Equity

3 Months Ended

Mar. 31, 2025

Equity [Text Block]

EQUITY (Entergy Corporation and Entergy Louisiana)

Common Stock

Earnings per Share

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

The following table presents Entergy’s basic and diluted earnings per share calculations for the three months ended March 31, 2025 and 2024, included on the consolidated income statements:

	For the Three Months Ended March 31,
	2025		2024
	(Dollars In Thousands, Except Per Share Data; Shares in Millions)
		$/share		$/share
Consolidated net income	$362,422		$76,536
Less: Preferred dividend requirements of subsidiaries and noncontrolling interests	1,662		1,255
Net income attributable to Entergy Corporation	$360,760		$75,281
Basic shares and earnings per average common share	430.3	$0.84	426.3	$0.18
Average dilutive effect of:
Stock options	0.9	—	0.5	—
Other equity plans	1.5	—	0.9	—
Equity forwards	7.9	(0.02)	—	—
Diluted shares and earnings per average common shares	440.6	$0.82	427.7	$0.18

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

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

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

(System Energy)

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

Equity Distribution Program

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

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

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

The following forward sale agreements were entered into by Entergy Corporation under its at the market equity distribution program during the three months ended March 31, 2025:

Effective Date	Shares of Common Stock per Forward Sale Agreement	Maturity Date	Forward Sale Price per Share	Gross Sales Price	Forward Sellers Fees
			(Dollars In Thousands, Except Per Share Data)
March 2025	2,713,790	August 2026	$84.77	$232,216	$2,322

Equity Forward Sale Agreements

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

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

Treasury Stock

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

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

Retained Earnings

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

Comprehensive Income

Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2025 and 2024:

	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$42,769	($162,460)
Amounts reclassified from accumulated other comprehensive income (loss)	(3,729)	(3,668)
Net other comprehensive loss for the period	(3,729)	(3,668)
Ending balance, March 31,	$39,040	($166,128)

The following table presents changes in accumulated other comprehensive income for Entergy Louisiana for the three months ended March 31, 2025 and 2024:

	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$53,658	$54,798
Amounts reclassified from accumulated other comprehensive income	(971)	(2,024)
Net other comprehensive loss for the period	(971)	(2,024)
Ending balance, March 31,	$52,687	$52,774

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the three months ended March 31, 2025 and 2024 are as follows:

	Amounts reclassified from AOCI		Income Statement Location
	2025	2024
	(In Thousands)
Pension and other postretirement plan changes
Amortization of prior service credit	$3,462	$3,473	(a)
Amortization of net gain	2,551	1,397	(a)
Total amortization	6,013	4,870
Income taxes	(2,284)	(1,202)	Income taxes
Total amortization (net of tax)	$3,729	$3,668
Total reclassifications for the period (net of tax)	$3,729	$3,668

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

Total reclassifications out of accumulated other comprehensive income (AOCI) for Entergy Louisiana for the three months ended March 31, 2025 and 2024 are as follows:

	Amounts reclassified from AOCI		Income Statement Location
	2025	2024
	(In Thousands)
Pension and other postretirement plan changes
Amortization of prior service credit	$1,136	$1,136	(a)
Amortization of net gain	1,719	1,634	(a)
Total amortization	2,855	2,770
Income taxes	(1,884)	(746)	Income taxes
Total amortization (net of tax)	$971	$2,024
Total reclassifications for the period (net of tax)	$971	$2,024

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

Entergy Louisiana [Member]

Equity [Text Block]

EQUITY (Entergy Corporation and Entergy Louisiana)

Common Stock

Earnings per Share

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

The following table presents Entergy’s basic and diluted earnings per share calculations for the three months ended March 31, 2025 and 2024, included on the consolidated income statements:

	For the Three Months Ended March 31,
	2025		2024
	(Dollars In Thousands, Except Per Share Data; Shares in Millions)
		$/share		$/share
Consolidated net income	$362,422		$76,536
Less: Preferred dividend requirements of subsidiaries and noncontrolling interests	1,662		1,255
Net income attributable to Entergy Corporation	$360,760		$75,281
Basic shares and earnings per average common share	430.3	$0.84	426.3	$0.18
Average dilutive effect of:
Stock options	0.9	—	0.5	—
Other equity plans	1.5	—	0.9	—
Equity forwards	7.9	(0.02)	—	—
Diluted shares and earnings per average common shares	440.6	$0.82	427.7	$0.18

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

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

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

(System Energy)

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

Equity Distribution Program

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

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

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

The following forward sale agreements were entered into by Entergy Corporation under its at the market equity distribution program during the three months ended March 31, 2025:

Effective Date	Shares of Common Stock per Forward Sale Agreement	Maturity Date	Forward Sale Price per Share	Gross Sales Price	Forward Sellers Fees
			(Dollars In Thousands, Except Per Share Data)
March 2025	2,713,790	August 2026	$84.77	$232,216	$2,322

Equity Forward Sale Agreements

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

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

Treasury Stock

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

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

Retained Earnings

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

Comprehensive Income

Accumulated other comprehensive income (loss) is included in the equity section of the balance sheets of Entergy and Entergy Louisiana. The following table presents changes in accumulated other comprehensive income (loss) for Entergy for the three months ended March 31, 2025 and 2024:

	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$42,769	($162,460)
Amounts reclassified from accumulated other comprehensive income (loss)	(3,729)	(3,668)
Net other comprehensive loss for the period	(3,729)	(3,668)
Ending balance, March 31,	$39,040	($166,128)

The following table presents changes in accumulated other comprehensive income for Entergy Louisiana for the three months ended March 31, 2025 and 2024:

	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$53,658	$54,798
Amounts reclassified from accumulated other comprehensive income	(971)	(2,024)
Net other comprehensive loss for the period	(971)	(2,024)
Ending balance, March 31,	$52,687	$52,774

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the three months ended March 31, 2025 and 2024 are as follows:

	Amounts reclassified from AOCI		Income Statement Location
	2025	2024
	(In Thousands)
Pension and other postretirement plan changes
Amortization of prior service credit	$3,462	$3,473	(a)
Amortization of net gain	2,551	1,397	(a)
Total amortization	6,013	4,870
Income taxes	(2,284)	(1,202)	Income taxes
Total amortization (net of tax)	$3,729	$3,668
Total reclassifications for the period (net of tax)	$3,729	$3,668

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

Total reclassifications out of accumulated other comprehensive income (AOCI) for Entergy Louisiana for the three months ended March 31, 2025 and 2024 are as follows:

	Amounts reclassified from AOCI		Income Statement Location
	2025	2024
	(In Thousands)
Pension and other postretirement plan changes
Amortization of prior service credit	$1,136	$1,136	(a)
Amortization of net gain	1,719	1,634	(a)
Total amortization	2,855	2,770
Income taxes	(1,884)	(746)	Income taxes
Total amortization (net of tax)	$971	$2,024
Total reclassifications for the period (net of tax)	$971	$2,024

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