Entergy reported a solid first quarter 2026, with adjusted EPS of $0.86 and GAAP revenue of $3.188 billion. The quarter benefited from a diversified mix of higher-than-expected industrial sales growth and the ongoing ramp of new customer-driven initiatives, while Retail sales growth supported the top-line backdrop. Management reaffirmed and upgraded the long-term growth trajectory driven by a 8.5% compound annual Retail sales growth through 2029 and 16% Industrial growth, underpinned by a data center-led demand boom and a broader Gulf South industrial recovery. The centerpiece of the quarter is the Meta Electric Service Agreement (ESA), which adds meaningful earnings and a multi-decade capital deployment plan, including seven new CCCTs and large-scale storage, reinforcing Entergy’s strategy to monetize hyperscale demand while funding reliability and resilience for all customers through its Fair Share Plus framework. While the near-term cash flow is negative due to heavy capital spend (free cash flow of -$1.423 billion) and higher working capital, the company has secured contracted revenue streams (~$1.9 billion already contracted from ATM and block transactions, with ~$4.7 billion to source later in the 2027–2029 window) and maintains Moody’s-aligned metrics (FFO to debt ≥15%). Entergy’s growth thesis remains anchored in data center-driven load, large-scale renewables and storage, strategic nuclear considerations, and regulatory tools that de-risk capital deployment, all of which support a material earnings acceleration over the next few years. Investors should monitor capex execution, regulatory approvals (Louisiana Lightning Initiative and storm securitization in Mississippi), and the evolution of the data center pipeline into the company’s plan, particularly as Investor Day in June provides granularity on project sequencing and risk sharing.