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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date earliest event reported) November 1, 2023

Commission
File Number
Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.

Commission
File Number
Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.
1-11299ENTERGY CORPORATION1-35747ENTERGY NEW ORLEANS, LLC
(a Delaware corporation)
639 Loyola Avenue
New Orleans, Louisiana 70113
Telephone (504) 576-4000
(a Texas limited liability company)
1600 Perdido Street
New Orleans, Louisiana 70112
Telephone (504) 670-3702
72-122975282-2212934
1-10764ENTERGY ARKANSAS, LLC1-34360ENTERGY TEXAS, INC.
(a Texas limited liability company)
425 West Capitol Avenue
Little Rock, Arkansas 72201
Telephone (501) 377-4000
(a Texas corporation)
2107 Research Forest Drive
The Woodlands, Texas 77380
Telephone (409) 981-2000
83-191866861-1435798
1-32718ENTERGY LOUISIANA, LLC1-09067SYSTEM ENERGY RESOURCES, INC.
(a Texas limited liability company)
4809 Jefferson Highway
Jefferson, Louisiana 70121
Telephone (504) 576-4000
(an Arkansas corporation)
1340 Echelon Parkway
Jackson, Mississippi 39213
Telephone (601) 368-5000
47-446964672-0752777
1-31508ENTERGY MISSISSIPPI, LLC
(a Texas limited liability company)
308 East Pearl Street
Jackson, Mississippi 39201
Telephone (601) 368-5000
83-1950019
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Securities registered pursuant to Section 12(b) of the Act:
RegistrantTitle of ClassTrading
Symbol
Name of Each Exchange
on Which Registered
Entergy Corporation
Common Stock, $0.01 Par Value
ETR
New York Stock Exchange
Common Stock, $0.01 Par Value
ETR
NYSE Chicago, Inc.
 
 
 
Entergy Arkansas, LLC
Mortgage Bonds, 4.875% Series due September 2066
EAI
New York Stock Exchange
 
 
 
Entergy Louisiana, LLC
Mortgage Bonds, 4.875% Series due September 2066
ELC
New York Stock Exchange
 
 
 
Entergy Mississippi, LLC
Mortgage Bonds, 4.90% Series due October 2066
EMP
New York Stock Exchange
 
 
 
Entergy New Orleans, LLC
Mortgage Bonds, 5.0% Series due December 2052
ENJ
New York Stock Exchange
Mortgage Bonds, 5.50% Series due April 2066
ENO
New York Stock Exchange
 
 
 
Entergy Texas, Inc.
5.375% Series A Preferred Stock, Cumulative, No Par Value (Liquidation Value $25 Per Share)
ETI/PR
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     





Item 2.02. Results of Operations and Financial Condition

On November 1, 2023, Entergy Corporation (the “Company”) issued a press release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the third quarter 2023 (the “Earnings Release”). The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 2.02.

Item 7.01. Regulation FD Disclosure

On November 1, 2023, the Company issued the Earnings Release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference, announcing its results of operations and financial condition for the third quarter 2023. The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 7.01.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.Description
99.1
104Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.






SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Entergy Corporation
Entergy Arkansas, LLC
Entergy Louisiana, LLC
Entergy Mississippi, LLC
Entergy New Orleans, LLC
Entergy Texas, Inc.
System Energy Resources, Inc.


By: /s/ Reginald T. Jackson
Reginald T. Jackson
Senior Vice President and
Chief Accounting Officer


Dated: November 1, 2023


image_0.jpg

NEWS RELEASE
FOR IMMEDIATE RELEASE
November 1, 2023


Entergy reports third quarter earnings
Company narrows guidance range and extends financial outlooks

NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported third quarter 2023 earnings per share of $3.14 on an as-reported basis, and $3.27 on an adjusted (non-GAAP) basis.
“The commitment and effort given by our employees were exceptional, and our plants and grid all performed well to deliver reliable service to our customers during this summer’s extreme heat,” said Drew Marsh, Entergy Chairman and Chief Executive Officer. “The quarter’s results keep us firmly on track to achieve our commitments, and we made important regulatory progress including settlements that reduce risk and uncertainty going forward.”

Business highlights included the following:
Entergy narrowed its 2023 adjusted EPS guidance range to $6.65 to $6.85.
SERI reached a settlement in principle with the APSC to resolve all of the APSC’s complaints against SERI; the settlement is subject to FERC approval.
Entergy announced agreement to sell its gas distribution business for approximately $484 million.
E-LA and Lotte Chemical USA Corporation signed a memorandum of understanding aimed at meeting Lotte’s sustainability goals.
The CCNO approved E-NO’s request to extend its FRP through the 2026 filing year.
FERC issued its order on rehearing for the sale leaseback renewal and uncertain tax positions case.
The PUCT approved E-TX’s base rate case settlement.
E-AR committed to resolve recovery of costs associated with the March 2013 ANO stator incident.
E-LA filed a proposal which includes modifying extending its current FRP for three years.
Entergy’s Board of Directors declared a quarterly dividend of $1.13 per share, a six percent increase.
Entergy was named as one of the nation’s top utilities in economic development by Site Selection magazine for the 16th consecutive year.


Table of contents
Page
News release    
Appendices
A: Consolidated results and adjustments    
B: Earnings variance analysis    
C: Utility operating and financial measures    
D: Consolidated financial measures    
E: Definitions and abbreviations and acronyms    
F: Other GAAP to non-GAAP reconciliations    
Financial statements    
1
7
8
11
14
15
16
18
20







1

Entergy reports third quarter earnings    
November 1, 2023
Page 2
        

Consolidated earnings (GAAP and non-GAAP measures)
Third quarter and year-to-date 2023 vs. 2022 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)
Third quarterYear-to-date
20232022Change20232022Change
(After-tax, $ in millions)
As-reported earnings
6675611061,369997372
Less adjustments
(27)(19)(8)42(216)258
Adjusted earnings (non-GAAP)
6945801141,3271,213114
  Estimated weather impact
135211151038617

(After-tax, per share in $)
As-reported earnings
3.142.740.406.454.881.57
Less adjustments
(0.13)(0.10)(0.03)0.20(1.06)1.26
Adjusted earnings (non-GAAP)
3.272.840.436.255.940.32
  Estimated weather impact
0.640.100.540.480.420.06

Calculations may differ due to rounding
Consolidated results
For third quarter 2023, the company reported earnings of $667 million, or $3.14 per share, on an as-reported basis and earnings of $694 million, or $3.27 per share, on an adjusted basis. This compared to third quarter 2022 earnings of $561 million, or $2.74 per share, on an as-reported basis and earnings of $580 million, or $2.84 per share, on an adjusted basis.
Summary discussions by business follow. Additional details, including information on OCF by business, are provided in Appendix A. An analysis of variances by business is provided in Appendix B.
Business segment results
Utility
For third quarter 2023, the Utility business reported earnings attributable to Entergy Corporation of $752 million, or $3.54 per share, on an as-reported basis and $810 million, or $3.82 per share, on an adjusted basis. This compared to third quarter 2022 earnings of $672 million, or $3.29 per share, on both an as-reported and adjusted basis.
Drivers for the increase in quarterly earnings included:
the effects of weather on retail volume,
the net effect of regulatory actions across the operating companies,
lower other O&M, and
higher other income (deductions) from affiliate preferred investments (offset at P&O and largely earnings neutral at the consolidated level).

The drivers were partially offset by an Entergy Arkansas write-off in third quarter 2023 totaling $(78 million) ($(59 million) after tax), including $(69 million) for replacement power costs included in deferred fuel and $(10 million) for undepreciated property, plant, and equipment. The write-off was recorded to reflect Entergy Arkansas’ offer to forgo its opportunity to seek recovery of costs resulting from the March 2013 ANO stator incident. The write-off was considered an adjustment and excluded from adjusted earnings.

Depreciation expense on new assets and higher interest expense also provided partial offsets.

On a per share basis, third quarter 2023 results reflected higher diluted average number of common shares outstanding.
Appendix C contains additional details on Utility operating and financial measures.

    (more)    

Entergy reports third quarter earnings    
November 1, 2023
Page 3
        

Parent & Other
For third quarter 2023, Parent & Other reported a loss attributable to Entergy Corporation of $(85 million), or (40) cents per share, on an as-reported basis and a loss of $(117 million), or (55) cents per share, on an adjusted basis. This compared to third quarter 2022 loss of $(112 million), or (55) cents per share, on an as-reported basis and a loss of $(92 million), or (45) cents per share, on an adjusted basis.

In 2022, the wind down of EWC was completed and that business is no longer a reportable segment. Starting in 2023, the remaining activity from EWC is included in Parent & Other. For comparability, EWC’s 2022 results are also included in Parent & Other.

In third quarter 2022, EWC reported a loss of $(19 million), or (10) cents per share, on an as-reported basis, largely driven by the accrual of an uncertain tax position as a result of a state tax audit.

Other drivers for the quarterly Parent & Other variance included:
the effects of the third quarter 2023 DOE spent fuel litigation settlement on asset write-offs and impairments (considered an adjustment and excluded from adjusted earnings),
higher dividends on intercompany preferred investments (offset at Utility and largely earnings neutral for consolidated results),
higher interest expense, and
higher non-service pension income.

On a per share basis, third quarter 2023 results reflected higher diluted average number of common shares outstanding.

Earnings per share guidance
Entergy narrowed its 2023 adjusted EPS guidance to a range of $6.65 to $6.85. See webcast presentation for additional details.
The company has provided 2023 earnings guidance with regard to the non-GAAP measure of adjusted earnings per share. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below under “Non-GAAP financial measures.” The company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. Potential adjustments include the exclusion of regulatory charges related to outstanding regulatory complaints and significant income tax items.

Earnings teleconference
A teleconference will be held at 10:00 a.m. Central Time on Wednesday, November 1, 2023, to discuss Entergy’s quarterly earnings announcement and the company’s financial performance. The teleconference may be accessed by visiting Entergy’s website at www.entergy.com or by dialing 888-440-4149, conference ID 9024832, no more than 15 minutes prior to the start of the call. The webcast presentation is also being posted to Entergy’s website concurrent with this news release. A replay of the teleconference will be available on Entergy’s website at www.entergy.com and by telephone. The telephone replay will be available through November 8, 2023, by dialing 800-770-2030, conference ID 9024832.
Entergy is a Fortune 500 company that powers life for 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi, and Texas. We’re investing in the reliability and resilience of the energy system while helping our region transition to cleaner, more efficient energy solutions. With roots in our communities for more than 100 years, Entergy is a nationally recognized leader in sustainability and corporate citizenship. Since 2018, we have delivered more than $100 million in economic benefits each year to local communities through philanthropy, volunteerism, and advocacy. Entergy is headquartered in New Orleans, Louisiana, and has approximately 12,000 employees.
Entergy Corporation’s common stock is listed on the New York Stock Exchange and NYSE Chicago under the symbol “ETR”.

    (more)    

Entergy reports third quarter earnings    
November 1, 2023
Page 4
        

Details regarding Entergy’s results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the webcast presentation. Both documents are available on Entergy’s Investor Relations website at www.entergy.com/investors.
Entergy maintains a web page as part of its Investor Relations website, entitled Regulatory and other information, which provides investors with key updates on certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.
For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix E.
Non-GAAP financial measures
This news release contains non-GAAP financial measures, which are generally numerical measures of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Entergy reports earnings using the non-GAAP measure of Entergy adjusted earnings, which excludes the effect of certain “adjustments.” Adjustments are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant tax items, and other items such as certain costs, expenses, or other specified items. In addition to reporting GAAP consolidated earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.
Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, stockholders, analysts, and investors; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy’s business, comparing period to period results, and comparing Entergy’s financial performance to the financial performance of other companies in the utility sector.
Other non-GAAP measures, including adjusted ROE; adjusted ROE, excluding affiliate preferred; gross liquidity; net liquidity; net liquidity, including storm escrows; debt to capital, excluding securitization debt; net debt to net capital, excluding securitization debt; parent debt to total debt, excluding securitization debt; and FFO to debt, excluding securitization debt, are measures Entergy uses internally for management and board discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy’s ongoing financial results and flexibility and assists investors in comparing Entergy’s credit and liquidity to the credit and liquidity of others in the utility sector. In addition, ROE is included on both an adjusted and an as-reported basis. Metrics defined as “adjusted” exclude the effect of adjustments as defined above.
These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy’s operations that, when viewed with Entergy’s GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy’s business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy’s consolidated financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy’s performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

    (more)    

Entergy reports third quarter earnings    
November 1, 2023
Page 5
        

Cautionary note regarding forward-looking statements
In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy’s 2023 earnings guidance; current financial and operational outlooks; industrial load growth outlooks; statements regarding its climate transition and resilience plans, goals, beliefs, or expectations; and other statements of Entergy’s plans, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with (1) realizing the benefits of its resilience plan, including impacts of the frequency and intensity of future storms and storm paths, as well as the pace of project completion and (2) efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust values or earnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) direct and indirect impacts to Entergy or its customers from pandemics, terrorist attacks, geopolitical conflicts, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; and (i) effects on Entergy or its customers of (1) changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, or energy policies; (2) the effects of changes in commodity markets, capital markets, or economic conditions; and (3) the effects of technological change, including the costs, pace of development, and commercialization of new and emerging technologies.
###


image_1.jpg image_2.jpg image_3.jpg image_4.jpg image_5.jpg


Media inquiries:
Neal Kirby
504-576-4238
 nkirby@entergy.com
Investor relations inquiries:
Bill Abler
281-297-5436
 wabler@entergy.com


    (more)    


Third quarter 2023 earnings release appendices and financial statements

Appendices
A: Consolidated results and adjustments
B: Earnings variance analysis
C: Utility operating and financial measures
D: Consolidated financial measures
E: Definitions and abbreviations and acronyms
F: Other GAAP to non-GAAP reconciliations

Financial statements
Consolidating balance sheets
Consolidating income statements
Consolidated cash flow statements



6


A: Consolidated results and adjustments
Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).

Appendix A-1: Consolidated earnings - reconciliation of GAAP to non-GAAP measures
Third quarter and year-to-date 2023 vs. 2022 (See Appendix A-2 and Appendix A-3 for details on adjustments)
Third quarterYear-to-date
20232022Change20232022Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility752672791,6631,166498
Parent & Other
2022 EWC-(19)19-75(75)
All other(85)(92)8(294)(244)(50)
Total Parent & Other(85)(112)27(294)(169)(125)
Consolidated6675611061,369997372
Less adjustments
Utility(59)-(59)10(291)301
Parent & Other
2022 EWC-(19)19-75(75)
All other32-3232-32
Total Parent & Other32(19)513275(43)
Consolidated(27)(19)(8)42(216)258
Adjusted earnings (loss) (non-GAAP)
Utility8106721381,6531,457196
Parent & Other
2022 EWC------
All other(117)(92)(24)(326)(244)(82)
Total Parent & Other(117)(92)(24)(326)(244)(82)
Consolidated6945801141,3271,213114
Estimated weather impact135211151038617
Diluted average number of common shares outstanding (in millions)21220582122048
(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility3.543.290.257.845.702.13
Parent & Other
2022 EWC-(0.10)0.10-0.37(0.37)
All other(0.40)(0.45)0.05(1.39)(1.19)(0.19)
Total Parent & Other(0.40)(0.55)0.15(1.39)(0.83)(0.56)
Consolidated3.142.740.406.454.881.57
Less adjustments
Utility(0.28)-(0.28)0.05(1.43)1.47
Parent & Other
2022 EWC-(0.10)0.10-0.37(0.37)
All other0.15-0.150.15-0.15
Total Parent & Other0.15(0.10)0.250.150.37(0.22)
Consolidated(0.13)(0.10)(0.03)0.20(1.06)1.26
Adjusted earnings (loss) (non-GAAP)
Utility3.823.290.537.797.130.66
Parent & Other
2022 EWC------
All other(0.55)(0.45)(0.10)(1.54)(1.19)(0.34)
Total Parent & Other(0.55)(0.45)(0.10)(1.54)(1.19)(0.34)
Consolidated3.272.840.436.255.940.32
Estimated weather impact0.640.100.540.480.420.06
Calculations may differ due to rounding
(a)Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.
See Appendix B for detailed earnings variance analysis.

7


Appendix A-2 and Appendix A-3 detail adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.

Appendix A-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS)
Third quarter and year-to-date 2023 vs. 2022
Third quarterYear-to-date
20232022Change20232022Change
(Pre-tax except for income taxes and totals; $ in millions)
Utility
E-AR write-off of assets related to the ANO stator incident
(78)-(78)(78)-(78)
E-LA and E-TX true-up for carrying costs on storm expenditures
---3141(10)
E-LA contribution to the LURC related to securitization
---(15)(32)17
E-LA customer-sharing of securitization benefit
---(103)(224)121
SERI regulatory charge resulting from partial settlement and offer of settlement for pending litigation
----(551)551
Income tax effect on Utility adjustments above
20-2047192(145)
E-LA income tax benefit resulting from securitization
---129283(154)
Total Utility(59)-(59)10(291)301
Parent & Other
2022 EWC
Income before income taxes
----123(123)
Income taxes
-(18)18-(46)46
Preferred dividend requirement
-(1)1-(2)2
Total 2022 EWC
-(19)19-75(75)
All Other
DOE spent nuclear fuel litigation settlement – IPEC
40-4040-40
Income tax effect on adjustments above
(9)-(9)(9)-(9)
Total Parent & Other32(19)513275(43)
Total adjustments(27)(19)(8)42(216)258
(After-tax, per share in $) (b)
Utility
E-AR write-off of assets related to the ANO stator incident
(0.28)-(0.28)(0.28)-(0.28)
E-LA and E-TX true-up for carrying costs on storm expenditures
---0.140.17(0.03)
E-LA contribution to the LURC related to securitization
---(0.07)(0.15)0.09
E-LA customer-sharing of securitization benefit
---(0.36)(0.81)0.45
SERI regulatory charge resulting from partial settlement and offer of settlement for pending litigation
----(2.02)2.02
E-LA income tax benefit resulting from securitization
---0.611.38(0.77)
Total Utility
(0.28)-(0.28)0.05(1.43)1.48
Parent & Other
Total 2022 EWC
-(0.10)0.10-0.37(0.37)
DOE spent nuclear fuel litigation settlement – IPEC
0.15-0.150.15-0.15
Total Parent & Other0.15(0.10)0.250.150.37(0.22)
Total adjustments(0.13)(0.10)(0.03)0.20(1.06)1.26
Calculations may differ due to rounding
(b)Per share amounts are calculated by multiplying the corresponding earnings (loss) by the estimated income tax rate that is expected to apply and dividing by the diluted average number of common shares outstanding for the period.

8


Appendix A-3: Adjustments by income statement line item (shown as positive/(negative) impact on earnings)
Third quarter and year-to-date 2023 vs. 2022
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)
Third quarterYear-to-date
20232022Change20232022Change
Utility
Operating revenues---3146(16)
Asset write-offs and impairments(78)-(78)(78)-(78)
Other regulatory charges (credits)–net---(103)(775)672
Other income (deductions)---(15)(37)22
Income taxes20-20176474(299)
Total Utility(59)-(59)10(291)301
Parent & Other
2022 EWC
Operating revenues-62(62)-301(301)
Fuel and fuel-related expenses-(30)30-(81)81
Purchased power-(24)24-(64)64
Nuclear refueling outage expenses----(18)18
Other O&M-(10)10-(94)94
Asset write-offs and impairments----163(163)
Decommissioning----(28)28
Taxes other than income taxes-(1)1-(13)13
Depreciation and amortization-(1)1-(13)13
Other income (deductions)-6(6)-(26)26
Interest expense-(2)2-(5)5
Income taxes-(18)18-(46)46
Preferred dividend requirements-(1)1-(2)2
Total 2022 EWC-(19)19-75(75)
All Other






Asset write-offs and impairments40-4040-40
Income taxes(9)-(9)(9)-(9)
Total Parent & Other32(19)513275(43)
Total adjustments(27)(19)(8)42(216)258
Calculations may differ due to rounding

Appendix A-4 provides a comparative summary of OCF by business.

Appendix A-4: Consolidated operating cash flow
Third quarter and year-to-date 2023 vs. 2022
($ in millions)
Third quarterYear-to-date
20232022Change20232022Change
Utility1,3871,0863013,3011,9421,360
Parent & Other
2022 EWC-(56)56-22(22)
All other18(36)54(70)(155)84
Total Parent & Other18(93)111(70)(132)62
Consolidated1,4059934123,2311,8091,422
Calculations may differ due to rounding

OCF increased for the quarter due primarily to lower Utility fuel and purchased power payments, lower other O&M spending, and 2022 EWC severance and retention payments; the increases were partially offset by Utility customer receipts (primarily higher fuel revenue) and higher pension contributions.


9


B: Earnings variance analysis
Appendix B-1 and Appendix B-2 provide details of current quarter and year-to-date 2023 versus 2022 as-reported and adjusted earnings per share variances for Utility and Parent & Other.

Appendix B-1: As-reported and adjusted earnings per share variance analysis (c), (d), (e)
Third quarter 2023 vs. 2022
(After-tax, per share in $)
Parent & Other
Utility
2022 EWC (f)
All otherConsolidated
As-
reported
Adjusted
As-
reported
As-
reported
Adjusted
As-
reported
Adjusted
2022 earnings (loss)3.293.29(0.10)(0.45)(0.45)2.742.84
Operating revenue less:
fuel, fuel-related expenses and gas purchased for resale;
purchased power; and other regulatory charges (credits)–net
0.570.57
(g)
(0.03)0.020.020.560.59
Other O&M0.120.12
(h)
0.04--0.150.11
Asset write-offs and impairments(0.29)-
(i)
-0.16-
(j)
(0.13)-
Decommissioning expense(0.01)(0.01)---(0.01)(0.01)
Taxes other than income taxes
(0.03)(0.03)---(0.03)(0.03)
Depreciation/amortization exp.
0.050.05
(k)
0.01--0.050.04
Other income (deductions)
0.080.08
(l)
(0.02)(0.06)(0.06)
(m)
(0.01)0.02
Interest expense
(0.07)(0.07)
(n)
0.01(0.05)(0.05)
(o)
(0.10)(0.11)
Income taxes–other
(0.03)(0.03)0.09(0.02)(0.02)0.04(0.05)
Share effect
(0.13)(0.14)
(p)
-0.010.02(0.12)(0.12)
2023 earnings (loss)3.543.82-(0.40)(0.55)3.143.27
h
Calculations may differ due to rounding

Appendix B-2: As-reported and adjusted earnings per share variance analysis (c), (d), (e)
Year-to-date 2023 vs. 2022
(After-tax, per share in $)
Parent & Other
Utility
2022 EWC (f)
All otherConsolidated
As-
reported
Adjusted
As-
reported
As-
reported
Adjusted
As-
reported
Adjusted
2022 earnings (loss)5.707.130.37(1.19)(1.19)4.885.94
Operating revenue less:
fuel, fuel-related expenses and gas purchased for resale; other
purchased power; and regulatory charges (credits)–net
3.150.75
(g)
(0.60)0.040.042.590.79
Nuclear refueling outage expense(0.04)(0.04)0.07--0.04(0.04)
Other O&M0.450.45
(h)
0.36(0.04)(0.04)0.770.41
Asset write-offs and impairments(0.29)-
(i)
(0.63)0.16-
(j)
(0.76)-
Decommissioning expense(0.03)(0.03)0.11--0.08(0.03)
Taxes other than income taxes
(0.13)(0.13)
(q)
0.05(0.01)(0.01)(0.09)(0.14)
Depreciation/amortization exp.
(0.13)(0.13)
(k)
0.05(0.02)(0.02)(0.09)(0.14)
Other income (deductions)
0.500.39
(l)
0.10(0.25)(0.25)
(m)
0.350.14
Interest expense
(0.20)(0.20)
(n)
0.02(0.10)(0.10)
(o)
(0.28)(0.30)
Income taxes–other
(0.86)(0.10)
(r)
0.10(0.02)(0.02)(0.78)(0.12)
Preferred dividend requirements and noncontrolling interest
--0.01(0.01)(0.01)-(0.01)
Share effect
(0.30)(0.30)
(p)
-0.050.06
(p)
(0.25)(0.24)
2023 earnings (loss)7.847.79-(1.39)(1.54)6.456.25
Calculations may differ due to rounding



10


(c)Utility operating revenue and Utility income taxes-other exclude the following for the amortization of unprotected excess ADIT affecting customers’ bills (net effect is neutral to earnings) ($ in millions):

3Q23
3Q22
YTD23
YTD22
Utility operating revenue
5
(16)
8
(50)
Utility income taxes-other
(5)
16
(8)
50
(d)Utility regulatory charges (credits) and Utility preferred dividend requirements and noncontrolling interest exclude the following for the effects of HLBV accounting and the approved deferral (net effect is neutral to earnings) ($ millions):

3Q23
3Q22
YTD23
YTD22
Utility regulatory charges (credits)
3
10
10
12
Utility preferred dividend requirements and noncontrolling interest
(3)
(10)
(10)
(12)
(e)EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period. Income taxes–other represents income tax differences other than the tax effect of individual line items. Share effect captures the impact from the change in diluted average number of common shares outstanding.
(f)In 2022, the wind down of EWC was completed and that business is no longer a reportable segment. Starting in 2023, the remaining activity from EWC is included in Parent & Other "All other." EWC 2022 results were largely attributable to Palisades nuclear plant, which was shut down and sold in second quarter 2022. Financial results in 2022 included revenue and operating expenses from Palisades until the plant was shut down in May 2022, and decommissioning expense and earnings on the decommissioning trust until the plant was sold in June 2022. Second quarter 2022 results also included a gain of $166 million ($130 million after tax) as a result of the sale of Palisades. Third quarter 2022 results included the accrual of an uncertain tax position as a result of a state tax audit.

Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits)-net variance analysis
2023 vs. 2022 ($ EPS)
3QYTD
Electric volume / weather
0.520.08
Retail electric price
0.280.94
3Q23 E-TX adjustments to regulatory provisions
0.110.11
3Q23 E-TX base rate case relate-back
(0.03)(0.03)
3Q23 SERI depreciation rate settlement
(0.15)(0.15)
3Q22 reg. credit for E-MS 2021 FRP lookback in excess of previous provision
(0.05)(0.05)
3Q22 reg. credit for E-MS 2022 FRP rate change retroactive to 4/1/2022
(0.03)(0.03)
2Q22 increase in provision for potential refunds in SERI complaints
-2.02
2Q22 provision for customer sharing of securitization benefits
-0.81
2Q22 reg. provisions for true-up of E-LA and
E-TX equity carrying costs on 2020 storms
-(0.26)
2022 reg. provisions for true-up of E-LA and
E-TX cost of debt from 2020 storms
-(0.07)
1Q23 provision for customer sharing of securitization benefits
-(0.37)
1Q23 E-LA true-up of carrying charges on storm costs
-0.15
Reg. provisions for decommissioning items
0.03(0.02)
Grand Gulf recovery
(0.08)(0.07)
Other
(0.03)0.09
Total
0.573.15











11


(g)The third quarter and year-to-date increases included the effects of weather on retail volume. Variances also reflect regulatory actions including E-AR’s FRP, E-LA’s FRP (including riders), E-MS’s FRP, E-NO’s FRP, and E-TX’s base rate increase. In third quarter 2022, E-MS recorded regulatory credits for the true up of the 2021 FRP lookback as well as the retroactive portion of its FRP rate change. In third quarter 2023, E-TX recorded adjustments to existing regulatory provisions and a new regulatory provision for the relate-back portion of its base rate case. In third quarter 2023, SERI recorded a regulatory provision to refund excess depreciation collected from customers as a result of FERC approving lower depreciation rates retroactive to March 2022 (largely offset by a retroactive reduction in depreciation expense). The variances also reflected a change in regulatory provisions for decommissioning items (the difference between expense and trust earnings plus costs collected in revenue, largely earnings neutral). The year-to-date variance included several second quarter 2022 items: SERI recorded a $551 million ($413 million after-tax) regulatory charge to reflect the effects of a partial settlement agreement and offer of settlement related to pending proceedings before the FERC (this item was considered an adjustment and excluded from adjusted earnings); a regulatory provision for the true-up of E-LA and E-TX cost of debt from 2020 storms was recorded, as well as $59 million in revenues ($54 million after-tax) for the equity component of carrying charges on those storm costs ($46 million ($42 million after tax) associated with prior years was considered an adjustment and excluded from adjusted earnings); and E-LA recorded a $224 million ($165 million after-tax) regulatory provision for sharing the benefits of E-LA’s securitization with customers (considered an adjustment and excluded from adjusted earnings). The year-to-date variance also reflected items resulting from securitization approvals: in the first quarter 2023, E-LA recorded a regulatory provision for $103 million ($76 million after tax) for sharing the benefits of E-LA’s securitization with customers and $31 million for the true-up of carrying charges on storm costs (both were considered adjustments and excluded from adjusted earnings).
(h)The third quarter and year-to-date earnings increases from lower Utility other O&M included lower nuclear generation expenses primarily due to a lower scope of work, and lower MISO costs as a result of MISO changing its ancillary generator services market structure (largely offset by lower ancillary generator revenues). The increases also reflected lower compensation and benefits costs including lower pension and other postretirement benefits service costs and healthcare claims. The year-to-date increase also reflected higher prescription drug rebates in 2023, lower non-nuclear generation expenses primarily due to a lower scope of work, the recognition of a DOE award for spent fuel litigation, and a gain on sale of an asset, partially offset by lower nuclear insurance refunds.
(i)The third quarter and year-to-date as-reported earnings decreases from higher asset write-offs and impairments were due to a third quarter 2023 E-AR write-off totaling $78 million ($59 million after tax) for a $69 million regulatory asset for deferred fuel and a $10 million undepreciated balance in capital costs, which resulted from the ANO stator incident in 2013 (considered an adjustment and excluded from adjusted earnings).
(j)The third quarter and year-to-date as-reported earnings increases from Parent & Other asset write-offs and impairments were due to recording a spent fuel litigation settlement related to IPEC in third quarter 2023 (considered an adjustment and excluded from adjusted earnings).
(k)The third quarter earnings increase from lower Utility depreciation/amortization expense was due to a reduction in depreciation expense resulting from FERC approval of lower depreciation rates at SERI retroactive to March 2022 (largely offset by a regulatory provision to refund the excess depreciation collected from customers). The increase was partially offset by higher plant in service and updated depreciation rates for E-TX. The year-to-date earnings decrease reflected the same drivers.
(l)The third quarter and year-to-date earnings increases from higher Utility other income (deductions) were due to higher intercompany dividend income from affiliated preferred membership interests related to storm cost securitizations (largely offset in P&O). The increases were partially offset by lower carrying costs on deferred fuel balances, an increase in
non-service pension settlement costs, and lower donations. The third quarter increase was partially offset by changes in nuclear decommissioning trust returns (based on regulatory treatment, decommissioning-related variances are largely earnings neutral). The year-to-date earnings increase also reflected an increase in allowance for equity funds used during construction due to higher construction work in progress in 2023, partially offset by lower storm restoration carrying costs. Additionally, a $32 million charge recorded in second quarter 2022 to account for LURC’s 1% beneficial interest in the trust established as part of E-LA’s 2022 securitization as compared to a $15 million dollar charge recorded in first quarter 2023 to account for LURC’s 1% beneficial interest in the trust established as part of E-LA’s 2023 securitization (both items were considered an adjustment and excluded from adjusted earnings) contributed to the increase.
(m)The third quarter and year-to-date earnings decreases from lower Parent & Other other income (deductions) were due to changes in the new intercompany investment in preferred stock resulting from E-LA’s securitizations (largely offset in Utility), partially offset by higher non-service pension income.
(n)The third quarter and year-to-date earnings decreases from higher Utility interest expense were due primarily to higher debt balances as well as a higher weighted-average interest rate.
(o)The third quarter and year-to-date earnings decreases from higher Parent & Other interest expense were due primarily to higher interest rates on commercial paper. The year-to-date decrease was partially offset by lower long-term debt balances.
(p)The third quarter and year-to-date earnings per share impacts from share effect were due to settlement of equity forward sales in November 2022 under the company’s ATM program.
(q)The year-to-date earnings decrease from higher Utility taxes other than income taxes was due to higher ad valorem and franchise taxes.
(r)The year-to-date earnings decrease from Utility income taxes-other was due largely to a second quarter 2022 $283 million income tax benefit related to securitization financing (this item was considered an adjustment and excluded from adjusted earnings). Other miscellaneous income tax items also contributed to the year-to-date decrease, partially offset by a $129 million income tax benefit recorded in first quarter 2023 related to storm cost securitization financing (this item was considered an adjustment and excluded from adjusted earnings).


12


C: Utility operating and financial measures
Appendix C provides a comparison of Utility operating and financial measures.

Appendix C: Utility operating and financial measures
Third quarter and year-to-date 2023 vs. 2022
Third quarterYear-to-date
20232022% Change
% Weather adjusted (s)
20232022% Change
% Weather adjusted (s)
GWh sold
Residential
12,66111,27212.3(1.1)28,96329,218(0.9)(0.1)
Commercial
8,6488,2235.2(1.1)21,86521,6970.8(1.0)
Governmental
700702(0.3)(3.2)1,8871,928(2.1)(3.2)
Industrial
13,78113,926(1.0)(1.0)39,82339,903(0.2)(0.2)
Total retail sales
35,79034,1234.9(1.1)92,53892,746(0.2)(0.4)
Wholesale
3,9164,809(18.6)11,58912,371(6.3)
Total sales
39,70638,9322.0104,127105,117(0.9)
Number of electric retail customers
Residential
2,581,6522,561,4410.8
Commercial
370,966366,3511.3
Governmental
18,00818,055(0.3)
Industrial
50,38050,721(0.7)
Total retail customers
3,021,0062,996,5680.8
Other O&M and nuclear refueling outage exp. per MWh$19.70$20.95(6.0)$20.34$21.23(4.2)

Calculations may differ due to rounding
(s)The effects of weather were estimated using heating degree days and cooling degree days for the period from certain locations within each jurisdiction and comparing to “normal” weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.

For the quarter, excluding the effects of weather, retail sales decreased (1.1) percent. Residential and commercial sales were each (1.1) percent lower. Industrial sales decreased (1.0) percent due largely to lower sales to cogen customers and lower sales to existing large industrial customers primarily in the petrochemicals, pulp and paper, and agricultural chemicals industries; the decreases were partially offset by higher sales to new and expansion customers mainly in the primary metals, industrial gases, and petrochemicals industries and higher sales to small industrial customers.


13


D: Consolidated financial measures
Appendix D provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.

Appendix D: GAAP and non-GAAP financial measures
Third quarter 2023 vs. 2022 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending September 30
20232022Change
GAAP measure
As-reported ROE
11.4%10.8%0.6%

Non-GAAP financial measure
Adjusted ROE
11.1%11.7%(0.6)%

As of September 30 ($ in millions, except where noted)
20232022Change
GAAP measures
Cash and cash equivalents
1,5201,003517
Available revolver capacity
4,3464,191154
Commercial paper
1,3511,386(35)
Total debt
27,61927,677(58)
Securitization debt
278311(33)
Debt to capital
66.3%69.0%(2.7)%

Storm escrows41632591

Non-GAAP financial measures ($ in millions, except where noted)
Debt to capital, excluding securitization debt
66.1%68.8%(2.7)%
Net debt to net capital, excluding securitization debt
64.8%68.0%(3.2)%
Gross liquidity
5,8655,195670
Net liquidity
4,5143,809705
Net liquidity, including storm escrows
4,9304,133797
Parent debt to total debt, excluding securitization debt
19.6%20.3%(0.7)%
FFO to debt, excluding securitization debt
12.4%12.2%0.2%

Calculations may differ due to rounding


14


E: Definitions and abbreviations and acronyms
Appendix E-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.

Appendix E-1: Definitions
Utility operating and financial measures
GWh sold
Total number of GWh sold to retail and wholesale customers
Number of electric retail customers
Average number of electric customers over the period
Other O&M and refueling outage expense per MWh
Other operation and maintenance expense plus nuclear refueling outage expense per MWh of total sales

Financial measures – GAAP
As-reported ROE
12-months rolling net income attributable to Entergy Corp. divided by avg. common equity
Debt to capital
Total debt divided by total capitalization
Available revolver capacity
Amount of undrawn capacity remaining on corporate and subsidiary revolvers
Securitization debt
Debt on the balance sheet associated with securitization bonds that is secured by certain future customer collections
Total debt
Sum of short-term and long-term debt, notes payable, and commercial paper
Financial measures – non-GAAP
Adjusted EPS
As-reported EPS excluding adjustments
Adjusted ROE
12-months rolling adjusted net income attributable to Entergy Corp. divided by avg. common equity
Adjustments
Unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as significant tax items, and other items such as certain costs, expenses, or other specified items. In 2022, the results of the EWC segment were considered an adjustment in light of the company’s exit from the merchant nuclear power business.
Debt to capital, excluding securitization debt
Total debt divided by total capitalization, excluding securitization debt
FFO
OCF less AFUDC-borrowed funds, working capital items in OCF (receivables, fuel inventory, accounts payable, taxes accrued, interest accrued, deferred fuel costs, and other working capital accounts), and securitization regulatory charges
FFO to debt, excluding securitization debt
12-months rolling FFO as a percentage of end of period total debt excluding securitization debt
Gross liquiditySum of cash and available revolver capacity
Net debt to net capital, excl. securitization debt
Total debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt
Net liquidity
Sum of cash and available revolver capacity less commercial paper borrowing
Net liquidity, including storm escrows
Sum of cash, available revolver capacity, and escrow accounts available for certain storm expenses, less commercial paper borrowing
Parent debt to total debt, excl. securitization debt
Entergy Corp. debt, including amounts drawn on credit revolver and commercial paper facilities, as a percent of consolidated total debt, excluding securitization debt





15


Appendix E-2 explains abbreviations and acronyms used in the quarterly earnings materials.

Appendix E-2: Abbreviations and acronyms
ADITAccumulated deferred income taxes HLBVHypothetical liquidation at book value
AFUDCAllowance for funds used during constructionIPECIndian Point Energy Center (nuclear) (sold 5/28/21)
AFUDC – borrowed fundsAllowance for borrowed funds used during constructionLNGLiquified natural gas
AGAAmerican Gas AssociationLPSCLouisiana Public Service Commission
ALJAdministrative law judgeLTMLast twelve months
AMIAdvanced metering infrastructureLURCLouisiana Utility Restoration Corporation
ANOArkansas Nuclear One (nuclear)MISOMidcontinent Independent System Operator, Inc.
APSCArkansas Public Service CommissionMMBtuMillion British thermal units
ATMAt the market equity issuance programMoody’sMoody’s Investor Service
bblBarrelsMOUMemorandum of understanding
Bcf/DBillion cubic feet per dayMPSCMississippi Public Service Commission
bpsBasis pointsMTEPMISO Transmission Expansion Plan
CAGRCompound annual growth rateNBPNational Balancing Point
CCGTCombined cycle gas turbineNDTNuclear decommissioning trust
CCNCertificate for convenience and necessityNYSENew York Stock Exchange
CCNOCouncil of the City of New OrleansO&MOperations and maintenance
CFOCash from operationsOCAPSOrange County Advanced Power Station
CODCommercial operation dateOCFNet cash flow provided by operating activities
DCRFDistribution cost recovery factorOpCoUtility operating company
DOEU.S. Department of EnergyOPEBOther post-employment benefits
DTADeferred tax assetOther O&MOther non-fuel operation and maintenance expense
E-AREntergy Arkansas, LLCP&OParent & Other
E-LAEntergy Louisiana, LLCPalisadesPalisades Power Plant (nuclear) (shut down May 2022, sold June 2022)
E-MSEntergy Mississippi, LLCPMRPerformance Management Rider
E-NOEntergy New Orleans, LLCPPAPower purchase agreement or purchased power agreement
E-TXEntergy Texas, Inc.PUCTPublic Utility Commission of Texas
EEIEdison Electric InstituteRFPRequest for proposals
EPSEarnings per shareROEReturn on equity
ESGEnvironmental, social, and governanceRSPRate Stabilization Plan (E-LA Gas)
ETREntergy CorporationS&PStandard & Poor’s
EWCEntergy Wholesale CommoditiesSECU.S. Securities and Exchange Commission
FERCFederal Energy Regulatory CommissionSERISystem Energy Resources, Inc.
FFOFunds from operationsTCRFTransmission cost recovery factor
FIN 48FASB Interpretation No.48, “Accounting for Uncertainty in Income Taxes”TRAMTax reform adjustment mechanism
FRPFormula rate planUPSAUnit Power Sales Agreement
GAAPU.S. generally accepted accounting principlesWACCWeighted-average cost of capital
GCRRGeneration Cost Recovery Rider
Grand Gulf or GGNSUnit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI


16


F: Other GAAP to non-GAAP reconciliations
Appendix F-1, Appendix F-2, and Appendix F-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.

Appendix F-1: Reconciliation of GAAP to non-GAAP financial measures – ROE
(LTM $ in millions except where noted)Third quarter
20232022
As-reported net income (loss) attributable to Entergy Corporation
(A)1,4751,256
Adjustments(B)41(112)
Adjusted earnings (non-GAAP)(A-B)1,4341,368
Average common equity (average of beginning and ending balances)(C)12,89411,674
As-reported ROE(A/C)11.4%10.8%
Adjusted ROE (non-GAAP)[(A-B)/C]11.1%11.7%
Calculations may differ due to rounding
Appendix F-2: Reconciliation of GAAP to non-GAAP financial measures – debt ratios excluding securitization debt; gross liquidity; net liquidity; net liquidity, including storm escrows
($ in millions except where noted)Third quarter
20232022
Total debt(A)27,61927,677
Less securitization debt(B)278311
Total debt, excluding securitization debt(C)27,34127,366
Less cash and cash equivalents(D)1,5201,003
Net debt, excluding securitization debt(E)25,82126,362
Commercial paper(F)1,3511,386
Total capitalization(G)41,65740,091
Less securitization debt(B)278311
Total capitalization, excluding securitization debt(H)41,37939,780
Less cash and cash equivalents(D)1,5201,003
Net capital, excluding securitization debt(I)39,85938,776
Debt to capital(A/G)66.3%69.0%
Debt to capital, excluding securitization debt (non-GAAP)(C/H)66.1%68.8%
Net debt to net capital, excluding securitization debt (non-GAAP)(E/I)64.8%68.0%
Available revolver capacity(J)4,3464,191
Storm escrows(K)416325
Gross liquidity (non-GAAP)(D+J)5,8655,195
Net liquidity (non-GAAP)(D+J-F)4,5143,809
Net liquidity, including storm escrows (non-GAAP)(D+J-F+K)4,9304,133
Entergy Corporation notes:
Due September 2025800800
Due September 2026750750
Due June 2028650650
Due June 2030600600
Due June 2031650650
Due June 2050600600
Total Entergy Corporation notes(L)4,0504,050
Revolver draw(M)-150
Unamortized debt issuance costs and discounts(N)(39)(44)
Total parent debt(F+L+M+N)5,3635,542
Parent debt to total debt, excluding securitization debt (non-GAAP)[(F+L+M+N)/C]19.6%20.3%

17


Calculations may differ due to rounding


Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures – FFO to debt, excluding securitization debt
($ in millions except where noted)
Third quarter

20232022
Total debt
(A)27,61927,677
Less securitization debt
(B)278311
Total debt, excluding securitization debt
(C)27,34127,366

Net cash flow provided by operating activities, LTM
(D)4,0072,099

AFUDC – borrowed funds, LTM
(E)(39)(28)

Working capital items in net cash flow provided by operating activities, LTM:
Receivables
(6)(208)
Fuel inventory
(47)(9)
Accounts payable
(346)(153)
Taxes accrued
2349
Interest accrued
32(2)
Deferred fuel costs
1,048(931)
Other working capital accounts
(170)(84)
Securitization regulatory charges, LTM3267
Total
(F)566(1,271)

FFO, LTM (non-GAAP)
(G)=(D+E-F)3,4023,342

FFO to debt, excluding securitization debt (non-GAAP)
(G/C)12.4%12.2%


Calculations may differ due to rounding



18


Financial Statements

Entergy Corporation
Consolidating Balance Sheet
September 30, 2023
(Dollars in thousands)
(Unaudited)
UtilityParent & OtherConsolidated
ASSETS
CURRENT ASSETS
 Cash and cash equivalents:
    Cash$97,710 $7,578 $105,288 
    Temporary cash investments1,354,781 59,705 1,414,486 
     Total cash and cash equivalents1,452,491 67,283 1,519,774 
Accounts receivable:
   Customer 986,010 — 986,010 
   Allowance for doubtful accounts(27,813)— (27,813)
   Associated companies4,603 (4,603)— 
   Other174,449 28,702 203,151 
   Accrued unbilled revenues551,392 — 551,392 
     Total accounts receivable1,688,641 24,099 1,712,740 
Deferred fuel costs188,885 — 188,885 
Fuel inventory - at average cost176,935 5,298 182,233 
Materials and supplies - at average cost1,357,841 4,257 1,362,098 
Deferred nuclear refueling outage costs125,101 — 125,101 
Prepayments and other453,638 (214,810)238,828 
TOTAL5,443,532 (113,873)5,329,659 
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates4,509,541 (4,509,541)— 
Decommissioning trust funds4,417,704 — 4,417,704 
Non-utility property - at cost (less accumulated depreciation)411,526 8,405 419,931 
Storm reserve escrow account 416,274 — 416,274 
Other 34,653 30,960 65,613 
TOTAL9,789,698 (4,470,176)5,319,522 
PROPERTY, PLANT, AND EQUIPMENT
Electric65,742,550 211,596 65,954,146 
Natural gas712,374 — 712,374 
Construction work in progress2,295,125 1,140 2,296,265 
Nuclear fuel606,600 — 606,600 
TOTAL PROPERTY, PLANT, AND EQUIPMENT69,356,649 212,736 69,569,385 
Less - accumulated depreciation and amortization26,120,043 154,260 26,274,303 
PROPERTY, PLANT, AND EQUIPMENT - NET43,236,606 58,476 43,295,082 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
    Other regulatory assets5,690,179 — 5,690,179 
    Deferred fuel costs172,202 — 172,202 
Goodwill374,099 3,073 377,172 
Accumulated deferred income taxes47,956 2,939 50,895 
Other170,381 147,055 317,436 
TOTAL6,454,817 153,067 6,607,884 
TOTAL ASSETS$64,924,653 $(4,372,506)$60,552,147 
*Totals may not foot due to rounding.


19


Entergy Corporation 
Consolidating Balance Sheet      
September 30, 2023      
(Dollars in thousands)      
(Unaudited)      
  Utility Parent & Other Entergy Wholesale Commodities
LIABILITIES AND SHAREHOLDERS' EQUITY      
       
CURRENT LIABILITIES      
Currently maturing long-term debt $1,385,057 $139,000 $1,524,057 
Notes payable and commercial paper: 
  Other — 1,351,105 1,351,105 
Account payable: 
  Associated companies 27,566 (27,566)— 
  Other 1,328,065 8,042 1,336,107 
Customer deposits 441,018 — 441,018 
Taxes accrued 478,563 53,427 531,990 
Interest accrued 239,518 22,317 261,835 
Deferred fuel costs 98,924 — 98,924 
Pension and other postretirement liabilities 40,688 12,845 53,533 
Other 244,392 5,731 250,123 
TOTAL 4,283,791 1,564,901 5,848,692 
       
NON-CURRENT LIABILITIES      
Accumulated deferred income taxes and taxes accrued6,248,185 (1,184,662)5,063,523 
Accumulated deferred investment tax credits204,839 — 204,839 
Regulatory liability for income taxes - net1,223,532 — 1,223,532 
Other regulatory liabilities2,667,648 — 2,667,648 
Decommissioning and retirement cost liabilities4,449,182 650 4,449,832 
Accumulated provisions523,758 272 524,030 
Pension and other postretirement liabilities788,606 128,375 916,981 
Long-term debt20,647,921 4,011,422 24,659,343 
Other 1,364,063 (408,754)955,309 
TOTAL38,117,734 2,547,303 40,665,037 
Subsidiaries' preferred stock without sinking fund195,161 24,249 219,410 
       
EQUITY      
  Preferred stock, no par value, authorized 1,000,000 shares;
 issued shares in 2023 - none— — — 
  Common stock, $.01 par value, authorized 499,000,000 shares;
issued 279,653,929 shares in 20232,458,748 (2,455,951)2,797 
Paid-in capital5,145,656 2,503,714 7,649,370 
Retained earnings14,670,427 (3,478,151)11,192,276 
Accumulated other comprehensive loss41,846 (237,299)(195,453)
Less - treasury stock, at cost (68,182,125 shares in 2023)120,000 4,837,522 4,957,522 
TOTAL COMMON SHAREHOLDERS' EQUITY22,196,677 (8,505,209)13,691,468 
Subsidiaries' preferred stock without sinking fund
 and noncontrolling interests131,290 (3,750)127,540 
TOTAL22,327,967 (8,508,959)13,819,008 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$64,924,653 $(4,372,506)$60,552,147 
*Totals may not foot due to rounding.





20


Entergy Corporation 
Consolidating Balance Sheet        
December 31, 2022        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
ASSETS
CURRENT ASSETS
 Cash and cash equivalents:
    Cash$101,049 $1,758 $12,483 $115,290 
    Temporary cash investments47,186 912 60,776 108,874 
     Total cash and cash equivalents148,235 2,670 73,259 224,164 
Notes receivable— (75,000)75,000  
Accounts receivable:
   Customer 788,552 — — 788,552 
   Allowance for doubtful accounts(30,856)— — (30,856)
   Associated companies7,991 (9,407)1,416  
   Other223,752 17,946 241,702 
   Accrued unbilled revenues495,859 — — 495,859 
     Total accounts receivable1,485,298 (9,403)19,362 1,495,257 
Deferred fuel costs710,401 — — 710,401 
Fuel inventory - at average cost141,174 — 6,458 147,632 
Materials and supplies - at average cost1,179,344 — 3,964 1,183,308 
Deferred nuclear refueling outage costs143,653 — — 143,653 
Prepayments and other190,942 (8,673)8,342 190,611 
TOTAL3,999,047 (90,406)186,385 4,095,026 
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates3,176,229 (3,176,315)86  
Decommissioning trust funds4,121,864 — — 4,121,864 
Non-utility property - at cost (less accumulated depreciation)357,763 (16)8,658 366,405 
Storm reserve escrow account 401,955 — — 401,955 
Other 42,154 51,497 8,608 102,259 
TOTAL8,099,965 (3,124,834)17,352 4,992,483 
PROPERTY, PLANT, AND EQUIPMENT
Electric64,435,141 5,313 206,457 64,646,911 
Natural gas691,970 — — 691,970 
Construction work in progress1,843,160 352 659 1,844,171 
Nuclear fuel582,119 — — 582,119 
TOTAL PROPERTY, PLANT, AND EQUIPMENT67,552,390 5,665 207,116 67,765,171 
Less - accumulated depreciation and amortization25,137,429 200 150,418 25,288,047 
PROPERTY, PLANT, AND EQUIPMENT - NET42,414,961 5,465 56,698 42,477,124 
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
    Other regulatory assets6,036,397 — — 6,036,397 
    Deferred fuel costs241,085 — — 241,085 
Goodwill374,099 — 3,073 377,172 
Accumulated deferred income taxes81,315 358 2,427 84,100 
Other152,374 10,903 128,527 291,804 
TOTAL6,885,270 11,261 134,027 7,030,558 
TOTAL ASSETS$61,399,243 $(3,198,514)$394,462 $58,595,191 
*Totals may not foot due to rounding.

21


Entergy Corporation 
Consolidating Balance Sheet        
December 31, 2022        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY        
         
CURRENT LIABILITIES        
Currently maturing long-term debt $2,170,037 $— $139,000 $2,309,037 
Notes payable and commercial paper: 
  Other — 827,621 — 827,621 
Account payable: 
  Associated companies 42,681 (39,329)(3,352) 
  Other 1,769,731 83 7,776 1,777,590 
Customer deposits 424,723 — — 424,723 
Taxes accrued 407,244 2,887 13,960 424,091 
Interest accrued 181,960 12,927 377 195,264 
Pension and other postretirement liabilities 89,348 — 15,497 104,845 
Sale-leaseback/depreciation regulatory liability 103,497 — — 103,497 
Other 195,983 1,915 4,881 202,779 
TOTAL 5,385,204 806,104 178,139 6,369,447 
         
NON-CURRENT LIABILITIES        
Accumulated deferred income taxes and taxes accrued5,923,987 (638,476)(466,674)4,818,837 
Accumulated deferred investment tax credits211,220 — — 211,220 
Regulatory liability for income taxes - net1,258,276 — — 1,258,276 
Other regulatory liabilities2,324,590 — — 2,324,590 
Decommissioning and retirement cost liabilities4,270,916 — 615 4,271,531 
Accumulated provisions530,910 — 291 531,201 
Pension and other postretirement liabilities1,047,018 — 166,537 1,213,555 
Long-term debt19,466,346 4,157,166 — 23,623,512 
Other 1,104,215 (459,639)44,144 688,720 
TOTAL36,137,478 3,059,051 (255,087)38,941,442 
Subsidiaries' preferred stock without sinking fund195,161 — 24,249 219,410 
         
EQUITY        
  Preferred stock, no par value, authorized 1,000,000 shares;
 issued shares in 2022 - none— — —  
  Common stock, $.01 par value, authorized 499,000,000 shares;
issued 279,653,929 shares in 20222,458,748 (2,657,052)201,101 2,797 
Paid-in capital3,694,509 (1,619,515)5,557,901 7,632,895 
Retained earnings13,504,961 2,075,642 (5,078,562)10,502,041 
Accumulated other comprehensive loss41,525 — (233,279)(191,754)
Less - treasury stock, at cost (68,477,429 shares in 2022)120,000 4,858,994 — 4,978,994 
TOTAL COMMON SHAREHOLDERS' EQUITY19,579,743 (7,059,919)447,161 12,966,985 
Subsidiaries' preferred stock without sinking fund
 and noncontrolling interests101,657 (3,750)— 97,907 
TOTAL19,681,400 (7,063,669)447,161 13,064,892 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$61,399,243 $(3,198,514)$394,462 $58,595,191 
*Totals may not foot due to rounding.

22


Entergy Corporation      
Consolidating Income Statement      
Three Months Ended September 30, 2023      
(Dollars in thousands)      
(Unaudited)      
  UtilityParent & OtherConsolidated
       
OPERATING REVENUES      
Electric $3,526,935 $— $3,526,935 
Natural gas 32,305 — 32,305 
Other — 36,282 36,282 
     Total 3,559,240 36,282 3,595,522 
  
OPERATING EXPENSES 
Operating and Maintenance: 
  Fuel, fuel related expenses, and gas purchased for resale 693,258 14,233 707,491 
  Purchased power 292,283 17,093 309,376 
  Nuclear refueling outage expenses 39,057 — 39,057 
  Other operation and maintenance 743,289 8,474 751,763 
Asset write-offs, impairments, and related charges 78,434 (40,356)38,078 
Decommissioning 52,324 12 52,336 
Taxes other than income taxes 197,086 568 197,654 
Depreciation and amortization 438,293 1,580 439,873 
Other regulatory charges (credits) - net (83,489)— (83,489)
     Total 2,450,535 — 1,604 2,452,139 
  
OPERATING INCOME 1,108,705 34,678 1,143,383 
       
OTHER INCOME (DEDUCTIONS)      
Allowance for equity funds used during construction 24,225 — 24,225 
Interest and investment income 78,252 (75,690)2,562 
Miscellaneous - net (25,927)7,909 (18,018)
     Total 76,550 (67,781)8,769 
       
INTEREST EXPENSE      
Interest expense 214,723 50,211 264,934 
Allowance for borrowed funds used during construction (9,493)— (9,493)
     Total 205,230 50,211 255,441 
  
INCOME BEFORE INCOME TAXES 980,025 (83,314)896,711 
  
Income taxes 225,989 1,008 226,997 
  
CONSOLIDATED NET INCOME 754,036 (84,322)669,714 
  
Preferred dividend requirements of subsidiaries and noncontrolling interests 2,460 499 2,959 
  
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $751,576 $(84,821)$666,755 
       
EARNINGS PER AVERAGE COMMON SHARE:      
  BASIC $3.55 ($0.40)$3.15
  DILUTED $3.54 ($0.40)$3.14
  
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: 
  BASIC 211,459,244
  DILUTED 212,238,117
*Totals may not foot due to rounding.      
       



23


Entergy Corporation        
Consolidating Income Statement        
Three Months Ended September 30, 2022        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
         
OPERATING REVENUES        
Electric $4,110,068 $(10)$— $4,110,058 
Natural gas 46,548 — — 46,548 
Other — — 62,009 62,009 
     Total 4,156,616 (10)62,009 4,218,615 
    
OPERATING EXPENSES 
Operating and Maintenance: 
  Fuel, fuel related expenses, and gas purchased for resale 1,337,209 (10)29,612 1,366,811 
  Purchased power 390,588 10 24,468 415,066 
  Nuclear refueling outage expenses 39,707 — — 39,707 
  Other operation and maintenance 775,971 7,228 9,946 793,145 
Asset write-offs, impairments, and related charges (credits) — — (143)(143)
Decommissioning 49,253 — 10 49,263 
Taxes other than income taxes 188,998 237 821 190,056 
Depreciation and amortization 451,554 300 1,434 453,288 
Other regulatory charges (credits) - net (43,283)— — (43,283)
     Total 3,189,997 7,765 66,148 3,263,910 
  
OPERATING INCOME 966,619 (7,775)(4,139)954,705 
         
OTHER INCOME (DEDUCTIONS)        
Allowance for equity funds used during construction 20,245 — — 20,245 
Interest and investment loss 55,807 (56,031)3,190 2,966 
Miscellaneous - net (10,287)(2,771)2,596 (10,462)
     Total 65,765 (58,802)5,786 12,749 
  
INTEREST EXPENSE 
Interest expense 194,996 38,186 2,140 235,322 
Allowance for borrowed funds used during construction (7,862)— — (7,862)
     Total 187,134 38,186 2,140 227,460 
  
INCOME BEFORE INCOME TAXES 845,250 (104,763)(493)739,994 
  
Income taxes 178,088 (12,228)18,252 184,112 
  
CONSOLIDATED NET INCOME 667,162 (92,535)(18,745)555,882 
  
Preferred dividend requirements of subsidiaries and noncontrolling interest (5,206)(48)547 (4,707)
  
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $672,368 $(92,487)$(19,292)$560,589 
  
EARNINGS PER AVERAGE COMMON SHARE: 
  BASIC $3.31 ($0.45)($0.10)$2.76
  DILUTED $3.29 ($0.45)($0.10)$2.74
  
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: 
  BASIC 203,445,773
  DILUTED 204,578,013
*Totals may not foot due to rounding.        
         



24


Entergy Corporation      
Consolidating Income Statement      
Nine Months Ended September 30, 2023      
(Dollars in thousands)      
(Unaudited)      
  Utility Parent & Other Consolidated
       
OPERATING REVENUES      
Electric $9,195,588 $— $9,195,588 
Natural gas 130,389 — 130,389 
Competitive businesses — 96,630 96,630 
     Total 9,325,977 96,630 9,422,607 
  
OPERATING EXPENSES 
Operating and Maintenance: 
  Fuel, fuel related expenses, and gas purchased for resale 2,156,208 33,384 2,189,592 
  Purchased power 702,459 51,740 754,199 
  Nuclear refueling outage expenses 111,075 — 111,075 
  Other operation and maintenance 2,007,231 35,953 2,043,184 
Asset write-offs, impairments, and related charges (credits)78,434 (40,356)38,078 
Decommissioning 153,945 36 153,981 
Taxes other than income taxes564,286 2,383 566,669 
Depreciation and amortization 1,358,049 4,679 1,362,728 
Other regulatory charges (credits) - net (158,317)— (158,317)
     Total 6,973,370 87,819 7,061,189 
  
OPERATING INCOME 2,352,607 8,811 2,361,418 
       
OTHER INCOME (DEDUCTIONS)      
Allowance for equity funds used during construction 72,238 — 72,238 
Interest and investment income 301,763 (205,513)96,250 
Miscellaneous - net (143,556)22,542 (121,014)
     Total 230,445 (182,971)47,474 
  
INTEREST EXPENSE 
Interest expense 641,564 140,049 781,613 
Allowance for borrowed funds used during construction (29,565)— (29,565)
     Total 611,999 140,049 752,048 
  
INCOME BEFORE INCOME TAXES 1,971,053 (314,209)1,656,844 
  
Income taxes 304,352 (21,534)282,818 
  
CONSOLIDATED NET INCOME 1,666,701 (292,675)1,374,026 
  
Preferred dividend requirements of subsidiaries and noncontrolling interests 3,595 1,497 5,092 
  
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $1,663,106 $(294,172)$1,368,934 
  
EARNINGS PER AVERAGE COMMON SHARE: 
  BASIC $7.87 ($1.39)$6.47
  DILUTED $7.84 ($1.39)$6.45
  
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: 
  BASIC 211,420,117
  DILUTED 212,195,735
*Totals may not foot due to rounding.      
       



25


Entergy Corporation        
Consolidating Income Statement        
Nine Months Ended September 30, 2022        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
         
OPERATING REVENUES        
Electric $10,024,124 $(35)$— $10,024,089 
Natural gas 166,917 — — 166,917 
Competitive businesses — 11 300,720 300,731 
     Total 10,191,041 (24)300,720 10,491,737 
  
OPERATING EXPENSES 
Operating and Maintenance: 
  Fuel, fuel related expenses, and gas purchased for resale 2,605,211 (25)80,508 2,685,694 
  Purchased power 1,191,495 25 63,798 1,255,318 
  Nuclear refueling outage expenses 101,211 — 18,414 119,625 
  Other operation and maintenance 2,130,232 25,801 93,641 2,249,674 
Asset write-offs, impairments, and related charges (credits) — — (163,464)(163,464)
Decommissioning 145,937 — 28,234 174,171 
Taxes other than income taxes 528,479 863 13,106 542,448 
Depreciation and amortization 1,323,348 649 13,022 1,337,019 
Other regulatory charges (credits) - net 689,355 — — 689,355 
     Total 8,715,268 27,313 147,259 8,889,840 
  
OPERATING INCOME 1,475,773 (27,337)153,461 1,601,897 
         
OTHER INCOME (DEDUCTIONS)        
Allowance for equity funds used during construction 49,685 — — 49,685 
Interest and investment loss 52,627 (132,477)(38,152)(118,002)
Miscellaneous - net 28,155 (8,036)12,601 32,720 
     Total 130,467 (140,513)(25,551)(35,597)
  
INTEREST EXPENSE 
Interest expense 576,341 113,148 5,069 694,558 
Allowance for borrowed funds used during construction (18,710)— — (18,710)
     Total 557,631 113,148 5,069 675,848 
  
INCOME BEFORE INCOME TAXES 1,048,609 (280,998)122,841 890,452 
  
Income taxes (118,257)(37,117)46,340 (109,034)
  
CONSOLIDATED NET INCOME 1,166,866 (243,881)76,501 999,486 
  
Preferred dividend requirements of subsidiaries and noncontrolling interest 1,297 (144)1,641 2,794 
  
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $1,165,569 $(243,737)$74,860 $996,692 
  
EARNINGS PER AVERAGE COMMON SHARE: 
  BASIC $5.73 ($1.20)$0.37 $4.90
  DILUTED $5.70 ($1.19)$0.37 $4.88
  
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: 
  BASIC 203,259,373
  DILUTED 204,357,916
*Totals may not foot due to rounding.        
         

26


Entergy Corporation      
Consolidating Income Statement      
Twelve Months Ended September 30, 2023      
(Dollars in thousands)      
(Unaudited)      
  UtilityParent & OtherConsolidated
       
OPERATING REVENUES      
Electric $12,358,348 $(3)$12,358,345 
Natural gas 197,391 — 197,391 
Other — 139,371 139,371 
     Total 12,555,739 139,368 12,695,107 
  
OPERATING EXPENSES 
Operating and Maintenance: 
  Fuel, fuel related expenses, and gas purchased for resale 3,185,391 51,357 3,236,748 
  Purchased power 989,084 71,341 1,060,425 
  Nuclear refueling outage expenses 147,482 — 147,482 
  Other operation and maintenance 2,776,758 55,212 2,831,970 
Asset write-offs, impairments, and related charges (credits) 78,434 (40,356)38,078 
Decommissioning 203,838 47 203,885 
Taxes other than income taxes 752,367 5,393 757,760 
Depreciation and amortization 1,780,523 6,210 1,786,733 
Other regulatory charges (credits) - net (178,269)— (178,269)
     Total 9,735,608 149,204 9,884,812 
  
OPERATING INCOME 2,820,131 (9,836)2,810,295 
  
OTHER INCOME (DEDUCTIONS) 
Allowance for equity funds used during construction 95,385 — 95,385 
Interest and investment income  395,103 (256,432)138,671 
Miscellaneous - net (219,315)(12,048)(231,363)
     Total 271,173 (268,480)2,693 
  
INTEREST EXPENSE 
Interest expense 843,222 183,894 1,027,116 
Allowance for borrowed funds used during construction (38,679)— (38,679)
     Total 804,543 183,894 988,437 
  
INCOME BEFORE INCOME TAXES 2,286,761 (462,210)1,824,551 
  
Income taxes 388,345 (35,472)352,873 
  
CONSOLIDATED NET INCOME 1,898,416 (426,738)1,471,678 
  
Preferred dividend requirements of subsidiaries and noncontrolling interests (5,726)1,996 (3,730)
  
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $1,904,142 $(428,734)$1,475,408 
  
EARNINGS PER AVERAGE COMMON SHARE: 
  BASIC $8.97 ($2.02)$6.95
  DILUTED $8.94 ($2.01)$6.92
  
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: 
  BASIC 212,226,396
  DILUTED 213,079,304
*Totals may not foot due to rounding.      
       


27


Entergy Corporation        
Consolidating Income Statement        
Twelve Months Ended September 30, 2022        
(Dollars in thousands)        
(Unaudited)        
  Utility Parent & Other Entergy Wholesale Commodities Consolidated
         
OPERATING REVENUES        
Electric $12,558,367 $(47)$— $12,558,320 
Natural gas 216,107 — — 216,107 
Other — 32 439,734 439,766 
     Total 12,774,474 (15)439,734 13,214,193 
  
OPERATING EXPENSES 
Operating and Maintenance: 
  Fuel, fuel related expenses, and gas purchased for resale 3,178,599 (26)100,202 3,278,775 
  Purchased power 1,504,546 26 78,985 1,583,557 
  Nuclear refueling outage expenses 131,796 — 29,718 161,514 
  Other operation and maintenance 2,849,709 33,123 146,965 3,029,797 
Asset write-offs, impairments and related charges — — (245,065)(245,065)
Decommissioning 193,398 — 41,978 235,376 
Taxes other than income taxes 691,453 559 15,766 707,778 
Depreciation and amortization 1,740,410 1,345 21,740 1,763,495 
Other regulatory charges (credits) - net 755,519 — — 755,519 
     Total 11,045,430 35,027 190,289 11,270,746 
  
OPERATING INCOME 1,729,044 (35,042)249,445 1,943,447 
  
OTHER INCOME (DEDUCTIONS) 
Allowance for equity funds used during construction 71,528 — — 71,528 
Interest and investment income 207,868 (165,218)(19,943)22,707 
Miscellaneous - net (29,981)(10,512)12,006 (28,487)
     Total 249,415 (175,730)(7,937)65,748 
  
INTEREST EXPENSE 
Interest expense 760,294 148,158 6,978 915,430 
Allowance for borrowed funds used during construction (27,639)— — (27,639)
     Total 732,655 148,158 6,978 887,791 
  
INCOME BEFORE INCOME TAXES 1,245,804 (358,930)234,530 1,121,404 
  
Income taxes (144,615)(47,111)68,258 (123,468)
  
CONSOLIDATED NET INCOME 1,390,419 (311,819)166,272 1,244,872 
  
Preferred dividend requirements of subsidiaries and noncontrolling interest (12,734)(172)2,188 (10,718)
 
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION $1,403,153 $(311,647)$164,084 $1,255,590 
  
EARNINGS PER AVERAGE COMMON SHARE: 
  BASIC $6.92 ($1.54)$0.81 $6.19
  DILUTED $6.88 ($1.53)$0.81 $6.16
  
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: 
  BASIC 202,813,697
  DILUTED 203,901,896
*Totals may not foot due to rounding.        




28


Entergy Corporation      
Consolidated Cash Flow Statement      
Three Months Ended September 30, 2023 vs. 2022      
(Dollars in thousands)      
(Unaudited)      
  20232022Variance
       
OPERATING ACTIVITIES      
Consolidated net income $669,714 $555,882 $113,832 
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
  Depreciation, amortization, and decommissioning, including nuclear fuel amortization551,697 553,802 (2,105)
  Deferred income taxes, investment tax credits, and non-current taxes accrued213,708 197,467 16,241 
  Asset write-offs, impairments, and related charges (credits)38,078 (143)38,221 
  Changes in working capital:
     Receivables(282,742)(144,273)(138,469)
     Fuel inventory8,892 3,052 5,840 
     Accounts payable(36,444)(102,702)66,258 
     Taxes accrued132,979 89,974 43,005 
     Interest accrued59,764 50,308 9,456 
     Deferred fuel costs56,830 (154,139)210,969 
     Other working capital accounts11,677 12,176 (499)
  Changes in provisions for estimated losses9,393 1,855 7,538 
  Changes in regulatory assets23,913 (137,099)161,012 
  Changes in other regulatory liabilities(103,241)(132,103)28,862 
  Changes in pension and other postretirement liabilities(219,507)(90,459)(129,048)
  Other270,310 289,880 (19,570)
Net cash flow provided by operating activities1,405,021 993,478 411,543 
  INVESTING ACTIVITIES
Construction/capital expenditures (1,062,152)(1,132,525)70,373 
Allowance for equity funds used during construction24,225 20,245 3,980 
Nuclear fuel purchases(66,515)(10,776)(55,739)
Payment for purchase of assets— (1,044)1,044 
Insurance proceeds received for property damages13,309 — 13,309 
Changes in securitization account(12,642)887 (13,529)
Payments to storm reserve escrow account(5,240)(1,279)(3,961)
Receipts from storm reserve escrow account— 60 (60)
Decrease (increase) in other investments(5,260)2,819 (8,079)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs5,722 — 5,722 
Proceeds from nuclear decommissioning trust fund sales370,755 277,801 92,954 
Investment in nuclear decommissioning trust funds(395,833)(301,173)(94,660)
Net cash flow used in investing activities(1,133,631)(1,144,985)11,354 
FINANCING ACTIVITIES
  Proceeds from the issuance of:
    Long-term debt1,115,351 1,465,632 (350,281)
    Treasury stock1,106 4,850 (3,744)
  Retirement of long-term debt(1,110,234)(705,219)(405,015)
  Changes in credit borrowings and commercial paper - net242,719 (11,239)253,958 
  Other35,937 31,136 4,801 
  Dividends paid:
     Common stock(226,257)(205,471)(20,786)
     Preferred stock(4,580)(4,580)— 
Net cash flow provided by financing activities54,042 575,109 (521,067)
Net increase in cash and cash equivalents325,432 423,602 (98,170)
Cash and cash equivalents at beginning of period1,194,342 579,889 614,453 
Cash and cash equivalents at end of period$1,519,774 $1,003,491 $516,283 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
  Cash paid during the period for:
     Interest - net of amount capitalized$195,030 $176,545 $18,485 
     Income taxes$4,060 $73 $3,987 



29


Entergy Corporation      
Consolidated Cash Flow Statement      
Nine Months Ended September 30, 2023 vs. 2022      
(Dollars in thousands)      
(Unaudited)      
  20232022Variance
       
OPERATING ACTIVITIES      
Consolidated net income $1,374,026 $999,486 $374,540 
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
  Depreciation, amortization, and decommissioning, including nuclear fuel amortization1,668,540 1,667,756 784 
  Deferred income taxes, investment tax credits, and non-current taxes accrued257,210 (76,672)333,882 
  Asset write-offs, impairments, and related charges (credits)38,078 (163,464)201,542 
  Changes in working capital:
     Receivables(217,483)(368,772)151,289 
     Fuel inventory(34,601)19,433 (54,034)
     Accounts payable(304,264)(59,787)(244,477)
     Taxes accrued107,899 89,554 18,345 
     Interest accrued66,571 38,361 28,210 
     Deferred fuel costs620,440 (821,386)1,441,826 
     Other working capital accounts(137,061)(124,677)(12,384)
  Changes in provisions for estimated losses(7,171)297,842 (305,013)
  Changes in regulatory assets415,101 587,128 (172,027)
  Changes in other regulatory liabilities204,817 (116,315)321,132 
  Effect of securitization on regulatory asset (491,150)(1,036,955)545,805 
  Changes in pension and other postretirement liabilities(347,886)(258,141)(89,745)
  Other17,927 1,136,050 (1,118,123)
Net cash flow provided by operating activities3,230,993 1,809,441 1,421,552 
  INVESTING ACTIVITIES
Construction/capital expenditures (3,373,617)(3,853,121)479,504 
Allowance for equity funds used during construction72,238 49,685 22,553 
Nuclear fuel purchases(201,213)(125,619)(75,594)
Payment for purchase of assets(30,433)(106,193)75,760 
Net proceeds (payments) from sale of assets11,000 (7,082)18,082 
Insurance proceeds received for property damages19,493 — 19,493 
Litigation proceeds from settlement agreement— 9,829 (9,829)
Changes in securitization account(4,839)1,224 (6,063)
Payments to storm reserve escrow account(14,320)(1,291,593)1,277,273 
Receipts from storm reserve escrow account— 1,000,278 (1,000,278)
Increase in other investments(4,998)(33,238)28,240 
Litigation proceeds for reimbursement of spent nuclear fuel storage costs23,655 32,367 (8,712)
Proceeds from nuclear decommissioning trust fund sales806,658 1,377,304 (570,646)
Investment in nuclear decommissioning trust funds(882,686)(1,422,808)540,122 
Net cash flow used in investing activities(3,579,062)(4,368,967)789,905 
FINANCING ACTIVITIES
  Proceeds from the issuance of:
    Long-term debt3,605,237 5,316,693 (1,711,456)
    Treasury stock5,184 31,802 (26,618)
  Retirement of long-term debt(3,384,007)(4,998,642)1,614,635 
  Changes in credit borrowings and commercial paper - net523,484 185,455 338,029 
  Capital contributions from noncontrolling interests25,708 9,595 16,113 
  Proceeds from trust related to securitization1,457,676 3,163,572 (1,705,896)
  Other102,835 41,659 61,176 
  Dividends paid:
     Common stock(678,699)(615,937)(62,762)
     Preferred stock(13,739)(13,739)— 
Net cash flow provided by financing activities1,643,679 3,120,458 (1,476,779)
Net increase in cash and cash equivalents1,295,610 560,932 734,678 
Cash and cash equivalents at beginning of period224,164 442,559 (218,395)
Cash and cash equivalents at end of period$1,519,774 $1,003,491 $516,283 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
  Cash paid (received) during the period for:
     Interest - net of amount capitalized$685,231 $631,211 $54,020 
     Income taxes$35,291 $(7,412)$42,703 

30


Entergy Corporation      
Consolidated Cash Flow Statement      
Twelve Months Ended September 30, 2023 vs. 2022      
(Dollars in thousands)      
(Unaudited)      
  20232022Variance
       
OPERATING ACTIVITIES      
Consolidated net income $1,471,678 $1,244,872 $226,806 
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
  Depreciation, amortization, and decommissioning, including nuclear fuel amortization2,191,155 2,214,377 (23,222)
  Deferred income taxes, investment tax credits, and non-current taxes accrued286,728 (108,146)394,874 
  Asset write-offs, impairments, and related charges (credits)38,078 (245,065)283,143 
  Changes in working capital:
     Receivables(5,978)(208,319)202,341 
     Fuel inventory(47,091)(9,159)(37,932)
     Accounts payable(346,490)(152,519)(193,971)
     Taxes accrued22,608 48,760 (26,152)
     Interest accrued32,323 (1,592)33,915 
     Deferred fuel costs1,048,080 (930,603)1,978,683 
     Other working capital accounts(169,619)(83,769)(85,850)
  Changes in provisions for estimated losses69,066 284,706 (215,640)
  Changes in regulatory assets404,832 681,593 (276,761)
  Changes in other regulatory liabilities54,573 (189,985)244,558 
  Effect of securitization on regulatory asset (395,230)(1,036,955)641,725 
  Changes in pension and other postretirement liabilities(789,006)(733,280)(55,726)
  Other141,335 1,324,255 (1,182,920)
Net cash flow provided by operating activities4,007,042 2,099,171 1,907,871 
  INVESTING ACTIVITIES
Construction/capital expenditures (4,585,622)(6,014,785)1,429,163 
Allowance for equity funds used during construction95,385 71,529 23,856 
Nuclear fuel purchases(299,207)(164,525)(134,682)
Payment for purchase of assets(30,433)(237,963)207,530 
Net proceeds (payments) from sale of assets16,887 (7,082)23,969 
Insurance proceeds received for property damages19,493 — 19,493 
Litigation proceeds from settlement agreement— 9,829 (9,829)
Changes in securitization account9,451 1,031 8,420 
Payments to storm reserve escrow account(216,775)(1,291,595)1,074,820 
Receipts from storm reserve escrow account125,001 1,000,278 (875,277)
Decrease (increase) in other investments24,912 (35,134)60,046 
Litigation proceeds for reimbursement of spent nuclear fuel storage costs23,655 32,367 (8,712)
Proceeds from nuclear decommissioning trust fund sales1,066,040 2,455,791 (1,389,751)
Investment in nuclear decommissioning trust funds(1,168,779)(2,506,009)1,337,230 
Net cash flow used in investing activities(4,919,992)(6,686,268)1,766,276 
FINANCING ACTIVITIES
  Proceeds from the issuance of:
    Long-term debt4,308,379 7,355,968 (3,047,589)
    Treasury stock5,424 32,166 (26,742)
    Common stock852,555 173,959 678,596 
  Retirement of long-term debt(4,381,268)(5,779,678)1,398,410 
  Changes in credit borrowings and commercial paper - net(35,527)380,311 (415,838)
  Capital contributions from noncontrolling interests40,815 60,797 (19,982)
  Proceeds received by storm trust related to securitization1,457,676 3,163,572 (1,705,896)
  Other103,937 40,704 63,233 
  Dividends paid:
     Common stock(904,439)(818,928)(85,511)
     Preferred stock(18,319)(18,319)— 
Net cash flow provided by financing activities1,429,233 4,590,552 (3,161,319)
Net increase in cash and cash equivalents516,283 3,455 512,828 
Cash and cash equivalents at beginning of period1,003,491 1,000,036 3,455 
Cash and cash equivalents at end of period$1,519,774 $1,003,491 $516,283 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
  Cash paid during the period for:
     Interest - net of amount capitalized$955,904 $883,858 $72,046 
     Income taxes$71,057 $61,511 $9,546 

31
v3.23.3
Document and Entity Information Document
Nov. 01, 2023
Document Type 8-K
Document Period End Date Nov. 01, 2023
Amendment Flag false
Entity File Number 1-11299
Entity Registrant Name ENTERGY CORPORATION
Entity Tax Identification Number 72-1229752
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 639 Loyola Avenue
Entity Address, City or Town New Orleans
Entity Address, State or Province LA
Entity Address, Country US
Entity Address, Postal Zip Code 70113
City Area Code 504
Local Phone Number 576-4000
Entity Central Index Key 0000065984
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
NEW YORK STOCK EXCHANGE, INC. [Member]  
Title of 12(b) Security Common Stock, $0.01 Par Value
Trading Symbol ETR
Security Exchange Name NYSE
CHICAGO STOCK EXCHANGE, INC [Member]  
Title of 12(b) Security Common Stock, $0.01 Par Value
Trading Symbol ETR
Security Exchange Name CHX
Entergy New Orleans [Member]  
Entity File Number 1-35747
Entity Registrant Name ENTERGY NEW ORLEANS, LLC
Entity Tax Identification Number 82-2212934
Entity Incorporation, State or Country Code TX
Entity Address, Address Line One 1600 Perdido Street
Entity Address, City or Town New Orleans
Entity Address, State or Province LA
Entity Address, Country US
Entity Address, Postal Zip Code 70112
City Area Code 504
Local Phone Number 670-3702
Entity Central Index Key 0000071508
Entity Emerging Growth Company false
Entergy Arkansas [Member]  
Entity File Number 1-10764
Entity Registrant Name ENTERGY ARKANSAS, LLC
Entity Tax Identification Number 83-1918668
Entity Incorporation, State or Country Code TX
Entity Address, Address Line One 425 West Capitol Avenue
Entity Address, City or Town Little Rock
Entity Address, State or Province AR
Entity Address, Country US
Entity Address, Postal Zip Code 72201
City Area Code 501
Local Phone Number 377-4000
Entity Central Index Key 0000007323
Entity Emerging Growth Company false
Entergy Texas [Member]  
Entity File Number 1-34360
Entity Registrant Name ENTERGY TEXAS, INC.
Entity Tax Identification Number 61-1435798
Entity Incorporation, State or Country Code TX
Entity Address, Address Line One 2107 Research Forest Drive
Entity Address, City or Town The Woodlands
Entity Address, State or Province TX
Entity Address, Country US
Entity Address, Postal Zip Code 77380
City Area Code 409
Local Phone Number 981-2000
Entity Central Index Key 0001427437
Entity Emerging Growth Company false
Entergy Louisiana [Member]  
Entity File Number 1-32718
Entity Registrant Name ENTERGY LOUISIANA, LLC
Entity Tax Identification Number 47-4469646
Entity Incorporation, State or Country Code TX
Entity Address, Address Line One 4809 Jefferson Highway
Entity Address, City or Town Jefferson
Entity Address, State or Province LA
Entity Address, Country US
Entity Address, Postal Zip Code 70121
City Area Code 504
Local Phone Number 576-4000
Entity Central Index Key 0001348952
Entity Emerging Growth Company false
System Energy [Member]  
Entity File Number 1-09067
Entity Registrant Name SYSTEM ENERGY RESOURCES, INC.
Entity Tax Identification Number 72-0752777
Entity Incorporation, State or Country Code AR
Entity Address, Address Line One 1340 Echelon Parkway
Entity Address, City or Town Jackson
Entity Address, State or Province MS
Entity Address, Country US
Entity Address, Postal Zip Code 39213
City Area Code 601
Local Phone Number 368-5000
Entity Central Index Key 0000202584
Entity Emerging Growth Company false
Entergy Mississippi [Member]  
Entity File Number 1-31508
Entity Registrant Name ENTERGY MISSISSIPPI, LLC
Entity Tax Identification Number 83-1950019
Entity Incorporation, State or Country Code TX
Entity Address, Address Line One 308 East Pearl Street
Entity Address, City or Town Jackson
Entity Address, State or Province MS
Entity Address, Country US
Entity Address, Postal Zip Code 39201
City Area Code 601
Local Phone Number 368-5000
Entity Central Index Key 0000066901
Entity Emerging Growth Company false
5.375% Series A Preferred Stock, Cumulative, No Par Value [Domain] | Entergy Texas [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]  
Title of 12(b) Security 5.375% Series A Preferred Stock, Cumulative, No Par Value (Liquidation Value $25 Per Share)
Trading Symbol ETI/PR
Security Exchange Name NYSE
Mortgage Bonds, 4.875% Series due September 2066 | Entergy Arkansas [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]  
Title of 12(b) Security Mortgage Bonds, 4.875% Series due September 2066
Trading Symbol EAI
Security Exchange Name NYSE
Mortgage Bonds, 4.875% Series due September 2066 | Entergy Louisiana [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]  
Title of 12(b) Security Mortgage Bonds, 4.875% Series due September 2066
Trading Symbol ELC
Security Exchange Name NYSE
Mortgage Bonds, 4.90% Series due October 2066 | Entergy Mississippi [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]  
Title of 12(b) Security Mortgage Bonds, 4.90% Series due October 2066
Trading Symbol EMP
Security Exchange Name NYSE
Mortgage Bonds, 5.0% Series due December 2052 | Entergy New Orleans [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]  
Title of 12(b) Security Mortgage Bonds, 5.0% Series due December 2052
Trading Symbol ENJ
Security Exchange Name NYSE
Mortgage Bonds, 5.50% Series due April 2066 | Entergy New Orleans [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]  
Title of 12(b) Security Mortgage Bonds, 5.50% Series due April 2066
Trading Symbol ENO
Security Exchange Name NYSE

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