Revenue from Contract with Customer [Text Block]

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

Revenues from electric service and the sale of natural gas are recognized when services are transferred to the customer in an amount equal to what Entergy has the right to bill the customer because this amount represents the value of services provided to customers. Entergy’s total revenues for the years ended December 31, 2025, 2024, and 2023 were as follows:


	2025	2024	2023
	(In Thousands)
Utility:
Residential	$4,819,531	$4,509,553	$4,552,804
Commercial	3,113,791	2,952,398	2,997,888
Industrial	3,602,300	3,197,835	3,170,090
Governmental	276,145	268,222	270,640
Total billed retail	11,811,767	10,928,008	10,991,422

Sales for resale (a)	397,507	278,700	366,348
Other electric revenues (b)	518,746	360,949	352,056
Revenues from contracts with customers	12,728,020	11,567,657	11,709,826
Other Utility revenues (c)	47,294	60,075	132,628
Electric revenues	12,775,314	11,627,732	11,842,454

Natural gas revenues	112,607	178,070	180,490

Other revenues (d)	58,765	73,851	124,468

Total operating revenues	$12,946,686	$11,879,653	$12,147,412

The Utility operating companies’ total revenues for the year ended December 31, 2025 were as follows:


2025	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$1,064,749	$1,694,005	$774,235	$311,872	$974,670
Commercial	597,511	1,195,517	609,578	221,835	489,350
Industrial	733,895	2,067,674	222,997	28,261	549,473
Governmental	19,556	90,585	59,584	76,553	29,867
Total billed retail	2,415,711	5,047,781	1,666,394	638,521	2,043,360
Sales for resale (a)	212,628	434,436	162,380	53,010	13,448
Other electric revenues (b)	140,437	206,488	106,884	5,809	64,500
Revenues from contracts with customers	2,768,776	5,688,705	1,935,658	697,340	2,121,308
Other revenues (c)	15,271	(892)	20,047	6,553	6,276
Electric revenues	2,784,047	5,687,813	1,955,705	703,893	2,127,584
Natural gas revenues	—	44,286	—	68,321	—
Total operating revenues	$2,784,047	$5,732,099	$1,955,705	$772,214	$2,127,584

The Utility operating companies’ total revenues for the year ended December 31, 2024 were as follows:


2024	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$999,641	$1,554,400	$724,601	$308,757	$922,154
Commercial	571,574	1,100,309	577,484	229,648	473,383
Industrial	632,144	1,781,615	195,194	29,821	559,061
Governmental	18,622	85,537	56,420	79,060	28,583
Total billed retail	2,221,981	4,521,861	1,553,699	647,286	1,983,181
Sales for resale (a)	169,409	335,375	128,781	48,042	17,174
Other electric revenues (b)	53,492	187,097	72,237	6,782	46,710
Revenues from contracts with customers	2,444,882	5,044,333	1,754,717	702,110	2,047,065
Other revenues (c)	15,299	23,825	9,876	6,244	3,085
Electric revenues	2,460,181	5,068,158	1,764,593	708,354	2,050,150
Natural gas revenues	—	75,860	—	102,210	—
Total operating revenues	$2,460,181	$5,144,018	$1,764,593	$810,564	$2,050,150

The Utility operating companies’ total revenues for the year ended December 31, 2023 were as follows:


2023	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$996,760	$1,576,129	$748,428	$317,188	$914,299
Commercial	584,304	1,104,509	604,343	235,193	469,539
Industrial	635,472	1,720,298	217,916	31,831	564,573
Governmental	20,409	83,736	60,477	77,152	28,866
Total billed retail	2,236,945	4,484,672	1,631,164	661,364	1,977,277
Sales for resale (a)	269,648	357,900	104,058	63,360	10,497
Other electric revenues (b)	121,425	151,252	49,752	(992)	35,988
Revenues from contracts with customers	2,628,018	4,993,824	1,784,974	723,732	2,023,762
Other revenues (c)	18,378	79,415	17,559	14,242	4,824
Electric revenues	2,646,396	5,073,239	1,802,533	737,974	2,028,586
Natural gas revenues	—	74,531	—	105,959	—
Total operating revenues	$2,646,396	$5,147,770	$1,802,533	$843,933	$2,028,586

(a)Sales for resale includes day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments and includes them as part of customer revenues.

(b)Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market, unbilled revenue, the return on construction work in progress for certain utility plant investments, and certain customer credits as directed by regulators.

(c)Other Utility revenues include the equity component of carrying costs related to securitization, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, late fees, and amounts resulting from other operating activities.

(d)Other revenues include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.

Electric Revenues

Entergy’s primary source of revenue is from retail electric sales sold under tariff rates approved by regulators in its various jurisdictions. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas generate, transmit, and distribute electric power primarily to retail customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy’s Utility operating companies provide power to customers on demand throughout the month, measured by a meter located at the customer’s property. Approved rates vary by customer class due to differing requirements of the customers and market factors involved in fulfilling those requirements. Entergy issues monthly bills to customers at rates approved by regulators for power and related services provided during the previous billing cycle.

To the extent that deliveries have occurred, but a bill has not been issued, Entergy’s Utility operating companies record an estimate for energy delivered since the latest billings. The Utility operating companies calculate the estimate based upon several factors including actual metered customer usage, billings through the last billing cycle in a month, actual generation in the month, historical line loss factors, and tariff rates of power in the respective jurisdiction. The inputs are revised as needed to approximate actual usage and cost. Each month, estimated unbilled amounts are recorded as revenue and accounts receivable, and the prior month’s estimate is reversed. Price and volume differences resulting from factors such as weather affect the calculation of unbilled revenues from one period to the other.

Entergy may record revenue based on rates that are subject to refund. Such revenues are reduced by estimated refund amounts when Entergy believes refunds are probable based on the status of rate proceedings as of the date financial statements are prepared. Because these refunds will be made through a reduction in future rates, and not as a reduction in bills previously issued, they are presented as other revenues in the table above.

Most of Entergy’s contracts are on demand, with customer bills that vary each month based on an approved tariff and usage. Certain retail customers, primarily large industrial customers from various industries, have electric service agreements that require a fixed amount of consideration to be paid through the end of a contract term longer than one year. As of December 31, 2025, the amount of revenues related to this fixed consideration that Entergy expects to recognize over the remaining contract terms, extending through 2048, was $8,038 million for Entergy, including $4,418 million for Entergy Arkansas, $849 million for Entergy Louisiana, $2,567 million for Entergy Mississippi, and $204 million for Entergy Texas. These contracts also require variable payments based on the actual amount of energy service, which are recognized as revenue as Entergy has the right to bill the customer for services performed.

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. System Energy issues monthly bills to its affiliated customers equal to its actual operating costs plus a return on common equity approved by the FERC. Effective January 1, 2025, Entergy Louisiana divested all of its 14% share of capacity and energy from Grand Gulf and all of the capacity and energy from Grand Gulf that it purchases from Entergy Arkansas (approximately 2.43%) to Entergy Mississippi. This divestiture was effectuated initially under a designated PPA between Entergy Louisiana and Entergy Mississippi, which was accepted by the FERC in November 2024. The MPSC approved the MSS-4 replacement PPA, effective as of January 1, 2025. An amended Unit Power Sales Agreement became effective as of October 1, 2025, which removed Entergy Louisiana from the entitlement and responsibility to purchase power from Grand Gulf. Thus on October 1, 2025, the MSS-4

replacement PPA was terminated. See Note 8 to the financial statements for further discussion of System Energy and the Unit Power Sales Agreement.

Entergy’s Utility operating companies also sell excess power not needed for their own customers, primarily through transactions with MISO, a regional transmission organization that maintains functional control over the combined transmission systems of its members and manages one of the largest energy markets in the U.S. In the MISO market, Entergy offers its generation and bids its load into the market. MISO settles these offers and bids based on locational marginal prices. These represent pricing for energy at a given location based on a market clearing price that takes into account physical limitations on the transmission system, generation, and demand throughout the MISO region. MISO evaluates each market participant’s energy offers and demand bids to economically and reliably dispatch the entire MISO system. Entergy nets purchases and sales within the MISO market and reports in operating revenues when in a net selling position and in operating expenses when in a net purchasing position.

Natural Gas

Prior to the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025, Entergy New Orleans and Entergy Louisiana distributed natural gas to retail customers in and around New Orleans, Louisiana and Baton Rouge, Louisiana, respectively. Gas transferred to customers was measured by a cubic meter at the customer’s property. Entergy issued monthly invoices to customers at rates approved by regulators for the volume of gas transferred to date. See “Dispositions - Natural Gas Distribution Businesses” in 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.

Other Revenues

Entergy’s revenues from its non-utility operations include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.

Recovery of Fuel Costs

Entergy’s Utility operating companies’ rate schedules include either fuel adjustment clauses or fixed fuel factors, which allow either current recovery in billings to customers or deferral of fuel costs until the costs are billed to customers. Where the fuel component of revenues is based on a pre-determined fuel cost (fixed fuel factor), the fuel factor remains in effect until changed as part of a general rate case, fuel reconciliation, or fixed fuel factor filing. System Energy’s operating revenues are intended to recover from Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans operating expenses and capital costs attributable to Grand Gulf. The capital costs are based on System Energy’s common equity funds allocable to its net investment in Grand Gulf, plus System Energy’s effective interest cost for its debt allocable to its investment in Grand Gulf.

Taxes Imposed on Revenue-Producing Transactions

Governmental authorities assess taxes that are both imposed on and concurrent with a specific revenue-producing transaction between a seller and a customer, including, but not limited to, sales, use, value added, and some excise taxes. Entergy presents these taxes on a net basis, excluding them from revenues.

Allowance for Doubtful Accounts

The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate

of default on its accounts receivables. The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the years ended December 31, 2025, 2024, and 2023.


	Entergy	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of December 31, 2022	$30.9	$6.5	$7.6	$2.5	$11.9	$2.4
Provisions	38.7	9.4	13.9	7.3	3.4	4.7
Write-offs	(83.1)	(20.6)	(31.3)	(10.4)	(10.7)	(10.1)
Recoveries	39.4	11.9	15.9	3.9	3.2	4.5
Balance as of December 31, 2023	$25.9	$7.2	$6.1	$3.3	$7.8	$1.5
Provisions	32.0	7.0	10.0	4.8	4.6	5.6
Write-offs	(71.2)	(17.5)	(23.3)	(11.5)	(10.4)	(8.5)
Recoveries	31.2	8.0	10.2	5.6	4.7	2.7
Balance as of December 31, 2024	$17.9	$4.7	$3.0	$2.2	$6.7	$1.3
Provisions	58.7	13.1	19.6	8.5	3.5	14.0
Write-offs	(78.1)	(18.9)	(23.6)	(16.6)	(9.5)	(9.5)
Recoveries	33.8	8.4	10.1	9.4	3.1	2.8
Balance as of December 31, 2025	$32.3	$7.3	$9.1	$3.5	$3.8	$8.6

The allowance is calculated as the historical rate of customer write-offs multiplied by the current accounts receivable balance, taking into account the length of time the receivable balances have been outstanding. The rate of customer write-offs has historically experienced minimal variation, although general economic conditions can affect the rate of customer write-offs. Management monitors the current condition of individual customer accounts and general economic conditions to manage collections and ensure bad debt expense is recorded in a timely manner.

Revenue from Contract with Customer [Text Block]

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

Revenues from electric service and the sale of natural gas are recognized when services are transferred to the customer in an amount equal to what Entergy has the right to bill the customer because this amount represents the value of services provided to customers. Entergy’s total revenues for the years ended December 31, 2025, 2024, and 2023 were as follows:


	2025	2024	2023
	(In Thousands)
Utility:
Residential	$4,819,531	$4,509,553	$4,552,804
Commercial	3,113,791	2,952,398	2,997,888
Industrial	3,602,300	3,197,835	3,170,090
Governmental	276,145	268,222	270,640
Total billed retail	11,811,767	10,928,008	10,991,422

Sales for resale (a)	397,507	278,700	366,348
Other electric revenues (b)	518,746	360,949	352,056
Revenues from contracts with customers	12,728,020	11,567,657	11,709,826
Other Utility revenues (c)	47,294	60,075	132,628
Electric revenues	12,775,314	11,627,732	11,842,454

Natural gas revenues	112,607	178,070	180,490

Other revenues (d)	58,765	73,851	124,468

Total operating revenues	$12,946,686	$11,879,653	$12,147,412

The Utility operating companies’ total revenues for the year ended December 31, 2025 were as follows:


2025	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$1,064,749	$1,694,005	$774,235	$311,872	$974,670
Commercial	597,511	1,195,517	609,578	221,835	489,350
Industrial	733,895	2,067,674	222,997	28,261	549,473
Governmental	19,556	90,585	59,584	76,553	29,867
Total billed retail	2,415,711	5,047,781	1,666,394	638,521	2,043,360
Sales for resale (a)	212,628	434,436	162,380	53,010	13,448
Other electric revenues (b)	140,437	206,488	106,884	5,809	64,500
Revenues from contracts with customers	2,768,776	5,688,705	1,935,658	697,340	2,121,308
Other revenues (c)	15,271	(892)	20,047	6,553	6,276
Electric revenues	2,784,047	5,687,813	1,955,705	703,893	2,127,584
Natural gas revenues	—	44,286	—	68,321	—
Total operating revenues	$2,784,047	$5,732,099	$1,955,705	$772,214	$2,127,584

The Utility operating companies’ total revenues for the year ended December 31, 2024 were as follows:


2024	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$999,641	$1,554,400	$724,601	$308,757	$922,154
Commercial	571,574	1,100,309	577,484	229,648	473,383
Industrial	632,144	1,781,615	195,194	29,821	559,061
Governmental	18,622	85,537	56,420	79,060	28,583
Total billed retail	2,221,981	4,521,861	1,553,699	647,286	1,983,181
Sales for resale (a)	169,409	335,375	128,781	48,042	17,174
Other electric revenues (b)	53,492	187,097	72,237	6,782	46,710
Revenues from contracts with customers	2,444,882	5,044,333	1,754,717	702,110	2,047,065
Other revenues (c)	15,299	23,825	9,876	6,244	3,085
Electric revenues	2,460,181	5,068,158	1,764,593	708,354	2,050,150
Natural gas revenues	—	75,860	—	102,210	—
Total operating revenues	$2,460,181	$5,144,018	$1,764,593	$810,564	$2,050,150

The Utility operating companies’ total revenues for the year ended December 31, 2023 were as follows:


2023	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$996,760	$1,576,129	$748,428	$317,188	$914,299
Commercial	584,304	1,104,509	604,343	235,193	469,539
Industrial	635,472	1,720,298	217,916	31,831	564,573
Governmental	20,409	83,736	60,477	77,152	28,866
Total billed retail	2,236,945	4,484,672	1,631,164	661,364	1,977,277
Sales for resale (a)	269,648	357,900	104,058	63,360	10,497
Other electric revenues (b)	121,425	151,252	49,752	(992)	35,988
Revenues from contracts with customers	2,628,018	4,993,824	1,784,974	723,732	2,023,762
Other revenues (c)	18,378	79,415	17,559	14,242	4,824
Electric revenues	2,646,396	5,073,239	1,802,533	737,974	2,028,586
Natural gas revenues	—	74,531	—	105,959	—
Total operating revenues	$2,646,396	$5,147,770	$1,802,533	$843,933	$2,028,586

(a)Sales for resale includes day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments and includes them as part of customer revenues.

(b)Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market, unbilled revenue, the return on construction work in progress for certain utility plant investments, and certain customer credits as directed by regulators.

(c)Other Utility revenues include the equity component of carrying costs related to securitization, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, late fees, and amounts resulting from other operating activities.

(d)Other revenues include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.

Electric Revenues

Entergy’s primary source of revenue is from retail electric sales sold under tariff rates approved by regulators in its various jurisdictions. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas generate, transmit, and distribute electric power primarily to retail customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy’s Utility operating companies provide power to customers on demand throughout the month, measured by a meter located at the customer’s property. Approved rates vary by customer class due to differing requirements of the customers and market factors involved in fulfilling those requirements. Entergy issues monthly bills to customers at rates approved by regulators for power and related services provided during the previous billing cycle.

To the extent that deliveries have occurred, but a bill has not been issued, Entergy’s Utility operating companies record an estimate for energy delivered since the latest billings. The Utility operating companies calculate the estimate based upon several factors including actual metered customer usage, billings through the last billing cycle in a month, actual generation in the month, historical line loss factors, and tariff rates of power in the respective jurisdiction. The inputs are revised as needed to approximate actual usage and cost. Each month, estimated unbilled amounts are recorded as revenue and accounts receivable, and the prior month’s estimate is reversed. Price and volume differences resulting from factors such as weather affect the calculation of unbilled revenues from one period to the other.

Entergy may record revenue based on rates that are subject to refund. Such revenues are reduced by estimated refund amounts when Entergy believes refunds are probable based on the status of rate proceedings as of the date financial statements are prepared. Because these refunds will be made through a reduction in future rates, and not as a reduction in bills previously issued, they are presented as other revenues in the table above.

Most of Entergy’s contracts are on demand, with customer bills that vary each month based on an approved tariff and usage. Certain retail customers, primarily large industrial customers from various industries, have electric service agreements that require a fixed amount of consideration to be paid through the end of a contract term longer than one year. As of December 31, 2025, the amount of revenues related to this fixed consideration that Entergy expects to recognize over the remaining contract terms, extending through 2048, was $8,038 million for Entergy, including $4,418 million for Entergy Arkansas, $849 million for Entergy Louisiana, $2,567 million for Entergy Mississippi, and $204 million for Entergy Texas. These contracts also require variable payments based on the actual amount of energy service, which are recognized as revenue as Entergy has the right to bill the customer for services performed.

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. System Energy issues monthly bills to its affiliated customers equal to its actual operating costs plus a return on common equity approved by the FERC. Effective January 1, 2025, Entergy Louisiana divested all of its 14% share of capacity and energy from Grand Gulf and all of the capacity and energy from Grand Gulf that it purchases from Entergy Arkansas (approximately 2.43%) to Entergy Mississippi. This divestiture was effectuated initially under a designated PPA between Entergy Louisiana and Entergy Mississippi, which was accepted by the FERC in November 2024. The MPSC approved the MSS-4 replacement PPA, effective as of January 1, 2025. An amended Unit Power Sales Agreement became effective as of October 1, 2025, which removed Entergy Louisiana from the entitlement and responsibility to purchase power from Grand Gulf. Thus on October 1, 2025, the MSS-4

replacement PPA was terminated. See Note 8 to the financial statements for further discussion of System Energy and the Unit Power Sales Agreement.

Entergy’s Utility operating companies also sell excess power not needed for their own customers, primarily through transactions with MISO, a regional transmission organization that maintains functional control over the combined transmission systems of its members and manages one of the largest energy markets in the U.S. In the MISO market, Entergy offers its generation and bids its load into the market. MISO settles these offers and bids based on locational marginal prices. These represent pricing for energy at a given location based on a market clearing price that takes into account physical limitations on the transmission system, generation, and demand throughout the MISO region. MISO evaluates each market participant’s energy offers and demand bids to economically and reliably dispatch the entire MISO system. Entergy nets purchases and sales within the MISO market and reports in operating revenues when in a net selling position and in operating expenses when in a net purchasing position.

Natural Gas

Prior to the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025, Entergy New Orleans and Entergy Louisiana distributed natural gas to retail customers in and around New Orleans, Louisiana and Baton Rouge, Louisiana, respectively. Gas transferred to customers was measured by a cubic meter at the customer’s property. Entergy issued monthly invoices to customers at rates approved by regulators for the volume of gas transferred to date. See “Dispositions - Natural Gas Distribution Businesses” in 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.

Other Revenues

Entergy’s revenues from its non-utility operations include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.

Recovery of Fuel Costs

Entergy’s Utility operating companies’ rate schedules include either fuel adjustment clauses or fixed fuel factors, which allow either current recovery in billings to customers or deferral of fuel costs until the costs are billed to customers. Where the fuel component of revenues is based on a pre-determined fuel cost (fixed fuel factor), the fuel factor remains in effect until changed as part of a general rate case, fuel reconciliation, or fixed fuel factor filing. System Energy’s operating revenues are intended to recover from Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans operating expenses and capital costs attributable to Grand Gulf. The capital costs are based on System Energy’s common equity funds allocable to its net investment in Grand Gulf, plus System Energy’s effective interest cost for its debt allocable to its investment in Grand Gulf.

Taxes Imposed on Revenue-Producing Transactions

Governmental authorities assess taxes that are both imposed on and concurrent with a specific revenue-producing transaction between a seller and a customer, including, but not limited to, sales, use, value added, and some excise taxes. Entergy presents these taxes on a net basis, excluding them from revenues.

Allowance for Doubtful Accounts

The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate

of default on its accounts receivables. The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the years ended December 31, 2025, 2024, and 2023.


	Entergy	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of December 31, 2022	$30.9	$6.5	$7.6	$2.5	$11.9	$2.4
Provisions	38.7	9.4	13.9	7.3	3.4	4.7
Write-offs	(83.1)	(20.6)	(31.3)	(10.4)	(10.7)	(10.1)
Recoveries	39.4	11.9	15.9	3.9	3.2	4.5
Balance as of December 31, 2023	$25.9	$7.2	$6.1	$3.3	$7.8	$1.5
Provisions	32.0	7.0	10.0	4.8	4.6	5.6
Write-offs	(71.2)	(17.5)	(23.3)	(11.5)	(10.4)	(8.5)
Recoveries	31.2	8.0	10.2	5.6	4.7	2.7
Balance as of December 31, 2024	$17.9	$4.7	$3.0	$2.2	$6.7	$1.3
Provisions	58.7	13.1	19.6	8.5	3.5	14.0
Write-offs	(78.1)	(18.9)	(23.6)	(16.6)	(9.5)	(9.5)
Recoveries	33.8	8.4	10.1	9.4	3.1	2.8
Balance as of December 31, 2025	$32.3	$7.3	$9.1	$3.5	$3.8	$8.6

The allowance is calculated as the historical rate of customer write-offs multiplied by the current accounts receivable balance, taking into account the length of time the receivable balances have been outstanding. The rate of customer write-offs has historically experienced minimal variation, although general economic conditions can affect the rate of customer write-offs. Management monitors the current condition of individual customer accounts and general economic conditions to manage collections and ensure bad debt expense is recorded in a timely manner.

Revenue from Contract with Customer [Text Block]

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

Revenues from electric service and the sale of natural gas are recognized when services are transferred to the customer in an amount equal to what Entergy has the right to bill the customer because this amount represents the value of services provided to customers. Entergy’s total revenues for the years ended December 31, 2025, 2024, and 2023 were as follows:


	2025	2024	2023
	(In Thousands)
Utility:
Residential	$4,819,531	$4,509,553	$4,552,804
Commercial	3,113,791	2,952,398	2,997,888
Industrial	3,602,300	3,197,835	3,170,090
Governmental	276,145	268,222	270,640
Total billed retail	11,811,767	10,928,008	10,991,422

Sales for resale (a)	397,507	278,700	366,348
Other electric revenues (b)	518,746	360,949	352,056
Revenues from contracts with customers	12,728,020	11,567,657	11,709,826
Other Utility revenues (c)	47,294	60,075	132,628
Electric revenues	12,775,314	11,627,732	11,842,454

Natural gas revenues	112,607	178,070	180,490

Other revenues (d)	58,765	73,851	124,468

Total operating revenues	$12,946,686	$11,879,653	$12,147,412

The Utility operating companies’ total revenues for the year ended December 31, 2025 were as follows:


2025	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$1,064,749	$1,694,005	$774,235	$311,872	$974,670
Commercial	597,511	1,195,517	609,578	221,835	489,350
Industrial	733,895	2,067,674	222,997	28,261	549,473
Governmental	19,556	90,585	59,584	76,553	29,867
Total billed retail	2,415,711	5,047,781	1,666,394	638,521	2,043,360
Sales for resale (a)	212,628	434,436	162,380	53,010	13,448
Other electric revenues (b)	140,437	206,488	106,884	5,809	64,500
Revenues from contracts with customers	2,768,776	5,688,705	1,935,658	697,340	2,121,308
Other revenues (c)	15,271	(892)	20,047	6,553	6,276
Electric revenues	2,784,047	5,687,813	1,955,705	703,893	2,127,584
Natural gas revenues	—	44,286	—	68,321	—
Total operating revenues	$2,784,047	$5,732,099	$1,955,705	$772,214	$2,127,584

The Utility operating companies’ total revenues for the year ended December 31, 2024 were as follows:


2024	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$999,641	$1,554,400	$724,601	$308,757	$922,154
Commercial	571,574	1,100,309	577,484	229,648	473,383
Industrial	632,144	1,781,615	195,194	29,821	559,061
Governmental	18,622	85,537	56,420	79,060	28,583
Total billed retail	2,221,981	4,521,861	1,553,699	647,286	1,983,181
Sales for resale (a)	169,409	335,375	128,781	48,042	17,174
Other electric revenues (b)	53,492	187,097	72,237	6,782	46,710
Revenues from contracts with customers	2,444,882	5,044,333	1,754,717	702,110	2,047,065
Other revenues (c)	15,299	23,825	9,876	6,244	3,085
Electric revenues	2,460,181	5,068,158	1,764,593	708,354	2,050,150
Natural gas revenues	—	75,860	—	102,210	—
Total operating revenues	$2,460,181	$5,144,018	$1,764,593	$810,564	$2,050,150

The Utility operating companies’ total revenues for the year ended December 31, 2023 were as follows:


2023	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$996,760	$1,576,129	$748,428	$317,188	$914,299
Commercial	584,304	1,104,509	604,343	235,193	469,539
Industrial	635,472	1,720,298	217,916	31,831	564,573
Governmental	20,409	83,736	60,477	77,152	28,866
Total billed retail	2,236,945	4,484,672	1,631,164	661,364	1,977,277
Sales for resale (a)	269,648	357,900	104,058	63,360	10,497
Other electric revenues (b)	121,425	151,252	49,752	(992)	35,988
Revenues from contracts with customers	2,628,018	4,993,824	1,784,974	723,732	2,023,762
Other revenues (c)	18,378	79,415	17,559	14,242	4,824
Electric revenues	2,646,396	5,073,239	1,802,533	737,974	2,028,586
Natural gas revenues	—	74,531	—	105,959	—
Total operating revenues	$2,646,396	$5,147,770	$1,802,533	$843,933	$2,028,586

(a)Sales for resale includes day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments and includes them as part of customer revenues.

(b)Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market, unbilled revenue, the return on construction work in progress for certain utility plant investments, and certain customer credits as directed by regulators.

(c)Other Utility revenues include the equity component of carrying costs related to securitization, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, late fees, and amounts resulting from other operating activities.

(d)Other revenues include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.

Electric Revenues

Entergy’s primary source of revenue is from retail electric sales sold under tariff rates approved by regulators in its various jurisdictions. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas generate, transmit, and distribute electric power primarily to retail customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy’s Utility operating companies provide power to customers on demand throughout the month, measured by a meter located at the customer’s property. Approved rates vary by customer class due to differing requirements of the customers and market factors involved in fulfilling those requirements. Entergy issues monthly bills to customers at rates approved by regulators for power and related services provided during the previous billing cycle.

To the extent that deliveries have occurred, but a bill has not been issued, Entergy’s Utility operating companies record an estimate for energy delivered since the latest billings. The Utility operating companies calculate the estimate based upon several factors including actual metered customer usage, billings through the last billing cycle in a month, actual generation in the month, historical line loss factors, and tariff rates of power in the respective jurisdiction. The inputs are revised as needed to approximate actual usage and cost. Each month, estimated unbilled amounts are recorded as revenue and accounts receivable, and the prior month’s estimate is reversed. Price and volume differences resulting from factors such as weather affect the calculation of unbilled revenues from one period to the other.

Entergy may record revenue based on rates that are subject to refund. Such revenues are reduced by estimated refund amounts when Entergy believes refunds are probable based on the status of rate proceedings as of the date financial statements are prepared. Because these refunds will be made through a reduction in future rates, and not as a reduction in bills previously issued, they are presented as other revenues in the table above.

Most of Entergy’s contracts are on demand, with customer bills that vary each month based on an approved tariff and usage. Certain retail customers, primarily large industrial customers from various industries, have electric service agreements that require a fixed amount of consideration to be paid through the end of a contract term longer than one year. As of December 31, 2025, the amount of revenues related to this fixed consideration that Entergy expects to recognize over the remaining contract terms, extending through 2048, was $8,038 million for Entergy, including $4,418 million for Entergy Arkansas, $849 million for Entergy Louisiana, $2,567 million for Entergy Mississippi, and $204 million for Entergy Texas. These contracts also require variable payments based on the actual amount of energy service, which are recognized as revenue as Entergy has the right to bill the customer for services performed.

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. System Energy issues monthly bills to its affiliated customers equal to its actual operating costs plus a return on common equity approved by the FERC. Effective January 1, 2025, Entergy Louisiana divested all of its 14% share of capacity and energy from Grand Gulf and all of the capacity and energy from Grand Gulf that it purchases from Entergy Arkansas (approximately 2.43%) to Entergy Mississippi. This divestiture was effectuated initially under a designated PPA between Entergy Louisiana and Entergy Mississippi, which was accepted by the FERC in November 2024. The MPSC approved the MSS-4 replacement PPA, effective as of January 1, 2025. An amended Unit Power Sales Agreement became effective as of October 1, 2025, which removed Entergy Louisiana from the entitlement and responsibility to purchase power from Grand Gulf. Thus on October 1, 2025, the MSS-4

replacement PPA was terminated. See Note 8 to the financial statements for further discussion of System Energy and the Unit Power Sales Agreement.

Entergy’s Utility operating companies also sell excess power not needed for their own customers, primarily through transactions with MISO, a regional transmission organization that maintains functional control over the combined transmission systems of its members and manages one of the largest energy markets in the U.S. In the MISO market, Entergy offers its generation and bids its load into the market. MISO settles these offers and bids based on locational marginal prices. These represent pricing for energy at a given location based on a market clearing price that takes into account physical limitations on the transmission system, generation, and demand throughout the MISO region. MISO evaluates each market participant’s energy offers and demand bids to economically and reliably dispatch the entire MISO system. Entergy nets purchases and sales within the MISO market and reports in operating revenues when in a net selling position and in operating expenses when in a net purchasing position.

Natural Gas

Prior to the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025, Entergy New Orleans and Entergy Louisiana distributed natural gas to retail customers in and around New Orleans, Louisiana and Baton Rouge, Louisiana, respectively. Gas transferred to customers was measured by a cubic meter at the customer’s property. Entergy issued monthly invoices to customers at rates approved by regulators for the volume of gas transferred to date. See “Dispositions - Natural Gas Distribution Businesses” in 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.

Other Revenues

Entergy’s revenues from its non-utility operations include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.

Recovery of Fuel Costs

Entergy’s Utility operating companies’ rate schedules include either fuel adjustment clauses or fixed fuel factors, which allow either current recovery in billings to customers or deferral of fuel costs until the costs are billed to customers. Where the fuel component of revenues is based on a pre-determined fuel cost (fixed fuel factor), the fuel factor remains in effect until changed as part of a general rate case, fuel reconciliation, or fixed fuel factor filing. System Energy’s operating revenues are intended to recover from Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans operating expenses and capital costs attributable to Grand Gulf. The capital costs are based on System Energy’s common equity funds allocable to its net investment in Grand Gulf, plus System Energy’s effective interest cost for its debt allocable to its investment in Grand Gulf.

Taxes Imposed on Revenue-Producing Transactions

Governmental authorities assess taxes that are both imposed on and concurrent with a specific revenue-producing transaction between a seller and a customer, including, but not limited to, sales, use, value added, and some excise taxes. Entergy presents these taxes on a net basis, excluding them from revenues.

Allowance for Doubtful Accounts

The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate

of default on its accounts receivables. The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the years ended December 31, 2025, 2024, and 2023.


	Entergy	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of December 31, 2022	$30.9	$6.5	$7.6	$2.5	$11.9	$2.4
Provisions	38.7	9.4	13.9	7.3	3.4	4.7
Write-offs	(83.1)	(20.6)	(31.3)	(10.4)	(10.7)	(10.1)
Recoveries	39.4	11.9	15.9	3.9	3.2	4.5
Balance as of December 31, 2023	$25.9	$7.2	$6.1	$3.3	$7.8	$1.5
Provisions	32.0	7.0	10.0	4.8	4.6	5.6
Write-offs	(71.2)	(17.5)	(23.3)	(11.5)	(10.4)	(8.5)
Recoveries	31.2	8.0	10.2	5.6	4.7	2.7
Balance as of December 31, 2024	$17.9	$4.7	$3.0	$2.2	$6.7	$1.3
Provisions	58.7	13.1	19.6	8.5	3.5	14.0
Write-offs	(78.1)	(18.9)	(23.6)	(16.6)	(9.5)	(9.5)
Recoveries	33.8	8.4	10.1	9.4	3.1	2.8
Balance as of December 31, 2025	$32.3	$7.3	$9.1	$3.5	$3.8	$8.6

The allowance is calculated as the historical rate of customer write-offs multiplied by the current accounts receivable balance, taking into account the length of time the receivable balances have been outstanding. The rate of customer write-offs has historically experienced minimal variation, although general economic conditions can affect the rate of customer write-offs. Management monitors the current condition of individual customer accounts and general economic conditions to manage collections and ensure bad debt expense is recorded in a timely manner.

Revenue from Contract with Customer [Text Block]

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

Revenues from electric service and the sale of natural gas are recognized when services are transferred to the customer in an amount equal to what Entergy has the right to bill the customer because this amount represents the value of services provided to customers. Entergy’s total revenues for the years ended December 31, 2025, 2024, and 2023 were as follows:


	2025	2024	2023
	(In Thousands)
Utility:
Residential	$4,819,531	$4,509,553	$4,552,804
Commercial	3,113,791	2,952,398	2,997,888
Industrial	3,602,300	3,197,835	3,170,090
Governmental	276,145	268,222	270,640
Total billed retail	11,811,767	10,928,008	10,991,422

Sales for resale (a)	397,507	278,700	366,348
Other electric revenues (b)	518,746	360,949	352,056
Revenues from contracts with customers	12,728,020	11,567,657	11,709,826
Other Utility revenues (c)	47,294	60,075	132,628
Electric revenues	12,775,314	11,627,732	11,842,454

Natural gas revenues	112,607	178,070	180,490

Other revenues (d)	58,765	73,851	124,468

Total operating revenues	$12,946,686	$11,879,653	$12,147,412

The Utility operating companies’ total revenues for the year ended December 31, 2025 were as follows:


2025	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$1,064,749	$1,694,005	$774,235	$311,872	$974,670
Commercial	597,511	1,195,517	609,578	221,835	489,350
Industrial	733,895	2,067,674	222,997	28,261	549,473
Governmental	19,556	90,585	59,584	76,553	29,867
Total billed retail	2,415,711	5,047,781	1,666,394	638,521	2,043,360
Sales for resale (a)	212,628	434,436	162,380	53,010	13,448
Other electric revenues (b)	140,437	206,488	106,884	5,809	64,500
Revenues from contracts with customers	2,768,776	5,688,705	1,935,658	697,340	2,121,308
Other revenues (c)	15,271	(892)	20,047	6,553	6,276
Electric revenues	2,784,047	5,687,813	1,955,705	703,893	2,127,584
Natural gas revenues	—	44,286	—	68,321	—
Total operating revenues	$2,784,047	$5,732,099	$1,955,705	$772,214	$2,127,584

The Utility operating companies’ total revenues for the year ended December 31, 2024 were as follows:


2024	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$999,641	$1,554,400	$724,601	$308,757	$922,154
Commercial	571,574	1,100,309	577,484	229,648	473,383
Industrial	632,144	1,781,615	195,194	29,821	559,061
Governmental	18,622	85,537	56,420	79,060	28,583
Total billed retail	2,221,981	4,521,861	1,553,699	647,286	1,983,181
Sales for resale (a)	169,409	335,375	128,781	48,042	17,174
Other electric revenues (b)	53,492	187,097	72,237	6,782	46,710
Revenues from contracts with customers	2,444,882	5,044,333	1,754,717	702,110	2,047,065
Other revenues (c)	15,299	23,825	9,876	6,244	3,085
Electric revenues	2,460,181	5,068,158	1,764,593	708,354	2,050,150
Natural gas revenues	—	75,860	—	102,210	—
Total operating revenues	$2,460,181	$5,144,018	$1,764,593	$810,564	$2,050,150

The Utility operating companies’ total revenues for the year ended December 31, 2023 were as follows:


2023	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$996,760	$1,576,129	$748,428	$317,188	$914,299
Commercial	584,304	1,104,509	604,343	235,193	469,539
Industrial	635,472	1,720,298	217,916	31,831	564,573
Governmental	20,409	83,736	60,477	77,152	28,866
Total billed retail	2,236,945	4,484,672	1,631,164	661,364	1,977,277
Sales for resale (a)	269,648	357,900	104,058	63,360	10,497
Other electric revenues (b)	121,425	151,252	49,752	(992)	35,988
Revenues from contracts with customers	2,628,018	4,993,824	1,784,974	723,732	2,023,762
Other revenues (c)	18,378	79,415	17,559	14,242	4,824
Electric revenues	2,646,396	5,073,239	1,802,533	737,974	2,028,586
Natural gas revenues	—	74,531	—	105,959	—
Total operating revenues	$2,646,396	$5,147,770	$1,802,533	$843,933	$2,028,586

(a)Sales for resale includes day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments and includes them as part of customer revenues.

(b)Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market, unbilled revenue, the return on construction work in progress for certain utility plant investments, and certain customer credits as directed by regulators.

(c)Other Utility revenues include the equity component of carrying costs related to securitization, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, late fees, and amounts resulting from other operating activities.

(d)Other revenues include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.

Electric Revenues

Entergy’s primary source of revenue is from retail electric sales sold under tariff rates approved by regulators in its various jurisdictions. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas generate, transmit, and distribute electric power primarily to retail customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy’s Utility operating companies provide power to customers on demand throughout the month, measured by a meter located at the customer’s property. Approved rates vary by customer class due to differing requirements of the customers and market factors involved in fulfilling those requirements. Entergy issues monthly bills to customers at rates approved by regulators for power and related services provided during the previous billing cycle.

To the extent that deliveries have occurred, but a bill has not been issued, Entergy’s Utility operating companies record an estimate for energy delivered since the latest billings. The Utility operating companies calculate the estimate based upon several factors including actual metered customer usage, billings through the last billing cycle in a month, actual generation in the month, historical line loss factors, and tariff rates of power in the respective jurisdiction. The inputs are revised as needed to approximate actual usage and cost. Each month, estimated unbilled amounts are recorded as revenue and accounts receivable, and the prior month’s estimate is reversed. Price and volume differences resulting from factors such as weather affect the calculation of unbilled revenues from one period to the other.

Entergy may record revenue based on rates that are subject to refund. Such revenues are reduced by estimated refund amounts when Entergy believes refunds are probable based on the status of rate proceedings as of the date financial statements are prepared. Because these refunds will be made through a reduction in future rates, and not as a reduction in bills previously issued, they are presented as other revenues in the table above.

Most of Entergy’s contracts are on demand, with customer bills that vary each month based on an approved tariff and usage. Certain retail customers, primarily large industrial customers from various industries, have electric service agreements that require a fixed amount of consideration to be paid through the end of a contract term longer than one year. As of December 31, 2025, the amount of revenues related to this fixed consideration that Entergy expects to recognize over the remaining contract terms, extending through 2048, was $8,038 million for Entergy, including $4,418 million for Entergy Arkansas, $849 million for Entergy Louisiana, $2,567 million for Entergy Mississippi, and $204 million for Entergy Texas. These contracts also require variable payments based on the actual amount of energy service, which are recognized as revenue as Entergy has the right to bill the customer for services performed.

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. System Energy issues monthly bills to its affiliated customers equal to its actual operating costs plus a return on common equity approved by the FERC. Effective January 1, 2025, Entergy Louisiana divested all of its 14% share of capacity and energy from Grand Gulf and all of the capacity and energy from Grand Gulf that it purchases from Entergy Arkansas (approximately 2.43%) to Entergy Mississippi. This divestiture was effectuated initially under a designated PPA between Entergy Louisiana and Entergy Mississippi, which was accepted by the FERC in November 2024. The MPSC approved the MSS-4 replacement PPA, effective as of January 1, 2025. An amended Unit Power Sales Agreement became effective as of October 1, 2025, which removed Entergy Louisiana from the entitlement and responsibility to purchase power from Grand Gulf. Thus on October 1, 2025, the MSS-4

replacement PPA was terminated. See Note 8 to the financial statements for further discussion of System Energy and the Unit Power Sales Agreement.

Entergy’s Utility operating companies also sell excess power not needed for their own customers, primarily through transactions with MISO, a regional transmission organization that maintains functional control over the combined transmission systems of its members and manages one of the largest energy markets in the U.S. In the MISO market, Entergy offers its generation and bids its load into the market. MISO settles these offers and bids based on locational marginal prices. These represent pricing for energy at a given location based on a market clearing price that takes into account physical limitations on the transmission system, generation, and demand throughout the MISO region. MISO evaluates each market participant’s energy offers and demand bids to economically and reliably dispatch the entire MISO system. Entergy nets purchases and sales within the MISO market and reports in operating revenues when in a net selling position and in operating expenses when in a net purchasing position.

Natural Gas

Prior to the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025, Entergy New Orleans and Entergy Louisiana distributed natural gas to retail customers in and around New Orleans, Louisiana and Baton Rouge, Louisiana, respectively. Gas transferred to customers was measured by a cubic meter at the customer’s property. Entergy issued monthly invoices to customers at rates approved by regulators for the volume of gas transferred to date. See “Dispositions - Natural Gas Distribution Businesses” in 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.

Other Revenues

Entergy’s revenues from its non-utility operations include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.

Recovery of Fuel Costs

Entergy’s Utility operating companies’ rate schedules include either fuel adjustment clauses or fixed fuel factors, which allow either current recovery in billings to customers or deferral of fuel costs until the costs are billed to customers. Where the fuel component of revenues is based on a pre-determined fuel cost (fixed fuel factor), the fuel factor remains in effect until changed as part of a general rate case, fuel reconciliation, or fixed fuel factor filing. System Energy’s operating revenues are intended to recover from Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans operating expenses and capital costs attributable to Grand Gulf. The capital costs are based on System Energy’s common equity funds allocable to its net investment in Grand Gulf, plus System Energy’s effective interest cost for its debt allocable to its investment in Grand Gulf.

Taxes Imposed on Revenue-Producing Transactions

Governmental authorities assess taxes that are both imposed on and concurrent with a specific revenue-producing transaction between a seller and a customer, including, but not limited to, sales, use, value added, and some excise taxes. Entergy presents these taxes on a net basis, excluding them from revenues.

Allowance for Doubtful Accounts

The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate

of default on its accounts receivables. The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the years ended December 31, 2025, 2024, and 2023.


	Entergy	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of December 31, 2022	$30.9	$6.5	$7.6	$2.5	$11.9	$2.4
Provisions	38.7	9.4	13.9	7.3	3.4	4.7
Write-offs	(83.1)	(20.6)	(31.3)	(10.4)	(10.7)	(10.1)
Recoveries	39.4	11.9	15.9	3.9	3.2	4.5
Balance as of December 31, 2023	$25.9	$7.2	$6.1	$3.3	$7.8	$1.5
Provisions	32.0	7.0	10.0	4.8	4.6	5.6
Write-offs	(71.2)	(17.5)	(23.3)	(11.5)	(10.4)	(8.5)
Recoveries	31.2	8.0	10.2	5.6	4.7	2.7
Balance as of December 31, 2024	$17.9	$4.7	$3.0	$2.2	$6.7	$1.3
Provisions	58.7	13.1	19.6	8.5	3.5	14.0
Write-offs	(78.1)	(18.9)	(23.6)	(16.6)	(9.5)	(9.5)
Recoveries	33.8	8.4	10.1	9.4	3.1	2.8
Balance as of December 31, 2025	$32.3	$7.3	$9.1	$3.5	$3.8	$8.6

The allowance is calculated as the historical rate of customer write-offs multiplied by the current accounts receivable balance, taking into account the length of time the receivable balances have been outstanding. The rate of customer write-offs has historically experienced minimal variation, although general economic conditions can affect the rate of customer write-offs. Management monitors the current condition of individual customer accounts and general economic conditions to manage collections and ensure bad debt expense is recorded in a timely manner.

Revenue from Contract with Customer [Text Block]

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

Revenues from electric service and the sale of natural gas are recognized when services are transferred to the customer in an amount equal to what Entergy has the right to bill the customer because this amount represents the value of services provided to customers. Entergy’s total revenues for the years ended December 31, 2025, 2024, and 2023 were as follows:


	2025	2024	2023
	(In Thousands)
Utility:
Residential	$4,819,531	$4,509,553	$4,552,804
Commercial	3,113,791	2,952,398	2,997,888
Industrial	3,602,300	3,197,835	3,170,090
Governmental	276,145	268,222	270,640
Total billed retail	11,811,767	10,928,008	10,991,422

Sales for resale (a)	397,507	278,700	366,348
Other electric revenues (b)	518,746	360,949	352,056
Revenues from contracts with customers	12,728,020	11,567,657	11,709,826
Other Utility revenues (c)	47,294	60,075	132,628
Electric revenues	12,775,314	11,627,732	11,842,454

Natural gas revenues	112,607	178,070	180,490

Other revenues (d)	58,765	73,851	124,468

Total operating revenues	$12,946,686	$11,879,653	$12,147,412

The Utility operating companies’ total revenues for the year ended December 31, 2025 were as follows:


2025	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$1,064,749	$1,694,005	$774,235	$311,872	$974,670
Commercial	597,511	1,195,517	609,578	221,835	489,350
Industrial	733,895	2,067,674	222,997	28,261	549,473
Governmental	19,556	90,585	59,584	76,553	29,867
Total billed retail	2,415,711	5,047,781	1,666,394	638,521	2,043,360
Sales for resale (a)	212,628	434,436	162,380	53,010	13,448
Other electric revenues (b)	140,437	206,488	106,884	5,809	64,500
Revenues from contracts with customers	2,768,776	5,688,705	1,935,658	697,340	2,121,308
Other revenues (c)	15,271	(892)	20,047	6,553	6,276
Electric revenues	2,784,047	5,687,813	1,955,705	703,893	2,127,584
Natural gas revenues	—	44,286	—	68,321	—
Total operating revenues	$2,784,047	$5,732,099	$1,955,705	$772,214	$2,127,584

The Utility operating companies’ total revenues for the year ended December 31, 2024 were as follows:


2024	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$999,641	$1,554,400	$724,601	$308,757	$922,154
Commercial	571,574	1,100,309	577,484	229,648	473,383
Industrial	632,144	1,781,615	195,194	29,821	559,061
Governmental	18,622	85,537	56,420	79,060	28,583
Total billed retail	2,221,981	4,521,861	1,553,699	647,286	1,983,181
Sales for resale (a)	169,409	335,375	128,781	48,042	17,174
Other electric revenues (b)	53,492	187,097	72,237	6,782	46,710
Revenues from contracts with customers	2,444,882	5,044,333	1,754,717	702,110	2,047,065
Other revenues (c)	15,299	23,825	9,876	6,244	3,085
Electric revenues	2,460,181	5,068,158	1,764,593	708,354	2,050,150
Natural gas revenues	—	75,860	—	102,210	—
Total operating revenues	$2,460,181	$5,144,018	$1,764,593	$810,564	$2,050,150

The Utility operating companies’ total revenues for the year ended December 31, 2023 were as follows:


2023	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$996,760	$1,576,129	$748,428	$317,188	$914,299
Commercial	584,304	1,104,509	604,343	235,193	469,539
Industrial	635,472	1,720,298	217,916	31,831	564,573
Governmental	20,409	83,736	60,477	77,152	28,866
Total billed retail	2,236,945	4,484,672	1,631,164	661,364	1,977,277
Sales for resale (a)	269,648	357,900	104,058	63,360	10,497
Other electric revenues (b)	121,425	151,252	49,752	(992)	35,988
Revenues from contracts with customers	2,628,018	4,993,824	1,784,974	723,732	2,023,762
Other revenues (c)	18,378	79,415	17,559	14,242	4,824
Electric revenues	2,646,396	5,073,239	1,802,533	737,974	2,028,586
Natural gas revenues	—	74,531	—	105,959	—
Total operating revenues	$2,646,396	$5,147,770	$1,802,533	$843,933	$2,028,586

(a)Sales for resale includes day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments and includes them as part of customer revenues.

(b)Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market, unbilled revenue, the return on construction work in progress for certain utility plant investments, and certain customer credits as directed by regulators.

(c)Other Utility revenues include the equity component of carrying costs related to securitization, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, late fees, and amounts resulting from other operating activities.

(d)Other revenues include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.

Electric Revenues

Entergy’s primary source of revenue is from retail electric sales sold under tariff rates approved by regulators in its various jurisdictions. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas generate, transmit, and distribute electric power primarily to retail customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy’s Utility operating companies provide power to customers on demand throughout the month, measured by a meter located at the customer’s property. Approved rates vary by customer class due to differing requirements of the customers and market factors involved in fulfilling those requirements. Entergy issues monthly bills to customers at rates approved by regulators for power and related services provided during the previous billing cycle.

To the extent that deliveries have occurred, but a bill has not been issued, Entergy’s Utility operating companies record an estimate for energy delivered since the latest billings. The Utility operating companies calculate the estimate based upon several factors including actual metered customer usage, billings through the last billing cycle in a month, actual generation in the month, historical line loss factors, and tariff rates of power in the respective jurisdiction. The inputs are revised as needed to approximate actual usage and cost. Each month, estimated unbilled amounts are recorded as revenue and accounts receivable, and the prior month’s estimate is reversed. Price and volume differences resulting from factors such as weather affect the calculation of unbilled revenues from one period to the other.

Entergy may record revenue based on rates that are subject to refund. Such revenues are reduced by estimated refund amounts when Entergy believes refunds are probable based on the status of rate proceedings as of the date financial statements are prepared. Because these refunds will be made through a reduction in future rates, and not as a reduction in bills previously issued, they are presented as other revenues in the table above.

Most of Entergy’s contracts are on demand, with customer bills that vary each month based on an approved tariff and usage. Certain retail customers, primarily large industrial customers from various industries, have electric service agreements that require a fixed amount of consideration to be paid through the end of a contract term longer than one year. As of December 31, 2025, the amount of revenues related to this fixed consideration that Entergy expects to recognize over the remaining contract terms, extending through 2048, was $8,038 million for Entergy, including $4,418 million for Entergy Arkansas, $849 million for Entergy Louisiana, $2,567 million for Entergy Mississippi, and $204 million for Entergy Texas. These contracts also require variable payments based on the actual amount of energy service, which are recognized as revenue as Entergy has the right to bill the customer for services performed.

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. System Energy issues monthly bills to its affiliated customers equal to its actual operating costs plus a return on common equity approved by the FERC. Effective January 1, 2025, Entergy Louisiana divested all of its 14% share of capacity and energy from Grand Gulf and all of the capacity and energy from Grand Gulf that it purchases from Entergy Arkansas (approximately 2.43%) to Entergy Mississippi. This divestiture was effectuated initially under a designated PPA between Entergy Louisiana and Entergy Mississippi, which was accepted by the FERC in November 2024. The MPSC approved the MSS-4 replacement PPA, effective as of January 1, 2025. An amended Unit Power Sales Agreement became effective as of October 1, 2025, which removed Entergy Louisiana from the entitlement and responsibility to purchase power from Grand Gulf. Thus on October 1, 2025, the MSS-4

replacement PPA was terminated. See Note 8 to the financial statements for further discussion of System Energy and the Unit Power Sales Agreement.

Entergy’s Utility operating companies also sell excess power not needed for their own customers, primarily through transactions with MISO, a regional transmission organization that maintains functional control over the combined transmission systems of its members and manages one of the largest energy markets in the U.S. In the MISO market, Entergy offers its generation and bids its load into the market. MISO settles these offers and bids based on locational marginal prices. These represent pricing for energy at a given location based on a market clearing price that takes into account physical limitations on the transmission system, generation, and demand throughout the MISO region. MISO evaluates each market participant’s energy offers and demand bids to economically and reliably dispatch the entire MISO system. Entergy nets purchases and sales within the MISO market and reports in operating revenues when in a net selling position and in operating expenses when in a net purchasing position.

Natural Gas

Prior to the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025, Entergy New Orleans and Entergy Louisiana distributed natural gas to retail customers in and around New Orleans, Louisiana and Baton Rouge, Louisiana, respectively. Gas transferred to customers was measured by a cubic meter at the customer’s property. Entergy issued monthly invoices to customers at rates approved by regulators for the volume of gas transferred to date. See “Dispositions - Natural Gas Distribution Businesses” in 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.

Other Revenues

Entergy’s revenues from its non-utility operations include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.

Recovery of Fuel Costs

Entergy’s Utility operating companies’ rate schedules include either fuel adjustment clauses or fixed fuel factors, which allow either current recovery in billings to customers or deferral of fuel costs until the costs are billed to customers. Where the fuel component of revenues is based on a pre-determined fuel cost (fixed fuel factor), the fuel factor remains in effect until changed as part of a general rate case, fuel reconciliation, or fixed fuel factor filing. System Energy’s operating revenues are intended to recover from Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans operating expenses and capital costs attributable to Grand Gulf. The capital costs are based on System Energy’s common equity funds allocable to its net investment in Grand Gulf, plus System Energy’s effective interest cost for its debt allocable to its investment in Grand Gulf.

Taxes Imposed on Revenue-Producing Transactions

Governmental authorities assess taxes that are both imposed on and concurrent with a specific revenue-producing transaction between a seller and a customer, including, but not limited to, sales, use, value added, and some excise taxes. Entergy presents these taxes on a net basis, excluding them from revenues.

Allowance for Doubtful Accounts

The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate

of default on its accounts receivables. The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the years ended December 31, 2025, 2024, and 2023.


	Entergy	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of December 31, 2022	$30.9	$6.5	$7.6	$2.5	$11.9	$2.4
Provisions	38.7	9.4	13.9	7.3	3.4	4.7
Write-offs	(83.1)	(20.6)	(31.3)	(10.4)	(10.7)	(10.1)
Recoveries	39.4	11.9	15.9	3.9	3.2	4.5
Balance as of December 31, 2023	$25.9	$7.2	$6.1	$3.3	$7.8	$1.5
Provisions	32.0	7.0	10.0	4.8	4.6	5.6
Write-offs	(71.2)	(17.5)	(23.3)	(11.5)	(10.4)	(8.5)
Recoveries	31.2	8.0	10.2	5.6	4.7	2.7
Balance as of December 31, 2024	$17.9	$4.7	$3.0	$2.2	$6.7	$1.3
Provisions	58.7	13.1	19.6	8.5	3.5	14.0
Write-offs	(78.1)	(18.9)	(23.6)	(16.6)	(9.5)	(9.5)
Recoveries	33.8	8.4	10.1	9.4	3.1	2.8
Balance as of December 31, 2025	$32.3	$7.3	$9.1	$3.5	$3.8	$8.6

The allowance is calculated as the historical rate of customer write-offs multiplied by the current accounts receivable balance, taking into account the length of time the receivable balances have been outstanding. The rate of customer write-offs has historically experienced minimal variation, although general economic conditions can affect the rate of customer write-offs. Management monitors the current condition of individual customer accounts and general economic conditions to manage collections and ensure bad debt expense is recorded in a timely manner.

Revenue from Contract with Customer [Text Block]

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

Revenues from electric service and the sale of natural gas are recognized when services are transferred to the customer in an amount equal to what Entergy has the right to bill the customer because this amount represents the value of services provided to customers. Entergy’s total revenues for the years ended December 31, 2025, 2024, and 2023 were as follows:


	2025	2024	2023
	(In Thousands)
Utility:
Residential	$4,819,531	$4,509,553	$4,552,804
Commercial	3,113,791	2,952,398	2,997,888
Industrial	3,602,300	3,197,835	3,170,090
Governmental	276,145	268,222	270,640
Total billed retail	11,811,767	10,928,008	10,991,422

Sales for resale (a)	397,507	278,700	366,348
Other electric revenues (b)	518,746	360,949	352,056
Revenues from contracts with customers	12,728,020	11,567,657	11,709,826
Other Utility revenues (c)	47,294	60,075	132,628
Electric revenues	12,775,314	11,627,732	11,842,454

Natural gas revenues	112,607	178,070	180,490

Other revenues (d)	58,765	73,851	124,468

Total operating revenues	$12,946,686	$11,879,653	$12,147,412

The Utility operating companies’ total revenues for the year ended December 31, 2025 were as follows:


2025	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$1,064,749	$1,694,005	$774,235	$311,872	$974,670
Commercial	597,511	1,195,517	609,578	221,835	489,350
Industrial	733,895	2,067,674	222,997	28,261	549,473
Governmental	19,556	90,585	59,584	76,553	29,867
Total billed retail	2,415,711	5,047,781	1,666,394	638,521	2,043,360
Sales for resale (a)	212,628	434,436	162,380	53,010	13,448
Other electric revenues (b)	140,437	206,488	106,884	5,809	64,500
Revenues from contracts with customers	2,768,776	5,688,705	1,935,658	697,340	2,121,308
Other revenues (c)	15,271	(892)	20,047	6,553	6,276
Electric revenues	2,784,047	5,687,813	1,955,705	703,893	2,127,584
Natural gas revenues	—	44,286	—	68,321	—
Total operating revenues	$2,784,047	$5,732,099	$1,955,705	$772,214	$2,127,584

The Utility operating companies’ total revenues for the year ended December 31, 2024 were as follows:


2024	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$999,641	$1,554,400	$724,601	$308,757	$922,154
Commercial	571,574	1,100,309	577,484	229,648	473,383
Industrial	632,144	1,781,615	195,194	29,821	559,061
Governmental	18,622	85,537	56,420	79,060	28,583
Total billed retail	2,221,981	4,521,861	1,553,699	647,286	1,983,181
Sales for resale (a)	169,409	335,375	128,781	48,042	17,174
Other electric revenues (b)	53,492	187,097	72,237	6,782	46,710
Revenues from contracts with customers	2,444,882	5,044,333	1,754,717	702,110	2,047,065
Other revenues (c)	15,299	23,825	9,876	6,244	3,085
Electric revenues	2,460,181	5,068,158	1,764,593	708,354	2,050,150
Natural gas revenues	—	75,860	—	102,210	—
Total operating revenues	$2,460,181	$5,144,018	$1,764,593	$810,564	$2,050,150

The Utility operating companies’ total revenues for the year ended December 31, 2023 were as follows:


2023	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$996,760	$1,576,129	$748,428	$317,188	$914,299
Commercial	584,304	1,104,509	604,343	235,193	469,539
Industrial	635,472	1,720,298	217,916	31,831	564,573
Governmental	20,409	83,736	60,477	77,152	28,866
Total billed retail	2,236,945	4,484,672	1,631,164	661,364	1,977,277
Sales for resale (a)	269,648	357,900	104,058	63,360	10,497
Other electric revenues (b)	121,425	151,252	49,752	(992)	35,988
Revenues from contracts with customers	2,628,018	4,993,824	1,784,974	723,732	2,023,762
Other revenues (c)	18,378	79,415	17,559	14,242	4,824
Electric revenues	2,646,396	5,073,239	1,802,533	737,974	2,028,586
Natural gas revenues	—	74,531	—	105,959	—
Total operating revenues	$2,646,396	$5,147,770	$1,802,533	$843,933	$2,028,586

(a)Sales for resale includes day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments and includes them as part of customer revenues.

(b)Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market, unbilled revenue, the return on construction work in progress for certain utility plant investments, and certain customer credits as directed by regulators.

(c)Other Utility revenues include the equity component of carrying costs related to securitization, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, late fees, and amounts resulting from other operating activities.

(d)Other revenues include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.

Electric Revenues

Entergy’s primary source of revenue is from retail electric sales sold under tariff rates approved by regulators in its various jurisdictions. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas generate, transmit, and distribute electric power primarily to retail customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy’s Utility operating companies provide power to customers on demand throughout the month, measured by a meter located at the customer’s property. Approved rates vary by customer class due to differing requirements of the customers and market factors involved in fulfilling those requirements. Entergy issues monthly bills to customers at rates approved by regulators for power and related services provided during the previous billing cycle.

To the extent that deliveries have occurred, but a bill has not been issued, Entergy’s Utility operating companies record an estimate for energy delivered since the latest billings. The Utility operating companies calculate the estimate based upon several factors including actual metered customer usage, billings through the last billing cycle in a month, actual generation in the month, historical line loss factors, and tariff rates of power in the respective jurisdiction. The inputs are revised as needed to approximate actual usage and cost. Each month, estimated unbilled amounts are recorded as revenue and accounts receivable, and the prior month’s estimate is reversed. Price and volume differences resulting from factors such as weather affect the calculation of unbilled revenues from one period to the other.

Entergy may record revenue based on rates that are subject to refund. Such revenues are reduced by estimated refund amounts when Entergy believes refunds are probable based on the status of rate proceedings as of the date financial statements are prepared. Because these refunds will be made through a reduction in future rates, and not as a reduction in bills previously issued, they are presented as other revenues in the table above.

Most of Entergy’s contracts are on demand, with customer bills that vary each month based on an approved tariff and usage. Certain retail customers, primarily large industrial customers from various industries, have electric service agreements that require a fixed amount of consideration to be paid through the end of a contract term longer than one year. As of December 31, 2025, the amount of revenues related to this fixed consideration that Entergy expects to recognize over the remaining contract terms, extending through 2048, was $8,038 million for Entergy, including $4,418 million for Entergy Arkansas, $849 million for Entergy Louisiana, $2,567 million for Entergy Mississippi, and $204 million for Entergy Texas. These contracts also require variable payments based on the actual amount of energy service, which are recognized as revenue as Entergy has the right to bill the customer for services performed.

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. System Energy issues monthly bills to its affiliated customers equal to its actual operating costs plus a return on common equity approved by the FERC. Effective January 1, 2025, Entergy Louisiana divested all of its 14% share of capacity and energy from Grand Gulf and all of the capacity and energy from Grand Gulf that it purchases from Entergy Arkansas (approximately 2.43%) to Entergy Mississippi. This divestiture was effectuated initially under a designated PPA between Entergy Louisiana and Entergy Mississippi, which was accepted by the FERC in November 2024. The MPSC approved the MSS-4 replacement PPA, effective as of January 1, 2025. An amended Unit Power Sales Agreement became effective as of October 1, 2025, which removed Entergy Louisiana from the entitlement and responsibility to purchase power from Grand Gulf. Thus on October 1, 2025, the MSS-4

replacement PPA was terminated. See Note 8 to the financial statements for further discussion of System Energy and the Unit Power Sales Agreement.

Entergy’s Utility operating companies also sell excess power not needed for their own customers, primarily through transactions with MISO, a regional transmission organization that maintains functional control over the combined transmission systems of its members and manages one of the largest energy markets in the U.S. In the MISO market, Entergy offers its generation and bids its load into the market. MISO settles these offers and bids based on locational marginal prices. These represent pricing for energy at a given location based on a market clearing price that takes into account physical limitations on the transmission system, generation, and demand throughout the MISO region. MISO evaluates each market participant’s energy offers and demand bids to economically and reliably dispatch the entire MISO system. Entergy nets purchases and sales within the MISO market and reports in operating revenues when in a net selling position and in operating expenses when in a net purchasing position.

Natural Gas

Prior to the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025, Entergy New Orleans and Entergy Louisiana distributed natural gas to retail customers in and around New Orleans, Louisiana and Baton Rouge, Louisiana, respectively. Gas transferred to customers was measured by a cubic meter at the customer’s property. Entergy issued monthly invoices to customers at rates approved by regulators for the volume of gas transferred to date. See “Dispositions - Natural Gas Distribution Businesses” in 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.

Other Revenues

Entergy’s revenues from its non-utility operations include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.

Recovery of Fuel Costs

Entergy’s Utility operating companies’ rate schedules include either fuel adjustment clauses or fixed fuel factors, which allow either current recovery in billings to customers or deferral of fuel costs until the costs are billed to customers. Where the fuel component of revenues is based on a pre-determined fuel cost (fixed fuel factor), the fuel factor remains in effect until changed as part of a general rate case, fuel reconciliation, or fixed fuel factor filing. System Energy’s operating revenues are intended to recover from Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans operating expenses and capital costs attributable to Grand Gulf. The capital costs are based on System Energy’s common equity funds allocable to its net investment in Grand Gulf, plus System Energy’s effective interest cost for its debt allocable to its investment in Grand Gulf.

Taxes Imposed on Revenue-Producing Transactions

Governmental authorities assess taxes that are both imposed on and concurrent with a specific revenue-producing transaction between a seller and a customer, including, but not limited to, sales, use, value added, and some excise taxes. Entergy presents these taxes on a net basis, excluding them from revenues.

Allowance for Doubtful Accounts

The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate

of default on its accounts receivables. The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the years ended December 31, 2025, 2024, and 2023.


	Entergy	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of December 31, 2022	$30.9	$6.5	$7.6	$2.5	$11.9	$2.4
Provisions	38.7	9.4	13.9	7.3	3.4	4.7
Write-offs	(83.1)	(20.6)	(31.3)	(10.4)	(10.7)	(10.1)
Recoveries	39.4	11.9	15.9	3.9	3.2	4.5
Balance as of December 31, 2023	$25.9	$7.2	$6.1	$3.3	$7.8	$1.5
Provisions	32.0	7.0	10.0	4.8	4.6	5.6
Write-offs	(71.2)	(17.5)	(23.3)	(11.5)	(10.4)	(8.5)
Recoveries	31.2	8.0	10.2	5.6	4.7	2.7
Balance as of December 31, 2024	$17.9	$4.7	$3.0	$2.2	$6.7	$1.3
Provisions	58.7	13.1	19.6	8.5	3.5	14.0
Write-offs	(78.1)	(18.9)	(23.6)	(16.6)	(9.5)	(9.5)
Recoveries	33.8	8.4	10.1	9.4	3.1	2.8
Balance as of December 31, 2025	$32.3	$7.3	$9.1	$3.5	$3.8	$8.6

The allowance is calculated as the historical rate of customer write-offs multiplied by the current accounts receivable balance, taking into account the length of time the receivable balances have been outstanding. The rate of customer write-offs has historically experienced minimal variation, although general economic conditions can affect the rate of customer write-offs. Management monitors the current condition of individual customer accounts and general economic conditions to manage collections and ensure bad debt expense is recorded in a timely manner.

Revenue from Contract with Customer [Text Block]

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

Revenues from electric service and the sale of natural gas are recognized when services are transferred to the customer in an amount equal to what Entergy has the right to bill the customer because this amount represents the value of services provided to customers. Entergy’s total revenues for the years ended December 31, 2025, 2024, and 2023 were as follows:


	2025	2024	2023
	(In Thousands)
Utility:
Residential	$4,819,531	$4,509,553	$4,552,804
Commercial	3,113,791	2,952,398	2,997,888
Industrial	3,602,300	3,197,835	3,170,090
Governmental	276,145	268,222	270,640
Total billed retail	11,811,767	10,928,008	10,991,422

Sales for resale (a)	397,507	278,700	366,348
Other electric revenues (b)	518,746	360,949	352,056
Revenues from contracts with customers	12,728,020	11,567,657	11,709,826
Other Utility revenues (c)	47,294	60,075	132,628
Electric revenues	12,775,314	11,627,732	11,842,454

Natural gas revenues	112,607	178,070	180,490

Other revenues (d)	58,765	73,851	124,468

Total operating revenues	$12,946,686	$11,879,653	$12,147,412

The Utility operating companies’ total revenues for the year ended December 31, 2025 were as follows:


2025	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$1,064,749	$1,694,005	$774,235	$311,872	$974,670
Commercial	597,511	1,195,517	609,578	221,835	489,350
Industrial	733,895	2,067,674	222,997	28,261	549,473
Governmental	19,556	90,585	59,584	76,553	29,867
Total billed retail	2,415,711	5,047,781	1,666,394	638,521	2,043,360
Sales for resale (a)	212,628	434,436	162,380	53,010	13,448
Other electric revenues (b)	140,437	206,488	106,884	5,809	64,500
Revenues from contracts with customers	2,768,776	5,688,705	1,935,658	697,340	2,121,308
Other revenues (c)	15,271	(892)	20,047	6,553	6,276
Electric revenues	2,784,047	5,687,813	1,955,705	703,893	2,127,584
Natural gas revenues	—	44,286	—	68,321	—
Total operating revenues	$2,784,047	$5,732,099	$1,955,705	$772,214	$2,127,584

The Utility operating companies’ total revenues for the year ended December 31, 2024 were as follows:


2024	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$999,641	$1,554,400	$724,601	$308,757	$922,154
Commercial	571,574	1,100,309	577,484	229,648	473,383
Industrial	632,144	1,781,615	195,194	29,821	559,061
Governmental	18,622	85,537	56,420	79,060	28,583
Total billed retail	2,221,981	4,521,861	1,553,699	647,286	1,983,181
Sales for resale (a)	169,409	335,375	128,781	48,042	17,174
Other electric revenues (b)	53,492	187,097	72,237	6,782	46,710
Revenues from contracts with customers	2,444,882	5,044,333	1,754,717	702,110	2,047,065
Other revenues (c)	15,299	23,825	9,876	6,244	3,085
Electric revenues	2,460,181	5,068,158	1,764,593	708,354	2,050,150
Natural gas revenues	—	75,860	—	102,210	—
Total operating revenues	$2,460,181	$5,144,018	$1,764,593	$810,564	$2,050,150

The Utility operating companies’ total revenues for the year ended December 31, 2023 were as follows:


2023	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Thousands)
Residential	$996,760	$1,576,129	$748,428	$317,188	$914,299
Commercial	584,304	1,104,509	604,343	235,193	469,539
Industrial	635,472	1,720,298	217,916	31,831	564,573
Governmental	20,409	83,736	60,477	77,152	28,866
Total billed retail	2,236,945	4,484,672	1,631,164	661,364	1,977,277
Sales for resale (a)	269,648	357,900	104,058	63,360	10,497
Other electric revenues (b)	121,425	151,252	49,752	(992)	35,988
Revenues from contracts with customers	2,628,018	4,993,824	1,784,974	723,732	2,023,762
Other revenues (c)	18,378	79,415	17,559	14,242	4,824
Electric revenues	2,646,396	5,073,239	1,802,533	737,974	2,028,586
Natural gas revenues	—	74,531	—	105,959	—
Total operating revenues	$2,646,396	$5,147,770	$1,802,533	$843,933	$2,028,586

(a)Sales for resale includes day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments and includes them as part of customer revenues.

(b)Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market, unbilled revenue, the return on construction work in progress for certain utility plant investments, and certain customer credits as directed by regulators.

(c)Other Utility revenues include the equity component of carrying costs related to securitization, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, late fees, and amounts resulting from other operating activities.

(d)Other revenues include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.

Electric Revenues

Entergy’s primary source of revenue is from retail electric sales sold under tariff rates approved by regulators in its various jurisdictions. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas generate, transmit, and distribute electric power primarily to retail customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy’s Utility operating companies provide power to customers on demand throughout the month, measured by a meter located at the customer’s property. Approved rates vary by customer class due to differing requirements of the customers and market factors involved in fulfilling those requirements. Entergy issues monthly bills to customers at rates approved by regulators for power and related services provided during the previous billing cycle.

To the extent that deliveries have occurred, but a bill has not been issued, Entergy’s Utility operating companies record an estimate for energy delivered since the latest billings. The Utility operating companies calculate the estimate based upon several factors including actual metered customer usage, billings through the last billing cycle in a month, actual generation in the month, historical line loss factors, and tariff rates of power in the respective jurisdiction. The inputs are revised as needed to approximate actual usage and cost. Each month, estimated unbilled amounts are recorded as revenue and accounts receivable, and the prior month’s estimate is reversed. Price and volume differences resulting from factors such as weather affect the calculation of unbilled revenues from one period to the other.

Entergy may record revenue based on rates that are subject to refund. Such revenues are reduced by estimated refund amounts when Entergy believes refunds are probable based on the status of rate proceedings as of the date financial statements are prepared. Because these refunds will be made through a reduction in future rates, and not as a reduction in bills previously issued, they are presented as other revenues in the table above.

Most of Entergy’s contracts are on demand, with customer bills that vary each month based on an approved tariff and usage. Certain retail customers, primarily large industrial customers from various industries, have electric service agreements that require a fixed amount of consideration to be paid through the end of a contract term longer than one year. As of December 31, 2025, the amount of revenues related to this fixed consideration that Entergy expects to recognize over the remaining contract terms, extending through 2048, was $8,038 million for Entergy, including $4,418 million for Entergy Arkansas, $849 million for Entergy Louisiana, $2,567 million for Entergy Mississippi, and $204 million for Entergy Texas. These contracts also require variable payments based on the actual amount of energy service, which are recognized as revenue as Entergy has the right to bill the customer for services performed.

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. System Energy issues monthly bills to its affiliated customers equal to its actual operating costs plus a return on common equity approved by the FERC. Effective January 1, 2025, Entergy Louisiana divested all of its 14% share of capacity and energy from Grand Gulf and all of the capacity and energy from Grand Gulf that it purchases from Entergy Arkansas (approximately 2.43%) to Entergy Mississippi. This divestiture was effectuated initially under a designated PPA between Entergy Louisiana and Entergy Mississippi, which was accepted by the FERC in November 2024. The MPSC approved the MSS-4 replacement PPA, effective as of January 1, 2025. An amended Unit Power Sales Agreement became effective as of October 1, 2025, which removed Entergy Louisiana from the entitlement and responsibility to purchase power from Grand Gulf. Thus on October 1, 2025, the MSS-4

replacement PPA was terminated. See Note 8 to the financial statements for further discussion of System Energy and the Unit Power Sales Agreement.

Entergy’s Utility operating companies also sell excess power not needed for their own customers, primarily through transactions with MISO, a regional transmission organization that maintains functional control over the combined transmission systems of its members and manages one of the largest energy markets in the U.S. In the MISO market, Entergy offers its generation and bids its load into the market. MISO settles these offers and bids based on locational marginal prices. These represent pricing for energy at a given location based on a market clearing price that takes into account physical limitations on the transmission system, generation, and demand throughout the MISO region. MISO evaluates each market participant’s energy offers and demand bids to economically and reliably dispatch the entire MISO system. Entergy nets purchases and sales within the MISO market and reports in operating revenues when in a net selling position and in operating expenses when in a net purchasing position.

Natural Gas

Prior to the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025, Entergy New Orleans and Entergy Louisiana distributed natural gas to retail customers in and around New Orleans, Louisiana and Baton Rouge, Louisiana, respectively. Gas transferred to customers was measured by a cubic meter at the customer’s property. Entergy issued monthly invoices to customers at rates approved by regulators for the volume of gas transferred to date. See “Dispositions - Natural Gas Distribution Businesses” in 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.

Other Revenues

Entergy’s revenues from its non-utility operations include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.

Recovery of Fuel Costs

Entergy’s Utility operating companies’ rate schedules include either fuel adjustment clauses or fixed fuel factors, which allow either current recovery in billings to customers or deferral of fuel costs until the costs are billed to customers. Where the fuel component of revenues is based on a pre-determined fuel cost (fixed fuel factor), the fuel factor remains in effect until changed as part of a general rate case, fuel reconciliation, or fixed fuel factor filing. System Energy’s operating revenues are intended to recover from Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans operating expenses and capital costs attributable to Grand Gulf. The capital costs are based on System Energy’s common equity funds allocable to its net investment in Grand Gulf, plus System Energy’s effective interest cost for its debt allocable to its investment in Grand Gulf.

Taxes Imposed on Revenue-Producing Transactions

Governmental authorities assess taxes that are both imposed on and concurrent with a specific revenue-producing transaction between a seller and a customer, including, but not limited to, sales, use, value added, and some excise taxes. Entergy presents these taxes on a net basis, excluding them from revenues.

Allowance for Doubtful Accounts

The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate

of default on its accounts receivables. The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the years ended December 31, 2025, 2024, and 2023.


	Entergy	Entergy Arkansas	Entergy Louisiana	Entergy Mississippi	Entergy New Orleans	Entergy Texas
	(In Millions)
Balance as of December 31, 2022	$30.9	$6.5	$7.6	$2.5	$11.9	$2.4
Provisions	38.7	9.4	13.9	7.3	3.4	4.7
Write-offs	(83.1)	(20.6)	(31.3)	(10.4)	(10.7)	(10.1)
Recoveries	39.4	11.9	15.9	3.9	3.2	4.5
Balance as of December 31, 2023	$25.9	$7.2	$6.1	$3.3	$7.8	$1.5
Provisions	32.0	7.0	10.0	4.8	4.6	5.6
Write-offs	(71.2)	(17.5)	(23.3)	(11.5)	(10.4)	(8.5)
Recoveries	31.2	8.0	10.2	5.6	4.7	2.7
Balance as of December 31, 2024	$17.9	$4.7	$3.0	$2.2	$6.7	$1.3
Provisions	58.7	13.1	19.6	8.5	3.5	14.0
Write-offs	(78.1)	(18.9)	(23.6)	(16.6)	(9.5)	(9.5)
Recoveries	33.8	8.4	10.1	9.4	3.1	2.8
Balance as of December 31, 2025	$32.3	$7.3	$9.1	$3.5	$3.8	$8.6

The allowance is calculated as the historical rate of customer write-offs multiplied by the current accounts receivable balance, taking into account the length of time the receivable balances have been outstanding. The rate of customer write-offs has historically experienced minimal variation, although general economic conditions can affect the rate of customer write-offs. Management monitors the current condition of individual customer accounts and general economic conditions to manage collections and ensure bad debt expense is recorded in a timely manner.