ETR · 10-K filed 19 Feb 2026 · year to 31 Dec 2025

Entergy

35 named things its latest annual report says its results depend on, each in the company's own words. 26 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Petroleum refining and chemical industries

earns from · 42.9% of sales volume; 28.2% of revenue (industrial)

Major industrial customers are primarily in the petroleum refining and chemical industries.Business (Item 1)

Large-scale data center customers

concentrated innamed as a risk

Entergy expects that these customers will represent a high percentage of total sales, revenues, and cash flow with respect to the applicable Utility operating company for the foreseeable future.Risk factors (Item 1A)

Amazon Web Services

earns from

In March 2024, Entergy Mississippi executed a large customer supply and service agreement to serve two data centers campuses located in Madison County, Mississippi in which Amazon Web Services is investing.Business (Item 1)

Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more

Meta Platforms, Inc.

earns from

In October 2024, Entergy Louisiana filed an application with the LPSC requesting approval of certain generation and transmission assets proposed in connection with service to a new large-scale data center being developed by a subsidiary of Meta Platforms, Inc. in north Louisiana.Business (Item 1)

Also named by CLS, CRWV, OKLO

Alphabet Inc. (Google)

earns from

In September 2025, Entergy Arkansas filed an application with the APSC seeking approval of a long-term special rate contract between Altitude, LLC, a subsidiary of Alphabet, Inc. (Google) and Entergy Arkansas for the sale of electricity to a new large-scale data center in West Memphis, Arkansas.Business (Item 1)

Suppliers

Nuclear fuel fabrication services

depends onnamed as a risk

For fabrication services, each plant is dependent upon the performance of the fabricator of that plant’s nuclear fuel; therefore, Entergy relies upon additional monitoring, inspection, and oversight of the fabrication process to assure reliability and quality of its nuclear fuel.Risk factors (Item 1A)

Also named by DUK

Union Pacific

depends on

Coal will be transported to Arkansas via an existing Union Pacific transportation agreement that is expected to provide all of Entergy Arkansas’s rail transportation requirements for 2026.Business (Item 1)

Partners and platforms

Nuclear Electric Insurance Limited (NEIL)

approximately $76.1 million per occurrencenamed as a risk

The current maximum annual assessment amounts total approximately $76.1 million per occurrence for the Utility nuclear plants.Risk factors (Item 1A)

Also named by CEG, PNW, VST

Midcontinent Independent System Operator (MISO)

subject tonamed as a risk

The Utility operating companies are subject to economic risks associated with participation in the MISO markets and resource adequacy construct.Risk factors (Item 1A)

Also named by AEE, DTE, DUK, LNT, NEE, NI, XEL

Other companies

Grand Gulf Nuclear Station

concentrated in · 90 percentnamed as a risk

System Energy’s financial condition depends both on the receipt of payments from the Utility operating companies (other than Entergy Louisiana and Entergy Texas) under the Unit Power Sales Agreement and on the continued commercial operation of Grand Gulf.Risk factors (Item 1A)

Places

Texas

operates in · 538 thousand customers (18%)

Entergy delivers electricity to approximately 3.1 million Utility customers in Arkansas, Louisiana, Mississippi, and Texas.Business (Item 1)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

Louisiana

concentrated in · 1,115 thousand customers (36%)

Entergy delivers electricity to approximately 3.1 million Utility customers in Arkansas, Louisiana, Mississippi, and Texas.Business (Item 1)

Also named by ATO, FHN, L, NRP, QXO

Arkansas

operates in · 738 thousand customers (24%)

Entergy delivers electricity to approximately 3.1 million Utility customers in Arkansas, Louisiana, Mississippi, and Texas.Business (Item 1)

Also named by ALB, CNC, FPI, OGE

Mississippi

operates in · 459 thousand customers (15%)

Entergy delivers electricity to approximately 3.1 million Utility customers in Arkansas, Louisiana, Mississippi, and Texas.Business (Item 1)

Also named by WSM

Russia

depends onnamed as a risk

Certain of the suppliers and service providers are located in or dependent upon foreign countries, such as Russia, and international sanctions, bans, retaliatory actions, or tariffs impacting trade with such countries could further restrict the ability of such suppliers or service providers to continue to supply fuel or provide such services at acceptable prices or at all.Risk factors (Item 1A)

Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more

Hazards

Hurricanes (Gulf Coast)

concentrated innamed as a risk

Due in part to the increase over the past two decades in frequency and intensity of major storm activity along the Gulf Coast, Entergy has and continues to pursue and execute on plans to accelerate investments that would enhance the resilience of the electric systems of the Utility operating companies to enable them to better withstand major storms or other significant events, to mitigate the cost of restoration of the electric system after major storms or other significant events, to enable more rapid restoration of electricity after major storm or other significant adverse events, and to deliver electricity to critical customers more immediately after such events.Risk factors (Item 1A)

Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more

Commodities and inputs

Natural gas

exposed to its price · 38% of 2025 Utility generation (CT/CCGT)named as a risk

To the extent natural gas supplies are disrupted or natural gas prices significantly increase, the Utility operating companies may in some instances use alternate fuels, such as oil when available, or rely to a larger extent on coal, nuclear generation, and purchased power.Business (Item 1)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Powder River Basin coal

depends on · at least 85% of the total coal supply needs in 2026

Entergy Arkansas has committed to six one- to three-year contracts that will supply at least 85% of the total coal supply needs in 2026.Business (Item 1)

Also named by AEE, NRG

Uranium

exposed to its pricenamed as a risk

Entergy’s ability to purchase nuclear fuel at reasonably predictable prices, however, depends upon the performance reliability of uranium miners.Risk factors (Item 1A)

Also named by AEE, AEP, CEG, DTE, DUK, EVRG, LEU, PNW and 2 more

Regulators

U.S. Department of Energy (DOE)

approximately $1.2 billionnamed as a risk

Because the DOE has not begun accepting spent fuel, it is in non-compliance with the Nuclear Waste Policy Act of 1982 and is in partial breach of its spent fuel disposal contracts.Business (Item 1)

Also named by AAON, AMRC, AOS, BWXT, CDE, CDRE, CEG, CLF and 16 more

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

The five retail utility subsidiaries are each regulated by the FERC and by state utility commissions, or, in the case of Entergy New Orleans, the City Council.Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Nuclear Regulatory Commission (NRC)

subject tonamed as a risk

Certain of the Utility operating companies and System Energy face the risk that the NRC will change or modify its regulations, suspend or revoke their licenses, or increase oversight of their nuclear plants, which could materially affect Entergy’s and their results of operations, financial condition, and liquidity.Risk factors (Item 1A)

Also named by AEE, AEP, BRK/B, BWXT, CAH, CDRE, CEG, CW and 20 more

Public Utility Commission of Texas (PUCT)

subject tonamed as a risk

Entergy Texas is also subject to regulation by the PUCT as to the following:Business (Item 1)

Also named by AEP, CNP, CORZ, NEE, NRG, SRE, VST

Louisiana Public Service Commission (LPSC)

subject tonamed as a risk

Entergy Louisiana is subject to regulation by the LPSC as to the following:Business (Item 1)

Also named by ATO, L

Mississippi Public Service Commission (MPSC)

subject tonamed as a risk

Entergy Mississippi is subject to regulation by the MPSC as to the following:Business (Item 1)

Also named by ATO, SO

Arkansas Public Service Commission (APSC)

subject tonamed as a risk

Entergy Arkansas is subject to regulation by the APSC as to the following:Business (Item 1)

Also named by OGE

New Orleans City Council

subject tonamed as a risk

Entergy New Orleans is subject to regulation by the City Council as to the following:Business (Item 1)

Laws and programs

Price-Anderson Act

subject to · approximately $830 millionnamed as a risk

As a result, in the event of a nuclear incident that causes damages (off-site) in excess of the primary insurance coverage, each owner of a nuclear plant reactor, including Entergy’s Utility operating companies and System Energy, regardless of fault or proximity to the incident, will be required to pay a retrospective premium, equal to its proportionate share of the loss in excess of the primary insurance level, up to a maximum of approximately $165.9 million per reactor per incident (Entergy’s maximum total contingent obligation per incident is approximately $830 million).Risk factors (Item 1A)

Also named by BWXT, CDRE, CEG, CW, DUK, FLR, J, LEU and 5 more

EPA Coal Combustion Residuals Rule

subject to · $69 millionnamed as a risk

As of December 31, 2025, Entergy has recorded asset retirement obligations related to CCR management of $69 million.Business (Item 1)

Also named by AES, D, LNT, MDU, NI, PEG, PNW, SO and 1 more

New Orleans Renewable and Clean Portfolio Standard

subject to · 100% net zero carbon emissions by 2040named as a risk

Entergy New Orleans will pay this if it is unable to comply with the Renewable and Clean Portfolio Standard.Business (Item 1)

Inflation Reduction Act of 2022

subject tonamed as a risk

Based on current IRS guidance and current internal forecasts, Entergy and the Registrant Subsidiaries may become subject to the corporate alternative minimum tax included in the Inflation Reduction Act of 2022 beginning in the next one to three years.Risk factors (Item 1A)

Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENPH and 30 more

EPA Good Neighbor Plan (Cross-State Air Pollution Rule)

subject tonamed as a risk

In June 2023 the EPA published its final Federal Implementation Plan (FIP), known as the Good Neighbor Plan, to address interstate transport for the 2015 ozone NAAQS which would increase the stringency of the CSAPR program in all four of the states where the Utility operating companies operate.Business (Item 1)

Also named by EXP, PNW, TLN, VST

Imported solar panels tariffs

exposed to its pricenamed as a risk

Regulatory and legal issues include items such as changes in law or regulation, including environmental compliance requirements and restrictive laws, regulations or policies relating to data centers or facilities that power data centers; and further direct and indirect trade and tariff issues, including those associated with imported solar panels or other goods or products required to complete major capital projects.Risk factors (Item 1A)

Also named by WEC

Unit Power Sales Agreement

earns fromnamed as a risk

Payments under the Unit Power Sales Agreement are System Energy’s only source of operating revenue.Business (Item 1)

Generating Arkansas Jobs Act of 2025 (Act 373)

subject to

In March 2025 the State of Arkansas passed the Generating Arkansas Jobs Act of 2025, now Act 373 (Act 373), that authorizes the recovery of financing costs during construction of generation and transmission investments through a rider separate from the formula rate plan.Business (Item 1)