ENTERGY CORP /DE/ (ETR)

Price—Loading quote

AI: Fair-priced

Price checkThe shares look fairly priced, but only if ambitious growth arrives on schedule.

MarketWatch showed $107.85 in premarket trade at 4:01 a.m. Eastern, one cent above the August 14 close. At that price, investors pay 24.8 times the midpoint of 2026 adjusted earnings guidance of $4.25–$4.45 per share; adjusted earnings exclude selected unusual items. The dividend yields about 2.4%. The price is 15.0 times management's $7.05–$7.35 outlook for 2030. Illustratively, valuing 2030 profit at 18 times, discounting four years at 8%, and adding dividends produces about $105 today, supporting fair value without much safety margin.

Big pictureCash from customers is rising, yet construction spending still requires outside funding.

Operating cash flow—cash generated by routine operations—rose from $2.30 billion in 2021 to $5.15 billion in 2025. Yet 2025 capital spending was $7.68 billion, leaving negative free cash flow of $2.53 billion; free cash flow is cash left after operations and investment. In first-half 2026, $2.72 billion of operating cash again trailed $5.03 billion of construction spending. At June 30, debt was $34.75 billion versus $3.85 billion of cash, and debt supplied 65% of total capital. Gross liquidity of $8.20 billion provides protection, but not self-funded growth.

Business strengthRegulated power demand is durable, while large customer contracts can accelerate growth.

Revenue increased from $10.11 billion in 2020 to $12.95 billion in 2025, while operating income rose from $1.77 billion to $3.20 billion. Second-quarter 2026 utility earnings reached $626 million, up from $599 million, helped by approved rates, construction returns, and higher electricity sales. This regulated customer base is less cyclical than wholesale power, although weather reduced the quarter's benefit by $35 million from a year earlier. Management says data-center contracts include 15- to 20-year terms, minimum bills, construction funding, and termination protection. Those safeguards strengthen durability, but projected demand remains uncertain.

What could change the storyRegulatory approvals and funding costs will decide whether promised growth reaches each share.

The bull case strengthens if regulators permit timely cost recovery and Entergy reaches adjusted earnings per share of $4.90–$5.20 in 2027 and $7.05–$7.35 in 2030. Those targets rely on a $67 billion five-year investment plan and a rate base approaching $100 billion. The bear case is dilution or financing strain: management plans roughly $7 billion of equity, while second-quarter diluted shares already rose to 466 million from 446 million. Higher interest expense and the larger share count offset underlying profit growth. Extra equity beyond the plan, delayed approvals, or weaker data-center demand would undermine today's price.

$107.85 price considered

AI: News

Quarterly earnings held steadySecond-quarter profit grew, but dilution and higher interest costs held back per-share gains.

On July 29, 2026, Entergy reported second-quarter earnings of $483 million, up from $468 million, while earnings per share slipped to $1.03 from $1.05. The diluted average share count rose 5% to 466 million, and interest expense was also higher. Management retained its $4.25–$4.45 full-year adjusted earnings guidance. Shares closed 4.03% lower at $107.79 after the premarket report. The timing supports, but does not prove, that investors focused on dilution, financing costs, and unchanged guidance.

Investor Day expansionManagement unveiled a much larger growth plan built around data centers and new power plants.

On June 9, 2026, Entergy presented a $67 billion investment plan for 2026–2030, projected retail electricity sales growth above 50%, and a rate base approaching $100 billion by 2030. Management forecast adjusted earnings per share of $7.05–$7.35 in 2030 but also outlined about $7 billion of equity funding. Shares closed 1.43% higher that day. The timing is consistent with a favorable response to faster growth, although broad market movements could also have contributed.

Large equity offeringA large stock offering funded expansion but made future profits spread across more shares.

Entergy announced the offering on May 5, 2026 and priced approximately 19.25 million shares at $113 each, raising $2.175 billion through forward-sale agreements. The shares represented about 4.2% of the 457.9 million shares then outstanding, while the price was 3.7% below the preceding market price. Reuters-backed reporting showed a 3.6% premarket decline on May 6. The structure delayed some immediate issuance, but the later settlement supports construction and debt repayment while diluting future earnings per share.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$12.95B	$11.88B	$12.15B	$13.76B	$11.74B	$10.11B	$10.88B	$11.01B	$11.07B	$10.85B	—	—	—	$10.30B	$11.23B	$11.49B	$10.75B	—	—
Operating expenses	—	—	—	—	—	—	—	—	$9.83B	$11.73B	$11.97B	$10.49B	$10.08B	$9.00B	$9.22B	$9.26B	$8.46B	$10.81B	$9.43B
Operating income	$3.20B	$2.65B	$2.62B	$2.05B	$1.85B	$1.77B	$1.39B	$469.4M	$1.36B	−$815.2M	−$299.2M	$2.01B	$1.35B	$1.30B	$2.01B	$2.27B	$2.28B	$2.28B	$2.06B
EBITDAderived	$5.51B	$4.88B	$4.67B	$4.04B	$3.84B	$4.03B	$3.57B	$2.51B	$3.44B	$1.31B	$1.82B	$4.13B	$3.37B	$3.07B	$3.31B	$3.55B	$3.57B	$3.67B	$3.19B
Net income	$1.77B	$1.06B	$2.36B	$1.10B	$1.12B	$1.39B	$1.24B	$848.7M	$411.6M	−$583.6M	−$176.6M	$940.7M	$711.9M	$846.7M	$1.35B	$1.25B	$1.23B	$1.22B	$1.13B
Basic EPSper diluted share	$3.98	$2.47	$5.57	$2.70	$5.57	$6.94	$6.36	$4.68	$2.29	-$3.26	-$0.99	$5.24	$3.99	$4.77	$7.59	$6.72	$6.39	$6.39	$5.77
Diluted EPSper diluted share	$3.91	$2.45	$5.55	$2.68	$5.54	$6.90	$6.30	$4.63	$2.28	-$3.26	-$0.99	$5.22	$3.99	$4.76	$7.55	$6.66	$6.30	$6.20	$5.60

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$96.7K disclosed value

Sells (SEC code S)59$62.92M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 25, 2026Form 4 · 10b5-1	COOK-NELSON KIMBERLYEVP & Chief Operating Officer	SellCommon Stock	5.0K	$115.00	$575.0K	30.8K
Jun 3, 2026Form 4 · 10b5-1	FISACKERLY HALEYOther	SellCommon Stock	10.6K	$110.00	$1.17M	14.2K
Feb 27, 2026Form 4	VIAMONTES ELIECEROther	SellCommon Stock · indirect	554	$106.30	$58.9K	3.5K
Feb 27, 2026Form 4	VIAMONTES ELIECEROther	SellCommon Stock	1.8K	$106.84	$194.4K	10.4K
Feb 27, 2026Form 4	VIAMONTES ELIECEROther	SellCommon Stock · indirect	2.9K	$106.23	$308.1K	0

Review ownership filings at SEC.gov ↗

ENTERGY CORP /DE/ (ETR)

Financial charts

Financial statements

Insider buys & sells