Detailed financial statements for Entergy Corporation (ETR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Entergy Corporation, headquartered in New Orleans, Louisiana, is a prominent American energy company primarily involved in generating and distributing electricity across the United States. Its operations are divided into two main divisions: Utility and Entergy Wholesale Commodities. The Utility division manages the end-to-end process of generating, transmitting, distributing, and selling electricity.
Analysis Summary
Entergy Corporation reported revenue of $12.95B in the most recent fiscal year, growing at a 5-year CAGR of 5.1%. Net income reached $1.77B, with a 4.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 38.9%, operating margin 22.2%, net margin 13.5%.
At $110.11 (closing price, October 30, 2026), ETR trades at a P/E of 28.23 and an ROE of 10.41%. Market capitalisation stands at $52.6B, placing it among large-cap names.
Balance sheet quality for ETR: current ratio of 0.7, net debt of $29.01B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$2.79B represents -157% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.85B | $11.07B | $11.01B | $10.88B | $10.11B | $11.74B | $13.76B | $12.15B | $11.88B | $12.95B |
| Cost of Revenue | $9.30B | $6.89B | $7.31B | $6.70B | $5.66B | $6.87B | $8.49B | $6.82B | $6.14B | $9.07B |
| Gross Profit | $1.55B | $4.18B | $3.70B | $4.18B | $4.46B | $4.87B | $5.28B | $5.33B | $5.74B | $3.87B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $2.36B | $2.82B | $3.23B | $2.79B | $2.69B | $3.03B | $3.22B | $2.71B | $3.09B | $818.7M |
| Operating Income | -$815.2M | $1.36B | $469.4M | $1.39B | $1.77B | $1.85B | $2.05B | $2.62B | $2.65B | $3.05B |
| EBITDA | $1.41B | $3.71B | $2.57B | $4.01B | $4.33B | $4.39B | $4.24B | $4.92B | $5.04B | $6.15B |
| Interest Expense | $666.4M | $662.3M | $707.3M | $742.4M | $785.7M | $834.7M | $987.8M | $1.01B | $1.15B | $1.34B |
| Pre-tax Income | -$1.38B | $967.9M | -$174.3M | $1.09B | $1.29B | $1.31B | $1.06B | $1.67B | $1.44B | $2.27B |
| Income Tax | -$817.3M | $542.6M | -$1.04B | -$169.8M | -$121.5M | $191.4M | -$39.0M | -$690.5M | $381.0M | $498.0M |
| Net Income | -$564.5M | $425.4M | $862.6M | $1.26B | $1.41B | $1.12B | $1.10B | $2.36B | $1.06B | $1.77B |
| EPS | $-1.63 | $1.15 | $2.34 | $3.18 | $3.47 | $2.79 | $2.70 | $5.57 | $2.47 | $3.98 |
| EPS (Diluted) | $-1.63 | $1.14 | $2.32 | $3.15 | $3.45 | $2.77 | $2.69 | $5.55 | $2.45 | $3.91 |
| Shares Outstanding (Diluted) | 357.8 M | 361.1 M | 366.8 M | 394.0 M | 402.2 M | 403.7 M | 411.1 M | 424.8 M | 431.6 M | 450.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $3.81B | $2.96B | $3.19B | $3.52B |
| Gross Profit | $1.34B | $666.5M | $2.19B | $1.05B |
| Operating Income | $1.11B | $480.8M | $572.2M | $834.7M |
| EBITDA | $1.66B | $1.51B | $1.30B | $1.51B |
| Net Income | $698.4M | $240.5M | $390.8M | $487.8M |
| EPS | $1.55 | $0.52 | $0.84 | $1.05 |
| EPS (Diluted) | $1.53 | $0.51 | $0.83 | $1.03 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.19B | $781.3M | $481.0M | $425.7M | $1.76B | $442.6M | $224.2M | $132.5M | $859.7M | $45.9M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.88B |
| Receivables | $1.17B | $1.21B | $1.11B | $1.21B | $1.29B | $1.37B | $1.50B | $1.39B | $1.39B | $1.50B |
| Inventory | $878.1M | $905.9M | $870.1M | $970.5M | $1.14B | $1.20B | $1.33B | $1.61B | $1.80B | $1.84B |
| Total Current Assets | $3.43B | $3.06B | $2.70B | $2.89B | $4.38B | $3.17B | $3.24B | $3.35B | $4.30B | $5.72B |
| Property, Plant & Equipment | $28.16B | $29.93B | $32.28B | $35.52B | $39.20B | $42.60B | $42.84B | $44.25B | $47.85B | $52.85B |
| Goodwill | $377.2M | $377.2M | $377.2M | $377.2M | $377.2M | $377.2M | $377.2M | $374.1M | $367.6M | $367.6M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $45.90B | $46.71B | $48.28B | $51.72B | $58.24B | $59.45B | $58.60B | $59.70B | $64.79B | $71.89B |
| Accounts Payable | $1.03B | $1.08B | $1.19B | $1.09B | $1.99B | $1.89B | $1.32B | $1.57B | $1.93B | $2.57B |
| Short-term Debt | $782.3M | $2.34B | $2.59B | $2.81B | $2.81B | $2.31B | $3.21B | $3.31B | $2.39B | $3.03B |
| Total Current Liabilities | $3.20B | $5.04B | $5.44B | $5.62B | $7.06B | $6.19B | $6.37B | $6.40B | $6.11B | $7.82B |
| Long-term Debt | $14.47B | $14.32B | $15.52B | $17.08B | $21.21B | $24.84B | $23.62B | $23.01B | $26.61B | $27.90B |
| Total Liabilities | $37.62B | $38.52B | $39.21B | $41.25B | $47.06B | $47.53B | $45.31B | $44.74B | $49.39B | $54.62B |
| Retained Earnings | $8.20B | $7.98B | $8.72B | $9.26B | $9.90B | $10.24B | $10.50B | $11.94B | $12.01B | $12.70B |
| Total Equity | $8.28B | $8.19B | $9.06B | $10.44B | $11.15B | $11.86B | $13.19B | $14.84B | $15.30B | $17.14B |
| Total Debt | $15.27B | $16.68B | $18.13B | $20.12B | $24.20B | $27.37B | $27.02B | $26.54B | $29.31B | $30.93B |
| Net Debt | $14.09B | $15.90B | $17.65B | $19.69B | $22.44B | $26.92B | $26.80B | $26.41B | $28.45B | $29.01B |
| Working Capital | $229.5M | -$1.98B | -$2.74B | -$2.73B | -$2.68B | -$3.02B | -$3.13B | -$3.05B | -$1.81B | -$2.10B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.52B | $45.9M | $3.57B | $118.2M |
| Total Assets | $69.85B | $71.89B | $75.80B | $79.00B |
| Total Liabilities | $52.87B | $54.62B | $58.37B | $60.46B |
| Total Equity | $16.88B | $17.14B | $17.35B | $18.45B |
| Total Debt | $30.45B | $30.93B | $34.06B | $34.63B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$564.5M | $425.4M | $862.6M | $1.26B | $1.41B | $1.12B | $1.10B | $2.36B | $1.06B | $1.76B |
| Depreciation & Amortization | $2.12B | $2.08B | $2.04B | $2.18B | $2.26B | $2.24B | $2.19B | $2.24B | $2.44B | $2.54B |
| Stock-based Compensation | $38.7M | $37.4M | 0 | $37.3M | $41.6M | $45.3M | $45.4M | 0 | 0 | 0 |
| Change in Working Capital | -$131.3M | -$3.58B | $96.2M | -$52.1M | -$869.8M | -$348.2M | -$1.74B | $352.7M | $236.2M | -$188.1M |
| Operating Cash Flow | $3.00B | $2.62B | $2.39B | $2.82B | $2.69B | $2.30B | $2.59B | $4.29B | $4.49B | $5.15B |
| Capital Expenditure | -$4.04B | -$4.00B | -$4.27B | -$4.63B | -$5.16B | -$6.42B | -$5.29B | -$4.71B | -$5.97B | -$7.94B |
| Acquisitions | -$2.78B | -$3.61B | $24.9M | -$4.20B | -$4.69B | -$6.09B | 0 | 0 | 0 | $858.6M |
| Stock Repurchased | -$115.3M | -$20.6M | -$53.9M | -$50.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$632.6M | -$628.9M | -$647.7M | -$728.0M | -$766.8M | -$793.4M | -$860.0M | -$936.5M | -$1,000.0M | -$1.09B |
| Free Cash Flow | -$1.05B | -$1.38B | -$1.89B | -$1.81B | -$2.47B | -$4.12B | -$2.70B | -$417.3M | -$1.48B | -$2.79B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $2.13B | $1.22B | $829.0M | $1.89B |
| Capital Expenditure | -$1.93B | -$2.21B | -$2.25B | -$2.83B |
| Free Cash Flow | $207.1M | -$996.5M | -$1.42B | -$935.0M |
| Dividends Paid | -$272.5M | -$294.1M | -$297.4M | -$297.6M |
| Stock-based Compensation | -$21.3M | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.1% | -0.6% | -1.2% | -7.0% | +16.1% | +17.2% | -11.7% | -2.2% | +9.0% | |
| Net Income Growth (YoY) | +175.3% | +102.8% | +45.9% | +11.8% | -20.5% | -1.9% | +115.3% | -55.1% | +67.1% | |
| EPS Growth (YoY) | +170.6% | +103.5% | +35.9% | +9.1% | -19.6% | -3.2% | +106.3% | -55.7% | +61.1% | |
| Shares Change (YoY) | +0.9% | +1.6% | +7.4% | +2.1% | +0.4% | +1.8% | +3.3% | +1.6% | +4.3% | |
| FCF Growth (YoY) | -31.8% | -36.9% | +3.8% | -35.9% | -67.1% | +34.4% | +84.6% | -255.0% | -88.4% | |
| Gross Margin | 14.3% | 37.7% | 33.6% | 38.4% | 44.1% | 41.5% | 38.3% | 43.9% | 48.3% | 29.9% |
| Operating Margin | -7.5% | 12.3% | 4.3% | 12.8% | 17.5% | 15.7% | 14.9% | 21.6% | 22.3% | 23.6% |
| EBITDA Margin | 13.0% | 33.5% | 23.4% | 36.9% | 42.8% | 37.4% | 30.8% | 40.5% | 42.4% | 47.5% |
| Net Margin | -5.2% | 3.8% | 7.8% | 11.6% | 13.9% | 9.5% | 8.0% | 19.4% | 8.9% | 13.7% |
| FCF Margin | -9.6% | -12.4% | -17.1% | -16.7% | -24.4% | -35.1% | -19.6% | -3.4% | -12.5% | -21.6% |
| Effective Tax Rate | 59.1% | 56.1% | 595.0% | -15.6% | -9.5% | 14.6% | -3.7% | -41.3% | 26.4% | 21.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.92 | $-3.82 | $-5.14 | $-4.61 | $-6.13 | $-10.21 | $-6.58 | $-0.98 | $-3.43 | $-6.20 |
| Dividends Per Share | $1.77 | $1.74 | $1.77 | $1.85 | $1.91 | $1.97 | $2.09 | $2.20 | $2.32 | $2.43 |
| Shares Outstanding (Basic) | 357.8 M | 359.3 M | 362.8 M | 390.4 M | 400.2 M | 401.9 M | 408.9 M | 423.1 M | 427.7 M | 442.0 M |
What to look at in Utilities
Regulated businesses with slow growth but reliable dividends. They are bonds on steroids — look at debt, rates, and payout consistency.
- Regulated ROE (8-12%) — Utilities have an "allowed" ROE set by the regulator. Out of range = anomaly
- 5y EPS growth — Stable utilities grow EPS 4-6% annually — more = anomaly, less = dead
- 10y dividend growth — Top utilities ("Dividend Aristocrats") raise dividend 25+ consecutive years
- Net debt / EBITDA — Utilities use a lot of debt — >6x with high rates is an alarm
- Interest coverage — EBIT / interest. If it drops <3x during rate hikes, the dividend is in danger
- Payout Ratio — In utilities it is normally high (60-80%), but >90% indicates stress
Profitability
| Return on Equity | 10.41% |
| Return on Invested Capital | 3.24% |
| Return on Assets | 2.30% |
| Gross Margin | 38.90% |
| Operating Margin | 22.22% |
| Net Margin | 13.48% |
Financial Health
| Debt / Equity | 1.88 |
| Current Ratio | 0.88 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 0.98 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -22.54 | 35.39 | 18.39 | 18.84 | 14.39 | 20.19 | 20.83 | 9.08 | 30.70 | 23.22 |
| P/B | 1.59 | 1.79 | 1.72 | 2.24 | 1.79 | 1.91 | 1.74 | 1.44 | 2.12 | 2.38 |
| P/S | 1.21 | 1.32 | 1.42 | 2.15 | 1.98 | 1.93 | 1.67 | 1.76 | 2.73 | 3.16 |
| Gross Margin | 14.3% | 37.7% | 33.6% | 38.4% | 44.1% | 41.5% | 38.3% | 43.9% | 48.3% | 29.9% |
| Operating Margin | -7.5% | 12.3% | 4.3% | 12.8% | 17.5% | 15.7% | 14.9% | 21.6% | 22.3% | 23.6% |
| Net Margin | -5.2% | 3.8% | 7.8% | 11.6% | 13.9% | 9.5% | 8.0% | 19.4% | 8.9% | 13.7% |
Related companies: XEL · EXC · EVRG · LNT · DUK · PEG · WEC · DTE
Explore sector: Utilities · Regulated Electric
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