Short answer
Entergy (ETR) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $12.9B (+9.0% year over year) and net income of $1.8B.
- Top risk flagged: Legal risk from adverse March 2024 ruling in opportunity sales proceeding; $131.8 million regulatory asset write-off impacting net income
FY2025 key financial metrics · XBRL
- Revenue
- $12.9B
- +9.0% YoY
- Net income
- $1.8B
- +66.6% YoY
- Operating margin
- 24.7%
- +2.4 pp YoY
- EPS (diluted)
- $3.91
- +59.6% YoY
- ROE
- 10.4%
- +3.4 pp YoY
- Operating cash flow
- $5.2B
- +14.8% YoY
Source: XBRL data from the Entergy (ETR) FY2025 10-K on SEC EDGAR. USD.
Entergy FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Energy generation and utility operations, including regulated electric and gas distribution across multiple U.S. states
- Executive leadership update: Appointment of Kimberly A. Fontan as EVP and CFO beginning 2022, and Kimberly Cook-Nelson as EVP and COO in 2025
- No shares repurchased in Q4 2025, with remaining $350M authorized under share repurchase program unchanged
- Notable equity activity: Withheld 448,353 shares in early 2025 to cover income tax related to restricted stock and performance unit vesting
- Total recorded stockholders as of January 31, 2026: 17,784, reflecting shareholder base size and market presence
Management Discussion & Analysis
- Debt to capital ratio 53.1% in 2025 vs 52.9% in 2024; net debt to net capital 53.1% vs 52.2%
- Planned capital investments: $155M in 2026, $120M in 2027, $140M in 2028, $165M in 2029, mainly for Generation segment
- Long-term debt obligations total $71M (2026), $196M (2027), $378M (2028), $96M (2029-30), $865M (post-2030)
- Management highlights regulatory approvals, ongoing settlements, tariff risks, and FERC pension cost recovery ruling as key factors impacting future operations and cash flow
Risk Factors
- Legal risk from adverse March 2024 ruling in opportunity sales proceeding; $131.8 million regulatory asset write-off impacting net income
- Macroeconomic exposure to natural gas price increase; Entergy Arkansas paid $74 million in January 2026 vs $25 million in January 2025
- Operational costs rose by $13.9 million due to increased non-nuclear generation outage work in 2025 vs 2024
- Competitive pressure from increased industrial demand; industrial sales up 19% YoY to 12,095 GWh driven by primary metals and technology customers
- Financial risk from increased leverage; $700 million mortgage bonds issued (5.45% coupon) in May 2024 and May 2025 secondary offering
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