Entergy Corporation (0IHP.L) Q2 2025 Earnings Report

Entergy reported a solid QQ2 2025 with adjusted earnings per share (EPS) of $1.05, placing the company on a clear path to its 2025 guidance. Revenue of $3.329 billion rose quarter over quarter but was down modestly year over year, driven by weather-normalized retail dynamics and ongoing capital investments. Management underscored a transformative capex cadence, updating the 4-year plan to $40 billion and detailing a mix of solar, battery storage, and highly efficient gas capacity to meet growing demand. The quarter also featured meaningful regulatory and infrastructure progress, including resilience investments, stronger storm preparedness, and strategic alignment with regulatory riders (notably Arkansas) to de-risk capital deployment and improve customer outcomes. In addition, Entergy recognized nuclear tax credits (PTCs) totaling roughly $570 million for 5 nuclear units in the quarter, with monetization anticipated later in 2025, though these credits are not assumed in the mid-/long-term outlook given their sensitivity to the average revenue per MWh.

Looking ahead, Entergy reinforced its longer-term growth thesis through a larger capital program and a robust project backlog, including roughly 8 GW of designated gas-fired capacity in the plan and a pipeline of 5–10 GW of data-center-related load opportunities. The company emphasized continued advancement of resilience and transmission investments (including ~460 miles of 500 kV systems) and highlighted the Meta data-center regulatory process as a near-term catalyst in Louisiana. While the business remains capital-intensive with negative free cash flow in the near term due to capex, Entergy continues to stress liquidity strength, hedging of equity needs (roughly 2/3 contracted through 2028), and financing flexibility to support the durable earnings trajectory and credit metrics.