Segment Reporting Disclosure [Text Block]

BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy has a single reportable segment, Utility, which includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and included operation of a small natural gas distribution business in portions of Louisiana through June 30, 2025. See Note 14 to the financial statements for discussion of the sale of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses on July 1, 2025. Revenue for the Utility segment is primarily derived from retail electric sales. The accounting policies of the Utility segment are the same as those described in Note 1 to the financial statements. The Utility segment reflects management’s primary basis of organization with a predominant focus on its utility operations in the Gulf South. Entergy’s chief operating decision maker is its chief executive officer. The chief operating decision maker uses Utility net income in the annual planning process and to monitor budget versus actual results on a monthly basis in assessing financial performance and in determining how to allocate resources. Parent & Other includes the parent company, Entergy Corporation, and other business activity, including Entergy’s non-utility operations business, which is an operating segment that does not meet the quantitative thresholds for determining reportable segments. Entergy’s non-utility operations business owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers and also provides decommissioning services to nuclear power plants owned by non-affiliated entities.

The following table includes operating revenues and significant expense categories regularly provided to the chief operating decision maker for the Utility segment, a reconciliation of Utility operating revenues to Entergy’s consolidated operating revenues, and a reconciliation of Utility net income to consolidated net income and net income attributable to Entergy Corporation for each of the years presented:


	2025	2024	2023
	(In Thousands)
Utility operating revenues	$12,887,921	$11,805,802	$12,022,944

Reconciliation of revenues:
Other revenues (a)	58,855	73,914	124,509
Elimination of intersegment revenues	(90)	(63)	(41)
Consolidated operating revenues	12,946,686	11,879,653	12,147,412

Less Utility expenses and other items:
Fuel, fuel-related expenses, and gas purchased for resale	2,338,347	2,214,471	2,755,793
Purchased power	1,227,715	806,646	904,184
Other operation and maintenance expenses	3,013,000	2,851,165	2,838,057
Other regulatory charges (credits) - net	(161,546)	(6,133)	(138,469)
Other Utility items (b)	4,177,829	4,109,352	3,152,475
Utility net income	2,292,576	1,830,301	2,510,904

Reconciliation of net income:
Non-cash pension settlement charge (c)	—	(319,675)	—
IRS audit resolution (d)	—	—	275,403
Income taxes on reconciling items noted above	—	66,515	—
Other loss	(223,877)	(203,097)	(125,018)
Elimination of intersegment loss	(295,371)	(312,860)	(298,979)
Consolidated net income	1,773,328	1,061,184	2,362,310
Preferred dividend requirements of subsidiaries and noncontrolling interests (e)	15,056	5,594	5,774
Net income attributable to Entergy Corporation	$1,758,272	$1,055,590	$2,356,536

(a)See Note 19 to the financial statements for discussion of other revenues.

(b)Other Utility items includes nuclear refueling outage expenses, asset write-offs, decommissioning expenses, taxes other than income taxes, depreciation and amortization expenses, other income, interest expense, and income tax expense.

(c)See Note 11 to the financial statements for discussion of the one-time non-cash pension settlement charge of $328 million, of which $8 million was recorded at Utility and $320 million was recorded at Parent & Other, resulting from a group annuity contract purchased in 2024 to settle certain pension liabilities.

(d)See Note 3 to the financial statements for discussion of the resolution of the 2016-2018 IRS audit, which included a $568 million reduction, recorded at Utility, and a $275 million reduction, recorded at Parent & Other, in income tax expense in 2023.

(e)Preferred dividend requirements of subsidiaries and noncontrolling interests is substantially derived from the Utility segment. See Note 6 to the financial statements for discussion of preferred stock and noncontrolling interests.

The following tables present segment financial information for Entergy’s single reportable segment, Utility, and a reconciliation to the corresponding consolidated amounts for Entergy Corporation.


2025	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$12,795	$—	$—	$12,795
Depreciation, amortization, and decommissioning	$2,298,610	$6,958	$—	$2,305,568
Interest and investment income	$605,003	$8,733	($296,388)	$317,348
Interest expense	$1,085,717	$251,951	($1,017)	$1,336,651
Income taxes	$551,272	($53,320)	$—	$497,952
Total assets	$75,726,104	$773,056	($4,608,430)	$71,890,730
Total expenditures for additions to long-lived assets	$8,211,445	$2,242	$—	$8,213,687


2024	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$131,775	($24,641)	$—	$107,134
Depreciation, amortization, and decommissioning	$2,226,681	$6,567	$—	$2,233,248
Interest and investment income	$592,257	$21,621	($315,013)	$298,865
Interest expense	$899,655	$253,317	($2,152)	$1,150,820
Income taxes	$515,665	($134,638)	$—	$381,027
Total assets	$68,951,564	$721,459	($4,882,991)	$64,790,032
Total expenditures for additions to long-lived assets	$5,967,739	$1,971	$—	$5,969,710


2023	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$79,962	($37,283)	$—	$42,679
Depreciation, amortization, and decommissioning	$2,045,254	$6,423	$—	$2,051,677
Interest and investment income (loss)	$443,751	$18,660	($299,685)	$162,726
Interest expense	$816,643	$190,468	($705)	$1,006,406
Income taxes	($374,847)	($315,688)	$—	($690,535)
Total assets	$63,887,038	$836,598	($5,020,240)	$59,703,396
Total expenditures for additions to long-lived assets	$4,745,918	$801	$—	$4,746,719

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

Registrant Subsidiaries

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one operating and reportable segment, an integrated utility business which includes the generation, transmission, and distribution of electric power; and included operation of a small natural gas distribution business at each of Entergy Louisiana and Entergy New Orleans through June 30, 2025. See Note 14 to the financial statements for discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July

1, 2025. Revenue for each integrated utility business is primarily derived from retail electric sales. System Energy has one operating and reportable segment, which is an electricity generation business. System Energy’s only source of revenue is the sale of electric power and capacity generated from its 90% interest in the Grand Gulf nuclear plant to Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans pursuant to the Unit Power Sales Agreement. Each of the Registrant Subsidiaries’ operations are managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. The chief operating decision maker for the Registrant Subsidiaries is the respective president and chief executive officer for the Utility operating companies and the president for System Energy. Each chief operating decision maker assesses financial performance on an entity-wide basis and decides how to allocate resources based on net income that also is reported on the income statement for each of the Registrant Subsidiaries as net income. Net income is used in the annual planning process and to monitor budget versus actual results on a monthly basis and each Registrant Subsidiary’s earned return on common equity in assessing financial performance. Each chief operating decision maker is only provided with the consolidated financial results for the respective Registrant Subsidiary. All segment financial information for the Registrant Subsidiaries is as reported on the respective financial statements for each of the Registrant Subsidiaries.

Geographic Areas

Entergy and the Registrant Subsidiaries derive substantially all revenue from inside of the United States and all long-lived assets are located within the United States.

Major Customers

Neither Entergy nor the Registrant Subsidiaries have an individual customer representing more than 10% of its respective revenues for the years ended December 31, 2025, 2024, and 2023.

Segment Reporting Disclosure [Text Block]

BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy has a single reportable segment, Utility, which includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and included operation of a small natural gas distribution business in portions of Louisiana through June 30, 2025. See Note 14 to the financial statements for discussion of the sale of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses on July 1, 2025. Revenue for the Utility segment is primarily derived from retail electric sales. The accounting policies of the Utility segment are the same as those described in Note 1 to the financial statements. The Utility segment reflects management’s primary basis of organization with a predominant focus on its utility operations in the Gulf South. Entergy’s chief operating decision maker is its chief executive officer. The chief operating decision maker uses Utility net income in the annual planning process and to monitor budget versus actual results on a monthly basis in assessing financial performance and in determining how to allocate resources. Parent & Other includes the parent company, Entergy Corporation, and other business activity, including Entergy’s non-utility operations business, which is an operating segment that does not meet the quantitative thresholds for determining reportable segments. Entergy’s non-utility operations business owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers and also provides decommissioning services to nuclear power plants owned by non-affiliated entities.

The following table includes operating revenues and significant expense categories regularly provided to the chief operating decision maker for the Utility segment, a reconciliation of Utility operating revenues to Entergy’s consolidated operating revenues, and a reconciliation of Utility net income to consolidated net income and net income attributable to Entergy Corporation for each of the years presented:


	2025	2024	2023
	(In Thousands)
Utility operating revenues	$12,887,921	$11,805,802	$12,022,944

Reconciliation of revenues:
Other revenues (a)	58,855	73,914	124,509
Elimination of intersegment revenues	(90)	(63)	(41)
Consolidated operating revenues	12,946,686	11,879,653	12,147,412

Less Utility expenses and other items:
Fuel, fuel-related expenses, and gas purchased for resale	2,338,347	2,214,471	2,755,793
Purchased power	1,227,715	806,646	904,184
Other operation and maintenance expenses	3,013,000	2,851,165	2,838,057
Other regulatory charges (credits) - net	(161,546)	(6,133)	(138,469)
Other Utility items (b)	4,177,829	4,109,352	3,152,475
Utility net income	2,292,576	1,830,301	2,510,904

Reconciliation of net income:
Non-cash pension settlement charge (c)	—	(319,675)	—
IRS audit resolution (d)	—	—	275,403
Income taxes on reconciling items noted above	—	66,515	—
Other loss	(223,877)	(203,097)	(125,018)
Elimination of intersegment loss	(295,371)	(312,860)	(298,979)
Consolidated net income	1,773,328	1,061,184	2,362,310
Preferred dividend requirements of subsidiaries and noncontrolling interests (e)	15,056	5,594	5,774
Net income attributable to Entergy Corporation	$1,758,272	$1,055,590	$2,356,536

(a)See Note 19 to the financial statements for discussion of other revenues.

(b)Other Utility items includes nuclear refueling outage expenses, asset write-offs, decommissioning expenses, taxes other than income taxes, depreciation and amortization expenses, other income, interest expense, and income tax expense.

(c)See Note 11 to the financial statements for discussion of the one-time non-cash pension settlement charge of $328 million, of which $8 million was recorded at Utility and $320 million was recorded at Parent & Other, resulting from a group annuity contract purchased in 2024 to settle certain pension liabilities.

(d)See Note 3 to the financial statements for discussion of the resolution of the 2016-2018 IRS audit, which included a $568 million reduction, recorded at Utility, and a $275 million reduction, recorded at Parent & Other, in income tax expense in 2023.

(e)Preferred dividend requirements of subsidiaries and noncontrolling interests is substantially derived from the Utility segment. See Note 6 to the financial statements for discussion of preferred stock and noncontrolling interests.

The following tables present segment financial information for Entergy’s single reportable segment, Utility, and a reconciliation to the corresponding consolidated amounts for Entergy Corporation.


2025	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$12,795	$—	$—	$12,795
Depreciation, amortization, and decommissioning	$2,298,610	$6,958	$—	$2,305,568
Interest and investment income	$605,003	$8,733	($296,388)	$317,348
Interest expense	$1,085,717	$251,951	($1,017)	$1,336,651
Income taxes	$551,272	($53,320)	$—	$497,952
Total assets	$75,726,104	$773,056	($4,608,430)	$71,890,730
Total expenditures for additions to long-lived assets	$8,211,445	$2,242	$—	$8,213,687


2024	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$131,775	($24,641)	$—	$107,134
Depreciation, amortization, and decommissioning	$2,226,681	$6,567	$—	$2,233,248
Interest and investment income	$592,257	$21,621	($315,013)	$298,865
Interest expense	$899,655	$253,317	($2,152)	$1,150,820
Income taxes	$515,665	($134,638)	$—	$381,027
Total assets	$68,951,564	$721,459	($4,882,991)	$64,790,032
Total expenditures for additions to long-lived assets	$5,967,739	$1,971	$—	$5,969,710


2023	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$79,962	($37,283)	$—	$42,679
Depreciation, amortization, and decommissioning	$2,045,254	$6,423	$—	$2,051,677
Interest and investment income (loss)	$443,751	$18,660	($299,685)	$162,726
Interest expense	$816,643	$190,468	($705)	$1,006,406
Income taxes	($374,847)	($315,688)	$—	($690,535)
Total assets	$63,887,038	$836,598	($5,020,240)	$59,703,396
Total expenditures for additions to long-lived assets	$4,745,918	$801	$—	$4,746,719

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

Registrant Subsidiaries

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one operating and reportable segment, an integrated utility business which includes the generation, transmission, and distribution of electric power; and included operation of a small natural gas distribution business at each of Entergy Louisiana and Entergy New Orleans through June 30, 2025. See Note 14 to the financial statements for discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July

1, 2025. Revenue for each integrated utility business is primarily derived from retail electric sales. System Energy has one operating and reportable segment, which is an electricity generation business. System Energy’s only source of revenue is the sale of electric power and capacity generated from its 90% interest in the Grand Gulf nuclear plant to Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans pursuant to the Unit Power Sales Agreement. Each of the Registrant Subsidiaries’ operations are managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. The chief operating decision maker for the Registrant Subsidiaries is the respective president and chief executive officer for the Utility operating companies and the president for System Energy. Each chief operating decision maker assesses financial performance on an entity-wide basis and decides how to allocate resources based on net income that also is reported on the income statement for each of the Registrant Subsidiaries as net income. Net income is used in the annual planning process and to monitor budget versus actual results on a monthly basis and each Registrant Subsidiary’s earned return on common equity in assessing financial performance. Each chief operating decision maker is only provided with the consolidated financial results for the respective Registrant Subsidiary. All segment financial information for the Registrant Subsidiaries is as reported on the respective financial statements for each of the Registrant Subsidiaries.

Geographic Areas

Entergy and the Registrant Subsidiaries derive substantially all revenue from inside of the United States and all long-lived assets are located within the United States.

Major Customers

Neither Entergy nor the Registrant Subsidiaries have an individual customer representing more than 10% of its respective revenues for the years ended December 31, 2025, 2024, and 2023.

Segment Reporting Disclosure [Text Block]

BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy has a single reportable segment, Utility, which includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and included operation of a small natural gas distribution business in portions of Louisiana through June 30, 2025. See Note 14 to the financial statements for discussion of the sale of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses on July 1, 2025. Revenue for the Utility segment is primarily derived from retail electric sales. The accounting policies of the Utility segment are the same as those described in Note 1 to the financial statements. The Utility segment reflects management’s primary basis of organization with a predominant focus on its utility operations in the Gulf South. Entergy’s chief operating decision maker is its chief executive officer. The chief operating decision maker uses Utility net income in the annual planning process and to monitor budget versus actual results on a monthly basis in assessing financial performance and in determining how to allocate resources. Parent & Other includes the parent company, Entergy Corporation, and other business activity, including Entergy’s non-utility operations business, which is an operating segment that does not meet the quantitative thresholds for determining reportable segments. Entergy’s non-utility operations business owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers and also provides decommissioning services to nuclear power plants owned by non-affiliated entities.

The following table includes operating revenues and significant expense categories regularly provided to the chief operating decision maker for the Utility segment, a reconciliation of Utility operating revenues to Entergy’s consolidated operating revenues, and a reconciliation of Utility net income to consolidated net income and net income attributable to Entergy Corporation for each of the years presented:


	2025	2024	2023
	(In Thousands)
Utility operating revenues	$12,887,921	$11,805,802	$12,022,944

Reconciliation of revenues:
Other revenues (a)	58,855	73,914	124,509
Elimination of intersegment revenues	(90)	(63)	(41)
Consolidated operating revenues	12,946,686	11,879,653	12,147,412

Less Utility expenses and other items:
Fuel, fuel-related expenses, and gas purchased for resale	2,338,347	2,214,471	2,755,793
Purchased power	1,227,715	806,646	904,184
Other operation and maintenance expenses	3,013,000	2,851,165	2,838,057
Other regulatory charges (credits) - net	(161,546)	(6,133)	(138,469)
Other Utility items (b)	4,177,829	4,109,352	3,152,475
Utility net income	2,292,576	1,830,301	2,510,904

Reconciliation of net income:
Non-cash pension settlement charge (c)	—	(319,675)	—
IRS audit resolution (d)	—	—	275,403
Income taxes on reconciling items noted above	—	66,515	—
Other loss	(223,877)	(203,097)	(125,018)
Elimination of intersegment loss	(295,371)	(312,860)	(298,979)
Consolidated net income	1,773,328	1,061,184	2,362,310
Preferred dividend requirements of subsidiaries and noncontrolling interests (e)	15,056	5,594	5,774
Net income attributable to Entergy Corporation	$1,758,272	$1,055,590	$2,356,536

(a)See Note 19 to the financial statements for discussion of other revenues.

(b)Other Utility items includes nuclear refueling outage expenses, asset write-offs, decommissioning expenses, taxes other than income taxes, depreciation and amortization expenses, other income, interest expense, and income tax expense.

(c)See Note 11 to the financial statements for discussion of the one-time non-cash pension settlement charge of $328 million, of which $8 million was recorded at Utility and $320 million was recorded at Parent & Other, resulting from a group annuity contract purchased in 2024 to settle certain pension liabilities.

(d)See Note 3 to the financial statements for discussion of the resolution of the 2016-2018 IRS audit, which included a $568 million reduction, recorded at Utility, and a $275 million reduction, recorded at Parent & Other, in income tax expense in 2023.

(e)Preferred dividend requirements of subsidiaries and noncontrolling interests is substantially derived from the Utility segment. See Note 6 to the financial statements for discussion of preferred stock and noncontrolling interests.

The following tables present segment financial information for Entergy’s single reportable segment, Utility, and a reconciliation to the corresponding consolidated amounts for Entergy Corporation.


2025	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$12,795	$—	$—	$12,795
Depreciation, amortization, and decommissioning	$2,298,610	$6,958	$—	$2,305,568
Interest and investment income	$605,003	$8,733	($296,388)	$317,348
Interest expense	$1,085,717	$251,951	($1,017)	$1,336,651
Income taxes	$551,272	($53,320)	$—	$497,952
Total assets	$75,726,104	$773,056	($4,608,430)	$71,890,730
Total expenditures for additions to long-lived assets	$8,211,445	$2,242	$—	$8,213,687


2024	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$131,775	($24,641)	$—	$107,134
Depreciation, amortization, and decommissioning	$2,226,681	$6,567	$—	$2,233,248
Interest and investment income	$592,257	$21,621	($315,013)	$298,865
Interest expense	$899,655	$253,317	($2,152)	$1,150,820
Income taxes	$515,665	($134,638)	$—	$381,027
Total assets	$68,951,564	$721,459	($4,882,991)	$64,790,032
Total expenditures for additions to long-lived assets	$5,967,739	$1,971	$—	$5,969,710


2023	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$79,962	($37,283)	$—	$42,679
Depreciation, amortization, and decommissioning	$2,045,254	$6,423	$—	$2,051,677
Interest and investment income (loss)	$443,751	$18,660	($299,685)	$162,726
Interest expense	$816,643	$190,468	($705)	$1,006,406
Income taxes	($374,847)	($315,688)	$—	($690,535)
Total assets	$63,887,038	$836,598	($5,020,240)	$59,703,396
Total expenditures for additions to long-lived assets	$4,745,918	$801	$—	$4,746,719

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

Registrant Subsidiaries

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one operating and reportable segment, an integrated utility business which includes the generation, transmission, and distribution of electric power; and included operation of a small natural gas distribution business at each of Entergy Louisiana and Entergy New Orleans through June 30, 2025. See Note 14 to the financial statements for discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July

1, 2025. Revenue for each integrated utility business is primarily derived from retail electric sales. System Energy has one operating and reportable segment, which is an electricity generation business. System Energy’s only source of revenue is the sale of electric power and capacity generated from its 90% interest in the Grand Gulf nuclear plant to Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans pursuant to the Unit Power Sales Agreement. Each of the Registrant Subsidiaries’ operations are managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. The chief operating decision maker for the Registrant Subsidiaries is the respective president and chief executive officer for the Utility operating companies and the president for System Energy. Each chief operating decision maker assesses financial performance on an entity-wide basis and decides how to allocate resources based on net income that also is reported on the income statement for each of the Registrant Subsidiaries as net income. Net income is used in the annual planning process and to monitor budget versus actual results on a monthly basis and each Registrant Subsidiary’s earned return on common equity in assessing financial performance. Each chief operating decision maker is only provided with the consolidated financial results for the respective Registrant Subsidiary. All segment financial information for the Registrant Subsidiaries is as reported on the respective financial statements for each of the Registrant Subsidiaries.

Geographic Areas

Entergy and the Registrant Subsidiaries derive substantially all revenue from inside of the United States and all long-lived assets are located within the United States.

Major Customers

Neither Entergy nor the Registrant Subsidiaries have an individual customer representing more than 10% of its respective revenues for the years ended December 31, 2025, 2024, and 2023.

Segment Reporting Disclosure [Text Block]

BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy has a single reportable segment, Utility, which includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and included operation of a small natural gas distribution business in portions of Louisiana through June 30, 2025. See Note 14 to the financial statements for discussion of the sale of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses on July 1, 2025. Revenue for the Utility segment is primarily derived from retail electric sales. The accounting policies of the Utility segment are the same as those described in Note 1 to the financial statements. The Utility segment reflects management’s primary basis of organization with a predominant focus on its utility operations in the Gulf South. Entergy’s chief operating decision maker is its chief executive officer. The chief operating decision maker uses Utility net income in the annual planning process and to monitor budget versus actual results on a monthly basis in assessing financial performance and in determining how to allocate resources. Parent & Other includes the parent company, Entergy Corporation, and other business activity, including Entergy’s non-utility operations business, which is an operating segment that does not meet the quantitative thresholds for determining reportable segments. Entergy’s non-utility operations business owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers and also provides decommissioning services to nuclear power plants owned by non-affiliated entities.

The following table includes operating revenues and significant expense categories regularly provided to the chief operating decision maker for the Utility segment, a reconciliation of Utility operating revenues to Entergy’s consolidated operating revenues, and a reconciliation of Utility net income to consolidated net income and net income attributable to Entergy Corporation for each of the years presented:


	2025	2024	2023
	(In Thousands)
Utility operating revenues	$12,887,921	$11,805,802	$12,022,944

Reconciliation of revenues:
Other revenues (a)	58,855	73,914	124,509
Elimination of intersegment revenues	(90)	(63)	(41)
Consolidated operating revenues	12,946,686	11,879,653	12,147,412

Less Utility expenses and other items:
Fuel, fuel-related expenses, and gas purchased for resale	2,338,347	2,214,471	2,755,793
Purchased power	1,227,715	806,646	904,184
Other operation and maintenance expenses	3,013,000	2,851,165	2,838,057
Other regulatory charges (credits) - net	(161,546)	(6,133)	(138,469)
Other Utility items (b)	4,177,829	4,109,352	3,152,475
Utility net income	2,292,576	1,830,301	2,510,904

Reconciliation of net income:
Non-cash pension settlement charge (c)	—	(319,675)	—
IRS audit resolution (d)	—	—	275,403
Income taxes on reconciling items noted above	—	66,515	—
Other loss	(223,877)	(203,097)	(125,018)
Elimination of intersegment loss	(295,371)	(312,860)	(298,979)
Consolidated net income	1,773,328	1,061,184	2,362,310
Preferred dividend requirements of subsidiaries and noncontrolling interests (e)	15,056	5,594	5,774
Net income attributable to Entergy Corporation	$1,758,272	$1,055,590	$2,356,536

(a)See Note 19 to the financial statements for discussion of other revenues.

(b)Other Utility items includes nuclear refueling outage expenses, asset write-offs, decommissioning expenses, taxes other than income taxes, depreciation and amortization expenses, other income, interest expense, and income tax expense.

(c)See Note 11 to the financial statements for discussion of the one-time non-cash pension settlement charge of $328 million, of which $8 million was recorded at Utility and $320 million was recorded at Parent & Other, resulting from a group annuity contract purchased in 2024 to settle certain pension liabilities.

(d)See Note 3 to the financial statements for discussion of the resolution of the 2016-2018 IRS audit, which included a $568 million reduction, recorded at Utility, and a $275 million reduction, recorded at Parent & Other, in income tax expense in 2023.

(e)Preferred dividend requirements of subsidiaries and noncontrolling interests is substantially derived from the Utility segment. See Note 6 to the financial statements for discussion of preferred stock and noncontrolling interests.

The following tables present segment financial information for Entergy’s single reportable segment, Utility, and a reconciliation to the corresponding consolidated amounts for Entergy Corporation.


2025	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$12,795	$—	$—	$12,795
Depreciation, amortization, and decommissioning	$2,298,610	$6,958	$—	$2,305,568
Interest and investment income	$605,003	$8,733	($296,388)	$317,348
Interest expense	$1,085,717	$251,951	($1,017)	$1,336,651
Income taxes	$551,272	($53,320)	$—	$497,952
Total assets	$75,726,104	$773,056	($4,608,430)	$71,890,730
Total expenditures for additions to long-lived assets	$8,211,445	$2,242	$—	$8,213,687


2024	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$131,775	($24,641)	$—	$107,134
Depreciation, amortization, and decommissioning	$2,226,681	$6,567	$—	$2,233,248
Interest and investment income	$592,257	$21,621	($315,013)	$298,865
Interest expense	$899,655	$253,317	($2,152)	$1,150,820
Income taxes	$515,665	($134,638)	$—	$381,027
Total assets	$68,951,564	$721,459	($4,882,991)	$64,790,032
Total expenditures for additions to long-lived assets	$5,967,739	$1,971	$—	$5,969,710


2023	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$79,962	($37,283)	$—	$42,679
Depreciation, amortization, and decommissioning	$2,045,254	$6,423	$—	$2,051,677
Interest and investment income (loss)	$443,751	$18,660	($299,685)	$162,726
Interest expense	$816,643	$190,468	($705)	$1,006,406
Income taxes	($374,847)	($315,688)	$—	($690,535)
Total assets	$63,887,038	$836,598	($5,020,240)	$59,703,396
Total expenditures for additions to long-lived assets	$4,745,918	$801	$—	$4,746,719

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

Registrant Subsidiaries

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one operating and reportable segment, an integrated utility business which includes the generation, transmission, and distribution of electric power; and included operation of a small natural gas distribution business at each of Entergy Louisiana and Entergy New Orleans through June 30, 2025. See Note 14 to the financial statements for discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July

1, 2025. Revenue for each integrated utility business is primarily derived from retail electric sales. System Energy has one operating and reportable segment, which is an electricity generation business. System Energy’s only source of revenue is the sale of electric power and capacity generated from its 90% interest in the Grand Gulf nuclear plant to Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans pursuant to the Unit Power Sales Agreement. Each of the Registrant Subsidiaries’ operations are managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. The chief operating decision maker for the Registrant Subsidiaries is the respective president and chief executive officer for the Utility operating companies and the president for System Energy. Each chief operating decision maker assesses financial performance on an entity-wide basis and decides how to allocate resources based on net income that also is reported on the income statement for each of the Registrant Subsidiaries as net income. Net income is used in the annual planning process and to monitor budget versus actual results on a monthly basis and each Registrant Subsidiary’s earned return on common equity in assessing financial performance. Each chief operating decision maker is only provided with the consolidated financial results for the respective Registrant Subsidiary. All segment financial information for the Registrant Subsidiaries is as reported on the respective financial statements for each of the Registrant Subsidiaries.

Geographic Areas

Entergy and the Registrant Subsidiaries derive substantially all revenue from inside of the United States and all long-lived assets are located within the United States.

Major Customers

Neither Entergy nor the Registrant Subsidiaries have an individual customer representing more than 10% of its respective revenues for the years ended December 31, 2025, 2024, and 2023.

Segment Reporting Disclosure [Text Block]

BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy has a single reportable segment, Utility, which includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and included operation of a small natural gas distribution business in portions of Louisiana through June 30, 2025. See Note 14 to the financial statements for discussion of the sale of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses on July 1, 2025. Revenue for the Utility segment is primarily derived from retail electric sales. The accounting policies of the Utility segment are the same as those described in Note 1 to the financial statements. The Utility segment reflects management’s primary basis of organization with a predominant focus on its utility operations in the Gulf South. Entergy’s chief operating decision maker is its chief executive officer. The chief operating decision maker uses Utility net income in the annual planning process and to monitor budget versus actual results on a monthly basis in assessing financial performance and in determining how to allocate resources. Parent & Other includes the parent company, Entergy Corporation, and other business activity, including Entergy’s non-utility operations business, which is an operating segment that does not meet the quantitative thresholds for determining reportable segments. Entergy’s non-utility operations business owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers and also provides decommissioning services to nuclear power plants owned by non-affiliated entities.

The following table includes operating revenues and significant expense categories regularly provided to the chief operating decision maker for the Utility segment, a reconciliation of Utility operating revenues to Entergy’s consolidated operating revenues, and a reconciliation of Utility net income to consolidated net income and net income attributable to Entergy Corporation for each of the years presented:


	2025	2024	2023
	(In Thousands)
Utility operating revenues	$12,887,921	$11,805,802	$12,022,944

Reconciliation of revenues:
Other revenues (a)	58,855	73,914	124,509
Elimination of intersegment revenues	(90)	(63)	(41)
Consolidated operating revenues	12,946,686	11,879,653	12,147,412

Less Utility expenses and other items:
Fuel, fuel-related expenses, and gas purchased for resale	2,338,347	2,214,471	2,755,793
Purchased power	1,227,715	806,646	904,184
Other operation and maintenance expenses	3,013,000	2,851,165	2,838,057
Other regulatory charges (credits) - net	(161,546)	(6,133)	(138,469)
Other Utility items (b)	4,177,829	4,109,352	3,152,475
Utility net income	2,292,576	1,830,301	2,510,904

Reconciliation of net income:
Non-cash pension settlement charge (c)	—	(319,675)	—
IRS audit resolution (d)	—	—	275,403
Income taxes on reconciling items noted above	—	66,515	—
Other loss	(223,877)	(203,097)	(125,018)
Elimination of intersegment loss	(295,371)	(312,860)	(298,979)
Consolidated net income	1,773,328	1,061,184	2,362,310
Preferred dividend requirements of subsidiaries and noncontrolling interests (e)	15,056	5,594	5,774
Net income attributable to Entergy Corporation	$1,758,272	$1,055,590	$2,356,536

(a)See Note 19 to the financial statements for discussion of other revenues.

(b)Other Utility items includes nuclear refueling outage expenses, asset write-offs, decommissioning expenses, taxes other than income taxes, depreciation and amortization expenses, other income, interest expense, and income tax expense.

(c)See Note 11 to the financial statements for discussion of the one-time non-cash pension settlement charge of $328 million, of which $8 million was recorded at Utility and $320 million was recorded at Parent & Other, resulting from a group annuity contract purchased in 2024 to settle certain pension liabilities.

(d)See Note 3 to the financial statements for discussion of the resolution of the 2016-2018 IRS audit, which included a $568 million reduction, recorded at Utility, and a $275 million reduction, recorded at Parent & Other, in income tax expense in 2023.

(e)Preferred dividend requirements of subsidiaries and noncontrolling interests is substantially derived from the Utility segment. See Note 6 to the financial statements for discussion of preferred stock and noncontrolling interests.

The following tables present segment financial information for Entergy’s single reportable segment, Utility, and a reconciliation to the corresponding consolidated amounts for Entergy Corporation.


2025	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$12,795	$—	$—	$12,795
Depreciation, amortization, and decommissioning	$2,298,610	$6,958	$—	$2,305,568
Interest and investment income	$605,003	$8,733	($296,388)	$317,348
Interest expense	$1,085,717	$251,951	($1,017)	$1,336,651
Income taxes	$551,272	($53,320)	$—	$497,952
Total assets	$75,726,104	$773,056	($4,608,430)	$71,890,730
Total expenditures for additions to long-lived assets	$8,211,445	$2,242	$—	$8,213,687


2024	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$131,775	($24,641)	$—	$107,134
Depreciation, amortization, and decommissioning	$2,226,681	$6,567	$—	$2,233,248
Interest and investment income	$592,257	$21,621	($315,013)	$298,865
Interest expense	$899,655	$253,317	($2,152)	$1,150,820
Income taxes	$515,665	($134,638)	$—	$381,027
Total assets	$68,951,564	$721,459	($4,882,991)	$64,790,032
Total expenditures for additions to long-lived assets	$5,967,739	$1,971	$—	$5,969,710


2023	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$79,962	($37,283)	$—	$42,679
Depreciation, amortization, and decommissioning	$2,045,254	$6,423	$—	$2,051,677
Interest and investment income (loss)	$443,751	$18,660	($299,685)	$162,726
Interest expense	$816,643	$190,468	($705)	$1,006,406
Income taxes	($374,847)	($315,688)	$—	($690,535)
Total assets	$63,887,038	$836,598	($5,020,240)	$59,703,396
Total expenditures for additions to long-lived assets	$4,745,918	$801	$—	$4,746,719

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

Registrant Subsidiaries

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one operating and reportable segment, an integrated utility business which includes the generation, transmission, and distribution of electric power; and included operation of a small natural gas distribution business at each of Entergy Louisiana and Entergy New Orleans through June 30, 2025. See Note 14 to the financial statements for discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July

1, 2025. Revenue for each integrated utility business is primarily derived from retail electric sales. System Energy has one operating and reportable segment, which is an electricity generation business. System Energy’s only source of revenue is the sale of electric power and capacity generated from its 90% interest in the Grand Gulf nuclear plant to Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans pursuant to the Unit Power Sales Agreement. Each of the Registrant Subsidiaries’ operations are managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. The chief operating decision maker for the Registrant Subsidiaries is the respective president and chief executive officer for the Utility operating companies and the president for System Energy. Each chief operating decision maker assesses financial performance on an entity-wide basis and decides how to allocate resources based on net income that also is reported on the income statement for each of the Registrant Subsidiaries as net income. Net income is used in the annual planning process and to monitor budget versus actual results on a monthly basis and each Registrant Subsidiary’s earned return on common equity in assessing financial performance. Each chief operating decision maker is only provided with the consolidated financial results for the respective Registrant Subsidiary. All segment financial information for the Registrant Subsidiaries is as reported on the respective financial statements for each of the Registrant Subsidiaries.

Geographic Areas

Entergy and the Registrant Subsidiaries derive substantially all revenue from inside of the United States and all long-lived assets are located within the United States.

Major Customers

Neither Entergy nor the Registrant Subsidiaries have an individual customer representing more than 10% of its respective revenues for the years ended December 31, 2025, 2024, and 2023.

Segment Reporting Disclosure [Text Block]

BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy has a single reportable segment, Utility, which includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and included operation of a small natural gas distribution business in portions of Louisiana through June 30, 2025. See Note 14 to the financial statements for discussion of the sale of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses on July 1, 2025. Revenue for the Utility segment is primarily derived from retail electric sales. The accounting policies of the Utility segment are the same as those described in Note 1 to the financial statements. The Utility segment reflects management’s primary basis of organization with a predominant focus on its utility operations in the Gulf South. Entergy’s chief operating decision maker is its chief executive officer. The chief operating decision maker uses Utility net income in the annual planning process and to monitor budget versus actual results on a monthly basis in assessing financial performance and in determining how to allocate resources. Parent & Other includes the parent company, Entergy Corporation, and other business activity, including Entergy’s non-utility operations business, which is an operating segment that does not meet the quantitative thresholds for determining reportable segments. Entergy’s non-utility operations business owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers and also provides decommissioning services to nuclear power plants owned by non-affiliated entities.

The following table includes operating revenues and significant expense categories regularly provided to the chief operating decision maker for the Utility segment, a reconciliation of Utility operating revenues to Entergy’s consolidated operating revenues, and a reconciliation of Utility net income to consolidated net income and net income attributable to Entergy Corporation for each of the years presented:


	2025	2024	2023
	(In Thousands)
Utility operating revenues	$12,887,921	$11,805,802	$12,022,944

Reconciliation of revenues:
Other revenues (a)	58,855	73,914	124,509
Elimination of intersegment revenues	(90)	(63)	(41)
Consolidated operating revenues	12,946,686	11,879,653	12,147,412

Less Utility expenses and other items:
Fuel, fuel-related expenses, and gas purchased for resale	2,338,347	2,214,471	2,755,793
Purchased power	1,227,715	806,646	904,184
Other operation and maintenance expenses	3,013,000	2,851,165	2,838,057
Other regulatory charges (credits) - net	(161,546)	(6,133)	(138,469)
Other Utility items (b)	4,177,829	4,109,352	3,152,475
Utility net income	2,292,576	1,830,301	2,510,904

Reconciliation of net income:
Non-cash pension settlement charge (c)	—	(319,675)	—
IRS audit resolution (d)	—	—	275,403
Income taxes on reconciling items noted above	—	66,515	—
Other loss	(223,877)	(203,097)	(125,018)
Elimination of intersegment loss	(295,371)	(312,860)	(298,979)
Consolidated net income	1,773,328	1,061,184	2,362,310
Preferred dividend requirements of subsidiaries and noncontrolling interests (e)	15,056	5,594	5,774
Net income attributable to Entergy Corporation	$1,758,272	$1,055,590	$2,356,536

(a)See Note 19 to the financial statements for discussion of other revenues.

(b)Other Utility items includes nuclear refueling outage expenses, asset write-offs, decommissioning expenses, taxes other than income taxes, depreciation and amortization expenses, other income, interest expense, and income tax expense.

(c)See Note 11 to the financial statements for discussion of the one-time non-cash pension settlement charge of $328 million, of which $8 million was recorded at Utility and $320 million was recorded at Parent & Other, resulting from a group annuity contract purchased in 2024 to settle certain pension liabilities.

(d)See Note 3 to the financial statements for discussion of the resolution of the 2016-2018 IRS audit, which included a $568 million reduction, recorded at Utility, and a $275 million reduction, recorded at Parent & Other, in income tax expense in 2023.

(e)Preferred dividend requirements of subsidiaries and noncontrolling interests is substantially derived from the Utility segment. See Note 6 to the financial statements for discussion of preferred stock and noncontrolling interests.

The following tables present segment financial information for Entergy’s single reportable segment, Utility, and a reconciliation to the corresponding consolidated amounts for Entergy Corporation.


2025	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$12,795	$—	$—	$12,795
Depreciation, amortization, and decommissioning	$2,298,610	$6,958	$—	$2,305,568
Interest and investment income	$605,003	$8,733	($296,388)	$317,348
Interest expense	$1,085,717	$251,951	($1,017)	$1,336,651
Income taxes	$551,272	($53,320)	$—	$497,952
Total assets	$75,726,104	$773,056	($4,608,430)	$71,890,730
Total expenditures for additions to long-lived assets	$8,211,445	$2,242	$—	$8,213,687


2024	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$131,775	($24,641)	$—	$107,134
Depreciation, amortization, and decommissioning	$2,226,681	$6,567	$—	$2,233,248
Interest and investment income	$592,257	$21,621	($315,013)	$298,865
Interest expense	$899,655	$253,317	($2,152)	$1,150,820
Income taxes	$515,665	($134,638)	$—	$381,027
Total assets	$68,951,564	$721,459	($4,882,991)	$64,790,032
Total expenditures for additions to long-lived assets	$5,967,739	$1,971	$—	$5,969,710


2023	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$79,962	($37,283)	$—	$42,679
Depreciation, amortization, and decommissioning	$2,045,254	$6,423	$—	$2,051,677
Interest and investment income (loss)	$443,751	$18,660	($299,685)	$162,726
Interest expense	$816,643	$190,468	($705)	$1,006,406
Income taxes	($374,847)	($315,688)	$—	($690,535)
Total assets	$63,887,038	$836,598	($5,020,240)	$59,703,396
Total expenditures for additions to long-lived assets	$4,745,918	$801	$—	$4,746,719

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

Registrant Subsidiaries

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one operating and reportable segment, an integrated utility business which includes the generation, transmission, and distribution of electric power; and included operation of a small natural gas distribution business at each of Entergy Louisiana and Entergy New Orleans through June 30, 2025. See Note 14 to the financial statements for discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July

1, 2025. Revenue for each integrated utility business is primarily derived from retail electric sales. System Energy has one operating and reportable segment, which is an electricity generation business. System Energy’s only source of revenue is the sale of electric power and capacity generated from its 90% interest in the Grand Gulf nuclear plant to Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans pursuant to the Unit Power Sales Agreement. Each of the Registrant Subsidiaries’ operations are managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. The chief operating decision maker for the Registrant Subsidiaries is the respective president and chief executive officer for the Utility operating companies and the president for System Energy. Each chief operating decision maker assesses financial performance on an entity-wide basis and decides how to allocate resources based on net income that also is reported on the income statement for each of the Registrant Subsidiaries as net income. Net income is used in the annual planning process and to monitor budget versus actual results on a monthly basis and each Registrant Subsidiary’s earned return on common equity in assessing financial performance. Each chief operating decision maker is only provided with the consolidated financial results for the respective Registrant Subsidiary. All segment financial information for the Registrant Subsidiaries is as reported on the respective financial statements for each of the Registrant Subsidiaries.

Geographic Areas

Entergy and the Registrant Subsidiaries derive substantially all revenue from inside of the United States and all long-lived assets are located within the United States.

Major Customers

Neither Entergy nor the Registrant Subsidiaries have an individual customer representing more than 10% of its respective revenues for the years ended December 31, 2025, 2024, and 2023.

Segment Reporting Disclosure [Text Block]

BUSINESS SEGMENT INFORMATION (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)

Entergy has a single reportable segment, Utility, which includes the generation, transmission, distribution, and sale of electric power in portions of Arkansas, Mississippi, Texas, and Louisiana, including the City of New Orleans; and included operation of a small natural gas distribution business in portions of Louisiana through June 30, 2025. See Note 14 to the financial statements for discussion of the sale of the Entergy Louisiana and Entergy New Orleans natural gas distribution businesses on July 1, 2025. Revenue for the Utility segment is primarily derived from retail electric sales. The accounting policies of the Utility segment are the same as those described in Note 1 to the financial statements. The Utility segment reflects management’s primary basis of organization with a predominant focus on its utility operations in the Gulf South. Entergy’s chief operating decision maker is its chief executive officer. The chief operating decision maker uses Utility net income in the annual planning process and to monitor budget versus actual results on a monthly basis in assessing financial performance and in determining how to allocate resources. Parent & Other includes the parent company, Entergy Corporation, and other business activity, including Entergy’s non-utility operations business, which is an operating segment that does not meet the quantitative thresholds for determining reportable segments. Entergy’s non-utility operations business owns interests in non-nuclear power plants that sell the electric power produced by those plants to wholesale customers and also provides decommissioning services to nuclear power plants owned by non-affiliated entities.

The following table includes operating revenues and significant expense categories regularly provided to the chief operating decision maker for the Utility segment, a reconciliation of Utility operating revenues to Entergy’s consolidated operating revenues, and a reconciliation of Utility net income to consolidated net income and net income attributable to Entergy Corporation for each of the years presented:


	2025	2024	2023
	(In Thousands)
Utility operating revenues	$12,887,921	$11,805,802	$12,022,944

Reconciliation of revenues:
Other revenues (a)	58,855	73,914	124,509
Elimination of intersegment revenues	(90)	(63)	(41)
Consolidated operating revenues	12,946,686	11,879,653	12,147,412

Less Utility expenses and other items:
Fuel, fuel-related expenses, and gas purchased for resale	2,338,347	2,214,471	2,755,793
Purchased power	1,227,715	806,646	904,184
Other operation and maintenance expenses	3,013,000	2,851,165	2,838,057
Other regulatory charges (credits) - net	(161,546)	(6,133)	(138,469)
Other Utility items (b)	4,177,829	4,109,352	3,152,475
Utility net income	2,292,576	1,830,301	2,510,904

Reconciliation of net income:
Non-cash pension settlement charge (c)	—	(319,675)	—
IRS audit resolution (d)	—	—	275,403
Income taxes on reconciling items noted above	—	66,515	—
Other loss	(223,877)	(203,097)	(125,018)
Elimination of intersegment loss	(295,371)	(312,860)	(298,979)
Consolidated net income	1,773,328	1,061,184	2,362,310
Preferred dividend requirements of subsidiaries and noncontrolling interests (e)	15,056	5,594	5,774
Net income attributable to Entergy Corporation	$1,758,272	$1,055,590	$2,356,536

(a)See Note 19 to the financial statements for discussion of other revenues.

(b)Other Utility items includes nuclear refueling outage expenses, asset write-offs, decommissioning expenses, taxes other than income taxes, depreciation and amortization expenses, other income, interest expense, and income tax expense.

(c)See Note 11 to the financial statements for discussion of the one-time non-cash pension settlement charge of $328 million, of which $8 million was recorded at Utility and $320 million was recorded at Parent & Other, resulting from a group annuity contract purchased in 2024 to settle certain pension liabilities.

(d)See Note 3 to the financial statements for discussion of the resolution of the 2016-2018 IRS audit, which included a $568 million reduction, recorded at Utility, and a $275 million reduction, recorded at Parent & Other, in income tax expense in 2023.

(e)Preferred dividend requirements of subsidiaries and noncontrolling interests is substantially derived from the Utility segment. See Note 6 to the financial statements for discussion of preferred stock and noncontrolling interests.

The following tables present segment financial information for Entergy’s single reportable segment, Utility, and a reconciliation to the corresponding consolidated amounts for Entergy Corporation.


2025	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$12,795	$—	$—	$12,795
Depreciation, amortization, and decommissioning	$2,298,610	$6,958	$—	$2,305,568
Interest and investment income	$605,003	$8,733	($296,388)	$317,348
Interest expense	$1,085,717	$251,951	($1,017)	$1,336,651
Income taxes	$551,272	($53,320)	$—	$497,952
Total assets	$75,726,104	$773,056	($4,608,430)	$71,890,730
Total expenditures for additions to long-lived assets	$8,211,445	$2,242	$—	$8,213,687


2024	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$131,775	($24,641)	$—	$107,134
Depreciation, amortization, and decommissioning	$2,226,681	$6,567	$—	$2,233,248
Interest and investment income	$592,257	$21,621	($315,013)	$298,865
Interest expense	$899,655	$253,317	($2,152)	$1,150,820
Income taxes	$515,665	($134,638)	$—	$381,027
Total assets	$68,951,564	$721,459	($4,882,991)	$64,790,032
Total expenditures for additions to long-lived assets	$5,967,739	$1,971	$—	$5,969,710


2023	Utility	Parent & Other	Eliminations	Consolidated
	(In Thousands)
Asset write-offs, impairments, and related charges (credits)	$79,962	($37,283)	$—	$42,679
Depreciation, amortization, and decommissioning	$2,045,254	$6,423	$—	$2,051,677
Interest and investment income (loss)	$443,751	$18,660	($299,685)	$162,726
Interest expense	$816,643	$190,468	($705)	$1,006,406
Income taxes	($374,847)	($315,688)	$—	($690,535)
Total assets	$63,887,038	$836,598	($5,020,240)	$59,703,396
Total expenditures for additions to long-lived assets	$4,745,918	$801	$—	$4,746,719

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

Registrant Subsidiaries

Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas each has one operating and reportable segment, an integrated utility business which includes the generation, transmission, and distribution of electric power; and included operation of a small natural gas distribution business at each of Entergy Louisiana and Entergy New Orleans through June 30, 2025. See Note 14 to the financial statements for discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July

1, 2025. Revenue for each integrated utility business is primarily derived from retail electric sales. System Energy has one operating and reportable segment, which is an electricity generation business. System Energy’s only source of revenue is the sale of electric power and capacity generated from its 90% interest in the Grand Gulf nuclear plant to Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans pursuant to the Unit Power Sales Agreement. Each of the Registrant Subsidiaries’ operations are managed on an integrated basis by that company because of the substantial effect of cost-based rates and regulatory oversight on the business process, cost structures, and operating results. The chief operating decision maker for the Registrant Subsidiaries is the respective president and chief executive officer for the Utility operating companies and the president for System Energy. Each chief operating decision maker assesses financial performance on an entity-wide basis and decides how to allocate resources based on net income that also is reported on the income statement for each of the Registrant Subsidiaries as net income. Net income is used in the annual planning process and to monitor budget versus actual results on a monthly basis and each Registrant Subsidiary’s earned return on common equity in assessing financial performance. Each chief operating decision maker is only provided with the consolidated financial results for the respective Registrant Subsidiary. All segment financial information for the Registrant Subsidiaries is as reported on the respective financial statements for each of the Registrant Subsidiaries.

Geographic Areas

Entergy and the Registrant Subsidiaries derive substantially all revenue from inside of the United States and all long-lived assets are located within the United States.

Major Customers

Neither Entergy nor the Registrant Subsidiaries have an individual customer representing more than 10% of its respective revenues for the years ended December 31, 2025, 2024, and 2023.