Entergy Q3 2026 earnings review
Quarter ended September 30, 2026
For information only, not investment advice. No rating or price target.
Earnings reviews · 21 slides
Not investment advice; no rating or price target.
1 · Cover · Open this slide in DeepCell
Q3 adjusted EPS beat the Zacks consensus by 15.8%, and the 2026 guidance midpoint rose
- 1.Adjusted diluted EPS of $1.98 beat the Zacks consensus of $1.71
- 2.Utility net income rose 33.2% to $1,079M
- 3.Weather-adjusted retail sales rose 4.5%, with industrial sales up 4.9%
- 4.The 2026 adjusted EPS guidance midpoint rose $0.05 to $4.40
- 5.Capital expenditures of $2,713M exceeded operating cash flow in Q3
Note: Adjusted figures are Entergy’s non-GAAP measures; Q3 2026 had no adjustments.Source: Entergy Form 8-K, Nov 2, 2026; Zacks via AP/Yahoo Finance, Nov 2, 2026; analysis of company data
2 · Key takeaways · Open this slide in DeepCell
Q3 adjusted EPS beat the Zacks consensus by 15.8%, and operating revenues beat it by 4.9%
Q3 2026 results vs consensus
| Metric | Actual | Consensus | Variance | Result |
|---|---|---|---|---|
| Adjusted diluted EPS | $1.98 | $1.71 | +$0.27 / +15.8% | Beat |
| Total operating revenues | $4.37B | $4.16B | +$0.21B / +4.9% | Beat |
| Adjusted diluted EPS, FactSet cross-check | $1.98 | $1.73 | +$0.25 / +14.5% | Beat |
Share price reaction
Not shown: the Nov 2 regular-session close was not confirmed by two sources when this deck was built.
Note: Consensus is Zacks via AP/Yahoo Finance and FactSet via MarketWatch, as of Nov 2, before the release. No LSEG figure was found.Source: Entergy Form 8-K, Nov 2, 2026; Zacks via AP/Yahoo Finance; FactSet via MarketWatch, Nov 2, 2026; analysis of company data
3 · Q3 versus consensus · Open this slide in DeepCell
Entergy raised the low end of 2026 adjusted EPS guidance by $0.10, in line with consensus at the midpoint
2026 guidance vs consensus
| Metric | Guidance | Consensus | Variance | vs Street |
|---|---|---|---|---|
| Full-year adjusted EPS (midpoint), Zacks | $4.40 | $4.40 | $0.00 / 0.0% | In line |
| Full-year adjusted EPS (midpoint), FactSet | $4.40 | $4.41 | -$0.01 / -0.2% | In line |
Full-year 2026 adjusted EPS guidance, Nov 2 vs Jul 29
| Metric | Jul 29 guidance | Nov 2 guidance | Change |
|---|---|---|---|
| Low end | $4.25 | $4.35 | +$0.10 |
| High end | $4.45 | $4.45 | $0.00 |
| Midpoint | $4.35 | $4.40 | +$0.05 |
Note: Variance is guidance midpoint less consensus. Consensus is as of Nov 2, before the release. Entergy gives no quarterly guidance.Source: Entergy Form 8-K, Nov 2, 2026; Entergy Form 8-K, Jul 29, 2026; Zacks via Yahoo Finance; FactSet via MarketWatch, Nov 2, 2026; analysis of company data
4 · Guidance · Open this slide in DeepCell
Operating revenues rose 14.5% and net income attributable to Entergy rose 35.5%
- Higher sales drove the quarterTotal retail GWh sold rose 7.4%; weather added $0.24 per share.
- EPS rose less than net incomeDiluted EPS rose 29.4%, as diluted shares rose 4.6%.
- Interest expense roseInterest expense rose 34.1% to $436M.
Key figures in $M and YoY % for Q3 2026 vs Q3 2025
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Total operating revenues | $3,812M | $4,365M | 14.5% |
| Operating income | $1,119M | $1,481M | 32.4% |
| Net income attributable to Entergy | $694M | $940M | 35.5% |
| Diluted EPS | $1.53 | $1.98 | 29.4% |
Note: GWh is gigawatt-hours. Weather impact is Entergy’s estimate, after tax.Source: Entergy Form 8-K, Nov 2, 2026; analysis of company data
5 · Q3 at a glance · Open this slide in DeepCell
Utility net income rose 33.2%, while the Parent & Other net loss widened to $139M
Note: Segment figures are from the consolidating income statement. EPS is diluted.Source: Entergy Form 8-K, Nov 2, 2026; analysis of company data
6 · Segment overview · Open this slide in DeepCell
Operating income rose $362M as higher operating revenues outweighed higher purchased power
Note: Higher expenses show as reductions. Power is purchased power. Other costs are the remaining operating expense lines.Source: Entergy Form 8-K, Nov 2, 2026; analysis of company data
7 · Operating income bridge · Open this slide in DeepCell
Weather-adjusted residential sales rose 6.1% and industrial sales rose 4.9%
Note: Weather-adjusted growth is Entergy’s estimate. GWh is gigawatt-hours.Source: Entergy Form 8-K, Nov 2, 2026; analysis of company data
8 · Retail sales by class · Open this slide in DeepCell
Net income attributable to Entergy rose 35.5% as operating income rose 32.4%, partly offset by interest expense
Net income attributable to Entergy
$M, Q3 2025 to Q3 2026
Interest expense rose 34.1% as debt grew
Note: Steps are YoY changes; higher interest expense and income taxes show as reductions.Source: Entergy Form 8-K, Nov 2, 2026; analysis of company data
9 · Net income bridge · Open this slide in DeepCell
Operating margin rose 458 bps to 33.9%
Operating margin and net margin
% of operating revenues, Q3 2025 vs Q3 2026
Operating marginNet margin
Other O&M rose 8.0%, slower than operating revenues
Note: Operating margin is operating income divided by total operating revenues. Net margin uses net income attributable to Entergy.Source: Entergy Form 8-K, Nov 2, 2026; analysis of company data
10 · Margins · Open this slide in DeepCell
Capital expenditures of $2,713M exceeded operating cash flow of $2,235M in Q3
Cash flow and funding
$M, three months ended Sep 30, 2026
Capital expenditures rose 43.6% YoY
Note: Free cash flow is operating cash flow less construction and capital expenditures.Source: Entergy Form 8-K, Nov 2, 2026; analysis of company data
11 · Cash flow and funding · Open this slide in DeepCell
Planned capital investment totals $54.8B for 2027–2030, with $17.2B in 2027
Note: The plan is management’s estimate and may change. Generation is 70.3% of the 2027 plan.Source: Entergy Form 8-K, Nov 2, 2026; Entergy Form 10-Q, Nov 2, 2026; analysis of company data
12 · Capital plan · Open this slide in DeepCell
Total debt rose to $34,813M from $30,935M to fund capital spending
Note: Total debt is currently maturing and long-term debt plus notes payable and commercial paper. Net debt is total debt less cash.Source: Entergy Form 8-K, Nov 2, 2026; analysis of company data
13 · Balance sheet · Open this slide in DeepCell
Q4 estimates depend on interest expense, up 34.1%, and weather, which added $0.24 per share in Q3
Indicator
What to watch
Implication
Q3 reading
Industrial sales
Large customers ramp more slowly
Retail sales estimates could fall
Weather-adjusted industrial sales rose 4.9%
Note: These are analytical watch points, not company targets.Source: Entergy Form 8-K, Nov 2, 2026; analysis of company data
14 · Risks to estimates · Open this slide in DeepCell
Appendix: supporting analysis for segments
| Claim | Evidence | Calculation |
|---|---|---|
| Utility EPS rose | Utility diluted EPS $1.79 to $2.28 (27.4%) | Consolidating income statement |
| Utility operating income rose | $1,124M to $1,486M (32.2%) | Consolidating income statement |
| Parent & Other interest expense rose | $57M to $90M (58.2%) | Consolidating income statement |
Source: Entergy Form 8-K, Nov 2, 2026; analysis of company data
15 · Supporting analysis (1/4) · Open this slide in DeepCell
Appendix: supporting analysis for profit and margins
| Claim | Evidence | Calculation |
|---|---|---|
| Volume and retail price each added the most to Utility EPS | Volume and weather $0.33; retail price $0.33; total net revenue $0.76 per share | Appendix B-1 drivers, after tax |
| Other income rose | Other income $110M to $179M (63.0%) | Consolidated income statement |
| Effective tax rate was steady | 22.7% in Q3 2025 and 22.8% in Q3 2026 | Income taxes divided by pretax income |
| Unit O&M cost rose | Other O&M and refueling per MWh $19.15 to $19.71 (2.9%) | Appendix C, as reported |
MWh is megawatt-hour. Source: Entergy Form 8-K, Nov 2, 2026; analysis of company data
16 · Supporting analysis (2/4) · Open this slide in DeepCell
Appendix: guidance, cash flow and balance sheet support
| Claim | Evidence | Calculation |
|---|---|---|
| Year-to-date adjusted EPS | $3.89 in Jan–Sep 2026, against the $4.40 full-year midpoint | As stated in the release |
| Debt and equity funded Q3 spending | Long-term debt issued $3,031M; retired $1,414M; common stock issued $912M | Three-month cash flow statement |
| Commercial paper fell | Net commercial paper change of ($1,437M) in Q3 | Three-month cash flow statement |
| Credit metric held | FFO to adjusted debt 16.8% at Sep 30, 2026; quarterly dividend $0.68 | Appendix D; as stated in the release |
FFO is funds from operations. Source: Entergy Form 8-K, Nov 2, 2026; Entergy Form 10-Q, Nov 2, 2026; analysis of company data
17 · Supporting analysis (3/4) · Open this slide in DeepCell
Appendix: watch items behind guidance and risks
| Claim | Evidence | Calculation |
|---|---|---|
| Total retail GWh sold rose | 37,124 to 39,864 GWh (7.4%) | Appendix C, as reported |
| Wholesale GWh sold fell | 4,079 to 3,528 GWh (13.5%) | Appendix C, as reported |
| Customer count rose slightly | Average electric customers 3,081,569 (0.5%) | Appendix C, as reported |
| Industrial customer count fell | Average industrial customers 46,089 (4.6%) | Appendix C, as reported |
GWh is gigawatt-hours. Source: Entergy Form 8-K, Nov 2, 2026; analysis of company data
18 · Supporting analysis (4/4) · Open this slide in DeepCell
Appendix: operating expense and sales detail
Operating expense detail, $M and YoY %
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Purchased power | $270M | $464M | 72.0% |
| Other O&M | $771M | $833M | 8.0% |
| Depreciation and amortization | $525M | $551M | 5.0% |
| Interest expense | $325M | $436M | 34.1% |
Retail GWh sold by class and YoY %
| GWh | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Residential | 11,692 | 13,163 | 12.6% |
| Commercial | 8,499 | 8,973 | 5.6% |
| Industrial | 16,255 | 17,055 | 4.9% |
Note: O&M is operation and maintenance. GWh is gigawatt-hours.Source: Entergy Form 8-K, Nov 2, 2026; analysis of company data
19 · Appendix: financial detail · Open this slide in DeepCell
Appendix: sources
- Filing: Entergy Form 8-K, Nov 2, 2026 — https://www.sec.gov/Archives/edgar/data/65984/000006598426000322/earningsrelease3q26_ex991.htm
- Filing: Entergy Form 10-Q, Nov 2, 2026 — https://www.sec.gov/Archives/edgar/data/65984/000006598426000325/etr-20260930.htm
- Prior guidance: Entergy Form 8-K, Jul 29, 2026 — https://www.sec.gov/Archives/edgar/data/65984/000006598426000279/earningsrelease2q26_ex991.htm
- Consensus (Q3 results, full year): Zacks via AP/Yahoo Finance, Nov 2 — https://finance.yahoo.com/markets/stocks/articles/entergy-q3-earnings-snapshot-113847278.html
- Consensus (cross-check): FactSet via MarketWatch, Nov 2 — https://www.marketwatch.com/story/entergy-reports-higher-3q-profit-on-increased-consumption-bfb99d87
Built with DeepCell / deepcell.net
20 · Sources · Open this slide in DeepCell
Important disclosures and disclaimer
For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.
No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.
Sources and accuracy. Company figures come from Entergy's Form 8-K (Exhibit 99.1) of November 2, 2026, its Form 10-Q for the quarter ended September 30, 2026, and its Form 8-K of July 29, 2026 for prior guidance. Consensus estimates (Zacks via AP and Yahoo Finance, FactSet via MarketWatch) are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.
Forward-looking statements. Company guidance, the capital plan, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.
Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.
Non-GAAP measures. Adjusted figures follow Entergy's own definitions, which exclude items management does not consider part of ongoing results. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies' measures. Entergy's earnings release reconciles them to GAAP.
No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.
No affiliation. This presentation is not affiliated with, reviewed or endorsed by Entergy Corporation and does not represent Entergy's views. Company names belong to their owners.
How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.
Date of analysis. The analysis reflects information available as of November 2, 2026. It will not be updated for later events, and views may change without notice.
Built with DeepCell / deepcell.net
21 · Important disclosures · Open this slide in DeepCell