ENTERGY CORP /DE/ (ETR)

Entergy is an integrated energy company engaged primarily in electric power production and energy delivery to retail customers. It owns and operates power plants with approximately 25,000 MW of electric generating capacity and delivers electricity to approximately 3.1 million Utility customers in Arkansas, Louisiana, Mississippi, and Texas. In 2025 it had annual revenues of $12.9 billion and approximately 12,000 employees. Its strategy is to operate and grow its utility business, keep customer costs low while providing reliable energy, and invest in reliability, resilience, customer growth and clean energy.

Entergy operates primarily through a single reportable segment, Utility, which covers the generation, transmission, distribution and sale of electric power in portions of Arkansas, Mississippi, Texas and Louisiana, including the City of New Orleans. The segment includes five retail electric utility subsidiaries: Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans and Entergy Texas. It also includes System Energy, a wholly owned subsidiary that owns or leases 90 percent of the Grand Gulf nuclear facility and sells its power and capacity at wholesale to Entergy Arkansas, Entergy Mississippi and Entergy New Orleans. The generation portfolio includes nuclear, hydroelectric, solar and natural gas. Entergy Louisiana and Entergy New Orleans ran small natural gas distribution businesses, which were sold on July 1, 2025.

At year-end 2025 the utilities served about 3.06 million electric customers: Entergy Louisiana 1,115 thousand, Entergy Arkansas 738 thousand, Entergy Texas 538 thousand, Entergy Mississippi 459 thousand and Entergy New Orleans 209 thousand. In 2025 total electric sales were about 142,000 GWh, including about 129,000 GWh to retail customers. By customer class, industrial customers accounted for 42.9% of sales volume and 28.2% of revenue, residential for 26.2% and 37.7%, commercial for 20.1% and 24.4%, governmental for 1.7% and 2.2%, and wholesale and other for 9.1% and 7.5%. Major industrial customers are primarily in the petroleum refining and chemical industries. Sales are seasonal, peaking in the third quarter, and 2025 peak demand was 23,624 MWh. Certain utilities are also investing in generation and transmission to support large-scale data center customers.

The five retail utilities are regulated by the FERC and by state utility commissions, or by the City Council in the case of Entergy New Orleans. System Energy is regulated by the FERC because all of its transactions are at wholesale. Rate structures vary by company and generally combine formula rate plans or periodic rate cases with cost-recovery riders for items such as fuel and purchased power and MISO costs. Authorized returns on common equity range from roughly 8.85% to 12.26%, and rate base ranges from $1.2 billion at Entergy New Orleans to $16.7 billion at Entergy Louisiana. The Utility operating companies participate in the MISO markets. Entergy Arkansas, Entergy Louisiana and System Energy operate nuclear plants subject to NRC oversight. Entergy Corporation is the holding company and relies on distributions from its subsidiaries.