COMMON EQUITY (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Common Stock

On October 30, 2024, Entergy’s board of directors approved a two-for-one forward stock split of Entergy Corporation common stock (the stock split). On December 12, 2024, Entergy effected the stock split and a proportionate increase in the number of authorized shares of its common stock. Shares began trading on a split-adjusted basis at market open on December 13, 2024. All share and per-share amounts presented herein reflect the stock split completed in December 2024.

The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated income statements:


	For the Years Ended December 31,
	2025		2024		2023
	(Dollars In Thousands, Except Per Share Data; Shares in Millions)
		$/share		$/share		$/share
Consolidated net income	$1,773,328		$1,061,184		$2,362,310
Less: Preferred dividend requirements of subsidiaries and noncontrolling interests	15,056		5,594		5,774
Net income attributable to Entergy Corporation	$1,758,272		$1,055,590		$2,356,536
Basic shares and earnings per average common share	442.0	$3.98	427.7	$2.47	423.1	$5.57
Average dilutive effect of:
Stock options	1.0	(0.01)	0.6	—	0.6	(0.01)
Other equity plans	1.5	(0.02)	1.3	(0.01)	1.1	(0.01)
Equity forwards	5.7	(0.04)	2.0	(0.01)	—	—
Diluted shares and earnings per average common share	450.2	$3.91	431.6	$2.45	424.8	$5.55

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 335,625 stock options

outstanding in 2025, 1,857,250 stock options outstanding in 2024, and 2,359,923 stock options outstanding in 2023 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 sale price. The calculation of diluted earnings per share excluded 676,056 shares in 2025, 2,373,682 shares in 2024, and 3,525,418 shares in 2023 under forward sale agreements outstanding because their effect would have been antidilutive.

Common stock and treasury stock shares activity for Entergy for 2025, 2024, and 2023 is as follows:


	2025		2024		2023
	Common Shares Issued	Treasury Shares	Common Shares Issued	Treasury Shares	Common Shares Issued	Treasury Shares
Beginning Balance, January 1	561,950,696	132,370,280	561,950,696	136,253,556	559,307,858	136,954,858
Issuances:
Equity Distribution Program	21,253,078	—	—	—	2,642,838	—
Employee Stock-Based Compensation Plans	—	(1,462,900)	—	(3,855,200)	—	(673,242)
Directors’ Plan	—	(42,971)	—	(28,076)	—	(28,060)
Ending Balance, December 31	583,203,774	130,864,409	561,950,696	132,370,280	561,950,696	136,253,556

Entergy Corporation reissues treasury shares to meet the requirements of the Stock Plan for Outside Directors (Directors’ Plan), the three equity plans of Entergy Corporation and Subsidiaries, and certain other stock benefit plans. The Directors’ Plan awards to non-employee directors a portion of their compensation in the form of a fixed dollar value of shares of Entergy Corporation common stock.

In October 2010 the Board granted authority for a $500 million share repurchase program. As of December 31, 2025, $350 million of authority remains under the $500 million share repurchase program.

Dividends declared per common share were $2.44 in 2025, $2.30 in 2024, and $2.17 in 2023.

System Energy paid its parent, Entergy Corporation, distributions out of its common stock of $50 million in 2025, $108 million in 2024, and $170 million in 2023.

Equity Distribution Program

In January 2021, Entergy Corporation entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy Corporation may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy Corporation common stock, Entergy Corporation may enter into forward sale agreements for the sale of its common stock. In February 2025, pursuant to the terms of the equity distribution sales agreement, Entergy Corporation increased the aggregate gross sales price authorized under its at the market equity distribution program by an additional $1.5 billion. The aggregate number of shares of common stock sold under this equity distribution sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $4.5 billion. As of December 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 years ended December 31, 2025, 2024, and 2023, there were no shares of common stock directly issued under the at the market equity distribution program.

There were no settlements of forward sale agreements for the year ended December 31, 2024. During the years ended December 31, 2025 and 2023, Entergy Corporation physically settled its obligations under the following forward sale agreements:


	Effective Date of Forward Sale Agreements	Shares of Common Stock Issued	Gross Sales Price	Forward Sellers Fees	Forward Sale Price per Share	Cash Proceeds at Settlement
			(Dollars In Thousands, Except Per Share Data)
Forward sale agreements settled in November 2023:
	June 2023	205,990	$10,524	$105
	June 2023	730,614	$37,375	$374
Total		936,604			$50.69	$47,786

Forward sale agreements settled in December 2023:
	November 2023	1,706,234	$84,000	$840
Total		1,706,234			$48.74	$83,312

Forward sale agreements settled in May 2025:
	December 2023	5,506,492	$280,459	$2,805
	March 2024	569,844	$29,318	$293
	March 2024	2,320,830	$119,153	$1,192
	May 2024	2,556,832	$142,387	$1,424
	May 2024	2,466,470	$134,396	$1,344
	June 2024	2,140,006	$114,540	$1,145
Total		15,560,474			$51.78	$805,669

Forward sale agreements settled in October 2025:
	August 2024	2,225,832	$130,393	$1,304
	August 2024	3,466,772	$205,454	$2,055
		5,692,604			$58.30	$331,873

Entergy Corporation incurred an aggregate amount of approximately $0.4 million of general issuance costs associated with the November 2023 and December 2023 settlements and an aggregate amount of approximately $1.4 million of general issuance costs associated with the May 2025 and October 2025 settlements. Entergy Corporation used the net proceeds for general corporate purposes, which included repayment of commercial paper, outstanding loans under Entergy Corporation’s revolving credit facility, and other debt.

The following forward sale agreements entered into by Entergy Corporation remain outstanding as of December 31, 2025:


Effective Date	Shares of Common Stock per Forward Sale Agreements	Maturity Date	Forward Sale Price per Share	Gross Sales Price	Forward Sellers Fees
			(Dollars In Thousands, Except Per Share Data)
September 2024	3,069,070	October 2026	$60.14	$186,266	$1,863
September 2024	888,756	October 2026	$64.22	$57,702	$577
March 2025	2,713,790	August 2026	$84.77	$232,216	$2,322

No amounts are recorded on Entergy’s balance sheet with respect to the equity offerings until settlements of the equity forward sale agreements occur.

The forward sale agreements require Entergy Corporation to, at its election prior to the maturity date, either (i) physically settle the transactions by issuing the total shares of common stock per the respective forward sale agreement to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the respective agreement (initial forward sale price) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. Each 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 respective agreement. In connection with the forward sale agreements, the forward seller, or its affiliates, borrowed from third parties and sold shares of Entergy Corporation’s common stock (gross sales price). In connection with the sale of these shares, Entergy Corporation paid the forward seller fees and these fees have not been deducted from the gross sales prices. Entergy Corporation did not receive any proceeds from such sales of borrowed shares.

In February 2026, Entergy Corporation physically settled a portion of its obligations under certain of its outstanding forward sale agreements by delivering 4,613,790 shares of common stock in exchange for cash proceeds of $346 million. The forward sale price used to determine the cash proceeds received by Entergy Corporation was calculated based on an initial forward sale price of $75.05 per share as adjusted in accordance with the forward sale agreements. Entergy Corporation incurred an aggregate amount of approximately $0.2 million of general issuance costs associated with the settlement.

Equity Forward Sale Agreements

In March 2025, Entergy Corporation 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 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 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 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 December 31, 2025, Entergy Corporation would have been required to deliver 2.0 million shares.

Retained Earnings and Dividends

Entergy Corporation received dividend payments and distributions from subsidiaries totaling $52 million in 2025, $484 million in 2024, and $189 million in 2023.

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 years ended December 31, 2025 and 2024:


	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$42,769	($162,460)

Other comprehensive loss before reclassifications	(28,975)	(31,676)
Amounts reclassified from accumulated other comprehensive income (loss)	(16,800)	236,905
Net other comprehensive income (loss) for the period	(45,775)	205,229

Ending balance, December 31,	($3,006)	$42,769

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


	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$53,658	$54,798

Other comprehensive income (loss) before reclassifications	(12,923)	6,953
Amounts reclassified from accumulated other comprehensive income	(6,819)	(8,093)
Net other comprehensive loss for the period	(19,742)	(1,140)

Ending balance, December 31,	$33,916	$53,658

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the years ended December 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	$13,854	$13,896	(a)
Amortization of net gain	9,644	7,327	(a)
Settlement loss	(420)	(319,978)	(a)
Total amortization and settlement loss	23,078	(298,755)
Income taxes	(6,278)	61,850	Income taxes
Total amortization and settlement loss (net of tax)	$16,800	($236,905)

Total reclassifications for the period (net of tax)	$16,800	($236,905)

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Total reclassifications out of accumulated other comprehensive income (AOCI) for Entergy Louisiana for the years ended December 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	$4,545	$4,544	(a)
Amortization of net gain	6,249	6,533	(a)
Settlement loss	(106)	(2)	(a)
Total amortization and settlement loss	10,688	11,075
Income taxes	(3,869)	(2,982)	Income taxes
Total amortization and settlement loss (net of tax)	6,819	8,093

Total reclassifications for the period (net of tax)	$6,819	$8,093

(a)These accumulated other comprehensive income components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Common Equity Disclosure [Text Block]

COMMON EQUITY (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Common Stock

On October 30, 2024, Entergy’s board of directors approved a two-for-one forward stock split of Entergy Corporation common stock (the stock split). On December 12, 2024, Entergy effected the stock split and a proportionate increase in the number of authorized shares of its common stock. Shares began trading on a split-adjusted basis at market open on December 13, 2024. All share and per-share amounts presented herein reflect the stock split completed in December 2024.

The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated income statements:


	For the Years Ended December 31,
	2025		2024		2023
	(Dollars In Thousands, Except Per Share Data; Shares in Millions)
		$/share		$/share		$/share
Consolidated net income	$1,773,328		$1,061,184		$2,362,310
Less: Preferred dividend requirements of subsidiaries and noncontrolling interests	15,056		5,594		5,774
Net income attributable to Entergy Corporation	$1,758,272		$1,055,590		$2,356,536
Basic shares and earnings per average common share	442.0	$3.98	427.7	$2.47	423.1	$5.57
Average dilutive effect of:
Stock options	1.0	(0.01)	0.6	—	0.6	(0.01)
Other equity plans	1.5	(0.02)	1.3	(0.01)	1.1	(0.01)
Equity forwards	5.7	(0.04)	2.0	(0.01)	—	—
Diluted shares and earnings per average common share	450.2	$3.91	431.6	$2.45	424.8	$5.55

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 335,625 stock options

outstanding in 2025, 1,857,250 stock options outstanding in 2024, and 2,359,923 stock options outstanding in 2023 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 sale price. The calculation of diluted earnings per share excluded 676,056 shares in 2025, 2,373,682 shares in 2024, and 3,525,418 shares in 2023 under forward sale agreements outstanding because their effect would have been antidilutive.

Common stock and treasury stock shares activity for Entergy for 2025, 2024, and 2023 is as follows:


	2025		2024		2023
	Common Shares Issued	Treasury Shares	Common Shares Issued	Treasury Shares	Common Shares Issued	Treasury Shares
Beginning Balance, January 1	561,950,696	132,370,280	561,950,696	136,253,556	559,307,858	136,954,858
Issuances:
Equity Distribution Program	21,253,078	—	—	—	2,642,838	—
Employee Stock-Based Compensation Plans	—	(1,462,900)	—	(3,855,200)	—	(673,242)
Directors’ Plan	—	(42,971)	—	(28,076)	—	(28,060)
Ending Balance, December 31	583,203,774	130,864,409	561,950,696	132,370,280	561,950,696	136,253,556

Entergy Corporation reissues treasury shares to meet the requirements of the Stock Plan for Outside Directors (Directors’ Plan), the three equity plans of Entergy Corporation and Subsidiaries, and certain other stock benefit plans. The Directors’ Plan awards to non-employee directors a portion of their compensation in the form of a fixed dollar value of shares of Entergy Corporation common stock.

In October 2010 the Board granted authority for a $500 million share repurchase program. As of December 31, 2025, $350 million of authority remains under the $500 million share repurchase program.

Dividends declared per common share were $2.44 in 2025, $2.30 in 2024, and $2.17 in 2023.

System Energy paid its parent, Entergy Corporation, distributions out of its common stock of $50 million in 2025, $108 million in 2024, and $170 million in 2023.

Equity Distribution Program

In January 2021, Entergy Corporation entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy Corporation may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy Corporation common stock, Entergy Corporation may enter into forward sale agreements for the sale of its common stock. In February 2025, pursuant to the terms of the equity distribution sales agreement, Entergy Corporation increased the aggregate gross sales price authorized under its at the market equity distribution program by an additional $1.5 billion. The aggregate number of shares of common stock sold under this equity distribution sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $4.5 billion. As of December 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 years ended December 31, 2025, 2024, and 2023, there were no shares of common stock directly issued under the at the market equity distribution program.

There were no settlements of forward sale agreements for the year ended December 31, 2024. During the years ended December 31, 2025 and 2023, Entergy Corporation physically settled its obligations under the following forward sale agreements:


	Effective Date of Forward Sale Agreements	Shares of Common Stock Issued	Gross Sales Price	Forward Sellers Fees	Forward Sale Price per Share	Cash Proceeds at Settlement
			(Dollars In Thousands, Except Per Share Data)
Forward sale agreements settled in November 2023:
	June 2023	205,990	$10,524	$105
	June 2023	730,614	$37,375	$374
Total		936,604			$50.69	$47,786

Forward sale agreements settled in December 2023:
	November 2023	1,706,234	$84,000	$840
Total		1,706,234			$48.74	$83,312

Forward sale agreements settled in May 2025:
	December 2023	5,506,492	$280,459	$2,805
	March 2024	569,844	$29,318	$293
	March 2024	2,320,830	$119,153	$1,192
	May 2024	2,556,832	$142,387	$1,424
	May 2024	2,466,470	$134,396	$1,344
	June 2024	2,140,006	$114,540	$1,145
Total		15,560,474			$51.78	$805,669

Forward sale agreements settled in October 2025:
	August 2024	2,225,832	$130,393	$1,304
	August 2024	3,466,772	$205,454	$2,055
		5,692,604			$58.30	$331,873

Entergy Corporation incurred an aggregate amount of approximately $0.4 million of general issuance costs associated with the November 2023 and December 2023 settlements and an aggregate amount of approximately $1.4 million of general issuance costs associated with the May 2025 and October 2025 settlements. Entergy Corporation used the net proceeds for general corporate purposes, which included repayment of commercial paper, outstanding loans under Entergy Corporation’s revolving credit facility, and other debt.

The following forward sale agreements entered into by Entergy Corporation remain outstanding as of December 31, 2025:


Effective Date	Shares of Common Stock per Forward Sale Agreements	Maturity Date	Forward Sale Price per Share	Gross Sales Price	Forward Sellers Fees
			(Dollars In Thousands, Except Per Share Data)
September 2024	3,069,070	October 2026	$60.14	$186,266	$1,863
September 2024	888,756	October 2026	$64.22	$57,702	$577
March 2025	2,713,790	August 2026	$84.77	$232,216	$2,322

No amounts are recorded on Entergy’s balance sheet with respect to the equity offerings until settlements of the equity forward sale agreements occur.

The forward sale agreements require Entergy Corporation to, at its election prior to the maturity date, either (i) physically settle the transactions by issuing the total shares of common stock per the respective forward sale agreement to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the respective agreement (initial forward sale price) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. Each 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 respective agreement. In connection with the forward sale agreements, the forward seller, or its affiliates, borrowed from third parties and sold shares of Entergy Corporation’s common stock (gross sales price). In connection with the sale of these shares, Entergy Corporation paid the forward seller fees and these fees have not been deducted from the gross sales prices. Entergy Corporation did not receive any proceeds from such sales of borrowed shares.

In February 2026, Entergy Corporation physically settled a portion of its obligations under certain of its outstanding forward sale agreements by delivering 4,613,790 shares of common stock in exchange for cash proceeds of $346 million. The forward sale price used to determine the cash proceeds received by Entergy Corporation was calculated based on an initial forward sale price of $75.05 per share as adjusted in accordance with the forward sale agreements. Entergy Corporation incurred an aggregate amount of approximately $0.2 million of general issuance costs associated with the settlement.

Equity Forward Sale Agreements

In March 2025, Entergy Corporation 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 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 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 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 December 31, 2025, Entergy Corporation would have been required to deliver 2.0 million shares.

Retained Earnings and Dividends

Entergy Corporation received dividend payments and distributions from subsidiaries totaling $52 million in 2025, $484 million in 2024, and $189 million in 2023.

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 years ended December 31, 2025 and 2024:


	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$42,769	($162,460)

Other comprehensive loss before reclassifications	(28,975)	(31,676)
Amounts reclassified from accumulated other comprehensive income (loss)	(16,800)	236,905
Net other comprehensive income (loss) for the period	(45,775)	205,229

Ending balance, December 31,	($3,006)	$42,769

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


	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$53,658	$54,798

Other comprehensive income (loss) before reclassifications	(12,923)	6,953
Amounts reclassified from accumulated other comprehensive income	(6,819)	(8,093)
Net other comprehensive loss for the period	(19,742)	(1,140)

Ending balance, December 31,	$33,916	$53,658

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the years ended December 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	$13,854	$13,896	(a)
Amortization of net gain	9,644	7,327	(a)
Settlement loss	(420)	(319,978)	(a)
Total amortization and settlement loss	23,078	(298,755)
Income taxes	(6,278)	61,850	Income taxes
Total amortization and settlement loss (net of tax)	$16,800	($236,905)

Total reclassifications for the period (net of tax)	$16,800	($236,905)

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Total reclassifications out of accumulated other comprehensive income (AOCI) for Entergy Louisiana for the years ended December 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	$4,545	$4,544	(a)
Amortization of net gain	6,249	6,533	(a)
Settlement loss	(106)	(2)	(a)
Total amortization and settlement loss	10,688	11,075
Income taxes	(3,869)	(2,982)	Income taxes
Total amortization and settlement loss (net of tax)	6,819	8,093

Total reclassifications for the period (net of tax)	$6,819	$8,093

(a)These accumulated other comprehensive income components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Common Equity Disclosure [Text Block]

COMMON EQUITY (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Common Stock

On October 30, 2024, Entergy’s board of directors approved a two-for-one forward stock split of Entergy Corporation common stock (the stock split). On December 12, 2024, Entergy effected the stock split and a proportionate increase in the number of authorized shares of its common stock. Shares began trading on a split-adjusted basis at market open on December 13, 2024. All share and per-share amounts presented herein reflect the stock split completed in December 2024.

The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated income statements:


	For the Years Ended December 31,
	2025		2024		2023
	(Dollars In Thousands, Except Per Share Data; Shares in Millions)
		$/share		$/share		$/share
Consolidated net income	$1,773,328		$1,061,184		$2,362,310
Less: Preferred dividend requirements of subsidiaries and noncontrolling interests	15,056		5,594		5,774
Net income attributable to Entergy Corporation	$1,758,272		$1,055,590		$2,356,536
Basic shares and earnings per average common share	442.0	$3.98	427.7	$2.47	423.1	$5.57
Average dilutive effect of:
Stock options	1.0	(0.01)	0.6	—	0.6	(0.01)
Other equity plans	1.5	(0.02)	1.3	(0.01)	1.1	(0.01)
Equity forwards	5.7	(0.04)	2.0	(0.01)	—	—
Diluted shares and earnings per average common share	450.2	$3.91	431.6	$2.45	424.8	$5.55

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 335,625 stock options

outstanding in 2025, 1,857,250 stock options outstanding in 2024, and 2,359,923 stock options outstanding in 2023 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 sale price. The calculation of diluted earnings per share excluded 676,056 shares in 2025, 2,373,682 shares in 2024, and 3,525,418 shares in 2023 under forward sale agreements outstanding because their effect would have been antidilutive.

Common stock and treasury stock shares activity for Entergy for 2025, 2024, and 2023 is as follows:


	2025		2024		2023
	Common Shares Issued	Treasury Shares	Common Shares Issued	Treasury Shares	Common Shares Issued	Treasury Shares
Beginning Balance, January 1	561,950,696	132,370,280	561,950,696	136,253,556	559,307,858	136,954,858
Issuances:
Equity Distribution Program	21,253,078	—	—	—	2,642,838	—
Employee Stock-Based Compensation Plans	—	(1,462,900)	—	(3,855,200)	—	(673,242)
Directors’ Plan	—	(42,971)	—	(28,076)	—	(28,060)
Ending Balance, December 31	583,203,774	130,864,409	561,950,696	132,370,280	561,950,696	136,253,556

Entergy Corporation reissues treasury shares to meet the requirements of the Stock Plan for Outside Directors (Directors’ Plan), the three equity plans of Entergy Corporation and Subsidiaries, and certain other stock benefit plans. The Directors’ Plan awards to non-employee directors a portion of their compensation in the form of a fixed dollar value of shares of Entergy Corporation common stock.

In October 2010 the Board granted authority for a $500 million share repurchase program. As of December 31, 2025, $350 million of authority remains under the $500 million share repurchase program.

Dividends declared per common share were $2.44 in 2025, $2.30 in 2024, and $2.17 in 2023.

System Energy paid its parent, Entergy Corporation, distributions out of its common stock of $50 million in 2025, $108 million in 2024, and $170 million in 2023.

Equity Distribution Program

In January 2021, Entergy Corporation entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy Corporation may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy Corporation common stock, Entergy Corporation may enter into forward sale agreements for the sale of its common stock. In February 2025, pursuant to the terms of the equity distribution sales agreement, Entergy Corporation increased the aggregate gross sales price authorized under its at the market equity distribution program by an additional $1.5 billion. The aggregate number of shares of common stock sold under this equity distribution sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $4.5 billion. As of December 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 years ended December 31, 2025, 2024, and 2023, there were no shares of common stock directly issued under the at the market equity distribution program.

There were no settlements of forward sale agreements for the year ended December 31, 2024. During the years ended December 31, 2025 and 2023, Entergy Corporation physically settled its obligations under the following forward sale agreements:


	Effective Date of Forward Sale Agreements	Shares of Common Stock Issued	Gross Sales Price	Forward Sellers Fees	Forward Sale Price per Share	Cash Proceeds at Settlement
			(Dollars In Thousands, Except Per Share Data)
Forward sale agreements settled in November 2023:
	June 2023	205,990	$10,524	$105
	June 2023	730,614	$37,375	$374
Total		936,604			$50.69	$47,786

Forward sale agreements settled in December 2023:
	November 2023	1,706,234	$84,000	$840
Total		1,706,234			$48.74	$83,312

Forward sale agreements settled in May 2025:
	December 2023	5,506,492	$280,459	$2,805
	March 2024	569,844	$29,318	$293
	March 2024	2,320,830	$119,153	$1,192
	May 2024	2,556,832	$142,387	$1,424
	May 2024	2,466,470	$134,396	$1,344
	June 2024	2,140,006	$114,540	$1,145
Total		15,560,474			$51.78	$805,669

Forward sale agreements settled in October 2025:
	August 2024	2,225,832	$130,393	$1,304
	August 2024	3,466,772	$205,454	$2,055
		5,692,604			$58.30	$331,873

Entergy Corporation incurred an aggregate amount of approximately $0.4 million of general issuance costs associated with the November 2023 and December 2023 settlements and an aggregate amount of approximately $1.4 million of general issuance costs associated with the May 2025 and October 2025 settlements. Entergy Corporation used the net proceeds for general corporate purposes, which included repayment of commercial paper, outstanding loans under Entergy Corporation’s revolving credit facility, and other debt.

The following forward sale agreements entered into by Entergy Corporation remain outstanding as of December 31, 2025:


Effective Date	Shares of Common Stock per Forward Sale Agreements	Maturity Date	Forward Sale Price per Share	Gross Sales Price	Forward Sellers Fees
			(Dollars In Thousands, Except Per Share Data)
September 2024	3,069,070	October 2026	$60.14	$186,266	$1,863
September 2024	888,756	October 2026	$64.22	$57,702	$577
March 2025	2,713,790	August 2026	$84.77	$232,216	$2,322

No amounts are recorded on Entergy’s balance sheet with respect to the equity offerings until settlements of the equity forward sale agreements occur.

The forward sale agreements require Entergy Corporation to, at its election prior to the maturity date, either (i) physically settle the transactions by issuing the total shares of common stock per the respective forward sale agreement to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the respective agreement (initial forward sale price) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. Each 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 respective agreement. In connection with the forward sale agreements, the forward seller, or its affiliates, borrowed from third parties and sold shares of Entergy Corporation’s common stock (gross sales price). In connection with the sale of these shares, Entergy Corporation paid the forward seller fees and these fees have not been deducted from the gross sales prices. Entergy Corporation did not receive any proceeds from such sales of borrowed shares.

In February 2026, Entergy Corporation physically settled a portion of its obligations under certain of its outstanding forward sale agreements by delivering 4,613,790 shares of common stock in exchange for cash proceeds of $346 million. The forward sale price used to determine the cash proceeds received by Entergy Corporation was calculated based on an initial forward sale price of $75.05 per share as adjusted in accordance with the forward sale agreements. Entergy Corporation incurred an aggregate amount of approximately $0.2 million of general issuance costs associated with the settlement.

Equity Forward Sale Agreements

In March 2025, Entergy Corporation 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 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 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 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 December 31, 2025, Entergy Corporation would have been required to deliver 2.0 million shares.

Retained Earnings and Dividends

Entergy Corporation received dividend payments and distributions from subsidiaries totaling $52 million in 2025, $484 million in 2024, and $189 million in 2023.

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 years ended December 31, 2025 and 2024:


	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$42,769	($162,460)

Other comprehensive loss before reclassifications	(28,975)	(31,676)
Amounts reclassified from accumulated other comprehensive income (loss)	(16,800)	236,905
Net other comprehensive income (loss) for the period	(45,775)	205,229

Ending balance, December 31,	($3,006)	$42,769

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


	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$53,658	$54,798

Other comprehensive income (loss) before reclassifications	(12,923)	6,953
Amounts reclassified from accumulated other comprehensive income	(6,819)	(8,093)
Net other comprehensive loss for the period	(19,742)	(1,140)

Ending balance, December 31,	$33,916	$53,658

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the years ended December 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	$13,854	$13,896	(a)
Amortization of net gain	9,644	7,327	(a)
Settlement loss	(420)	(319,978)	(a)
Total amortization and settlement loss	23,078	(298,755)
Income taxes	(6,278)	61,850	Income taxes
Total amortization and settlement loss (net of tax)	$16,800	($236,905)

Total reclassifications for the period (net of tax)	$16,800	($236,905)

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Total reclassifications out of accumulated other comprehensive income (AOCI) for Entergy Louisiana for the years ended December 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	$4,545	$4,544	(a)
Amortization of net gain	6,249	6,533	(a)
Settlement loss	(106)	(2)	(a)
Total amortization and settlement loss	10,688	11,075
Income taxes	(3,869)	(2,982)	Income taxes
Total amortization and settlement loss (net of tax)	6,819	8,093

Total reclassifications for the period (net of tax)	$6,819	$8,093

(a)These accumulated other comprehensive income components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Common Equity Disclosure [Text Block]

COMMON EQUITY (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Common Stock

On October 30, 2024, Entergy’s board of directors approved a two-for-one forward stock split of Entergy Corporation common stock (the stock split). On December 12, 2024, Entergy effected the stock split and a proportionate increase in the number of authorized shares of its common stock. Shares began trading on a split-adjusted basis at market open on December 13, 2024. All share and per-share amounts presented herein reflect the stock split completed in December 2024.

The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated income statements:


	For the Years Ended December 31,
	2025		2024		2023
	(Dollars In Thousands, Except Per Share Data; Shares in Millions)
		$/share		$/share		$/share
Consolidated net income	$1,773,328		$1,061,184		$2,362,310
Less: Preferred dividend requirements of subsidiaries and noncontrolling interests	15,056		5,594		5,774
Net income attributable to Entergy Corporation	$1,758,272		$1,055,590		$2,356,536
Basic shares and earnings per average common share	442.0	$3.98	427.7	$2.47	423.1	$5.57
Average dilutive effect of:
Stock options	1.0	(0.01)	0.6	—	0.6	(0.01)
Other equity plans	1.5	(0.02)	1.3	(0.01)	1.1	(0.01)
Equity forwards	5.7	(0.04)	2.0	(0.01)	—	—
Diluted shares and earnings per average common share	450.2	$3.91	431.6	$2.45	424.8	$5.55

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 335,625 stock options

outstanding in 2025, 1,857,250 stock options outstanding in 2024, and 2,359,923 stock options outstanding in 2023 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 sale price. The calculation of diluted earnings per share excluded 676,056 shares in 2025, 2,373,682 shares in 2024, and 3,525,418 shares in 2023 under forward sale agreements outstanding because their effect would have been antidilutive.

Common stock and treasury stock shares activity for Entergy for 2025, 2024, and 2023 is as follows:


	2025		2024		2023
	Common Shares Issued	Treasury Shares	Common Shares Issued	Treasury Shares	Common Shares Issued	Treasury Shares
Beginning Balance, January 1	561,950,696	132,370,280	561,950,696	136,253,556	559,307,858	136,954,858
Issuances:
Equity Distribution Program	21,253,078	—	—	—	2,642,838	—
Employee Stock-Based Compensation Plans	—	(1,462,900)	—	(3,855,200)	—	(673,242)
Directors’ Plan	—	(42,971)	—	(28,076)	—	(28,060)
Ending Balance, December 31	583,203,774	130,864,409	561,950,696	132,370,280	561,950,696	136,253,556

Entergy Corporation reissues treasury shares to meet the requirements of the Stock Plan for Outside Directors (Directors’ Plan), the three equity plans of Entergy Corporation and Subsidiaries, and certain other stock benefit plans. The Directors’ Plan awards to non-employee directors a portion of their compensation in the form of a fixed dollar value of shares of Entergy Corporation common stock.

In October 2010 the Board granted authority for a $500 million share repurchase program. As of December 31, 2025, $350 million of authority remains under the $500 million share repurchase program.

Dividends declared per common share were $2.44 in 2025, $2.30 in 2024, and $2.17 in 2023.

System Energy paid its parent, Entergy Corporation, distributions out of its common stock of $50 million in 2025, $108 million in 2024, and $170 million in 2023.

Equity Distribution Program

In January 2021, Entergy Corporation entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy Corporation may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy Corporation common stock, Entergy Corporation may enter into forward sale agreements for the sale of its common stock. In February 2025, pursuant to the terms of the equity distribution sales agreement, Entergy Corporation increased the aggregate gross sales price authorized under its at the market equity distribution program by an additional $1.5 billion. The aggregate number of shares of common stock sold under this equity distribution sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $4.5 billion. As of December 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 years ended December 31, 2025, 2024, and 2023, there were no shares of common stock directly issued under the at the market equity distribution program.

There were no settlements of forward sale agreements for the year ended December 31, 2024. During the years ended December 31, 2025 and 2023, Entergy Corporation physically settled its obligations under the following forward sale agreements:


	Effective Date of Forward Sale Agreements	Shares of Common Stock Issued	Gross Sales Price	Forward Sellers Fees	Forward Sale Price per Share	Cash Proceeds at Settlement
			(Dollars In Thousands, Except Per Share Data)
Forward sale agreements settled in November 2023:
	June 2023	205,990	$10,524	$105
	June 2023	730,614	$37,375	$374
Total		936,604			$50.69	$47,786

Forward sale agreements settled in December 2023:
	November 2023	1,706,234	$84,000	$840
Total		1,706,234			$48.74	$83,312

Forward sale agreements settled in May 2025:
	December 2023	5,506,492	$280,459	$2,805
	March 2024	569,844	$29,318	$293
	March 2024	2,320,830	$119,153	$1,192
	May 2024	2,556,832	$142,387	$1,424
	May 2024	2,466,470	$134,396	$1,344
	June 2024	2,140,006	$114,540	$1,145
Total		15,560,474			$51.78	$805,669

Forward sale agreements settled in October 2025:
	August 2024	2,225,832	$130,393	$1,304
	August 2024	3,466,772	$205,454	$2,055
		5,692,604			$58.30	$331,873

Entergy Corporation incurred an aggregate amount of approximately $0.4 million of general issuance costs associated with the November 2023 and December 2023 settlements and an aggregate amount of approximately $1.4 million of general issuance costs associated with the May 2025 and October 2025 settlements. Entergy Corporation used the net proceeds for general corporate purposes, which included repayment of commercial paper, outstanding loans under Entergy Corporation’s revolving credit facility, and other debt.

The following forward sale agreements entered into by Entergy Corporation remain outstanding as of December 31, 2025:


Effective Date	Shares of Common Stock per Forward Sale Agreements	Maturity Date	Forward Sale Price per Share	Gross Sales Price	Forward Sellers Fees
			(Dollars In Thousands, Except Per Share Data)
September 2024	3,069,070	October 2026	$60.14	$186,266	$1,863
September 2024	888,756	October 2026	$64.22	$57,702	$577
March 2025	2,713,790	August 2026	$84.77	$232,216	$2,322

No amounts are recorded on Entergy’s balance sheet with respect to the equity offerings until settlements of the equity forward sale agreements occur.

The forward sale agreements require Entergy Corporation to, at its election prior to the maturity date, either (i) physically settle the transactions by issuing the total shares of common stock per the respective forward sale agreement to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the respective agreement (initial forward sale price) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. Each 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 respective agreement. In connection with the forward sale agreements, the forward seller, or its affiliates, borrowed from third parties and sold shares of Entergy Corporation’s common stock (gross sales price). In connection with the sale of these shares, Entergy Corporation paid the forward seller fees and these fees have not been deducted from the gross sales prices. Entergy Corporation did not receive any proceeds from such sales of borrowed shares.

In February 2026, Entergy Corporation physically settled a portion of its obligations under certain of its outstanding forward sale agreements by delivering 4,613,790 shares of common stock in exchange for cash proceeds of $346 million. The forward sale price used to determine the cash proceeds received by Entergy Corporation was calculated based on an initial forward sale price of $75.05 per share as adjusted in accordance with the forward sale agreements. Entergy Corporation incurred an aggregate amount of approximately $0.2 million of general issuance costs associated with the settlement.

Equity Forward Sale Agreements

In March 2025, Entergy Corporation 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 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 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 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 December 31, 2025, Entergy Corporation would have been required to deliver 2.0 million shares.

Retained Earnings and Dividends

Entergy Corporation received dividend payments and distributions from subsidiaries totaling $52 million in 2025, $484 million in 2024, and $189 million in 2023.

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 years ended December 31, 2025 and 2024:


	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$42,769	($162,460)

Other comprehensive loss before reclassifications	(28,975)	(31,676)
Amounts reclassified from accumulated other comprehensive income (loss)	(16,800)	236,905
Net other comprehensive income (loss) for the period	(45,775)	205,229

Ending balance, December 31,	($3,006)	$42,769

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


	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$53,658	$54,798

Other comprehensive income (loss) before reclassifications	(12,923)	6,953
Amounts reclassified from accumulated other comprehensive income	(6,819)	(8,093)
Net other comprehensive loss for the period	(19,742)	(1,140)

Ending balance, December 31,	$33,916	$53,658

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the years ended December 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	$13,854	$13,896	(a)
Amortization of net gain	9,644	7,327	(a)
Settlement loss	(420)	(319,978)	(a)
Total amortization and settlement loss	23,078	(298,755)
Income taxes	(6,278)	61,850	Income taxes
Total amortization and settlement loss (net of tax)	$16,800	($236,905)

Total reclassifications for the period (net of tax)	$16,800	($236,905)

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Total reclassifications out of accumulated other comprehensive income (AOCI) for Entergy Louisiana for the years ended December 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	$4,545	$4,544	(a)
Amortization of net gain	6,249	6,533	(a)
Settlement loss	(106)	(2)	(a)
Total amortization and settlement loss	10,688	11,075
Income taxes	(3,869)	(2,982)	Income taxes
Total amortization and settlement loss (net of tax)	6,819	8,093

Total reclassifications for the period (net of tax)	$6,819	$8,093

(a)These accumulated other comprehensive income components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Common Equity Disclosure [Text Block]

COMMON EQUITY (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Common Stock

On October 30, 2024, Entergy’s board of directors approved a two-for-one forward stock split of Entergy Corporation common stock (the stock split). On December 12, 2024, Entergy effected the stock split and a proportionate increase in the number of authorized shares of its common stock. Shares began trading on a split-adjusted basis at market open on December 13, 2024. All share and per-share amounts presented herein reflect the stock split completed in December 2024.

The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated income statements:


	For the Years Ended December 31,
	2025		2024		2023
	(Dollars In Thousands, Except Per Share Data; Shares in Millions)
		$/share		$/share		$/share
Consolidated net income	$1,773,328		$1,061,184		$2,362,310
Less: Preferred dividend requirements of subsidiaries and noncontrolling interests	15,056		5,594		5,774
Net income attributable to Entergy Corporation	$1,758,272		$1,055,590		$2,356,536
Basic shares and earnings per average common share	442.0	$3.98	427.7	$2.47	423.1	$5.57
Average dilutive effect of:
Stock options	1.0	(0.01)	0.6	—	0.6	(0.01)
Other equity plans	1.5	(0.02)	1.3	(0.01)	1.1	(0.01)
Equity forwards	5.7	(0.04)	2.0	(0.01)	—	—
Diluted shares and earnings per average common share	450.2	$3.91	431.6	$2.45	424.8	$5.55

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 335,625 stock options

outstanding in 2025, 1,857,250 stock options outstanding in 2024, and 2,359,923 stock options outstanding in 2023 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 sale price. The calculation of diluted earnings per share excluded 676,056 shares in 2025, 2,373,682 shares in 2024, and 3,525,418 shares in 2023 under forward sale agreements outstanding because their effect would have been antidilutive.

Common stock and treasury stock shares activity for Entergy for 2025, 2024, and 2023 is as follows:


	2025		2024		2023
	Common Shares Issued	Treasury Shares	Common Shares Issued	Treasury Shares	Common Shares Issued	Treasury Shares
Beginning Balance, January 1	561,950,696	132,370,280	561,950,696	136,253,556	559,307,858	136,954,858
Issuances:
Equity Distribution Program	21,253,078	—	—	—	2,642,838	—
Employee Stock-Based Compensation Plans	—	(1,462,900)	—	(3,855,200)	—	(673,242)
Directors’ Plan	—	(42,971)	—	(28,076)	—	(28,060)
Ending Balance, December 31	583,203,774	130,864,409	561,950,696	132,370,280	561,950,696	136,253,556

Entergy Corporation reissues treasury shares to meet the requirements of the Stock Plan for Outside Directors (Directors’ Plan), the three equity plans of Entergy Corporation and Subsidiaries, and certain other stock benefit plans. The Directors’ Plan awards to non-employee directors a portion of their compensation in the form of a fixed dollar value of shares of Entergy Corporation common stock.

In October 2010 the Board granted authority for a $500 million share repurchase program. As of December 31, 2025, $350 million of authority remains under the $500 million share repurchase program.

Dividends declared per common share were $2.44 in 2025, $2.30 in 2024, and $2.17 in 2023.

System Energy paid its parent, Entergy Corporation, distributions out of its common stock of $50 million in 2025, $108 million in 2024, and $170 million in 2023.

Equity Distribution Program

In January 2021, Entergy Corporation entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy Corporation may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy Corporation common stock, Entergy Corporation may enter into forward sale agreements for the sale of its common stock. In February 2025, pursuant to the terms of the equity distribution sales agreement, Entergy Corporation increased the aggregate gross sales price authorized under its at the market equity distribution program by an additional $1.5 billion. The aggregate number of shares of common stock sold under this equity distribution sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $4.5 billion. As of December 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 years ended December 31, 2025, 2024, and 2023, there were no shares of common stock directly issued under the at the market equity distribution program.

There were no settlements of forward sale agreements for the year ended December 31, 2024. During the years ended December 31, 2025 and 2023, Entergy Corporation physically settled its obligations under the following forward sale agreements:


	Effective Date of Forward Sale Agreements	Shares of Common Stock Issued	Gross Sales Price	Forward Sellers Fees	Forward Sale Price per Share	Cash Proceeds at Settlement
			(Dollars In Thousands, Except Per Share Data)
Forward sale agreements settled in November 2023:
	June 2023	205,990	$10,524	$105
	June 2023	730,614	$37,375	$374
Total		936,604			$50.69	$47,786

Forward sale agreements settled in December 2023:
	November 2023	1,706,234	$84,000	$840
Total		1,706,234			$48.74	$83,312

Forward sale agreements settled in May 2025:
	December 2023	5,506,492	$280,459	$2,805
	March 2024	569,844	$29,318	$293
	March 2024	2,320,830	$119,153	$1,192
	May 2024	2,556,832	$142,387	$1,424
	May 2024	2,466,470	$134,396	$1,344
	June 2024	2,140,006	$114,540	$1,145
Total		15,560,474			$51.78	$805,669

Forward sale agreements settled in October 2025:
	August 2024	2,225,832	$130,393	$1,304
	August 2024	3,466,772	$205,454	$2,055
		5,692,604			$58.30	$331,873

Entergy Corporation incurred an aggregate amount of approximately $0.4 million of general issuance costs associated with the November 2023 and December 2023 settlements and an aggregate amount of approximately $1.4 million of general issuance costs associated with the May 2025 and October 2025 settlements. Entergy Corporation used the net proceeds for general corporate purposes, which included repayment of commercial paper, outstanding loans under Entergy Corporation’s revolving credit facility, and other debt.

The following forward sale agreements entered into by Entergy Corporation remain outstanding as of December 31, 2025:


Effective Date	Shares of Common Stock per Forward Sale Agreements	Maturity Date	Forward Sale Price per Share	Gross Sales Price	Forward Sellers Fees
			(Dollars In Thousands, Except Per Share Data)
September 2024	3,069,070	October 2026	$60.14	$186,266	$1,863
September 2024	888,756	October 2026	$64.22	$57,702	$577
March 2025	2,713,790	August 2026	$84.77	$232,216	$2,322

No amounts are recorded on Entergy’s balance sheet with respect to the equity offerings until settlements of the equity forward sale agreements occur.

The forward sale agreements require Entergy Corporation to, at its election prior to the maturity date, either (i) physically settle the transactions by issuing the total shares of common stock per the respective forward sale agreement to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the respective agreement (initial forward sale price) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. Each 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 respective agreement. In connection with the forward sale agreements, the forward seller, or its affiliates, borrowed from third parties and sold shares of Entergy Corporation’s common stock (gross sales price). In connection with the sale of these shares, Entergy Corporation paid the forward seller fees and these fees have not been deducted from the gross sales prices. Entergy Corporation did not receive any proceeds from such sales of borrowed shares.

In February 2026, Entergy Corporation physically settled a portion of its obligations under certain of its outstanding forward sale agreements by delivering 4,613,790 shares of common stock in exchange for cash proceeds of $346 million. The forward sale price used to determine the cash proceeds received by Entergy Corporation was calculated based on an initial forward sale price of $75.05 per share as adjusted in accordance with the forward sale agreements. Entergy Corporation incurred an aggregate amount of approximately $0.2 million of general issuance costs associated with the settlement.

Equity Forward Sale Agreements

In March 2025, Entergy Corporation 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 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 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 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 December 31, 2025, Entergy Corporation would have been required to deliver 2.0 million shares.

Retained Earnings and Dividends

Entergy Corporation received dividend payments and distributions from subsidiaries totaling $52 million in 2025, $484 million in 2024, and $189 million in 2023.

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 years ended December 31, 2025 and 2024:


	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$42,769	($162,460)

Other comprehensive loss before reclassifications	(28,975)	(31,676)
Amounts reclassified from accumulated other comprehensive income (loss)	(16,800)	236,905
Net other comprehensive income (loss) for the period	(45,775)	205,229

Ending balance, December 31,	($3,006)	$42,769

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


	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$53,658	$54,798

Other comprehensive income (loss) before reclassifications	(12,923)	6,953
Amounts reclassified from accumulated other comprehensive income	(6,819)	(8,093)
Net other comprehensive loss for the period	(19,742)	(1,140)

Ending balance, December 31,	$33,916	$53,658

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the years ended December 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	$13,854	$13,896	(a)
Amortization of net gain	9,644	7,327	(a)
Settlement loss	(420)	(319,978)	(a)
Total amortization and settlement loss	23,078	(298,755)
Income taxes	(6,278)	61,850	Income taxes
Total amortization and settlement loss (net of tax)	$16,800	($236,905)

Total reclassifications for the period (net of tax)	$16,800	($236,905)

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Total reclassifications out of accumulated other comprehensive income (AOCI) for Entergy Louisiana for the years ended December 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	$4,545	$4,544	(a)
Amortization of net gain	6,249	6,533	(a)
Settlement loss	(106)	(2)	(a)
Total amortization and settlement loss	10,688	11,075
Income taxes	(3,869)	(2,982)	Income taxes
Total amortization and settlement loss (net of tax)	6,819	8,093

Total reclassifications for the period (net of tax)	$6,819	$8,093

(a)These accumulated other comprehensive income components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Common Equity Disclosure [Text Block]

COMMON EQUITY (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Common Stock

On October 30, 2024, Entergy’s board of directors approved a two-for-one forward stock split of Entergy Corporation common stock (the stock split). On December 12, 2024, Entergy effected the stock split and a proportionate increase in the number of authorized shares of its common stock. Shares began trading on a split-adjusted basis at market open on December 13, 2024. All share and per-share amounts presented herein reflect the stock split completed in December 2024.

The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated income statements:


	For the Years Ended December 31,
	2025		2024		2023
	(Dollars In Thousands, Except Per Share Data; Shares in Millions)
		$/share		$/share		$/share
Consolidated net income	$1,773,328		$1,061,184		$2,362,310
Less: Preferred dividend requirements of subsidiaries and noncontrolling interests	15,056		5,594		5,774
Net income attributable to Entergy Corporation	$1,758,272		$1,055,590		$2,356,536
Basic shares and earnings per average common share	442.0	$3.98	427.7	$2.47	423.1	$5.57
Average dilutive effect of:
Stock options	1.0	(0.01)	0.6	—	0.6	(0.01)
Other equity plans	1.5	(0.02)	1.3	(0.01)	1.1	(0.01)
Equity forwards	5.7	(0.04)	2.0	(0.01)	—	—
Diluted shares and earnings per average common share	450.2	$3.91	431.6	$2.45	424.8	$5.55

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 335,625 stock options

outstanding in 2025, 1,857,250 stock options outstanding in 2024, and 2,359,923 stock options outstanding in 2023 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 sale price. The calculation of diluted earnings per share excluded 676,056 shares in 2025, 2,373,682 shares in 2024, and 3,525,418 shares in 2023 under forward sale agreements outstanding because their effect would have been antidilutive.

Common stock and treasury stock shares activity for Entergy for 2025, 2024, and 2023 is as follows:


	2025		2024		2023
	Common Shares Issued	Treasury Shares	Common Shares Issued	Treasury Shares	Common Shares Issued	Treasury Shares
Beginning Balance, January 1	561,950,696	132,370,280	561,950,696	136,253,556	559,307,858	136,954,858
Issuances:
Equity Distribution Program	21,253,078	—	—	—	2,642,838	—
Employee Stock-Based Compensation Plans	—	(1,462,900)	—	(3,855,200)	—	(673,242)
Directors’ Plan	—	(42,971)	—	(28,076)	—	(28,060)
Ending Balance, December 31	583,203,774	130,864,409	561,950,696	132,370,280	561,950,696	136,253,556

Entergy Corporation reissues treasury shares to meet the requirements of the Stock Plan for Outside Directors (Directors’ Plan), the three equity plans of Entergy Corporation and Subsidiaries, and certain other stock benefit plans. The Directors’ Plan awards to non-employee directors a portion of their compensation in the form of a fixed dollar value of shares of Entergy Corporation common stock.

In October 2010 the Board granted authority for a $500 million share repurchase program. As of December 31, 2025, $350 million of authority remains under the $500 million share repurchase program.

Dividends declared per common share were $2.44 in 2025, $2.30 in 2024, and $2.17 in 2023.

System Energy paid its parent, Entergy Corporation, distributions out of its common stock of $50 million in 2025, $108 million in 2024, and $170 million in 2023.

Equity Distribution Program

In January 2021, Entergy Corporation entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy Corporation may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy Corporation common stock, Entergy Corporation may enter into forward sale agreements for the sale of its common stock. In February 2025, pursuant to the terms of the equity distribution sales agreement, Entergy Corporation increased the aggregate gross sales price authorized under its at the market equity distribution program by an additional $1.5 billion. The aggregate number of shares of common stock sold under this equity distribution sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $4.5 billion. As of December 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 years ended December 31, 2025, 2024, and 2023, there were no shares of common stock directly issued under the at the market equity distribution program.

There were no settlements of forward sale agreements for the year ended December 31, 2024. During the years ended December 31, 2025 and 2023, Entergy Corporation physically settled its obligations under the following forward sale agreements:


	Effective Date of Forward Sale Agreements	Shares of Common Stock Issued	Gross Sales Price	Forward Sellers Fees	Forward Sale Price per Share	Cash Proceeds at Settlement
			(Dollars In Thousands, Except Per Share Data)
Forward sale agreements settled in November 2023:
	June 2023	205,990	$10,524	$105
	June 2023	730,614	$37,375	$374
Total		936,604			$50.69	$47,786

Forward sale agreements settled in December 2023:
	November 2023	1,706,234	$84,000	$840
Total		1,706,234			$48.74	$83,312

Forward sale agreements settled in May 2025:
	December 2023	5,506,492	$280,459	$2,805
	March 2024	569,844	$29,318	$293
	March 2024	2,320,830	$119,153	$1,192
	May 2024	2,556,832	$142,387	$1,424
	May 2024	2,466,470	$134,396	$1,344
	June 2024	2,140,006	$114,540	$1,145
Total		15,560,474			$51.78	$805,669

Forward sale agreements settled in October 2025:
	August 2024	2,225,832	$130,393	$1,304
	August 2024	3,466,772	$205,454	$2,055
		5,692,604			$58.30	$331,873

Entergy Corporation incurred an aggregate amount of approximately $0.4 million of general issuance costs associated with the November 2023 and December 2023 settlements and an aggregate amount of approximately $1.4 million of general issuance costs associated with the May 2025 and October 2025 settlements. Entergy Corporation used the net proceeds for general corporate purposes, which included repayment of commercial paper, outstanding loans under Entergy Corporation’s revolving credit facility, and other debt.

The following forward sale agreements entered into by Entergy Corporation remain outstanding as of December 31, 2025:


Effective Date	Shares of Common Stock per Forward Sale Agreements	Maturity Date	Forward Sale Price per Share	Gross Sales Price	Forward Sellers Fees
			(Dollars In Thousands, Except Per Share Data)
September 2024	3,069,070	October 2026	$60.14	$186,266	$1,863
September 2024	888,756	October 2026	$64.22	$57,702	$577
March 2025	2,713,790	August 2026	$84.77	$232,216	$2,322

No amounts are recorded on Entergy’s balance sheet with respect to the equity offerings until settlements of the equity forward sale agreements occur.

The forward sale agreements require Entergy Corporation to, at its election prior to the maturity date, either (i) physically settle the transactions by issuing the total shares of common stock per the respective forward sale agreement to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the respective agreement (initial forward sale price) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. Each 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 respective agreement. In connection with the forward sale agreements, the forward seller, or its affiliates, borrowed from third parties and sold shares of Entergy Corporation’s common stock (gross sales price). In connection with the sale of these shares, Entergy Corporation paid the forward seller fees and these fees have not been deducted from the gross sales prices. Entergy Corporation did not receive any proceeds from such sales of borrowed shares.

In February 2026, Entergy Corporation physically settled a portion of its obligations under certain of its outstanding forward sale agreements by delivering 4,613,790 shares of common stock in exchange for cash proceeds of $346 million. The forward sale price used to determine the cash proceeds received by Entergy Corporation was calculated based on an initial forward sale price of $75.05 per share as adjusted in accordance with the forward sale agreements. Entergy Corporation incurred an aggregate amount of approximately $0.2 million of general issuance costs associated with the settlement.

Equity Forward Sale Agreements

In March 2025, Entergy Corporation 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 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 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 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 December 31, 2025, Entergy Corporation would have been required to deliver 2.0 million shares.

Retained Earnings and Dividends

Entergy Corporation received dividend payments and distributions from subsidiaries totaling $52 million in 2025, $484 million in 2024, and $189 million in 2023.

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 years ended December 31, 2025 and 2024:


	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$42,769	($162,460)

Other comprehensive loss before reclassifications	(28,975)	(31,676)
Amounts reclassified from accumulated other comprehensive income (loss)	(16,800)	236,905
Net other comprehensive income (loss) for the period	(45,775)	205,229

Ending balance, December 31,	($3,006)	$42,769

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


	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$53,658	$54,798

Other comprehensive income (loss) before reclassifications	(12,923)	6,953
Amounts reclassified from accumulated other comprehensive income	(6,819)	(8,093)
Net other comprehensive loss for the period	(19,742)	(1,140)

Ending balance, December 31,	$33,916	$53,658

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the years ended December 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	$13,854	$13,896	(a)
Amortization of net gain	9,644	7,327	(a)
Settlement loss	(420)	(319,978)	(a)
Total amortization and settlement loss	23,078	(298,755)
Income taxes	(6,278)	61,850	Income taxes
Total amortization and settlement loss (net of tax)	$16,800	($236,905)

Total reclassifications for the period (net of tax)	$16,800	($236,905)

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Total reclassifications out of accumulated other comprehensive income (AOCI) for Entergy Louisiana for the years ended December 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	$4,545	$4,544	(a)
Amortization of net gain	6,249	6,533	(a)
Settlement loss	(106)	(2)	(a)
Total amortization and settlement loss	10,688	11,075
Income taxes	(3,869)	(2,982)	Income taxes
Total amortization and settlement loss (net of tax)	6,819	8,093

Total reclassifications for the period (net of tax)	$6,819	$8,093

(a)These accumulated other comprehensive income components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Common Equity Disclosure [Text Block]

COMMON EQUITY (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Common Stock

On October 30, 2024, Entergy’s board of directors approved a two-for-one forward stock split of Entergy Corporation common stock (the stock split). On December 12, 2024, Entergy effected the stock split and a proportionate increase in the number of authorized shares of its common stock. Shares began trading on a split-adjusted basis at market open on December 13, 2024. All share and per-share amounts presented herein reflect the stock split completed in December 2024.

The following table presents Entergy’s basic and diluted earnings per share calculations included on the consolidated income statements:


	For the Years Ended December 31,
	2025		2024		2023
	(Dollars In Thousands, Except Per Share Data; Shares in Millions)
		$/share		$/share		$/share
Consolidated net income	$1,773,328		$1,061,184		$2,362,310
Less: Preferred dividend requirements of subsidiaries and noncontrolling interests	15,056		5,594		5,774
Net income attributable to Entergy Corporation	$1,758,272		$1,055,590		$2,356,536
Basic shares and earnings per average common share	442.0	$3.98	427.7	$2.47	423.1	$5.57
Average dilutive effect of:
Stock options	1.0	(0.01)	0.6	—	0.6	(0.01)
Other equity plans	1.5	(0.02)	1.3	(0.01)	1.1	(0.01)
Equity forwards	5.7	(0.04)	2.0	(0.01)	—	—
Diluted shares and earnings per average common share	450.2	$3.91	431.6	$2.45	424.8	$5.55

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 335,625 stock options

outstanding in 2025, 1,857,250 stock options outstanding in 2024, and 2,359,923 stock options outstanding in 2023 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 sale price. The calculation of diluted earnings per share excluded 676,056 shares in 2025, 2,373,682 shares in 2024, and 3,525,418 shares in 2023 under forward sale agreements outstanding because their effect would have been antidilutive.

Common stock and treasury stock shares activity for Entergy for 2025, 2024, and 2023 is as follows:


	2025		2024		2023
	Common Shares Issued	Treasury Shares	Common Shares Issued	Treasury Shares	Common Shares Issued	Treasury Shares
Beginning Balance, January 1	561,950,696	132,370,280	561,950,696	136,253,556	559,307,858	136,954,858
Issuances:
Equity Distribution Program	21,253,078	—	—	—	2,642,838	—
Employee Stock-Based Compensation Plans	—	(1,462,900)	—	(3,855,200)	—	(673,242)
Directors’ Plan	—	(42,971)	—	(28,076)	—	(28,060)
Ending Balance, December 31	583,203,774	130,864,409	561,950,696	132,370,280	561,950,696	136,253,556

Entergy Corporation reissues treasury shares to meet the requirements of the Stock Plan for Outside Directors (Directors’ Plan), the three equity plans of Entergy Corporation and Subsidiaries, and certain other stock benefit plans. The Directors’ Plan awards to non-employee directors a portion of their compensation in the form of a fixed dollar value of shares of Entergy Corporation common stock.

In October 2010 the Board granted authority for a $500 million share repurchase program. As of December 31, 2025, $350 million of authority remains under the $500 million share repurchase program.

Dividends declared per common share were $2.44 in 2025, $2.30 in 2024, and $2.17 in 2023.

System Energy paid its parent, Entergy Corporation, distributions out of its common stock of $50 million in 2025, $108 million in 2024, and $170 million in 2023.

Equity Distribution Program

In January 2021, Entergy Corporation entered into an equity distribution sales agreement with several counterparties establishing an at the market equity distribution program, pursuant to which Entergy Corporation may offer and sell from time to time shares of its common stock. The sales agreement provides that, in addition to the issuance and sale of shares of Entergy Corporation common stock, Entergy Corporation may enter into forward sale agreements for the sale of its common stock. In February 2025, pursuant to the terms of the equity distribution sales agreement, Entergy Corporation increased the aggregate gross sales price authorized under its at the market equity distribution program by an additional $1.5 billion. The aggregate number of shares of common stock sold under this equity distribution sales agreement and under any forward sale agreement may not exceed an aggregate gross sales price of $4.5 billion. As of December 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 years ended December 31, 2025, 2024, and 2023, there were no shares of common stock directly issued under the at the market equity distribution program.

There were no settlements of forward sale agreements for the year ended December 31, 2024. During the years ended December 31, 2025 and 2023, Entergy Corporation physically settled its obligations under the following forward sale agreements:


	Effective Date of Forward Sale Agreements	Shares of Common Stock Issued	Gross Sales Price	Forward Sellers Fees	Forward Sale Price per Share	Cash Proceeds at Settlement
			(Dollars In Thousands, Except Per Share Data)
Forward sale agreements settled in November 2023:
	June 2023	205,990	$10,524	$105
	June 2023	730,614	$37,375	$374
Total		936,604			$50.69	$47,786

Forward sale agreements settled in December 2023:
	November 2023	1,706,234	$84,000	$840
Total		1,706,234			$48.74	$83,312

Forward sale agreements settled in May 2025:
	December 2023	5,506,492	$280,459	$2,805
	March 2024	569,844	$29,318	$293
	March 2024	2,320,830	$119,153	$1,192
	May 2024	2,556,832	$142,387	$1,424
	May 2024	2,466,470	$134,396	$1,344
	June 2024	2,140,006	$114,540	$1,145
Total		15,560,474			$51.78	$805,669

Forward sale agreements settled in October 2025:
	August 2024	2,225,832	$130,393	$1,304
	August 2024	3,466,772	$205,454	$2,055
		5,692,604			$58.30	$331,873

Entergy Corporation incurred an aggregate amount of approximately $0.4 million of general issuance costs associated with the November 2023 and December 2023 settlements and an aggregate amount of approximately $1.4 million of general issuance costs associated with the May 2025 and October 2025 settlements. Entergy Corporation used the net proceeds for general corporate purposes, which included repayment of commercial paper, outstanding loans under Entergy Corporation’s revolving credit facility, and other debt.

The following forward sale agreements entered into by Entergy Corporation remain outstanding as of December 31, 2025:


Effective Date	Shares of Common Stock per Forward Sale Agreements	Maturity Date	Forward Sale Price per Share	Gross Sales Price	Forward Sellers Fees
			(Dollars In Thousands, Except Per Share Data)
September 2024	3,069,070	October 2026	$60.14	$186,266	$1,863
September 2024	888,756	October 2026	$64.22	$57,702	$577
March 2025	2,713,790	August 2026	$84.77	$232,216	$2,322

No amounts are recorded on Entergy’s balance sheet with respect to the equity offerings until settlements of the equity forward sale agreements occur.

The forward sale agreements require Entergy Corporation to, at its election prior to the maturity date, either (i) physically settle the transactions by issuing the total shares of common stock per the respective forward sale agreement to the forward counterparties in exchange for net proceeds at the then-applicable forward sale price specified by the respective agreement (initial forward sale price) or (ii) net settle the transactions in whole or in part through the delivery or receipt of cash or shares. Each 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 respective agreement. In connection with the forward sale agreements, the forward seller, or its affiliates, borrowed from third parties and sold shares of Entergy Corporation’s common stock (gross sales price). In connection with the sale of these shares, Entergy Corporation paid the forward seller fees and these fees have not been deducted from the gross sales prices. Entergy Corporation did not receive any proceeds from such sales of borrowed shares.

In February 2026, Entergy Corporation physically settled a portion of its obligations under certain of its outstanding forward sale agreements by delivering 4,613,790 shares of common stock in exchange for cash proceeds of $346 million. The forward sale price used to determine the cash proceeds received by Entergy Corporation was calculated based on an initial forward sale price of $75.05 per share as adjusted in accordance with the forward sale agreements. Entergy Corporation incurred an aggregate amount of approximately $0.2 million of general issuance costs associated with the settlement.

Equity Forward Sale Agreements

In March 2025, Entergy Corporation 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 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 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 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 December 31, 2025, Entergy Corporation would have been required to deliver 2.0 million shares.

Retained Earnings and Dividends

Entergy Corporation received dividend payments and distributions from subsidiaries totaling $52 million in 2025, $484 million in 2024, and $189 million in 2023.

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 years ended December 31, 2025 and 2024:


	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$42,769	($162,460)

Other comprehensive loss before reclassifications	(28,975)	(31,676)
Amounts reclassified from accumulated other comprehensive income (loss)	(16,800)	236,905
Net other comprehensive income (loss) for the period	(45,775)	205,229

Ending balance, December 31,	($3,006)	$42,769

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


	Pension and Other Postretirement Plan Changes
	2025	2024
	(In Thousands)
Beginning balance, January 1,	$53,658	$54,798

Other comprehensive income (loss) before reclassifications	(12,923)	6,953
Amounts reclassified from accumulated other comprehensive income	(6,819)	(8,093)
Net other comprehensive loss for the period	(19,742)	(1,140)

Ending balance, December 31,	$33,916	$53,658

Total reclassifications out of accumulated other comprehensive income (loss) (AOCI) for Entergy for the years ended December 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	$13,854	$13,896	(a)
Amortization of net gain	9,644	7,327	(a)
Settlement loss	(420)	(319,978)	(a)
Total amortization and settlement loss	23,078	(298,755)
Income taxes	(6,278)	61,850	Income taxes
Total amortization and settlement loss (net of tax)	$16,800	($236,905)

Total reclassifications for the period (net of tax)	$16,800	($236,905)

(a)These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.

Total reclassifications out of accumulated other comprehensive income (AOCI) for Entergy Louisiana for the years ended December 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	$4,545	$4,544	(a)
Amortization of net gain	6,249	6,533	(a)
Settlement loss	(106)	(2)	(a)
Total amortization and settlement loss	10,688	11,075
Income taxes	(3,869)	(2,982)	Income taxes
Total amortization and settlement loss (net of tax)	6,819	8,093

Total reclassifications for the period (net of tax)	$6,819	$8,093

(a)These accumulated other comprehensive income components are included in the computation of net periodic pension and other postretirement cost. See Note 11 to the financial statements for additional details.