Entergy
ETR · NYSEElectric Services · Fiscal year ends Dec 31
Entergy reported revenue of $12.9B in the fiscal year ended Dec 2025, up 9.0% from the year before. Operating income was $3.2B, an operating margin of 24.7%, and net income was $1.8B. Operating cash flow of $5.2B less capital expenditure of $7.7B left free cash flow of −$2.5B. Net debt was $28.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $11.7B | $13.8B | $12.1B | $11.9B | $12.9B |
| Operating income | $1.8B | $2.1B | $2.6B | $2.7B | $3.2B |
| Interest expense | $835M | $912M | $1B | $1.2B | $1.3B |
| Pre-tax income | $1.3B | $1.1B | $1.7B | $1.4B | $2.3B |
| Income tax | $191M | −$39M | −$691M | $381M | $498M |
| Net income | $1.1B | $1.1B | $2.4B | $1.1B | $1.8B |
| Diluted EPS | 5.54 | 2.68 | 5.55 | 2.45 | 3.91 |
| Diluted shares | 202M | 411M | 425M | 432M | 450M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $443M | $224M | $133M | $860M | $1.9B |
| Receivables | $1.4B | $1.5B | $1.4B | – | – |
| Current assets | $3.6B | $4.1B | $3.7B | $4.4B | $5.8B |
| Net PP&E | $358M | $366M | $419M | $424M | $482M |
| Goodwill | $377M | $377M | $374M | $368M | $368M |
| Total assets | $59.5B | $58.6B | $59.7B | $64.8B | $71.9B |
| Payables | $2.6B | $1.8B | $1.6B | $1.9B | $2.6B |
| Deferred revenue | $395M | $425M | $446M | – | – |
| Current liabilities | $6.2B | $6.4B | $6.4B | $6.1B | $7.8B |
| Short-term debt | $1B | $2.3B | $2.1B | $1.4B | $2.4B |
| Long-term debt | $24.8B | $23.6B | $23B | $26.6B | $27.9B |
| Shareholders' equity | $11.6B | $13B | $14.6B | $15.1B | $16.9B |
| Backlog (remaining obligations) | – | – | – | – | $8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.3B | $2.6B | $4.3B | $4.5B | $5.2B |
| Capital expenditure | $168M | $5.1B | $4.4B | $4.8B | $7.7B |
| Free cash flow | $2.1B | −$2.5B | −$146M | −$350M | −$2.5B |
| Depreciation & amortisation | $2B | $2B | $2.1B | $2.2B | $2.3B |
| Dividends paid | $775M | $842M | $918M | $982M | $1.1B |
| Dividend per share | 3.86 | 2.05 | 2.17 | 2.30 | 2.44 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.2% | −11.7% | −2.2% | 9.0% |
| Operating income growth (YoY) | – | 11.1% | 27.7% | 1.3% | 20.8% |
| EPS growth (YoY) | – | −51.6% | 107.1% | −55.9% | 59.6% |
| Operating margin | 15.7% | 14.9% | 21.6% | 22.3% | 24.7% |
| Net margin | 9.5% | 8.0% | 19.4% | 8.9% | 13.7% |
| Return on equityBlank when equity is negative | 9.6% | 8.5% | 16.1% | 7.0% | 10.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.5% | 3.9% | 4.9% | 4.5% | 5.0% |
| Free cash flow margin | 18.2% | −18.0% | −1.2% | −2.9% | −19.6% |
| Cash conversion (CFO ÷ net income) | 2.06x | 2.34x | 1.82x | 4.23x | 2.90x |
| Receivable days | 43 | 40 | 42 | – | – |
| Interest cover | 2.21x | 2.25x | 2.60x | 2.30x | 2.40x |
| Debt ÷ equity | 2.22x | 2.00x | 1.72x | 1.86x | 1.79x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $25.4B | $25.7B | $25B | $27.1B | $28.3B |
| Current ratio | 0.59x | 0.64x | 0.57x | 0.72x | 0.74x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.