cost1,251 320 
Materials and supplies28,244 25,516 
Current assets held for sale11,218 13,100 
Prepayments and other19,834 12,128 
TOTAL184,221 192,055 
OTHER PROPERTY AND INVESTMENTS
Storm reserve escrow account74,279 83,742 
Other832 832 
TOTAL75,111 84,574 
UTILITY PLANT
Electric2,156,506 2,160,165 
Natural gas43,396 43,279 
Construction work in progress36,501 18,269 
TOTAL UTILITY PLANT2,236,403 2,221,713 
Less - accumulated depreciation and amortization778,749 768,305 
UTILITY PLANT - NET1,457,654 1,453,408 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets127,473 133,261 
Deferred fuel costs4,080 4,080 
Non-current assets held for sale286,317 284,738 
Other74,782 71,037 
TOTAL492,652 493,116 
TOTAL ASSETS$2,209,638 $2,223,153 
See Notes to Financial Statements.

118
ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
March 31, 2025 and December 31, 2024
(Unaudited)
20252024
(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt$80,000 $78,000 
Payable due to associated company1,140 1,140 
Accounts payable:
Associated companies44,413 45,479 
Other35,249 43,750 
Customer deposits28,905 28,834 
Taxes accrued43,909 8,786 
Interest accrued11,107 8,671 
Deferred fuel costs— 980 
Other14,096 14,427 
TOTAL258,819 230,067 
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued170,511 201,541 
Accumulated deferred investment tax credits15,591 15,617 
Regulatory liability for income taxes - net14,934 15,000 
Other regulatory liabilities248,372 260,312 
Accumulated provisions79,954 90,293 
Long-term debt650,351 650,463 
Long-term payable due to associated company5,864 5,864 
Other55,542 56,395 
TOTAL1,241,119 1,295,485 
Commitments and Contingencies
EQUITY
Member's equity709,700 697,601 
TOTAL709,700 697,601 
TOTAL LIABILITIES AND EQUITY$2,209,638 $2,223,153 
See Notes to Financial Statements.

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ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBER'S EQUITY
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
 Member's Equity
 (In Thousands)
Balance at December 31, 2023$806,754 
Net loss(48,980)
Balance at March 31, 2024$757,774 
Balance at December 31, 2024$697,601 
Net income12,099 
Balance at March 31, 2025$709,700 
See Notes to Financial Statements. 

120

ENTERGY TEXAS, INC. AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Results of Operations

Net Income

Net income increased $30.1 million primarily due to higher volume/weather, higher retail electric price, and higher other income, partially offset by higher interest expense and higher taxes other than income taxes.

Operating Revenues

Following is an analysis of the change in operating revenues comparing the first quarter 2025 to the first quarter 2024:
Amount
(In Millions)
2024 operating revenues
$444.5 
Fuel, rider, and other revenues that do not significantly affect net income(35.8)
Retail electric price11.2 
Volume/weather22.0 
2025 operating revenues
$441.9 

Entergy Texas’s results include revenues from rate mechanisms designed to recover fuel, purchased power, and other costs such that the revenues and expenses associated with these items generally offset and do not affect net income. “Fuel, rider, and other revenues that do not significantly affect net income” includes the revenue variance associated with these items.

The retail electric price variance is primarily due to the implementation of the distribution cost recovery factor rider effective with the first billing cycle in October 2024 and an increase in the distribution cost recovery factor rider effective in late December 2024. See Note 2 to the financial statements in the Form 10-K for discussion of the distribution cost recovery factor rider filings.

The volume/weather variance is primarily due to the effect of more favorable weather on residential sales, an increase in weather-adjusted residential usage, and an increase in commercial usage. The increase in weather-adjusted residential usage and the increase in commercial usage are primarily due to an increase in customers.


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Entergy Texas, Inc. and Subsidiaries
Management’s Financial Discussion and Analysis
Total electric energy sales for Entergy Texas for the three months ended March 31, 2025 and 2024 are as follows:
2025
2024
% Change
(GWh)
Residential1,559 1,311 19 
Commercial1,110 1,083 2 
Industrial2,160 2,053 5 
Governmental63 63 — 
  Total retail 4,892 4,510 8 
Sales for resale:
  Non-associated companies52 117 (56)
Total4,944 4,627 7 

See Note 12 to the financial statements herein for additional discussion of Entergy Texas’s operating revenues.

Other Income Statement Variances

Other operation and maintenance expenses decreased primarily due to contract costs of $2.0 million, in first quarter 2024, related to operational performance, customer service, and organizational health initiatives and a decrease of $1.9 million in non-nuclear generation expenses primarily due to a lower scope of work performed in 2025 as compared to 2024.

Taxes other than income taxes increased primarily due to increases in ad valorem taxes resulting from higher assessments.

Depreciation and amortization expenses decreased primarily due to the recognition of $13.8 million in depreciation expense in first quarter 2024 for the 2022 base rate case relate back period, effective over six months beginning January 2024. The recognition of depreciation expense for the relate back period was effective over the same period as collections from the relate back surcharge rider and resulted in no effect on net income. See Note 2 to the financial statements in the Form 10-K for discussion of the 2022 base rate case. The decrease was partially offset by additions to plant in service.

Other income increased primarily due to an increase in the allowance for equity funds used during construction due to higher construction work in progress in 2025, including the Orange County Advanced Power Station project and the Legend Power Station project.

Interest expense increased primarily due to:

•the issuance of $350 million of 5.55% Series mortgage bonds in August 2024;
•carrying costs of $3.4 million, recorded in first quarter 2025, related to the interim fuel refund. The recognition of carrying costs is effective over the same period as the interim fuel refund and results in no effect on net income. See Note 2 to the financial statements in the Form 10-K for discussion of the interim fuel refund; and
•the issuance of $500 million of 5.25% Series mortgage bonds in February 2025.

The increase was partially offset by an increase in the allowance for borrowed funds used during construction due to higher construction work in progress in 2025, including the Orange County Advanced Power Station project and the Legend Power Station project.


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Table of Contents
Entergy Texas, Inc. and Subsidiaries
Management’s Financial Discussion and Analysis
Income Taxes

The effective income tax rate was 15.6% for the first quarter 2025. The difference in the effective income tax rate for the first quarter 2025 versus the federal statutory rate of 21% was primarily due to book and tax differences related to the allowance for equity funds used during construction and certain book and tax differences related to utility plant items.

The effective income tax rate was 19.1% for the first quarter 2024. The difference in the effective income tax rate for the first quarter 2024 versus the federal statutory rate of 21% was primarily due to book and tax differences related to the allowance for equity funds used during construction and certain book and tax differences related to utility plant items, partially offset by the accrual for state income taxes.

Income Tax Legislation and Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Income Tax Legislation and Regulation” in the Form 10-K for discussion of income tax legislation and regulation.

Liquidity and Capital Resources

Cash Flow

Cash flows for the three months ended March 31, 2025 and 2024 were as follows:
20252024
(In Thousands)
Cash and cash equivalents at beginning of period$184,997 $21,986 
Net cash provided by (used in):
Operating activities61,794 110,907 
Investing activities(440,985)34,303 
Financing activities492,329 10,740 
Net increase in cash and cash equivalents113,138 155,950 
Cash and cash equivalents at end of period$298,135 $177,936 

Operating Activities

Net cash flow provided by operating activities decreased $49.1 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to the timing of recovery of fuel and purchased power costs, an increase of $38.7 million in interest paid, higher fuel and purchased power payments, and lower collections from customers. The decrease was partially offset by the timing of payments to vendors. See Note 2 to the financial statements in the Form 10-K for a discussion of fuel and purchased power cost recovery.

Investing Activities

Entergy Texas’s investing activities used $441.0 million of cash for the three months ended March 31, 2025 compared to providing $34.3 million of cash for the three months ended March 31, 2024 primarily due to the following activity:

•money pool activity;
•an increase of $131.5 million in non-nuclear generation construction expenditures primarily due to higher spending on the Legend Power Station project and the Orange County Advanced Power Station project;

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Entergy Texas, Inc. and Subsidiaries
Management’s Financial Discussion and Analysis
•an increase of $52 million in transmission construction expenditures primarily due to increased spending on various transmission projects in 2025 and higher capital expenditures as a result of increased development in Entergy Texas’s service area; and
•a decrease of $17.9 million in information technology capital expenditures primarily due to decreased spending on various technology projects in 2025.

Increases in Entergy Texas’s receivable from the money pool are a use of cash flow, and Entergy Texas’s receivable from the money pool increased $36.2 million for the three months ended March 31, 2025 compared to decreasing by $267.6 million for the three months ended March 31, 2024. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and other borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings.

Financing Activities

Net cash flow provided by financing activities increased $481.6 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to the issuance of $500 million of 5.25% Series mortgage bonds in February 2025, partially offset by a decrease of $12.4 million in advance payments from customers for construction related to transmission, distribution, and generator interconnection agreements. See Note 4 to the financial statements herein and Note 5 to the financial statements in the Form 10-K for more details on long-term debt.

Capital Structure

Entergy Texas’s debt to capital ratio is shown in the following table. The increase in the debt to capital ratio for Entergy Texas is primarily due to the net issuance of long-term debt in 2025.
March 31,
2025		December 31, 2024
Debt to capital54.4 %51.6 %
Effect of excluding securitization bonds(1.6 %)(1.7 %)
Debt to capital, excluding securitization bonds (non-GAAP) (a)52.8 %49.9 %
Effect of subtracting cash(2.0 %)(1.5 %)
Net debt to net capital, excluding securitization bonds (non-GAAP) (a)50.8 %48.4 %

(a)Calculation excludes the securitization bonds, which are non-recourse to Entergy Texas.

Net debt consists of debt less cash and cash equivalents.  Debt consists of finance lease obligations and long-term debt, including the currently maturing portion.  Capital consists of debt and equity.  Net capital consists of capital less cash and cash equivalents.  The debt to capital ratio excluding securitization bonds and net debt to net capital ratio excluding securitization bonds are non-GAAP measures. Entergy Texas uses the debt to capital ratios excluding securitization bonds in analyzing its financial condition and believes they provide useful information to its investors and creditors in evaluating Entergy Texas’s financial condition because the securitization bonds are non-recourse to Entergy Texas, as more fully described in Note 5 to the financial statements in the Form 10-K.  Entergy Texas also uses the net debt to net capital ratio excluding securitization bonds in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating Entergy Texas’s financial condition because net debt indicates Entergy Texas’s outstanding debt position that could not be readily satisfied by cash and cash equivalents on hand.


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Table of Contents
Entergy Texas, Inc. and Subsidiaries
Management’s Financial Discussion and Analysis
Uses and Sources of Capital

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources” in the Form 10-K for a discussion of Entergy Texas’s uses and sources of capital. The following are updates to the information provided in the Form 10-K.

Recent announcements of changes to international trade policy and tariffs and further similar changes may impact Entergy Texas’s business, operations, results of operations, and liquidity and capital resources. Potential impacts may include increases in costs associated with Entergy Texas’s capital investments or operations and maintenance expenses; operational impacts, such as supply chain, manufacturing or raw materials sourcing disruptions which may affect Entergy Texas’s ability to make planned capital investments as and when expected and needed; legal uncertainties, such as potential legal or other challenges to presidential tariff authority; or broader economic risks, including shifting customer demand, impacts on customer investment decisions, and volatile or uncertain credit and capital markets, which may affect Entergy Texas’s ability to access needed capital. The nature and extent of any such effects will depend on, among other things, the specifics of the changes that are ultimately implemented both domestically and internationally, the responses of vendors, suppliers, and other counterparties to those changes, indirect effects on the price and availability of non-tariffed goods, and the effectiveness of mitigation measures.

Entergy Texas’s receivables from the money pool were as follows:
March 31,
2025		December 31, 2024March 31,
2024		December 31, 2023
(In Thousands)
$54,681$18,504$50,244$317,882

See Note 4 to the financial statements in the Form 10-K for a description of the money pool.

Entergy Texas has a credit facility in the amount of $300 million scheduled to expire in June 2029.  The credit facility includes fronting commitments for the issuance of letters of credit against $25 million of the borrowing capacity of the facility. As of March 31, 2025, there were no cash borrowings and $1.1 million in letters of credit outstanding under the credit facility.  In addition, Entergy Texas is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations to MISO. As of March 31, 2025, $105.4 million in letters of credit were outstanding under Entergy Texas’s uncommitted letter of credit facility. See Note 4 to the financial statements herein for additional discussion of the credit facilities.

Legend Power Station and Lone Star Power Station

As discussed in the Form 10-K, in June 2024, Entergy Texas filed an application seeking PUCT approval to amend Entergy Texas’s certificate of convenience and necessity to construct, own, and operate the Legend Power Station, a 754 MW combined-cycle combustion turbine facility, which will be enabled for future carbon capture and storage and for hydrogen co-firing optionality, to be located in Jefferson County, Texas, and the Lone Star Power Station, a 453 MW simple-cycle combustion turbine facility, which will be enabled with hydrogen co-firing optionality, to be located in Liberty County, Texas. A hearing on the merits was held in April 2025. Also in April 2025, Entergy Texas, intervenors, and the PUCT staff filed initial briefs. In its initial brief, the PUCT staff recommends denial of Entergy Texas’s application or, in the alternative, approval subject to conditions that include a prudence review by an external consultant if actual project costs exceed estimated costs by more than 10%, transmission cost reporting, and weatherization of both the Legend Power Station and the Lone Star Power Station. Certain intervenors requested that the PUCT impose various conditions upon the approval of the resources, including, among others, cost recovery limitations, a direction that Entergy Texas initiate a competitive tariff proceeding to facilitate industrial sleeving, a requirement for additional regulatory approvals related to hydrogen or carbon capture and storage implementation, limits on the recovery of supplemental filing costs, and calculation of

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Management’s Financial Discussion and Analysis
AFUDC based on an adjusted weighted average cost of capital. Reply briefs are due in May 2025. A PUCT decision is expected in third quarter 2025. Subject to receipt of required regulatory approval and other conditions, both facilities are expected to be in service by mid-2028.

SETEX Area Reliability Project

In February 2025, Entergy Texas filed an application seeking PUCT approval to amend Entergy Texas’s certificate of convenience and necessity to construct, own, and operate a new single-circuit 500 kV transmission line and associated stations and 138/230 kV facilities. The transmission line is expected to be approximately 131 to 160 miles in length and the estimated cost of the project ranges from $1.3 billion to $1.5 billion, depending upon the route ultimately approved by the PUCT. Also in February 2025 the PUCT referred the proceeding to the State Office of Administrative Hearings. In March 2025 the ALJs with the State Office of Administrative Hearings adopted a procedural schedule with a hearing on the merits to be held in May 2025. A PUCT decision is expected in third quarter 2025. Subject to receipt of required regulatory approval and other conditions and approvals, construction of the project is expected to be completed by the end of 2029.

State and Local Rate Regulation and Fuel-Cost Recovery

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - State and Local Rate Regulation and Fuel-Cost Recovery” in the Form 10-K for a discussion of state and local rate regulation and fuel-cost recovery. The following are updates to that discussion.

Retail Rates

Distribution Cost Recovery Factor (DCRF) Rider

In April 2025, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The proposed rider is designed to collect from Entergy Texas’s retail customers approximately $77.8 million annually, or $29.3 million in incremental annual revenues beyond Entergy Texas’s currently effective DCRF rider based on its capital invested in distribution between July 1, 2024 and December 31, 2024, including distribution-related restoration costs associated with Hurricane Beryl.

Transmission Cost Recovery Factor (TCRF) Rider

As discussed in the Form 10-K, in October 2024, Entergy Texas filed with the PUCT a request to amend its TCRF rider, which was previously reset to zero in June 2023 as a result of the 2022 base rate case. The amended rider was designed to collect from Entergy Texas’s retail customers approximately $9.7 million annually based on its capital invested in transmission between January 1, 2022 and June 30, 2024 and changes in other transmission charges. In April 2025 the PUCT approved the TCRF rider, consistent with Entergy Texas’s as-filed request, and rates became effective for usage on and after April 7, 2025.

Federal Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Federal Regulation” in the Form 10-K for a discussion of federal regulation.

Nuclear Matters

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Nuclear Matters” in the Form 10-K for a discussion of nuclear matters.


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Table of Contents
Entergy Texas, Inc. and Subsidiaries
Management’s Financial Discussion and Analysis
Industrial and Commercial Customers

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Industrial and Commercial Customers” in the Form 10-K for a discussion of industrial and commercial customers.

Environmental Risks

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Environmental Risks” in the Form 10-K for a discussion of environmental risks.

Critical Accounting Estimates

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Critical Accounting Estimates” in the Form 10-K for a discussion of the estimates and judgments necessary in Entergy Texas’s accounting for utility regulatory accounting, taxation and uncertain tax positions, qualified pension and other postretirement benefits, and other contingencies.

New Accounting Pronouncements

See the “New Accounting Pronouncements” section of Note 1 to the financial statements in the Form 10-K for a discussion of new accounting pronouncements and the “New Accounting Pronouncements” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis herein for updates to the discussion of new accounting pronouncements.

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ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
OPERATING REVENUES
Electric$441,939 $444,491 
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale24,392 96,137 
Purchased power132,618 94,343 
Other operation and maintenance74,455 77,960 
Taxes other than income taxes30,627 24,567 
Depreciation and amortization80,680 89,505 
Other regulatory charges (credits) - net3,257 (975)
TOTAL346,029 381,537 
OPERATING INCOME95,910 62,954 
OTHER INCOME
Allowance for equity funds used during construction17,372 9,248 
Interest and investment income2,759 3,904 
Miscellaneous - net(1,154)(2,312)
TOTAL18,977 10,840 
INTEREST EXPENSE
Interest expense43,072 31,966 
Allowance for borrowed funds used during construction(7,385)(3,602)
TOTAL35,687 28,364 
INCOME BEFORE INCOME TAXES79,200 45,430 
Income taxes12,344 8,686 
NET INCOME66,856 36,744 
Preferred dividend requirements518 518 
EARNINGS APPLICABLE TO COMMON STOCK$66,338 $36,226 
See Notes to Financial Statements.

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ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
OPERATING ACTIVITIES
Net income$66,856 $36,744 
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization80,680 89,505 
Deferred income taxes, investment tax credits, and non-current taxes accrued7,183 1,438 
Changes in assets and liabilities:
Receivables23,273 13,059 
Fuel inventory5,551 1,009 
Accounts payable12,130 (17,830)
Taxes accrued(39,088)(28,917)
Interest accrued(22,416)5,287 
Deferred fuel costs(57,024)38,863 
Other working capital accounts19 (11,186)
Provisions for estimated losses(560)(1,358)
Other regulatory assets27,907 24,181 
Other regulatory liabilities(6,314)(7,959)
Pension and other postretirement funded status(4,037)(4,648)
Other assets and liabilities(32,366)(27,281)
Net cash flow provided by operating activities61,794 110,907 
INVESTING ACTIVITIES
Construction expenditures(416,045)(235,625)
Allowance for equity funds used during construction17,372 9,248 
Changes in money pool receivable - net(36,177)267,638 
Changes in securitization account(6,135)(5,958)
Increase in other investments— (1,000)
Net cash flow provided by (used in) investing activities(440,985)34,303 
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt494,300 — 
Preferred stock dividends paid(518)(518)
Other(1,453)11,258 
Net cash flow provided by financing activities492,329 10,740 
Net increase in cash and cash equivalents113,138 155,950 
Cash and cash equivalents at beginning of period184,997 21,986 
Cash and cash equivalents at end of period$298,135 $177,936 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized$64,646 $25,940 
Income taxes$— $2,447 
Noncash investing activities:
Accrued construction expenditures$198,271 $276,548 
See Notes to Financial Statements.

129
ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
March 31, 2025 and December 31, 2024
(Unaudited)
20252024
(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash$120 $291 
Temporary cash investments298,015 184,706 
Total cash and cash equivalents298,135 184,997 
Securitization recovery trust account8,838 2,703 
Accounts receivable:
Customer80,787 84,842 
Allowance for doubtful accounts(1,126)(1,304)
Associated companies61,111 26,564 
Other30,535 43,773 
Accrued unbilled revenues69,532 74,060 
Total accounts receivable240,839 227,935 
Fuel inventory - at average cost40,419 45,970 
Materials and supplies155,043 157,241 
Prepayments and other33,146 34,803 
TOTAL776,420 653,649 
OTHER PROPERTY AND INVESTMENTS
Investments in affiliates - at equity96 107 
Other15,968 15,878 
TOTAL16,064 15,985 
UTILITY PLANT
Electric8,692,564 8,628,625 
Construction work in progress1,841,353 1,513,170 
TOTAL UTILITY PLANT10,533,917 10,141,795 
Less - accumulated depreciation and amortization2,609,736 2,548,961 
UTILITY PLANT - NET7,924,181 7,592,834 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets (includes securitization property of $230,065 as of March 31, 2025 and $234,112 as of December 31, 2024)
521,801 549,708 
Other176,574 157,904 
TOTAL698,375 707,612 
TOTAL ASSETS$9,415,040 $8,970,080 
See Notes to Financial Statements.  

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ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
March 31, 2025 and December 31, 2024
(Unaudited)
20252024
(In Thousands)
CURRENT LIABILITIES
Accounts payable:
Associated companies$58,411 $65,335 
Other380,109 361,404 
Customer deposits40,232 40,782 
Taxes accrued37,385 76,474 
Interest accrued16,287 38,703 
Deferred fuel costs2,247 59,271 
Other17,577 20,836 
TOTAL552,248 662,805 
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued885,116 868,849 
Accumulated deferred investment tax credits7,028 7,215 
Regulatory liability for income taxes - net87,909 93,766 
Other regulatory liabilities18,248 18,705 
Asset retirement cost liabilities14,498 17,688 
Accumulated provisions9,425 9,985 
Long-term debt (includes securitization bonds of $239,713 as of March 31, 2025 and $239,622 as of December 31, 2024)
4,047,376 3,552,443 
Other385,642 397,412 
TOTAL5,455,242 4,966,063 
Commitments and Contingencies
EQUITY
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 46,525,000 shares in 2025 and 2024
49,452 49,452 
Paid-in capital1,200,125 1,200,125 
Retained earnings2,119,223 2,052,885 
Total common shareholder's equity3,368,800 3,302,462 
Preferred stock without sinking fund38,750 38,750 
TOTAL3,407,550 3,341,212 
TOTAL LIABILITIES AND EQUITY$9,415,040 $8,970,080 
See Notes to Financial Statements.

131
ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
Common Equity
Preferred StockCommon
Stock		Paid-in
Capital		Retained
Earnings		Total
(In Thousands)
Balance at December 31, 2023$38,750 $49,452 $1,200,125 $1,830,335 $3,118,662 
Net income— — — 36,744 36,744 
Preferred stock dividends— — — (518)(518)
Balance at March 31, 2024$38,750 $49,452 $1,200,125 $1,866,561 $3,154,888 
Balance at December 31, 2024$38,750 $49,452 $1,200,125 $2,052,885 $3,341,212 
Net income— — — 66,856 66,856 
Preferred stock dividends— — — (518)(518)
Balance at March 31, 2025$38,750 $49,452 $1,200,125 $2,119,223 $3,407,550 
See Notes to Financial Statements.

132

SYSTEM ENERGY RESOURCES, INC.

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

System Energy’s principal asset consists of an ownership interest and a leasehold interest in Grand Gulf.  The capacity and energy from its 90% interest is sold under the Unit Power Sales Agreement to its only four customers, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans.  System Energy’s operating revenues are derived from the allocation of the capacity, energy, and related costs associated with its 90% interest in Grand Gulf pursuant to the Unit Power Sales Agreement.  Payments under the Unit Power Sales Agreement are System Energy’s only source of operating revenues. As discussed in “Complaints Against System Energy” in Note 2 to the financial statements in the Form 10-K, System Energy and the Unit Power Sales Agreement have been the subject of several litigation proceedings at the FERC. Settlements that resolve all significant aspects of these complaints have been reached with the MPSC, the APSC, the City Council, and the LPSC, and these settlements have been approved by the FERC.

Results of Operations

Net Income

Net income decreased $7.7 million primarily due a lower rate of return on rate base, including the effects of lower authorized rate of return on equity and capital structure limitations reflected in monthly bills issued to Entergy New Orleans effective with the June 2024 service month per the settlement agreement with the City Council and the lower authorized rate of return on equity and capital structure limitations reflected in monthly bills issued to Entergy Louisiana effective with the September 2024 service month per the settlement with the LPSC. The decrease was partially offset by higher operating revenues resulting from an increase in rate base. See Note 2 to the financial statements in the Form 10-K for discussion of the settlements with the City Council and the LPSC.

Income Taxes

The effective income tax rate was 21.2% for the first quarter 2025. The difference in the effective income tax rate for the first quarter 2025 versus the federal statutory rate of 21% was primarily due to the accrual for state income taxes, partially offset by book and tax differences related to utility plant items.

The effective income tax rate was 20.5% for the first quarter 2024. The difference in the effective income tax rate for the first quarter 2024 versus the federal statutory rate of 21% was primarily due to book and tax differences related to the allowance for equity funds used during construction, partially offset by the accrual for state income taxes.

Income Tax Legislation and Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Income Tax Legislation and Regulation” in the Form 10-K for discussion of income tax legislation and regulation.


133
System Energy Resources, Inc.
Management’s Financial Discussion and Analysis
Liquidity and Capital Resources

Cash Flow

Cash flows for the three months ended March 31, 2025 and 2024 were as follows:
20252024
(In Thousands)
Cash and cash equivalents at beginning of period$28,908 $60 
Net cash provided by (used in):
Operating activities45,164 70,339 
Investing activities(22,540)(188,259)
Financing activities(48,963)229,361 
Net increase (decrease) in cash and cash equivalents(26,339)111,441 
Cash and cash equivalents at end of period$2,569 $111,501 

Operating Activities

Net cash flow provided by operating activities decreased $25.2 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to the timing of collections from customers, partially offset by a decrease of $6.6 million in spending on nuclear refueling outage costs in 2025 as compared to 2024.

Investing Activities

Net cash flow used in investing activities decreased $165.7 million for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily due to a decrease in cash used of $123.5 million as a result of fluctuations in nuclear fuel activity due to variations from year to year in the timing and pricing of fuel reload requirements, material and services deliveries, and the timing of cash payments during the nuclear fuel cycle and money pool activity.

Decreases in System Energy’s receivable from the money pool are a source of cash flow and System Energy’s receivable from the money pool decreased $2.4 million for the three months ended March 31, 2025 compared to increasing by $31.5 million for the three months ended March 31, 2024. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements, and the money pool and other borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings.

Financing Activities

System Energy’s financing activities used $49 million of cash for the three months ended March 31, 2025 compared to providing $229.4 million of cash for the three months ended March 31, 2024 primarily due to:

•a capital contribution of $150 million received from Entergy Corporation in January 2024 in order to maintain System Energy’s capital structure;
•net repayments of $13.8 million in 2025 compared to net long-term borrowings of $91.7 million in 2024 on the nuclear fuel company variable interest entity’s credit facility; and
•$35 million in common stock dividends and distributions paid in 2025. No common stock dividends or distributions were paid in 2024 in anticipation of the settlements with the APSC, the LPSC, and the City Council.

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Table of Contents
System Energy Resources, Inc.
Management’s Financial Discussion and Analysis

Capital Structure

System Energy’s debt to capital ratio is shown in the following table.
 March 31,
2025		December 31,
2024
Debt to capital52.9 %52.9 %
Effect of subtracting cash(0.1 %)(0.7 %)
Net debt to net capital (non-GAAP)52.8 %52.2 %

Net debt consists of debt less cash and cash equivalents.  Debt consists of short-term borrowings and long-term debt, including the currently maturing portion.  Capital consists of debt and common equity.  Net capital consists of capital less cash and cash equivalents.  System Energy uses the debt to capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating System Energy’s financial condition.  The net debt to net capital ratio is a non-GAAP measure. System Energy uses the net debt to net capital ratio in analyzing its financial condition and believes it provides useful information to its investors and creditors in evaluating System Energy’s financial condition because net debt indicates System Energy’s outstanding debt position that could not be readily satisfied by cash and cash equivalents on hand.

Uses and Sources of Capital

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Liquidity and Capital Resources” in the Form 10-K for a discussion of System Energy’s uses and sources of capital. The following are updates to the information provided in the Form 10-K.

Recent announcements of changes to international trade policy and tariffs and further similar changes may impact System Energy’s business, operations, results of operations, and liquidity and capital resources. Potential impacts may include increases in costs associated with System Energy’s capital investments or operations and maintenance expenses; operational impacts, such as supply chain, manufacturing or raw materials sourcing disruptions which may affect System Energy’s ability to make planned capital investments as and when expected and needed; legal uncertainties, such as potential legal or other challenges to presidential tariff authority; or broader economic risks, including shifting customer demand, impacts on customer investment decisions, and volatile or uncertain credit and capital markets, which may affect System Energy’s ability to access needed capital. The nature and extent of any such effects will depend on, among other things, the specifics of the changes that are ultimately implemented both domestically and internationally, the responses of vendors, suppliers, and other counterparties to those changes, indirect effects on the price and availability of non-tariffed goods, and the effectiveness of mitigation measures.

System Energy’s receivables from or (payables to) the money pool were as follows:
March 31,
2025		December 31,
2024		March 31,
2024		December 31,
2023
(In Thousands)
$443$2,851$31,456($12,246)

See Note 4 to the financial statements in the Form 10-K for a description of the money pool.

The System Energy nuclear fuel company variable interest entity has a credit facility in the amount of $120 million scheduled to expire in June 2027. As of March 31, 2025, $58.9 million in loans were outstanding under the System Energy nuclear fuel company variable interest entity credit facility. See Note 4 to the financial statements herein for additional discussion of the variable interest entity credit facility.

135
System Energy Resources, Inc.
Management’s Financial Discussion and Analysis

Federal Regulation

See the “Rate, Cost-recovery, and Other Regulation - Federal Regulation” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis in the Form 10-K and Note 2 to the financial statements herein and in the Form 10-K for a discussion of federal regulation.

Complaints Against System Energy

See Note 2 to the financial statements in the Form 10-K for information regarding pending complaints against System Energy and the settlements approved by the FERC that resolved all significant aspects of these complaints. The following is an update to that discussion.

Grand Gulf Sale-leaseback Renewal Complaint and Uncertain Tax Position Rate Base Issue

As discussed in the Form 10-K, in February 2023, System Energy submitted a tariff compliance filing with the FERC to clarify that, consistent with the releases provided in the June 2022 MPSC settlement, Entergy Mississippi would continue to be charged for its allocation of the sale-leaseback renewal costs under the Unit Power Sales Agreement. In March 2023 the MPSC filed a protest to System Energy’s tariff compliance filing. The MPSC argued that the settlement did not specifically address post-settlement sale-leaseback renewal costs and that the sale-leaseback renewal costs may not be recovered under the Unit Power Sales Agreement. In February 2025, System Energy and the MPSC resolved their dispute concerning the sale-leaseback renewal costs. As a result, the MPSC withdrew its protest at the FERC on System Energy’s tariff compliance filing. Entergy Mississippi will continue to pay the allocated sale-leaseback renewal costs of approximately $5.7 million annually and there are no refunds due for prior periods. In March 2025, System Energy filed a status report with the FERC explaining that the dispute is resolved.

Nuclear Matters

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Nuclear Matters” in the Form 10-K for a discussion of nuclear matters.

Environmental Risks

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Environmental Risks” in the Form 10-K for a discussion of environmental risks.

Critical Accounting Estimates

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS - Critical Accounting Estimates” in the Form 10-K for a discussion of the estimates and judgments necessary in System Energy’s accounting for nuclear decommissioning costs, utility regulatory accounting, taxation and uncertain tax positions, qualified pension and other postretirement benefits, and other contingencies.

New Accounting Pronouncements

See the “New Accounting Pronouncements” section of Note 1 to the financial statements in the Form 10-K for a discussion of new accounting pronouncements and the “New Accounting Pronouncements” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis herein for updates to the discussion of new accounting pronouncements.

136
SYSTEM ENERGY RESOURCES, INC.
INCOME STATEMENTS
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
OPERATING REVENUES
Electric$141,811 $152,620 
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale14,816 13,117 
Nuclear refueling outage expenses4,090 6,661 
Other operation and maintenance43,479 51,423 
Decommissioning11,144 10,707 
Taxes other than income taxes6,804 7,209 
Depreciation and amortization30,764 29,678 
Other regulatory charges (credits) - net93 (4,973)
TOTAL111,190 113,822 
OPERATING INCOME30,621 38,798 
OTHER INCOME
Allowance for equity funds used during construction1,603 2,434 
Interest and investment income12,439 7,973 
Miscellaneous - net237 237 
TOTAL14,279 10,644 
INTEREST EXPENSE
Interest expense16,022 11,171 
Allowance for borrowed funds used during construction(787)(859)
TOTAL15,235 10,312 
INCOME BEFORE INCOME TAXES29,665 39,130 
Income taxes6,276 8,012 
NET INCOME$23,389 $31,118 
See Notes to Financial Statements.

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SYSTEM ENERGY RESOURCES, INC.
STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
20252024
(In Thousands)
OPERATING ACTIVITIES
Net income$23,389 $31,118 
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization54,649 51,714 
Deferred income taxes, investment tax credits, and non-current taxes accrued2,480 11,452 
Changes in assets and liabilities:
Receivables(5,944)8,832 
Accounts payable(23,848)116,460 
Taxes accrued(11,689)(14,091)
Interest accrued5,517 883 
Other working capital accounts963 (25,431)
Other regulatory assets2,695 (5,358)
Other regulatory liabilities(45,323)(23,057)
Pension and other postretirement funded status
(3,799)(3,806)
Other assets and liabilities46,074 (78,377)
Net cash flow provided by operating activities45,164 70,339 
INVESTING ACTIVITIES
Construction expenditures(26,431)(39,563)
Allowance for equity funds used during construction1,603 2,434 
Nuclear fuel purchases(20,123)(111,959)
Proceeds from sale of nuclear fuel31,686 — 
Decrease in other investments— 23 
Proceeds from nuclear decommissioning trust fund sales182,871 136,035 
Investment in nuclear decommissioning trust funds(194,554)(143,773)
Changes in money pool receivable - net2,408 (31,456)
Net cash flow used in investing activities (22,540)(188,259)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt174,877 233,933 
Retirement of long-term debt(188,840)(142,326)
Capital contribution from parent— 150,000 
Change in money pool payable - net— (12,246)
Common stock dividends and distributions paid(35,000)— 
Net cash flow provided by (used in) financing activities(48,963)229,361 
Net increase (decrease) in cash and cash equivalents(26,339)111,441 
Cash and cash equivalents at beginning of period28,908 60 
Cash and cash equivalents at end of period$2,569 $111,501 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized$10,378 $10,357 
Income taxes$— ($2,326)
Noncash investing activities:
Accrued construction expenditures$5,424 $48,856 
See Notes to Financial Statements.

139
SYSTEM ENERGY RESOURCES, INC.
BALANCE SHEETS
ASSETS
March 31, 2025 and December 31, 2024
(Unaudited)
20252024
(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash$155 $448 
Temporary cash investments2,414 28,460 
Total cash and cash equivalents2,569 28,908 
Accounts receivable:
Associated companies53,122 48,134 
Other3,973 5,425 
Total accounts receivable57,095 53,559 
Materials and supplies 163,069 163,814 
Deferred nuclear refueling outage costs15,927 19,884 
Prepayments and other9,515 5,768 
TOTAL248,175 271,933 
OTHER PROPERTY AND INVESTMENTS
Decommissioning trust funds1,497,337 1,529,059 
TOTAL1,497,337 1,529,059 
UTILITY PLANT
Electric5,667,176 5,668,253 
Construction work in progress110,883 85,127 
Nuclear fuel178,151 220,044 
TOTAL UTILITY PLANT5,956,210 5,973,424 
Less - accumulated depreciation and amortization3,608,136 3,578,709 
UTILITY PLANT - NET2,348,074 2,394,715 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets423,799 426,494 
Other22,033 20,273 
TOTAL445,832 446,767 
TOTAL ASSETS$4,539,418 $4,642,474 
See Notes to Financial Statements.

140
SYSTEM ENERGY RESOURCES, INC.
BALANCE SHEETS
LIABILITIES AND EQUITY
March 31, 2025 and December 31, 2024
(Unaudited)
20252024
(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt$200,112 $200,090 
Accounts payable:
Associated companies5,248 18,477 
Other17,408 45,017 
Taxes accrued4,163 15,852 
Interest accrued18,859 13,342 
Other4,475 4,473 
TOTAL250,265 297,251 
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued456,917 451,830 
Accumulated deferred investment tax credits42,614 42,984 
Regulatory liability for income taxes - net104,065 105,467 
Other regulatory liabilities703,269 747,190 
Decommissioning1,138,857 1,127,712 
Pension and other postretirement liabilities6,316 8,353 
Long-term debt876,685 889,646 
Other2 2 
TOTAL3,328,725 3,373,184 
Commitments and Contingencies
COMMON EQUITY
Common stock, no par value, authorized 1,000,000 shares; issued and outstanding 789,350 shares in 2025 and 2024
938,944 958,944 
Retained earnings 21,484 13,095 
TOTAL960,428 972,039 
TOTAL LIABILITIES AND EQUITY$4,539,418 $4,642,474 
See Notes to Financial Statements.

141
SYSTEM ENERGY RESOURCES, INC.
STATEMENTS OF CHANGES IN COMMON EQUITY
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
Common
Stock
Retained Earnings
(Accumulated Deficit)
Total
(In Thousands)
Balance at December 31, 2023$916,850 ($28,311)$888,539 
Net income— 31,118 31,118 
Capital contribution from parent150,000 — 150,000 
Balance at March 31, 2024$1,066,850 $2,807 $1,069,657 
Balance at December 31, 2024$958,944 $13,095 $972,039 
Net income— 23,389 23,389 
Common stock dividends and distributions(20,000)(15,000)(35,000)
Balance at March 31, 2025$938,944 $21,484 $960,428 
See Notes to Financial Statements.


142
ENTERGY CORPORATION AND SUBSIDIARIES

PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

See “PART I, Item 1, Litigation” in the Form 10-K for a discussion of legal, administrative, and other regulatory proceedings affecting Entergy.  Also see Notes 1 and 2 to the financial statements herein and “Item 5, Other Information, Environmental Regulation” below for updates regarding environmental proceedings and regulation.

Item 1A.  Risk Factors

There have been no material changes to the risk factors discussed in "Part I, Item 1A. RISK FACTORS" in the Form 10-K.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities (1)
PeriodTotal Number of
Shares Purchased		Average Price Paid
per Share		Total Number of
Shares Purchased
as Part of a
Publicly
Announced Plan		Maximum $
Amount
of Shares that May
Yet be Purchased
Under a Plan (2)
1/01/2025-1/31/2025— $— — $350,052,918 
2/01/2025-2/28/2025— $— — $350,052,918 
3/01/2025-3/31/2025— $— — $350,052,918 
Total— $— —  

In accordance with Entergy’s stock-based compensation plans, Entergy periodically grants stock options to key employees, which may be exercised to obtain shares of Entergy’s common stock.  According to the plans, these shares can be newly issued shares, treasury stock, or shares purchased on the open market.  Entergy’s management has been authorized by the Board to repurchase on the open market shares up to an amount sufficient to fund the exercise of grants under the plans.  In addition to this authority, the Board has authorized share repurchase programs to enable opportunistic purchases in response to market conditions. In October 2010 the Board granted authority for a $500 million share repurchase program. The amount of share repurchases under these programs may vary as a result of material changes in business results or capital spending or new investment opportunities.  In addition, in the first quarter 2025, Entergy withheld 61,042 shares of its common stock at $78.79 per share, 1,300 shares of its common stock at $81.31 per share, 213,368 shares of its common stock at $81.99 per share, 171,525 shares of its common stock at $82.52 per share, and 1,118 shares of its common stock at $82.82 per share to pay income taxes due upon vesting of restricted stock granted and payout of performance units as part of its long-term incentive program.

(1)See Note 12 to the financial statements in the Form 10-K for additional discussion of the stock-based compensation plans.
(2)Maximum amount of shares that may yet be repurchased relates only to the $500 million share repurchase program plan and does not include an estimate of the amount of shares that may be purchased to fund the exercise of grants under the stock-based compensation plans.


143
Item 5.  Other Information

Rule 10b5-1 Trading Arrangements

During the three months ended March 31, 2025, the following directors or officers of Entergy or the Registrant Subsidiaries adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K:
Name and TitleActionDate of ActionType of Trading Arrangement
(a)		Aggregate Number of Shares to be Purchased or SoldExpiration Date
(b)
Kimberly A. Fontan, Executive Vice President and Chief Financial Officer of Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy
Chair of the Board and President of System Energy
Adopted02/28/2025Rule 10b5-1 trading arrangement
Up to 27,890 shares to be sold (c)
12/31/2025
Kimberly Cook-Nelson, Executive Vice President and Chief Operating Officer of Entergy Corporation
Director of Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas (d)
Adopted03/06/2025Rule 10b5-1 trading arrangement
Up to 28,660 shares to be sold (e)
12/31/2025

(a)Each trading arrangement marked as a Rule 10b5-1 trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c).
(b)Except as indicated by footnote, each trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of all purchases or sales or (b) the expiration date listed in the table. Each trading arrangement marked as a “Rule 10b5-1 Plan” only permitted or only permits transactions upon expiration of the applicable mandatory cooling-off period under Rule 10b5-1(c), as amended.
(c)This trading arrangement provides for the sale of up to 27,890 shares upon the exercise of outstanding options.
(d)This position was effective May 1, 2025. Prior to this date, Kimberly Cook-Nelson held the title of Executive Vice President and Chief Nuclear Officer of Entergy Corporation, Entergy Arkansas, Entergy Louisiana, and System Energy, and Director of System Energy.
(e)This trading arrangement provides for the sale of up to 21,160 shares upon the exercise of outstanding options and for the sale of up to 7,500 shares of Entergy Corporation common stock owned outright.

Other than those disclosed above, no director or officer of Entergy or any of the Registrant Subsidiaries adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” during the three months ended March 31, 2025.


144
Regulation of the Nuclear Power Industry

The following is an update to the “Regulation of the Nuclear Power Industry” section of Part I, Item 1 of the Form 10-K.

Nuclear Waste Policy Act of 1982

Nuclear Plant Decommissioning

In March 2025 filings with the NRC were made that reported the decommissioning funding for all of Entergy’s subsidiaries’ nuclear plants. Those reports showed that decommissioning funding for each of the nuclear plants met the NRC’s financial assurance requirements.

Environmental Regulation

The following are updates to the “Environmental Regulation” section of Part I, Item 1 of the Form 10-K.

In March 2025 the EPA announced a series of deregulatory actions, including reconsideration of the Mercury and Air Toxics Standard rule, reconsideration of greenhouse gas emissions rules, evaluation of whether to extend the compliance deadlines under the 2024 coal combustion residuals rule, and reconsideration of the effluent limitations guidelines. Entergy continues to monitor the EPA’s reconsideration efforts.

National Ambient Air Quality Standards

See the Form 10-K for discussion of the National Ambient Air Quality Standards (NAAQS) set by the EPA in accordance with the Clean Air Act. The following is an update to that discussion.

Good Neighbor Plan/Cross-State Air Pollution Rule

As discussed in the Form 10-K, in June 2023 the EPA published its final Federal Implementation Plan (FIP), known as the Good Neighbor Plan, to address interstate transport for the 2015 ozone NAAQS which would increase the stringency of the Cross-State Air Pollution Rule (CSAPR) program in all four of the states where the Utility operating companies operate. The FIP would significantly reduce ozone season nitrogen oxides (NOx) emission allowance budgets and allocations for electric generating units. Prior to issuance of the FIP, in February 2023 the EPA issued related State Implementation Plan (SIP) disapprovals for many states, including the four states in which the Utility operating companies operate, and these SIP disapprovals are the subject of many legal challenges, including a petition for review filed by Entergy Louisiana challenging the disapproval of Louisiana’s SIP. Judicial stays of the SIP disapprovals were granted in all four states in which the Utility operating companies operate. In March 2025 the United States Fifth Circuit Court of Appeals concluded that the EPA properly disapproved Texas’s and Louisiana’s SIPs but found that the EPA’s disapproval was unreasonable for Mississippi’s SIP. The United States Eighth Circuit Court of Appeals has not issued a merits decision yet in the Arkansas SIP disapproval litigation. The FIP is also subject to numerous legal challenges in various federal circuit courts of appeals, and in June 2024 the United States Supreme Court issued an order, in challenges filed in the D.C. Circuit, staying enforcement of the FIP pending the D.C. Circuit’s review of the rule. Following the United States Supreme Court stay, the EPA also stayed the FIP. In March 2025 the EPA asked the D.C. Circuit for a voluntary remand to reconsider the FIP. In its declaration, the EPA states that it plans to reconsider, among other things, what states are subject to the FIP. In April 2025 the D.C. Circuit held the cases in abeyance pending further order of the court. The EPA anticipates a new rule by fall 2026. Entergy is monitoring this litigation, any subsequent rulemaking, and assessing its compliance options in the event that the FIP becomes effective.


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Table of Contents
Item 6.  Exhibits
4(a) -
Term Loan Credit Agreement dated as of February 21, 2025, by and among Entergy New Orleans, the Lenders party thereto and Bank of America, N.A., as Administrative Agent (4 to Form 8-K filed February 24, 2025 in 1-35747).
4(b) -
Officer’s Certificate No. 24-B-18, dated February 24, 2025, supplemental to Indenture, Deed of Trust and Security Agreement, dated as of October 1, 2008, establishing the terms of Entergy Texas’s First Mortgage Bonds, 5.25% Series due April 15, 2035 (4.74 to Form 8-K filed February 27, 2025 in 1-34360).
4(c) -
Forty-Third Supplemental Indenture, dated as of March 1, 2025, to Mortgage and Deed of Trust of Entergy Mississippi, dated as of February 1, 1988, as amended (4.73 to Form 8-K filed March 13, 2025 in 1-31508).
10(a) -
Confirmation of Forward Sale Transaction, dated March 17, 2025, between Entergy Corporation and Morgan Stanley & Co. LLC in its capacity as a Forward Purchaser (10.1 to Form 8-K filed March 19, 2025 in 1-11299).
10(b) -
Confirmation of Forward Sale Transaction, dated March 17, 2025, between Entergy Corporation and Bank of America, N.A. in its capacity as a Forward Purchaser (10.2 to Form 8-K filed March 19, 2025 in 1-11299).
10(c) -
Confirmation of Forward Sale Transaction, dated March 17, 2025, between Entergy Corporation and JPMorgan Chase Bank, National Association, New York Branch in its capacity as a Forward Purchaser (10.3 to Form 8-K filed March 19, 2025 in 1-11299).
10(d) -
Confirmation of Forward Sale Transaction, dated March 17, 2025, between Entergy Corporation and Mizuho Markets Americas LLC (with Mizuho Securities USA LLC acting as agent) in its capacity as a Forward Purchaser (10.4 to Form 8-K filed March 19, 2025 in 1-11299).
10(e) -
Confirmation of Additional Forward Sale Transaction, dated March 19, 2025, between Entergy Corporation and Morgan Stanley & Co. LLC in its capacity as a Forward Purchaser (10.1 to Form 8-K filed March 21, 2025 in 1-11299).
10(f) -
Confirmation of Additional Forward Sale Transaction, dated March 19, 2025, between Entergy Corporation and Bank of America, N.A. in its capacity as a Forward Purchaser (10.2 to Form 8-K filed March 21, 2025 in 1-11299).
10(g) -
Confirmation of Additional Forward Sale Transaction, dated March 19, 2025, between Entergy Corporation and JPMorgan Chase Bank, National Association, New York Branch in its capacity as a Forward Purchaser (10.3 to Form 8-K filed March 21, 2025 in 1-11299).
10(h) -
Confirmation of Additional Forward Sale Transaction, dated March 19, 2025, between Entergy Corporation and Mizuho Markets Americas LLC (with Mizuho Securities USA LLC acting as agent) in its capacity as a Forward Purchaser (10.4 to Form 8-K filed March 21, 2025 in 1-11299).
*31(a) -
Rule 13a-14(a)/15d-14(a) Certification for Entergy Corporation.
*31(b) -
Rule 13a-14(a)/15d-14(a) Certification for Entergy Corporation.
*31(c) -
Rule 13a-14(a)/15d-14(a) Certification for Entergy Arkansas.
*31(d) -
Rule 13a-14(a)/15d-14(a) Certification for Entergy Arkansas.
*31(e) -
Rule 13a-14(a)/15d-14(a) Certification for Entergy Louisiana.
*31(f) -
Rule 13a-14(a)/15d-14(a) Certification for Entergy Louisiana.
*31(g) -
Rule 13a-14(a)/15d-14(a) Certification for Entergy Mississippi.
*31(h) -
Rule 13a-14(a)/15d-14(a) Certification for Entergy Mississippi.
*31(i) -
Rule 13a-14(a)/15d-14(a) Certification for Entergy New Orleans.
*31(j) -
Rule 13a-14(a)/15d-14(a) Certification for Entergy New Orleans.
*31(k) -
Rule 13a-14(a)/15d-14(a) Certification for Entergy Texas.
*31(l) -
Rule 13a-14(a)/15d-14(a) Certification for Entergy Texas.

146
Table of Contents
*31(m) -
Rule 13a-14(a)/15d-14(a) Certification for System Energy.
**32(a) -
Section 1350 Certification for Entergy Corporation.
**32(b) -
Section 1350 Certification for Entergy Corporation.
**32(c) -
Section 1350 Certification for Entergy Arkansas.
**32(d) -
Section 1350 Certification for Entergy Arkansas.
**32(e) -
Section 1350 Certification for Entergy Louisiana.
**32(f) -
Section 1350 Certification for Entergy Louisiana.
**32(g) -
Section 1350 Certification for Entergy Mississippi.
**32(h) -
Section 1350 Certification for Entergy Mississippi.
**32(i) -
**32(j) -
Section 1350 Certification for Entergy New Orleans.
**32(k) -
Section 1350 Certification for Entergy Texas.
**32(l) -
Section 1350 Certification for Entergy Texas.
**32(m) -
Section 1350 Certification for System Energy.
*101 INS -
Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
*101 SCH -
Inline XBRL Schema Document.
*101 PRE -
Inline XBRL Presentation Linkbase Document.
*101 LAB -
Inline XBRL Label Linkbase Document.
*101 CAL -
Inline XBRL Calculation Linkbase Document.
*101 DEF -
Inline XBRL Definition Linkbase Document.
*104 -
Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibits 101).
___________________________
Pursuant to Item 601(b)(4)(iii) of Regulation S-K, Entergy Corporation agrees to furnish to the Commission upon request any instrument with respect to long-term debt that is not registered or listed herein as an Exhibit because the total amount of securities authorized under such agreement does not exceed ten percent of the total assets of Entergy Corporation and its subsidiaries on a consolidated basis.
*Filed herewith.
**Furnished, not filed, herewith.

147
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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.  The signature for each undersigned company shall be deemed to relate only to matters having reference to such company or its subsidiaries.
ENTERGY CORPORATION
ENTERGY ARKANSAS, LLC
ENTERGY LOUISIANA, LLC
ENTERGY MISSISSIPPI, LLC
ENTERGY NEW ORLEANS, LLC
ENTERGY TEXAS, INC.
SYSTEM ENERGY RESOURCES, INC.
/s/ Reginald T. Jackson
Reginald T. Jackson
Senior Vice President and Chief Accounting Officer
(For each Registrant and for each as
Principal Accounting Officer)

Date:    May 1, 2025


148

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