Entergy Corporation

Entergy reported quarterly adjusted EPS of $1.03. Kimberly Fontan said the quarter was slightly lower than last year because weather was close to normal versus warmer weather in 2025. Excluding weather, retail sales growth was positive, driven by 10% industrial sales growth and by investments made for customers, while higher O&M, higher parent interest expense, and a higher share count were also headwinds. The company reaffirmed 2026 adjusted EPS guidance and its outlooks through 2030. For 3Q, management expects other O&M to be about $0.05 to $0.10 higher than the same quarter last year, and said most of the year-over-year earnings increase should come in 4Q assuming normal weather.

Drew Marsh emphasized that Entergy’s strategy starts with the customer and is centered on long-term value for customers, employees, communities, and owners. He said data-center and industrial demand trends continue to support a differentiated growth story, with strong interest across the service territory and a funnel that is still very active. Marsh also stressed that growth must remain customer-led, with customer protection and affordability central to any future new nuclear, data-center, or resilience-related investment.

Kimberly Fontan said the quarter was straightforward operationally and reiterated that Entergy remains financially prepared for storms and growth. She pointed to strong liquidity, a credit profile that stays better than rating agency thresholds, and an FFO-to-debt plan at or above 15% throughout the outlook period for Moody’s metric. On capital allocation, she said the equity plan is unchanged from Investor Day, that about 60% of the 5-year equity plan is contracted, and that Entergy completed a $2.175 billion equity-forward offering in early May and settled 8.7 million shares on June 22 for net proceeds of $672 million.

Analysts focused heavily on data-center growth, especially possible nuclear deployment, Louisiana and Mississippi load opportunities, and the size of the pipeline. Marsh said Entergy is in conversations with Louisiana on new nuclear and is making progress, but there is no firm timeline because any launch must be customer-led and protect customers and operating-company balance sheets. He also said Mississippi remains receptive to incremental data-center development, Louisiana’s 7 to 12 GW view is unchanged for now, and the interest being seen is still largely at the indications-of-interest stage. Questions also centered on the Louisiana FRP extension, Cottonwood, and the Phase 1A resilience filing; management said they expect to be able to extend the FRP based on prior history, and that Phase 1A is meant to stage investment to manage affordability rather than change the long-term resilience plan.