Form 8-K - Current report

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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.
1-11299			ENTERGY CORPORATION						1-35747			ENTERGY NEW ORLEANS, LLC
			(a Delaware corporation) 639 Loyola Avenue New Orleans, Louisiana 70113 Telephone [phone]									(a Texas limited liability company) 1600 Perdido Street New Orleans, Louisiana 70112 Telephone [phone]
			72-1229752									82-2212934
1-10764			ENTERGY ARKANSAS, LLC						1-34360			ENTERGY TEXAS, INC.
			(a Texas limited liability company) 425 West Capitol Avenue Little Rock, Arkansas 72201 Telephone [phone]									(a Texas corporation) 2107 Research Forest Drive The Woodlands, Texas 77380 Telephone [phone]
			83-1918668									61-1435798
1-32718			ENTERGY LOUISIANA, LLC						1-09067			SYSTEM ENERGY RESOURCES, INC.
			(a Texas limited liability company) 4809 Jefferson Highway Jefferson, Louisiana 70121 Telephone [phone]									(an Arkansas corporation) 1340 Echelon Parkway Jackson, Mississippi 39213 Telephone [phone]
			47-4469646									72-0752777
1-31508			ENTERGY MISSISSIPPI, LLC
			(a Texas limited liability company) 308 East Pearl Street Jackson, Mississippi 39201 Telephone [phone]
			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))

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Securities registered pursuant to Section 12(b) of the Act:

Registrant			Title of Class			Trading 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.     ☐

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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			Earnings Release, dated November 1, 2023, issued by Entergy Corporation.
104			Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.

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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

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

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Entergy reports third quarter earnings    

November 1, 2023

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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 quarter									Year-to-date
			2023			2022			Change			2023			2022			Change
(After-tax, $ in millions)
As-reported earnings			667			561			106			1,369			997			372
Less adjustments			(27)			(19)			(8)			42			(216)			258
Adjusted earnings (non-GAAP)			694			580			114			1,327			1,213			114
Estimated weather impact			135			21			115			103			86			17
(After-tax, per share in $)
As-reported earnings			3.14			2.74			0.40			6.45			4.88			1.57
Less adjustments			(0.13)			(0.10)			(0.03)			0.20			(1.06)			1.26
Adjusted earnings (non-GAAP)			3.27			2.84			0.43			6.25			5.94			0.32
Estimated weather impact			0.64			0.10			0.54			0.48			0.42			0.06

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.

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Entergy reports third quarter earnings    

November 1, 2023

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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”.

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Entergy reports third quarter earnings    

November 1, 2023

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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.

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Entergy reports third quarter earnings    

November 1, 2023

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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.

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Media inquiries: Neal Kirby 504-576-4238  [e-mail]			Investor relations inquiries: Bill Abler 281-297-5436  [e-mail]

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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

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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 quarter									Year-to-date
			2023			2022			Change			2023			2022			Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility			752			672			79			1,663			1,166			498
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)
Consolidated			667			561			106			1,369			997			372
Less adjustments
Utility			(59)			-			(59)			10			(291)			301
Parent & Other
2022 EWC			-			(19)			19			-			75			(75)
All other			32			-			32			32			-			32
Total Parent & Other			32			(19)			51			32			75			(43)
Consolidated			(27)			(19)			(8)			42			(216)			258
Adjusted earnings (loss) (non-GAAP)
Utility			810			672			138			1,653			1,457			196
Parent & Other
2022 EWC			-			-			-			-			-			-
All other			(117)			(92)			(24)			(326)			(244)			(82)
Total Parent & Other			(117)			(92)			(24)			(326)			(244)			(82)
Consolidated			694			580			114			1,327			1,213			114
Estimated weather impact			135			21			115			103			86			17
Diluted average number of common shares outstanding (in millions)			212			205			8			212			204			8
(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility			3.54			3.29			0.25			7.84			5.70			2.13
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)
Consolidated			3.14			2.74			0.40			6.45			4.88			1.57
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 other			0.15			-			0.15			0.15			-			0.15
Total Parent & Other			0.15			(0.10)			0.25			0.15			0.37			(0.22)
Consolidated			(0.13)			(0.10)			(0.03)			0.20			(1.06)			1.26
Adjusted earnings (loss) (non-GAAP)
Utility			3.82			3.29			0.53			7.79			7.13			0.66
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)
Consolidated			3.27			2.84			0.43			6.25			5.94			0.32
Estimated weather impact			0.64			0.10			0.54			0.48			0.42			0.06

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.

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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 quarter									Year-to-date
			2023			2022			Change			2023			2022			Change
(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			-			-			-			31			41			(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			-			20			47			192			(145)
E-LA income tax benefit resulting from securitization			-			-			-			129			283			(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			-			40			40			-			40
Income tax effect on adjustments above			(9)			-			(9)			(9)			-			(9)
Total Parent & Other			32			(19)			51			32			75			(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			-			-			-			0.14			0.17			(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			-			-			-			0.61			1.38			(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			-			0.15			0.15			-			0.15
Total Parent & Other			0.15			(0.10)			0.25			0.15			0.37			(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

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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 quarter									Year-to-date
			2023			2022			Change			2023			2022			Change
Utility
Operating revenues			-			-			-			31			46			(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 taxes			20			-			20			176			474			(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 impairments			40			-			40			40			-			40
Income taxes			(9)			-			(9)			(9)			-			(9)
Total Parent & Other			32			(19)			51			32			75			(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 quarter									Year-to-date
			2023			2022			Change			2023			2022			Change
Utility			1,387			1,086			301			3,301			1,942			1,360
Parent & Other
2022 EWC			-			(56)			56			-			22			(22)
All other			18			(36)			54			(70)			(155)			84
Total Parent & Other			18			(93)			111			(70)			(132)			62
Consolidated			1,405			993			412			3,231			1,809			1,422

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.

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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 other									Consolidated
			As- reported			Adjusted						As- reported						As- reported			Adjusted						As- reported			Adjusted
2022 earnings (loss)			3.29			3.29						(0.10)						(0.45)			(0.45)						2.74			2.84
Operating revenue less: fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits)–net			0.57			0.57			(g)			(0.03)						0.02			0.02						0.56			0.59
Other O&M			0.12			0.12			(h)			0.04						-			-						0.15			0.11
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.			0.05			0.05			(k)			0.01						-			-						0.05			0.04
Other income (deductions)			0.08			0.08			(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)			-						0.01			0.02						(0.12)			(0.12)
2023 earnings (loss)			3.54			3.82						-						(0.40)			(0.55)						3.14			3.27

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 other									Consolidated
			As- reported			Adjusted						As- reported						As- reported			Adjusted						As- reported			Adjusted
2022 earnings (loss)			5.70			7.13						0.37						(1.19)			(1.19)						4.88			5.94
Operating revenue less: fuel, fuel-related expenses and gas purchased for resale; other purchased power; and regulatory charges (credits)–net			3.15			0.75			(g)			(0.60)						0.04			0.04						2.59			0.79
Nuclear refueling outage expense			(0.04)			(0.04)						0.07						-			-						0.04			(0.04)
Other O&M			0.45			0.45			(h)			0.36						(0.04)			(0.04)						0.77			0.41
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)			0.50			0.39			(l)			0.10						(0.25)			(0.25)			(m)			0.35			0.14
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)			-						0.05			0.06			(p)			(0.25)			(0.24)
2023 earnings (loss)			7.84			7.79						-						(1.39)			(1.54)						6.45			6.25

Calculations may differ due to rounding

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(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)
			3Q			YTD
Electric volume / weather			0.52			0.08
Retail electric price			0.28			0.94
3Q23 E-TX adjustments to regulatory provisions			0.11			0.11
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			0.57			3.15

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(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).

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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 quarter												Year-to-date
			2023			2022			% Change			% Weather adjusted (s)			2023			2022			% Change			% Weather adjusted (s)
GWh sold
Residential			12,661			11,272			12.3			(1.1)			28,963			29,218			(0.9)			(0.1)
Commercial			8,648			8,223			5.2			(1.1)			21,865			21,697			0.8			(1.0)
Governmental			700			702			(0.3)			(3.2)			1,887			1,928			(2.1)			(3.2)
Industrial			13,781			13,926			(1.0)			(1.0)			39,823			39,903			(0.2)			(0.2)
Total retail sales			35,790			34,123			4.9			(1.1)			92,538			92,746			(0.2)			(0.4)
Wholesale			3,916			4,809			(18.6)						11,589			12,371			(6.3)
Total sales			39,706			38,932			2.0						104,127			105,117			(0.9)
Number of electric retail customers
Residential															2,581,652			2,561,441			0.8
Commercial															370,966			366,351			1.3
Governmental															18,008			18,055			(0.3)
Industrial															50,380			50,721			(0.7)
Total retail customers															3,021,006			2,996,568			0.8
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.

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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			2023			2022			Change
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)			2023			2022			Change
GAAP measures
Cash and cash equivalents			1,520			1,003			517
Available revolver capacity			4,346			4,191			154
Commercial paper			1,351			1,386			(35)
Total debt			27,619			27,677			(58)
Securitization debt			278			311			(33)
Debt to capital			66.3%			69.0%			(2.7)%
Storm escrows			416			325			91
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			5,865			5,195			670
Net liquidity			4,514			3,809			705
Net liquidity, including storm escrows			4,930			4,133			797
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

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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 liquidity			Sum 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

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

Appendix E-2: Abbreviations and acronyms
ADIT			Accumulated deferred income taxes			HLBV			Hypothetical liquidation at book value
AFUDC			Allowance for funds used during construction			IPEC			Indian Point Energy Center (nuclear) (sold 5/28/21)
AFUDC – borrowed funds			Allowance for borrowed funds used during construction			LNG			Liquified natural gas
AGA			American Gas Association			LPSC			Louisiana Public Service Commission
ALJ			Administrative law judge			LTM			Last twelve months
AMI			Advanced metering infrastructure			LURC			Louisiana Utility Restoration Corporation
ANO			Arkansas Nuclear One (nuclear)			MISO			Midcontinent Independent System Operator, Inc.
APSC			Arkansas Public Service Commission			MMBtu			Million British thermal units
ATM			At the market equity issuance program			Moody’s			Moody’s Investor Service
bbl			Barrels			MOU			Memorandum of understanding
Bcf/D			Billion cubic feet per day			MPSC			Mississippi Public Service Commission
bps			Basis points			MTEP			MISO Transmission Expansion Plan
CAGR			Compound annual growth rate			NBP			National Balancing Point
CCGT			Combined cycle gas turbine			NDT			Nuclear decommissioning trust
CCN			Certificate for convenience and necessity			NYSE			New York Stock Exchange
CCNO			Council of the City of New Orleans			O&M			Operations and maintenance
CFO			Cash from operations			OCAPS			Orange County Advanced Power Station
COD			Commercial operation date			OCF			Net cash flow provided by operating activities
DCRF			Distribution cost recovery factor			OpCo			Utility operating company
DOE			U.S. Department of Energy			OPEB			Other post-employment benefits
DTA			Deferred tax asset			Other O&M			Other non-fuel operation and maintenance expense
E-AR			Entergy Arkansas, LLC			P&O			Parent & Other
E-LA			Entergy Louisiana, LLC			Palisades			Palisades Power Plant (nuclear) (shut down May 2022, sold June 2022)
E-MS			Entergy Mississippi, LLC			PMR			Performance Management Rider
E-NO			Entergy New Orleans, LLC			PPA			Power purchase agreement or purchased power agreement
E-TX			Entergy Texas, Inc.			PUCT			Public Utility Commission of Texas
EEI			Edison Electric Institute			RFP			Request for proposals
EPS			Earnings per share			ROE			Return on equity
ESG			Environmental, social, and governance			RSP			Rate Stabilization Plan (E-LA Gas)
ETR			Entergy Corporation			S&P			Standard & Poor’s
EWC			Entergy Wholesale Commodities			SEC			U.S. Securities and Exchange Commission
FERC			Federal Energy Regulatory Commission			SERI			System Energy Resources, Inc.
FFO			Funds from operations			TCRF			Transmission cost recovery factor
FIN 48			FASB Interpretation No.48, “Accounting for Uncertainty in Income Taxes”			TRAM			Tax reform adjustment mechanism
FRP			Formula rate plan			UPSA			Unit Power Sales Agreement
GAAP			U.S. generally accepted accounting principles			WACC			Weighted-average cost of capital
GCRR			Generation Cost Recovery Rider
Grand Gulf or GGNS			Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI

16

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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
						2023			2022
As-reported net income (loss) attributable to Entergy Corporation			(A)			1,475			1,256
Adjustments			(B)			41			(112)
Adjusted earnings (non-GAAP)			(A-B)			1,434			1,368
Average common equity (average of beginning and ending balances)			(C)			12,894			11,674
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
						2023			2022
Total debt			(A)			27,619			27,677
Less securitization debt			(B)			278			311
Total debt, excluding securitization debt			(C)			27,341			27,366
Less cash and cash equivalents			(D)			1,520			1,003
Net debt, excluding securitization debt			(E)			25,821			26,362
Commercial paper			(F)			1,351			1,386
Total capitalization			(G)			41,657			40,091
Less securitization debt			(B)			278			311
Total capitalization, excluding securitization debt			(H)			41,379			39,780
Less cash and cash equivalents			(D)			1,520			1,003
Net capital, excluding securitization debt			(I)			39,859			38,776
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)			4,346			4,191
Storm escrows			(K)			416			325
Gross liquidity (non-GAAP)			(D+J)			5,865			5,195
Net liquidity (non-GAAP)			(D+J-F)			4,514			3,809
Net liquidity, including storm escrows (non-GAAP)			(D+J-F+K)			4,930			4,133
Entergy Corporation notes:
Due September 2025						800			800
Due September 2026						750			750
Due June 2028						650			650
Due June 2030						600			600
Due June 2031						650			650
Due June 2050						600			600
Total Entergy Corporation notes			(L)			4,050			4,050
Revolver draw			(M)			-			150
Unamortized debt issuance costs and discounts			(N)			(39)			(44)
Total parent debt			(F+L+M+N)			5,363			5,542
Parent debt to total debt, excluding securitization debt (non-GAAP)			[(F+L+M+N)/C]			19.6%			20.3%

17

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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
						2023			2022
Total debt			(A)			27,619			27,677
Less securitization debt			(B)			278			311
Total debt, excluding securitization debt			(C)			27,341			27,366
Net cash flow provided by operating activities, LTM			(D)			4,007			2,099
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						23			49
Interest accrued						32			(2)
Deferred fuel costs						1,048			(931)
Other working capital accounts						(170)			(84)
Securitization regulatory charges, LTM						32			67
Total			(F)			566			(1,271)
FFO, LTM (non-GAAP)			(G)=(D+E-F)			3,402			3,342
FFO to debt, excluding securitization debt (non-GAAP)			(G/C)			12.4%			12.2%

Calculations may differ due to rounding

18

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Financial Statements

Entergy Corporation
Consolidating Balance Sheet
September 30, 2023
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash						$	97,710					$	7,578					$	105,288
Temporary cash investments						1,354,781						59,705						1,414,486
Total cash and cash equivalents						1,452,491						67,283						1,519,774
Accounts receivable:
Customer						986,010						—						986,010
Allowance for doubtful accounts						(27,813)						—						(27,813)
Associated companies						4,603						(4,603)						—
Other						174,449						28,702						203,151
Accrued unbilled revenues						551,392						—						551,392
Total accounts receivable						1,688,641						24,099						1,712,740
Deferred fuel costs						188,885						—						188,885
Fuel inventory - at average cost						176,935						5,298						182,233
Materials and supplies - at average cost						1,357,841						4,257						1,362,098
Deferred nuclear refueling outage costs						125,101						—						125,101
Prepayments and other						453,638						(214,810)						238,828
TOTAL						5,443,532						(113,873)						5,329,659
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates						4,509,541						(4,509,541)						—
Decommissioning trust funds						4,417,704						—						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
TOTAL						9,789,698						(4,470,176)						5,319,522
PROPERTY, PLANT, AND EQUIPMENT
Electric						65,742,550						211,596						65,954,146
Natural gas						712,374						—						712,374
Construction work in progress						2,295,125						1,140						2,296,265
Nuclear fuel						606,600						—						606,600
TOTAL PROPERTY, PLANT, AND EQUIPMENT						69,356,649						212,736						69,569,385
Less - accumulated depreciation and amortization						26,120,043						154,260						26,274,303
PROPERTY, PLANT, AND EQUIPMENT - NET						43,236,606						58,476						43,295,082
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						5,690,179						—						5,690,179
Deferred fuel costs						172,202						—						172,202
Goodwill						374,099						3,073						377,172
Accumulated deferred income taxes						47,956						2,939						50,895
Other						170,381						147,055						317,436
TOTAL						6,454,817						153,067						6,607,884
TOTAL ASSETS						$	64,924,653					$	(4,372,506)					$	60,552,147
*Totals may not foot due to rounding.

19

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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 accrued						6,248,185						(1,184,662)						5,063,523
Accumulated deferred investment tax credits						204,839						—						204,839
Regulatory liability for income taxes - net						1,223,532						—						1,223,532
Other regulatory liabilities						2,667,648						—						2,667,648
Decommissioning and retirement cost liabilities						4,449,182						650						4,449,832
Accumulated provisions						523,758						272						524,030
Pension and other postretirement liabilities						788,606						128,375						916,981
Long-term debt						20,647,921						4,011,422						24,659,343
Other						1,364,063						(408,754)						955,309
TOTAL						38,117,734						2,547,303						40,665,037
Subsidiaries' preferred stock without sinking fund						195,161						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 2023						2,458,748						(2,455,951)						2,797
Paid-in capital						5,145,656						2,503,714						7,649,370
Retained earnings						14,670,427						(3,478,151)						11,192,276
Accumulated other comprehensive loss						41,846						(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' EQUITY						22,196,677						(8,505,209)						13,691,468
Subsidiaries' preferred stock without sinking fund
and noncontrolling interests						131,290						(3,750)						127,540
TOTAL						22,327,967						(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

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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 investments						47,186						912						60,776						108,874
Total cash and cash equivalents						148,235						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 companies						7,991						(9,407)						1,416						—
Other						223,752						4						17,946						241,702
Accrued unbilled revenues						495,859						—						—						495,859
Total accounts receivable						1,485,298						(9,403)						19,362						1,495,257
Deferred fuel costs						710,401						—						—						710,401
Fuel inventory - at average cost						141,174						—						6,458						147,632
Materials and supplies - at average cost						1,179,344						—						3,964						1,183,308
Deferred nuclear refueling outage costs						143,653						—						—						143,653
Prepayments and other						190,942						(8,673)						8,342						190,611
TOTAL						3,999,047						(90,406)						186,385						4,095,026
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates						3,176,229						(3,176,315)						86						—
Decommissioning trust funds						4,121,864						—						—						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
TOTAL						8,099,965						(3,124,834)						17,352						4,992,483
PROPERTY, PLANT, AND EQUIPMENT
Electric						64,435,141						5,313						206,457						64,646,911
Natural gas						691,970						—						—						691,970
Construction work in progress						1,843,160						352						659						1,844,171
Nuclear fuel						582,119						—						—						582,119
TOTAL PROPERTY, PLANT, AND EQUIPMENT						67,552,390						5,665						207,116						67,765,171
Less - accumulated depreciation and amortization						25,137,429						200						150,418						25,288,047
PROPERTY, PLANT, AND EQUIPMENT - NET						42,414,961						5,465						56,698						42,477,124
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						6,036,397						—						—						6,036,397
Deferred fuel costs						241,085						—						—						241,085
Goodwill						374,099						—						3,073						377,172
Accumulated deferred income taxes						81,315						358						2,427						84,100
Other						152,374						10,903						128,527						291,804
TOTAL						6,885,270						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.

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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 accrued						5,923,987						(638,476)						(466,674)						4,818,837
Accumulated deferred investment tax credits						211,220						—						—						211,220
Regulatory liability for income taxes - net						1,258,276						—						—						1,258,276
Other regulatory liabilities						2,324,590						—						—						2,324,590
Decommissioning and retirement cost liabilities						4,270,916						—						615						4,271,531
Accumulated provisions						530,910						—						291						531,201
Pension and other postretirement liabilities						1,047,018						—						166,537						1,213,555
Long-term debt						19,466,346						4,157,166						—						23,623,512
Other						1,104,215						(459,639)						44,144						688,720
TOTAL						36,137,478						3,059,051						(255,087)						38,941,442
Subsidiaries' preferred stock without sinking fund						195,161						—						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 2022						2,458,748						(2,657,052)						201,101						2,797
Paid-in capital						3,694,509						(1,619,515)						5,557,901						7,632,895
Retained earnings						13,504,961						2,075,642						(5,078,562)						10,502,041
Accumulated other comprehensive loss						41,525						—						(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' EQUITY						19,579,743						(7,059,919)						447,161						12,966,985
Subsidiaries' preferred stock without sinking fund
and noncontrolling interests						101,657						(3,750)						—						97,907
TOTAL						19,681,400						(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

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Entergy Corporation
Consolidating Income Statement
Three Months Ended September 30, 2023
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
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

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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 taxes						564,286						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

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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

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Entergy Corporation
Consolidating Income Statement
Twelve Months Ended September 30, 2023
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
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

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Entergy Corporation
Consolidated Cash Flow Statement
Three Months Ended September 30, 2023 vs. 2022
(Dollars in thousands)
(Unaudited)
						2023						2022						Variance
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 amortization						551,697						553,802						(2,105)
Deferred income taxes, investment tax credits, and non-current taxes accrued						213,708						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 inventory						8,892						3,052						5,840
Accounts payable						(36,444)						(102,702)						66,258
Taxes accrued						132,979						89,974						43,005
Interest accrued						59,764						50,308						9,456
Deferred fuel costs						56,830						(154,139)						210,969
Other working capital accounts						11,677						12,176						(499)
Changes in provisions for estimated losses						9,393						1,855						7,538
Changes in regulatory assets						23,913						(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)
Other						270,310						289,880						(19,570)
Net cash flow provided by operating activities						1,405,021						993,478						411,543
INVESTING ACTIVITIES
Construction/capital expenditures						(1,062,152)						(1,132,525)						70,373
Allowance for equity funds used during construction						24,225						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 damages						13,309						—						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 costs						5,722						—						5,722
Proceeds from nuclear decommissioning trust fund sales						370,755						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 debt						1,115,351						1,465,632						(350,281)
Treasury stock						1,106						4,850						(3,744)
Retirement of long-term debt						(1,110,234)						(705,219)						(405,015)
Changes in credit borrowings and commercial paper - net						242,719						(11,239)						253,958
Other						35,937						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 activities						54,042						575,109						(521,067)
Net increase in cash and cash equivalents						325,432						423,602						(98,170)
Cash and cash equivalents at beginning of period						1,194,342						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)
						2023						2022						Variance
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 amortization						1,668,540						1,667,756						784
Deferred income taxes, investment tax credits, and non-current taxes accrued						257,210						(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 accrued						107,899						89,554						18,345
Interest accrued						66,571						38,361						28,210
Deferred fuel costs						620,440						(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 assets						415,101						587,128						(172,027)
Changes in other regulatory liabilities						204,817						(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)
Other						17,927						1,136,050						(1,118,123)
Net cash flow provided by operating activities						3,230,993						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 construction						72,238						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 assets						11,000						(7,082)						18,082
Insurance proceeds received for property damages						19,493						—						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 costs						23,655						32,367						(8,712)
Proceeds from nuclear decommissioning trust fund sales						806,658						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 debt						3,605,237						5,316,693						(1,711,456)
Treasury stock						5,184						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 - net						523,484						185,455						338,029
Capital contributions from noncontrolling interests						25,708						9,595						16,113
Proceeds from trust related to securitization						1,457,676						3,163,572						(1,705,896)
Other						102,835						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 activities						1,643,679						3,120,458						(1,476,779)
Net increase in cash and cash equivalents						1,295,610						560,932						734,678
Cash and cash equivalents at beginning of period						224,164						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)
						2023						2022						Variance
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 amortization						2,191,155						2,214,377						(23,222)
Deferred income taxes, investment tax credits, and non-current taxes accrued						286,728						(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 accrued						22,608						48,760						(26,152)
Interest accrued						32,323						(1,592)						33,915
Deferred fuel costs						1,048,080						(930,603)						1,978,683
Other working capital accounts						(169,619)						(83,769)						(85,850)
Changes in provisions for estimated losses						69,066						284,706						(215,640)
Changes in regulatory assets						404,832						681,593						(276,761)
Changes in other regulatory liabilities						54,573						(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)
Other						141,335						1,324,255						(1,182,920)
Net cash flow provided by operating activities						4,007,042						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 construction						95,385						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 assets						16,887						(7,082)						23,969
Insurance proceeds received for property damages						19,493						—						19,493
Litigation proceeds from settlement agreement						—						9,829						(9,829)
Changes in securitization account						9,451						1,031						8,420
Payments to storm reserve escrow account						(216,775)						(1,291,595)						1,074,820
Receipts from storm reserve escrow account						125,001						1,000,278						(875,277)
Decrease (increase) in other investments						24,912						(35,134)						60,046
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						23,655						32,367						(8,712)
Proceeds from nuclear decommissioning trust fund sales						1,066,040						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 debt						4,308,379						7,355,968						(3,047,589)
Treasury stock						5,424						32,166						(26,742)
Common stock						852,555						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 interests						40,815						60,797						(19,982)
Proceeds received by storm trust related to securitization						1,457,676						3,163,572						(1,705,896)
Other						103,937						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 activities						1,429,233						4,590,552						(3,161,319)
Net increase in cash and cash equivalents						516,283						3,455						512,828
Cash and cash equivalents at beginning of period						1,003,491						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

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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