Entergy (ETR) 10-K Summaries & Annual Filing History
Review Entergy Corporation (ETR) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Entergy's annual report describes a regulated electric utility operating through multiple subsidiaries. Revenue increased after prior-year declines, while operating income and cash flow remained significant.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$12.9B
Revenue reported for the fiscal year.
Operating income
$3.2B
Income from operations reported for the year.
Net income
$1.8B
Net income reported for the year.
Operating cash flow
$5.2B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $13.8B | +17.2% |
| Dec 31, 2023 | $12.1B | -11.7% |
| Dec 31, 2024 | $11.9B | -2.2% |
| Dec 31, 2025 | $12.9B | +9.0% |
Business overview
Entergy Corporation is a holding company whose subsidiaries are regulated electric utilities serving customers in several states. The business is subject to extensive state and federal regulation, including rate-setting and cost recovery mechanisms. It also participates in MISO markets and faces ongoing regulatory proceedings.
Financial performance
Revenue for the latest fiscal year increased compared to the prior year, reversing a two-year downward trend. Operating income and net income were both reported at significant levels. Operating cash flow remained robust.
Material risks
The filing identifies regulatory risks, including potential delays or adverse outcomes in rate proceedings, cost recovery for fuel and storm restoration, and changes in legislation or government policies. Participation in MISO markets and allocation of transmission upgrade costs also present risks.
Liquidity and capital
The filing discusses capital allocation related to the sale of natural gas distribution businesses in Louisiana and New Orleans, which generated a gain and removed associated expenses. Liquidity is supported by operating cash flows.
What to watch
Readers should monitor the resolution of regulatory proceedings, particularly the Entergy Arkansas opportunity sales proceeding and any future rate cases.