Companies: 11,222     total market cap: โ‚ฌ134.269 T
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Entergy
ETR
#511
Rank
โ‚ฌ43.25 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
92,70ย โ‚ฌ
Share price
0.65%
Change (1 day)
20.15%
Change (1 year)
๐Ÿ”‹ Electricity๐Ÿšฐ Utility companies โšก Energy
Categories
  1. Entergy
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

Entergy - 10-Q quarterly report FY2026 Q2


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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 June 30, 2026
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 June 30, 2026
Entergy Corporation($0.01 par value)466,631,498

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, 2025 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed by the individual registrants with the SEC, and should be read in conjunction therewith.


TABLE OF CONTENTS
Page Number
iii
viii
Part I. Financial Information
Entergy Corporation and Subsidiaries
Management’s Financial Discussion and Analysis
1
Consolidated Income Statements
21
Consolidated Statements of Comprehensive Income
23
Consolidated Statements of Cash Flows
24
Consolidated Balance Sheets
26
Consolidated Statements of Changes in Equity
28
Notes to Financial Statements
Note 1. Commitments and Contingencies
30
Note 2. Rate and Regulatory Matters
31
Note 3. Equity
40
Note 4. Revolving Credit Facilities, Lines of Credit, Short-term Borrowings, and Long-term Debt
46
Note 5. Stock-based Compensation
51
Note 6. Retirement and Other Postretirement Benefits
53
Note 7. Business Segment Information
59
Note 8. Risk Management and Fair Values
62
Note 9. Decommissioning Trust Funds
77
Note 10. Income Taxes
83
Note 11. Variable Interest Entities
84
Note 12. Revenue
85
90
90
Entergy Arkansas, LLC and Subsidiaries
Management’s Financial Discussion and Analysis
91
Consolidated Income Statements
102
Consolidated Statements of Cash Flows
103
Consolidated Balance Sheets
104
Consolidated Statements of Changes in Equity
106
Entergy Louisiana, LLC and Subsidiaries
Management’s Financial Discussion and Analysis
107
Consolidated Income Statements
123
Consolidated Statements of Comprehensive Income
124
Consolidated Statements of Cash Flows
125
Consolidated Balance Sheets
126
Consolidated Statements of Changes in Equity
128
i
TABLE OF CONTENTS
Page Number
Entergy Mississippi, LLC and Subsidiaries
Management’s Financial Discussion and Analysis
129
Consolidated Income Statements
138
Consolidated Statements of Cash Flows
139
Consolidated Balance Sheets
140
Consolidated Statements of Changes in Equity
142
Entergy New Orleans, LLC and Subsidiaries
Management’s Financial Discussion and Analysis
143
Consolidated Income Statements
152
Consolidated Statements of Cash Flows
153
Consolidated Balance Sheets
154
Consolidated Statements of Changes in Member’s Equity
156
Entergy Texas, Inc. and Subsidiaries
Management’s Financial Discussion and Analysis
157
Consolidated Income Statements
166
Consolidated Statements of Cash Flows
167
Consolidated Balance Sheets
168
Consolidated Statements of Changes in Equity
170
System Energy Resources, Inc.
Management’s Financial Discussion and Analysis
171
Income Statements
176
Statements of Cash Flows
177
Balance Sheets
178
Statements of Changes in Common Equity
180
Part II. Other Information
181
181
181
182
184
186
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 (including, in each case, as it relates to new generation or transmission projects designed to serve the increased load growth of new large-scale data centers and other large customers);
•changes in utility regulation, including, with respect to retail and wholesale competition and special rules supporting service to large-scale data centers, 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 nuclear generating facilities, nuclear materials and fuel, and the effects of new or existing safety or environmental concerns regarding nuclear power plants and fuel;







iii


FORWARD-LOOKING INFORMATION (Continued)

•resolution of pending or future applications, as well as regulatory proceedings, litigation or actions of governmental officials (including the presidential administration), relating to generation, transmission, or other facilities (including license modifications or other authorizations for nuclear generating facilities and applications relating to any facilities designed to serve large-scale data centers) and the effect of public and political opposition on these applications, regulatory proceedings, litigation, and actions, 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 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;
•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-scale 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, or other geopolitical tensions, 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 federal, state, or local laws and regulations, including the One Big Beautiful Bill Act of 2025, and 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, such as the One Big Beautiful Bill Act of 2025, and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, trade/tariff, domestic purchase requirements, or energy (including, among other things, data center energy use, efficiency standards, and sources of power) 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;

iv


FORWARD-LOOKING INFORMATION (Continued)

•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, floods, 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, floods, 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;
•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-scale 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, and labor pressures, including from increased demand in the electric sector, 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 One Big Beautiful Bill Act of 2025 and the continuing impact of the Inflation Reduction Act of 2022 and 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, federal law, including the One Big Beautiful Bill Act of 2025, 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;








v


FORWARD-LOOKING INFORMATION (Continued)

•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, including cybersecurity, 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 reduce emissions of greenhouse gases associated with climate change and increase carbon-free energy generation capacity, including its goal to achieve net-zero carbon emissions by 2050, the potential impact on its business and financial condition of attempting to achieve such objectives, and Entergy’s ability to make measurable progress toward any climate goals due to expected load growth or other factors;
•the effects, including increased security costs, of threatened or actual terrorism, cyber attacks, including those driven by artificial intelligence, 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;
•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, the military activities between Russia and Ukraine or in the Middle East, or the military conflict in Iran, 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 or geopolitical tensions; 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;

vi


FORWARD-LOOKING INFORMATION (Concluded)

•future wage and employee benefits costs, including changes in discount rates and returns on benefit plan assets and fluctuating costs to provide employee and retiree health benefits;
•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, such as lending, hedging, credit support, and major customer counterparties, including counterparties to data center electric service agreements, to satisfy their financial and performance commitments;
•reductions in the demand for electricity to power large-scale data centers and other large customers and the potential for stranded assets;
•concentration of business and credit risk 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 large-scale data center and other large customers, and to manage the impacts of growth in demand for electricity on customers and Entergy’s business.
vii
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
ASU
Accounting Standards Update issued by the FASB
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.
EPA
United States Environmental Protection Agency
FASB
Financial Accounting Standards Board
FERC
Federal Energy Regulatory Commission
Form 10-K
Annual Report on Form 10-K for the calendar year ended December 31, 2025, 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 and 25% by Entergy Mississippi
IRS
Internal Revenue Service
ISOIndependent System Operator
kVKilovolt
kW
Kilowatt, which equals one thousand watts
kWh
Kilowatt-hour(s)
viii

DEFINITIONS (Concluded)

Abbreviation or AcronymTerm
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
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
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 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 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, and which included a small amount of natural gas distribution in portions of Louisiana through June 30, 2025
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
White Bluff
White Bluff Steam Electric Generating Station, 57% owned by Entergy Arkansas
ix



























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x
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 included operation of a small natural gas distribution business in portions of Louisiana through June 30, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025. See Note 7 to the financial statements herein for discussion of and financial information regarding Entergy’s reportable segment.

Winter Storm Fern

In January 2026, portions of Entergy’s service territory experienced the effects of Winter Storm Fern, including prolonged freezing temperatures, heavy ice accumulations, and wind, which caused severe damage to Entergy’s infrastructure. Entergy’s cost of mobilizing crews and restoring power was approximately $450 million, including approximately $375 million in capital costs and approximately $75 million in non-capital costs. The impacts were primarily at Entergy Louisiana and Entergy Mississippi. There are well-established mechanisms and precedent for addressing these catastrophic events and providing the process for regulatory review of storm costs for prudence and for recovery of prudently incurred storm costs in accordance with applicable regulatory and legal principles.

The severe weather event also affected the market for natural gas due to the effects of severe cold on the gas supply system and increased demand for gas to support electricity loads. Natural gas purchases in January 2026 for Entergy were $483 million, including $74 million for Entergy Arkansas, $256 million for Entergy Louisiana, $85 million for Entergy Mississippi, $20 million for Entergy New Orleans, and $48 million for Entergy Texas. This compares to natural gas purchases in January 2025 for Entergy of $207 million, including $25 million for Entergy Arkansas, $115 million for Entergy Louisiana, $28 million for Entergy Mississippi, $4 million for Entergy New Orleans, and $35 million for Entergy Texas. The Utility operating companies each have fuel recovery mechanisms in place to recover their natural gas costs. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of fuel cost recovery at the Utility operating companies.





1
Entergy Corporation and Subsidiaries
Management’s Financial Discussion and Analysis
Results of Operations

Second Quarter 2026 Compared to Second Quarter 2025

Following are income statement variances for Utility, Parent & Other, and Entergy comparing the second quarter 2026 to the second quarter 2025 showing how much the line item increased or (decreased) in comparison to the prior period.

Utility
Parent &
Other (a)

Entergy
(In Thousands)
2025 Net Income (Loss) Attributable to Entergy Corporation$598,648 ($130,718)$467,930 
Operating revenues197,765 (2,976)194,789 
Fuel, fuel-related expenses, and gas purchased for resale125,029 (1,960)123,069 
Purchased power(67,592)(1,270)(68,862)
Other regulatory charges (credits) - net40,597 — 40,597 
Other operation and maintenance45,427 1,528 46,955 
Taxes other than income taxes13,311 (315)12,996 
Depreciation and amortization26,775 (1,179)25,596 
Other income (deductions)79,462 5,198 84,660 
Interest expense67,599 20,580 88,179 
Other expenses1,790 (16)1,774 
Income taxes(3,912)(2,809)(6,721)
Preferred dividend requirements of subsidiaries and noncontrolling interests1,189 — 1,189 
2026 Net Income (Loss) Attributable to Entergy Corporation$625,662 ($143,055)$482,607 

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

Operating Revenues

Utility

Following is an analysis of the change in operating revenues comparing the second quarter 2026 to the second quarter 2025:
Amount
(In Millions)
2025 operating revenues$3,316 
Fuel, rider, and other revenues that do not significantly affect net income96 
Retail electric price80 
Return on construction work in progress for certain utility plant investments40 
Volume/weather22 
Effect of sale of natural gas distribution businesses(41)
2026 operating revenues$3,513 

2
Table of Contents
Entergy Corporation and Subsidiaries
Management’s Financial Discussion and Analysis
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 retail electric price variance is primarily due to:

•an increase in Entergy Arkansas’s formula rate plan rates effective January 2026 and the implementation of the Generating Arkansas Jobs Act rider effective June 2026;
•an increase in Entergy Louisiana’s resilience plan cost recovery rider effective March 2026;
•an increase in Entergy Mississippi’s formula rate plan rates resulting from an increase in interim facilities rate adjustment revenues effective January 2026; and
•increases in Entergy Texas’s distribution cost recovery factor rider effective June 2025 and December 2025.

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

The return on construction work in progress for certain utility plant investments variance represents the revenue related to the amortization of certain customer advances designed to provide a return on investment in construction work in progress for certain utility plant investments, which is recognized as the related costs are incurred.

The volume/weather variance is primarily due to an increase in weather-adjusted residential usage and an increase in industrial usage, partially offset by the effect of less favorable weather on residential sales. The increase in weather-adjusted residential usage is primarily due to an increase in customers. The increase in industrial usage is primarily due to an increase in demand from large industrial customers, primarily in the data center, primary metals, and chlor-alkali industries.

The effect of sale of natural gas distribution businesses variance represents the decrease in operating revenues resulting from the absence of natural gas revenues at Entergy Louisiana and Entergy New Orleans following the sale of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses on July 1, 2025. The decrease in natural gas operating revenues is substantially offset in net income by the absence of operating expenses related to the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses following the sale. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses on July 1, 2025.

Total electric energy sales for Utility for the three months ended June 30, 2026 and 2025 are as follows:
20262025% Change
(GWh)
Residential8,736 8,899 (2)
Commercial7,208 7,265 (1)
Industrial17,164 15,620 10 
Governmental617 617 — 
Total retail33,725 32,401 4 
Sales for resale3,338 4,133 (19)
Total37,063 36,534 1 

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





3
Entergy Corporation and Subsidiaries
Management’s Financial Discussion and Analysis


Other Income Statement Items

Utility

Purchased power includes a decrease of $18 million in costs in 2026, at Entergy Texas, related to the procurement of capacity through MISO’s annual planning resource auction. Higher costs in second quarter 2025 resulted from the effect of a significant increase in MISO’s seasonal auction clearing price, due to the implementation of a reliability-based demand curve, for capacity transactions during the summer months in 2025. Prior to June 2026, Entergy Texas also did not have the ability to recover its MISO capacity costs incurred to date beyond the level included in base rates. In June 2025, Texas legislation established a capacity cost recovery rider mechanism that would allow for the recovery of costs related to the procurement of capacity through MISO’s annual planning resource auction outside of base rates, through a rider that is updated annually. In May 2026, Entergy Texas filed a request with the PUCT for a capacity cost recovery rider to recover eligible capacity procurement costs associated with its participation in MISO’s annual planning resource auction, and the PUCT approved the request in July 2026. See Note 2 to the financial statements herein for discussion of the capacity cost recovery rider.

Other operation and maintenance expenses increased from $713 million for the second quarter 2025 to $759 million for the second quarter 2026 primarily due to:

•an increase of $24 million in power delivery expenses primarily due to higher vegetation maintenance costs;
•an increase of $10 million in compensation and benefits costs primarily due to higher healthcare claims activity and the timing of the recognition of prescription drug rebates; and
•several individually insignificant items.

The increase was partially offset by a decrease of $9 million in bad debt expense.

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

Depreciation and amortization expenses increased primarily due to additions to plant in service, an increase in FERC jurisdictional depreciation rates at Entergy Arkansas and Entergy Louisiana effective January 2026, and an increase in nuclear depreciation rates at Entergy Louisiana effective September 2025 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 Entergy Louisiana global stipulated settlement agreement.

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 increased primarily due to:

•changes in decommissioning trust fund activity, including portfolio rebalancing of decommissioning trust funds in second quarter 2026;
•an increase of $31 million in the amortization of tax gross-up on customer advances, including customer advances for construction; and
•an increase of $19 million on interest earned on money pool investments.

The increase was partially offset by a $17 million true-up, recorded in second quarter 2025, of Entergy Louisiana’s MISO cost recovery mechanism over-recovery balance to the 2024 formula rate plan filing, which was filed with the LPSC in May 2025. See Note 2 to the financial statements in the Form 10-K for discussion of the 2024 formula rate plan filing.




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Interest expense increased primarily due to:

•the issuances by Entergy Arkansas of $500 million of 5.75% Series mortgage bonds and $500 million of 4.95% Series mortgage bonds, each in January 2026;
•the issuances by Entergy Louisiana of $750 million of 5.65% Series mortgage bonds and $750 million of 4.90% Series mortgage bonds, each in February 2026;
•the issuance by Entergy Mississippi of $650 million of 5.05% Series mortgage bonds in March 2026;
•an increase of $18 million in carrying costs on customer advances, including customer advances for construction; and
•$8 million in carrying costs in second quarter 2026 on retained net proceeds from the monetization of nuclear production tax credits.

The increase was partially offset by the repayment by Entergy Arkansas of $600 million of 3.5% Series mortgage bonds in February 2026.

Parent and Other

Interest expense increased primarily due to the issuances of junior subordinated debentures totaling $1.3 billion in November 2025.

Income Taxes

The effective income tax rate was 21.3% for the second quarter 2026. The difference in the effective income tax rate for the second quarter 2026 versus the federal statutory rate of 21% was primarily due to the accrual for state income taxes and a provision for uncertain tax positions, partially offset by book and tax differences related to the allowance for equity funds used during construction, the amortization of excess accumulated deferred income taxes, and certain book and tax differences related to utility plant items.

The effective income tax rate was 22.7% for the second quarter 2025. The difference in the effective income tax rate for the second 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 the allowance for equity funds used during construction and certain book and tax differences related to utility plant items.





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Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Following are income statement variances for Utility, Parent & Other, and Entergy comparing the six months ended June 30, 2026 to the six months ended June 30, 2025 showing how much the line item increased or (decreased) in comparison to the prior period.

Utility
Parent &
Other (a)

Entergy
(In Thousands)
2025 Net Income (Loss) Attributable to Entergy Corporation$1,088,527 ($259,837)$828,690 
Operating revenues538,441 (2,900)535,541 
Fuel, fuel-related expenses, and gas purchased for resale391,341 (970)390,371 
Purchased power(51,171)(394)(51,565)
Other regulatory charges (credits) - net176,739 — 176,739 
Other operation and maintenance45,395 2,458 47,853 
Asset write-offs, impairments, and related charges
— 18,059 18,059 
Taxes other than income taxes21,153 (398)20,755 
Depreciation and amortization54,068 (1,286)52,782 
Other income (deductions)274,156 4,467 278,623 
Interest expense103,533 34,595 138,128 
Other expenses(4,226)(9)(4,235)
Income taxes(6,781)(12,191)(18,972)
Preferred dividend requirements of subsidiaries and noncontrolling interests5,416 — 5,416 
2026 Net Income (Loss) Attributable to Entergy Corporation$1,165,657 ($298,134)$867,523 

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

Operating Revenues

Utility

Following is an analysis of the change in operating revenues comparing the six months ended June 30, 2026 to the six months ended June 30, 2025:
Amount
(In Millions)
2025 operating revenues$6,145 
Fuel, rider, and other revenues that do not significantly affect net income423 
Retail electric price142 
Return on construction work in progress for certain utility plant investments70 
Volume/weather17 
Effect of sale of natural gas distribution businesses(113)
2026 operating revenues$6,684 

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




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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 Entergy Arkansas’s formula rate plan rates effective January 2026;
•increases in Entergy Louisiana’s resilience plan cost recovery rider effective March 2025 and March 2026;
•an increase in Entergy Mississippi’s formula rate plan rates resulting from an increase in interim facilities rate adjustment revenues effective January 2026; and
•increases in Entergy Texas’s distribution cost recovery factor rider effective June 2025 and December 2025.

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

The return on construction work in progress for certain utility plant investments variance represents the revenue related to the amortization of certain customer advances designed to provide a return on investment in construction work in progress for certain utility plant investments, which is recognized as the related costs are incurred.

The volume/weather variance is primarily due to an increase in industrial usage and an increase in weather-adjusted residential usage, partially offset by the effect of less 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 data center, primary metals, transportation, and petroleum refining industries. The increase in weather-adjusted residential usage is primarily due to an increase in customers.

The effect of sale of natural gas distribution businesses variance represents the decrease in operating revenues resulting from the absence of natural gas revenues at Entergy Louisiana and Entergy New Orleans following the sale of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses on July 1, 2025. The decrease in natural gas operating revenues is substantially offset in net income by the absence of operating expenses related to the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses following the sale. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses on July 1, 2025.

Total electric energy sales for Utility for the six months ended June 30, 2026 and 2025 are as follows:
20262025% Change
(GWh)
Residential16,792 17,683 (5)
Commercial13,437 13,507 (1)
Industrial33,060 29,452 12 
Governmental1,172 1,176 — 
Total retail64,461 61,818 4 
Sales for resale6,127 5,767 6 
Total70,588 67,585 4 

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





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Other Income Statement Items

Utility

Purchased power includes a decrease of $16 million in costs in 2026, at Entergy Texas, related to the procurement of capacity through MISO’s annual planning resource auction. Higher costs in 2025 resulted from the effect of a significant increase in MISO’s seasonal auction clearing price, due to the implementation of a reliability-based demand curve, for capacity transactions during the summer months in 2025. Prior to June 2026, Entergy Texas also did not have the ability to recover its MISO capacity costs incurred to date beyond the level included in base rates. In June 2025, Texas legislation established a capacity cost recovery rider mechanism that would allow for the recovery of costs related to the procurement of capacity through MISO’s annual planning resource auction outside of base rates, through a rider that is updated annually. In May 2026, Entergy Texas filed a request with the PUCT for a capacity cost recovery rider to recover eligible capacity procurement costs associated with its participation in MISO’s annual planning resource auction, and the PUCT approved the request in July 2026. See Note 2 to the financial statements herein for discussion of the capacity cost recovery rider.

Other operation and maintenance expenses increased from $1,376 million for the six months ended June 30, 2025 to $1,421 million for the six months ended June 30, 2026 primarily due to:

•an increase of $37 million in power delivery expenses primarily due to higher vegetation maintenance costs, a higher scope of work performed in 2026 as compared to 2025, and increased contract labor costs;
•an increase of $20 million in compensation and benefits costs primarily due to a revision to estimated incentive-based compensation expense in 2025; and
•several individually insignificant items.

The increase was partially offset by:

•a decrease of $19 million in insurance expense primarily due to higher nuclear insurance refunds;
•a decrease of $14 million in loss provisions;
•a decrease of $11 million in bad debt expense; and
•a decrease of $10 million in gas operations expenses resulting from the absence of expenses following the sale of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses on July 1, 2025.

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

Depreciation and amortization expenses increased primarily due to additions to plant in service, an increase in FERC jurisdictional depreciation rates at Entergy Arkansas and Entergy Louisiana effective January 2026, and an increase in nuclear depreciation rates at Entergy Louisiana effective September 2025 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 Entergy Louisiana global stipulated settlement agreement.

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 increased primarily due to:

•changes in decommissioning trust fund activity, including portfolio rebalancing of decommissioning trust funds in 2026;




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•an increase of $39 million in the amortization of tax gross-up on customer advances, including customer advances for construction; and
•an increase of $27 million on interest earned on money pool investments.

The increase was partially offset by a $17 million true-up, recorded in second quarter 2025, of Entergy Louisiana’s MISO cost recovery mechanism over-recovery balance to the 2024 formula rate plan filing, which was filed with the LPSC in May 2025. See Note 2 to the financial statements in the Form 10-K for discussion of the 2024 formula rate plan filing.

Interest expense increased primarily due to:

•the issuances by Entergy Arkansas of $500 million of 5.75% Series mortgage bonds and $500 million of 4.95% Series mortgage bonds, each in January 2026;
•the issuance by Entergy Arkansas of $300 million of 5.45% Series mortgage bonds in May 2025;
•the issuances by Entergy Louisiana of $750 million of 5.65% Series mortgage bonds and $750 million of 4.90% Series mortgage bonds, each in February 2026;
•the issuance by Entergy Mississippi of $650 million of 5.05% Series mortgage bonds in March 2026;
•the issuance by Entergy Mississippi of $600 million of 5.80% Series mortgage bonds in March 2025;
•the issuance by Entergy Texas of $500 million of 5.25% Series mortgage bonds in February 2025;
•the issuance by System Energy of $240 million of 5.30% Series mortgage bonds in May 2025;
•an increase of $26 million in carrying costs on customer advances, including customer advances for construction; and
•$16 million in carrying costs in 2026 on retained net proceeds from the monetization of nuclear production tax credits.

The increase was partially offset by the repayment by Entergy Arkansas of $600 million of 3.5% Series mortgage bonds in February 2026 and the repayment by Entergy Louisiana of $250 million of 4.44% Series mortgage bonds in January 2026.

Parent and Other

Asset write-offs, impairments, and related charges includes an $18 million non-cash impairment charge recognized in first quarter 2026 related to the sale of the non-utility operations businesses’ interest in the Independence power plant in April 2026.

Interest expense increased primarily due to the issuances of junior subordinated debentures totaling $1.3 billion in November 2025.

Income Taxes

The effective income tax rate was 20% for the six months ended June 30, 2026. The difference in the effective income tax rate for the six months ended June 30, 2026 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, the amortization of excess accumulated deferred income taxes, 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 22.2% for the six months ended June 30, 2025. The difference in the effective income tax rate for the six months ended June 30, 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 the allowance for equity funds used during construction and certain book and tax differences related to utility plant items.





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Management’s Financial Discussion and Analysis


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

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.

Capital Structure and Resources

Entergy’s debt to capital ratio is shown in the following table.
June 30, 2026December 31,
2025
Debt to capital65.2%64.3%
Effect of excluding securitization bonds(0.1%)(0.2%)
Debt to capital, excluding securitization bonds (non-GAAP) (a)65.1%64.1%
Effect of subtracting cash(2.8%)(1.5%)
Net debt to net capital, excluding securitization bonds (non-GAAP) (a)62.3%62.6%

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

As of June 30, 2026, 20.8% of the debt outstanding is at the parent company, Entergy Corporation, and 79.2% is at the Utility segment. 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.





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Entergy Corporation has in place a credit facility that has a borrowing capacity of $3 billion and expires in June 2031.  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. Although there were no borrowings under the facility for the six months ended June 30, 2026, the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility was 5.14%. The following is a summary of the amounts outstanding and capacity available under the credit facility as of June 30, 2026:
Capacity BorrowingsLetters
of Credit		Capacity
Available
(In Millions)
$3,000$—$3$2,997

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 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 June 30, 2026, Entergy Corporation had $1,544 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2026 was 4.01%.

As discussed in the Form 10-K, Entergy’s sources to meet its capital requirements and to fund potential investments include, among other things, debt and equity issuances in the capital markets. In addition to other planned debt issuances by the Registrant Subsidiaries and Entergy Corporation, borrowings under new or existing credit facilities and Entergy Corporation’s commercial paper program, and the planned equity issuances discussed below, Entergy Corporation currently expects to issue approximately $3 billion in junior subordinated debentures through 2030.

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, the equity distribution program, and equity forward sale agreements. The following are updates to that discussion.

In February 2026, Entergy Corporation physically settled a portion of its obligations under certain of its then-outstanding forward sale agreements under its at the market equity distribution program for cash proceeds of $346 million.

In May 2026, Entergy Corporation marketed an equity offering of approximately 19.2 million shares of Entergy Corporation common stock. In lieu of issuing equity at the time of the offering, Entergy Corporation entered into forward sale agreements with several forward counterparties. The forward sale agreements require Entergy Corporation to, at its election on or prior to April 30, 2028, either (1) physically settle the transactions by issuing the total of approximately 19.2 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 $110.74 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




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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.

In June 2026, Entergy Corporation physically settled its remaining obligations under certain of its then-outstanding forward sale agreements under its at the market equity distribution program for cash proceeds of $126 million and physically settled a portion of its obligations under certain of its then-outstanding equity forward sale agreements for cash proceeds of $546 million.

Entergy Corporation currently expects to issue approximately $7 billion of equity through 2030, which it may issue under its at the market equity distribution program or otherwise, with approximately $4.1 billion already settled or contracted under forward sale agreements as of June 30, 2026.

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 2026 through 2029. The following are updates to that discussion.

Following are the current annual amounts of Entergy’s planned construction and other capital investments through 2030.
Planned construction and capital investments20262027202820292030
(In Millions)
Generation$7,735 $11,765 $11,040 $7,690 $6,325 
Transmission2,250 2,685 2,295 1,865 895 
Distribution2,725 2,055 1,715 1,965 1,830 
Utility Support455 340 330 300 270 
Total$13,165 $16,845 $15,380 $11,820 $9,320 

The updated capital plan for 2026-2030 reflects incremental capital investments for potential generation projects, primarily related to resources identified in Entergy Louisiana’s application filed with the LPSC in March 2026 as discussed below in “Entergy Louisiana Additional Generation and Transmission Resources.” The capital plan includes amounts Entergy plans to spend on routine capital projects that are necessary to support reliability of its service, equipment, or systems and to support normal customer growth. In addition to routine capital projects, the capital plan also includes amounts Entergy plans to spend on non-routine capital investments for which Entergy is either contractually obligated, has Board approval, or otherwise expects to make to satisfy regulatory or legal requirements. Amounts include the following types of construction and capital investments:

•investments in generation projects to modernize, decarbonize, expand, and diversify the Utility operating companies’ portfolios, as well as to support customer growth, including Ironwood Power Station, Jefferson Power Station, Arkansas Cypress Solar, Segno Solar, Votaw Solar, Bogalusa West Solar, Cypress Harvest Solar, Franklin Farms Power Station Units 1 and 2, Waterford 5 Power Station, Cottonwood Power Station, Westlake Power Station, Richland Parish Units 1-4, Pointe Coupee Units 1-3, Waterford 6 Power Station, Delta Blues Advanced Power Station, Delta Solar, Penton Solar, Traceview Advanced Power Station, Vicksburg Advanced Power Station, Orange County Advanced Power Station, Lone Star Power Station, Legend Power Station, and potential construction of additional generation;
•investments in the Utility nuclear fleet;
•transmission spending to improve reliability and resilience while also supporting renewables expansion and customer growth; and




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•distribution and Utility support spending to improve reliability, resilience, and customer experience through projects focused on asset renewals and enhancements and grid stability.

The planned construction and capital investments amounts above exclude investments expected to be funded with customer advances for construction.

Renewables

Entergy Arkansas Special Rate Contract and Arkansas Cypress Solar

As discussed in the Form 10-K, in September 2025, Entergy Arkansas filed an application with the APSC seeking a certificate of environmental compatibility and public need for the construction and operation of the Arkansas Cypress Solar facility, a planned 600 MW solar photovoltaic array with a 350 MW battery energy storage system and associated transmission facilities interconnecting at Entergy Arkansas’s White Bluff substation. The estimated cost of the project is $1,602 million. In March 2026 the APSC approved the Arkansas Cypress Solar facility and Entergy Arkansas’s recovery of the costs of the facility through the Generating Arkansas Jobs Act rider. The APSC also ordered implementation of an independent monitor to oversee costs. In April 2026, Entergy Arkansas filed with the APSC its proposal for an independent monitor to oversee the reasonableness of costs. In April 2026 the APSC issued an order consolidating Entergy Arkansas’s cost independent monitor proposals for three pending resources, including the Arkansas Cypress Solar facility, into a single docket and directing parties with full intervention status to respond to the proposals and recommend independent monitor candidates. No alternative recommendations were made by the other parties. The facility is expected to be in service by the end of 2028.

Cypress Harvest Solar

As discussed in the Form 10-K, in February 2026, Entergy Louisiana filed an application seeking LPSC approval and certification for the Cypress Harvest Solar facility, a 200 MW solar facility to be located in Iberville Parish, Louisiana. In March 2026 the LPSC staff filed an affidavit attesting that the Cypress Harvest Solar facility meets the applicable parameters for Entergy Louisiana’s expedited certification process and recommending that the LPSC grant certification. At its April 2026 meeting, the LPSC voted to grant the requested approval and certification, with a written order issued in May 2026. In July 2026 the Iberville Parish Council adopted a two-year moratorium on battery energy storage system development to allow time for further evaluation of the community impacts of the technology. The facility has a scheduled in service date of 2028.

Segno Solar and Votaw Solar

As discussed in the Form 10-K, in December 2025, Entergy Louisiana filed an application with the LPSC seeking approval and certification to construct the Segno Solar facility and Votaw Solar facility. The application asks that the LPSC approve, subject to certain ongoing discussions, allocation of the two facilities to a designated renewable resources subscription to Entergy Louisiana’s Rider Geaux Zero, and further asserts that the two solar resources fall below certain breakeven parameters established in connection with the LPSC’s order allowing Entergy Louisiana to procure up to 3 GW of solar resources, thus supporting that the resources should be certified as being in the public interest. The application requests consideration by the LPSC at or before its August 2026 meeting. A procedural schedule was set with a hearing initially scheduled for July 2026. In June 2026, Entergy Louisiana filed an unopposed motion asking that the procedural schedule be suspended to allow for settlement negotiations. The motion was granted and the procedural schedule was suspended. The parties’ settlement negotiations are ongoing. Subject to approval by the LPSC, the Segno Solar facility and the Votaw Solar facility are expected to be in service by 2029.





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Other Generation and Transmission

Jefferson Power Station

As discussed in the Form 10-K, in August 2025, Entergy Arkansas filed an application with the APSC seeking a certificate of environmental compatibility and public need for the construction and operation of Jefferson Power Station, an approximately 754 MW natural gas-fired combined cycle combustion turbine facility to be located in Jefferson County, Arkansas. The estimated cost of the project is $1,602 million. In January 2026 the APSC issued its order finding that Entergy Arkansas had demonstrated a need for the resource but had not met its burden with respect to supporting the prudence of the costs to construct the resource. The APSC acknowledged that the costs would be greater if Entergy Arkansas waited to pursue the resource. The APSC authorized Entergy Arkansas to proceed with Jefferson Power Station as a strategic investment with estimated costs set at a benchmark, which the APSC erroneously believed reflected the current cost estimate but was, in fact, $90 million below the cost presented. In its January 2026 order, the APSC also approved Entergy Arkansas’s recovery of the costs of constructing Jefferson Power Station through the Generating Arkansas Jobs Act rider. Additionally, in its January 2026 order, the APSC found that Entergy Arkansas should conduct all-source competitive solicitations for future generation additions, with limited exceptions where Entergy Arkansas believes that a specific solicitation should be restricted to a certain resource and provides a detailed explanation to the APSC supporting this belief, which the APSC later determined in its March 2026 order is a narrow exception. In February 2026, Entergy Arkansas filed for rehearing seeking to correct the benchmark. In March 2026 the APSC issued an order denying Entergy Arkansas’s petition and maintained the benchmark, although costs over the benchmark were not found to be disallowed. Also in its March 2026 order, the APSC ordered Entergy Arkansas to submit a draft of an all-source request for proposals within thirty days of the order, which Entergy Arkansas filed in April 2026. Also in March 2026, Entergy Arkansas filed with the APSC its proposal for an independent monitor to oversee the reasonableness of its construction costs, as required by the APSC order. In April 2026 the APSC issued an order consolidating Entergy Arkansas’s cost independent monitor proposals for three pending resources, including Jefferson Power Station, into a single docket and directing parties with full intervention status to respond to the proposals and recommend independent monitor candidates. No alternative recommendations were made by the other parties. Also as part of the APSC’s January 2026 order, Entergy Arkansas is required to file quarterly status reports on its evaluation of the White Bluff coal to gas conversion. Entergy Arkansas filed its second status report in July 2026, setting forth that it expects to provide the APSC a total cost estimate and project timeline for the White Bluff 1 conversion within the next 60 days as part of an application and/or a supplemental update. The facility is expected to be in service by the end of 2029.

Entergy Louisiana Additional Generation and Transmission Resources

See the Form 10-K for discussion of Entergy Louisiana’s October 2024 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 was previously executed.

In March 2026, Entergy Louisiana entered into an electric service agreement with Evest LLC (Evest), a subsidiary of Meta Platforms, Inc., in connection with establishing service to a second new data center to be developed by Evest in north Louisiana. The obligations pursuant to the agreement will commence following construction of certain transmission facilities needed to serve Evest, and the effectiveness of the agreement is conditioned upon receipt of required governmental approvals, including approval from the LPSC. Also in March 2026, Entergy Louisiana filed an application with the LPSC for certification to construct seven new combined cycle combustion turbine generation resources totaling 5,278 MW at a total cost of approximately $12.9 billion, each of which will be enabled for future carbon capture and storage, and three battery energy storage systems, including two that will be co-located with solar resources at the Cypress Harvest Solar Facility in Iberville Parish and the Bogalusa West Solar Facility in Washington Parish. The application also seeks approval to construct a new 500 kV transmission line, from West Fork Creek to St. Landry, estimated to cost $1.4 billion, and other related transmission facilities. Four of the new combined cycle combustion turbine generation resources are to be located near the




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customer site in north Louisiana (Richland Parish Units 1-4), while the remaining three units will be located near the existing Big Cajun site in Pointe Coupee Parish (Pointe Coupee Units 1-3). The seven new combined cycle combustion turbine generation resources have various estimated in-service dates in 2030 and 2031. The application also requests certain approvals related to a corporate sustainability agreement with the new customer. The corporate sustainability agreement contemplates the new customer contributing to the costs of the future addition of 2,500 MW of new renewable and energy storage resources, agreements involving nuclear-related efforts and contributions to bill assistance and other programs for low-income residents. Entergy Louisiana anticipates recovering 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 application is pending before the LPSC. At its April 2026 meeting, the LPSC voted to direct the administrative hearings division to adopt a procedural schedule that would allow for LPSC consideration of the matter at its December 2026 meeting, and also to have the administrative hearings division serve as a hearing examiner and compile a record for the LPSC to consider without the issuance of a formal recommendation from the ALJ. LPSC staff and intervenor testimony is due to be filed by July 31, 2026. Entergy Louisiana’s rebuttal testimony is due in September 2026. A hearing is scheduled to take place in October 2026.

The electric service agreement and related contracts contain provisions that protect Entergy Louisiana’s current customers in a manner consistent with the LPSC’s Lightning Initiative and Entergy Louisiana’s Fair Share Plus guidelines, which the LPSC and Entergy Louisiana, respectively, developed in response to increased investment in large data centers in Louisiana. The protections include terms requiring the customer to pay Entergy Louisiana’s incremental costs to serve the customer, including through contributions in aid of construction, other advanced payments and minimum monthly bills. The agreements also include specified financial obligations in the event that Evest terminates the contracts early, restructures the project, or in the event of default. These specified financial obligations would be based on Entergy Louisiana’s unrecovered incremental costs to serve Evest at the time of such an event. Evest’s obligations under the electric service agreement and related contracts are secured by various forms of collateral, including a guaranty from Meta Platforms, Inc.

Finally, the electric service agreement also includes provisions relating to Entergy Louisiana’s performance obligations, including the timely construction of the facilities supporting service to Evest, audit rights for the construction costs supported by Evest, and service standards during the term of the electric service agreement. Entergy Louisiana’s failure to meet one or more of these performance obligations could result in specified financial and/or non-financial penalties. Such penalties would vary based on the nature and severity of the failure, including the potential termination of the electric service agreement.

In June 2026 certain intervenors filed a motion requesting that the LPSC issue a subpoena to Meta Platforms, Inc. to obtain certain information about the data center project, including the level of expected investment, job creation, load characteristics, and other aspects of the project, as well as certain financial information. In July 2026, after briefing and argument, the ALJ issued a ruling granting this motion in part and denying it in part. In July 2026, Meta Platforms, Inc. filed a motion to quash the subpoena and a motion for interlocutory appeal of the ruling that granted the issuance of the subpoena.

Babel - Webre 500 kV Transmission Project

As discussed in the Form 10-K, in December 2025, 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 147-mile Babel to Webre 500 kV transmission line, the reconstruction of the Webre 500 kV switching station in Louisiana, and coordination with Entergy Texas on the construction of an approximately 4-mile 500 kV transmission line in Texas. The project was approved by MISO in the 2025 MISO Transmission Expansion Plan and has an estimated cost of $1,238 million and an estimated in-service date of August 2029. In May 2026 the LPSC staff and the Southern Renewable Energy Association (SREA), an intervenor, filed direct testimony. The LPSC staff’s testimony and SREA’s testimony recommended that the LPSC find the project to be in the public




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Management’s Financial Discussion and Analysis


interest and grant certification under the LPSC’s general order on transmission siting. A hearing is scheduled for September 2026.

Waterford 6 Power Station and Westlake Power Station

As discussed in the Form 10-K, in February 2026, Entergy Louisiana filed an application seeking LPSC approval and certification to construct two 754 MW combined cycle combustion turbine generators, the Waterford 6 Power Station and the Westlake Power Station, to be located at Entergy Louisiana’s existing Waterford site near Killona, Louisiana and existing Roy S. Nelson site in Westlake, Louisiana, respectively. In its application, Entergy Louisiana noted the estimated costs are approximately $2,027 million for the Waterford 6 Power Station and $2,091 million for the Westlake Power Station. As described in the application, Entergy Louisiana is considering a third-party financing approach for the Waterford 6 Power Station. A procedural schedule has been set with hearings scheduled in October and November 2026. Entergy Louisiana asked that the LPSC consider the requests in the application at or before its December 2026 meeting. The estimated in-service dates for the Waterford 6 Power Station and Westlake Power Station are July 2030 and October 2030, respectively.

Cottonwood Power Station

As discussed in the Form 10-K, in December 2025, Entergy Louisiana filed an application seeking LPSC approval and a certificate of convenience and necessity to acquire the Cottonwood combined cycle combustion turbine facility, a 1,263 MW combined cycle facility in Deweyville, Texas that was originally placed in commercial service in 2003. The filing seeks findings from the LPSC that the costs of the acquisition, including the approximately $1.5 billion purchase price and $309.3 million in capital upgrades and maintenance items needed to bring the Cottonwood facility into alignment with Entergy Louisiana’s fleet standards with respect to operations and safety, are eligible for recovery in customer rates. In June 2026 the LPSC staff filed direct testimony raising various concerns and objections to the proposed transaction as presented in Entergy Louisiana’s application. The LPSC staff asserts that the need for the Cottonwood facility is driven predominantly by loads associated with certain large data center projects and opines that the costs and future operational risks of the Cottonwood facility should be borne by these customers in particular, not Entergy Louisiana’s customers generally. The LPSC staff’s direct testimony also raises issues regarding the acquisition premium, potential stranded costs, and future operating risks associated with the Cottonwood facility. Discovery is ongoing, and Entergy Louisiana filed rebuttal testimony in July 2026. A hearing is scheduled for September 2026 and Entergy Louisiana’s application requests an LPSC decision by October 2026. The acquisition is currently targeted to close in January 2027, subject to regulatory approvals and other conditions to closing.

Entergy Mississippi Additional Generation and Transmission Resources

As discussed in the Form 10-K, in March 2024, Entergy Mississippi executed a large customer supply and service agreement to serve two data center campuses located in Madison County, Mississippi in which Amazon Web Services is investing. In February 2025, Entergy Mississippi executed a large customer supply and service agreement to serve a data center campus located in Warren County, Mississippi in which Amazon Web Services is investing. In April 2026, Amazon Web Services announced the expansion of the data center campuses located in Madison County, Mississippi. The February 2025 agreement will serve this expansion. Also, in April 2026, Entergy Mississippi executed a large customer supply and service agreement to serve a data center campus located in Hinds County, Mississippi in which Amazon Web Services is investing. Consistent with Entergy Mississippi’s Fair Share Plus guidelines, the large customer supply and service agreements are structured to ensure that the customer pays its incremental cost to serve and includes protections in the event of early termination.

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




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upon earnings per share from the Utility segment and the Parent and Other portion of the business, financial strength, and future investment opportunities.  In July 2026 the Board declared a dividend of $0.64 per share.

Cash Flow Activity

As shown in Entergy’s Consolidated Statements of Cash Flows, cash flows for the six months ended June 30, 2026 and 2025 were as follows:
20262025
(In Millions)
Cash and cash equivalents at beginning of period$1,929 $860 
Net cash provided by (used in):
Operating activities2,722 1,798 
Investing activities(5,093)(3,741)
Financing activities4,296 2,259 
Net increase in cash and cash equivalents1,925 316 
Cash and cash equivalents at end of period$3,854 $1,176 

Operating Activities

Net cash flow provided by operating activities increased $924 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to an increase of $700 million in receipts of advance payments related to customer agreements, including $599 million in customer advances and $101 million in tax gross-up on customer advances for construction, higher collections from Utility customers, and the timing of recovery of fuel and purchased power costs. The increase was partially offset by higher fuel and purchased power payments, the timing of payments to vendors, and an increase of $36 million in interest paid. 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 $1,352 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to:

•an increase of $804 million in non-nuclear generation construction expenditures primarily due to higher spending by Entergy Arkansas on the Jefferson Power Station project, the Cypress Solar project, and the Ironwood Power Station project, by Entergy Louisiana on the Richland Parish Power Station Units 1-4 project, the Pointe Coupee Units 1-3 project, the Waterford 6 Power Station project, the Waterford 5 Power Station project, and the Westlake Power Station project, and by Entergy Mississippi on the Traceview Advanced Power Station project; partially offset by lower spending by Entergy Texas on the Legend Power Station project as a result of the sale of assets related to the in-process project in December 2025 and lower spending on the Orange County Advanced Power Station project in 2026. See Note 8 to the financial statements in the Form 10-K for discussion of the Entergy Texas build-to-suit lease arrangement for the Legend Power Station;
•an increase of $297 million in capital expenditures related to storm restoration primarily due to Winter Storm Fern restoration efforts in 2026. See “Winter Storm Fern” above for discussion of storm restoration efforts in 2026;
•an increase of $228 million in transmission construction expenditures primarily due to higher spending by Entergy Louisiana on the Amite South transmission projects and increased spending on various other Utility transmission projects;




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Management’s Financial Discussion and Analysis


•an increase of $71 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
•payments to storm reserve escrow accounts of $6 million in 2026 compared to net receipts from storm reserve escrow accounts of $37 million in 2025.

The increase was partially offset by a decrease of $69 million in cash collateral posted to support Entergy Louisiana’s, Entergy Arkansas’s, and Entergy Mississippi’s obligations to MISO in 2026.

Financing Activities

Net cash flow provided by financing activities increased $2,037 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to:

•net issuances of $912 million of commercial paper in 2026 as compared to net repayments of $452 million of commercial paper in 2025;
•long-term debt activity providing approximately $2,761 million of cash in 2026 compared to providing approximately $1,918 million of cash in 2025; and
•$1,017 million in net proceeds from the issuance of common stock in forward contracts under the at the market equity distribution program and the settlement of equity forward sale agreements in 2026 compared to $805 million in net proceeds from the issuance of common stock under the at the market equity distribution program in 2025.

The increase was partially offset by:

•a $248 million payment by Entergy Texas in June 2026 associated with a financed portion of construction work in progress related to the Orange County Advanced Power Station;
•an increase of $69 million in common stock dividends paid in 2026 as compared to 2025 as a result of an increase in the dividend paid per share and an increase in the number of shares outstanding; and
•a decrease of $37 million in net customer advances for construction related to transmission, distribution, and generator interconnection agreements.

See Note 3 to the financial statements herein and Note 7 to the financial statements in the Form 10-K for discussion of the equity issuances, the equity distribution program, and the equity forward sale 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.

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.

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.




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Management’s Financial Discussion and Analysis

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 are updates 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 June 30, 2026, based on power prices at that time, Entergy had $4 million of posted cash collateral.

In addition to the ability to post cash collateral, each of the Utility operating companies has uncommitted standby letter of credit facilities as a means to post collateral to support its obligations to MISO and for other purposes. See Note 4 to the financial statements herein for discussion of these letter of credit facilities. As of June 30, 2026, Entergy Louisiana had $19 million of posted cash collateral and Entergy Mississippi had $15 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. The following are updates to that discussion.

NRC Reactor Oversight Process

The NRC’s Reactor Oversight Process is a program to collect information about plant performance, assess the information for its safety significance, and provide for appropriate licensee and NRC response. The NRC evaluates plant performance by analyzing two distinct inputs: inspection findings resulting from the NRC’s inspection program and performance indicators reported by the licensee. The evaluations result in the placement of each plant in one of the NRC’s Reactor Oversight Process Action Matrix columns: “licensee response column,” or Column 1, “regulatory response column,” or Column 2, “degraded cornerstone column,” or Column 3, “multiple/repetitive degraded cornerstone column,” or Column 4, and “unacceptable performance,” or Column 5. Plants in Column 1 are subject to normal NRC inspection activities. Plants in Column 2, Column 3, or Column 4 are subject to progressively increasing levels of inspection by the NRC with, in general, progressively increasing levels of associated costs. Continued plant operation is not permitted for plants in Column 5. All of the nuclear generating plants owned and operated by Entergy’s Utility business are currently in Column 1, except Grand Gulf, which is in Column 2.

In April 2026 the NRC issued a final significance determination and notice of violation for Grand Gulf, in which it finalized a “white” finding with “low safety significance” related to one of Grand Gulf’s emergency diesel generators, resulting in Grand Gulf’s placement in Column 2, effective first quarter 2026.  Grand Gulf will remain in Column 2 until the satisfactory completion of an NRC supplemental inspection.

In July 2026 the NRC issued an inspection report for River Bend, in which it identified a preliminary “white” finding with “low safety significance” related to one of the service water pumps at River Bend. The NRC is continuing its evaluation of the issue and is expected to complete its determination during third quarter 2026. If




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Management’s Financial Discussion and Analysis


the NRC’s review results in a final “white” finding, River Bend would be placed in Column 2 and would remain in Column 2 until the satisfactory completion of an NRC supplemental inspection.

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.

In May 2026 the FASB issued ASU 2026-02, “Environmental Credits and Environmental Credit Obligations (Topic 818),” which establishes guidance on recognition, measurement, presentation, and disclosure requirements for environmental credits and environmental credit obligations. The ASU requires an entity to recognize an environmental credit as an asset when it is probable that the environmental credit will be (1) used to settle an environmental credit obligation, (2) transferred in an exchange transaction, or (3) used in a nonreciprocal transfer. An environmental credit obligation is required to be recognized when an event occurring on or before the reporting date results in an environmental credit obligation under existing or enacted regulation. The ASU also requires various disclosures related to environmental credits and environmental credit obligations, including how credits are obtained and used, the nature of applicable regulatory compliance programs and related accounting policies, and financial statement impact. ASU 2026-02 is effective for Entergy beginning first quarter 2028. Entergy does not expect ASU 2026-02 to materially affect its results of operations, financial positions, or cash flows.




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ENTERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
For the Three and Six Months Ended June 30, 2026 and 2025
(Unaudited)
Three Months EndedSix Months Ended
2026202520262025
(In Thousands, Except Share Data)
OPERATING REVENUES
Electric$3,513,488 $3,274,945 $6,683,761 $6,032,811 
Natural gas— 40,778 — 112,509 
Other10,150 13,126 27,503 30,403 
TOTAL3,523,638 3,328,849 6,711,264 6,175,723 
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale759,343 636,274 1,371,167 980,796 
Purchased power307,243 376,105 670,286 721,851 
Nuclear refueling outage expenses28,433 29,613 52,576 62,654 
Other operation and maintenance771,418 724,463 1,444,983 1,397,130 
Asset write-offs, impairments, and related charges— — 18,059 — 
Decommissioning59,523 56,569 118,341 112,498 
Taxes other than income taxes214,770 201,774 421,294 400,539 
Depreciation and amortization548,179 522,583 1,088,308 1,035,526 
Other regulatory charges (credits) - net(15,360)(55,957)103,939 (72,800)
TOTAL2,673,549 2,491,424 5,288,953 4,638,194 
OPERATING INCOME 850,089 837,425 1,422,311 1,537,529 
OTHER INCOME
Allowance for equity funds used during construction54,741 51,305 102,081 95,323 
Interest and investment income174,908 87,419 390,718 120,825 
Miscellaneous - net(49,987)(43,722)(27,024)(28,996)
TOTAL179,662 95,002 465,775 187,152 
INTEREST EXPENSE
Interest expense433,114 343,067 833,030 691,451 
Allowance for borrowed funds used during construction(22,861)(20,993)(43,037)(39,586)
TOTAL410,253 322,074 789,993 651,865 
INCOME BEFORE INCOME TAXES619,498 610,353 1,098,093 1,072,816 
Income taxes131,678 138,399 219,468 238,440 
CONSOLIDATED NET INCOME487,820 471,954 878,625 834,376 
Preferred dividend requirements of subsidiaries and noncontrolling interests5,213 4,024 11,102 5,686 
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION$482,607 $467,930 $867,523 $828,690 
Earnings per average common share:
Basic$1.05 $1.07 $1.90 $1.91 
Diluted$1.03 $1.05 $1.87 $1.87 
Basic average number of common shares outstanding458,745,729 439,182,369 457,240,145 434,789,473 
Diluted average number of common shares outstanding466,308,890 445,700,889 464,415,110 443,446,875 
See Notes to Financial Statements.




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ENTERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three and Six Months Ended June 30, 2026 and 2025
(Unaudited)
Three Months EndedSix Months Ended
2026202520262025
(In Thousands)
Net Income $487,820 $471,954 $878,625 $834,376 
Other comprehensive income (loss)
Pension and other postretirement plan changes (net of tax expense (benefit) of ($617), ($1,411), $420, and ($3,695))
(1,995)(4,602)1,916 (8,331)
Other comprehensive income (loss)(1,995)(4,602)1,916 (8,331)
Comprehensive Income 485,825 467,352 880,541 826,045 
Preferred dividend requirements of subsidiaries and noncontrolling interests5,213 4,024 11,102 5,686 
Comprehensive Income Attributable to Entergy Corporation$480,612 $463,328 $869,439 $820,359 
See Notes to Financial Statements.




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ENTERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)
20262025
(In Thousands)
OPERATING ACTIVITIES
Consolidated net income $878,625 $834,376 
Adjustments to reconcile consolidated net income to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization1,326,139 1,255,204 
Deferred income taxes, tax credits, and non-current taxes accrued220,890 231,274 
Asset write-offs, impairments, and related charges18,059 — 
Changes in working capital:
Receivables(225,491)(275,045)
Fuel inventory(5,679)(4,852)
Accounts payable134,118 (53,439)
Taxes accrued12,201 11,230 
Interest accrued45,508 22,867 
Deferred fuel costs(131,572)(263,205)
Customer advances - current
740,977 303,791 
Other working capital accounts(118,766)(58,819)
Changes in provisions for estimated losses(23,610)(38,444)
Changes in other regulatory assets134,270 174,523 
Changes in other regulatory liabilities32,992 20,040 
Changes in customer advances - non-current135,298 25,000 
Changes in pension and other postretirement funded status(105,395)(104,968)
Other(346,811)(281,743)
Net cash flow provided by operating activities2,721,753 1,797,790 
INVESTING ACTIVITIES
Construction/capital expenditures(5,030,819)(3,668,326)
Allowance for equity funds used during construction102,081 83,161 
Nuclear fuel purchases(199,768)(129,124)
Payment for purchase of plant(263)(1,608)
Insurance proceeds received for property damages 14,282 — 
Changes in securitization account215 3,309 
Payments to storm reserve escrow accounts(5,551)(6,808)
Receipts from storm reserve escrow accounts— 43,789 
Decrease (increase) in other investments65,548 (1,659)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs— 3,546 
Proceeds from nuclear decommissioning trust fund sales1,548,167 713,102 
Investment in nuclear decommissioning trust funds(1,586,838)(780,211)
Net cash flow used in investing activities(5,092,946)(3,740,829)
See Notes to Financial Statements.




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ENTERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)
20262025
(In Thousands)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt4,625,848 3,517,949 
Treasury stock11,534 24,539 
Common stock1,017,171 804,631 
Retirement of long-term debt(1,864,866)(1,599,728)
Changes in commercial paper - net911,722 (451,686)
Customer advances received for construction885,867 732,454 
Customer advances used for construction(436,221)(245,481)
Other(259,675)2,164 
Dividends paid:
Common stock(585,899)(516,716)
Preferred stock(9,159)(9,159)
Net cash flow provided by financing activities4,296,322 2,258,967 
Net increase in cash and cash equivalents1,925,129 315,928 
Cash and cash equivalents at beginning of period1,928,916 859,703 
Cash and cash equivalents at end of period$3,854,045 $1,175,631 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized$683,997 $647,900 
Income taxes - net($2,301)$2,487 
  Noncash investing activities:
     Accrued construction expenditures $1,002,641 $576,992 
See Notes to Financial Statements.




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ENTERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
June 30, 2026 and December 31, 2025
(Unaudited)
20262025
(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash$118,189 $45,895 
Temporary cash investments3,735,856 1,883,021 
Total cash and cash equivalents3,854,045 1,928,916 
Accounts receivable:
Customer872,618 735,734 
Allowance for doubtful accounts(29,436)(32,324)
Other230,059 242,402 
Accrued unbilled revenues635,234 524,420 
Total accounts receivable1,708,475 1,470,232 
Deferred fuel costs192,004 54,133 
Fuel inventory - at average cost137,653 131,974 
Materials and supplies1,784,544 1,710,395 
Deferred nuclear refueling outage costs125,220 86,497 
Prepayments and other402,260 424,704 
TOTAL8,204,201 5,806,851 
OTHER PROPERTY AND INVESTMENTS
Decommissioning trust funds6,722,325 6,300,880 
Non-utility property - at cost (less accumulated depreciation)479,919 481,590 
Storm reserve escrow accounts314,335 308,784 
Other128,794 124,414 
TOTAL7,645,373 7,215,668 
PROPERTY, PLANT, AND EQUIPMENT
Electric76,545,871 74,750,917 
Construction work in progress9,018,853 6,020,008 
Nuclear fuel809,430 834,690 
TOTAL PROPERTY, PLANT, AND EQUIPMENT86,374,154 81,605,615 
Less - accumulated depreciation and amortization29,250,718 28,751,001 
PROPERTY, PLANT, AND EQUIPMENT - NET57,123,436 52,854,614 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets (includes securitization property of $208,212 as of June 30, 2026 and $216,107 as of December 31, 2025)
4,871,706 5,005,976 
Deferred fuel costs172,201 172,201 
Goodwill367,582 367,582 
Accumulated deferred income taxes29,719 15,540 
Other588,400 452,298 
TOTAL6,029,608 6,013,597 
TOTAL ASSETS$79,002,618 $71,890,730 
See Notes to Financial Statements.




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ENTERGY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
June 30, 2026 and December 31, 2025
(Unaudited)
20262025
(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt$1,510,174 $2,375,140 
Notes payable and commercial paper1,569,496 657,774 
Accounts payable2,716,222 2,565,546 
Customer deposits491,361 479,796 
Taxes accrued537,390 525,189 
Interest accrued331,165 285,657 
Deferred fuel costs20,861 14,562 
Pension and other postretirement liabilities61,365 63,214 
Customer advances1,470,056 632,850 
Other290,501 223,240 
TOTAL8,998,591 7,822,968 
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued5,875,664 5,592,681 
Accumulated deferred investment tax credits183,073 187,173 
Regulatory liability for income taxes - net1,034,742 1,079,699 
Other regulatory liabilities3,989,788 3,911,839 
Customer advances170,298 35,000 
Decommissioning and asset retirement cost liabilities5,063,544 4,947,530 
Accumulated provisions472,169 495,779 
Pension and other postretirement liabilities88,612 113,930 
Long-term debt (includes securitization bonds of $212,647 as of June 30, 2026 and $221,139 as of December 31, 2025)
31,547,652 27,902,021 
Customer advances for construction 2,086,359 1,615,455 
Other952,030 953,078 
TOTAL51,463,931 46,834,185 
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 2026 and 2025; issued shares in 2026 and 2025 - none
— — 
Common stock, $0.01 par value, authorized 998,000,000 shares in 2026 and 2025; issued 596,525,807 shares in 2026 and 583,203,774 shares in 2025
5,965 5,832 
Paid-in capital9,966,490 8,979,387 
Retained earnings12,980,060 12,698,436 
Accumulated other comprehensive loss(1,090)(3,006)
Less - treasury stock, at cost (129,894,309 shares in 2026 and 130,864,409 shares in 2025)
4,722,305 4,757,573 
Total shareholders’ equity
18,229,120 16,923,076 
Subsidiaries’ preferred stock without sinking fund and noncontrolling interests
91,566 91,091 
TOTAL18,320,686 17,014,167 
TOTAL LIABILITIES AND EQUITY$79,002,618 $71,890,730 
See Notes to Financial Statements.




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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the Six Months Ended June 30, 2026
(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, 2025$91,091 $5,832 ($4,757,573)$8,979,387 $12,698,436 ($3,006)$17,014,167 
Consolidated net income (a)5,889 — — — 384,916 — 390,805 
Other comprehensive income— — — — — 3,911 3,911 
Common stock issuances and sales under the at the market equity distribution program— 46 — 349,672 — — 349,718 
Common stock issuance costs— — — (4,007)— — (4,007)
Common stock issuances related to stock plans— — 31,953 (49,959)— — (18,006)
Common stock dividends declared— — — — (292,867)— (292,867)
Distributions to noncontrolling interests (998)— — — — — (998)
Preferred dividend requirements of subsidiaries (a)(4,580)— — — — — (4,580)
Balance at March 31, 202691,402 5,878 (4,725,620)9,275,093 12,790,485 905 17,438,143 
Consolidated net income (a)5,213 — — — 482,607 — 487,820 
Other comprehensive loss— — — — — (1,995)(1,995)
Common stock issuances and sales under the at the market equity distribution program — 21 — 127,364 — — 127,385 
Common stock issuances from settlement of equity forward sale agreements— 66 — 556,664 — — 556,730 
Common stock issuance costs— — — (12,656)— — (12,656)
Common stock issuances related to stock plans— — 3,315 20,025 — — 23,340 
Common stock dividends declared— — — — (293,032)— (293,032)
Distributions to noncontrolling interests(469)— — — — — (469)
Preferred dividend requirements of subsidiaries (a)(4,580)— — — — — (4,580)
Balance at June 30, 2026$91,566 $5,965 ($4,722,305)$9,966,490 $12,980,060 ($1,090)$18,320,686 
See Notes to Financial Statements.
(a) Consolidated net income and preferred dividend requirements of subsidiaries for first quarter 2026 and second quarter 2026 each includes $4 million of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented as equity.




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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the Six Months Ended June 30, 2025
(Unaudited)
Shareholders’ Equity
Subsidiaries' Preferred Stock and Noncontrolling InterestsCommon
Stock		Treasury
Stock		Paid-in
Capital		Retained EarningsAccumulated Other Comprehensive IncomeTotal
(In Thousands)
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, 202597,089 5,620 (4,768,923)7,792,748 12,116,826 39,040 15,282,400 
Consolidated net income (a)4,024 — — — 467,930 — 471,954 
Other comprehensive loss— — — — — (4,602)(4,602)
Common stock issuances and sales under the at the market equity distribution program— 155 — 813,716 — — 813,871 
Common stock issuance costs— — — (9,240)— — (9,240)
Common stock issuances related to stock plans— — 2,708 15,489 — — 18,197 
Common stock dividends declared— — — — (258,467)— (258,467)
Distributions to noncontrolling interests(593)— — — — — (593)
Preferred dividend requirements of subsidiaries (a)(4,580)— — — — — (4,580)
Balance at June 30, 2025$95,940 $5,775 ($4,766,215)$8,612,713 $12,326,289 $34,438 $16,308,940 
See Notes to Financial Statements.
(a) Consolidated net income and preferred dividend requirements of subsidiaries for first quarter 2025 and second quarter 2025 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.

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.

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 and the Availability Agreement.





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Exclusivity Agreement with Major Vendor

See Note 8 to the financial statements in the Form 10-K for information regarding Entergy’s exclusivity agreement with a major vendor. The following is an update to that discussion.

As discussed in the Form 10-K, 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 was amended in second quarter 2026, updating the minimum order commitment of PIE to 27 sets, with no change to the original commitment of a minimum order of two CTs. As of June 30, 2026, 10 sets of PIE and two CT slots of the minimum commitment have been fulfilled.

Entergy Texas Build-to-Suit Lease Arrangement for the Legend Power Station

See Note 8 to the financial statements in the Form 10-K for information regarding the Entergy Texas build-to-suit lease arrangement for the Legend Power Station.


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 2026, 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 $0.01333 per kWh to $0.01508 per kWh. The primary reason for the rate increase was an under-recovered balance as a result of higher natural gas prices in 2025. Based on circumstances related to ANO 2’s refueling outage, Entergy Arkansas made an adjustment to projected energy costs to phase-in the rate increase gradually. The redetermined rate of $0.01508 per kWh became effective with the first billing cycle in April 2026 through the normal operation of the tariff.

Entergy Louisiana

As discussed in the Form 10-K, in June 2025 the LPSC staff provided notice of an audit of Entergy Louisiana’s purchased gas adjustment clause filings (for Entergy Louisiana’s gas operations). The audit includes a review of the reasonableness of charges flowed through Entergy Louisiana’s purchased gas adjustment clause for the period from January 2023 through June 2025. The LPSC staff issued its audit report in March 2026. The next step is for the LPSC to issue its final report, but there is no deadline or timing requirement associated with the issuance of the final report.

In February 2026, Entergy Louisiana, in its monthly filing to update its fuel adjustment clause, requested to defer approximately $141.9 million of fuel costs incurred in January 2026 that were primarily attributable to the effects of Winter Storm Fern, consistent with the LPSC’s general order approved at its February 2026 meeting permitting temporary modifications to the LPSC’s fuel adjustment clause general order. The filing proposed to




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defer the recovery of these fuel costs over a four-month period from March 2026 through June 2026 to mitigate the customer bill impacts of these fuel costs. In March 2026 the LPSC issued a special order delegating authority to the LPSC executive secretary to review and approve utility-specific requests for deferral of fuel costs from Winter Storm Fern, subject to audit as per the LPSC’s fuel clause general order. In April 2026 the LPSC executive secretary approved Entergy Louisiana’s request for deferral.

In April 2026 the LPSC staff provided notice of an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through Entergy Louisiana’s fuel adjustment clause for the period from 2023 through 2025. Discovery is ongoing, and no audit report has been filed.

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

2026 Base Rate Case

In February 2026, Entergy Arkansas filed with the APSC a general change in rates, charges, and tariffs. The filing requested a base rate increase to recover a base rate revenue deficiency of $44.6 million and notified the APSC of Entergy Arkansas’s intent to implement a forward test year formula rate plan pursuant to Arkansas legislation passed in 2015. The primary drivers of the revenue deficiency were increased depreciation expense and the impact of net capital additions. Additionally, the filing requested a 9.90% return on common equity and increased depreciation rates as the result of a depreciation study. In March 2026 the APSC issued an order suspending the proposed rates and tariffs filed by Entergy Arkansas. In June 2026 the APSC established a procedural schedule with an evidentiary hearing scheduled to begin in November 2026, and in July 2026 a number of intervenors moved to modify the schedule to conduct additional discovery. Entergy Arkansas opposed the motion in part based on the voluminous discovery conducted to date.

2026 Formula Rate Plan Filing

In July 2026, Entergy Arkansas filed with the APSC its 2026 formula rate plan filing to set its formula rate for the 2027 calendar year. The filing contained an evaluation of Entergy Arkansas’s earnings and a netting adjustment for the 2025 historical year. The filing showed that Entergy Arkansas’s earned rate of return on common equity for the 2025 historical year was 8.8%, resulting in a $47.2 million formula rate plan revenue increase to produce a 9.65% earned rate of return on common equity. When combined with 2025 historical year formula rate plan revenues of $56.0 million, the total proposed revenue change for the 2025 historical year netting adjustment is a reduction of $8.8 million. By operation of the formula rate plan, Entergy Arkansas’s recovery of the revenue requirement is subject to a four percent annual revenue constraint. Entergy Arkansas’s revenue requirement in this filing did not exceed the constraint. In second quarter 2026, Entergy Arkansas recorded a regulatory liability of $8.8 million to reflect the amount of the 2025 historical year netting adjustment that it collected from customers during the 2025 rate effective period.

Generating Arkansas Jobs Act Rider

In March 2026, Entergy Arkansas filed its first annual update to the strategic investment recovery rider, requesting recovery of $110.4 million of financing costs during construction of generation and transmission strategic investments related to Ironwood Power Station, Jefferson Power Station, and the Arkansas Cypress Solar facility. The revised rates were requested to be effective with the first billing cycle of June 2026. In April 2026 the




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APSC general staff filed testimony arguing that the APSC had not issued an order designating Ironwood Power Station as a strategic investment and that related costs should therefore be removed from the annual update. Also in April 2026, Entergy Arkansas filed testimony asserting that the APSC general staff’s position is contrary to the plain language of the statute, which includes an exception for facilities like Ironwood Power Station that were certified by the APSC within a certain timeframe. A hearing was held in April 2026. In June 2026 the APSC approved Entergy Arkansas’s annual update, and rates became effective June 4, 2026.

Production Tax Credit Tariffs

As discussed in Note 3 to the financial statements in the Form 10-K, in January 2026 the APSC opened a docket to investigate the sale of Entergy Arkansas’s nuclear production tax credits and the appropriate ratemaking treatment of production tax credits for all of Entergy Arkansas’s eligible resources, including how the proceeds of any sales should flow through to customers. For nuclear production tax credits, Entergy Arkansas proposed a nuclear production tax credit rider, which would provide for the immediate flow through to customers of the weighted average cost of capital return on the net proceeds of the monetized nuclear production tax credits. Recognizing that the timing and determination from the IRS is uncertain, the nuclear production tax credit rider also proposes that, if there is an unfavorable IRS determination, Entergy Arkansas would collect applicable costs from customers. As directed by the APSC, in February 2026, Entergy Arkansas submitted a compliance filing to the APSC verifying the status of the solar production tax credits. The filing also verified that the net proceeds from the sale of the nuclear production tax credits were recorded in FERC accounts that are accruing a return for customers’ benefit at a rate that is above the customer deposit rate. Subsequently, in March 2026, Entergy Arkansas filed testimony setting forth its proposal for the solar production tax credits. Specifically, Entergy Arkansas requested the same ratemaking treatment for all of the solar facilities that the APSC already approved for Walnut Bend (i.e., the total net monetized proceeds from production tax credits expected to be generated over the first ten years of a solar facility’s operation are estimated and then amortized over the expected useful life of the asset, which is typically 30 years). Additionally, consistent with prior orders for these resources, the regulatory liabilities associated with the net cash proceeds from monetized solar production tax credits will be included in Entergy Arkansas’s calculation of its weighted average cost of capital providing a return on the unamortized balance for the benefit of customers. Further, Entergy Arkansas proposes to flow the benefits of the solar production tax credits to customers through Entergy Arkansas’s formula rate plan, effective with the formula rate plan rates that will go into effect January 1, 2027. Entergy Arkansas’s proposal would result in the benefits of the production tax credits being passed through to customers, if approved, as reductions in revenue requirement evenly over the life of the assets, rather than only during the 10-year period in which the production tax credits are generated. In April 2026 the APSC general staff filed testimony proposing an amortization period of no more than 15 years for the monetized proceeds for the tax credits associated with the West Memphis Solar and Driver Solar facilities. An evidentiary hearing was held in July 2026, but was not completed. The APSC is to set a date to complete the hearing.

Special Rate Contract and Arkansas Cypress Solar

As discussed in the Form 10-K, in September 2025, Entergy Arkansas filed an application with the APSC seeking a certificate of environmental compatibility and public need for the construction and operation of the Arkansas Cypress Solar facility, a planned 600 MW solar photovoltaic array with a 350 MW battery energy storage system and associated transmission facilities interconnecting at Entergy Arkansas’s White Bluff substation. The estimated cost of the project is $1,602 million. In March 2026 the APSC approved the Arkansas Cypress Solar facility and Entergy Arkansas’s recovery of the costs of the facility through the Generating Arkansas Jobs Act rider. The APSC also ordered implementation of an independent monitor to oversee costs. In April 2026, Entergy Arkansas filed with the APSC its proposal for an independent monitor to oversee the reasonableness of costs. In April 2026 the APSC issued an order consolidating Entergy Arkansas’s cost independent monitor proposals for three pending resources, including the Arkansas Cypress Solar facility, into a single docket and directing parties with full intervention status to respond to the proposals and recommend independent monitor candidates. No alternative recommendations were made by the other parties. The facility is expected to be in service by the end of 2028.




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Notes to Financial Statements

Filings with the LPSC (Entergy Louisiana)

Retail Rates

Resilience Plan Cost Recovery Rider

In December 2022, Entergy Louisiana filed an application with the LPSC seeking a public interest finding regarding Phase I of Entergy Louisiana’s Future Ready resilience plan and approval of a rider mechanism to recover the program’s costs. Phase I in the December 2022 application reflected the first five years of a ten-year resilience plan and included investment of approximately $5 billion, including hardening investment, transmission dead-end structures, enhanced vegetation management, and telecommunications improvement. In April 2024 the LPSC approved a framework which includes an initial five-year resilience plan providing for an investment of approximately $1.9 billion with cost recovery via a forward-looking rider with semi-annual true-ups. The plan is subject to specified reporting requirements and includes a performance review of the hardened assets. The LPSC order approving the framework does not include any restrictions on Entergy Louisiana’s ability to file applications for approval of additional investments in resilience.

In January 2025, Entergy Louisiana’s semi-annual filing sought to collect from Entergy Louisiana’s retail customers approximately $40.4 million, or $38.9 million in incremental annual revenues from Entergy Louisiana’s first semi-annual filing in July 2024, for projects expected to be placed in service during the rate-effective period of March 2025 through August 2025. In February 2025 the LPSC staff reviewed the filed rider rates and identified no material issues.

In July 2025, Entergy Louisiana’s semi-annual filing sought to collect from Entergy Louisiana’s retail customers approximately $50.2 million, or $9.8 million in incremental annual revenues, for projects expected to be placed in service during the rate-effective period of September 2025 through February 2026. Additionally, Entergy Louisiana’s true-up filing included an under-recovery totaling $5.6 million to be implemented in the January 2026 semi-annual filing. In August 2025 the LPSC staff reviewed the filed rider rates and identified no material issues.

In January 2026, Entergy Louisiana’s semi-annual filing sought to collect from Entergy Louisiana’s retail customers approximately $101.8 million, or $51.6 million in incremental annual revenues, for projects expected to be placed in service during the rate-effective period of March 2026 through August 2026. Additionally, Entergy Louisiana’s true-up filing included an over-recovery totaling $16.6 million to be implemented in the July 2026 semi-annual filing. In February 2026 the LPSC staff reviewed the filed rider rates and identified no material issues.

In July 2026, Entergy Louisiana’s semi-annual filing sought to collect from Entergy Louisiana’s retail customers approximately $114.2 million, or $12.4 million in incremental annual revenues, for projects expected to be placed in service during the rate-effective period of September 2026 through February 2027. Additionally, Entergy Louisiana’s true-up filing included an under-recovery totaling $2.5 million to be implemented in the January 2027 semi-annual filing. The LPSC staff is reviewing the filed rider rates.

Vegetation Management Rider

In November 2025 the LPSC staff issued notice of its initiation of a rulemaking to implement a vegetation management pilot program for LPSC jurisdictional electric utilities. The pilot program would be voluntary and would allow utilities to establish a rider for distribution vegetation management for up to 100% of the utility’s prior calendar year vegetation management spending. The rider may not exceed 1% of a customer’s bill, and the utility would be required to maintain its prior calendar year level of spending on vegetation management as reflected in its base rates or formula rate plan. In February 2026 the LPSC staff filed a report and recommendation along with a proposed final rule providing for the adoption of the pilot program consistent with the terms outlined in the original notice. In March 2026 the LPSC voted to accept the LPSC staff’s recommendation and adopt the proposed pilot




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program as presented. In April 2026, Entergy Louisiana filed its vegetation management rider for the rate-effective period of May 2026 through December 2026, which included a revenue requirement of $20 million for incremental spending on distribution vegetation management above the prior calendar year level of spending on vegetation management.

2025 Formula Rate Plan Filing

In June 2026, Entergy Louisiana filed its formula rate plan evaluation report for its 2025 calendar year operations. Consistent with the global stipulated settlement agreement approved by the LPSC in August 2024, 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 test year 2025, the formula produced an earned return on equity of 9.63%, which falls within the established bandwidth and therefore results in no adjustment to base rider formula rate plan revenue.

Additional changes in formula rate plan revenue include: (1) the removal of approximately $73 million in annual customer credits associated with the global stipulated settlement agreement, which have been fully credited to customers in accordance with the agreement; (2) a reduction in customer credits through the tax adjustment mechanism, attributable to the return of Entergy Louisiana’s over-collection of income tax expense associated with Louisiana state tax law changes effective in 2025 and the expiration of certain ad valorem exemptions; (3) increases in transmission and distribution plant in service, as recognized through the transmission and distribution recovery mechanisms, including restoration costs from Winter Storm Fern, for which Entergy Louisiana does not intend to seek relief or exception to the formula rate plan; (4) increases to the additional capacity mechanism; and (5) the final phase-in of additional nuclear depreciation expense, in accordance with the global stipulated settlement agreement. See Note 2 to the financial statements in the Form 10-K for discussion of the global stipulated settlement agreement. Collectively, these factors contributed to a net increase of $222 million in formula rate plan revenue for the period. Subject to LPSC review, the resulting changes from the 2025 formula rate plan evaluation report will become effective for bills rendered during the first billing cycle of September 2026, subject to refund.

Request for Extension of Formula Rate Plan

In June 2026, Entergy Louisiana submitted a motion requesting the LPSC approve a one-year extension of its current formula rate plan, with all material provisions left unchanged, including the allowed return on common equity of 9.7% with a bandwidth of 40 basis points above and below the midpoint. Entergy Louisiana has requested LPSC action on the proposed extension by August 2026.

River Bend Deregulated Asset Plan Filing

In September 2025, Entergy Louisiana filed an application seeking LPSC approval to recover from customers, prospectively, approximately $49 million in annual revenues associated with the Louisiana retail deregulated portion of River Bend. Costs associated with the deregulated portion of River Bend have historically been excluded from retail ratemaking as a result of a 1988 LPSC decision. Instead, Entergy Louisiana has been allowed by the LPSC to either recover 4.6 cents per kWh for the power generated from that portion of the plant, or sell the power into the applicable market (subject to certain restrictions). The filing presents evidence that River Bend is a cost-effective and prudent source of needed baseload supply with value to Entergy Louisiana customers and seeks to recover the previously excluded costs, on a prospective basis. In March 2026 the LPSC staff and certain intervenors filed direct testimony recommending that the LPSC deny Entergy Louisiana’s application. The LPSC staff’s testimony further recommends that, if the LPSC were to grant any relief, notwithstanding the LPSC staff’s recommendation, such relief should be limited to allowing only prospective capital additions at River Bend to be included in Entergy Louisiana’s customer rates. Entergy Louisiana’s rebuttal testimony is due in August 2026. A hearing is scheduled for January 2027.





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Notes to Financial Statements
Filings with the MPSC (Entergy Mississippi)

Retail Rates

2026 Formula Rate Plan Filing

In February 2026, Entergy Mississippi submitted its formula rate plan 2026 test year filing and 2025 look-back filing showing Entergy Mississippi’s earned return on rate base for the historical 2025 calendar year to be within the formula rate plan bandwidth and projected earned return for the 2026 calendar year to also be within the formula rate plan bandwidth. The 2026 test year filing resulted in an earned return on rate base of 7.64% and reflected no change in formula rate plan revenues. The 2025 look-back filing compared actual 2025 results to the approved benchmark return on rate base and reflected no change in formula rate plan revenues, although Entergy Mississippi proposed to adjust interim rates by $293 thousand to reflect one outside-the-bandwidth change, a true-up of demand side management costs.

In June 2026, Entergy Mississippi and the Mississippi Public Utilities Staff entered into a joint stipulation that confirmed the 2026 test year filing, with the exception of immaterial adjustments to certain operations and maintenance expenses. The formula rate plan reflected an earned return on rate base of 7.68% for calendar year 2026, resulting in no change in formula rate plan revenues for 2026. Pursuant to the stipulation, Entergy Mississippi’s 2025 look-back filing reflected an earned return on rate base of 8.10%, which also resulted in no change in formula rate plan revenues for 2025. In addition, the stipulation included the recovery of the outside-the-bandwidth change discussed above as well as the ratemaking treatment of certain customer contributions, the mechanism for recovery of the benefits of nuclear production tax credits, and the realignment of the first project from the interim facilities rate adjustment to the formula rate plan. In June 2026 the MPSC approved the joint stipulation with rates effective in July 2026. See Note 10 to the financial statements herein for further discussion of the mechanism for recovery of the benefits of nuclear production tax credits included in the joint stipulation.

Filings with the City Council (Entergy New Orleans)

Retail Rates

2026 Formula Rate Plan Filing

In April 2026, Entergy New Orleans submitted to the City Council its formula rate plan 2025 test year filing. The 2025 evaluation report produced an earned return on equity of 7.55% compared to the authorized return on equity of 9.35%. Without adjustments, this would result in an increase in rates of $16.6 million. The increase in rates is driven, in part, by an increase in plant in service, as well as the cost of known and measurable capital additions. The increase is also driven by a decrease in total revenues due to a decline in kWh sales. The filing is subject to a 75-day review and discovery period followed by a 25-day period to resolve any disputes among the parties.

In July 2026 the City Council’s advisors issued a report seeking a reduction in Entergy New Orleans’s requested formula rate plan revenues of approximately $4.4 million due to certain proposed cost realignments, imputation of revenues, and disallowances. The City Council’s advisors also recommended that Entergy New Orleans be permitted to collect $20 million over five years beginning in September 2026 to recover amounts that it might be required to pay Entergy Louisiana and Entergy Arkansas pursuant to a FERC order issued in June 2026, relating to an alleged MSS-4 replacement tariff (MSS-4R) violation. However, the FERC order is unclear on its face, and the specific amount of a payment, if any, is unknown. Requests for rehearing and clarification of the FERC order are pending. See “MSS-4 Replacement Tariff - Net Operating Loss Carryforward Proceeding” below for additional discussion of the FERC order. If any rate adjustments are not resolved, the City Council would set a procedural schedule to resolve such disputes. A response by Entergy New Orleans to the advisors’ report is




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due in August 2026. Resulting rates will be effective with the first billing cycle of September 2026 pursuant to the formula rate plan tariff.

Request for Extension of Formula Rate Plan

In July 2026, Entergy New Orleans submitted a motion requesting the City Council approve a four-year extension of its current formula rate plan, with all material provisions left unchanged, including the authorized return on equity of 9.35% with a bandwidth of 50 basis points above and below the midpoint. Entergy New Orleans has requested City Council action on the proposed extension by August 2026.

Filings with the PUCT and Texas Cities (Entergy Texas)

Retail Rates

Distribution Cost Recovery Factor (DCRF) Rider

In April 2026, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The amended rider was designed to collect from Entergy Texas’s retail customers approximately $112.5 million annually, or $20.4 million in incremental annual revenues beyond Entergy Texas’s then-effective DCRF rider based on its capital invested in distribution between July 1, 2025 and December 31, 2025. In July 2026 the PUCT approved the DCRF rider, consistent with Entergy Texas’s as-filed request, and rates became effective for usage on and after July 8, 2026.

Transmission Cost Recovery Factor (TCRF) Rider

As discussed in the Form 10-K, in October 2025, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The amended rider was designed to collect from Entergy Texas’s retail customers approximately $30.3 million annually, or $20.6 million in incremental annual revenues beyond Entergy Texas’s then-effective TCRF rider based on its capital invested in transmission between July 1, 2024 and June 30, 2025 and changes in other transmission charges. In April 2026 the PUCT approved the TCRF rider, consistent with Entergy Texas’s as-filed request, and rates became effective for usage on and after April 6, 2026.

Generation Cost Recovery Rider

In March 2026, Entergy Texas filed an application to establish a generation cost recovery rider to begin recovering a return of and on its capital investment in the Orange County Advanced Power Station. The proposed generation cost recovery rider, which includes Entergy Texas’s capital invested in generation for the Orange County Advanced Power Station through December 31, 2025, is designed to collect approximately $150.4 million annually from Entergy Texas’s retail customers. By statute, the proposed generation cost recovery rider rates are to become effective when the Orange County Advanced Power Station is placed into service, which is expected in third quarter 2026. In July 2026 the ALJ with the State Office of Administrative Hearings approved a proposed procedural schedule that includes a hearing on the merits in September 2026 and provides for interim rates to become effective for usage on and after the Orange County Advanced Power Station in-service date, to the extent final rates are not in place by that time.

Capacity Cost Recovery Rider (CCRR)

In May 2026, Entergy Texas filed with the PUCT a request to establish a new CCRR. The proposed CCRR is designed to collect approximately $58 million annually from Entergy Texas’s retail customers based on Entergy Texas’s eligible capacity-related costs and revenues for the 12 months beginning June 1, 2026. The eligible capacity-related costs and revenues are associated with Entergy Texas’s participation in MISO’s annual planning




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Notes to Financial Statements
resource auction. In July 2026 the PUCT approved the CCRR, consistent with Entergy Texas’s as-filed request, and rates became effective on July 10, 2026.

Entergy Arkansas Opportunity Sales Proceeding

See Note 2 to the financial statements in the Form 10-K for discussion of the Entergy Arkansas opportunity sales proceeding.

Complaints Against System Energy

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

Unit Power Sales Agreement

See Note 2 to the financial statements in the Form 10-K for discussion of the Unit Power Sales Agreement. The following is an update to that discussion.

Pension Costs Amendment Proceeding

As discussed in the Form 10-K, in October 2021, System Energy submitted to the FERC proposed amendments to the Unit Power Sales Agreement to include in rate base the prepaid and accrued pension costs associated with System Energy’s qualified pension plans. In November 2025 the FERC issued an order approving System Energy’s proposed prepaid and accrued pension recovery mechanism. System Energy has been utilizing this methodology in billings since December 1, 2022 and will continue to utilize it going forward. As a result of the FERC’s order, System Energy did not owe any refunds. In December 2025 the APSC filed a request for rehearing of the November 2025 order. In January 2026 the FERC denied the APSC’s rehearing request by operation of law. In May 2026 the FERC issued a follow-up substantive order denying the APSC’s rehearing and sustaining its finding that no refunds are owed.

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-4R net operating loss carryforward proceeding. The following is an update to that discussion.

As discussed in the Form 10-K, in October 2021 the LPSC filed a complaint with the FERC alleging that Entergy Services improperly excluded net operating loss carryforward accumulated deferred income taxes (NOLC ADIT) from MSS-4R rates in the period before March 20, 2021. The LPSC argued that sales from Entergy Louisiana to Entergy Texas and Entergy New Orleans were charged at rates lower than they otherwise should have been, and it accordingly seeks surcharges for the period prior to March 20, 2021. The FERC set the complaint for hearing procedures and subsequently the hearing for this complaint proceeding was consolidated with the hearing procedures for Entergy Services’ January 2021 NOLC ADIT filing.

Testimony was filed by parties in 2023, and the hearing before a FERC ALJ was concluded in February 2024. In June 2024, the FERC ALJ issued an initial decision addressing three major issues: (1) whether Entergy Services’ proposed prospective inclusion and allocation of NOLC ADIT in MSS-4R rates using a modified with-and-without methodology is just and reasonable; (2) whether Entergy Services correctly calculated excess and deficient accumulated deferred income taxes in accordance with the terms of a prior settlement; and (3) whether NOLC ADIT should have been included in MSS-4R rates prior to the effective date of the January 2021 MSS-4R filing.





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Notes to Financial Statements
With respect to issues (1) and (2), the presiding ALJ concluded that Entergy Services’ proposed methodology for allocating and including NOLC ADIT in MSS-4R rates was just and reasonable and that Entergy Services correctly performed the excess and deficient accumulated deferred income taxes calculations. With respect to issue (3), however, the presiding ALJ agreed with the LPSC that NOLC ADIT should have been included in MSS-4R rates since September 1, 2016, and as a result, the presiding ALJ ordered that Entergy Louisiana and Entergy Arkansas recalculate bills for the period of September 1, 2016 through November 11, 2023 with surcharges expected to be due to those operating companies from the purchasing operating companies, Entergy New Orleans, Entergy Texas, and Entergy Louisiana (for some Entergy Arkansas sales). The presiding ALJ also ordered Entergy Services to pay the interest owed to Entergy Louisiana on these surcharges.

The surcharge methodology that the presiding ALJ recommended in connection with issue (3) was not supported by any participant in the hearing. As part of their exceptions to the initial decision, all parties to the proceeding opposed the use of the ALJ’s methodology, except for the FERC trial staff, which took no position. During the hearing, the LPSC and the FERC trial staff advocated that the alleged tariff violation should be remedied by the application of Entergy Services’ January 2021 proposed methodology. All other parties, including the PUCT, the City Council, and Entergy Services, opposed any surcharges for the period prior to the March 20, 2021 effective date of the January 2021 filing.

Entergy Services disputed the presiding ALJ's rulings on issue (3) and filed exceptions to these rulings in July 2024. In June 2026 the FERC issued its opinion largely affirming the initial decision. Specifically, the FERC found the historic exclusion of NOLC ADIT from MSS-4R rates was a tariff violation and ordered Entergy Louisiana and Entergy Arkansas to provide refunds and/or surcharges, as appropriate, for the period from September 1, 2016 through November 12, 2023 for sales by Entergy Louisiana and for the period December 19, 2013 until May 13, 2024 for sales by Entergy Arkansas. The FERC also ordered the relevant operating company to pay interest on the amounts owed.

In July 2026, Entergy Services, along with the LPSC, the City Council, and the PUCT, filed for rehearing and clarification of the FERC’s order. Entergy Services continues to dispute that the NOLC ADIT should have been included in MSS-4R rates prior to the effective date of the tariff amendment filing. Moreover, because of ambiguity in the order and the pending rehearing and clarification requests, it is unclear whether Entergy Arkansas and Entergy Louisiana as sellers will receive surcharges or have to provide refunds. Specifically, there is a lack of clarity as to whether plant-related liability accumulated deferred income taxes must be included in calculating refunds/surcharges. Entergy Services also identified a lack of clarity regarding including the nuclear decommissioning liability deduction in the NOLC ADIT calculation. Depending on the guidance issued by the FERC in response to the request for rehearing and clarification of its June 2026 order, each of the affected Entergy operating companies could either receive material refunds or owe material surcharges. As such, any amounts payable or receivable between the Entergy operating companies that may result from the order are not reasonably estimable as of June 30, 2026.

MSS-4 Replacement Tariff – River Bend 70 Depreciation LPSC Complaint

In May 2026 the LPSC filed a complaint with the FERC alleging that Entergy Texas owes surcharges to Entergy Louisiana because the depreciation rates used in the MSS-4R for the River Bend 70 sales of capacity and energy were based on a directive of the PUCT for the period from September 1, 2016 to December 31, 2025. The LPSC quantifies the potential surcharge as $100 million, inclusive of interest. Entergy Services disputes that any surcharges are due from Entergy Texas to Entergy Louisiana. In June 2026, Entergy Services filed a motion to dismiss and answer to the complaint submitted by the LPSC.

Joint Targeted Interconnection Queue Cost Allocation Dispute

In April 2026, MISO submitted to the FERC an unexecuted agreement proposing to assign to Entergy Texas (in its capacity as the owner of the Legend Power Station) costs associated with the MISO and Southwest




39
Entergy Corporation and Subsidiaries
Notes to Financial Statements
Power Pool Joint Targeted Interconnection Queue. Entergy Texas estimates that MISO’s proposed cost assignment would result in total charges of approximately $112 million, paid over twenty years beginning in 2031. In May 2026, Entergy Texas filed a protest to the agreement, as well as a separate complaint at the FERC, arguing that the proposed cost allocation is not just and reasonable. In June 2026 the FERC issued a deficiency notice to MISO. In July 2026, MISO and Southwest Power Pool filed answers to the complaint, and MISO filed an answer to the deficiency letter. Protests and comments in response to MISO’s answer to the deficiency letter are due in August 2026.

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.


NOTE 3.  EQUITY (Entergy Corporation and Entergy Louisiana)

Common Stock

Earnings per Share

The following table presents Entergy’s basic and diluted earnings per share calculations for the three and six months ended June 30, 2026 and 2025, included on the consolidated income statements:
For the Three Months Ended June 30,
20262025
(Dollars In Thousands, Except Per Share Data; Shares in Millions)
$/share$/share
Consolidated net income$487,820 $471,954 
Less: Preferred dividend requirements of subsidiaries and noncontrolling interests5,213 4,024 
Net income attributable to Entergy Corporation$482,607 $467,930 
Basic shares and earnings per average common share458.7 $1.05 439.2 $1.07 
Average dilutive effect of:
Stock options1.3 — 0.9 — 
Other equity plans1.1 — 1.2 — 
Equity forwards5.2 (0.02)4.4 (0.02)
Diluted shares and earnings per average common share466.3 $1.03 445.7 $1.05 





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Notes to Financial Statements
For the Six Months Ended June 30,
20262025
(Dollars In Thousands, Except Per Share Data; Shares in Millions)
$/share$/share
Consolidated net income$878,625 $834,376 
Less: Preferred dividend requirements of subsidiaries and noncontrolling interests11,102 5,686 
Net income attributable to Entergy Corporation$867,523 $828,690 
Basic shares and earnings per average common share457.2 $1.90 434.8 $1.91 
Average dilutive effect of:
Stock options1.3 (0.01)1.0 — 
Other equity plans1.1 — 1.3 (0.01)
Equity forwards4.8 (0.02)6.3 (0.03)
Diluted shares and earnings per average common share464.4 $1.87 443.4 $1.87 

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 366,136 stock options outstanding for the three months ended June 30, 2025 because their effect would have been antidilutive. The calculation of diluted earnings per share excluded 149,415 stock options outstanding for the six months ended June 30, 2026 and 305,113 stock options outstanding for the six months ended June 30, 2025 because their effect would have been antidilutive. Until settlement of the forward sale agreements discussed in Note 7 to the financial statements in the Form 10-K and 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 2,423,880 shares for the three months ended June 30, 2025 and 1,304,889 shares for the six months ended June 30, 2025 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 $0.64 for the three months ended June 30, 2026 and $0.60 for the three months ended June 30, 2025. Dividends declared per common share were $1.28 for the six months ended June 30, 2026 and $1.20 for the six months ended June 30, 2025.

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.

The aggregate number of shares of common stock sold under the equity distribution sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $4.5 billion. As of June 30, 2026, an aggregate gross sales price of approximately $2.8 billion has been sold under the at the market equity distribution program.

During the six months ended June 30, 2026 and 2025, there were no shares of common stock directly issued under the at the market equity distribution program.




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Entergy Corporation and Subsidiaries
Notes to Financial Statements
During the six months ended June 30, 2026, Entergy Corporation physically settled its obligations under the following forward sale agreements:
Effective Date of Forward Sale AgreementsShares of Common Stock IssuedGross Sales PriceForward Sellers FeesForward Sale Price per ShareCash Proceeds at Settlement
(Dollars In Thousands, Except Per Share Data)
Forward sale agreements settled in February 2026:
September 20241,900,000 $115,314 $1,153 
March 20252,713,790 $232,216 $2,322 
Total4,613,790 $75.05 $346,243 
Forward sale agreements settled in June 2026:
September 20241,169,070 $70,952 $710 
September 2024888,756 $57,702 $577 
Total2,057,826 $61.28 $126,098 

Entergy Corporation incurred an aggregate amount of approximately $0.5 million of general issuance costs associated with the February 2026 settlement and an aggregate amount of approximately $0.3 million of general issuance costs associated with the June 2026 settlement. Entergy Corporation used the net proceeds for general corporate purposes including the repayment of commercial paper.

Equity Forward Sale Agreements

See Note 7 to the financial statements in the Form 10-K for discussion of Entergy Corporation’s equity forward sale agreements. The following are updates to that discussion.

In May 2026, Entergy Corporation marketed an equity offering of approximately 19.2 million shares of Entergy Corporation common stock. In lieu of issuing equity at the time of the offering, Entergy Corporation 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 Corporation to, at its election on or prior to April 30, 2028, either (1) physically settle the transactions by issuing the total of approximately 19.2 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 $110.74 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.

During the six months ended June 30, 2026, Entergy Corporation physically settled its obligations under the following forward sale agreements:
Effective Date of Forward Sale AgreementsShares of Common Stock IssuedGross Sales PriceForward Sellers FeesForward Sale Price per ShareCash Proceeds at Settlement
(Dollars In Thousands, Except Per Share Data)
Forward sale agreements settled in June 2026:
March 20256,650,417 $555,310 $10,829 $81.87$545,902

Entergy Corporation incurred approximately $0.3 million of common stock issuance costs with the settlement. Entergy Corporation used the net proceeds for general corporate purposes including the repayment of commercial paper.





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Notes to Financial Statements
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 Corporation’s common stock is higher than the average forward sale price. If Entergy Corporation had elected to net share settle the forward sale agreements as of June 30, 2026, Entergy Corporation would have been required to deliver 3.8 million shares.

Treasury Stock

During the six months ended June 30, 2026, Entergy Corporation reissued 970,100 shares of its previously repurchased common stock to satisfy stock option exercises, vesting of shares of restricted stock, and other stock-based awards.  Entergy Corporation did not repurchase any of its common stock during the six months ended June 30, 2026.

Retained Earnings

On July 31, 2026, Entergy Corporation’s Board of Directors declared a common stock dividend of $0.64 per share, payable on September 1, 2026 to holders of record as of August 13, 2026.

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 June 30, 2026 and 2025:
Pension and Other Postretirement Plan Changes
20262025
(In Thousands)
Beginning balance, April 1,$905 $39,040 
Amounts reclassified from accumulated other comprehensive income (loss)(1,995)(4,602)
Net other comprehensive loss for the period(1,995)(4,602)
Ending balance, June 30,($1,090)$34,438 

The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the six months ended June 30, 2026 and 2025:
Pension and Other Postretirement Plan Changes
20262025
(In Thousands)
Beginning balance, January 1,($3,006)$42,769 
Amounts reclassified from accumulated other comprehensive income (loss)1,916 (8,331)
Net other comprehensive income (loss) for the period1,916 (8,331)
Ending balance, June 30,($1,090)$34,438 





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Entergy Corporation and Subsidiaries
Notes to Financial Statements
The following table presents changes in accumulated other comprehensive income for Entergy Louisiana for the three months ended June 30, 2026 and 2025:
Pension and Other Postretirement Plan Changes
20262025
(In Thousands)
Beginning balance, April 1,$32,829 $52,687 
Amounts reclassified from accumulated other comprehensive income(1,088)(2,132)
Net other comprehensive loss for the period(1,088)(2,132)
Ending balance, June 30,$31,741 $50,555 

The following table presents changes in accumulated other comprehensive income for Entergy Louisiana for the six months ended June 30, 2026 and 2025:
Pension and Other Postretirement Plan Changes
20262025
(In Thousands)
Beginning balance, January 1,$33,916 $53,658 
Amounts reclassified from accumulated other comprehensive income(2,175)(3,103)
Net other comprehensive loss for the period(2,175)(3,103)
Ending balance, June 30,$31,741 $50,555 

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the three months ended June 30, 2026 and 2025 are as follows:
Amounts reclassified from AOCIIncome Statement Location
20262025
(In Thousands)
Pension and other postretirement plan changes
   Amortization of prior service credit$946 $3,462 (a)
   Amortization of net gain1,666 2,551 (a)
Total amortization 2,612 6,013 
Income taxes(617)(1,411)Income taxes
Total amortization (net of tax)$1,995 $4,602 
Total reclassifications for the period (net of tax)$1,995 $4,602 

(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.





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Notes to Financial Statements
Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the six months ended June 30, 2026 and 2025 are as follows:
Amounts reclassified from AOCIIncome Statement Location
20262025
(In Thousands)
Pension and other postretirement plan changes
   Amortization of prior service credit$1,892 $6,924 (a)
   Amortization of net gain (loss)(4,228)5,102 (a)
Total amortization(2,336)12,026 
Income taxes420 (3,695)Income taxes
Total amortization (net of tax)($1,916)$8,331 
Total reclassifications for the period (net of tax)($1,916)$8,331 

(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 June 30, 2026 and 2025 are as follows:
Amounts reclassified from AOCIIncome Statement Location
20262025
(In Thousands)
Pension and other postretirement plan changes
   Amortization of prior service credit$308 $1,136 (a)
   Amortization of net gain1,149 1,719 (a)
Total amortization 1,457 2,855 
Income taxes(369)(723)Income taxes
Total amortization (net of tax)$1,088 $2,132 
Total reclassifications for the period (net of tax)$1,088 $2,132 

(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.





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Entergy Corporation and Subsidiaries
Notes to Financial Statements
Total reclassifications out of accumulated other comprehensive income (AOCI) for Entergy Louisiana for the six months ended June 30, 2026 and 2025 are as follows:
Amounts reclassified from AOCIIncome Statement Location
20262025
(In Thousands)
Pension and other postretirement plan changes
   Amortization of prior service credit$617 $2,272 (a)
   Amortization of net gain2,296 3,438 (a)
Total amortization2,913 5,710 
Income taxes(738)(2,607)Income taxes
Total amortization (net of tax)$2,175 $3,103 
Total reclassifications for the period (net of tax)$2,175 $3,103 

(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 2031. 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.  Although there were no borrowings under the facility for the six months ended June 30, 2026, the estimated interest rate as of June 30, 2026 that would have been applied to outstanding borrowings under the facility was 5.14%. The following is a summary of the amounts outstanding and capacity available under the credit facility as of June 30, 2026:
Capacity BorrowingsLetters
of Credit		Capacity
Available
(In Millions)
$3,000$—$3$2,997

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 June 30, 2026, Entergy Corporation had $1,544 million of commercial paper outstanding. The weighted-average interest rate for the six months ended June 30, 2026 was 4.01%.





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Notes to Financial Statements
Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each had credit facilities available as of June 30, 2026 as follows:
CompanyExpiration
Date		Amount of
Facility		Interest Rate
(a)
Amount Drawn
as of
June 30, 2026
Letters of Credit
Outstanding as of
June 30, 2026
Entergy ArkansasApril 2028$25 million (b)5.59%$—$—
Entergy ArkansasJune 2031$300 million (c)4.77%$—$—
Entergy LouisianaJune 2031$400 million (c)4.89%$—$—
Entergy MississippiJune 2031$300 million (c)4.77%$—$—
Entergy New OrleansJune 2027$25 million (c)5.37%$—$—
Entergy TexasJune 2031$300 million (c)4.89%$—$1.1 million

(a)The interest rate is the estimated interest rate as of June 30, 2026 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.

In addition, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one or more uncommitted standby letter of credit facilities 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 June 30, 2026:
CompanyAmount of
Uncommitted Facility		Letter of Credit Fee
Letters of Credit
Issued as of
June 30, 2026
(a)
Entergy Arkansas$100 million0.78%$59.5 million
Entergy Arkansas$200 million0.50%$118.3 million
Entergy Louisiana$125 million 0.78%$111.1 million
Entergy Louisiana$60 million 0.50%$38.5 million (b)
Entergy Mississippi$65 million0.78%$64.3 million (c)
Entergy Mississippi$65 million0.50%$56.0 million
Entergy New Orleans$1 million1.625%$0.5 million
Entergy Texas$150 million1.25%$110.6 million
Entergy Texas$160 million1.05%$—

(a)As of June 30, 2026, letters of credit posted with MISO covered financial transmission rights exposure of $1.4 million for Entergy Arkansas; $1.3 million for Entergy Louisiana; $2.5 million for Entergy Mississippi; and $0.6 million for Entergy Texas. See Note 8 to the financial statements herein for discussion of financial transmission rights.




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Entergy Corporation and Subsidiaries
Notes to Financial Statements
(b)As of June 30, 2026, the letters of credit issued for Entergy Louisiana under this facility include $37.0 million in MISO letters of credit and $1.5 million in non-MISO letters of credit outstanding.
(c)As of June 30, 2026, the letters of credit issued for Entergy Mississippi under this facility include $63.0 million in MISO letters of credit and $1.3 million in non-MISO letters of credit outstanding.

The short-term borrowings of the Registrant Subsidiaries are limited to amounts authorized by the FERC. Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy have FERC-authorized short-term borrowing limits effective through January 2027. The FERC-authorized short-term borrowing limit for Entergy Arkansas is effective through February 2028. 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 June 30, 2026 (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$46

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, three of which previously provided for the issuance of commercial paper until such provisions relating to commercial paper were terminated in June 2026. The following is a summary of the nuclear fuel company VIE credit facilities as of June 30, 2026:
CompanyExpiration
Date 		Amount
of
Facility		Weighted-
 Average Interest
 Rate on
 Borrowings
Amount
Outstanding as of
June 30, 2026
(Dollars in Millions)
Entergy Arkansas VIEJune 2029$804.76%$40.7
Entergy Louisiana River Bend VIEJune 2029$1054.77%$28.6
Entergy Louisiana Waterford VIEJune 2029$1054.77%$27.7
System Energy VIEJune 2029$1204.81%$54.4

The commitment fees on the credit facilities are 0.100% of the undrawn commitment amount for the Entergy Arkansas, Entergy Louisiana, and System Energy nuclear fuel company 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.





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Notes to Financial Statements
The nuclear fuel company VIEs had notes payable that were included in debt on the respective balance sheets as of June 30, 2026 as follows:
CompanyDescriptionAmount
Entergy Arkansas VIE
1.84% Series N due July 2026 (a)
$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
System Energy VIE
5.28% Series L due January 2029
$80 million

(a)Repaid at maturity

In July 2026, the Entergy Arkansas nuclear fuel company VIE issued $120 million of 5.28% intermediate term secured notes due July 2031. The Entergy Arkansas nuclear fuel company VIE used the proceeds to repay, at maturity, its $90 million of 1.84% Series N intermediate term secured notes and expects to use the remaining funds to purchase additional nuclear fuel.

In accordance with regulatory treatment, interest on the nuclear fuel company VIEs’ debt arrangements, which currently include their credit facilities and long-term notes payable, is reported in fuel expense.

As of June 30, 2026, 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. Entergy Arkansas has obtained financing authorization from the FERC that extends through February 2028 for issuances by its nuclear fuel company VIE.

Debt Issuances and Retirements

(Entergy Arkansas)

In January 2026, Entergy Arkansas issued $500 million of 4.95% Series mortgage bonds due January 2036 and $500 million of 5.75% Series mortgage bonds due January 2056. Entergy Arkansas used the proceeds, together with other funds, to repay, prior to maturity, its $600 million of 3.5% Series mortgage bonds due April 2026. Entergy Arkansas expects to use the remaining proceeds, together with other funds, to finance a portion of the construction of generation projects, including the Ironwood Power Station and the Arkansas Cypress Solar facility, and for general corporate purposes.

(Entergy Louisiana)

In January 2026, Entergy Louisiana redeemed, at maturity, $250 million of 4.44% Series mortgage bonds.

In February 2026, Entergy Louisiana issued $750 million of 4.90% Series mortgage bonds due April 2036 and $750 million of 5.65% Series mortgage bonds due April 2056. Entergy Louisiana expects to use the proceeds, together with other funds, to finance construction of the Franklin Farms Power Station Units 1 and 2 project, the Waterford 5 Power Station project, and the Westlake Power Station project, to support storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy Mississippi)

In March 2026, Entergy Mississippi issued $650 million of 5.05% Series mortgage bonds due April 2036. Entergy Mississippi expects to use the proceeds, together with other funds, to finance construction of the Traceview




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Notes to Financial Statements
Advanced Power Station and Vicksburg Advanced Power Station, to finance, on an interim basis, storm restoration costs related to Winter Storm Fern, and for general corporate purposes.

(Entergy New Orleans)

In May 2026, Entergy New Orleans issued $35 million of 5.91% Series mortgage bonds due June 2036 and $55 million of 6.65% Series mortgage bonds due June 2056. Entergy New Orleans used the proceeds to repay, at maturity, its $85 million of 4% Series mortgage bonds due June 2026 and for general corporate purposes.

(Entergy Texas)

In May 2026, Entergy Texas issued $425 million of 5.20% Series mortgage bonds due June 2036. Entergy Texas expects to use the proceeds, together with other funds, to finance construction of the Orange County Advanced Power Station and the Lone Star Power Station, to repay, on or at maturity, its $130 million of 1.50% Series mortgage bonds due September 2026, 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 June 30, 2026 were as follows:
Book Value
of Long-Term Debt		Fair Value
of Long-Term Debt (a)
(In Thousands)
Entergy$33,057,826 $30,712,302 
Entergy Arkansas$5,841,909 $5,273,485 
Entergy Louisiana$11,564,821 $10,643,441 
Entergy Mississippi$3,666,384 $3,370,025 
Entergy New Orleans$661,221 $627,938 
Entergy Texas$4,442,972 $4,129,543 
System Energy$1,188,885 $1,187,778 

(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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Notes to Financial Statements
The book value and the fair value of long-term debt for Entergy and the Registrant Subsidiaries as of December 31, 2025 were as follows:
Book Value
of Long-Term Debt		Fair Value
of Long-Term Debt (a)
(In Thousands)
Entergy$30,277,161 $28,208,822 
Entergy Arkansas$5,423,604 $4,931,734 
Entergy Louisiana$10,366,835 $9,510,545 
Entergy Mississippi$3,021,324 $2,755,286 
Entergy New Orleans$656,849 $621,670 
Entergy Texas$4,030,188 $3,780,405 
System Energy$1,088,703 $1,104,007 

(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 January 2026 the Board approved and Entergy granted long-term incentive awards in the form of options on 298,829 shares of its common stock under the 2019 Omnibus Incentive Plan with a fair value of $20.81 per option.  As of June 30, 2026, there were options on 3,000,194 shares of common stock outstanding with a weighted-average exercise price of $60.44.  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 June 30, 2026.  The aggregate intrinsic value of the stock options outstanding as of June 30, 2026 was $153.9 million.

The following table includes financial information for stock options for the three and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
2026202520262025
(In Millions)
Compensation expense included in Entergy’s consolidated net income$1.0 $1.0 $2.0 $2.1 
Tax benefit recognized in Entergy’s consolidated net income$0.2 $0.2 $0.4 $0.5 
Compensation cost capitalized as part of fixed assets and materials and supplies$0.5 $0.5 $1.0 $1.0 

Other Equity Awards

In January 2026 the Board approved and Entergy granted long-term incentive awards in the form of 461,708 restricted stock awards, 20,954 restricted stock units, and 195,692 performance units under the 2019 Omnibus Incentive Plan.  The restricted stock awards and restricted stock units were made effective on January 29, 2026, and were valued at $96.03 per share, which was the closing price of Entergy Corporation’s common stock on




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Notes to Financial Statements
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 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 restricted stock units do not have voting rights and are not considered issued and outstanding shares of Entergy prior to vesting. One-third of the restricted stock units will vest upon each anniversary of the grant date and are paid in the form of shares of Entergy. Dividend equivalents accrue on the restricted stock units and are converted to additional restricted stock units, which are subject to the same vesting schedule as the underlying restricted stock units. The restricted stock units are expensed ratably over the three-year vesting period.

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. For the 2026-2028 performance period, performance will be measured based eighty percent on relative total shareholder return, ten percent on an environmental stewardship achievement measure, and ten percent on a reliability achievement measure.  The performance units were granted on January 29, 2026 and eighty percent were valued at $118.24 per share based on various factors, primarily market conditions; and both the ten percent for the environmental stewardship achievement and the ten percent for the reliability achievement were valued at $96.03 per share, the closing price of Entergy Corporation’s common stock on the grant date. Performance units do not have voting rights and are not considered issued and outstanding shares of Entergy prior to vesting. Performance units are expensed ratably over the three-year vesting period, and compensation cost for the portion of the award based on the environmental stewardship achievement measure and the reliability 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 and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
2026202520262025
(In Millions)
Compensation expense included in Entergy’s consolidated net income$10.3 $9.4 $20.3 $19.4 
Tax benefit recognized in Entergy’s consolidated net income$2.5 $2.3 $5.0 $4.8 
Compensation cost capitalized as part of fixed assets and materials and supplies$5.7 $4.7 $10.8 $9.5 






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Notes to Financial Statements
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 net pension costs, including amounts capitalized, for the second quarters of 2026 and 2025, included the following components:
20262025
(In Thousands)
Service cost - benefits earned during the period$23,078 $23,617 
Interest cost on projected benefit obligation56,047 59,680 
Expected return on assets(76,536)(75,280)
Recognized net loss13,956 13,309 
Net pension cost$16,545 $21,326 

Entergy’s qualified net pension costs, including amounts capitalized, for the six months ended June 30, 2026 and 2025, included the following components:
20262025
(In Thousands)
Service cost - benefits earned during the period$46,156 $47,234 
Interest cost on projected benefit obligation112,094 119,360 
Expected return on assets(153,072)(150,560)
Recognized net loss27,912 26,618 
Net pension cost$33,090 $42,652 

The Registrant Subsidiaries’ qualified net pension costs, including amounts capitalized, for their current and former employees for the second quarters of 2026 and 2025, included the following components:
2026Entergy
Arkansas		Entergy
Louisiana		Entergy
 Mississippi		Entergy
New Orleans		Entergy
Texas		System
Energy
(In Thousands)
Service cost - benefits earned during the period$4,363 $5,320 $1,296 $265 $1,011 $1,326 
Interest cost on projected benefit obligation12,796 13,411 3,434 1,191 2,660 3,316 
Expected return on assets(17,825)(18,908)(4,945)(1,669)(3,779)(4,684)
Recognized net loss4,782 2,159 871 464 489 1,148 
Net pension cost$4,116 $1,982 $656 $251 $381 $1,106 





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Notes to Financial Statements
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 

The Registrant Subsidiaries’ qualified net pension costs, including amounts capitalized, for their current and former employees for the six months ended June 30, 2026 and 2025, included the following components:
2026Entergy
Arkansas		Entergy
Louisiana		Entergy
 Mississippi		Entergy
New Orleans		Entergy
Texas		System
Energy
(In Thousands)
Service cost - benefits earned during the period$8,726 $10,640 $2,592 $530 $2,022 $2,652 
Interest cost on projected benefit obligation25,592 26,822 6,868 2,382 5,320 6,632 
Expected return on assets(35,650)(37,816)(9,890)(3,338)(7,558)(9,368)
Recognized net loss9,564 4,318 1,742 928 978 2,296 
Net pension cost$8,232 $3,964 $1,312 $502 $762 $2,212 

2025Entergy
Arkansas		Entergy
Louisiana		Entergy
 Mississippi		Entergy
New Orleans		Entergy
Texas		System
Energy
(In Thousands)
Service cost - benefits earned during the period$8,854 $10,908 $2,608 $822 $2,048 $2,744 
Interest cost on projected benefit obligation27,628 29,408 7,398 3,294 5,946 7,170 
Expected return on assets(35,352)(37,794)(9,898)(4,348)(7,778)(9,150)
Recognized net loss9,582 4,536 1,644 830 908 2,228 
Net pension cost$10,712 $7,058 $1,752 $598 $1,124 $2,992 

Non-Qualified Net Pension Cost

Entergy recognized $2.4 million and $2.5 million in pension cost for its non-qualified pension plans for the second quarters of 2026 and 2025, respectively. For the second quarters of 2026 and 2025, there were no settlement charges related to the payment of lump sum benefits out of the plan. Entergy recognized $4.8 million and $5 million in pension cost for its non-qualified pension plans for the six months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026 and 2025, there were no settlement charges related to the payment of lump sum benefits out of the plan.





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Notes to Financial Statements
The Registrant Subsidiaries recognized the following pension cost for their current and former employees for their non-qualified pension plans for the second quarters of 2026 and 2025:
Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New Orleans		Entergy
Texas
(In Thousands)
2026$13 $61 $62 $34 $123 
2025$47 $36 $90 $35 $39 

The Registrant Subsidiaries recognized the following pension cost for their current and former employees for their non-qualified pension plans for the six months ended June 30, 2026 and 2025:
Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New Orleans		Entergy
Texas
(In Thousands)
2026$26 $122 $101 $69 $246 
2025$94 $72 $180 $70 $78 

For the second quarters of 2026 and 2025, there were no settlement charges for the Registrant Subsidiaries related to the payment of lump sum benefits out of the plan. For the six months ended June 30, 2026 and 2025, there were no settlement charges for the Registrant Subsidiaries related to the payment of lump sum benefits out of the plan.

Components of Net Other Postretirement Benefits Cost (Income)

Entergy’s net other postretirement benefits income, including amounts capitalized, for the second quarters of 2026 and 2025 included the following components:
20262025
(In Thousands)
Service cost - benefits earned during the period$2,694 $2,757 
Interest cost on accumulated postretirement benefit obligation (APBO)9,597 9,690 
Expected return on assets(10,314)(10,209)
Amortization of prior service credit(1,585)(5,720)
Recognized net gain(2,877)(3,870)
Net other postretirement benefits income($2,485)($7,352)

Entergy’s net other postretirement benefits cost (income), including amounts capitalized, for the six months ended June 30, 2026 and 2025 included the following components:
20262025
(In Thousands)
Service cost - benefits earned during the period$5,388 $5,514 
Interest cost on APBO
19,194 19,380 
Expected return on assets(20,628)(20,418)
Amortization of prior service credit(3,170)(11,440)
Recognized net (gain) loss1,803 (7,740)
Net other postretirement benefits cost (income)$2,587 ($14,704)





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Notes to Financial Statements
The Registrant Subsidiaries’ net other postretirement benefits cost (income), including amounts capitalized, for their current and former employees for the second quarters of 2026 and 2025 included the following components:
2026Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New Orleans		Entergy
Texas		System
Energy
(In Thousands)
Service cost - benefits earned during the period$551 $688 $159 $35 $129 $186 
Interest cost on APBO1,766 2,039 487 182 495 419 
Expected return on assets(4,374)— (1,374)(1,258)(2,528)(722)
Amortization of prior service cost (credit)174 (309)(85)— (604)9 
Recognized net (gain) loss(475)(1,098)(73)(137)97 45 
Net other postretirement benefits cost (income)($2,358)$1,320 ($886)($1,178)($2,411)($63)

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)

The Registrant Subsidiaries’ net other postretirement benefits cost (income), including amounts capitalized, for their current and former employees for the six months ended June 30, 2026 and 2025 included the following components:
2026Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New Orleans		Entergy
Texas		System
Energy
(In Thousands)
Service cost - benefits earned during the period$1,102 $1,376 $318 $70 $258 $372 
Interest cost on APBO3,532 4,078 974 364 990 838 
Expected return on assets(8,748)— (2,748)(2,516)(5,056)(1,444)
Amortization of prior service cost (credit)348 (618)(170)— (1,208)18 
Recognized net (gain) loss(950)(2,196)(146)(274)194 90 
Net other postretirement benefits cost (income)($4,716)$2,640 ($1,772)($2,356)($4,822)($126)





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Notes to Financial Statements
2025Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New Orleans		Entergy
Texas		System
Energy
(In Thousands)
Service cost - benefits earned during the period$1,144 $1,342 $324 $104 $318 $348 
Interest cost on APBO3,550 4,024 978 498 1,164 788 
Expected return on assets(8,450)— (2,656)(2,890)(4,904)(1,404)
Amortization of prior service cost (credit)1,048 (2,272)(478)(458)(2,186)(146)
Recognized net (gain) loss(706)(3,622)(114)(54)306 (14)
Net other postretirement benefits income($3,414)($528)($1,946)($2,800)($5,302)($428)

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 second quarters of 2026 and 2025:
2026Qualified
Pension
Costs		Other
Postretirement
Costs		Non-Qualified
Pension Costs		Total
(In Thousands)
Entergy
Amortization of prior service credit (cost)$— $1,008 ($62)$946 
Amortization of net gain (loss)(515)2,274 (93)1,666 
($515)$3,282 ($155)$2,612 
Entergy Louisiana
Amortization of prior service credit$— $308 $— $308 
Amortization of net gain (loss)(86)1,236 (1)1,149 
($86)$1,544 ($1)$1,457 

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 





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Notes to Financial Statements
Entergy and Entergy Louisiana reclassified the following costs out of accumulated other comprehensive income (loss) (before taxes and including amounts capitalized) for the six months ended June 30, 2026 and 2025:
2026Qualified
Pension
Costs		Other
Postretirement
Costs		Non-Qualified
Pension Costs		Total
(In Thousands)
Entergy
Amortization of prior service credit (cost)$— $2,016 ($124)$1,892 
Amortization of net loss(1,030)(3,009)(189)(4,228)
($1,030)($993)($313)($2,336)
Entergy Louisiana
Amortization of prior service credit (cost)$— $618 ($1)$617 
Amortization of net gain (loss)(173)2,471 (2)2,296 
($173)$3,089 ($3)$2,913 

2025Qualified
Pension
Costs		Other
Postretirement
Costs		Non-Qualified
Pension Costs		Total
(In Thousands)
Entergy
Amortization of prior service credit (cost)$— $6,986 ($62)$6,924 
Amortization of net gain (loss)(822)6,140 (216)5,102 
($822)$13,126 ($278)$12,026 
Entergy Louisiana
Amortization of prior service credit$— $2,272 $— $2,272 
Amortization of net gain (loss)(182)3,622 (2)3,438 
($182)$5,894 ($2)$5,710 

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. In addition, non-service benefit costs previously eligible for capitalization into property, plant, and equipment are being deferred to a regulatory asset/liability and will be amortized over the estimated lives of the respective assets.





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Notes to Financial Statements
Employer Contributions

Based on current assumptions, Entergy expects to contribute $200 million to its qualified pension plans in 2026.  As of June 30, 2026, Entergy had contributed $85.1 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 2026:
Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New Orleans		Entergy
Texas		System
Energy
(In Thousands)
Expected 2026 pension contributions
$29,716 $41,599 $3,991 $3,304 $5,931 $13,249 
Pension contributions made through June 2026$12,073 $16,351 $2,026 $1,552 $2,604 $5,626 
Remaining estimated pension contributions to be made in 2026$17,643 $25,248 $1,965 $1,752 $3,327 $7,623 


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 included operation of a small natural gas distribution business in portions of Louisiana through June 30, 2025.  See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses on July 1, 2025. 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.





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Notes to Financial Statements
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 and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
2026202520262025
(In Thousands)(In Thousands)
Utility operating revenues$3,513,488 $3,315,723 $6,683,761 $6,145,320 
Reconciliation of revenues:
Other revenues (a)10,157 13,144 27,535 30,448 
Elimination of intersegment revenues(7)(18)(32)(45)
Consolidated operating revenues3,523,638 3,328,849 6,711,264 6,175,723 
Less Utility expenses and other items:
Fuel, fuel-related expenses, and gas purchased for resale756,802 631,773 1,362,097 970,756 
Purchased power305,250 372,842 663,755 714,926 
Other operation and maintenance expenses758,723 713,296 1,421,165 1,375,770 
Other regulatory charges (credits) - net(15,360)(55,957)103,939 (72,800)
Other Utility items (b)1,077,697 1,051,596 1,957,044 2,063,453 
Utility net income630,376 602,173 1,175,761 1,093,215 
Reconciliation of net income:
Other loss(72,537)(55,678)(156,360)(109,050)
Elimination of intersegment profit(70,019)(74,541)(140,776)(149,789)
Consolidated net income487,820 471,954 878,625 834,376 
Preferred dividend requirements of subsidiaries and noncontrolling interests (c)5,213 4,024 11,102 5,686 
Net income attributable to Entergy Corporation$482,607 $467,930 $867,523 $828,690 

(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, 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 table presents 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 June 30, 2026 and 2025:
UtilityParent & OtherEliminationsConsolidated
(In Thousands)
2026
Depreciation, amortization, and decommissioning$607,131 $571 $— $607,702 
Interest and investment income$243,168 $2,558 ($70,818)$174,908 
Interest expense$328,632 $82,419 ($798)$410,253 
Income taxes$148,924 ($17,246)$— $131,678 
2025
Depreciation, amortization, and decommissioning$577,386 $1,766 $— $579,152 
Interest and investment income$160,248 $2,146 ($74,975)$87,419 
Interest expense$261,033 $61,475 ($434)$322,074 
Income taxes$152,836 ($14,437)$— $138,399 

The following table presents segment financial information for Entergy’s single reportable segment, Utility, and a reconciliation to the corresponding consolidated amounts for Entergy Corporation for the six months ended June 30, 2026 and 2025:
UtilityParent & OtherEliminationsConsolidated
(In Thousands)
2026
Depreciation, amortization, and decommissioning$1,204,493 $2,156 $— $1,206,649 
Interest and investment income$526,847 $5,976 ($142,105)$390,718 
Interest expense$631,697 $159,625 ($1,329)$789,993 
Income taxes$260,328 ($40,860)$— $219,468 
Total assets as of June 30, 2026$82,679,238 $1,005,372 ($4,681,992)$79,002,618 
Total expenditures for additions to long-lived assets$5,231,590 ($740)$— $5,230,850 
2025
Depreciation, amortization, and decommissioning$1,144,573 $3,451 $— $1,148,024 
Interest and investment income$267,423 $3,835 ($150,433)$120,825 
Interest expense$528,164 $124,344 ($643)$651,865 
Income taxes$267,109 ($28,669)$— $238,440 
Total assets as of December 31, 2025$75,726,104 $773,056 ($4,608,430)$71,890,730 
Total expenditures for additions to long-lived assets$3,798,452 $606 $— $3,799,058 

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





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Notes to Financial Statements
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 included operation of a small natural gas distribution business at each of Entergy Louisiana and Entergy New Orleans through June 30, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses on July 1, 2025. 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 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 and to mitigate interest rate exposure related to certain financing agreements.

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.

In 2025, Entergy Texas entered into interest rate swaps, accounted for as derivatives, to manage interest rate risks associated with Entergy Texas’s build-to-suit lease arrangement for the Legend Power Station. See Note 8 to the financial statements in the Form 10-K for further discussion of the build-to-suit lease arrangement for the Legend Power Station. These interest rate swaps are not designated as hedging instruments. Interest will be calculated as the sum of the Secured Overnight Financing Rate plus the blended spreads per the build-to-suit lease arrangement, compounded monthly, with one cash settlement per year over the approximate two year construction period. The notional volume of the hedge was calculated based on the expected costs for the Legend Power Station at the time Entergy Texas entered into the interest rate swaps. Changes in the fair value of these interest rate swaps are recognized each period, with gains and losses deferred as a regulatory asset or liability. The interest rate swaps run through January 31, 2028. The total notional volume is up to $1.1 billion for Entergy Texas as of June 30, 2026. Credit support for the swaps are covered by master agreements that do not require Entergy Texas to provide collateral based on mark-to-market values.





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Entergy manages fuel price volatility for Entergy Louisiana 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. The maximum length of time over which Entergy has executed natural gas swaps as of June 30, 2026 is nine months for Entergy Mississippi. The total volume of natural gas swaps outstanding as of June 30, 2026 is 9,124,250 MMBtu for Entergy and Entergy Mississippi. As of June 30, 2026, Entergy Louisiana 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. Prior to the sale of the Entergy New Orleans natural gas distribution business, Entergy also managed fuel price volatility related to projected winter purchases for gas distribution at Entergy New Orleans through the purchase of natural gas swaps. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025.

During the second quarter 2026, Entergy participated in the annual financial transmission rights auction process for the MISO planning year of June 1, 2026 through May 31, 2027. 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 June 30, 2026 is 131,545 GWh for Entergy, including 34,807 GWh for Entergy Arkansas, 54,548 GWh for Entergy Louisiana, 16,033 GWh for Entergy Mississippi, 5,533 GWh for Entergy New Orleans, and 20,171 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. No cash was required to be posted for financial transmission rights exposure for the Utility operating companies as of June 30, 2026 and December 31, 2025. Letters of credit posted with MISO covered the financial transmission rights exposure for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy Texas as of June 30, 2026 and for Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy Texas as of December 31, 2025. Credit support for financial transmission rights held by Entergy’s non-utility operations business may also be covered by cash and/or letters of credit. No cash or letters of credit were required to be posted for financial transmission rights exposure for the non-utility operations business as of June 30, 2026 and December 31, 2025.





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The fair values of Entergy’s derivative instruments not designated as hedging instruments on the consolidated balance sheets as of June 30, 2026 and December 31, 2025 are shown in the table 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)
(In Millions)
2026
Assets:
Financial transmission rightsPrepayments and other$68($4)$64
Interest rate swapsPrepayments and other$1$—$1
Interest rate swapsOther deferred debits and other assets$8$—$8
Liabilities:
Natural gas swapsOther current liabilities$4$—$4
2025
Assets:
Financial transmission rightsPrepayments and other$27$—$27
Interest rate swapsPrepayments and other$1$—$1
Liabilities:
Natural gas swapsOther current liabilities$5$—$5
Interest rate swapsOther non-current liabilities$3$—$3

(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 $6 million as of June 30, 2026 and $2 million as of December 31, 2025





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The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the three months ended June 30, 2026 and 2025 are as follows:
InstrumentIncome Statement
Location		Amount of gain (loss)
recorded in the income statement
(In Millions)
2026
Natural gas swapsFuel, fuel-related expenses, and gas purchased for resale(a)($1)
Financial transmission rightsPurchased power expense(b)$43
Interest rate swapsInterest expense(c)($5)
2025
Natural gas swapsFuel, fuel-related expenses, and gas purchased for resale(a)$11
Financial transmission rightsPurchased power expense(b)$66

The effects of Entergy’s derivative instruments not designated as hedging instruments on the consolidated income statements for the six months ended June 30, 2026 and 2025 are as follows:
InstrumentIncome Statement
Location		Amount of gain (loss)
recorded in the income statement
(In Millions)
2026
Natural gas swapsFuel, fuel-related expenses, and gas purchased for resale(a)$2
Financial transmission rightsPurchased power expense(b)$87
Interest rate swapsInterest expense(c)($9)
2025
Natural gas swapsFuel, fuel-related expenses, and gas purchased for resale(a)($1)
Financial transmission rightsPurchased power expense(b)$114

(a)Due to regulatory treatment, the natural gas swaps are marked-to-market through fuel, fuel-related expenses, and gas purchased for resale and 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 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.
(c)Due to regulatory treatment, the changes in the estimated fair value of the interest rate swaps for Entergy Texas are recorded through interest expense and such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as interest expense when the interest rate swaps for Entergy Texas are settled are expected to be recovered in ratemaking relating to the Legend




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Power Station. See Note 8 to the financial statements in the Form 10-K for discussion of the build-to-suit lease arrangement for the Legend Power Station.

The fair values of derivative instruments not designated as hedging instruments on the Registrant Subsidiaries’ balance sheets as of June 30, 2026 and December 31, 2025 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)
2026
Assets:
Financial transmission rightsPrepayments and other$23.8$—$23.8Entergy Arkansas
Financial transmission rightsPrepayments and other$32.1$—$32.1Entergy Louisiana
Financial transmission rightsPrepayments and other$0.9($0.2)$0.7Entergy Mississippi
Financial transmission rightsPrepayments and other$4.0$—$4.0Entergy New Orleans
Financial transmission rightsPrepayments and other$6.9($3.8)$3.1Entergy Texas
Interest rate swapsPrepayments and other$1.1$—$1.1Entergy Texas
Interest rate swapsOther deferred debits and other assets$7.5$—$7.5Entergy Texas
Liabilities:
Natural gas swapsOther current liabilities$4.1$—$4.1Entergy Mississippi





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InstrumentBalance Sheet LocationGross Fair Value (a)Offsetting Position (b)Net Fair Value (c) (d)Registrant
(In Millions)
2025
Assets:
Financial transmission rightsPrepayments and other$5.5$—$5.5Entergy Arkansas
Financial transmission rightsPrepayments and other$16.8($0.1)$16.7Entergy Louisiana
Financial transmission rightsPrepayments and other$0.4$—$0.4Entergy Mississippi
Financial transmission rightsPrepayments and other$1.8$—$1.8Entergy New Orleans
Financial transmission rightsPrepayments and other$2.3($0.2)$2.1Entergy Texas
Interest rate swapsPrepayments and other$0.5$—$0.5Entergy Texas
Liabilities:
Natural gas swapsOther current liabilities$5.3$—$5.3Entergy Mississippi
Interest rate swapsOther non-current liabilities$3.0$—$3.0Entergy Texas

(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 $1.4 million for Entergy Arkansas, $1.3 million for Entergy Louisiana, $2.5 million for Entergy Mississippi, and $0.6 million for Entergy Texas as of June 30, 2026 and in the amount of $0.1 million for Entergy Arkansas, $0.8 million for Entergy Louisiana, $0.8 million for Entergy Mississippi, and $0.1 million for Entergy Texas as of December 31, 2025





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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 June 30, 2026 and 2025 are as follows:
InstrumentIncome Statement LocationAmount of gain
(loss) recorded
in the income statement		Registrant
(In Millions)
2026
Natural gas swapsFuel, fuel-related expenses, and gas purchased for resale($0.8)(a)Entergy Mississippi
Financial transmission rightsPurchased power expense$8.9(b)Entergy Arkansas
Financial transmission rightsPurchased power expense$22.7(b)Entergy Louisiana
Financial transmission rightsPurchased power expense$3.4(b)Entergy Mississippi
Financial transmission rightsPurchased power expense$2.4(b)Entergy New Orleans
Financial transmission rightsPurchased power expense$5.1(b)Entergy Texas
Interest rate swapsInterest expense($4.9)(c)Entergy Texas
2025
Natural gas swapsFuel, fuel-related expenses, and gas purchased for resale$11.4(a)Entergy Mississippi
Financial transmission rightsPurchased power expense$9.5(b)Entergy Arkansas
Financial transmission rightsPurchased power expense$42.0(b)Entergy Louisiana
Financial transmission rightsPurchased power expense$3.1(b)Entergy Mississippi
Financial transmission rightsPurchased power expense$8.8(b)Entergy New Orleans
Financial transmission rightsPurchased power expense$2.3(b)Entergy Texas





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The effects of derivative instruments not designated as hedging instruments on the Registrant Subsidiaries’ income statements for the six months ended June 30, 2026 and 2025 are as follows:
InstrumentIncome Statement LocationAmount of gain
(loss) recorded
in the income statement		Registrant
(In Millions)
2026
Natural gas swapsFuel, fuel-related expenses, and gas purchased for resale$2.2(a)Entergy Mississippi
Financial transmission rightsPurchased power expense$17.4(b)Entergy Arkansas
Financial transmission rightsPurchased power expense$48.2(b)Entergy Louisiana
Financial transmission rightsPurchased power expense$11.9(b)Entergy Mississippi
Financial transmission rightsPurchased power expense$1.3(b)Entergy New Orleans
Financial transmission rightsPurchased power expense$7.8(b)Entergy Texas
Interest rate swapsInterest expense($8.6)(c)Entergy Texas
2025
Natural gas swapsFuel, fuel-related expenses, and gas purchased for resale($1.2)(a)Entergy Mississippi
Financial transmission rightsPurchased power expense$28.2(b)Entergy Arkansas
Financial transmission rightsPurchased power expense$64.1(b)Entergy Louisiana
Financial transmission rightsPurchased power expense$5.1(b)Entergy Mississippi
Financial transmission rightsPurchased power expense$11.1(b)Entergy New Orleans
Financial transmission rightsPurchased power expense$5.8(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 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 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.
(c)Due to regulatory treatment, the changes in the estimated fair value of the interest rate swaps for Entergy Texas are recorded through interest expense and such amounts are simultaneously reversed and recorded as an offsetting regulatory asset or liability. The gains or losses recorded as interest expense when the interest rate swaps for Entergy Texas are settled are expected to be recovered in ratemaking relating to the Legend Power Station. See Note 8 to the financial statements in the Form 10-K for discussion of the build-to-suit lease arrangement for the Legend Power Station.

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




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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 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, gas swaps, and interest rate 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




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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 June 30, 2026 and December 31, 2025.  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.
2026Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$3,736 $— $— $3,736 
Decommissioning trust funds (a):
Equity securities100 — — 100 
Debt securities1,038 1,428 — 2,466 
Common trusts (b)4,156 
Securitization recovery trust account1 — — 1 
Storm reserve escrow accounts314 — — 314 
Financial transmission rights— — 64 64 
Interest rate swaps— 9 — 9 
$5,189 $1,437 $64 $10,846 
Liabilities:
Natural gas swaps$4 $— $— $4 
$4 $— $— $4 

2025Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$1,883 $— $— $1,883 
Decommissioning trust funds (a):
Equity securities51 — — 51 
Debt securities905 1,297 — 2,202 
Common trusts (b)4,048 
Securitization recovery trust account1 — — 1 
Storm reserve escrow accounts309 — — 309 
Financial transmission rights— — 27 27 
Interest rate swaps— 1 — 1 
$3,149 $1,298 $27 $8,522 
Liabilities:
Natural gas swaps$5 $— $— $5 
Interest rate swaps— 3 — 3 
$5 $3 $— $8 

(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




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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.

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 June 30, 2026 and 2025:
20262025
(In Millions)
Balance as of April 1,$11 $7 
Issuances of financial transmission rights81 49 
Gains included as a regulatory liability/asset15 58 
Settlements(43)(66)
Balance as of June 30, $64 $48 

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 six months ended June 30, 2026 and 2025:
20262025
(In Millions)
Balance as of January 1, $27 $20 
Issuances of financial transmission rights81 49 
Gains included as a regulatory liability/asset
43 93 
Settlements(87)(114)
Balance as of June 30,$64 $48 


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.





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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 June 30, 2026 and December 31, 2025.  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

2026Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$504.8 $— $— $504.8 
Decommissioning trust funds (a):
Equity securities42.4 — — 42.4 
Debt securities340.1 353.1 — 693.2 
Common trusts (b)1,197.8 
Financial transmission rights— — 23.8 23.8 
$887.3 $353.1 $23.8 $2,462.0 

2025Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$268.5 $— $— $268.5 
Decommissioning trust funds (a):
Equity securities20.0 — — 20.0 
Debt securities251.9 362.1 — 614.0 
Common trusts (b)1,182.3 
Financial transmission rights— — 5.5 5.5 
$540.4 $362.1 $5.5 $2,090.3 

Entergy Louisiana

2026Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$1,567.7 $— $— $1,567.7 
Decommissioning trust funds (a):
Equity securities53.5 — — 53.5 
Debt securities418.0 675.0 — 1,093.0 
Common trusts (b)1,797.9 
Storm reserve escrow account239.2 — — 239.2 
Financial transmission rights— — 32.1 32.1 
$2,278.4 $675.0 $32.1 $4,783.4 





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2025Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$776.7 $— $— $776.7 
Decommissioning trust funds (a):
Equity securities22.8 — — 22.8 
Debt securities373.2 619.4 — 992.6 
Common trusts (b)1,738.4 
Storm reserve escrow account235.0 — — 235.0 
Financial transmission rights— — 16.7 16.7 
$1,407.7 $619.4 $16.7 $3,782.2 

Entergy Mississippi

2026Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$829.8 $— $— $829.8 
Financial transmission rights— — 0.7 0.7 
$829.8 $— $0.7 $830.5 
Liabilities:
Natural gas swaps$4.1 $— $— $4.1 

2025Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$341.5 $— $— $341.5 
Financial transmission rights— — 0.4 0.4 
$341.5 $— $0.4 $341.9 
Liabilities:
Natural gas swaps$5.3 $— $— $5.3 

Entergy New Orleans

2026Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$63.3 $— $— $63.3 
Storm reserve escrow account75.1 — — 75.1 
Financial transmission rights— — 4.0 4.0 
$138.4 $— $4.0 $142.4 





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2025Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$110.2 $— $— $110.2 
Storm reserve escrow account73.8 — — 73.8 
Financial transmission rights— — 1.8 1.8 
$184.0 $— $1.8 $185.8 

Entergy Texas

2026Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$535.1 $— $— $535.1 
Securitization recovery trust account1.3 — — $1.3 
Financial transmission rights— — 3.1 3.1 
Interest rate swaps— 8.6 — 8.6 
$536.4 $8.6 $3.1 $548.1 

2025Level 1Level 2Level 3Total
(In Millions)
Assets:
Temporary cash investments$274.9 $— $— $274.9 
Securitization recovery trust account1.5 — — 1.5 
Financial transmission rights— — 2.1 2.1 
Interest rate swaps— 0.5 — 0.5 
$276.4 $0.5 $2.1 $279.0 
Liabilities:
Interest rate swaps$— $3.0 $— $3.0 

System Energy

2026Level 1Level 2Level 3Total
(In Millions)
Assets:
Decommissioning trust funds (a):
Equity securities$4.4 $— $— $4.4 
Debt securities279.8 399.8 — 679.6 
Common trusts (b)1,160.5 
$284.2 $399.8 $— $1,844.5 





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Notes to Financial Statements
2025Level 1Level 2Level 3Total
(In Millions)
Assets:
Decommissioning trust funds (a):
Equity securities$8.6 $— $— $8.6 
Debt securities280.5 314.5 — 595.0 
Common trusts (b)1,127.1 
$289.1 $314.5 $— $1,730.7 

(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.

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 June 30, 2026.
Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New
Orleans		Entergy
Texas
(In Millions)
Balance as of April 1, 2026$2.4 $7.1 $0.1 $0.8 $0.9 
Issuances of financial transmission rights26.3 41.7 1.5 6.2 5.0 
Gains (losses) included as a regulatory liability/asset4.0 6.0 2.5 (0.6)2.3 
Settlements(8.9)(22.7)(3.4)(2.4)(5.1)
Balance as of June 30, 2026
$23.8 $32.1 $0.7 $4.0 $3.1 

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 June 30, 2025.
Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New
Orleans		Entergy
Texas
(In Millions)
Balance as of April 1, 2025$3.0 $3.4 ($0.1)$0.4 $0.4 
Issuances of financial transmission rights11.8 28.7 1.5 3.0 4.0 
Gains included as a regulatory liability/asset5.8 38.2 3.1 8.4 1.8 
Settlements(9.5)(42.0)(3.1)(8.8)(2.3)
Balance as of June 30, 2025
$11.1 $28.3 $1.4 $3.0 $3.9 




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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 six months ended June 30, 2026.
Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New
Orleans		Entergy
Texas
(In Millions)
Balance as of January 1, 2026$5.5 $16.7 $0.4 $1.8 $2.1 
Issuances of financial transmission rights26.3 41.7 1.5 6.1 5.0 
Gains (losses) included as a regulatory liability/asset9.4 21.9 10.7 (2.6)3.8 
Settlements(17.4)(48.2)(11.9)(1.3)(7.8)
Balance as of June 30, 2026
$23.8 $32.1 $0.7 $4.0 $3.1 

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 six months ended June 30, 2025.
Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New
Orleans		Entergy
Texas
(In Millions)
Balance as of January 1, 2025
$8.6 $8.6 ($0.5)$1.3 $1.9 
Issuances of financial transmission rights11.8 28.7 1.5 2.9 4.0 
Gains included as a regulatory liability/asset18.9 55.1 5.5 9.9 3.8 
Settlements(28.2)(64.1)(5.1)(11.1)(5.8)
Balance as of June 30, 2025
$11.1 $28.3 $1.4 $3.0 $3.9 


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 and six months ended June 30, 2026 on equity securities still held as of June 30, 2026 were $532 million and $351 million, respectively. 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 available-for-sale debt securities held as of June 30, 2026 and December 31, 2025 are summarized as follows:
20262025
(In Millions)
Fair value$2,466 $2,202 
Unrealized gains$13 $28 
Unrealized losses$56 $45 

As of June 30, 2026 and December 31, 2025, there were no deferred taxes on unrealized gains/(losses). The amortized cost of available-for-sale debt securities was $2,508 million as of June 30, 2026 and $2,219 million as of December 31, 2025.  As of June 30, 2026, available-for-sale debt securities had an average coupon rate of approximately 4.25%, an average duration of approximately 6.20 years, and an average maturity of approximately 10.78 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 June 30, 2026 and December 31, 2025:
20262025
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
(In Millions)
Less than 12 months$1,122 $17 $361 $3 
More than 12 months460 39 549 42 
Total$1,582 $56 $910 $45 

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2026 and December 31, 2025 were as follows:
20262025
(In Millions)
Less than 1 year$14 $31 
1 year - 5 years736 649 
5 years - 10 years757 645 
10 years - 15 years195 188 
15 years - 20 years326 218 
20 years+438 471 
Total$2,466 $2,202 

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 and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
2026202520262025
(In Millions)
Proceeds from disposition of securities$209 $227 $368 $489 
Realized gains$1 $1 $2 $2 
Realized losses$6 $4 $8 $8 




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During the three and six months ended June 30, 2026 and 2025, 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 June 30, 2026 and December 31, 2025 are summarized as follows:
20262025
(In Millions)
Fair value$693.2 $614.0 
Unrealized gains$2.7 $7.5 
Unrealized losses$20.1 $14.2 

The amortized cost of available-for-sale debt securities was $710.7 million as of June 30, 2026 and $620.7 million as of December 31, 2025.  As of June 30, 2026, the available-for-sale debt securities had an average coupon rate of approximately 3.87%, an average duration of approximately 6.29 years, and an average maturity of approximately 8.58 years.

The unrealized gains/(losses) recognized during the three and six months ended June 30, 2026 on equity securities still held as of June 30, 2026 were $153.5 million and $101.8 million, respectively. 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 June 30, 2026 and December 31, 2025:
20262025
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
(In Millions)
Less than 12 months$310.6 $5.1 $89.1 $0.6 
More than 12 months183.8 15.0 211.1 13.6 
Total$494.4 $20.1 $300.2 $14.2 





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Notes to Financial Statements
The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2026 and December 31, 2025 were as follows:
20262025
(In Millions)
Less than 1 year$12.3 $27.7 
1 year - 5 years195.9 140.2 
5 years - 10 years288.2 256.8 
10 years - 15 years56.1 69.1 
15 years - 20 years97.1 61.4 
20 years+43.6 58.8 
Total$693.2 $614.0 

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 and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
2026202520262025
(In Millions)
Proceeds from disposition of securities$7.2 $— $11.0 $— 
Realized gains$0.1 $— $0.1 $— 

During the three and six months ended June 30, 2026 and 2025, 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 June 30, 2026 and December 31, 2025 are summarized as follows:
20262025
(In Millions)
Fair value$1,093.0 $992.6 
Unrealized gains$7.6 $13.0 
Unrealized losses$14.4 $15.0 

The amortized cost of available-for-sale debt securities was $1,100 million as of June 30, 2026 and $994.6 million as of December 31, 2025.  As of June 30, 2026, the available-for-sale debt securities had an average coupon rate of approximately 4.46%, an average duration of approximately 6.07 years, and an average maturity of approximately 11.94 years.

The unrealized gains/(losses) recognized during the three and six months ended June 30, 2026 on equity securities still held as of June 30, 2026 were $229.5 million and $150.3 million, respectively. 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 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 June 30, 2026 and December 31, 2025:
20262025
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
(In Millions)
Less than 12 months$437.4 $5.3 $179.8 $1.6 
More than 12 months150.0 9.1 196.6 13.4 
Total$587.4 $14.4 $376.4 $15.0 

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2026 and December 31, 2025 were as follows:
20262025
(In Millions)
Less than 1 year$5.3 $0.9 
1 year - 5 years277.1 259.0 
5 years - 10 years297.4 227.7 
10 years - 15 years98.0 93.6 
15 years - 20 years154.4 110.9 
20 years+260.8 300.5 
Total$1,093.0 $992.6 

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 and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
2026202520262025
(In Millions)
Proceeds from disposition of securities$113.9 $71.5 $189.6 $181.5 
Realized gains$0.2 $0.1 $0.6 $0.2 
Realized losses$4.6 $2.4 $6.1 $4.0 

During the three and six months ended June 30, 2026 and 2025, 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 June 30, 2026 and December 31, 2025 are summarized as follows:
20262025
(In Millions)
Fair value$679.6 $595.0 
Unrealized gains$3.0 $7.4 
Unrealized losses$21.2 $16.2 





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Notes to Financial Statements
The amortized cost of available-for-sale debt securities was $697.8 million as of June 30, 2026 and $603.7 million as of December 31, 2025.  As of June 30, 2026, the available-for-sale debt securities had an average coupon rate of approximately 4.29%, an average duration of approximately 6.33 years, and an average maturity of approximately 11.20 years.

The unrealized gains/(losses) recognized during the three and six months ended June 30, 2026 on equity securities still held as of June 30, 2026 were $148.6 million and $98.4 million, respectively. 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 June 30, 2026 and December 31, 2025:
20262025
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
(In Millions)
Less than 12 months$374.8 $6.1 $91.9 $1.1 
More than 12 months126.0 15.1 141.7 15.1 
Total$500.8 $21.2 $233.6 $16.2 

The fair value of available-for-sale debt securities, summarized by contractual maturities, as of June 30, 2026 and December 31, 2025 were as follows:
20262025
(In Millions)
Less than 1 year$8.4 $2.2 
1 year - 5 years262.6 249.8 
5 years - 10 years171.4 160.3 
10 years - 15 years40.9 25.5 
15 years - 20 years74.1 46.2 
20 years+122.2 111.0 
Total$679.6 $595.0 

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 and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
2026202520262025
(In Millions)
Proceeds from disposition of securities$87.7 $155.3 $166.7 $307.6 
Realized gains$0.3 $0.8 $0.6 $1.3 
Realized losses$1.4 $1.4 $2.1 $4.0 

During the three and six months ended June 30, 2026 and 2025, gross gains and gross losses related to available-for-sale debt securities were reclassified out of other regulatory liabilities/assets into earnings.





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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, the Inflation Reduction Act of 2022, and other income tax matters involving Entergy. The following are updates to that discussion.

Other Tax Matters

Inflation Reduction Act of 2022

In April 2026 the LPSC issued an order approving an agreement between Entergy Louisiana and the LPSC staff regarding the monetization of the 2025 nuclear production tax credits. The order allows Entergy Louisiana to retain the net proceeds of the monetized credits while the associated tax position remains uncertain. While retaining these proceeds, Entergy Louisiana will accrue carrying charges to its customers at its weighted average cost of capital. The order further provides that customers will be responsible for any associated costs should the IRS reduce some or all of the value of the nuclear production tax credits transferred to third parties. Once the IRS makes a final determination affirming the value of the credits or the audit period expires without a disallowance, Entergy Louisiana will commence flowing the net proceeds of the nuclear production tax credits, including carrying charges, to its customers. This treatment is consistent with the approach previously approved for the 2024 nuclear production tax credits, as discussed in Note 3 to the financial statements in the Form 10-K.

In June 2026, as part of Entergy Mississippi’s 2026 formula rate plan filing, the MPSC issued an order approving the joint stipulation between the Mississippi Public Utilities Staff and Entergy Mississippi that included, among other items, the mechanism for treatment of the monetization of past and future nuclear production tax credits. The order allows Entergy Mississippi to retain the net proceeds of the monetized credits while the associated tax position remains uncertain. While retaining these proceeds, Entergy Mississippi will accrue carrying charges at its average cost of debt, as determined by Entergy Mississippi’s debt rate in its current formula rate plan. The order further provides that Entergy Mississippi will be responsible for any associated costs should the IRS reduce some or all of the value of the nuclear production tax credits transferred to third parties. Once the IRS makes a final determination affirming the value of the credits or the audit period expires without a disallowance, Entergy Mississippi will commence flowing the net proceeds of the nuclear production tax credits, including carrying charges, to its customers in accordance with the return period to be determined by the MPSC. Carrying charges at Entergy Mississippi’s average cost of debt will only apply to the value of the credits that are allowed by the IRS. See Note 2 to the financial statements herein for discussion of Entergy Mississippi’s 2026 formula rate plan filing.

In second quarter 2026, Entergy Arkansas, Entergy Louisiana, and System Energy entered into agreements with third-party purchasers to transfer in the third and fourth quarters of 2026 certain nuclear and solar production tax credits for cash, including a reasonable discount, prior to the filing of Entergy’s 2025 federal income tax return. The monetized value of these credits, net of applicable expenses, is expected to be addressed in retail rates in accordance with applicable regulatory mechanisms.

Arkansas Corporate Income Tax Rate Change

In May 2026 the State of Arkansas enacted a corporate income tax rate reduction from 4.3% to 4.1%, effective January 1, 2027. As a result of the rate reduction, Entergy Arkansas recorded a regulatory liability for income taxes of approximately $16 million. The regulatory liability includes both the direct tax benefit and the associated tax gross-up required under the retail and wholesale ratemaking formulas.





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Notes to Financial Statements
Amortization of Tax Gross-up on Customer Advances

Amortization of tax gross-up on customer advances, including customer advances for construction, were $40.4 million for Entergy, $2.8 million for Entergy Arkansas, $27.9 million for Entergy Louisiana, $9.5 million for Entergy Mississippi, and $0.2 million for Entergy Texas for the three months ended June 30, 2026 and $9.1 million for Entergy, $0.2 million for Entergy Arkansas, $6.9 million for Entergy Louisiana, $1.6 million for Entergy Mississippi, and $0.4 million for Entergy Texas for the three months ended June 30, 2025. Amortization of tax gross-up on customer advances, including customer advances for construction, were $63.2 million for Entergy, $4.2 million for Entergy Arkansas, $42.5 million for Entergy Louisiana, $15.8 million for Entergy Mississippi, and $0.7 million for Entergy Texas for the six months ended June 30, 2026 and $24.6 million for Entergy, $1.3 million for Entergy Arkansas, $13.5 million for Entergy Louisiana, $7.6 million for Entergy Mississippi, and $2.2 million for Entergy Texas for the six months ended June 30, 2025. Amortization of tax gross-up on customer advances is included in miscellaneous – net in other income on the income statement.


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 June 30, 2026 and December 31, 2025, the primary asset held by the storm trust I was $2.6 billion and $2.7 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 $27.1 million as of June 30, 2026 and $27.1 million as of December 31, 2025.

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 June 30, 2026 and December 31, 2025, the primary asset held by the storm trust II was $1.3 billion and $1.3 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 II is recorded as noncontrolling interest on the consolidated balance sheets of Entergy and Entergy Louisiana, with balances of $13.3 million as of June 30, 2026 and $13.1 million as of December 31, 2025.

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 six months ended June 30, 2026 and the six months ended June 30, 2025.

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 June 30, 2026, AR Searcy Partnership, LLC recorded assets equal to $123.4 million, primarily consisting of property, plant, and equipment, and the carrying value of Entergy Arkansas’s ownership interest in the partnership was approximately $111.9 million. As of December 31, 2025, AR Searcy Partnership, LLC recorded assets equal to $124.4 million, primarily consisting of property, plant, and equipment, and the carrying value of Entergy Arkansas’s ownership interest in the partnership was




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approximately $113.1 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 June 30, 2026, MS Sunflower Partnership, LLC recorded assets equal to $149.8 million, primarily consisting of property, plant, and equipment, and the carrying value of Entergy Mississippi’s ownership interest in the partnership was approximately $134.0 million. As of December 31, 2025, MS Sunflower Partnership, LLC recorded assets equal to $154.5 million, primarily consisting of property, plant, and equipment, and the carrying value of Entergy Mississippi’s ownership interest in the partnership was approximately $134.9 million. The tax equity investor’s ownership interest is recorded as noncontrolling interest on the consolidated balance sheets of Entergy and Entergy Mississippi.


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 June 30, 2026 and 2025 were as follows:
20262025
(In Thousands)
Utility:
Residential$1,154,074 $1,091,035 
Commercial822,850 771,097 
Industrial1,068,589 945,901 
Governmental73,822 70,623 
Total billed retail3,119,335 2,878,656 
Sales for resale (a)96,041 146,457 
Other electric revenues (b)289,968 246,674 
Revenues from contracts with customers3,505,344 3,271,787 
Other Utility revenues (c)8,144 3,158 
Electric revenues3,513,488 3,274,945 
Natural gas revenues— 40,778 
Other revenues (d)10,150 13,126 
Total operating revenues$3,523,638 $3,328,849 





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Entergy’s total revenues for the six months ended June 30, 2026 and 2025 were as follows:
20262025
(In Thousands)
Utility:
Residential$2,303,510 $2,204,340 
Commercial1,570,969 1,455,104 
Industrial2,003,034 1,720,020 
Governmental141,482 133,441 
Total billed retail6,018,995 5,512,905 
Sales for resale (a)238,124 198,330 
Other electric revenues (b)408,966 322,892 
Revenues from contracts with customers6,666,085 6,034,127 
Other Utility revenues (c)17,676 (1,316)
Electric revenues6,683,761 6,032,811 
Natural gas revenues— 112,509 
Other revenues (d)27,503 30,403 
Total operating revenues$6,711,264 $6,175,723 

The Utility operating companies’ total revenues for the three months ended June 30, 2026 and 2025 were as follows:
2026Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New
Orleans		Entergy
Texas
(In Thousands)
Residential$226,609 $426,035 $196,834 $71,647 $232,949 
Commercial150,110 321,904 168,041 56,309 126,486 
Industrial193,328 627,316 80,997 6,837 160,111 
Governmental4,832 24,287 16,822 19,514 8,367 
Total billed retail574,879 1,399,542 462,694 154,307 527,913 
Sales for resale (a)40,255 95,716 34,442 22,574 5,153 
Other electric revenues (b)76,621 107,505 58,349 12,159 36,676 
Revenues from contracts with customers691,755 1,602,763 555,485 189,040 569,742 
Other revenues (c)1,731 3,592 2,397 1,508 (1,085)
Electric revenues693,486 1,606,355 557,882 190,548 568,657 
Natural gas revenues— — — — — 
Total operating revenues$693,486 $1,606,355 $557,882 $190,548 $568,657 




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Notes to Financial Statements
2025Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New
Orleans		Entergy
Texas
(In Thousands)
Residential$212,265 $408,293 $172,575 $73,279 $224,623 
Commercial141,468 306,916 147,052 58,133 117,528 
Industrial174,555 570,303 53,629 7,800 139,614 
Governmental4,911 23,622 14,544 20,656 6,890 
Total billed retail533,199 1,309,134 387,800 159,868 488,655 
Sales for resale (a)84,533 109,243 61,713 10,027 5,195 
Other electric revenues (b)78,808 75,871 41,739 13,779 37,761 
Revenues from contracts with customers696,540 1,494,248 491,252 183,674 531,611 
Other revenues (c)1,147 1,256 623 107 30 
Electric revenues697,687 1,495,504 491,875 183,781 531,641 
Natural gas revenues— 14,559 — 26,219 — 
Total operating revenues$697,687 $1,510,063 $491,875 $210,000 $531,641 

The Utility operating companies’ total revenues for the six months ended June 30, 2026 and 2025 were as follows:

2026Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New
Orleans		Entergy
Texas
(In Thousands)
Residential$497,995 $818,039 $403,439 $138,640 $445,397 
Commercial290,308 606,452 322,165 107,248 244,796 
Industrial367,088 1,162,030 151,568 12,956 309,392 
Governmental9,491 45,887 32,325 37,189 16,590 
Total billed retail1,164,882 2,632,408 909,497 296,033 1,016,175 
Sales for resale (a)77,560 207,191 92,428 53,097 9,309 
Other electric revenues (b)93,147 183,782 76,575 9,981 48,166 
Revenues from contracts with customers1,335,589 3,023,381 1,078,500 359,111 1,073,650 
Other revenues (c)4,194 7,059 4,766 3,088 (1,461)
Electric revenues1,339,783 3,030,440 1,083,266 362,199 1,072,189 
Natural gas revenues— — — — — 
Total operating revenues$1,339,783 $3,030,440 $1,083,266 $362,199 $1,072,189 




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Notes to Financial Statements
2025Entergy
Arkansas		Entergy
Louisiana		Entergy
Mississippi		Entergy
New
Orleans		Entergy
Texas
(In Thousands)
Residential$486,871 $786,531 $358,883 $138,969 $433,086 
Commercial273,085 570,116 282,925 105,755 223,223 
Industrial323,620 1,036,010 100,974 13,454 245,962 
Governmental9,130 45,290 28,234 37,185 13,602 
Total billed retail1,092,706 2,437,947 771,016 295,363 915,873 
Sales for resale (a)121,262 220,791 89,810 13,917 7,590 
Other electric revenues (b)94,884 113,861 53,538 13,214 50,057 
Revenues from contracts with customers1,308,852 2,772,599 914,364 322,494 973,520 
Other revenues (c)2,346 (5,149)1,220 212 60 
Electric revenues1,311,198 2,767,450 915,584 322,706 973,580 
Natural gas revenues— 44,160 — 68,349 — 
Total operating revenues$1,311,198 $2,811,610 $915,584 $391,055 $973,580 

(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 the return on construction work in progress for certain utility plant investments, transmission and ancillary services provided to participants of an ISO-administered market, and unbilled revenue.
(c)Other Utility revenues include occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, late fees, and amounts resulting from other operating activities.
(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.

Electric Revenues

See Note 19 to the financial statements in the Form 10-K for a discussion of electric revenues. The following is an update to that discussion.

Most of Entergy’s contracts are on demand, with customer bills that vary each month based on an approved tariff and usage. Certain retail customers, primarily large industrial customers from various industries, have electric service agreements that include a fixed amount of consideration to be paid through the end of a contract term longer than one year. As of June 30, 2026, the amount of revenues related to this fixed consideration that Entergy expects to recognize over the remaining contract terms, extending through 2048, was $8,563 million for Entergy, including $4,740 million for Entergy Arkansas, $788 million for Entergy Louisiana, $2,570 million for Entergy Mississippi, and $465 million for Entergy Texas. These contracts also require variable payments based on the actual amount of energy service, which are recognized as revenue as Entergy has the right to bill the customer for services performed.

________________

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




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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 June 30, 2026, 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 June 30, 2026 and found no change that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting.




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ENTERGY ARKANSAS, LLC AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Winter Storm Fern

See the “Winter Storm Fern” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis for a discussion of Winter Storm Fern. Entergy Arkansas’s cost of mobilizing crews and restoring power was approximately $50 million, including approximately $40 million in capital costs and approximately $10 million in non-capital costs. Natural gas purchases for Entergy Arkansas were $74 million in January 2026 compared to $25 million in January 2025.

Results of Operations

Net Income

Second Quarter 2026 Compared to Second Quarter 2025

Net income decreased $13.8 million primarily due to higher other operation and maintenance expenses, higher interest expense, higher depreciation and amortization expenses, and higher taxes other than income taxes, partially offset by higher retail electric price.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Net income decreased $17.6 million primarily due to higher interest expense, higher other operation and maintenance expenses, higher depreciation and amortization expenses, higher taxes other than income taxes, and lower volume/weather, partially offset by higher retail electric price and higher other income.

Operating Revenues

Second Quarter 2026 Compared to Second Quarter 2025

Following is an analysis of the change in operating revenues comparing the second quarter 2026 to the second quarter 2025:

Amount
(In Millions)
2025 operating revenues$697.7 
Fuel, rider, and other revenues that do not significantly affect net income(37.1)
Volume/weather0.7 
Retail electric price32.2 
2026 operating revenues$693.5 

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.





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The volume/weather variance is insignificant and primarily due to an increase in industrial usage, substantially offset by the effect of less 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 industry.

The retail electric price variance is primarily due to an increase in formula rate plan rates effective January 2026 and the implementation of the Generating Arkansas Jobs Act rider effective June 2026. See Note 2 to the financial statements in the Form 10-K for discussion of the 2025 formula rate plan filing. See Note 2 to the financial statements herein for discussion of the Generating Arkansas Jobs Act rider filing.

Total electric energy sales for Entergy Arkansas for the three months ended June 30, 2026 and 2025 are as follows:
20262025% Change
(GWh)
Residential1,672 1,674 — 
Commercial1,396 1,393 — 
Industrial3,315 3,064 8 
Governmental43 49 (12)
  Total retail 6,426 6,180 4 
Sales for resale:
  Associated companies187 559 (67)
  Non-associated companies868 1,893 (54)
Total7,481 8,632 (13)

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

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Following is an analysis of the change in operating revenues comparing the six months ended June 30, 2026 to the six months ended June 30, 2025:
Amount
(In Millions)
2025 operating revenues$1,311.2 
Fuel, rider, and other revenues that do not significantly affect net income(15.3)
Retail electric price54.7 
Volume/weather(10.8)
2026 operating revenues$1,339.8 

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 2026. See Note 2 to the financial statements in the Form 10-K for discussion of the 2025 formula rate plan filing.

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




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industrial usage is primarily due to an increase in demand from large industrial customers, primarily in the primary metals industry.

Total electric energy sales for Entergy Arkansas for the six months ended June 30, 2026 and 2025 are as follows:
20262025% Change
(GWh)
Residential3,637 3,885 (6)
Commercial2,635 2,653 (1)
Industrial6,376 5,606 14 
Governmental84 88 (5)
  Total retail 12,732 12,232 4 
Sales for resale:
  Associated companies424 1,096 (61)
  Non-associated companies1,484 2,456 (40)
Total14,640 15,784 (7)

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

Other Income Statement Variances

Second Quarter 2026 Compared to Second Quarter 2025

Other operation and maintenance expenses increased primarily due to:

•an increase of $10.5 million in power delivery expenses primarily due to higher vegetation maintenance costs;
•an increase of $3.1 million in compensation and benefits costs primarily due to higher healthcare claims activity and the timing of the recognition of prescription drug rebates; and
•several individually insignificant items.

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

Depreciation and amortization expenses increased primarily due to additions to plant in service and an increase in FERC jurisdictional depreciation rates effective January 2026.

Other regulatory charges (credits) - net includes a regulatory charge of $8.8 million, recorded in second quarter 2026, to reflect the amount of the 2025 historical year netting adjustment to be returned to Entergy Arkansas’s customers during the 2027 rate effective period as included in the 2026 formula rate plan filing. See Note 2 to the financial statements herein for discussion of the 2026 formula rate plan filing. In addition, 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.

Interest expense increased primarily due to the issuances of $500 million of 5.75% Series mortgage bonds and $500 million of 4.95% Series mortgage bonds, each in January 2026, and $4.1 million in carrying costs in second quarter 2026 on retained net proceeds from the monetization of nuclear production tax credits. The increase was partially offset by the repayment of $600 million of 3.5% Series mortgage bonds in February 2026.




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Management's Financial Discussion and Analysis

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Other operation and maintenance expenses increased primarily due to:

•an increase of $17.5 million in power delivery expenses primarily due to higher vegetation maintenance costs;
•an increase of $6.7 million in compensation and benefits costs primarily due to higher healthcare claims activity, the timing of the recognition of prescription drug rebates, and a revision to estimated incentive-based compensation expense in 2025; and
•several individually insignificant items.

The increase was partially offset by a decrease of $8.0 million in energy efficiency expenses primarily due to the timing of recovery from customers and a decrease of $5.6 million in insurance expense primarily due to higher nuclear insurance refunds.

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

Depreciation and amortization expenses increased primarily due to additions to plant in service and an increase in FERC jurisdictional depreciation rates effective January 2026.

Other regulatory charges (credits) - net includes a regulatory charge of $8.8 million, recorded in second quarter 2026, to reflect the amount of the 2025 historical year netting adjustment to be returned to Entergy Arkansas’s customers during the 2027 rate effective period as included in the 2026 formula rate plan filing. See Note 2 to the financial statements herein for discussion of the 2026 formula rate plan filing. In addition, 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 increased primarily due to changes in decommissioning trust fund activity, including portfolio rebalancing of decommissioning trust funds in first quarter 2026.

Interest expense increased primarily due to:

•the issuances of $500 million of 5.75% Series mortgage bonds and $500 million of 4.95% Series mortgage bonds, each in January 2026;
•the issuance of $300 million of 5.45% Series mortgage bonds in May 2025; and
•$8.0 million in carrying costs in 2026 on retained net proceeds from the monetization of nuclear production tax credits.

The increase was partially offset by the repayment of $600 million of 3.5% Series mortgage bonds in February 2026.

Income Taxes

The effective income tax rates were 17.6% for the second quarter 2026 and 17.6% for the six months ended June 30, 2026. The differences in the effective income tax rates for the second quarter 2026 and the six months ended June 30, 2026 versus the federal statutory rate of 21% were primarily due to the amortization of excess accumulated deferred income taxes, 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, partially offset by the accrual for state income taxes.




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The effective income tax rates were 20.6% for the second quarter 2025 and 20.8% for the six months ended June 30, 2025. The differences in the effective income tax rates for the second quarter 2025 and the six months ended June 30, 2025 versus the federal statutory rate of 21% were primarily due to the amortization of excess accumulated deferred income taxes as a result of tax rate changes 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 six months ended June 30, 2026 and 2025 were as follows:
20262025
(In Thousands)
Cash and cash equivalents at beginning of period$275,570 $4,747 
Net cash provided by (used in):
Operating activities413,957 437,887 
Investing activities(919,085)(493,179)
Financing activities738,274 277,533 
Net increase in cash and cash equivalents233,146 222,241 
Cash and cash equivalents at end of period$508,716 $226,988 

Operating Activities

Net cash flow provided by operating activities decreased $23.9 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to higher fuel and purchased power payments and an increase of $30.3 million in spending on nuclear refueling outage costs in 2026 as compared to 2025, partially offset by higher collections from customers and the receipt of $81 million in advance payments related to customer agreements in 2026, including $66.8 million in customer advances and $14.2 million in tax gross-up on customer advances for construction. 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 $425.9 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to:

•an increase of $384.9 million in non-nuclear generation construction expenditures primarily due to higher spending on the Jefferson Power Station project, the Cypress Solar project, and the Ironwood Power Station project;
•an increase of $72 million in nuclear construction expenditures primarily due to increased spending on various nuclear projects in 2026;




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•an increase of $28.1 million in net purchases 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; and
•an increase of $21.3 million in distribution construction expenditures primarily due to a higher scope of work performed in 2026 as compared to 2025.

The increase was partially offset by:

•a decrease of $37 million in cash collateral posted to support Entergy Arkansas’s obligations to MISO in 2026;
•money pool activity; and
•a decrease of $23.3 million in capital expenditures related to storm restoration due to a lower scope of work in 2026 as compared to 2025.

Increases in Entergy Arkansas’s receivable from the money pool are a use of cash flow, and Entergy Arkansas’s receivable from the money pool increased $17.4 million for the six months ended June 30, 2026 compared to increasing by $49 million for the six months ended June 30, 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 $460.7 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to:

•the issuances of $500 million of 5.75% Series mortgage bonds and $500 million of 4.95% Series mortgage bonds, each in January 2026;
•capital contributions of $200 million received from Entergy Corporation in 2026 in order to maintain Entergy Arkansas’s capital structure;
•an increase of $143.1 million in net customer advances for construction related to transmission, distribution, and generator interconnection agreements;
•net long-term borrowings of $27 million in 2026 compared to net repayments of $10.7 million in 2025 on the nuclear fuel company variable interest entity’s credit facility; and
•money pool activity.

The increase was partially offset by the repayment of $600 million of 3.5% Series mortgage bonds in February 2026 and the issuance of $300 million of 5.45% Series mortgage bonds in May 2025.

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 six months ended June 30, 2025.

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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Capital Structure

Entergy Arkansas’s debt to capital ratio is shown in the following table.
June 30, 2026December 31,
2025
Debt to capital53.7%53.7%
Effect of subtracting cash(2.3%)(1.3%)
Net debt to net capital (non-GAAP)51.4%52.4%

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 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.

Following are updates to the current annual amounts of Entergy Arkansas’s planned construction and other capital investments through 2030.
20262027202820292030
(In Millions)
Planned construction and capital investments:
Generation$1,510 $1,865 $1,235 $580 $435 
Transmission80 135 175 205 45 
Distribution300 310 370 510 365 
Utility Support60 65 70 55 65 
Total$1,950 $2,375 $1,850 $1,350 $910 

In addition to routine capital spending to maintain operations, the capital plan for Entergy Arkansas includes investments in generation projects to modernize, decarbonize, expand, and diversify Entergy Arkansas’s portfolio, as well as to support customer growth, including Ironwood Power Station (formerly Lake Catherine Unit 5), Jefferson Power Station, and Arkansas Cypress Solar; investments in ANO 1 and 2; distribution and Utility support spending to improve reliability and customer experience; transmission spending to improve reliability while also supporting customer growth and renewables expansion; and other investments. The planned construction and capital investments amounts above exclude investments expected to be funded with customer advances for construction.





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Entergy Arkansas’s receivables from or (payables to) the money pool were as follows:
June 30, 2026December 31,
2025		June 30, 2025December 31,
2024
(In Thousands)
$39,135$21,715$49,019($15,190)

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 2031. Entergy Arkansas also has a $25 million credit facility scheduled to expire in April 2028.  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 June 30, 2026, 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 two uncommitted letter of credit facilities as a means to post collateral to support its obligations to MISO. As of June 30, 2026, $177.8 million in letters of credit were outstanding under Entergy Arkansas’s uncommitted letter of credit facilities. 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 2029.  As of June 30, 2026, there were $40.7 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.

Jefferson Power Station

As discussed in the Form 10-K, in August 2025, Entergy Arkansas filed an application with the APSC seeking a certificate of environmental compatibility and public need for the construction and operation of Jefferson Power Station, an approximately 754 MW natural gas-fired combined cycle combustion turbine facility to be located in Jefferson County, Arkansas. The estimated cost of the project is $1,602 million. In January 2026 the APSC issued its order finding that Entergy Arkansas had demonstrated a need for the resource but had not met its burden with respect to supporting the prudence of the costs to construct the resource. The APSC acknowledged that the costs would be greater if Entergy Arkansas waited to pursue the resource. The APSC authorized Entergy Arkansas to proceed with Jefferson Power Station as a strategic investment with estimated costs set at a benchmark, which the APSC erroneously believed reflected the current cost estimate but was, in fact, $90 million below the cost presented. In its January 2026 order, the APSC also approved Entergy Arkansas’s recovery of the costs of constructing Jefferson Power Station through the Generating Arkansas Jobs Act rider. Additionally, in its January 2026 order, the APSC found that Entergy Arkansas should conduct all-source competitive solicitations for future generation additions, with limited exceptions where Entergy Arkansas believes that a specific solicitation should be restricted to a certain resource and provides a detailed explanation to the APSC supporting this belief, which the APSC later determined in its March 2026 order is a narrow exception. In February 2026, Entergy Arkansas filed for rehearing seeking to correct the benchmark. In March 2026 the APSC issued an order denying Entergy Arkansas’s petition and maintained the benchmark, although costs over the benchmark were not found to be disallowed. Also in its March 2026 order, the APSC ordered Entergy Arkansas to submit a draft of an all-source request for proposals within thirty days of the order, which Entergy Arkansas filed in April 2026. Also in March 2026, Entergy Arkansas filed with the APSC its proposal for an independent monitor to oversee the reasonableness of its construction costs, as required by the APSC order. In April 2026 the APSC issued an order consolidating Entergy Arkansas’s cost independent monitor proposals for three pending resources, including Jefferson Power Station, into a single docket and directing parties with full intervention status to respond to the proposals and recommend independent monitor candidates. No alternative recommendations were made by the other parties. Also as part of the APSC’s January 2026 order, Entergy Arkansas is required to file quarterly status reports on its evaluation of the White Bluff coal to gas conversion. Entergy Arkansas filed its second status report in July 2026, setting forth that it expects to provide




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the APSC a total cost estimate and project timeline for the White Bluff 1 conversion within the next 60 days as part of an application and/or a supplemental update. The facility is expected to be in service by the end of 2029.

Special Rate Contract and Arkansas Cypress Solar

As discussed in the Form 10-K, in September 2025, Entergy Arkansas filed an application with the APSC seeking a certificate of environmental compatibility and public need for the construction and operation of the Arkansas Cypress Solar facility, a planned 600 MW solar photovoltaic array with a 350 MW battery energy storage system and associated transmission facilities interconnecting at Entergy Arkansas’s White Bluff substation. The estimated cost of the project is $1,602 million. In March 2026 the APSC approved the Arkansas Cypress Solar facility and Entergy Arkansas’s recovery of the costs of the facility through the Generating Arkansas Jobs Act rider. The APSC also ordered implementation of an independent monitor to oversee costs. In April 2026, Entergy Arkansas filed with the APSC its proposal for an independent monitor to oversee the reasonableness of costs. In April 2026 the APSC issued an order consolidating Entergy Arkansas’s cost independent monitor proposals for three pending resources, including the Arkansas Cypress Solar facility, into a single docket and directing parties with full intervention status to respond to the proposals and recommend independent monitor candidates. No alternative recommendations were made by the other parties. 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

2026 Base Rate Case

In February 2026, Entergy Arkansas filed with the APSC a general change in rates, charges, and tariffs. The filing requested a base rate increase to recover a base rate revenue deficiency of $44.6 million and notified the APSC of Entergy Arkansas’s intent to implement a forward test year formula rate plan pursuant to Arkansas legislation passed in 2015. The primary drivers of the revenue deficiency were increased depreciation expense and the impact of net capital additions. Additionally, the filing requested a 9.90% return on common equity and increased depreciation rates as the result of a depreciation study. In March 2026 the APSC issued an order suspending the proposed rates and tariffs filed by Entergy Arkansas. In June 2026 the APSC established a procedural schedule with an evidentiary hearing scheduled to begin in November 2026, and in July 2026 a number of intervenors moved to modify the schedule to conduct additional discovery. Entergy Arkansas opposed the motion in part based on the voluminous discovery conducted to date.

2026 Formula Rate Plan Filing

In July 2026, Entergy Arkansas filed with the APSC its 2026 formula rate plan filing to set its formula rate for the 2027 calendar year. The filing contained an evaluation of Entergy Arkansas’s earnings and a netting adjustment for the 2025 historical year. The filing showed that Entergy Arkansas’s earned rate of return on common equity for the 2025 historical year was 8.8%, resulting in a $47.2 million formula rate plan revenue increase to produce a 9.65% earned rate of return on common equity. When combined with 2025 historical year formula rate plan revenues of $56.0 million, the total proposed revenue change for the 2025 historical year netting adjustment is a reduction of $8.8 million. By operation of the formula rate plan, Entergy Arkansas’s recovery of the revenue requirement is subject to a four percent annual revenue constraint. Entergy Arkansas’s revenue requirement in this filing did not exceed the constraint. In second quarter 2026, Entergy Arkansas recorded a




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regulatory liability of $8.8 million to reflect the amount of the 2025 historical year netting adjustment that it collected from customers during the 2025 rate effective period.

Generating Arkansas Jobs Act Rider

In March 2026, Entergy Arkansas filed its first annual update to the strategic investment recovery rider, requesting recovery of $110.4 million of financing costs during construction of generation and transmission strategic investments related to Ironwood Power Station, Jefferson Power Station, and the Arkansas Cypress Solar facility. The revised rates were requested to be effective with the first billing cycle of June 2026. In April 2026 the APSC general staff filed testimony arguing that the APSC had not issued an order designating Ironwood Power Station as a strategic investment and that related costs should therefore be removed from the annual update. Also in April 2026, Entergy Arkansas filed testimony asserting that the APSC general staff’s position is contrary to the plain language of the statute, which includes an exception for facilities like Ironwood Power Station that were certified by the APSC within a certain timeframe. A hearing was held in April 2026. In June 2026 the APSC approved Entergy Arkansas’s annual update, and rates became effective June 4, 2026.

Production Tax Credit Tariffs

As discussed in Note 3 to the financial statements in the Form 10-K, in January 2026 the APSC opened a docket to investigate the sale of Entergy Arkansas’s nuclear production tax credits and the appropriate ratemaking treatment of production tax credits for all of Entergy Arkansas’s eligible resources, including how the proceeds of any sales should flow through to customers. For nuclear production tax credits, Entergy Arkansas proposed a nuclear production tax credit rider, which would provide for the immediate flow through to customers of the weighted average cost of capital return on the net proceeds of the monetized nuclear production tax credits. Recognizing that the timing and determination from the IRS is uncertain, the nuclear production tax credit rider also proposes that, if there is an unfavorable IRS determination, Entergy Arkansas would collect applicable costs from customers. As directed by the APSC, in February 2026, Entergy Arkansas submitted a compliance filing to the APSC verifying the status of the solar production tax credits. The filing also verified that the net proceeds from the sale of the nuclear production tax credits were recorded in FERC accounts that are accruing a return for customers’ benefit at a rate that is above the customer deposit rate. Subsequently, in March 2026, Entergy Arkansas filed testimony setting forth its proposal for the solar production tax credits. Specifically, Entergy Arkansas requested the same ratemaking treatment for all of the solar facilities that the APSC already approved for Walnut Bend (i.e., the total net monetized proceeds from production tax credits expected to be generated over the first ten years of a solar facility’s operation are estimated and then amortized over the expected useful life of the asset, which is typically 30 years). Additionally, consistent with prior orders for these resources, the regulatory liabilities associated with the net cash proceeds from monetized solar production tax credits will be included in Entergy Arkansas’s calculation of its weighted average cost of capital providing a return on the unamortized balance for the benefit of customers. Further, Entergy Arkansas proposes to flow the benefits of the solar production tax credits to customers through Entergy Arkansas’s formula rate plan, effective with the formula rate plan rates that will go into effect January 1, 2027. Entergy Arkansas’s proposal would result in the benefits of the production tax credits being passed through to customers, if approved, as reductions in revenue requirement evenly over the life of the assets, rather than only during the 10-year period in which the production tax credits are generated. In April 2026 the APSC general staff filed testimony proposing an amortization period of no more than 15 years for the monetized proceeds for the tax credits associated with the West Memphis Solar and Driver Solar facilities. An evidentiary hearing was held in July 2026, but was not completed. The APSC is to set a date to complete the hearing.

Energy Cost Recovery Rider

In March 2026, 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 $0.01333 per kWh to $0.01508 per kWh. The primary reason for the rate increase was an under-recovered balance as a result of higher natural gas prices in 2025. Based on circumstances related to ANO 2’s refueling outage, Entergy Arkansas made an adjustment to




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projected energy costs to phase-in the rate increase gradually. The redetermined rate of $0.01508 per kWh became effective with the first billing cycle in April 2026 through the normal operation of the tariff.

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 and Note 2 to the financial statements herein and 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 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 INCOME STATEMENTS
For the Three and Six Months Ended June 30, 2026 and 2025
(Unaudited)
Three Months EndedSix Months Ended
2026202520262025
(In Thousands)(In Thousands)
OPERATING REVENUES
Electric$693,486 $697,687 $1,339,783 $1,311,198 
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale66,251 113,093 129,147 160,652 
Purchased power71,335 58,964 145,824 123,911 
Nuclear refueling outage expenses13,053 10,668 23,742 21,249 
Other operation and maintenance201,322 180,510 373,941 352,028 
Decommissioning26,445 24,988 52,549 49,610 
Taxes other than income taxes41,040 35,430 82,544 71,411 
Depreciation and amortization122,679 117,121 243,369 230,389 
Other regulatory charges (credits) - net(7,111)(7,763)72,166 (12,880)
TOTAL535,014 533,011 1,123,282 996,370 
OPERATING INCOME158,472 164,676 216,501 314,828 
OTHER INCOME
Allowance for equity funds used during construction4,910 5,355 10,032 9,617 
Interest and investment income11,328 14,801 119,154 28,380 
Miscellaneous - net166 (3,547)1,532 (6,325)
TOTAL16,404 16,609 130,718 31,672 
INTEREST EXPENSE
Interest expense73,621 59,057 148,180 116,800 
Allowance for borrowed funds used during construction(2,429)(2,642)(4,959)(4,695)
TOTAL71,192 56,415 143,221 112,105 
INCOME BEFORE INCOME TAXES103,684 124,870 203,998 234,395 
Income taxes18,266 25,677 35,878 48,679 
NET INCOME85,418 99,193 168,120 185,716 
Net income (loss) attributable to noncontrolling interest(117)(889)473 (2,080)
EARNINGS APPLICABLE TO MEMBER'S EQUITY$85,535 $100,082 $167,647 $187,796 
See Notes to Financial Statements.




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ENTERGY ARKANSAS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)
20262025
(In Thousands)
OPERATING ACTIVITIES
Net income$168,120 $185,716 
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization336,915 324,540 
Deferred income taxes, tax credits, and non-current taxes accrued69,959 65,494 
Changes in assets and liabilities:
Receivables(33,892)(63,276)
Fuel inventory(15,348)(14,868)
Accounts payable(690)43,551 
Taxes accrued(32,357)(19,741)
Interest accrued19,873 69 
Deferred fuel costs(101,077)(33,234)
Other working capital accounts(33,560)(25,426)
Provisions for estimated losses(370)(2,436)
Other regulatory assets83,451 (4,658)
Other regulatory liabilities51,004 65,970 
Customer advances - non-current66,800 — 
Pension and other postretirement funded status(19,801)(20,651)
Other assets and liabilities(145,070)(63,163)
Net cash flow provided by operating activities413,957 437,887 
INVESTING ACTIVITIES
Construction expenditures(881,053)(400,384)
Allowance for equity funds used during construction10,032 9,617 
Payment for purchase of plant(262)(1,608)
Nuclear fuel purchases(99,151)(73,283)
Proceeds from sale of nuclear fuel38,369 40,601 
Proceeds from nuclear decommissioning trust fund sales399,485 51,462 
Investment in nuclear decommissioning trust funds(406,062)(70,616)
Changes in money pool receivable - net(17,420)(49,019)
Other
36,977 51 
Net cash flow used in investing activities(919,085)(493,179)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt1,267,608 350,312 
Retirement of long-term debt(854,811)(40,311)
Capital contributions from parent200,000 — 
Change in money pool payable - net— (15,190)
Customer advances received for construction203,556 39,895 
Customer advances used for construction(75,369)(54,838)
Other(2,710)(2,335)
Net cash flow provided by financing activities738,274 277,533 
Net increase in cash and cash equivalents233,146 222,241 
Cash and cash equivalents at beginning of period275,570 4,747 
Cash and cash equivalents at end of period$508,716 $226,988 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized$103,952 $115,404 
Noncash investing activities:
Accrued construction expenditures$140,749 $77,169 
See Notes to Financial Statements.




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ENTERGY ARKANSAS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
June 30, 2026 and December 31, 2025
(Unaudited)
20262025
(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash$3,892 $7,048 
Temporary cash investments504,824 268,522 
Total cash and cash equivalents508,716 275,570 
Accounts receivable:
Customer175,389 164,296 
Allowance for doubtful accounts(6,566)(7,303)
Associated companies68,696 43,859 
Other75,152 87,029 
Accrued unbilled revenues158,222 130,950 
Total accounts receivable470,893 418,831 
Deferred fuel costs128,781 27,704 
Fuel inventory - at average cost54,730 39,382 
Materials and supplies440,038 430,662 
Deferred nuclear refueling outage costs59,523 36,718 
Prepayments and other77,894 98,975 
TOTAL1,740,575 1,327,842 
OTHER PROPERTY AND INVESTMENTS
Decommissioning trust funds1,933,464 1,816,331 
Other791 793 
TOTAL1,934,255 1,817,124 
UTILITY PLANT
Electric17,345,424 17,022,476 
Construction work in progress1,137,464 621,218 
Nuclear fuel255,255 302,706 
TOTAL UTILITY PLANT18,738,143 17,946,400 
Less - accumulated depreciation and amortization6,683,410 6,585,693 
UTILITY PLANT - NET12,054,733 11,360,707 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets1,660,397 1,743,848 
Other248,445 221,381 
TOTAL1,908,842 1,965,229 
TOTAL ASSETS$17,638,405 $16,470,902 
See Notes to Financial Statements.




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ENTERGY ARKANSAS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
June 30, 2026 and December 31, 2025
(Unaudited)
20262025
(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt$90,000 $690,000 
Accounts payable:
Associated companies55,354 103,411 
Other403,430 346,541 
Customer deposits139,439 136,587 
Taxes accrued82,636 114,993 
Interest accrued59,582 39,709 
Other77,309 56,083 
TOTAL907,750 1,487,324 
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued1,901,775 1,846,713 
Accumulated deferred investment tax credits24,267 24,868 
Regulatory liability for income taxes - net437,792 422,740 
Other regulatory liabilities1,080,012 1,044,060 
Customer advances76,800 10,000 
Decommissioning1,836,999 1,791,372 
Accumulated provisions85,169 85,539 
Long-term debt5,751,909 4,733,604 
Other457,836 314,495 
TOTAL11,652,559 10,273,391 
Commitments and Contingencies
EQUITY
Member's equity5,067,015 4,699,369 
Noncontrolling interest11,081 10,818 
TOTAL5,078,096 4,710,187 
TOTAL LIABILITIES AND EQUITY$17,638,405 $16,470,902 
See Notes to Financial Statements.




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ENTERGY ARKANSAS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)
Noncontrolling InterestMember's EquityTotal
(In Thousands)
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, 202513,796 4,536,551 4,550,347 
Net income (loss)(889)100,082 99,193 
Distributions to noncontrolling interest(275)— (275)
Balance at June 30, 2025$12,632 $4,636,633 $4,649,265 
Balance at December 31, 2025$10,818 $4,699,369 $4,710,187 
Net income590 82,111 82,701 
Distributions to noncontrolling interest(79)— (79)
Balance at March 31, 202611,329 4,781,480 4,792,809 
Net income (loss)(117)85,535 85,418 
Capital contribution from parent— 200,000 200,000 
Distributions to noncontrolling interest(131)— (131)
Balance at June 30, 2026$11,081 $5,067,015 $5,078,096 
See Notes to Financial Statements.




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MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Winter Storm Fern

See the “Winter Storm Fern” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis for a discussion of Winter Storm Fern. Entergy Louisiana’s cost of mobilizing crews and restoring power was approximately $240 million, including approximately $205 million in capital costs and approximately $35 million in non-capital costs. Natural gas purchases for Entergy Louisiana were $256 million in January 2026 compared to $115 million in January 2025. See Note 2 to the financial statements herein and in the Form 10-K for discussion of fuel cost recovery at Entergy Louisiana. See Note 2 to the financial statements herein for discussion of restoration costs from Winter Storm Fern included in the 2025 formula rate plan filing.

Results of Operations

Net Income

Second Quarter 2026 Compared to Second Quarter 2025

Net income increased $12.6 million primarily due to higher other income, higher retail electric price, higher revenues resulting from the return on construction work in progress for certain utility plant investments, and higher volume/weather. The increase was partially offset by higher interest expense, higher other operation and maintenance expenses, higher depreciation and amortization expenses, and higher taxes other than income taxes.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Net income increased $34.3 million primarily due to higher other income, higher revenues resulting from the return on construction work in progress for certain utility plant investments, higher retail electric price, and higher volume/weather. The increase was partially offset by higher interest expense, higher other operation and maintenance expenses, higher depreciation and amortization expenses, and higher taxes other than income taxes.

Operating Revenues

Second Quarter 2026 Compared to Second Quarter 2025

Following is an analysis of the change in operating revenues comparing the second quarter 2026 to the second quarter 2025:
Amount
(In Millions)
2025 operating revenues$1,510.1 
Fuel, rider, and other revenues that do not significantly affect net income53.5 
Return on construction work in progress for certain utility plant investments25.7 
Retail electric price21.6 
Volume/weather10.1 
Effect of sale of natural gas distribution business(14.6)
2026 operating revenues$1,606.4 




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Management’s Financial Discussion and Analysis

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 return on construction work in progress for certain utility plant investments variance represents the revenue related to the amortization of certain customer advances designed to provide a return on investment in construction work in progress for certain utility plant investments, which is recognized as the related costs are incurred.

The retail electric price variance is primarily due to an increase in the resilience plan cost recovery rider effective March 2026. See Note 2 to the financial statements herein for discussion of the resilience plan cost recovery rider filing.

The volume/weather variance is primarily due to an increase in industrial usage and an increase in weather-adjusted residential usage, partially offset by the effect of less 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 chlor-alkali, petroleum refining, petrochemicals, and solar technology industries, and an increase in demand from co-generation customers.

The effect of sale of natural gas distribution business variance represents the decrease in operating revenues resulting from the absence of natural gas revenues following the sale of the natural gas distribution business on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy Louisiana natural gas distribution business on July 1, 2025.

Total electric energy sales for Entergy Louisiana for the three months ended June 30, 2026 and 2025 are as follows:
20262025% Change
(GWh)
Residential3,490 3,583 (3)
Commercial2,851 2,886 (1)
Industrial9,659 9,183 5 
Governmental205 203 1 
  Total retail 16,205 15,855 2 
Sales for resale:
  Associated companies1,514 1,533 (1)
  Non-associated companies175 167 5 
Total17,894 17,555 2 

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





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Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Following is an analysis of the change in operating revenues comparing the six months ended June 30, 2026 to the six months ended June 30, 2025:
Amount
(In Millions)
2025 operating revenues$2,811.6 
Fuel, rider, and other revenues that do not significantly affect net income162.6 
Return on construction work in progress for certain utility plant investments43.2 
Retail electric price37.6 
Volume/weather19.6 
Effect of sale of natural gas distribution business(44.2)
2026 operating revenues$3,030.4 

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 return on construction work in progress for certain utility plant investments variance represents the revenue related to the amortization of certain customer advances designed to provide a return on investment in construction work in progress for certain utility plant investments, which is recognized as the related costs are incurred.

The retail electric price variance is primarily due to increases in the resilience plan cost recovery rider effective March 2025 and March 2026. See Note 2 to the financial statements herein and in the Form 10-K for discussion of the resilience plan cost recovery rider filings.

The volume/weather variance is primarily due to an increase in industrial usage and an increase in weather-adjusted residential usage, partially offset by the effect of less 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 petroleum refining, solar technology, petrochemicals, and agricultural chemicals industries, and an increase in demand from co-generation customers.

The effect of sale of natural gas distribution business variance represents the decrease in operating revenues resulting from the absence of natural gas revenues following the sale of the natural gas distribution business on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy Louisiana natural gas distribution business on July 1, 2025.





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Total electric energy sales for Entergy Louisiana for the six months ended June 30, 2026 and 2025 are as follows:
20262025% Change
(GWh)
Residential6,436 6,753 (5)
Commercial5,284 5,318 (1)
Industrial18,861 17,716 6 
Governmental388 398 (3)
  Total retail 30,969 30,185 3 
Sales for resale:
  Associated companies2,911 2,981 (2)
  Non-associated companies507 395 28 
Total34,387 33,561 2 

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

Other Income Statement Variances

Second Quarter 2026 Compared to Second Quarter 2025

Other operation and maintenance expenses increased primarily due to:

•an increase of $9.6 million in nuclear generation expenses primarily due to a higher scope of work performed in 2026 as compared to 2025;
•an increase of $8.2 million in power delivery expenses primarily due to a higher scope of work performed in 2026 as compared to 2025 and higher vegetation maintenance costs; and
•an increase of $3.6 million in compensation and benefits costs primarily due to higher healthcare claims activity and the timing of the recognition of prescription drug rebates.

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

Depreciation and amortization expenses increased primarily due to additions to plant in service, an increase in FERC jurisdictional depreciation rates effective January 2026, and an increase in nuclear depreciation rates effective September 2025 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.

Entergy Louisiana 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 increased primarily due to:

•changes in decommissioning trust fund activity, including portfolio rebalancing of certain decommissioning trust funds in second quarter 2026;
•an increase of $21 million in the amortization of tax gross-up on customer advances, including customer advances for construction;
•an increase of $11.2 million on interest earned on money pool investments; and




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•an increase in the allowance for equity funds used during construction due to higher construction work in progress in 2026 including the Amite South transmission projects, the Waterford 6 Power Station project, and the Westlake Power Station project.

The increase was partially offset by a $17.1 million true-up in 2025 of Entergy Louisiana's MISO cost recovery mechanism over-recovery balance to the 2024 formula rate plan filing, which was filed with the LPSC in May 2025, and a decrease of $4.5 million in affiliated dividend income from affiliated preferred membership interests related to storm cost securitizations. See Note 2 to the financial statements in the Form 10-K for discussion of the 2024 formula rate plan filing and the storm cost securitizations.

Interest expense increased primarily due to:

•an increase of $18 million in carrying costs on customer advances, including customer advances for construction;
•the issuances of $750 million of 5.65% Series mortgage bonds and $750 million of 4.90% Series mortgage bonds, each in February 2026; and
•$4.1 million in carrying costs in second quarter 2026 on retained net proceeds from the monetization of nuclear production tax credits.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Other operation and maintenance expenses increased primarily due to:

•an increase of $11.4 million in power delivery expenses primarily due to a higher scope of work performed in 2026 as compared to 2025 and higher vegetation maintenance costs;
•an increase of $8.9 million in nuclear generation expenses primarily due to a higher scope of work performed in 2026 as compared to 2025;
•an increase of $8.8 million in compensation and benefits costs primarily due to a revision to estimated incentive-based compensation expense in first quarter 2025; and
•several individually insignificant items.

The increase was partially offset by:

•a decrease of $7 million in loss provisions;
•a decrease of $4.3 million in insurance expense primarily due to higher nuclear insurance refunds; and
•a decrease of $4.3 million due to the absence of natural gas expenses in 2026 following the sale of Entergy Louisiana’s natural gas distribution business on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy Louisiana natural gas distribution business on July 1, 2025.

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

Depreciation and amortization expenses increased primarily due to additions to plant in service, an increase in FERC jurisdictional depreciation rates effective January 2026, and an increase in nuclear depreciation rates effective September 2025 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.

Entergy Louisiana 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.




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Other income increased primarily due to:

•changes in decommissioning trust fund activity, including portfolio rebalancing of certain decommissioning trust funds in 2026;
•an increase of $29.1 million in the amortization of tax gross-up on customer advances, including customer advances for construction;
•an increase in the allowance for equity funds used during construction due to higher construction work in progress in 2026, including the Amite South transmission projects, the Waterford 6 Power Station project, and the Westlake Power Station project; and
•an increase of $9.7 million in interest earned on money pool investments.

The increase was partially offset by a $17.1 million true-up in 2025 of Entergy Louisiana's MISO cost recovery mechanism over-recovery balance to the 2024 formula rate plan filing, which was filed with the LPSC in May 2025, and a decrease of $9 million in affiliated dividend income from affiliated preferred membership interests related to storm cost securitizations. See Note 2 to the financial statements in the Form 10-K for discussion of the 2024 formula rate plan filing. See Note 2 to the financial statements in the Form 10-K for discussion of the storm cost securitizations.

Interest expense increased primarily due to:

•an increase of $27.9 million in carrying costs on customer advances, including customer advances for construction;
•the issuances of $750 million of 5.65% Series mortgage bonds and $750 million of 4.90% Series mortgage bonds, each in February 2026; and
•$8.2 million in carrying costs in 2026 on retained net proceeds from the monetization of nuclear production tax credits.

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 2026, including the Amite South transmission projects and the Waterford 6 Power Station project.

Income Taxes

The effective income tax rates were 17.1% for the second quarter 2026 and 16.4% for the six months ended June 30, 2026. The differences in the effective income tax rates for the second quarter 2026 and the six months ended June 30, 2026 versus the federal statutory rate of 21% were primarily due to the book and tax differences related to the non-taxable income distributions earned on preferred membership interests, the amortization of excess accumulated deferred income taxes, 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 rates were 19.5% for the second quarter 2025 and 18.6% for the six months ended June 30, 2025. The differences in the effective income tax rates for the second quarter 2025 and the six months ended June 30, 2025 versus the federal statutory rate of 21% were 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.





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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 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy Louisiana natural gas distribution business on July 1, 2025.

Liquidity and Capital Resources

Cash Flow

Cash flows for the six months ended June 30, 2026 and 2025 were as follows:
20262025
(In Thousands)
Cash and cash equivalents at beginning of period$776,961 $327,102 
Net cash provided by (used in):
Operating activities1,711,203 978,699 
Investing activities(2,308,068)(1,467,670)
Financing activities1,387,935 461,319 
Net increase (decrease) in cash and cash equivalents791,070 (27,652)
Cash and cash equivalents at end of period$1,568,031 $299,450 

Operating Activities

Net cash flow provided by operating activities increased $732.5 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to:

•an increase of $460 million in receipts of advance payments related to customer agreements, including $398.2 million in customer advances and $61.8 million in tax gross-up on customer advances for construction;
•the timing of recovery of fuel and purchased power costs, partially offset by higher fuel and purchased power payments in 2026 as compared to 2025. See Note 2 to the financial statements herein and in the Form 10-K for a discussion of fuel and purchased power cost recovery; and
•a decrease of $42.2 million in spending on nuclear refueling outage costs in 2026 as compared to 2025.

The increase was partially offset by lower collections from customers and the timing of payments to vendors.

Investing Activities

Net cash flow used in investing activities increased $840.4 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to:

•an increase of $574.1 million in non-nuclear generation construction expenditures primarily due to higher spending on the Richland Parish Power Station Units 1-4 project, the Pointe Coupee Units 1-3 project, the Waterford 6 Power Station project, the Waterford 5 Power Station project, and the Westlake Power Station project;




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•an increase of $299.0 million in transmission construction expenditures primarily due to higher capital expenditures as a result of higher spending on the Amite South transmission projects and on various other transmission projects in 2026;
•an increase of $210.4 million in capital expenditures related to storm restoration primarily due to Winter Storm Fern restoration efforts in 2026. See “Winter Storm Fern” above for discussion of storm restoration efforts in 2026; and
•the receipt of $33.5 million from the storm reserve escrow account in first quarter 2025. See Note 2 to the financial statements in the Form 10-K for a discussion of the storm reserve funds.

The increase was partially offset by:

•a decrease of $119.2 million in nuclear construction expenditures primarily due to decreased spending on various nuclear projects in 2026;
•a decrease in cash used of $88.4 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; and
•a decrease of $39 million in cash collateral posted to support Entergy Louisiana’s obligations to MISO in 2026.

Financing Activities

Net cash flow provided by financing activities increased $926.6 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to:

•the issuances of $750 million of 5.65% Series mortgage bonds and $750 million of 4.90% Series mortgage bonds, each in February 2026;
•$495 million in common equity distributions paid in 2025 in order to maintain Entergy Louisiana’s capital structure. No common equity distributions were paid in 2026;
•the repayment of $190 million of 3.78% Series mortgage bonds in March 2025; and
•the repayment of $110 million of 3.78% Series mortgage bonds in March 2025.

The increase was partially offset by:

•the issuance of $750 million of 5.80% Series mortgage bonds in January 2025;
•the repayment of $250 million of 4.44% Series mortgage bonds in January 2026;
•a decrease of $232.7 million in net customer advances for construction related to transmission, distribution, and generator interconnection agreements; and
•net repayments of $37.7 million in 2026 compared to net long-term borrowings of $92.9 million in 2025 on the nuclear fuel company variable interest entities’ credit facilities.

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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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 2026.
June 30,
2026		December 31,
2025
Debt to capital48.1%46.6%
Effect of subtracting cash(3.6%)(2.0%)
Net debt to net capital (non-GAAP)44.5%44.6%

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 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.

Following are updates to the current annual amounts of Entergy Louisiana’s planned construction and other capital investments through 2030.
20262027202820292030
(In Millions)
Planned construction and capital investments:
Generation$3,990 $8,235 $7,725 $6,730 $5,190 
Transmission1,560 1,740 1,280 875 370 
Distribution1,320 835 565 610 635 
Utility Support120 110 90 75 55 
Total$6,990 $10,920 $9,660 $8,290 $6,250 

The updated capital plan for 2026-2030 reflects incremental capital investments for potential generation projects, primarily related to resources identified in Entergy Louisiana’s application filed with the LPSC in March 2026 as discussed below in “Additional Generation and Transmission Resources.” In addition to routine capital spending to maintain operations, the capital plan for Entergy Louisiana includes investments in generation projects to modernize, decarbonize, expand, and diversify Entergy Louisiana’s portfolio, as well as to support customer growth, including Segno Solar, Votaw Solar, Bogalusa West Solar, Cypress Harvest Solar, Franklin Farms Power Station Units 1 and 2, Waterford 5 Power Station, Cottonwood Power Station, Westlake Power Station, Richland Parish Units 1-4, Pointe Coupee Units 1-3, Waterford 6 Power Station, and other new generation resources; investments in River Bend and Waterford 3; distribution and Utility support spending to improve reliability, resilience, and customer experience; transmission spending to improve reliability and resilience while also supporting customer growth and renewables expansion; and other investments. The planned construction and capital investments amounts above exclude investments expected to be funded with customer advances for construction.




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Entergy Louisiana’s receivables from the money pool were as follows:
June 30,
 2026		December 31,
2025		June 30,
 2025		December 31,
2024
(In Thousands)
$122,145$63,435$81,208$32,668

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 2031.  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 June 30, 2026, there were no cash borrowings and no letters of credit outstanding under the credit facility.  In addition, Entergy Louisiana is a party to two uncommitted letter of credit facilities as a means to post collateral to support its obligations to MISO and for other purposes. As of June 30, 2026, $148.1 million in MISO letters of credit and $1.5 million in non-MISO letters of credit were outstanding under Entergy Louisiana’s uncommitted letter of credit facilities. 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 2029.  As of June 30, 2026, $28.6 million in loans were outstanding under the credit facility for the Entergy Louisiana River Bend nuclear fuel company variable interest entity and $27.7 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.

Renewables

Cypress Harvest Solar

As discussed in the Form 10-K, in February 2026, Entergy Louisiana filed an application seeking LPSC approval and certification for the Cypress Harvest Solar facility, a 200 MW solar facility to be located in Iberville Parish, Louisiana. In March 2026 the LPSC staff filed an affidavit attesting that the Cypress Harvest Solar facility meets the applicable parameters for Entergy Louisiana’s expedited certification process and recommending that the LPSC grant certification. At its April 2026 meeting, the LPSC voted to grant the requested approval and certification, with a written order issued in May 2026. In July 2026 the Iberville Parish Council adopted a two-year moratorium on battery energy storage system development to allow time for further evaluation of the community impacts of the technology. The facility has a scheduled in service date of 2028.

Segno Solar and Votaw Solar

As discussed in the Form 10-K, in December 2025, Entergy Louisiana filed an application with the LPSC seeking approval and certification to construct the Segno Solar facility and Votaw Solar facility. The application asks that the LPSC approve, subject to certain ongoing discussions, allocation of the two facilities to a designated renewable resources subscription to Entergy Louisiana’s Rider Geaux Zero, and further asserts that the two solar resources fall below certain breakeven parameters established in connection with the LPSC’s order allowing Entergy Louisiana to procure up to 3 GW of solar resources, thus supporting that the resources should be certified as being in the public interest. The application requests consideration by the LPSC at or before its August 2026 meeting. A procedural schedule was set with a hearing initially scheduled for July 2026. In June 2026, Entergy Louisiana filed an unopposed motion asking that the procedural schedule be suspended to allow for settlement negotiations. The motion was granted and the procedural schedule was suspended. The parties’ settlement




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negotiations are ongoing. Subject to approval by the LPSC, the Segno Solar facility and the Votaw Solar facility are expected to be in service by 2029.

Other Generation and Transmission

Additional Generation and Transmission Resources

See the Form 10-K for discussion of Entergy Louisiana’s October 2024 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 was previously executed.

In March 2026, Entergy Louisiana entered into an electric service agreement with Evest LLC (Evest), a subsidiary of Meta Platforms, Inc., in connection with establishing service to a second new data center to be developed by Evest in north Louisiana. The obligations pursuant to the agreement will commence following construction of certain transmission facilities needed to serve Evest, and the effectiveness of the agreement is conditioned upon receipt of required governmental approvals, including approval from the LPSC. Also in March 2026, Entergy Louisiana filed an application with the LPSC for certification to construct seven new combined cycle combustion turbine generation resources totaling 5,278 MW at a total cost of approximately $12.9 billion, each of which will be enabled for future carbon capture and storage, and three battery energy storage systems, including two that will be co-located with solar resources at the Cypress Harvest Solar Facility in Iberville Parish and the Bogalusa West Solar Facility in Washington Parish. The application also seeks approval to construct a new 500 kV transmission line, from West Fork Creek to St. Landry, estimated to cost $1.4 billion, and other related transmission facilities. Four of the new combined cycle combustion turbine generation resources are to be located near the customer site in north Louisiana (Richland Parish Units 1-4), while the remaining three units will be located near the existing Big Cajun site in Pointe Coupee Parish (Pointe Coupee Units 1-3). The seven new combined cycle combustion turbine generation resources have various estimated in-service dates in 2030 and 2031. The application also requests certain approvals related to a corporate sustainability agreement with the new customer. The corporate sustainability agreement contemplates the new customer contributing to the costs of the future addition of 2,500 MW of new renewable and energy storage resources, agreements involving nuclear-related efforts and contributions to bill assistance and other programs for low-income residents. Entergy Louisiana anticipates recovering 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 application is pending before the LPSC. At its April 2026 meeting, the LPSC voted to direct the administrative hearings division to adopt a procedural schedule that would allow for LPSC consideration of the matter at its December 2026 meeting, and also to have the administrative hearings division serve as a hearing examiner and compile a record for the LPSC to consider without the issuance of a formal recommendation from the ALJ. LPSC staff and intervenor testimony is due to be filed by July 31, 2026. Entergy Louisiana’s rebuttal testimony is due in September 2026. A hearing is scheduled to take place in October 2026.

The electric service agreement and related contracts contain provisions that protect Entergy Louisiana’s current customers in a manner consistent with the LPSC’s Lightning Initiative and Entergy Louisiana’s Fair Share Plus guidelines, which the LPSC and Entergy Louisiana, respectively, developed in response to increased investment in large data centers in Louisiana. The protections include terms requiring the customer to pay Entergy Louisiana’s incremental costs to serve the customer, including through contributions in aid of construction, other advanced payments and minimum monthly bills. The agreements also include specified financial obligations in the event that Evest terminates the contracts early, restructures the project, or in the event of default. These specified financial obligations would be based on Entergy Louisiana’s unrecovered incremental costs to serve Evest at the time of such an event. Evest’s obligations under the electric service agreement and related contracts are secured by various forms of collateral, including a guaranty from Meta Platforms, Inc.





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Finally, the electric service agreement also includes provisions relating to Entergy Louisiana’s performance obligations, including the timely construction of the facilities supporting service to Evest, audit rights for the construction costs supported by Evest, and service standards during the term of the electric service agreement. Entergy Louisiana’s failure to meet one or more of these performance obligations could result in specified financial and/or non-financial penalties. Such penalties would vary based on the nature and severity of the failure, including the potential termination of the electric service agreement.

In June 2026 certain intervenors filed a motion requesting that the LPSC issue a subpoena to Meta Platforms, Inc. to obtain certain information about the data center project, including the level of expected investment, job creation, load characteristics, and other aspects of the project, as well as certain financial information. In July 2026, after briefing and argument, the ALJ issued a ruling granting this motion in part and denying it in part. In July 2026, Meta Platforms, Inc. filed a motion to quash the subpoena and a motion for interlocutory appeal of the ruling that granted the issuance of the subpoena.

Babel - Webre 500 kV Transmission Project

As discussed in the Form 10-K, in December 2025, 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 147-mile Babel to Webre 500 kV transmission line, the reconstruction of the Webre 500 kV switching station in Louisiana, and coordination with Entergy Texas on the construction of an approximately 4-mile 500 kV transmission line in Texas. The project was approved by MISO in the 2025 MISO Transmission Expansion Plan and has an estimated cost of $1,238 million and an estimated in-service date of August 2029. In May 2026 the LPSC staff and the Southern Renewable Energy Association (SREA), an intervenor, filed direct testimony. The LPSC staff’s testimony and SREA’s testimony recommended that the LPSC find the project to be in the public interest and grant certification under the LPSC’s general order on transmission siting. A hearing is scheduled for September 2026.

Waterford 6 Power Station and Westlake Power Station

As discussed in the Form 10-K, in February 2026, Entergy Louisiana filed an application seeking LPSC approval and certification to construct two 754 MW combined cycle combustion turbine generators, the Waterford 6 Power Station and the Westlake Power Station, to be located at Entergy Louisiana’s existing Waterford site near Killona, Louisiana and existing Roy S. Nelson site in Westlake, Louisiana, respectively. In its application, Entergy Louisiana noted the estimated costs are approximately $2,027 million for the Waterford 6 Power Station and $2,091 million for the Westlake Power Station. As described in the application, Entergy Louisiana is considering a third-party financing approach for the Waterford 6 Power Station. A procedural schedule has been set with hearings scheduled in October and November 2026. Entergy Louisiana asked that the LPSC consider the requests in the application at or before its December 2026 meeting. The estimated in-service dates for the Waterford 6 Power Station and Westlake Power Station are July 2030 and October 2030, respectively.

Cottonwood Power Station

As discussed in the Form 10-K, in December 2025, Entergy Louisiana filed an application seeking LPSC approval and a certificate of convenience and necessity to acquire the Cottonwood combined cycle combustion turbine facility, a 1,263 MW combined cycle facility in Deweyville, Texas that was originally placed in commercial service in 2003. The filing seeks findings from the LPSC that the costs of the acquisition, including the approximately $1.5 billion purchase price and $309.3 million in capital upgrades and maintenance items needed to bring the Cottonwood facility into alignment with Entergy Louisiana’s fleet standards with respect to operations and safety, are eligible for recovery in customer rates. In June 2026 the LPSC staff filed direct testimony raising various concerns and objections to the proposed transaction as presented in Entergy Louisiana’s application. The LPSC staff asserts that the need for the Cottonwood facility is driven predominantly by loads associated with certain large data center projects and opines that the costs and future operational risks of the Cottonwood facility should be borne




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by these customers in particular, not Entergy Louisiana’s customers generally. The LPSC staff’s direct testimony also raises issues regarding the acquisition premium, potential stranded costs, and future operating risks associated with the Cottonwood facility. Discovery is ongoing, and Entergy Louisiana filed rebuttal testimony in July 2026. A hearing is scheduled for September 2026 and Entergy Louisiana’s application requests an LPSC decision by October 2026. The acquisition is currently targeted to close in January 2027, subject to regulatory approvals and other conditions to closing.

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

Resilience Plan Cost Recovery Rider

In December 2022, Entergy Louisiana filed an application with the LPSC seeking a public interest finding regarding Phase I of Entergy Louisiana’s Future Ready resilience plan and approval of a rider mechanism to recover the program’s costs. Phase I in the December 2022 application reflected the first five years of a ten-year resilience plan and included investment of approximately $5 billion, including hardening investment, transmission dead-end structures, enhanced vegetation management, and telecommunications improvement. In April 2024 the LPSC approved a framework which includes an initial five-year resilience plan providing for an investment of approximately $1.9 billion with cost recovery via a forward-looking rider with semi-annual true-ups. The plan is subject to specified reporting requirements and includes a performance review of the hardened assets. The LPSC order approving the framework does not include any restrictions on Entergy Louisiana’s ability to file applications for approval of additional investments in resilience.

In January 2025, Entergy Louisiana’s semi-annual filing sought to collect from Entergy Louisiana’s retail customers approximately $40.4 million, or $38.9 million in incremental annual revenues from Entergy Louisiana’s first semi-annual filing in July 2024, for projects expected to be placed in service during the rate-effective period of March 2025 through August 2025. In February 2025 the LPSC staff reviewed the filed rider rates and identified no material issues.

In July 2025, Entergy Louisiana’s semi-annual filing sought to collect from Entergy Louisiana’s retail customers approximately $50.2 million, or $9.8 million in incremental annual revenues, for projects expected to be placed in service during the rate-effective period of September 2025 through February 2026. Additionally, Entergy Louisiana’s true-up filing included an under-recovery totaling $5.6 million to be implemented in the January 2026 semi-annual filing. In August 2025 the LPSC staff reviewed the filed rider rates and identified no material issues.

In January 2026, Entergy Louisiana’s semi-annual filing sought to collect from Entergy Louisiana’s retail customers approximately $101.8 million, or $51.6 million in incremental annual revenues, for projects expected to be placed in service during the rate-effective period of March 2026 through August 2026. Additionally, Entergy Louisiana’s true-up filing included an over-recovery totaling $16.6 million to be implemented in the July 2026 semi-annual filing. In February 2026 the LPSC staff reviewed the filed rider rates and identified no material issues.

In July 2026, Entergy Louisiana’s semi-annual filing sought to collect from Entergy Louisiana’s retail customers approximately $114.2 million, or $12.4 million in incremental annual revenues, for projects expected to be placed in service during the rate-effective period of September 2026 through February 2027. Additionally, Entergy Louisiana’s true-up filing included an under-recovery totaling $2.5 million to be implemented in the January 2027 semi-annual filing. The LPSC staff is reviewing the filed rider rates.





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Vegetation Management Rider

In November 2025 the LPSC staff issued notice of its initiation of a rulemaking to implement a vegetation management pilot program for LPSC jurisdictional electric utilities. The pilot program would be voluntary and would allow utilities to establish a rider for distribution vegetation management for up to 100% of the utility’s prior calendar year vegetation management spending. The rider may not exceed 1% of a customer’s bill, and the utility would be required to maintain its prior calendar year level of spending on vegetation management as reflected in its base rates or formula rate plan. In February 2026 the LPSC staff filed a report and recommendation along with a proposed final rule providing for the adoption of the pilot program consistent with the terms outlined in the original notice. In March 2026 the LPSC voted to accept the LPSC staff’s recommendation and adopt the proposed pilot program as presented. In April 2026, Entergy Louisiana filed its vegetation management rider for the rate-effective period of May 2026 through December 2026, which included a revenue requirement of $20 million for incremental spending on distribution vegetation management above the prior calendar year level of spending on vegetation management.

2025 Formula Rate Plan Filing

In June 2026, Entergy Louisiana filed its formula rate plan evaluation report for its 2025 calendar year operations. Consistent with the global stipulated settlement agreement approved by the LPSC in August 2024, 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 test year 2025, the formula produced an earned return on equity of 9.63%, which falls within the established bandwidth and therefore results in no adjustment to base rider formula rate plan revenue.

Additional changes in formula rate plan revenue include: (1) the removal of approximately $73 million in annual customer credits associated with the global stipulated settlement agreement, which have been fully credited to customers in accordance with the agreement; (2) a reduction in customer credits through the tax adjustment mechanism, attributable to the return of Entergy Louisiana’s over-collection of income tax expense associated with Louisiana state tax law changes effective in 2025 and the expiration of certain ad valorem exemptions; (3) increases in transmission and distribution plant in service, as recognized through the transmission and distribution recovery mechanisms, including restoration costs from Winter Storm Fern, for which Entergy Louisiana does not intend to seek relief or exception to the formula rate plan; (4) increases to the additional capacity mechanism; and (5) the final phase-in of additional nuclear depreciation expense, in accordance with the global stipulated settlement agreement. See Note 2 to the financial statements in the Form 10-K for discussion of the global stipulated settlement agreement. Collectively, these factors contributed to a net increase of $222 million in formula rate plan revenue for the period. Subject to LPSC review, the resulting changes from the 2025 formula rate plan evaluation report will become effective for bills rendered during the first billing cycle of September 2026, subject to refund.

Request for Extension of Formula Rate Plan

In June 2026, Entergy Louisiana submitted a motion requesting the LPSC approve a one-year extension of its current formula rate plan, with all material provisions left unchanged, including the allowed return on common equity of 9.7% with a bandwidth of 40 basis points above and below the midpoint. Entergy Louisiana has requested LPSC action on the proposed extension by August 2026.

River Bend Deregulated Asset Plan Filing

In September 2025, Entergy Louisiana filed an application seeking LPSC approval to recover from customers, prospectively, approximately $49 million in annual revenues associated with the Louisiana retail deregulated portion of River Bend. Costs associated with the deregulated portion of River Bend have historically been excluded from retail ratemaking as a result of a 1988 LPSC decision. Instead, Entergy Louisiana has been allowed by the LPSC to either recover 4.6 cents per kWh for the power generated from that portion of the plant, or sell the power into the applicable market (subject to certain restrictions). The filing presents evidence that River




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Bend is a cost-effective and prudent source of needed baseload supply with value to Entergy Louisiana customers and seeks to recover the previously excluded costs, on a prospective basis. In March 2026 the LPSC staff and certain intervenors filed direct testimony recommending that the LPSC deny Entergy Louisiana’s application. The LPSC staff’s testimony further recommends that, if the LPSC were to grant any relief, notwithstanding the LPSC staff’s recommendation, such relief should be limited to allowing only prospective capital additions at River Bend to be included in Entergy Louisiana’s customer rates. Entergy Louisiana’s rebuttal testimony is due in August 2026. A hearing is scheduled for January 2027.

Fuel and purchased power cost recovery

As discussed in the Form 10-K, in June 2025 the LPSC staff provided notice of an audit of Entergy Louisiana’s purchased gas adjustment clause filings (for Entergy Louisiana’s gas operations). The audit includes a review of the reasonableness of charges flowed through Entergy Louisiana’s purchased gas adjustment clause for the period from January 2023 through June 2025. The LPSC staff issued its audit report in March 2026. The next step is for the LPSC to issue its final report, but there is no deadline or timing requirement associated with the issuance of the final report.

In February 2026, Entergy Louisiana, in its monthly filing to update its fuel adjustment clause, requested to defer approximately $141.9 million of fuel costs incurred in January 2026 that were primarily attributable to the effects of Winter Storm Fern, consistent with the LPSC’s general order approved at its February 2026 meeting permitting temporary modifications to the LPSC’s fuel adjustment clause general order. The filing proposed to defer the recovery of these fuel costs over a four-month period from March 2026 through June 2026 to mitigate the customer bill impacts of these fuel costs. In March 2026 the LPSC issued a special order delegating authority to the LPSC executive secretary to review and approve utility-specific requests for deferral of fuel costs from Winter Storm Fern, subject to audit as per the LPSC’s fuel clause general order. In April 2026 the LPSC executive secretary approved Entergy Louisiana’s request for deferral.

In April 2026 the LPSC staff provided notice of an audit of Entergy Louisiana’s fuel adjustment clause filings. The audit includes a review of the reasonableness of charges flowed through Entergy Louisiana’s fuel adjustment clause for the period from 2023 through 2025. Discovery is ongoing, and no audit report has been filed.

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 and Note 2 to the financial statements herein and 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. The following is an update to that discussion.

NRC Reactor Oversight Process

The NRC’s Reactor Oversight Process is a program to collect information about plant performance, assess the information for its safety significance, and provide for appropriate licensee and NRC response. The NRC evaluates plant performance by analyzing two distinct inputs: inspection findings resulting from the NRC’s




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inspection program and performance indicators reported by the licensee. The evaluations result in the placement of each plant in one of the NRC’s Reactor Oversight Process Action Matrix columns: “licensee response column,” or Column 1, “regulatory response column,” or Column 2, “degraded cornerstone column,” or Column 3, “multiple/repetitive degraded cornerstone column,” or Column 4, and “unacceptable performance,” or Column 5. Plants in Column 1 are subject to normal NRC inspection activities. Plants in Column 2, Column 3, or Column 4 are subject to progressively increasing levels of inspection by the NRC with, in general, progressively increasing levels of associated costs. Continued plant operation is not permitted for plants in Column 5. All of the nuclear generating plants owned and operated by Entergy Louisiana are currently in Column 1.

In July 2026 the NRC issued an inspection report for River Bend, in which it identified a preliminary “white” finding with “low safety significance” related to one of the service water pumps at River Bend. The NRC is continuing its evaluation of the issue and is expected to complete its determination during third quarter 2026. If the NRC’s review results in a final “white” finding, River Bend would be placed in Column 2 and would remain in Column 2 until the satisfactory completion of an NRC supplemental inspection.

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.

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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CONSOLIDATED INCOME STATEMENTS
For the Three and Six Months Ended June 30, 2026 and 2025
(Unaudited)
Three Months EndedSix Months Ended
2026202520262025
(In Thousands)(In Thousands)
OPERATING REVENUES
Electric$1,606,355 $1,495,504 $3,030,440 $2,767,450 
Natural gas— 14,559 — 44,160 
TOTAL1,606,355 1,510,063 3,030,440 2,811,610 
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale450,330 326,256 794,453 540,108 
Purchased power196,376 297,179 412,809 558,967 
Nuclear refueling outage expenses9,924 14,809 19,865 33,180 
Other operation and maintenance301,428 275,187 561,081 533,224 
Decommissioning20,624 19,608 40,989 39,025 
Taxes other than income taxes77,383 68,010 150,916 134,231 
Depreciation and amortization213,580 201,842 425,131 399,464 
Other regulatory charges (credits) - net(6,097)(61,915)(42,567)(109,148)
TOTAL1,263,548 1,140,976 2,362,677 2,129,051 
OPERATING INCOME342,807 369,087 667,763 682,559 
OTHER INCOME
Allowance for equity funds used during construction25,082 18,470 45,158 33,676 
Interest and investment income141,084 53,599 158,344 54,687 
Interest and investment income - affiliated71,237 75,195 142,497 151,766 
Miscellaneous - net(53,512)(33,797)(30,497)(16,726)
TOTAL183,891 113,467 315,502 223,403 
INTEREST EXPENSE
Interest expense158,684 116,524 296,340 237,858 
Allowance for borrowed funds used during construction(9,354)(6,691)(16,899)(12,876)
TOTAL149,330 109,833 279,441 224,982 
INCOME BEFORE INCOME TAXES377,368 372,721 703,824 680,980 
Income taxes64,598 72,541 115,154 126,603 
NET INCOME312,770 300,180 588,670 554,377 
Net income attributable to noncontrolling interests700 745 1,407 1,497 
EARNINGS APPLICABLE TO MEMBER'S EQUITY$312,070 $299,435 $587,263 $552,880 
See Notes to Financial Statements.












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ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three and Six Months Ended June 30, 2026 and 2025
(Unaudited)
Three Months EndedSix Months Ended
2026202520262025
(In Thousands)(In Thousands)
Net Income$312,770 $300,180 $588,670 $554,377 
Other comprehensive loss
Pension and other postretirement plan changes (net of tax benefit of $369, $723, $738, and $2,607)
(1,088)(2,132)(2,175)(3,103)
Other comprehensive loss(1,088)(2,132)(2,175)(3,103)
Comprehensive Income311,682 298,048 586,495 551,274 
Net income attributable to noncontrolling interests700 745 1,407 1,497 
Comprehensive Income Applicable to Member’s Equity$310,982 $297,303 $585,088 $549,777 
See Notes to Financial Statements.




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ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)
20262025
(In Thousands)
OPERATING ACTIVITIES
Net income$588,670 $554,377 
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization520,656 474,334 
Deferred income taxes, tax credits, and non-current taxes accrued208,499 225,635 
Changes in working capital:
Receivables(90,616)(122,848)
Fuel inventory4,405 8,300 
Accounts payable128,737 9,253 
Taxes accrued34,902 (790)
Interest accrued18,454 10,430 
Deferred fuel costs36,122 (92,390)
Customer advances - current666,217 200,389 
Other working capital accounts(260,463)(122,808)
Changes in provisions for estimated losses5,891 (23,918)
Changes in other regulatory assets(19,466)48,355 
Changes in other regulatory liabilities(54,004)(70,161)
Changes in pension and other postretirement funded status(19,221)(18,124)
Other(57,580)(101,335)
Net cash flow provided by operating activities1,711,203 978,699 
INVESTING ACTIVITIES
Construction expenditures(2,419,557)(1,450,693)
Allowance for equity funds used during construction45,158 26,560 
Proceeds from sale of assets— 366 
Nuclear fuel purchases(92,108)(130,279)
Proceeds from sale of nuclear fuel67,461 17,240 
Payments to storm reserve escrow account(4,228)(5,144)
Receipt from storm reserve escrow account— 33,456 
Redemption of preferred membership interests of affiliate123,874 118,805 
Proceeds from nuclear decommissioning trust fund sales657,378 291,901 
Investment in nuclear decommissioning trust funds(680,951)(321,342)
Changes in money pool receivable - net(58,710)(48,540)
Insurance proceeds received for property damages14,282 — 
Decrease in other investments39,333 — 
Net cash flow used in investing activities(2,308,068)(1,467,670)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt1,843,941 1,465,747 
Retirement of long-term debt(650,119)(936,318)
Customer advances received for construction470,638 548,476 
Customer advances used for construction(272,221)(117,339)
Common equity distributions paid— (495,000)
Other(4,304)(4,247)
Net cash flow provided by financing activities1,387,935 461,319 
Net increase (decrease) in cash and cash equivalents791,070 (27,652)
Cash and cash equivalents at beginning of period776,961 327,102 
Cash and cash equivalents at end of period$1,568,031 $299,450 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized$214,130 $222,889 
Noncash investing activities:
Accrued construction expenditures$535,676 $258,408 
See Notes to Financial Statements.




125
ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
June 30, 2026 and December 31, 2025
(Unaudited)
20262025
(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash$379 $237 
Temporary cash investments1,567,652 776,724 
Total cash and cash equivalents1,568,031 776,961 
Accounts receivable:
Customer373,098 292,366 
Allowance for doubtful accounts(9,605)(9,069)
Associated companies202,618 164,911 
Other43,009 50,471 
Accrued unbilled revenues235,825 194,429 
Total accounts receivable844,945 693,108 
Deferred fuel costs— 15,672 
Fuel inventory - at average cost31,563 35,968 
Materials and supplies856,020 792,217 
Deferred nuclear refueling outage costs22,410 40,683 
Prepayments and other291,045 187,832 
TOTAL3,614,014 2,542,441 
OTHER PROPERTY AND INVESTMENTS
Investment in affiliate preferred membership interests3,884,044 4,007,919 
Decommissioning trust funds2,944,386 2,753,828 
Non-utility property - at cost (less accumulated depreciation)458,296 459,706 
Storm reserve escrow account239,189 234,961 
Other10,220 10,132 
TOTAL7,536,135 7,466,546 
UTILITY PLANT
Electric31,437,940 30,408,352 
Construction work in progress3,604,096 2,031,650 
Nuclear fuel267,784 323,052 
TOTAL UTILITY PLANT35,309,820 32,763,054 
Less - accumulated depreciation and amortization11,507,910 11,275,981 
UTILITY PLANT - NET23,801,910 21,487,073 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets1,560,175 1,540,709 
Deferred fuel costs168,122 168,122 
Other150,051 132,679 
TOTAL1,878,348 1,841,510 
TOTAL ASSETS$36,830,407 $33,337,570 
See Notes to Financial Statements.




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ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
June 30, 2026 and December 31, 2025
(Unaudited)
20262025
(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt$540,000 $720,000 
Accounts payable:
Associated companies84,017 92,126 
Other1,279,388 761,359 
Customer deposits176,776 172,594 
Taxes accrued99,695 64,793 
Interest accrued144,803 126,349 
Deferred fuel costs20,450 — 
Customer advances1,209,529 543,312 
Other123,496 94,876 
TOTAL3,678,154 2,575,409 
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued3,335,894 3,093,218 
Accumulated deferred investment tax credits81,970 84,177 
Regulatory liability for income taxes - net279,489 312,684 
Other regulatory liabilities1,609,956 1,630,763 
Decommissioning1,981,306 1,932,412 
Accumulated provisions266,551 260,660 
Pension and other postretirement liabilities156,781 159,075 
Long-term debt11,024,821 9,646,835 
Customer advances for construction1,298,872 1,152,530 
Other600,214 558,621 
TOTAL20,635,854 18,830,975 
Commitments and Contingencies
EQUITY
Member’s equity
12,444,302 11,857,063 
Accumulated other comprehensive income31,741 33,916 
Noncontrolling interests40,356 40,207 
TOTAL12,516,399 11,931,186 
TOTAL LIABILITIES AND EQUITY$36,830,407 $33,337,570 
See Notes to Financial Statements.




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ENTERGY LOUISIANA, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)
Noncontrolling InterestsMember’s
Equity		Accumulated
Other
Comprehensive
Income		Total
(In Thousands)
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, 202542,570 11,720,213 52,687 11,815,470 
Net income745 299,435 — 300,180 
Other comprehensive loss— — (2,132)(2,132)
Common equity distributions— (458,750)— (458,750)
Distributions to LURC(319)— — (319)
Other— (12)— (12)
Balance at June 30, 2025$42,996 $11,560,886 $50,555 $11,654,437 
Balance at December 31, 2025$40,207 $11,857,063 $33,916 $11,931,186 
Net income707 275,193 — 275,900 
Other comprehensive loss— — (1,087)(1,087)
Distributions to LURC(919)— — (919)
Other— (14)— (14)
Balance at March 31, 202639,995 12,132,242 32,829 12,205,066 
Net income700 312,070 — 312,770 
Other comprehensive loss— — (1,088)(1,088)
Distributions to LURC(339)— — (339)
Other— (10)— (10)
Balance at June 30, 2026$40,356 $12,444,302 $31,741 $12,516,399 
See Notes to Financial Statements.




128

ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Winter Storm Fern

See the “Winter Storm Fern” section of Entergy Corporation and Subsidiaries Management’s Financial Discussion and Analysis for a discussion of Winter Storm Fern. Entergy Mississippi’s cost of mobilizing crews and restoring power was approximately $155 million, including approximately $125 million in capital costs and approximately $30 million in non-capital costs. Natural gas purchases for Entergy Mississippi were $85 million in January 2026 compared to $28 million in January 2025.

The “Mississippi 2026 Severe Winter Storm Electric Utility Customer Relief and Electric Utility System Restoration Act” passed in Mississippi legislation in April 2026. This legislation provides that the MPSC may issue an electric utility financing order authorizing the issuance of system restoration bonds, the proceeds of which shall be used to securitize the system restoration costs and storm damage reserve levels of those utilities affected by Winter Storm Fern. The legislation requires that an electric utility affected by the storm must first petition the MPSC for such a financing order that complies with the requirements outlined in the legislation. The legislation states that any system restoration bonds issued under a financing order will not be considered debt of the electric utility. These bonds will only be backed by the system restoration property specified in the financing order. Entergy Mississippi plans to file for storm cost recovery under this legislation in third quarter 2026.

Results of Operations

Net Income

Second Quarter 2026 Compared to Second Quarter 2025

Net income increased $19.9 million primarily due to higher revenues resulting from the return on construction work in progress for certain utility plant investments, higher retail electric price, higher other income, and higher volume/weather. The increase was partially offset by higher interest expense and higher other operation and maintenance expenses.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Net income increased $57.4 million primarily due to higher retail electric price, higher revenues resulting from the return on construction work in progress for certain utility plant investments, a regulatory charge, recorded in the first quarter 2025, to reflect an adjustment to the grid modernization over/under recovery deferral balance, higher other income, and higher volume/weather. The increase was partially offset by higher interest expense and higher other operation and maintenance expenses.





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Management’s Financial Discussion and Analysis
Operating Revenues

Second Quarter 2026 Compared to Second Quarter 2025

Following is an analysis of the change in operating revenues comparing the second quarter 2026 to the second quarter 2025:
Amount
(In Millions)
2025 operating revenues$491.9 
Fuel, rider, and other revenues that do not significantly affect net income29.7 
Return on construction work in progress for certain utility plant investments14.4 
Retail electric price14.3 
Volume/weather7.6 
2026 operating revenues$557.9 

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 return on construction work in progress for certain utility plant investments variance represents the revenue related to the amortization of certain customer advances designed to provide a return on investment in construction work in progress for certain utility plant investments, which is recognized as the related costs are incurred.

The retail electric price variance is primarily due to an increase in formula rate plan rates resulting from an increase in interim facilities rate adjustment revenues effective January 2026. See Note 2 to the financial statements in the Form 10-K for discussion of the interim facilities rate adjustment filing.

The volume/weather variance is primarily due to an increase in weather-adjusted residential usage and an increase in industrial usage, partially offset by the effect of less 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 data center industry.





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Entergy Mississippi, LLC and Subsidiaries
Management’s Financial Discussion and Analysis
Total electric energy sales for Entergy Mississippi for the three months ended June 30, 2026 and 2025 are as follows:
20262025% Change
(GWh)
Residential1,285 1,308 (2)
Commercial1,164 1,172 (1)
Industrial1,247 646 93 
Governmental99 101 (2)
  Total retail 3,795 3,227 18 
Sales for resale:
  Non-associated companies1,257 1,725 (27)
Total5,052 4,952 2 

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

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Following is an analysis of the change in operating revenues comparing the six months ended June 30, 2026 to the six months ended June 30, 2025:
Amount
(In Millions)
2025 operating revenues$915.6 
Fuel, rider, and other revenues that do not significantly affect net income104.9 
Retail electric price28.2 
Return on construction work in progress for certain utility plant investments26.9 
Volume/weather7.7 
2026 operating revenues$1,083.3 

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 an increase in formula rate plan rates resulting from an increase in interim facilities rate adjustment revenues effective January 2026. See Note 2 to the financial statements in the Form 10-K for discussion of the interim facilities rate adjustment filing.

The return on construction work in progress for certain utility plant investments variance represents the revenue related to the amortization of certain customer advances designed to provide a return on investment in construction work in progress for certain utility plant investments, which is recognized as the related costs are incurred.

The volume/weather variance is primarily due to an increase in industrial usage and an increase in weather-adjusted residential usage, partially offset by the effect of less 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 data center industry.




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Entergy Mississippi, LLC and Subsidiaries
Management’s Financial Discussion and Analysis

Total electric energy sales for Entergy Mississippi for the six months ended June 30, 2026 and 2025 are as follows:
20262025% Change
(GWh)
Residential2,504 2,619 (4)
Commercial2,147 2,174 (1)
Industrial2,251 1,172 92 
Governmental187 189 (1)
  Total retail 7,089 6,154 15 
Sales for resale:
  Non-associated companies2,501 2,419 3 
Total9,590 8,573 12 

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

Other Income Statement Variances

Second Quarter 2026 Compared to Second Quarter 2025

Other operation and maintenance expenses increased primarily due to an increase of $1.6 million in compensation and benefits costs primarily due to higher healthcare claims activity and the timing of the recognition of prescription drug rebates, an increase of $1.1 million in power delivery expenses primarily due to higher vegetation maintenance costs, and several individually insignificant items. The increase was partially offset by a decrease of $1.2 million in storm damage provisions. See Note 2 to the financial statements in the Form 10-K for a discussion of storm cost recovery.

Other income increased primarily due to an increase of $7.9 million in the amortization of tax gross-up on customer advances, including customer advances for construction.

Interest expense increased primarily due to the issuance of $650 million of 5.05% Series mortgage bonds in March 2026.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Other operation and maintenance expenses increased primarily due to:

•an increase of $3.5 million in power delivery expenses primarily due to higher vegetation maintenance costs;
•an increase of $1.7 million in compensation and benefits costs primarily due to higher healthcare claims activity, the timing of the recognition of prescription drug rebates, and a revision to estimated incentive-based compensation expense in 2025;
•an increase of $1.3 million in energy efficiency costs; and
•several individually insignificant items.

The increase was partially offset by a decrease of $2.7 million in storm damage provisions. See Note 2 to the financial statements in the Form 10-K for a discussion of storm cost recovery.





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Management’s Financial Discussion and Analysis
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 of $8.1 million in the amortization of tax gross-up on customer advances, including customer advances for construction and an increase of $6.2 million in interest earned on money pool investments.

Interest expense increased primarily due to the issuance of $650 million of 5.05% Series mortgage bonds in March 2026 and the issuance of $600 million of 5.80% Series mortgage bonds in March 2025.

Income Taxes

The effective income tax rates were 24.4% for the second quarter 2026 and 24.5% for the six months ended June 30, 2026. The differences in the effective income tax rates for the second quarter 2026 and the six months ended June 30, 2026 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.

The effective income tax rates were 23.7% for the second quarter 2025 and 23.8% for the six months ended June 30, 2025. The differences in the effective income tax rates for the second quarter 2025 and the six months ended June 30, 2025 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.

Liquidity and Capital Resources

Cash Flow

Cash flows for the six months ended June 30, 2026 and 2025 were as follows:
20262025
(In Thousands)
Cash and cash equivalents at beginning of period$341,484 $155,693 
Net cash provided by (used in):
Operating activities535,215 287,013 
Investing activities(1,009,362)(791,448)
Financing activities963,589 750,108 
Net increase in cash and cash equivalents489,442 245,673 
Cash and cash equivalents at end of period$830,926 $401,366 

Operating Activities

Net cash flow provided by operating activities increased $248.2 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to an increase of $158.5 million in receipts of advance payments related to customer agreements, including $133.8 million in customer advances and $24.7 million in tax gross-up on customer advances for construction, and higher collections from customers. The increase was partially offset by higher fuel and purchased power payments, the timing of payments to vendors, and an




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Entergy Mississippi, LLC and Subsidiaries
Management’s Financial Discussion and Analysis
increase of $15.7 million in storm spending primarily due to Winter Storm Fern restoration efforts in 2026. See “Winter Storm Fern” above for discussion of storm restoration efforts in 2026. See Note 2 to the financial statements 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 $217.9 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to an increase of $179.6 million in non-nuclear generation construction expenditures primarily due to higher spending on the Traceview Advanced Power Station project and an increase of $120.1 million in capital expenditures related to storm restoration primarily due to Winter Storm Fern restoration efforts in 2026. The increase was partially offset by money pool activity. See “Winter Storm Fern” above for discussion of storm restoration efforts in 2026.

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 $37 million for the six months ended June 30, 2026 compared to increasing by $93.5 million for the six months ended June 30, 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 $213.5 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to:

•the issuance of $650 million of 5.05% Series mortgage bonds in March 2026;
•an increase of $135.5 million in capital contributions received from Entergy Corporation in 2026 as compared to 2025 in order to maintain Entergy Mississippi’s capital structure; and
•an increase of $26.8 million in net customer advances for construction related to transmission, distribution, and generator interconnection agreements.

The increase was partially offset by the issuance of $600 million of 5.80% Series mortgage bonds in March 2025. 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 the net issuance of long-term debt in 2026, partially offset by a capital contribution of $198 million received from Entergy Corporation in 2026.
June 30,
2026		December 31,
2025
Debt to capital52.3 %50.5%
Effect of subtracting cash(6.4%)(2.9%)
Net debt to net capital (non-GAAP)45.9%47.6%

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 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.




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Management’s Financial Discussion and Analysis
Entergy Mississippi 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 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.

Following are updates to the current annual amounts of Entergy Mississippi’s planned construction and other capital investments through 2030.
20262027202820292030
(In Millions)
Planned construction and capital investments:
Generation$1,460 $1,245 $410 $145 $430 
Transmission230 160 140 110 95 
Distribution485 345 330 350 365 
Utility Support80 65 45 35 35 
Total$2,255 $1,815 $925 $640 $925 

In addition to routine capital spending to maintain operations, the capital plan for Entergy Mississippi includes investments in generation projects to modernize, decarbonize, expand, and diversify Entergy Mississippi’s portfolio, as well as to support customer growth, including Delta Blues Advanced Power Station, Delta Solar, Penton Solar, Traceview Advanced Power Station, and Vicksburg Advanced Power Station; distribution and Utility support spending to improve reliability, resilience, and customer experience; transmission spending to improve reliability and resilience while also supporting customer growth and renewables expansion; and other investments. The planned construction and capital investments amounts above exclude investments expected to be funded with customer advances for construction.

Entergy Mississippi’s receivables from the money pool were as follows:
June 30,
2026		December 31,
2025		June 30,
2025
December 31,
2024
(In Thousands)
$64,426$27,422$108,677$15,218

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 2031. 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 June 30, 2026, there were no cash borrowings and no letters of credit outstanding under the credit facility. In addition, Entergy Mississippi is a party to two uncommitted letter of credit facilities as a means to post collateral to support its obligations to MISO and for other purposes. As of June 30, 2026, $119 million in MISO letters of credit and $1.3 million in non-MISO letters of credit were outstanding under Entergy Mississippi’s uncommitted letter of credit facilities. See Note 4 to the financial statements herein for additional discussion of the credit facilities.





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Management’s Financial Discussion and Analysis
Additional Generation and Transmission Resources

As discussed in the Form 10-K, in March 2024, Entergy Mississippi executed a large customer supply and service agreement to serve two data center campuses located in Madison County, Mississippi in which Amazon Web Services is investing. In February 2025, Entergy Mississippi executed a large customer supply and service agreement to serve a data center campus located in Warren County, Mississippi in which Amazon Web Services is investing. In April 2026, Amazon Web Services announced the expansion of the data center campuses located in Madison County, Mississippi. The February 2025 agreement will serve this expansion. Also, in April 2026, Entergy Mississippi executed a large customer supply and service agreement to serve a data center campus located in Hinds County, Mississippi in which Amazon Web Services is investing. Consistent with Entergy Mississippi’s Fair Share Plus guidelines, the large customer supply and service agreements are structured to ensure that the customer pays its incremental cost to serve and includes protections in the event of early termination.

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 is an update to that discussion.

Retail Rates

2026 Formula Rate Plan Filing

In February 2026, Entergy Mississippi submitted its formula rate plan 2026 test year filing and 2025 look-back filing showing Entergy Mississippi’s earned return on rate base for the historical 2025 calendar year to be within the formula rate plan bandwidth and projected earned return for the 2026 calendar year to also be within the formula rate plan bandwidth. The 2026 test year filing resulted in an earned return on rate base of 7.64% and reflected no change in formula rate plan revenues. The 2025 look-back filing compared actual 2025 results to the approved benchmark return on rate base and reflected no change in formula rate plan revenues, although Entergy Mississippi proposed to adjust interim rates by $293 thousand to reflect one outside-the-bandwidth change, a true-up of demand side management costs.

In June 2026, Entergy Mississippi and the Mississippi Public Utilities Staff entered into a joint stipulation that confirmed the 2026 test year filing, with the exception of immaterial adjustments to certain operations and maintenance expenses. The formula rate plan reflected an earned return on rate base of 7.68% for calendar year 2026, resulting in no change in formula rate plan revenues for 2026. Pursuant to the stipulation, Entergy Mississippi’s 2025 look-back filing reflected an earned return on rate base of 8.10%, which also resulted in no change in formula rate plan revenues for 2025. In addition, the stipulation included the recovery of the outside-the-bandwidth change discussed above as well as the ratemaking treatment of certain customer contributions, the mechanism for recovery of the benefits of nuclear production tax credits, and the realignment of the first project from the interim facilities rate adjustment to the formula rate plan. In June 2026 the MPSC approved the joint stipulation with rates effective in July 2026. See Note 10 to the financial statements herein for further discussion of the mechanism for recovery of the benefits of nuclear production tax credits included in the joint stipulation.

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.





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Management’s Financial Discussion and Analysis
Federal Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Federal Regulation” 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.

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.




137
ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
For the Three and Six Months Ended June 30, 2026 and 2025
(Unaudited)
Three Months EndedSix Months Ended
2026202520262025
(In Thousands)(In Thousands)
OPERATING REVENUES
Electric$557,882 $491,875 $1,083,266 $915,584 
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale86,643 53,061 178,077 79,112 
Purchased power98,206 90,660 191,434 178,171 
Other operation and maintenance92,744 85,066 176,230 163,866 
Taxes other than income taxes43,984 43,800 84,467 87,310 
Depreciation and amortization70,050 68,478 139,209 136,462 
Other regulatory charges (credits) - net1,482 16,767 12,105 52,354 
TOTAL393,109 357,832 781,522 697,275 
OPERATING INCOME164,773 134,043 301,744 218,309 
OTHER INCOME
Allowance for equity funds used during construction2,663 5,142 3,519 10,412 
Interest and investment income8,698 6,553 14,814 8,870 
Miscellaneous - net8,259 (777)17,487 3,317 
TOTAL19,620 10,918 35,820 22,599 
INTEREST EXPENSE
Interest expense47,653 36,540 89,375 72,720 
Allowance for borrowed funds used during construction(1,077)(1,966)(1,428)(3,982)
TOTAL46,576 34,574 87,947 68,738 
INCOME BEFORE INCOME TAXES137,817 110,387 249,617 172,170 
Income taxes33,641 26,115 61,123 41,032 
NET INCOME 104,176 84,272 188,494 131,138 
Net income (loss) attributable to noncontrolling interest51 (412)63 (2,891)
EARNINGS APPLICABLE TO MEMBER'S EQUITY$104,125 $84,684 $188,431 $134,029 
See Notes to Financial Statements.
















138
ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)
20262025
(In Thousands)
OPERATING ACTIVITIES
Net income$188,494 $131,138 
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization139,209 136,462 
Deferred income taxes, tax credits, and non-current taxes accrued19,073 (19,714)
Changes in assets and liabilities:
Receivables(45,418)(41,738)
Fuel inventory617 (4,855)
Accounts payable72,907 (9,305)
Taxes accrued(33,454)(3,929)
Interest accrued12,276 9,125 
Deferred fuel costs(41,460)(64,303)
Customer advances - current170,989 103,402 
Other working capital accounts(19,226)(18,217)
Provisions for estimated losses(27,593)(3,962)
Other regulatory assets662 52,132 
Other regulatory liabilities3,703 (1,066)
Customer advances - non-current68,498 25,000 
Pension and other postretirement funded status
(4,312)(6,261)
Other assets and liabilities30,250 3,104 
Net cash flow provided by operating activities535,215 287,013 
INVESTING ACTIVITIES
Construction expenditures(969,252)(703,400)
Allowance for equity funds used during construction3,519 5,365 
Changes in money pool receivable - net(37,004)(93,459)
Decrease (increase) in other investments(6,625)46 
Net cash flow used in investing activities(1,009,362)(791,448)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt643,911 592,679 
Capital contributions from parent198,000 62,500 
Customer advances received for construction201,235 155,594 
Customer advances used for construction(78,084)(59,271)
Other(1,473)(1,394)
Net cash flow provided by financing activities963,589 750,108 
Net increase in cash and cash equivalents489,442 245,673 
Cash and cash equivalents at beginning of period341,484 155,693 
Cash and cash equivalents at end of period$830,926 $401,366 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized$66,473 $62,373 
Noncash investing activities:
Accrued construction expenditures$201,395 $78,363 
See Notes to Financial Statements.




139
ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
June 30, 2026 and December 31, 2025
(Unaudited)
20262025
(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash$1,136 $27 
Temporary cash investments829,790 341,457 
Total cash and cash equivalents830,926 341,484 
Accounts receivable:
Customer146,269 115,813 
Allowance for doubtful accounts(4,110)(3,509)
Associated companies81,892 37,723 
Other15,828 20,641 
Accrued unbilled revenues102,867 90,235 
Total accounts receivable342,746 260,903 
Deferred fuel costs52,217 10,757 
Fuel inventory - at average cost17,864 18,481 
Materials and supplies117,598 112,082 
Prepayments and other55,820 36,911 
TOTAL1,417,171 780,618 
OTHER PROPERTY AND INVESTMENTS
Non-utility property - at cost (less accumulated depreciation)4,460 4,467 
Other668 864 
TOTAL5,128 5,331 
UTILITY PLANT
Electric8,539,059 8,366,079 
Construction work in progress2,040,127 1,396,075 
TOTAL UTILITY PLANT10,579,186 9,762,154 
Less - accumulated depreciation and amortization2,710,633 2,635,823 
UTILITY PLANT - NET7,868,553 7,126,331 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets455,052 455,714 
Other118,576 108,480 
TOTAL573,628 564,194 
TOTAL ASSETS$9,864,480 $8,476,474 
See Notes to Financial Statements.




140
ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
June 30, 2026 and December 31, 2025
(Unaudited)
20262025
(In Thousands)
CURRENT LIABILITIES
Accounts payable:
Associated companies$59,081 $61,135 
Other410,026 397,756 
Customer deposits99,818 97,875 
Taxes accrued129,766 163,220 
Interest accrued40,743 28,467 
Customer advances260,527 89,538 
Other26,065 23,678 
TOTAL1,026,026 861,669 
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued949,590 926,734 
Accumulated deferred investment tax credits12,979 13,191 
Regulatory liability for income taxes - net167,155 170,902 
Other regulatory liabilities151,574 144,124 
Customer advances93,498 25,000 
Asset retirement cost liabilities27,283 26,538 
Accumulated provisions23,971 51,564 
Long-term debt3,666,384 3,021,324 
Customer advances for construction313,469 184,564 
Other62,841 67,648 
TOTAL5,468,744 4,631,589 
Commitments and Contingencies
EQUITY
Member's equity3,364,581 2,978,150 
Noncontrolling interest5,129 5,066 
TOTAL3,369,710 2,983,216 
TOTAL LIABILITIES AND EQUITY$9,864,480 $8,476,474 
See Notes to Financial Statements.




141
ENTERGY MISSISSIPPI, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)
Noncontrolling InterestMember's EquityTotal
(In Thousands)
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, 20255,723 2,512,631 2,518,354 
Net income (loss)(412)84,684 84,272 
Balance at June 30, 2025$5,311 $2,597,315 $2,602,626 
Balance at December 31, 2025$5,066 $2,978,150 $2,983,216 
Net income12 84,306 84,318 
Capital contribution from parent— 198,000 198,000 
Balance at March 31, 20265,078 3,260,456 3,265,534 
Net income51 104,125 104,176 
Balance at June 30, 2026$5,129 $3,364,581 $3,369,710 
See Notes to Financial Statements.




142

ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Results of Operations

Net Income

Second Quarter 2026 Compared to Second Quarter 2025

Net income decreased $2.7 million primarily due to the net effect of decreased natural gas revenues and expenses resulting from the sale of Entergy New Orleans’s natural gas distribution business on July 1, 2025, lower volume/weather, and lower retail electric price, partially offset by lower interest expense. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Net income decreased $8.4 million primarily due to the net effect of decreased natural gas revenues and expenses resulting from the sale of Entergy New Orleans’s natural gas distribution business on July 1, 2025, lower volume/weather, and lower retail electric price, partially offset by lower interest expense. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.

Operating Revenues

Second Quarter 2026 Compared to Second Quarter 2025

Following is an analysis of the change in operating revenues comparing the second quarter 2026 to the second quarter 2025:
Amount
(In Millions)
2025 operating revenues$210.0 
Fuel, rider, and other revenues that do not significantly affect net income13.0 
Effect of sale of natural gas distribution business(26.2)
Volume/weather(4.1)
Retail electric price(2.2)
2026 operating revenues$190.5 

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 effect of sale of natural gas distribution business variance represents the decrease in operating revenues resulting from the absence of natural gas revenues following the sale of the natural gas distribution business on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.




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Management’s Financial Discussion and Analysis


The volume/weather variance is primarily due to the effect of less favorable weather on residential and commercial sales, partially offset by an increase in weather-adjusted residential usage.

The retail electric price variance is primarily due to a decrease in formula rate plan rates effective September 2025 in accordance with the terms of the 2025 formula rate plan filing. See Note 2 to the financial statements in the Form 10-K for discussion of the formula rate plan filing.

Total electric energy sales for Entergy New Orleans for the three months ended June 30, 2026 and 2025 are as follows:
20262025% Change
(GWh)
Residential573 593 (3)
Commercial518 534 (3)
Industrial115 106 8 
Governmental200 198 1 
  Total retail 1,406 1,431 (2)
Sales for resale:
  Non-associated companies913 255 258 
Total2,319 1,686 38 

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

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Following is an analysis of the change in operating revenues comparing the six months ended June 30, 2026 to the six months ended June 30, 2025:
Amount
(In Millions)
2025 operating revenues$391.1 
Fuel, rider, and other revenues that do not significantly affect net income52.1 
Effect of sale of natural gas distribution business(68.4)
Volume/weather(8.0)
Retail electric price(4.6)
2026 operating revenues$362.2 

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 effect of sale of natural gas distribution business variance represents the decrease in operating revenues resulting from the absence of natural gas revenues following the sale of the natural gas distribution business on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.




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Management’s Financial Discussion and Analysis

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

The retail electric price variance is primarily due to a decrease in formula rate plan rates effective September 2025 in accordance with the terms of the 2025 formula rate plan filing. See Note 2 to the financial statements in the Form 10-K for discussion of the formula rate plan filing.

Total electric energy sales for Entergy New Orleans for the six months ended June 30, 2026 and 2025 are as follows:
20262025% Change
(GWh)
Residential1,067 1,126 (5)
Commercial955 972 (2)
Industrial204 177 15 
Governmental375 372 1 
  Total retail 2,601 2,647 (2)
Sales for resale:
  Non-associated companies1,377 352 291 
Total3,978 2,999 33 

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

Other Income Statement Variances

Second Quarter 2026 Compared to Second Quarter 2025

Other operation and maintenance expenses decreased primarily due to a decrease of $3.1 million in gas operations expenses resulting from the absence of expenses following the sale of the natural gas distribution business on July 1, 2025 and a decrease of $1.8 million in non-nuclear generation expenses primarily due to a lower scope of work performed, including during plant outages, in 2026 as compared to 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.

Taxes other than income taxes decreased primarily due to a decrease in franchise fees as a result of lower retail revenues in 2026 as compared to 2025, including the absence of natural gas revenues in 2026 following the sale of Entergy New Orleans’s natural gas distribution business on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.

Depreciation and amortization expenses decreased primarily due to the absence of depreciation and amortization expenses associated with natural gas plant in service following the sale of the natural gas distribution business on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.

Interest expense decreased primarily due to a decrease of $3.0 million in carrying costs on regulatory liability balances and the repayment of an $80 million unsecured term loan in July 2025.




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Management’s Financial Discussion and Analysis


Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Other operation and maintenance expenses decreased primarily due to:

•a decrease of $5.9 million in gas operations expenses resulting from the absence of expenses following the sale of the natural gas distribution business on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025;
•a decrease of $2.6 million in non-nuclear generation expenses primarily due to a lower scope of work performed, including during plant outages, in 2026 as compared to 2025;
•a decrease of $1.1 million in loss provisions; and
•a decrease of $1.0 million in compensation and benefits costs primarily due to the absence of employee benefit costs associated with gas operations following the sale of the natural gas distribution business on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.

Taxes other than income taxes decreased primarily due to a decrease in franchise fees as a result of lower retail revenues in 2026 as compared to 2025, including the absence of natural gas revenues in 2026 following the sale of Entergy New Orleans’s natural gas distribution business on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.

Depreciation and amortization expenses decreased primarily due to the absence of depreciation and amortization expenses associated with natural gas plant in service following the sale of the natural gas distribution business on July 1, 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.

Interest expense decreased primarily due to a decrease of $6.1 million in carrying costs on regulatory liability balances and the repayment of an $80 million unsecured loan in July 2025.

Income Taxes

The effective income tax rate was 23.2% for the second quarter 2026. The difference in the effective income tax rate for the second quarter 2026 versus the federal statutory rate of 21% was primarily due to a provision for uncertain tax positions and the accrual for state income taxes, partially offset by the amortization of excess accumulated deferred income taxes and certain book and tax differences related to utility plant items.

The effective income tax rate was 17.3% for the six months ended June 30, 2026. The difference in the effective income tax rate for the six months ended June 30, 2026 versus the federal statutory rate of 21% was primarily due to the amortization of excess accumulated deferred income taxes and certain book and tax differences related to utility plant items, partially offset by a provision for uncertain tax positions and the accrual for state income taxes.

The effective income tax rates were 24.1% for the second quarter 2025 and 23.9% for the six months ended June 30, 2025. The differences in the effective income tax rates for the second quarter 2025 and the six months ended June 30, 2025 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.





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Table of Contents
Entergy New Orleans, LLC and Subsidiaries
Management’s Financial Discussion and Analysis
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 14 to the financial statements in the Form 10-K for discussion of the sale of the Entergy New Orleans natural gas distribution business on July 1, 2025.

Liquidity and Capital Resources

Cash Flow

Cash flows for the six months ended June 30, 2026 and 2025 were as follows:
20262025
(In Thousands)
Cash and cash equivalents at beginning of period$110,264 $31,777 
Net cash provided by (used in):
Operating activities12,893 23,652 
Investing activities(63,034)(77,385)
Financing activities3,543 21,982 
Net decrease in cash and cash equivalents(46,598)(31,751)
Cash and cash equivalents at end of period$63,666 $26 

Operating Activities

Net cash flow provided by operating activities decreased $10.8 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to lower collections from customers and the timing of payments to vendors, partially offset by lower fuel and purchased power payments in 2026 as compared to 2025.

Investing Activities

Net cash flow used in investing activities decreased $14.4 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to a decrease of $20.4 million in non-nuclear generation construction expenditures primarily due to a lower scope of work performed in 2026 as compared to 2025 and a decrease of $9.9 million in gas operations construction expenditures resulting from the absence of construction expenditures following the sale of the natural gas distribution business on July 1, 2025. The decrease was partially offset by an increase of $13.7 million in distribution construction expenditures primarily due to increased investment in the resilience of the distribution system and the receipt of $10.3 million from the storm reserve escrow account in 2025. See Note 14 to the financial statements in the Form 10-K for discussion of the sale of Entergy New Orleans’s natural gas distribution business on July 1, 2025.





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Entergy New Orleans, LLC and Subsidiaries
Management’s Financial Discussion and Analysis

Financing Activities

Net cash flow provided by financing activities decreased $18.4 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to:

•the repayment of $85 million of 4% Series mortgage bonds in June 2026;
•proceeds received in March 2025 from an $80 million unsecured term loan; and
•money pool activity.

The decrease was partially offset by the issuances of $55 million of 6.65% Series mortgage bonds and $35 million of 5.91% Series mortgage bonds, each in May 2026, and the repayment, at maturity, of $78 million of 3.00% Series mortgage bonds in March 2025.

Decreases in Entergy New Orleans’s payable to the money pool are a use of cash flow, and Entergy New Orleans’s payable to the money pool increased $20.9 million for the six months ended June 30, 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.

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.
June 30,
2026		December 31,
2025
Debt to capital51.3%52.1%
Effect of subtracting cash(2.5%)(4.6%)
Net debt to net capital (non-GAAP)48.8%47.5%

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.





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Table of Contents
Entergy New Orleans, LLC 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 New Orleans’s uses and sources of capital. The following are updates to the information provided in the Form 10-K.

Following are updates to the current annual amounts of Entergy New Orleans’s planned construction and other capital investments through 2030.
20262027202820292030
(In Millions)
Planned construction and capital investments:
Generation$15 $10 $45 $20 $10 
Transmission10 15 20 30 15 
Distribution180 120 110 150 160 
Utility Support20 10 10 15 10 
Total$225 $155 $185 $215 $195 

In addition to routine capital spending to maintain operations, the capital plan for Entergy New Orleans includes distribution and Utility support spending to improve reliability, resilience, and customer experience; transmission spending to improve reliability and resilience; and other investments. The planned construction and capital investments amounts above exclude investments expected to be funded with customer advances for construction.

Entergy New Orleans’s receivables from or (payables to) the money pool were as follows:
June 30,
2026		December 31,
2025		June 30,
2025		December 31,
2024
(In Thousands)
$4,934$9,009($20,884)$3,146

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 June 30, 2026, 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 June 30, 2026, 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 are updates to that discussion.

Retail Rates

2026 Formula Rate Plan Filing

In April 2026, Entergy New Orleans submitted to the City Council its formula rate plan 2025 test year filing. The 2025 evaluation report produced an earned return on equity of 7.55% compared to the authorized return




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Entergy New Orleans, LLC and Subsidiaries
Management’s Financial Discussion and Analysis

on equity of 9.35%. Without adjustments, this would result in an increase in rates of $16.6 million. The increase in rates is driven, in part, by an increase in plant in service, as well as the cost of known and measurable capital additions. The increase is also driven by a decrease in total revenues due to a decline in kWh sales. The filing is subject to a 75-day review and discovery period followed by a 25-day period to resolve any disputes among the parties.

In July 2026 the City Council’s advisors issued a report seeking a reduction in Entergy New Orleans’s requested formula rate plan revenues of approximately $4.4 million due to certain proposed cost realignments, imputation of revenues, and disallowances. The City Council’s advisors also recommended that Entergy New Orleans be permitted to collect $20 million over five years beginning in September 2026 to recover amounts that it might be required to pay Entergy Louisiana and Entergy Arkansas pursuant to a FERC order issued in June 2026, relating to an alleged MSS-4R violation. However, the FERC order is unclear on its face, and the specific amount of a payment, if any, is unknown. Requests for rehearing and clarification of the FERC order are pending. See “MSS-4 Replacement Tariff - Net Operating Loss Carryforward Proceeding” in Note 2 to the financial statements herein for additional discussion of the FERC order. If any rate adjustments are not resolved, the City Council would set a procedural schedule to resolve such disputes. A response by Entergy New Orleans to the advisors’ report is due in August 2026. Resulting rates will be effective with the first billing cycle of September 2026 pursuant to the formula rate plan tariff.

Request for Extension of Formula Rate Plan

In July 2026, Entergy New Orleans submitted a motion requesting the City Council approve a four-year extension of its current formula rate plan, with all material provisions left unchanged, including the authorized return on equity of 9.35% with a bandwidth of 50 basis points above and below the midpoint. Entergy New Orleans has requested City Council action on the proposed extension by August 2026.

Distributed Energy Resource Program

As discussed in the Form 10-K, in October 2024 the City Council opened a docket to evaluate potential opportunities to increase the availability of distributed energy resources, battery storage, and related facilities in New Orleans. In December 2025 the City Council issued a resolution establishing a distributed energy resources program to be implemented and operated under the existing Energy Smart program, with $28 million in customer incentives available through credits funded by the settlement between System Energy and the City Council. In March 2026, Entergy New Orleans submitted to the City Council a proposed battery storage implementation plan for new residential and commercial battery systems that would phase such implementation over a three-year period beginning in 2026, with those systems participating in Energy Smart for seven additional years, as required by the City Council. Program costs will be offset by credits from the System Energy settlement, with no incremental impact on customer rates. An intervenor in the proceeding has challenged the plan submitted by Entergy New Orleans and seeks additional incentives for customers, including accelerated use of the credits. In July 2026 certain stakeholders submitted comments in support of that intervenor’s position. The procedural schedule provides that the City Council’s advisors will issue a report in August 2026. See “Complaints Against System Energy - System Energy Settlement with the City Council” in Note 2 to the financial statements in the Form 10-K for discussion of the System Energy settlement with the City Council.

Federal Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Federal Regulation” 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.





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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 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.




151
ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
For the Three and Six Months Ended June 30, 2026 and 2025
(Unaudited)
Three Months EndedSix Months Ended
2026202520262025
(In Thousands)(In Thousands)
OPERATING REVENUES
Electric$190,548 $183,781 $362,199 $322,706 
Natural gas— 26,219 — 68,349 
TOTAL190,548 210,000 362,199 391,055 
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale33,709 26,546 49,941 38,909 
Purchased power61,204 69,126 139,506 136,867 
Other operation and maintenance37,671 44,269 71,451 82,927 
Taxes other than income taxes11,831 14,979 24,148 29,872 
Depreciation and amortization19,311 22,358 38,307 44,203 
Other regulatory charges (credits) - net(2,658)(3,160)(5,412)(6,590)
TOTAL161,068 174,118 317,941 326,188 
OPERATING INCOME 29,480 35,882 44,258 64,867 
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction727 494 1,301 800 
Interest and investment income755 168 1,634 602 
Miscellaneous - net(1,583)(794)(2,248)(1,373)
TOTAL(101)(132)687 29 
INTEREST EXPENSE
Interest expense9,770 12,236 19,387 25,711 
Allowance for borrowed funds used during construction(427)(272)(763)(439)
TOTAL9,343 11,964 18,624 25,272 
INCOME BEFORE INCOME TAXES20,036 23,786 26,321 39,624 
Income taxes4,654 5,744 4,555 9,483 
NET INCOME $15,382 $18,042 $21,766 $30,141 
See Notes to Financial Statements.





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ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)
20262025
(In Thousands)
OPERATING ACTIVITIES
Net income$21,766 $30,141 
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization38,307 44,203 
Deferred income taxes, tax credits, and non-current taxes accrued(4,883)(9,350)
Changes in assets and liabilities:
Receivables(16,884)(22,585)
Fuel inventory(1,135)(1,188)
Accounts payable2,969 (5,661)
Prepaid taxes and taxes accrued10,635 19,556 
Interest accrued(959)(2,629)
Deferred fuel costs(2,798)(4,203)
Other working capital accounts(12,181)(8,825)
Provisions for estimated losses1,307 (10,772)
Other regulatory assets(5,361)10,338 
Other regulatory liabilities(13,655)(13,791)
Pension and other postretirement funded status(4,268)(4,804)
Other assets and liabilities33 3,222 
Net cash flow provided by operating activities12,893 23,652 
INVESTING ACTIVITIES
Construction expenditures(67,087)(91,611)
Allowance for equity funds used during construction1,301 800 
Changes in money pool receivable - net4,075 3,146 
Receipt from storm reserve escrow account— 10,333 
Payments to storm reserve escrow account(1,323)(1,664)
Changes in securitization account— 1,611 
Net cash flow used in investing activities(63,034)(77,385)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt89,106 79,717 
Retirement of long-term debt(85,000)(78,000)
Changes in money pool payable - net— 20,884 
Other(563)(619)
Net cash flow provided by financing activities3,543 21,982 
Net decrease in cash and cash equivalents(46,598)(31,751)
Cash and cash equivalents at beginning of period110,264 31,777 
Cash and cash equivalents at end of period$63,666 $26 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized$16,267 $27,816 
Income taxes - net$150 $— 
Noncash investing activities:
Accrued construction expenditures$12,900 $5,059 
See Notes to Financial Statements.




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ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
June 30, 2026 and December 31, 2025
(Unaudited)
20262025
(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash$354 $26 
Temporary cash investments63,312 110,238 
Total cash and cash equivalents63,666 110,264 
Accounts receivable:
Customer62,507 55,972 
Allowance for doubtful accounts(2,189)(3,845)
Associated companies6,299 10,459 
Other5,322 3,668 
Accrued unbilled revenues35,427 28,303 
Total accounts receivable107,366 94,557 
Fuel inventory - at average cost1,951 816 
Materials and supplies37,895 30,539 
Prepayments and other21,483 12,992 
TOTAL232,361 249,168 
OTHER PROPERTY AND INVESTMENTS
Storm reserve escrow account75,145 73,822 
Other9,263 9,485 
TOTAL84,408 83,307 
UTILITY PLANT
Electric2,299,446 2,267,691 
Construction work in progress69,315 43,055 
TOTAL UTILITY PLANT2,368,761 2,310,746 
Less - accumulated depreciation and amortization800,008 778,401 
UTILITY PLANT - NET1,568,753 1,532,345 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets115,051 109,690 
Deferred fuel costs4,080 4,080 
Other85,017 80,090 
TOTAL204,148 193,860 
TOTAL ASSETS$2,089,670 $2,058,680 
See Notes to Financial Statements.




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ENTERGY NEW ORLEANS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
June 30, 2026 and December 31, 2025
(Unaudited)
20262025
(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt$— $85,000 
Payable due to associated company720 720 
Accounts payable:
Associated companies43,919 47,709 
Other39,005 32,067 
Customer deposits31,051 30,632 
Taxes accrued26,971 16,336 
Interest accrued5,870 6,829 
Deferred fuel costs411 3,209 
Other16,237 10,659 
TOTAL164,184 233,161 
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued200,785 201,345 
Accumulated deferred investment tax credits15,379 15,425 
Regulatory liability for income taxes - net11,269 15,656 
Other regulatory liabilities303,695 312,962 
Accumulated provisions80,240 78,933 
Long-term debt655,357 565,985 
Long-term payable due to associated company5,144 5,144 
Other23,839 22,057 
TOTAL1,295,708 1,217,507 
Commitments and Contingencies
EQUITY
Member's equity629,778 608,012 
TOTAL629,778 608,012 
TOTAL LIABILITIES AND EQUITY$2,089,670 $2,058,680 
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 Six Months Ended June 30, 2026 and 2025
(Unaudited)
Member's Equity
(In Thousands)
Balance at December 31, 2024$697,601 
Net income12,099 
Balance at March 31, 2025709,700 
Net income18,042 
Balance at June 30, 2025$727,742 
Balance at December 31, 2025$608,012 
Net income6,384 
Balance at March 31, 2026614,396 
Net income15,382 
Balance at June 30, 2026$629,778 
See Notes to Financial Statements.




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ENTERGY TEXAS, INC. AND SUBSIDIARIES

MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS

Results of Operations

Net Income

Second Quarter 2026 Compared to Second Quarter 2025

Net income increased $11.8 million primarily due to higher retail electric price and higher volume/weather, partially offset by higher other operation and maintenance expenses.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Net income increased $18.3 million primarily due to higher retail electric price, higher volume/weather, and higher other income, partially offset by higher other operation and maintenance expenses.

Operating Revenues

Second Quarter 2026 Compared to Second Quarter 2025

Following is an analysis of the change in operating revenues comparing the second quarter 2026 to the second quarter 2025:
Amount
(In Millions)
2025 operating revenues
$531.6 
Fuel, rider, and other revenues that do not significantly affect net income15.6 
Retail electric price14.2 
Volume/weather7.3 
2026 operating revenues
$568.7 

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 increases in the distribution cost recovery factor rider effective June 2025 and December 2025 and an increase in the transmission cost recovery factor rider effective April 2026. See Note 2 to the financial statements herein and in the Form 10-K for discussion of the distribution and transmission cost recovery factor rider filings.

The volume/weather variance is primarily due to an increase in weather-adjusted residential usage and an increase in industrial usage, partially offset by the effect of less favorable weather on residential sales. The increase in weather-adjusted residential usage is primarily due to an increase in customers. The increase in industrial usage is primarily due to an increase in demand from large industrial customers, primarily in the agricultural and other chemicals, transportation, and industrial gases industries.





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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 June 30, 2026 and 2025 are as follows:
2026
2025
% Change
(GWh)
Residential1,716 1,741 (1)
Commercial1,279 1,280 — 
Industrial2,828 2,621 8 
Governmental70 65 8 
  Total retail 5,893 5,707 3 
Sales for resale:
  Non-associated companies126 93 35 
Total6,019 5,800 4 

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

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Following is an analysis of the change in operating revenues comparing the six months ended June 30, 2026 to the six months ended June 30, 2025:
Amount
(In Millions)
2025 operating revenues
$973.6 
Fuel, rider, and other revenues that do not significantly affect net income64.3 
Retail electric price26.0 
Volume/weather8.3 
2026 operating revenues
$1,072.2 

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 increases in the distribution cost recovery factor rider effective June 2025 and December 2025. 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 an increase in industrial usage and an increase in weather-adjusted residential usage, partially offset by the effect of less 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 transportation, agricultural and other chemicals, and industrial gases industries and an increase in demand from co-generation customers. The increase in weather-adjusted residential usage is primarily due to an increase in customers.





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Management’s Financial Discussion and Analysis
Total electric energy sales for Entergy Texas for the six months ended June 30, 2026 and 2025 are as follows:
2026
2025
% Change
(GWh)
Residential3,148 3,300 (5)
Commercial2,416 2,389 1 
Industrial5,368 4,781 12 
Governmental138 128 8 
  Total retail 11,070 10,598 4 
Sales for resale:
  Non-associated companies258 144 79 
Total11,328 10,742 5 

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

Other Income Statement Variances

Second Quarter 2026 Compared to Second Quarter 2025

Purchased power includes a decrease of $18.1 million in costs related to the procurement of capacity through MISO’s annual planning resource auction. Higher costs in second quarter 2025 resulted from the effect of a significant increase in MISO’s seasonal auction clearing price, due to the implementation of a reliability-based demand curve, for capacity transactions during the summer months in 2025. Prior to June 2026, Entergy Texas also did not have the ability to recover its MISO capacity costs incurred to date beyond the level included in base rates. In June 2025, Texas legislation established a capacity cost recovery rider mechanism that would allow for the recovery of costs related to the procurement of capacity through MISO’s annual planning resource auction outside of base rates, through a rider that is updated annually. In May 2026, Entergy Texas filed a request with the PUCT for a capacity cost recovery rider to recover eligible capacity procurement costs associated with its participation in MISO’s annual planning resource auction, and the PUCT approved the request in July 2026. The decrease in purchased power from lower MISO capacity costs is partially offset by higher non-MISO capacity costs resulting from capacity cost changes for ongoing purchased power capacity contracts. See Note 2 to the financial statements herein for discussion of the capacity cost recovery rider.

Other operation and maintenance expenses increased primarily due to:

•an increase of $4.1 million in power delivery expenses primarily due to a higher scope of work performed in 2026 as compared to 2025;
•an increase of $1.4 million in compensation and benefits costs primarily due to higher healthcare claims activity and the timing of the recognition of prescription drug rebates; and
•several individually insignificant items.

The increase was partially offset by a decrease of $4.5 million in bad debt expense and a decrease of $1.2 million in non-nuclear generation expenses primarily due to a lower scope of work performed during plant outages in 2026 as compared to 2025.

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

Other income increased primarily due to higher interest earned on money pool investments.




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Management’s Financial Discussion and Analysis

Interest expense increased primarily due to the issuance of $425 million of 5.20% Series mortgage bonds in May 2026.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Purchased power includes a decrease of $15.6 million in costs related to the procurement of capacity through MISO’s annual planning resource auction. Higher costs in second quarter 2025 resulted from the effect of a significant increase in MISO’s seasonal auction clearing price, due to the implementation of a reliability-based demand curve, for capacity transactions during the summer months in 2025. Prior to June 2026, Entergy Texas also did not have the ability to recover its MISO capacity costs incurred to date beyond the level included in base rates. In June 2025, Texas legislation established a capacity cost recovery rider mechanism that would allow for the recovery of costs related to the procurement of capacity through MISO’s annual planning resource auction outside of base rates, through a rider that is updated annually. In May 2026, Entergy Texas filed a request with the PUCT for a capacity cost recovery rider to recover eligible capacity procurement costs associated with its participation in MISO’s annual planning resource auction, and the PUCT approved the request in July 2026. The decrease in purchased power from lower MISO capacity costs is partially offset by higher non-MISO capacity costs resulting from capacity cost changes for ongoing purchased power capacity contracts. See Note 2 to the financial statements herein for discussion of the capacity cost recovery rider.

Other operation and maintenance expenses increased primarily due to:

•an increase of $4.1 million in power delivery expenses primarily due to a higher scope of work performed in 2026 as compared to 2025;
•an increase of $1.7 million in compensation and benefits costs primarily due to a revision to estimated incentive-based compensation expense in 2025;
•an increase of $1.2 million in insurance expense primarily due to higher premiums; and
•several individually insignificant items.

The increase was partially offset by a decrease of $6 million in bad debt expense and a decrease of $1.7 million in non-nuclear generation expenses primarily due to a lower scope of work performed during plant outages in 2026 as compared to 2025.

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

Other income increased primarily due to higher interest earned on money pool investments.

Interest expense increased primarily due to the issuance of $500 million of 5.25% Series mortgage bonds in February 2025 and the issuance of $425 million of 5.20% Series mortgage bonds in May 2026, partially offset by lower carrying costs on the deferred fuel balance.

Income Taxes

The effective income tax rates were 17.6% for the second quarter 2026 and 17.1% for the six months ended June 30, 2026. The differences in the effective income tax rates for the second quarter 2026 and the six months ended June 30, 2026 versus the federal statutory rate of 21% were 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 rates were 16.7% for the second quarter 2025 and 16.2% for the six months ended June 30, 2025. The differences in the effective income tax rates for the second quarter 2025 and the six months




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ended June 30, 2025 versus the federal statutory rate of 21% were primarily due to 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.

Liquidity and Capital Resources

Cash Flow

Cash flows for the six months ended June 30, 2026 and 2025 were as follows:
20262025
(In Thousands)
Cash and cash equivalents at beginning of period$275,108 $184,997 
Net cash provided by (used in):
Operating activities266,587 242,336 
Investing activities(530,758)(879,311)
Financing activities525,590 469,721 
Net increase (decrease) in cash and cash equivalents261,419 (167,254)
Cash and cash equivalents at end of period$536,527 $17,743 

Operating Activities

Net cash flow provided by operating activities increased $24.3 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to higher collections from customers and the timing of recovery of fuel and purchased power costs, partially offset by higher fuel and purchased power payments. See Note 2 to the financial statements in the Form 10-K for a discussion of fuel and purchased power cost recovery.

Investing Activities

Net cash flow used in investing activities decreased $348.6 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to a decrease of $321.2 million in non-nuclear generation construction expenditures primarily due to lower spending on the Legend Power Station project as a result of the sale of assets related to the in-process project in December 2025 and lower spending on the Orange County Advanced Power Station project in 2026 and a decrease of $78.4 million in transmission construction expenditures primarily due to decreased spending on various transmission projects in 2026. The decrease was partially offset by money pool activity. See Note 8 to the financial statements in the Form 10-K for discussion of the Entergy Texas build-to-suit lease arrangement for the Legend Power Station.

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 $19.2 million for the six months ended June 30, 2026 compared to decreasing by $13.7 million for the six months ended June 30, 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.





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Management’s Financial Discussion and Analysis
Financing Activities

Net cash flow provided by financing activities increased $55.9 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to:

•the issuance of $425 million of 5.20% Series mortgage bonds in May 2026;
•a capital contribution of $365 million received from Entergy Corporation in 2026 in order to maintain Entergy Texas’s capital structure and in anticipation of various capital expenditures; and
•an increase of $25.6 million in advance payments from customers for construction related to transmission, distribution, and generator interconnection agreements.

The increase was partially offset by the issuance of $500 million of 5.25% Series mortgage bonds in February 2025 and a $248.3 million payment in June 2026 associated with a financed portion of construction work in progress related to the Orange County Advanced Power Station. 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.
June 30,
2026		December 31,
2025
Debt to capital50.1%50.9%
Effect of excluding securitization bonds(1.2%)(1.4%)
Debt to capital, excluding securitization bonds (non-GAAP) (a)48.9%49.5%
Effect of subtracting cash(3.3%)(1.9%)
Net debt to net capital, excluding securitization bonds (non-GAAP) (a)45.6%47.6%

(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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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.

Following are updates to the current annual amounts of Entergy Texas’s planned construction and other capital investments through 2030.
20262027202820292030
(In Millions)
Planned construction and capital investments:
Generation$635 $300 $1,495 $80 $110 
Transmission370 635 680 645 370 
Distribution440 445 340 345 305 
Utility Support90 35 60 35 35 
Total$1,535 $1,415 $2,575 $1,105 $820 

In addition to routine capital spending to maintain operations, the capital plan for Entergy Texas includes investments in generation projects to modernize, decarbonize, expand, and diversify Entergy Texas’s portfolio, including Orange County Advanced Power Station, Lone Star Power Station, and Legend Power Station; distribution and Utility support spending to improve reliability, resilience, and customer experience; transmission spending to improve reliability and resilience while also supporting renewables expansion and customer growth; and other investments. The planned construction and capital investments amounts above exclude investments expected to be funded with customer advances for construction.

Entergy Texas’s receivables from the money pool were as follows:
June 30,
2026		December 31,
2025		June 30,
2025		December 31,
2024
(In Thousands)
$41,698$22,467$4,835$18,504

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 2031.  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 June 30, 2026, 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 two uncommitted letter of credit facilities as a means to post collateral to support its obligations to MISO. As of June 30, 2026, $110.6 million in letters of credit were outstanding under one of Entergy Texas’s uncommitted letter of credit facilities. See Note 4 to the financial statements herein for additional discussion of the credit facilities.





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Entergy Texas, Inc. and Subsidiaries
Management’s Financial Discussion and Analysis
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 2026, Entergy Texas filed with the PUCT a request to amend its DCRF rider. The amended rider was designed to collect from Entergy Texas’s retail customers approximately $112.5 million annually, or $20.4 million in incremental annual revenues beyond Entergy Texas’s then-effective DCRF rider based on its capital invested in distribution between July 1, 2025 and December 31, 2025. In July 2026 the PUCT approved the DCRF rider, consistent with Entergy Texas’s as-filed request, and rates became effective for usage on and after July 8, 2026.

Transmission Cost Recovery Factor (TCRF) Rider

As discussed in the Form 10-K, in October 2025, Entergy Texas filed with the PUCT a request to amend its TCRF rider. The amended rider was designed to collect from Entergy Texas’s retail customers approximately $30.3 million annually, or $20.6 million in incremental annual revenues beyond Entergy Texas’s then-effective TCRF rider based on its capital invested in transmission between July 1, 2024 and June 30, 2025 and changes in other transmission charges. In April 2026 the PUCT approved the TCRF rider, consistent with Entergy Texas’s as-filed request, and rates became effective for usage on and after April 6, 2026.

Generation Cost Recovery Rider

In March 2026, Entergy Texas filed an application to establish a generation cost recovery rider to begin recovering a return of and on its capital investment in the Orange County Advanced Power Station. The proposed generation cost recovery rider, which includes Entergy Texas’s capital invested in generation for the Orange County Advanced Power Station through December 31, 2025, is designed to collect approximately $150.4 million annually from Entergy Texas’s retail customers. By statute, the proposed generation cost recovery rider rates are to become effective when the Orange County Advanced Power Station is placed into service, which is expected in third quarter 2026. In July 2026 the ALJ with the State Office of Administrative Hearings approved a proposed procedural schedule that includes a hearing on the merits in September 2026 and provides for interim rates to become effective for usage on and after the Orange County Advanced Power Station in-service date, to the extent final rates are not in place by that time.

Capacity Cost Recovery Rider (CCRR)

In May 2026, Entergy Texas filed with the PUCT a request to establish a new CCRR. The proposed CCRR is designed to collect approximately $58 million annually from Entergy Texas’s retail customers based on Entergy Texas’s eligible capacity-related costs and revenues for the 12 months beginning June 1, 2026. The eligible capacity-related costs and revenues are associated with Entergy Texas’s participation in MISO’s annual planning resource auction. In July 2026 the PUCT approved the CCRR, consistent with Entergy Texas’s as-filed request, and rates became effective on July 10, 2026.

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.




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Management’s Financial Discussion and Analysis

Federal Regulation

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Federal Regulation” 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.

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 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.




165
ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
For the Three and Six Months Ended June 30, 2026 and 2025
(Unaudited)
Three Months EndedSix Months Ended
2026202520262025
(In Thousands)(In Thousands)
OPERATING REVENUES
Electric$568,657 $531,641 $1,072,189 $973,580 
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale98,705 96,736 180,265 121,128 
Purchased power133,681 124,880 262,648 257,498 
Other operation and maintenance92,295 83,818 169,530 158,273 
Taxes other than income taxes32,196 29,792 62,552 60,419 
Depreciation and amortization80,691 80,830 160,875 161,510 
Other regulatory charges (credits) - net4,748 2,587 7,248 5,844 
TOTAL442,316 418,643 843,118 764,672 
OPERATING INCOME126,341 112,998 229,071 208,908 
OTHER INCOME
Allowance for equity funds used during construction19,868 19,963 38,313 37,335 
Interest and investment income5,840 1,975 9,044 4,734 
Miscellaneous - net(1,736)(2,477)(3,334)(3,631)
TOTAL23,972 19,461 44,023 38,438 
INTEREST EXPENSE
Interest expense45,790 43,147 88,869 86,219 
Allowance for borrowed funds used during construction(8,684)(8,502)(16,742)(15,887)
TOTAL37,106 34,645 72,127 70,332 
INCOME BEFORE INCOME TAXES113,207 97,814 200,967 177,014 
Income taxes19,959 16,318 34,284 28,662 
NET INCOME93,248 81,496 166,683 148,352 
Preferred dividend requirements518 518 1,036 1,036 
EARNINGS APPLICABLE TO COMMON STOCK$92,730 $80,978 $165,647 $147,316 
See Notes to Financial Statements.




166
ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)
20262025
(In Thousands)
OPERATING ACTIVITIES
Net income$166,683 $148,352 
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation and amortization160,875 161,510 
Deferred income taxes, tax credits, and non-current taxes accrued(10,178)21,466 
Changes in assets and liabilities:
Receivables(36,115)(36,849)
Fuel inventory1,770 9,817 
Accounts payable(11,168)37,267 
Taxes accrued23,984 (20,591)
Interest accrued2,044 5,971 
Deferred fuel costs(22,358)(69,075)
Other working capital accounts11,611 (6,447)
Provisions for estimated losses(107)1,201 
Other regulatory assets9,854 60,125 
Other regulatory liabilities23,369 (13,317)
Pension and other postretirement funded status(8,027)(7,131)
Other assets and liabilities(45,650)(49,963)
Net cash flow provided by operating activities266,587 242,336 
INVESTING ACTIVITIES
Construction expenditures(550,055)(932,013)
Allowance for equity funds used during construction38,313 37,335 
Changes in money pool receivable - net(19,231)13,669 
Changes in securitization account215 1,698 
Net cash flow used in investing activities(530,758)(879,311)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt419,755 493,772 
Retirement of long-term debt(8,673)(9,359)
Repayment of accrued construction expenditures(248,322)— 
Capital contribution from parent365,000 — 
Preferred stock dividends paid(1,036)(1,036)
Other(1,134)(13,656)
Net cash flow provided by financing activities525,590 469,721 
Net increase (decrease) in cash and cash equivalents261,419 (167,254)
Cash and cash equivalents at beginning of period275,108 184,997 
Cash and cash equivalents at end of period$536,527 $17,743 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized$83,825 $78,477 
Income taxes - net($3,275)$2,077 
Noncash investing activities:
Accrued construction expenditures$58,262 $127,069 
See Notes to Financial Statements.




167
ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
June 30, 2026 and December 31, 2025
(Unaudited)
20262025
(In Thousands)
CURRENT ASSETS
Cash and cash equivalents:
Cash$1,426 $200 
Temporary cash investments535,101 274,908 
Total cash and cash equivalents536,527 275,108 
Securitization recovery trust account1,265 1,480 
Accounts receivable:
Customer115,355 107,287 
Allowance for doubtful accounts(6,966)(8,598)
Associated companies50,925 28,747 
Other78,548 67,400 
Accrued unbilled revenues102,892 80,503 
Total accounts receivable340,754 275,339 
Deferred fuel costs11,005 — 
Fuel inventory - at average cost29,063 30,833 
Materials and supplies184,386 190,322 
Prepayments and other44,775 49,161 
TOTAL1,147,775 822,243 
OTHER PROPERTY AND INVESTMENTS
Investments in affiliates - at equity32 56 
Other15,703 15,607 
TOTAL15,735 15,663 
UTILITY PLANT
Electric9,684,887 9,491,159 
Construction work in progress2,015,941 1,761,028 
TOTAL UTILITY PLANT11,700,828 11,252,187 
Less - accumulated depreciation and amortization2,858,104 2,764,308 
UTILITY PLANT - NET8,842,724 8,487,879 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets (includes securitization property of $208,212 as of June 30, 2026 and $216,107 as of December 31, 2025)
500,952 510,806 
Other209,069 191,555 
TOTAL710,021 702,361 
TOTAL ASSETS$10,716,255 $10,028,146 
See Notes to Financial Statements.




168
ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND EQUITY
June 30, 2026 and December 31, 2025
(Unaudited)
20262025
(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt$130,000 $130,000 
Accounts payable:
Associated companies62,249 73,178 
Other223,210 518,613 
Customer deposits44,276 42,109 
Taxes accrued111,164 87,180 
Interest accrued43,951 41,907 
Deferred fuel costs— 11,353 
Other21,280 16,801 
TOTAL636,130 921,141 
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued950,156 947,067 
Accumulated deferred investment tax credits6,173 6,467 
Regulatory liability for income taxes - net44,617 57,755 
Other regulatory liabilities175,476 138,969 
Asset retirement cost liabilities15,511 15,097 
Accumulated provisions13,451 13,558 
Long-term debt (includes securitization bonds of $212,647 as of June 30, 2026 and $221,139 as of December 31, 2025)
4,312,972 3,900,188 
Other132,911 129,693 
TOTAL5,651,267 5,208,794 
Commitments and Contingencies
EQUITY
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding 46,525,000 shares in 2026 and 2025
49,452 49,452 
Paid-in capital1,790,125 1,425,125 
Retained earnings2,550,531 2,384,884 
Total common shareholder's equity4,390,108 3,859,461 
Preferred stock without sinking fund38,750 38,750 
TOTAL4,428,858 3,898,211 
TOTAL LIABILITIES AND EQUITY$10,716,255 $10,028,146 
See Notes to Financial Statements.




169
ENTERGY TEXAS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)
Common Equity
Preferred StockCommon
Stock		Paid-in
Capital		Retained
Earnings		Total
(In Thousands)
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, 202538,750 49,452 1,200,125 2,119,223 3,407,550 
Net income— — — 81,496 81,496 
Preferred stock dividends— — — (518)(518)
Balance at June 30, 2025$38,750 $49,452 $1,200,125 $2,200,201 $3,488,528 
Balance at December 31, 2025$38,750 $49,452 $1,425,125 $2,384,884 $3,898,211 
Net income— — — 73,435 73,435 
Capital contribution from parent— — 365,000 — 365,000 
Preferred stock dividends— — — (518)(518)
Balance at March 31, 202638,750 49,452 1,790,125 2,457,801 4,336,128 
Net income— — — 93,248 93,248 
Preferred stock dividends— — — (518)(518)
Balance at June 30, 2026$38,750 $49,452 $1,790,125 $2,550,531 $4,428,858 
See Notes to Financial Statements.




170

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 three customers, Entergy Arkansas, 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.

Results of Operations

Net Income

Second Quarter 2026 Compared to Second Quarter 2025

Net income increased $2 million primarily due to higher operating revenues resulting from changes in rate base.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Net income increased $1.6 million primarily due to higher operating revenues resulting from changes in rate base.

Income Taxes

The effective income tax rates were 17.3% for the second quarter 2026 and 16.6% for the six months ended June 30, 2026. The differences in the effective income tax rates for the second quarter 2026 and the six months ended June 30, 2026 versus the federal statutory rate of 21% were primarily due to 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, partially offset by the accrual for state income taxes.

The effective income tax rates were 19.4% for the second quarter 2025 and 20.3% for the six months ended June 30, 2025. The differences in the effective income tax rates for the second quarter 2025 and the six months ended June 30, 2025 versus the federal statutory rate of 21% were primarily due to 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, 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.





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

Cash Flow

Cash flows for the six months ended June 30, 2026 and 2025 were as follows:
20262025
(In Thousands)
Cash and cash equivalents at beginning of period$56 $28,908 
Net cash provided by (used in):
Operating activities102,190 131,501 
Investing activities(229,701)(55,988)
Financing activities127,740 (72,632)
Net increase in cash and cash equivalents229 2,881 
Cash and cash equivalents at end of period$285 $31,789 

Operating Activities

Net cash flow provided by operating activities decreased $29.3 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to an increase of $33.3 million in spending on nuclear refueling outage costs in 2026 as compared to 2025, partially offset by higher collections from customers.

Investing Activities

Net cash flow used in investing activities increased $173.7 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily due to net purchases of $114.3 million in 2026 compared to net proceeds of $16.6 million in 2025 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 an increase of $60.5 million in nuclear construction expenditures primarily due to higher spending in 2026 on Grand Gulf outage projects and upgrades.

Financing Activities

System Energy’s financing activities provided $127.7 million of cash for the six months ended June 30, 2026 compared to using $72.6 million of cash for the six months ended June 30, 2025 primarily due to the following activity:

•the issuance of $80 million of 5.28% Series L notes by the System Energy nuclear fuel company variable interest entity in January 2026;
•net long-term borrowings of $18 million in 2026 compared to net repayments of $28.4 million in 2025 on the nuclear fuel company variable interest entity’s credit facility;
•money pool activity;
•the repayment, prior to maturity, of $200 million of 2.14% Series mortgage bonds in June 2025;
•the payment of $75 million in common stock dividends and distributions in 2025 in order to maintain System Energy’s capital structure. No common stock dividends or distributions were paid in 2026; and
•the issuance of $240 million of 5.30% Series mortgage bonds in May 2025.

Increases in System Energy’s payable to the money pool are a source of cash flow, and System Energy’s payable to the money pool increased $30 million for the six months ended June 30, 2026. The money pool is an intercompany cash management program that makes possible intercompany borrowing and lending arrangements,




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System Energy Resources, Inc.
Management’s Financial Discussion and Analysis
and the money pool and other borrowing arrangements are designed to reduce the Registrant Subsidiaries’ dependence on external short-term borrowings.

Capital Structure

System Energy’s debt to capital ratio is shown in the following table. The increase in the debt to capital ratio for System Energy is primarily due to the net issuance of long-term debt in 2026.
June 30,
2026		December 31,
2025
Debt to capital54.2%53.1%
Effect of subtracting cash—%—%
Net debt to net capital (non-GAAP)54.2%53.1%

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 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 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.

Following are updates to the current annual amounts of System Energy’s planned construction and other capital investments through 2030.
20262027202820292030
(In Millions)
Planned construction and capital investments:
Generation$125 $110 $130 $135 $150 
Utility Support25 5 5 25 25 
Total$150 $115 $135 $160 $175 

In addition to routine capital spending to maintain operations, the capital plan for System Energy includes amounts associated with Grand Gulf investments and initiatives.

System Energy’s receivables from or (payables to) the money pool were as follows:
June 30,
2026		December 31,
2025		June 30,
2025		December 31,
2024
(In Thousands)
($46,280)($16,299)$8,661$2,851

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





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System Energy Resources, Inc.
Management’s Financial Discussion and Analysis
The System Energy nuclear fuel company variable interest entity has a credit facility in the amount of $120 million scheduled to expire in June 2029. As of June 30, 2026, $54.4 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.

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. The following is an update to that discussion.

Unit Power Sales Agreement

See Note 2 to the financial statements in the Form 10-K for discussion of the Unit Power Sales Agreement. The following is an update to that discussion.

Pension Costs Amendment Proceeding

As discussed in the Form 10-K, in October 2021, System Energy submitted to the FERC proposed amendments to the Unit Power Sales Agreement to include in rate base the prepaid and accrued pension costs associated with System Energy’s qualified pension plans. In November 2025 the FERC issued an order approving System Energy’s proposed prepaid and accrued pension recovery mechanism. System Energy has been utilizing this methodology in billings since December 1, 2022 and will continue to utilize it going forward. As a result of the FERC’s order, System Energy did not owe any refunds. In December 2025 the APSC filed a request for rehearing of the November 2025 order. In January 2026 the FERC denied the APSC’s rehearing request by operation of law. In May 2026 the FERC issued a follow-up substantive order denying the APSC’s rehearing and sustaining its finding that no refunds are owed.

Nuclear Matters

See “MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS – Nuclear Matters” in the Form 10-K for a discussion of nuclear matters. The following is an update to that discussion.

NRC Reactor Oversight Process

The NRC’s Reactor Oversight Process is a program to collect information about plant performance, assess the information for its safety significance, and provide for appropriate licensee and NRC response. The NRC evaluates plant performance by analyzing two distinct inputs: inspection findings resulting from the NRC’s inspection program and performance indicators reported by the licensee. The evaluations result in the placement of each plant in one of the NRC’s Reactor Oversight Process Action Matrix columns: “licensee response column,” or Column 1, “regulatory response column,” or Column 2, “degraded cornerstone column,” or Column 3, “multiple/repetitive degraded cornerstone column,” or Column 4, and “unacceptable performance,” or Column 5. Plants in Column 1 are subject to normal NRC inspection activities. Plants in Column 2, Column 3, or Column 4 are subject to progressively increasing levels of inspection by the NRC with, in general, progressively increasing levels of associated costs. Continued plant operation is not permitted for plants in Column 5. Grand Gulf is currently in Column 2.

In April 2026 the NRC issued a final significance determination and notice of violation for Grand Gulf, in which it finalized a “white” finding with “low safety significance” related to one of Grand Gulf’s emergency diesel generators, resulting in Grand Gulf’s placement in Column 2, effective first quarter 2026.  Grand Gulf will remain in Column 2 until the satisfactory completion of an NRC supplemental inspection.




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Management’s Financial Discussion and Analysis

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.




175
SYSTEM ENERGY RESOURCES, INC.
INCOME STATEMENTS
For the Three and Six Months Ended June 30, 2026 and 2025
(Unaudited)
Three Months EndedSix Months Ended
2026202520262025
(In Thousands)(In Thousands)
OPERATING REVENUES
Electric$153,554 $143,858 $287,318 $285,669 
OPERATING EXPENSES
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale21,209 16,122 30,348 30,938 
Nuclear refueling outage expenses5,456 4,135 8,969 8,225 
Other operation and maintenance45,609 47,016 88,604 90,495 
Decommissioning11,717 11,257 23,317 22,401 
Taxes other than income taxes6,343 6,555 13,181 13,359 
Depreciation and amortization31,500 31,063 62,281 61,827 
Other regulatory charges (credits) - net(5,726)(2,473)60,398 (2,380)
TOTAL116,108 113,675 287,098 224,865 
OPERATING INCOME 37,446 30,183 220 60,804 
OTHER INCOME
Allowance for equity funds used during construction1,491 1,881 3,759 3,484 
Interest and investment income6,978 10,672 85,752 23,111 
Miscellaneous - net133 56 552 293 
TOTAL8,602 12,609 90,063 26,888 
INTEREST EXPENSE
Interest expense18,730 17,270 36,968 33,292 
Allowance for borrowed funds used during construction(892)(922)(2,247)(1,709)
TOTAL17,838 16,348 34,721 31,583 
INCOME BEFORE INCOME TAXES28,210 26,444 55,562 56,109 
Income taxes4,883 5,119 9,219 11,395 
NET INCOME$23,327 $21,325 $46,343 $44,714 
See Notes to Financial Statements.





176
SYSTEM ENERGY RESOURCES, INC.
STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)
20262025
(In Thousands)
OPERATING ACTIVITIES
Net income$46,343 $44,714 
Adjustments to reconcile net income to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization109,555 111,023 
Deferred income taxes, tax credits, and non-current taxes accrued9,855 11,063 
Changes in assets and liabilities:
Receivables15,065 722 
Accounts payable(879)(18,674)
Taxes accrued(10,853)(10,605)
Interest accrued2,048 (99)
Other working capital accounts(34,282)344 
Other regulatory assets57,963 1,716 
Other regulatory liabilities22,573 52,405 
Pension and other postretirement funded status
(6,915)(6,875)
Other assets and liabilities(108,283)(54,233)
Net cash flow provided by operating activities102,190 131,501 
INVESTING ACTIVITIES
Construction expenditures(110,599)(51,746)
Allowance for equity funds used during construction3,759 3,484 
Nuclear fuel purchases(129,546)(26,957)
Proceeds from sale of nuclear fuel15,206 43,555 
Proceeds from nuclear decommissioning trust fund sales491,305 369,739 
Investment in nuclear decommissioning trust funds(499,826)(388,253)
Change in money pool receivable - net— (5,810)
Net cash flow used in investing activities (229,701)(55,988)
FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt364,108 538,108 
Retirement of long-term debt(266,262)(535,740)
Change in money pool payable - net29,981 — 
Common stock dividends and distributions paid— (75,000)
Other(87)— 
Net cash flow provided by (used in) financing activities127,740 (72,632)
Net increase in cash and cash equivalents229 2,881 
Cash and cash equivalents at beginning of period56 28,908 
Cash and cash equivalents at end of period$285 $31,789 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized$36,622 $33,146 
Noncash investing activities:
Accrued construction expenditures$27,910 $8,448 
See Notes to Financial Statements.




177
SYSTEM ENERGY RESOURCES, INC.
BALANCE SHEETS
ASSETS
June 30, 2026 and December 31, 2025
(Unaudited)
20262025
(In Thousands)
CURRENT ASSETS
Cash and cash equivalents$285 $56 
Accounts receivable:
Associated companies51,531 65,083 
Other5,320 6,833 
Total accounts receivable56,851 71,916 
Materials and supplies 146,063 149,847 
Deferred nuclear refueling outage costs43,287 9,096 
Prepayments and other8,261 5,101 
TOTAL254,747 236,016 
OTHER PROPERTY AND INVESTMENTS
Decommissioning trust funds1,844,475 1,730,722 
TOTAL1,844,475 1,730,722 
UTILITY PLANT
Electric5,873,786 5,753,963 
Construction work in progress94,268 123,172 
Nuclear fuel286,392 208,932 
TOTAL UTILITY PLANT6,254,446 6,086,067 
Less - accumulated depreciation and amortization3,710,098 3,679,886 
UTILITY PLANT - NET2,544,348 2,406,181 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets543,222 601,185 
Other40,241 34,301 
TOTAL583,463 635,486 
TOTAL ASSETS$5,227,033 $5,008,405 
See Notes to Financial Statements.




178
SYSTEM ENERGY RESOURCES, INC.
BALANCE SHEETS
LIABILITIES AND EQUITY
June 30, 2026 and December 31, 2025
(Unaudited)
20262025
(In Thousands)
CURRENT LIABILITIES
Currently maturing long-term debt$174 $140 
Accounts payable:
Associated companies55,978 25,528 
Other49,366 66,611 
Taxes accrued832 11,685 
Interest accrued15,263 13,215 
Other4,348 4,089 
TOTAL125,961 121,268 
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued641,263 625,165 
Accumulated deferred investment tax credits42,305 43,045 
Regulatory liability for income taxes - net94,419 99,960 
Other regulatory liabilities925,415 897,301 
Decommissioning1,196,284 1,172,967 
Long-term debt1,188,711 1,088,563 
Other6,198 2 
TOTAL4,094,595 3,927,003 
Commitments and Contingencies
COMMON EQUITY
Common stock, no par value, authorized 1,000,000 shares; issued and outstanding 789,350 shares in 2026 and 2025
908,944 908,944 
Retained earnings 97,533 51,190 
TOTAL1,006,477 960,134 
TOTAL LIABILITIES AND EQUITY$5,227,033 $5,008,405 
See Notes to Financial Statements.




179
SYSTEM ENERGY RESOURCES, INC.
STATEMENTS OF CHANGES IN COMMON EQUITY
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)
Common
Stock		Retained Earnings Total
(In Thousands)
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, 2025938,944 21,484 960,428 
Net income— 21,325 21,325 
Common stock dividends and distributions(30,000)(10,000)(40,000)
Balance at June 30, 2025$908,944 $32,809 $941,753 
Balance at December 31, 2025$908,944 $51,190 $960,134 
Net income— 23,016 23,016 
Balance at March 31, 2026908,944 74,206 983,150 
Net income— 23,327 23,327 
Balance at June 30, 2026$908,944 $97,533 $1,006,477 
See Notes to Financial Statements.





180
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)
4/01/2026-4/30/2026— $— — $350,052,918 
5/01/2026-5/31/2026— $— — $350,052,918 
6/01/2026-6/30/2026— $— — $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 2026, Entergy withheld 88,415 shares of its common stock at $93.19 per share, 72,452 shares of its common stock at $94.97 per share, 217,131 shares of its common stock at $95.67 per share, 56,436 shares of its common stock at $97.96 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.





181
Item 5.  Other Information

Rule 10b5-1 Trading Arrangements
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 June 30, 2026.

Retail Rate Regulation

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

Entergy Louisiana

Fuel and Purchased Power Cost Recovery

As discussed in the Form 10-K, to help stabilize electricity costs, Entergy Louisiana received approval from the LPSC to hedge its exposure to natural gas price volatility through the use of financial instruments. In May 2024, following the conclusion of its five-year hedging program, Entergy Louisiana filed an application with the LPSC for a permanent hedging program. The permanent gas hedging program would also utilize financial hedges for a portion of Entergy Louisiana’s non-industrial natural gas exposure. In May 2026, Entergy Louisiana and the LPSC staff filed a proposed stipulated settlement agreement for LPSC consideration. Under the terms of the proposed settlement, the LPSC would find that the proposed permanent gas hedging program was in the public interest and approve the implementation of a rider mechanism to refund the costs and benefits of the hedging program in customer rates. In June 2026 the LPSC approved the proposed settlement. A written order was issued in July 2026.

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.

NRC Reactor Oversight Process

The NRC’s Reactor Oversight Process is a program to collect information about plant performance, assess the information for its safety significance, and provide for appropriate licensee and NRC response. The NRC evaluates plant performance by analyzing two distinct inputs: inspection findings resulting from the NRC’s inspection program and performance indicators reported by the licensee. The evaluations result in the placement of each plant in one of the NRC’s Reactor Oversight Process Action Matrix columns: “licensee response column,” or Column 1, “regulatory response column,” or Column 2, “degraded cornerstone column,” or Column 3, “multiple/repetitive degraded cornerstone column,” or Column 4, and “unacceptable performance,” or Column 5. Plants in Column 1 are subject to normal NRC inspection activities. Plants in Column 2, Column 3, or Column 4 are subject to progressively increasing levels of inspection by the NRC with, in general, progressively increasing levels of associated costs. Continued plant operation is not permitted for plants in Column 5. All of the nuclear generating plants owned and operated by Entergy’s Utility business are currently in Column 1, except Grand Gulf, which is in Column 2.

In April 2026 the NRC issued a final significance determination and notice of violation for Grand Gulf, in which it finalized a “white” finding with “low safety significance” related to one of Grand Gulf’s emergency diesel generators, resulting in Grand Gulf’s placement in Column 2, effective first quarter 2026.  Grand Gulf will remain in Column 2 until the satisfactory completion of an NRC supplemental inspection.

In July 2026 the NRC issued an inspection report for River Bend, in which it identified a preliminary “white” finding with “low safety significance” related to one of the service water pumps at River Bend. The NRC is continuing its evaluation of the issue and is expected to complete its determination during third quarter 2026. If




182
the NRC’s review results in a final “white” finding, River Bend would be placed in Column 2 and would remain in Column 2 until the satisfactory completion of an NRC supplemental inspection.

Environmental Regulation

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

National Ambient Air Quality Standards

Revised Fine Particulate (PM2.5) NAAQS

As discussed in the Form 10-K, in March 2024 the EPA issued a final rule which revised the primary annual National Ambient Air Quality Standards (NAAQS) for fine particulate matter, also known as PM2.5, from 12 ug/m3 to 9 ug/m3. Initial attainment/nonattainment designations for areas with available information were required within two years of the rule’s issuance. A coalition of 24 states challenged the 2024 rule in the D.C. Circuit Court of Appeals; however, that challenge has been held in abeyance pending the agency’s reconsideration of the rule. In November 2025 the EPA filed a motion asking the D.C. Circuit to vacate the agency’s 2024 revision of the PM2.5 NAAQS which lowered the primary standard to 9 ug/m3. In June 2026 the D.C. Circuit denied EPA’s motion to vacate and denied the petitions for review filed by the coalition. As a result the 2024 standard of 9 ug/m3 remains in effect.

Coal Combustion Residuals

As discussed in the Form 10-K, in April 2015 the EPA published the final coal combustion residuals (CCR) rule (2015 CCR Rule) regulating CCRs destined for disposal in landfills or surface impoundments as non-hazardous wastes regulated under Resource Conservation and Recovery Act Subtitle D. The final regulations created new compliance requirements including modified storage, new notification and reporting practices, product disposal considerations, and CCR unit closure criteria but excluded CCRs that are beneficially reused in certain processes.  Entergy believes that on-site disposal options will be available at its facilities, to the extent needed.

In May 2024 the EPA finalized a rule (2024 CCR Rule) establishing management standards for legacy CCR surface impoundments (i.e., inactive surface impoundments at inactive power plants) and establishing a new class of units referred to as CCR management units (CCRMUs) (i.e., non-containerized CCR located at a regulated CCR facility). CCR utilized in roadbeds and embankments is excluded from the CCRMU definition. Entergy does not have any legacy impoundments; however, the definition of CCRMUs includes on-site areas where CCR was beneficially used. This is contrary to the 2015 CCR Rule which exempted beneficial uses that met certain criteria. Under this expanded rule, all facilities were required to identify and delineate any CCRMU greater than one ton and submit a facility evaluation report by February 2026. Any potential requirements for corrective action or operational changes under the 2015 CCR Rule and the 2024 CCR Rule continue to be assessed. Notably, ongoing litigation has resulted in the EPA’s continuing review of the rules. In February 2026, as part of its stated deregulatory agenda, the EPA finalized a rule extending various deadlines, including the facility evaluation report Parts 1 and 2 deadlines by one year, until February 2027 and February 2028, respectively. In April 2026 the EPA issued a proposed rule amending several provisions of the existing CCR regulations including, among other things, a rescission or alternative revision of the CCRMU requirements, revisions to the legacy CCR surface impoundment provisions, and revisions to the beneficial use definition. Comments were due in June 2026 and final action is expected by the end of 2026.




183
Table of Contents
Item 6.  Exhibits
4(a) -
Twenty-sixth Supplemental Indenture, dated as of May 1, 2026, to Entergy New Orleans’s Mortgage and Deed of Trust, dated as of May 1, 1987 (4(a) to Form 8-K filed May 27, 2026 in 1-35747).
4(b) -
Officer’s Certificate No. 26-B-19, dated May 11, 2026, supplemental to Indenture, Deed of Trust and Security Agreement of Entergy Texas, establishing the terms of Entergy Texas’s First Mortgage Bonds, 5.20% Series due June 15, 2036 (4.74 to Form 8-K filed May 14, 2026 in 1-34360).
*4(c) -
Extension and Amendment to Credit Agreement dated as of June 17, 2026, amending the Fourth Amended and Restated Credit Agreement dated as of June 11, 2024, among Entergy Corporation, as Borrower, the banks and other financial institutions listed on the signature pages thereof, as Lenders, each LC Issuing Bank, and Citibank, N.A., as Administrative Agent.
*4(d) -
Extension and Amendment to Credit Agreement dated as of June 17, 2026, amending the Fourth Amended and Restated Credit Agreement dated as of June 11, 2024 among Entergy Arkansas, as Borrower, the banks and other financial institutions listed on the signature pages thereof, as Lenders, each LC Issuing Bank, and Citibank, N.A., as Administrative Agent.
*4(e) -
Extension and Amendment to Credit Agreement dated as of June 17, 2026, amending the Fourth Amended and Restated Credit Agreement dated as of June 11, 2024, among Entergy Louisiana, as Borrower, the banks and other financial institutions listed on the signature pages thereof, as Lenders, each LC Issuing Bank, and Citibank, N.A., as Administrative Agent.
*4(f) -
Extension and Amendment to Credit Agreement dated as of June 17, 2026, amending the Fourth Amended and Restated Credit Agreement dated as of June 11, 2024, among Entergy Mississippi, as Borrower, the banks and other financial institutions listed on the signature pages thereof, as Lenders, each LC Issuing Bank, and Citibank, N.A., as Administrative Agent.
*4(g) -
Extension and Amendment to Credit Agreement dated as of June 17, 2026, amending the Fourth Amended and Restated Credit Agreement dated as of June 11, 2024, among Entergy Texas, as Borrower, the banks and other financial institutions listed on the signature pages thereof, as Lenders, each LC Issuing Bank, and Citibank, N.A., as Administrative Agent.
10(a)
Confirmation of Forward Sale Transaction, dated May 5, 2026, between Entergy Corporation and Wells Fargo Bank, National Association, in its capacity as a Forward Purchaser (10.1 to Form 8-K filed May 7, 2026 in 1-11299).
10(b)
Confirmation of Forward Sale Transaction, dated May 5, 2026, between Entergy Corporation and Citibank, N.A., in its capacity as a Forward Purchaser (10.2 to Form 8-K filed May 7, 2026 in 1-11299).
10(c)
Confirmation of Forward Sale Transaction, dated May 5, 2026, between Entergy Corporation and Barclays Bank PLC, in its capacity as a Forward Purchaser (10.3 to Form 8-K filed May 7, 2026 in 1-11299).
10(d)
Confirmation of Forward Sale Transaction, dated May 5, 2026, between Entergy Corporation and The Bank of Nova Scotia, in its capacity as a Forward Purchaser (10.4 to Form 8-K filed May 7, 2026 in 1-11299).
*10(e)
Twelfth Amendment of the Pension Equalization Plan of Entergy Corporation and Subsidiaries, effective May 7, 2026.
*10(f)
Tenth Amendment of the System Executive Retirement Plan of Entergy Corporation and Subsidiaries, effective May 7, 2026.
*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.




184
Table of Contents
*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.
*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.




185
Table of Contents
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/ Patrick J. Stack
Patrick J. Stack
Senior Vice President and Chief Accounting Officer
(For each Registrant and for each as
Principal Accounting Officer)

Date:    July 31, 2026




186

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