EX-99.1 2 a06521991.htm EX-99.1

Exhibit 99.1

Entergy

639 Loyola Avenue

New Orleans, LA 70113

News

Release

Date:			November 3, 2021
For Release:			Immediately
Contact:			Neal Kirby (Media) (504) 576-4238 nkirby@entergy.com						Bill Abler (Investor Relations) (504) 576-3097 wabler@entergy.com

Entergy Reports Third Quarter Earnings

Company narrows 2021 guidance range, affirms and extends outlooks

NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported third quarter 2021 earnings per share of $2.63 on an as-reported basis and earnings per share of $2.45 on an adjusted basis (non-GAAP).

“We delivered another strong quarter. With clear visibility into the remainder of the year and a strong base plan, we are narrowing our 2021 adjusted earnings per share guidance range and affirming our longer-term outlooks.” said Entergy Chairman and Chief Executive Officer Leo Denault. “Looking forward, we are working to accelerate resilience, expand renewables, and help our customers meet their sustainability objectives. These efforts and related load growth opportunities will extend and expand our customer-centered capital investment through the end of the decade and beyond.”

Business highlights included the following:

•Entergy narrowed its 2021 adjusted EPS guidance range to $5.90 to $6.10.

•The Arkansas Public Service Commission approved the West Memphis Solar project.

•Entergy Texas filed its application for approval of Orange County Advanced Power Station.

•Entergy Arkansas reached settlements on its annual FRP and Green Promise Tariff filings.

•Entergy New Orleans implemented new FRP rates.

•Entergy Texas filed a settlement on its 2020 storm cost filing.

•Entergy Texas submitted distribution and transmission cost recovery filings.

•Entergy’s Board of Directors declared a quarterly dividend of $1.01 per share, a six percent increase.

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•Entergy was named as one of the nation’s top utilities in economic development by Site Selection magazine for the 14th consecutive year.

•The Center for Climate and Energy Solutions and the Climate Registry awarded Entergy with a 2021 Climate Leadership Award for Organizational Leadership, recognizing Entergy for its leadership in reducing carbon emissions and its 2030 and 2050 climate commitments.

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Table of Contents Page
News Release 1 Appendices 7 A: Consolidated Results and Adjustments 8 B: Earnings Variance Analysis 11 C: Utility Financial and Operating Measures 13 D: EWC Financial and Operating Measures 14 E: Consolidated Financial Measures 15 F: Definitions and Abbreviations and Acronyms 16 G: Other GAAP to Non-GAAP Reconciliations 19 Financial Statements 22

Consolidated Earnings (GAAP and Non-GAAP Measures)
Third Quarter and Year-to-Date 2021 vs. 2020 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)
			Third Quarter									Year-to-Date
			2021			2020			Change			2021			2020			Change
(After-tax, $ in millions)
As-reported earnings			531			521			11			860			1,000			(141)
Less adjustments			37			30			7			(201)			4			(205)
Adjusted earnings (non-GAAP)			494			491			4			1,061			996			64
Estimated weather in billed sales			(2)			1			(3)			4			(53)			57
(After-tax, per share in $)
As-reported earnings			2.63			2.59			0.04			4.26			4.98			(0.72)
Less adjustments			0.18			0.15			0.03			(1.00)			0.02			(1.02)
Adjusted earnings (non-GAAP)			2.45			2.44			0.01			5.26			4.96			0.30
Estimated weather in billed sales			(0.01)			0.01			(0.02)			0.02			(0.26)			0.28

Calculations may differ due to rounding

Consolidated Results

For third quarter 2021, the company reported earnings of $531 million, or $2.63 per share, on an as-reported basis, and earnings of $494 million, or $2.45 per share, on an adjusted basis. This compared to third quarter 2020 earnings of $521 million, or $2.59 per share, on an as-reported basis, and earnings of $491 million, or $2.44 per share, on an adjusted basis.

Summary discussions by business follow. Additional details, including information on OCF by business, are provided in Appendix A. An analysis of quarterly and year-to-date variances by business is provided in Appendix B.

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Business Segment Results

Utility

For third quarter 2021, the Utility business reported earnings attributable to Entergy Corporation of $570 million, or $2.82 per share, on an as-reported basis and $559 million, or $2.77 per share, on an adjusted basis. This compared to third quarter 2020 earnings of $552 million, or $2.74 per share, on both an as-reported and an adjusted basis. Drivers for the change in quarterly earnings included:

•the net effect of regulatory actions across the operating companies.

The driver was partially offset by:

•higher operating expenses including other O&M, taxes other than income taxes, and depreciation expense; and

•retail sales volume, including volume in the unbilled period, largely due to impacts of Hurricane Ida.

Appendix C contains additional details on Utility financial and operating measures.

Parent & Other

For third quarter 2021, Parent & Other reported a loss attributable to Entergy Corporation of $(65 million), or (32) cents per share, on both an as-reported and an adjusted basis. This compared to a third quarter 2020 loss of $(61 million), or (30) cents per share, on both an as-reported and an adjusted basis.

Entergy Wholesale Commodities

For third quarter 2021, EWC reported earnings attributable to Entergy Corporation of $26 million, or 13 cents per share, on an as-reported basis. This compared to third quarter 2020 earnings of $30 million, or 15 cents per share, on an as-reported basis. Drivers for the quarter included:

•lower operating expenses, including other O&M primarily due to the shutdown of Indian Point 3 and decommissioning expense primarily due to the sale of Indian Point.

The driver was partially offset by:

•lower revenue primarily due to the shutdown of Indian Point 3; and

•lower earnings on the decommissioning trusts due to the transfer of the trusts resulting from the sale of Indian Point.

Appendix D contains additional details on EWC financial and operating measures, including reconciliation for non-GAAP EWC adjusted EBITDA.

Earnings Per Share Guidance

Entergy narrowed its 2021 adjusted EPS guidance to a range of $5.90 to $6.10. See webcast presentation for additional details.

The company has provided 2021 earnings guidance with regard to the non-GAAP measure of Entergy adjusted EPS. This measure excludes from the corresponding GAAP financial measure the effect of adjustments as described below under “Non-GAAP Financial Measures.” The

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company has not provided a reconciliation of such non-GAAP guidance to guidance presented on a GAAP basis because it cannot predict and quantify with a reasonable degree of confidence all of the adjustments that may occur during the period. One such adjustment will be the exclusion of EWC earnings from Entergy adjusted EPS. We currently estimate that the contribution of EWC to Entergy’s as-reported EPS will be approximately $(0.80) in 2021. This estimate is subject to substantial uncertainty due to, among other things, the potential effects of exiting the EWC business.

Earnings Teleconference

A teleconference will be held at 10:00 a.m. Central Time on Wednesday, November 3, 2021, to discuss Entergy’s quarterly earnings announcement and the company’s financial performance. The teleconference may be accessed by visiting Entergy’s website at www.entergy.com or by dialing 844-309-6569, conference ID 8029888, no more than 15 minutes prior to the start of the call. The webcast presentation is also being posted to Entergy’s website concurrent with this news release. A replay of the teleconference will be available on Entergy’s website at www.entergy.com and by telephone. The telephone replay will be available through November 10, 2021, by dialing 855-859-2056, conference ID 8029888.

Entergy Corporation is an integrated energy company engaged in electric power production, transmission and retail distribution operations. Entergy delivers electricity to 3 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy owns and operates one of the cleanest large-scale U.S. power generating fleets with approximately 30,000 megawatts of electric generating capacity, including 7,000 megawatts of nuclear power. Headquartered in New Orleans, Louisiana, Entergy has annual revenues of $10 billion and approximately 12,500 employees.

Entergy Corporation’s common stock is listed on the New York Stock Exchange and NYSE Chicago under the symbol “ETR”.

Details regarding Entergy’s results of operations, regulatory proceedings, and other matters are available in this earnings release, a copy of which will be filed with the SEC, and the webcast presentation. Both documents are available on Entergy’s Investor Relations website at www.entergy.com/investor_relations.

Entergy maintains a web page as part of its Investor Relations website, entitled Regulatory and Other Information, which provides investors with key updates on certain regulatory proceedings and important milestones on the execution of its strategy. While some of this information may be considered material information, investors should not rely exclusively on this page for all relevant company information.

For definitions of certain operating measures, as well as GAAP and non-GAAP financial measures and abbreviations and acronyms used in the earnings release materials, see Appendix F.

Non-GAAP Financial Measures

This news release contains non-GAAP financial measures, which are generally numerical measures of a company’s performance, financial position, or cash flows that either exclude or

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include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Entergy has provided quantitative reconciliations within this news release of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Entergy reports earnings using the non-GAAP measure of Entergy adjusted earnings, which excludes the effect of certain “adjustments,” including the removal of the Entergy Wholesale Commodities segment in light of the company’s decision to exit the merchant power business. Adjustments are unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as the results of the EWC segment, significant tax items, and other items such as certain costs, expenses, or other specified items. In addition to reporting GAAP consolidated earnings on a per share basis, Entergy reports its adjusted earnings on a per share basis. These per share measures represent the applicable earnings amount divided by the diluted average number of common shares outstanding for the period.

Management uses the non-GAAP financial measures of adjusted earnings and adjusted earnings per share for, among other things, financial planning and analysis; reporting financial results to the board of directors, employees, stockholders, analysts, and investors; and internal evaluation of financial performance. Entergy believes that these non-GAAP financial measures provide useful information to investors in evaluating the ongoing results of Entergy’s business, comparing period to period results, and comparing Entergy’s financial performance to the financial performance of other companies in the utility sector.

Other non-GAAP measures, including adjusted EBITDA; adjusted ROE; adjusted ROE, excluding affiliate preferred; adjusted ROIC; gross liquidity; net liquidity; net liquidity, including storm escrows; debt to capital, excluding securitization debt; net debt to net capital, excluding securitization debt; parent debt to total debt, excluding securitization debt; FFO to debt, excluding securitization debt; and FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC, are measures Entergy uses internally for management and board discussions and to gauge the overall strength of its business. Entergy believes the above data provides useful information to investors in evaluating Entergy’s ongoing financial results and flexibility, and assists investors in comparing Entergy’s credit and liquidity to the credit and liquidity of others in the utility sector. In addition, other financial measures including net income (or earnings) adjusted for preferred dividends and tax-effected interest expense and FFO are included on both an adjusted and an as-reported basis. In each case, the metrics defined as “adjusted” (other than EWC’s adjusted EBITDA) exclude the effect of adjustments as defined above. EWC’s adjusted EBITDA represents EWC’s earnings before interest, taxes, and depreciation and amortization, and also excludes decommissioning expense.

These non-GAAP financial measures reflect an additional way of viewing aspects of Entergy’s operations that, when viewed with Entergy’s GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting Entergy’s business. These non-GAAP financial measures should not be used to the exclusion of GAAP financial measures. Investors are strongly encouraged to review Entergy’s consolidated financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Although certain of these measures are intended to assist investors in comparing Entergy’s performance to other companies in the utility sector, non-GAAP financial measures are not standardized; therefore, it might not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

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Cautionary Note Regarding Forward-Looking Statements

In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy’s 2021 earnings guidance; its current financial and operational outlooks; and other statements of Entergy’s plans, beliefs, or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Forward-looking statements are subject to a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q, and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans, and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent or on the timeline anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating, and regulatory costs and risks; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with executing on business strategies, including strategic transactions that Entergy or its subsidiaries may undertake and the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) effects of changes in federal, state, or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental, or energy policies; (i) the effects of changes in commodity markets, capital markets, or economic conditions; (j) impacts from a terrorist attack, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; (k) the direct and indirect impacts of the COVID-19 pandemic on Entergy and its customers; and (l) the effects of technological change, including the costs, pace of development and commercialization of new and emerging technologies.

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Third Quarter 2021 Earnings Release Appendices and Financial Statements

Appendices

A: Consolidated Results and Adjustments

B: Earnings Variance Analysis

C: Utility Financial and Operating Measures

D: EWC Financial and Operating Measures

E: Consolidated Financial Measures

F: Definitions and Abbreviations and Acronyms

G: Other GAAP to Non-GAAP Reconciliations

Financial Statements

Consolidating Balance Sheets

Consolidating Income Statements

Consolidated Cash Flow Statements

 

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A: Consolidated Results and Adjustments

Appendix A-1 provides a comparative summary of consolidated earnings, including a reconciliation of as-reported earnings (GAAP) to adjusted earnings (non-GAAP).

Appendix A-1: Consolidated Earnings - Reconciliation of GAAP to Non-GAAP Measures Third Quarter and Year-to-Date 2021 vs. 2020 (See Appendix A-3 and Appendix A-4 for details on adjustments)
			Third Quarter									Year-to-Date
			2021			2020			Change			2021			2020			Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility			570			552			19			1,253			1,216			37
Parent & Other			(65)			(61)			(4)			(181)			(220)			39
EWC			26			30			(4)			(212)			4			(216)
Consolidated			531			521			11			860			1,000			(141)
Less adjustments
Utility			11			—			11			11			—			11
Parent & Other			—			—			—			—			—			—
EWC			26			30			(4)			(212)			4			(216)
Consolidated			37			30			7			(201)			4			(205)
Adjusted earnings (loss) (non-GAAP)
Utility			559			552			8			1,242			1,216			26
Parent & Other			(65)			(61)			(4)			(181)			(220)			39
EWC			—			—			—			—			—			—
Consolidated			494			491			4			1,061			996			64
Estimated weather in billed sales			(2)			1			(3)			4			(53)			57
Diluted average number of common shares outstanding (in millions)			202			201						202			201
(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility			2.82			2.74			0.08			6.21			6.05			0.16
Parent & Other			(0.32)			(0.30)			(0.02)			(0.90)			(1.09)			0.19
EWC			0.13			0.15			(0.02)			(1.05)			0.02			(1.07)
Consolidated			2.63			2.59			0.04			4.26			4.98			(0.72)
Less adjustments
Utility			0.05			—			0.05			0.05			—			0.05
Parent & Other			—			—			—			—			—			—
EWC			0.13			0.15			(0.02)			(1.05)			0.02			(1.07)
Consolidated			0.18			0.15			0.03			(1.00)			0.02			(1.02)
Adjusted earnings (loss) (non-GAAP)
Utility			2.77			2.74			0.03			6.16			6.05			0.11
Parent & Other			(0.32)			(0.30)			(0.02)			(0.90)			(1.09)			0.19
EWC			—			—			—			—			—			—
Consolidated			2.45			2.44			0.01			5.26			4.96			0.30
Estimated weather in billed sales			(0.01)			0.01			(0.02)			0.02			(0.26)			0.28

Calculations may differ due to rounding

(a)Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.

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See Appendix B for detailed earnings variance analysis.

Appendix A-2 provides a comparative summary of OCF, by business.

Appendix A-2: Consolidated Operating Cash Flow
Third Quarter and Year-to-Date 2021 vs. 2020
($ in millions)
			Third Quarter									Year-to-Date
			2021			2020			Change			2021			2020			Change
Utility			1,289			976			313			2,226			2,371			(145)
Parent & Other			(68)			(67)			(1)			(154)			(211)			58
EWC			43			13			31			(62)			211			(272)
Consolidated			1,264			922			343			2,011			2,370			(359)

Calculations may differ due to rounding

OCF increased quarter-over-quarter due primarily to higher collections from Utility customers, net of the timing of fuel and purchased power payments and cost recovery.

Appendix A-3 and Appendix A-4 list adjustments by business. Adjustments are included in as-reported earnings consistent with GAAP but are excluded from adjusted earnings. As a result, adjusted earnings is considered a non-GAAP measure.

Appendix A-3: Adjustments by Driver (shown as positive/(negative) impact on earnings or EPS)
Third Quarter and Year-to-Date 2021 vs. 2020
			Third Quarter									Year-to-Date
			2021			2020			Change			2021			2020			Change
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)
Utility
Gain on sale			15			—			15			15			—			15
Income tax effect on adjustment above			(4)			—			(4)			(4)			—			(4)
Total Utility			11			—			11			11			—			11
EWC
Income before income taxes			35			43			(8)			(258)			12			(270)
Income taxes			(9)			(12)			3			47			(6)			54
Preferred dividend requirements			(1)			(1)			—			(2)			(2)			—
Total EWC			26			30			(4)			(212)			4			(216)
Total adjustments			37			30			7			(201)			4			(205)
(After-tax, per share in $) (b)
Utility
Gain on sale			0.05			—			0.05			0.05			—			0.05
Total Utility			0.05			—			0.05			0.05			—			0.05
EWC
Total EWC			0.13			0.15			(0.02)			(1.05)			0.02			(1.07)
Total adjustments			0.18			0.15			0.03			(1.00)			0.02			(1.02)

Calculations may differ due to rounding

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(b)Per share amounts are calculated by dividing the corresponding earnings (loss) by the diluted average number of common shares outstanding for the period.

Appendix A-4: Adjustments by Income Statement Line Item (shown as positive/(negative) impact on earnings)
Third Quarter and Year-to-Date 2021 vs. 2020
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)
			Third Quarter									Year-to-Date
			2021			2020			Change			2021			2020			Change
Utility
Other O&M			15			-			15			15			-			15
Income taxes			(4)			-			(4)			(4)			-			(4)
Total Utility			11			-			11			11			-			11
EWC
Operating revenues			162			214			(52)			559			747			(187)
Fuel and fuel-related expenses			(24)			(14)			(10)			(63)			(51)			(12)
Purchased power			(22)			(29)			7			(58)			(49)			(9)
Nuclear refueling outage expense			(11)			(11)			(1)			(34)			(35)			1
Other O&M			(51)			(114)			63			(233)			(385)			152
Asset write-off and impairments			-			(4)			5			(345)			(16)			(329)
Decommissioning expense			(14)			(51)			37			(106)			(152)			46
Taxes other than income taxes			(2)			(10)			8			(15)			(44)			30
Depreciation/amortization exp.			(9)			(21)			12			(36)			(81)			45
Other income (deductions)–other			9			87			(78)			84			97			(13)
Interest exp. and other charges			(3)			(5)			2			(11)			(17)			6
Income taxes			(9)			(12)			3			47			(6)			54
Preferred dividend requirements			(1)			(1)			-			(2)			(2)			-
Total EWC			26			30			(4)			(212)			4			(216)
Total adjustments			37			30			7			(201)			4			(205)

Calculations may differ due to rounding

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B: Earnings Variance Analysis

Appendix B-1 and Appendix B-2 provide details of current quarter and year-to-date 2021 versus 2020 as-reported and adjusted earnings variance analysis for Utility, Parent & Other, and EWC.

Appendix B-1: As-Reported and Adjusted Earnings Variance Analysis (c), (d)
Third Quarter 2021 vs. 2020
(After-tax, per share in $)
			Utility									Parent & Other									EWC						Consolidated
			As-Reported			Adjusted						As-Reported			Adjusted						As- Reported						As- Reported			Adjusted
2020 earnings (loss)			2.74			2.74						(0.30)			(0.30)						0.15						2.59			2.44
Operating revenue less:			0.17			0.17			(e)			—			—						(0.22)			(f)			(0.05)			0.17
Fuel, fuel-related expenses and
gas purchased for resale,
Purchased power, and
Regulatory charges (credits)–net
Nuclear refueling outage expense			0.01			0.01						—			—						—						0.01			0.01
Other O&M			(0.04)			(0.09)			(g)			—			—						0.24			(h)			0.20			(0.09)
Asset write-offs and impairments			—			—						—			—						0.02						0.02			—
Decommissioning expense			(0.01)			(0.01)						—			—						0.15			(i)			0.14			(0.01)
Taxes other than income taxes			(0.07)			(0.07)			(j)			—			—						0.03						(0.04)			(0.07)
Depreciation/amortization exp.			(0.12)			(0.12)			(k)			—			—						0.05			(l)			(0.07)			(0.12)
Other income (deductions)–other			0.22			0.22			(m)			—			—						(0.31)			(n)			(0.09)			0.22
Interest exp. and other charges			(0.03)			(0.03)						(0.03)			(0.03)						0.01						(0.05)			(0.06)
Income taxes–other			(0.04)			(0.04)						0.01			0.01						0.01						(0.02)			(0.03)
Preferred dividend requirements			—			—						—			—						—						—			—
Share effect			(0.01)			(0.01)						—			—						—						(0.01)			(0.01)
2021 earnings (loss)			2.82			2.77						(0.32)			(0.32)						0.13						2.63			2.45

h

Appendix B-2: As-Reported and Adjusted Earnings Variance Analysis (c), (d)
Year-to-date 2021 vs. 2020
(After-tax, per share in $)
			Utility									Parent & Other									EWC						Consolidated
			As-Reported			Adjusted						As-Reported			Adjusted						As- Reported						As- Reported			Adjusted
2020 earnings (loss)			6.05			6.05						(1.09)			(1.09)						0.02						4.98			4.96
Operating revenue less: Fuel, fuel-related expenses and gas purchased for resale, Purchased power, and Regulatory charges (credits)–net			1.60			1.60			(e)			—			—						(0.82)			(f)			0.78			1.60
Nuclear refueling outage expense			0.03			0.03						—			—						—						0.03			0.03
Other O&M			(0.56)			(0.61)			(g)			—			—						0.60			(h)			0.04			(0.61)
Asset write-offs and impairments			—			—						—			—						(1.29)			(o)			(1.29)			—
Decommissioning expense			(0.03)			(0.03)						—			—						0.18			(i)			0.15			(0.03)
Taxes other than income taxes			(0.09)			(0.09)			(j)			—			—						0.12			(p)			0.03			(0.09)
Depreciation/amortization exp.			(0.36)			(0.36)			(k)			—			—						0.18			(l)			(0.18)			(0.36)
Other income (deductions)–other			0.17			0.17			(m)			0.04			0.04						(0.05)			(n)			0.16			0.21
Interest exp. and other charges			(0.12)			(0.12)			(q)			(0.02)			(0.02)						0.02						(0.12)			(0.14)

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Income taxes–other			(0.46)			(0.46)			(r)			0.17			0.17			(s)			(0.01)						(0.30)			(0.29)
Preferred dividend requirements			—			—						—			—						—						—			—
Share effect			(0.02)			(0.02)						—			—						—						(0.02)			(0.02)
2021 earnings (loss)			6.21			6.16						(0.90)			(0.90)						(1.05)						4.26			5.26

Calculations may differ due to rounding

(c)Utility operating revenue / regulatory charges (credits)–net and Utility income taxes–other exclude $17 million in third quarter 2021 and $16 million in third quarter 2020 for the return of unprotected excess ADIT to customers (net effect is neutral to earnings). On a year-to-date basis, Utility operating revenue / regulatory charges (credits)–net and Utility income taxes–other exclude $72 million in 2021 and $61 million in 2020 for the return of unprotected excess ADIT to customers (net effect is neutral to earnings).

(d)EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period; income taxes–other represents income tax differences other than the tax effect of individual line items.

Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and regulatory charges (credits) variance analysis 2021 vs. 2020 ($ EPS)
			3Q			YTD
Volume/weather			(0.09)			0.31
Retail electric price			0.38			0.86
MSS-4 ROE reserve adjustment			0.02			0.07
Reg. provision for decommissioning			(0.25)			(0.32)
Lower capacity cost not offset in fuel recovery			0.07			0.15
Reg. provision for E-AR FRP (2019 netting adj.)			—			0.16
Reg. liability for tax sharing			—			0.10
Reg. credit for E-MS			—			0.07
Other, including Grand Gulf recovery			0.04			0.20
Total			0.17			1.60

(e)The third quarter and year-to-date earnings increases were driven by regulatory actions including E-LA’s FRP; E-TX’s GCRR, TCRF, and DCRF; E-NO’s NOPS recovery; and E-MS’s FRP. The variances also reflected a few other items: regulatory charges (credits)–net for the difference between decommissioning expenses and decommissioning trust earnings plus decommissioning costs collected in revenue (largely earnings neutral, offset in Utility other income (deductions)–other; a reserve adjustment for the FERC MSS-4 ROE decision; and higher Grand Gulf revenue. For the quarter, retail sales volume including volume in the unbilled period partially offset the increase. Volume for the year-to-date period contributed to the increase. The year-to-date variance also reflected recovery of LCPS, the reversal of a regulatory provision for E-AR’s 2019 netting adjustment, a regulatory credit for E-MS (primarily for its 2020 lookback evaluation), and a first quarter 2020 regulatory liability for tax sharing with E-LA customers (partially offsets the Hurricane Isaac Act 55 income tax item discussed in footnote r).

(f)The third quarter and year-to-date earnings decreases were due largely to lower revenues from the shutdown of Indian Point 3 in April 2021. The year-to-date decrease also reflected the shutdown of Indian Point 2 in April 2020.

(g)The third quarter and year-to-date earnings decreases from higher Utility other O&M reflected higher distribution operations expenses primarily due to contractor and reliability costs; higher non-nuclear generation expenses due partly to materials and supplies, contractor spending, and expenses associated with new plants placed in service; and higher benefits costs. These items were partially offset by a $15 million pre-tax gain on the sale of an asset (considered an adjustment and excluded from adjusted earnings). The year-to-date decrease also reflected higher scope of work performed during non-nuclear plant outages, higher nuclear generation expenses, lower nuclear insurance refunds, higher MISO expenses, and higher contract costs related to new customer initiatives.

(h)The third quarter and year-to-date earnings increases from lower EWC other O&M were due largely to the shutdown of Indian Point 3 in April 2021 and lower severance and retention costs. The year-to-date increase also reflected the shutdown of Indian Point 2 in April 2020.

(i)The third quarter and year-to-date earnings increases from lower EWC decommissioning expense were due to the sale of Indian Point in May 2021.

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(j)The third quarter and year-to-date earnings decreases from higher Utility taxes other than income taxes were due to higher franchise taxes and higher ad valorem taxes.

(k)The third quarter and year-to-date earnings decreases from higher Utility depreciation expense were due primarily to higher plant in service, including MCPS. The year-to-date decrease also reflected LCPS.

(l)The third quarter and year-to-date earnings increases from lower EWC depreciation expense were due primarily to the shutdown of Indian Point 3 in April 2021. The year-to-date variance also reflected the Indian Point 2 shutdown in April 2020.

(m)The third quarter and year-to-date earnings increases from higher Utility other income (deductions)–other were due largely to differences in decommissioning trust fund returns (based on regulatory treatment, decommissioning-related variances are largely earnings neutral). The year-to-date increase was partially offset by lower AFUDC as a result of higher construction work in progress in 2020.

(n)The third quarter and year-to-date earnings decrease from lower EWC other income (deductions)–other were due largely to lower gains on decommissioning trust fund investments, including the absence of earnings from nuclear decommissioning trust funds that were transferred in the sale of Indian Point. In the year-to-date period, the decrease was partially offset by lower non-service pension costs.

(o)The year-to-date earnings decrease from higher EWC asset write-offs and impairments was due primarily to a $340 million ($268 million net-of-tax) loss which resulted from the sale of Indian Point in May 2021.

(p)The year-to-date earnings increase from lower EWC taxes other than income taxes was due primarily to the shutdown of Indian Point 2 in April 2020 and Indian Point 3 in April 2021.

(q)The year-to-date earnings decrease from higher Utility interest expense was due primarily to higher debt balances at E-LA and E-MS, as well as lower AFUDC as a result of higher construction work in progress in 2020.

(r)The year-to-date earnings decrease from Utility income taxes–other primarily relates to two first quarter 2020 items. First, a $55 million tax benefit was recorded in first quarter 2020 as a result of an IRS settlement related to Act 55 financing of Hurricane Isaac costs (partly offset by customer sharing, discussed in footnote e); and second, an annual tax accrual related to stock-based compensation resulted in a $22 million income tax benefit in first quarter 2020.

(s)The year-to-date earnings increase from Parent & Other income taxes–other reflected a reversal of a $9 million valuation allowance related to the interest expense limitation in second quarter 2021. The year-to-date increase also reflected $23 million of income tax expense recorded in first quarter 2020 as a result of the IRS settlement related to the Hurricane Isaac Act 55 financing (discussed in footnote r).

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C: Utility Financial and Operating Measures

Appendix C provides comparative summaries of Utility operating and financial measures.

			Appendix C: Utility Operating and Financial Measures
			Third Quarter and Year-to-Date 2021 vs. 2020
						Third Quarter																		Year-to-Date
						2021						2020			% Change			% Weather Adjusted (t)			2021						2020						% Change			% Weather Adjusted (t)
			GWh billed
			Residential			11,218						11,634			(3.6)			(2.9)			28,178						27,519						2.4			(1.3)
			Commercial			7,795						7,791			0.1			0.5			20,299						20,106						1.0			0.8
			Governmental			660						660			—			0.5			1,841						1,826						0.8			1.7
			Industrial			13,187						11,994			9.9			9.9			37,335						35,655						4.7			4.7
			Total retail sales			32,860						32,079			2.4			2.8			87,653						85,106						3.0			1.7
			Wholesale			4,350						4,881			(10.9)						13,365						11,109						20.3
			Total sales			37,210						36,960			0.7						101,018						96,215						5.0
			Number of electric retail customers
			Residential																		2,548,865						2,530,150						0.7
			Commercial																		365,364						361,401						1.1
			Governmental																		17,922						17,653						1.5
			Industrial																		50,579						48,651						4.0
			Total retail customers																		2,982,730						2,957,855						0.8
			Other O&M and refueling outage expense per MWh			$18.17						$18.02			0.8						$20.14						$19.66						2.4

Calculations may differ due to rounding

(t)The effects of weather were estimated using heating degree days and cooling degree days for the billing cycles from certain locations within each jurisdiction and comparing to “normal” weather based on 20-year historical data. The models used to estimate weather are updated periodically and are subject to change.

On a weather-adjusted basis, billed retail sales increased 2.8 percent. Third quarter 2021 sales were impacted by Hurricane Ida while third quarter 2020 sales were affected by Hurricane Laura; the estimated net impact for the quarter was approximately (1.0) percent. The impact that the COVID-19 pandemic had on the prior year also contributed to the variance. Industrial billed sales were 9.9 percent higher than third quarter 2020. The increase in industrial usage was primarily due to an increase in demand from expansion projects, primarily in the transportation, metals, and chemicals industries, an increase in demand from existing customers, primarily in the gases and chemicals industries as a result of temporary plant shutdowns and operational issues, and an increase in demand from mid-to-small and cogeneration customers. Residential billed sales decreased (2.9) percent and commercial billed sales increased 0.5 percent.

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D: EWC Financial and Operating Measures

Appendix D-1 provides a comparative summary of EWC adjusted EBITDA (non-GAAP).

Appendix D-1: EWC Adjusted EBITDA - Reconciliation of GAAP to Non-GAAP Measures
Third Quarter and Year-to-Date 2021 vs. 2020
($ in millions)			Third Quarter									Year-to-Date
			2021			2020			Change			2021			2020			Change
Net income (loss)			26			31			(5)			(210)			6			(216)
Add back: interest expense			3			5			(2)			11			17			(6)
Add back: income taxes			9			12			(3)			(47)			6			(54)
Add back: depreciation and amortization			9			21			(12)			36			81			(45)
Subtract: interest and investment income			3			95			(92)			100			130			(30)
Add back: decommissioning expense			14			51			(37)			106			152			(46)
Adjusted EBITDA (non-GAAP)			57			24			33			(205)			132			(337)

Calculations may differ due to rounding

Appendix D-2 provides a comparative summary of EWC operating and financial measures.

Appendix D-2: EWC Operating and Financial Measures
Third Quarter and Year-to-Date 2021 vs. 2020
			Third Quarter									Year-to-Date
			2021			2020			% Change			2021			2020			% Change
Owned capacity (MW) (u)			1,205			2,246			(46.3)			1,205			2,246			(46.3)
GWh billed			2,166			4,332			(50.0)			9,265			16,047			(42.3)
EWC Nuclear Fleet
Capacity factor			97%			83%			16.9			97%			94%			3.2
GWh billed			1,702			3,943			(56.8)			8,046			14,782			(45.6)
Production cost per MWh			$28.91			$21.85			32.3			$23.32			$18.24			27.9
Average energy/capacity revenue per MWh			$69.35			$49.71			39.5			$54.79			$45.23			21.1
Refueling outage days
Palisades			—			32						—			32

Calculations may differ due to rounding

(u)2021 is lower due to the shutdown of IP3 (1,041MW) on April 30, 2021.

See the appendix in the webcast presentation for EWC hedging and price disclosures.

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E: Consolidated Financial Measures

Appendix E provides comparative financial measures. Financial measures in this table include those calculated and presented in accordance with GAAP, as well as those that are considered non-GAAP financial measures.

Appendix E: GAAP and Non-GAAP Financial Measures
Third Quarter 2021 vs. 2020 (See Appendix G for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending September 30			2021			2020			Change
GAAP Measures
As-reported ROIC			5.3%			6.3%			(1.0)%
As-reported ROE			11.3%			13.3%			(2.0)%
Non-GAAP Financial Measures
Adjusted ROIC			5.2%			5.4%			(0.2)%
Adjusted ROE			10.9%			10.9%			—%
As of September 30 ($ in millions, except where noted)			2021			2020			Change
GAAP Measures
Cash and cash equivalents			1,000			1,240			(240)
Available revolver capacity			3,925			4,125			(199)
Commercial paper			1,006			1,398			(392)
Total debt			25,695			22,127			3,568
Securitization debt			90			209			(120)
Debt to capital			69.1%			66.7%			2.3%
Off-balance sheet liabilities:
Debt of joint ventures – Entergy’s share			9			49			(39)
Total off-balance sheet liabilities			9			49			(39)
Storm escrow balances			33			373			(340)
Non-GAAP Financial Measures ($ in millions, except where noted)
Debt to capital, excluding securitization debt			69.0%			66.5%			2.5%
Net debt to net capital, excluding securitization debt			68.1%			65.2%			2.9%
Gross liquidity			4,925			5,364			(439)
Net liquidity			3,919			3,966			(47)
Net liquidity, including storm escrow balances			3,952			4,339			(387)
Parent debt to total debt, excluding securitization debt			23.4%			22.4%			1.0%
FFO to debt, excluding securitization debt			8.3%			11.8%			(3.5)%
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC			9.2%			12.5%			(3.3)%

Calculations may differ due to rounding

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F: Definitions and Abbreviations and Acronyms

Appendix F-1 provides definitions of certain operating measures, as well as GAAP and non-GAAP financial measures.

Appendix F-1: Definitions
Utility Financial and Operating Measures
GWh billed			Total number of GWh billed to retail and wholesale customers
Number of electric retail customers			Average number of electric customers over the period
Other O&M and refueling outage expense per MWh			Other operation and maintenance expense plus nuclear refueling outage expense per MWh of billed sales
EWC Financial and Operating Measures
Adjusted EBITDA (non-GAAP)			Earnings before interest, income taxes, and depreciation and amortization, and excluding decommissioning expense
Average revenue per MWh on contracted volumes			Revenue on a per unit basis at which generation output reflected in contracts is expected to be sold to third parties (including offsetting positions) at the minimum contract prices and at forward market prices at a point in time, given existing contract or option exercise prices based on expected dispatch or capacity, excluding the revenue associated with the amortization of the below-market PPA for Palisades (revenue will fluctuate due to factors including positive or negative basis differentials and other risk management costs)
Average revenue under contract per kW-month (applies to capacity contracts only)			Revenue on a per unit basis at which capacity is expected to be sold to third parties, given existing contract prices and/or auction awards
Bundled capacity and energy contracts			A contract for the sale of installed capacity and related energy, priced per MWh sold
Capacity factor			Normalized percentage of the period that the nuclear plants generate power
Expected sold and market total revenue per MWh			Total energy and capacity revenue on a per unit basis at which total planned generation output and capacity is expected to be sold given contract terms and market prices at a point in time, including positive or negative basis differentials and other risk management costs, divided by total planned MWh of generation, excluding the revenue associated with the amortization of the Palisades below-market PPA
GWh billed			Total number of GWh billed to customers and financially-settled instruments
Owned capacity (MW)			Installed capacity owned by EWC
Percent of capacity sold forward			Percent of planned qualified capacity sold to mitigate price uncertainty under physical or financial transactions
Percent of planned generation under contract (unit contingent)			Percent of planned generation output sold under unit-contingent contracts
Planned net MW in operation (average)			Average installed nuclear capacity to generate power and/or sell capacity, reflecting the shutdown of Palisades (May 31, 2022)
Planned TWh of generation			Amount of output expected to be generated by EWC nuclear resources considering plant operating characteristics, reflecting the shutdown of Palisades (May 31, 2022)
Production cost per MWh			Fuel and other O&M expenses according to accounting standards that directly relate to the production of electricity per MWh (based on net generation)

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Appendix F-1: Definitions (continued
EWC Financial and Operating Measures (continued)
Unit contingent			Transaction under which power is supplied from a specific generation asset; if the asset is in operational outage, seller is generally not liable to buyer for any damages, unless the contract specifies certain conditions such as an availability guarantee
Financial Measures – GAAP
As-reported ROE			12-months rolling net income attributable to Entergy Corporation divided by avg. common equity
As-reported ROIC			12-months rolling net income attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense divided by average invested capital
Debt of joint ventures – Entergy’s share			Entergy’s share of debt issued by business joint ventures at EWC
Debt to capital			Total debt divided by total capitalization
Available revolver capacity			Amount of undrawn capacity remaining on corporate and subsidiary revolvers
Securitization debt			Debt on the balance sheet associated with securitization bonds that is secured by certain future customer collections
Total debt			Sum of short-term and long-term debt, notes payable and commercial paper, and finance leases on the balance sheet
Financial Measures – Non-GAAP
Adjusted EPS			As-reported EPS excluding adjustments
Adjusted ROE			12-months rolling adjusted net income attributable to Entergy Corporation divided by average common equity
Adjusted ROIC			12-months rolling adjusted net income attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense divided by average invested capital
Adjustments			Unusual or non-recurring items or events or other items or events that management believes do not reflect the ongoing business of Entergy, such as the results of the EWC segment, significant tax items, and other items such as certain costs, expenses, or other specified items
Debt to capital, excluding securitization debt			Total debt divided by total capitalization, excluding securitization debt
FFO			OCF less AFUDC-borrowed funds, working capital items in OCF (receivables, fuel inventory, accounts payable, taxes accrued, interest accrued, and other working capital accounts), and securitization regulatory charges
FFO to debt, excluding securitization debt			12-months rolling FFO as a percentage of end of period total debt excluding securitization debt
FFO to debt, excl. securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC			12-months rolling FFO excluding return of unprotected excess ADIT and severance and retention payments associated with exit of EWC as a percentage of end of period total debt excluding securitization debt
Gross liquidity			Sum of cash and available revolver capacity
Net debt to net capital, excl. securitization debt			Total debt less cash and cash equivalents divided by total capitalization less cash and cash equivalents, excluding securitization debt
Net liquidity			Sum of cash and available revolver capacity less commercial paper borrowing
Net liquidity, including storm escrows			Sum of cash, available revolver capacity, and escrow accounts available for certain storm expenses, less commercial paper borrowing
Parent debt to total debt, excl. securitization debt			Entergy Corp. debt, incl. amounts drawn on credit revolver and commercial paper facilities, as a percent of consolidated total debt, excl. securitization debt

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Appendix F-2 explains abbreviations and acronyms used in the quarterly earnings materials.

Appendix F-2: Abbreviations and Acronyms
ADIT AFUDC AFUDC – borrowed funds ALJ AMI ANO APSC ARO bps CCGT CCNO Choctaw COD CT CWIP DCRF DOE DSM E-AR E-LA E-MS E-NO E-TX EBITDA EEI EPS ETR EWC FERC FFO FIN 48 FRP GAAP GCRR Grand Gulf or GGNS IIRR-G Indian Point 2 or IP2 Indian Point 3 or IP3 IPEC			Accumulated deferred income taxes Allowance for funds used during construction Allowance for borrowed funds used during construction Administrative law judge Advanced metering infrastructure Units 1 and 2 of Arkansas Nuclear One owned by E-AR (nuclear) Arkansas Public Service Commission Asset retirement obligation Basis points Combined cycle gas turbine Council of the City of New Orleans Choctaw County Generating Station (CCGT) Commercial operation date Simple cycle combustion turbine Construction work in progress Distribution cost recovery factor U.S. Department of Energy Demand side management Entergy Arkansas, LLC Entergy Louisiana, LLC Entergy Mississippi, LLC Entergy New Orleans, LLC Entergy Texas, Inc. Earnings before interest, income taxes, and depreciation and amortization Edison Electric Institute Earnings per share Entergy Corporation Entergy Wholesale Commodities Federal Energy Regulatory Commission Funds from operations FASB Interpretation No.48, “Accounting for Uncertainty in Income Taxes” Formula rate plan U.S. generally accepted accounting principles Generation Cost Recovery Rider Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI Infrastructure investment recovery rider - gas Indian Point Energy Center Unit 2 (nuclear) (shut down April 30, 2020, sold May 28,2021) Indian Point Energy Center Unit 3 (nuclear) (shut down April 30, 2021, sold May 28, 2021) Indian Point Energy Center (nuclear) (sold May 28, 2021)			IRP IRS ISES 2 LCPS LPSC LTM MCPS MISO Moody’s MPSC MTEP Nelson 6 NDT NOPA NOPS NOSS NRC NYSE OCAPS OCF OpCo OPEB Other O&M P&O Palisades PMR PPA PUCT REC RFP ROE ROIC RS Cogen RSP S&P SEC SERI TCRF UPSA WACC WPEC			Integrated resource plan Internal Revenue Service Unit 2 of Independence Steam Electric Station (coal) Lake Charles Power Station (CCGT) Louisiana Public Service Commission Last twelve months Montgomery County Power Station (CCGT) Midcontinent Independent System Operator, Inc. Moody’s Investor Service Mississippi Public Service Commission MISO Transmission Expansion Plan Unit 6 of Roy S. Nelson plant (coal) Nuclear decommissioning trust IRS Notice of Proposed Adjustment New Orleans Power Station New Orleans Solar Station U.S. Nuclear Regulatory Commission New York Stock Exchange Orange County Advanced Power Station Net cash flow provided by operating activities Utility operating company Other post-employment benefits Other non-fuel operation and maintenance expense Parent & Other Palisades Power Plant (nuclear) Performance Management Rider Power purchase agreement or purchased power agreement Public Utility Commission of Texas Renewable energy credit Request for proposals Return on equity Return on invested capital RS Cogen facility (CCGT cogeneration) Rate Stabilization Plan (E-LA Gas) Standard & Poor’s U.S. Securities and Exchange Commission System Energy Resources, Inc. Transmission cost recovery factor Unit Power Sales Agreement Weighted-average cost of capital Washington Parish Energy Center

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G: Other GAAP to Non-GAAP Reconciliations

Appendix G-1, Appendix G-2, and Appendix G-3 provide reconciliations of various non-GAAP financial measures disclosed in this news release to their most comparable GAAP measure.

Appendix G-1: Reconciliation of GAAP to Non-GAAP Financial Measures - ROIC, ROE
(LTM $ in millions except where noted)						Third Quarter
						2021			2020
As-reported net income (loss) attributable to Entergy Corporation			(A)			1,248			1,385
Preferred dividends						18			18
Tax-effected interest expense						609			582
As-reported net income (loss) attributable to Entergy Corporation adjusted for preferred dividends and tax-effected interest expense			(B)			1,875			1,985
Adjustments			(C)			45			252
EWC preferred dividends and tax-effected interest expense included in adjustments						15			20
Total adjustments, excluding EWC preferred dividends and tax-effected interest expense (non-GAAP)			(D)			60			272
Adjusted earnings (non-GAAP)			(A-C)			1,202			1,134
Adjusted earnings, excluding preferred dividends and tax- effected interest expense (non-GAAP)			(B-D)			1,815			1,713
Average invested capital (average of beginning and ending balances)			(E)			35,178			31,442
Average common equity (average of beginning and ending balances)			(F)			11,012			10,403
As-reported ROIC			(B/E)			5.3%			6.3%
Adjusted ROIC (non-GAAP)			[(B-D)/E]			5.2%			5.4%
As-reported ROE			(A/F)			11.3%			13.3%
Adjusted ROE (non-GAAP)			[(A-C)/F]			10.9%			10.9%

Calculations may differ due to rounding

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Appendix G-2: Reconciliation of GAAP to Non-GAAP Financial Measures – Debt ratios excluding securitization debt; gross liquidity; net liquidity; net liquidity, including storm escrows
($ in millions except where noted)						Third Quarter
						2021			2020
Total debt			(A)			25,695			22,127
Less securitization debt			(B)			90			209
Total debt, excluding securitization debt			(C)			25,606			21,918
Less cash and cash equivalents			(D)			1,000			1,240
Net debt, excluding securitization debt			(E)			24,605			20,678
Commercial paper			(F)			1,006			1,398
Total capitalization			(G)			37,202			33,153
Less securitization debt			(B)			90			209
Total capitalization, excluding securitization debt			(H)			37,112			32,944
Less cash and cash equivalents			(D)			1,000			1,240
Net capital, excluding securitization debt			(I)			36,112			31,704
Debt to capital			(A/G)			69.1%			66.7%
Debt to capital, excluding securitization debt (non-GAAP)			(C/H)			69.0%			66.5%
Net debt to net capital, excluding securitization debt (non-GAAP)			(E/I)			68.1%			65.2%
Available revolver capacity			(J)			3,925			4,125
Storm escrows			(K)			33			373
Gross liquidity (non-GAAP)			(D+J)			4,925			5,364
Net liquidity (non-GAAP)			(D+J-F)			3,919			3,966
Net liquidity, including storm escrows (non-GAAP)			(D+J-F+K)			3,952			4,339
Entergy Corporation notes:
Due July 2022						650			650
Due September 2025						800			800
Due September 2026						750			750
Due June 2028						650			—
Due June 2030						600			600
Due June 2031						650			—
Due June 2050						600			600
Total Entergy Corporation notes			(L)			4,700			3,400
Revolver draw			(M)			325			150
Unamortized debt issuance costs and discounts			(N)			(51)			(40)
Total parent debt			(F+L+M+N)			5,981			4,909
Parent debt to total debt, excluding securitization debt (non-GAAP)			[(F+L+M+N)/C]			23.4%			22.4%

Calculations may differ due to rounding

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Appendix G-3: Reconciliation of GAAP to Non-GAAP Financial Measures – FFO to debt, excluding securitization debt; FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC
($ in millions except where noted)						Third Quarter
						2021			2020
Total debt			(A)			25,695			22,127
Less securitization debt			(B)			90			209
Total debt, excluding securitization debt			(C)			25,606			21,918
Net cash flow provided by operating activities, LTM			(D)			2,331			3,069
AFUDC – borrowed funds, LTM			(E)			(34)			(55)
Working capital items in net cash flow provided by operating activities, LTM:
Receivables						(183)			(71)
Fuel inventory						20			(14)
Accounts payable						326			277
Taxes accrued						20			188
Interest accrued						26			14
Other working capital accounts						(124)			(98)
Securitization regulatory charges, LTM						98			125
Total			(F)			184			421
FFO, LTM (non-GAAP)			(G)=(D+E-F)			2,113			2,594
FFO to debt, excluding securitization debt (non-GAAP)			(G/C)			8.3%			11.8%
Estimated return of unprotected excess ADIT, LTM			(H)			85			119
Severance and retention payments associated with exit of EWC, LTM pre-tax			(I)			158			17
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with exit of EWC (non-GAAP)			[(G+H+I)/(C)]			9.2%			12.5%

Calculations may differ due to rounding

---

Financial Statements

Entergy Corporation
Consolidating Balance Sheet
September 30, 2021
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash						$40,075						$4,002						$138						$44,215
Temporary cash investments						582,043						180,186						193,592						955,821
Total cash and cash equivalents						622,118						184,188						193,730						1,000,036
Notes receivable						—						(75,000)						75,000						—
Accounts receivable:
Customer						942,659						—						39,337						981,996
Allowance for doubtful accounts						(96,087)						—						—						(96,087)
Associated companies						7,635						(10,082)						2,447						—
Other						148,089						35						11,128						159,252
Accrued unbilled revenues						485,648						—						—						485,648
Total accounts receivable						1,487,944						(10,047)						52,912						1,530,809
Deferred fuel costs						209,853						—						—						209,853
Fuel inventory - at average cost						121,966						—						4,017						125,983
Materials and supplies - at average cost						1,014,339						—						17,921						1,032,260
Deferred nuclear refueling outage costs						110,819						—						29,823						140,642
Prepayments and other						198,706						(15,792)						10,170						193,084
TOTAL						3,765,745						83,349						383,573						4,232,667
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates						1,456,358						(1,456,444)						22,066						21,980
Decommissioning trust funds						4,674,054						—						561,442						5,235,496
Non-utility property - at cost (less accumulated depreciation)						339,413						(13)						13,306						352,706
Other						80,452						12,703						8,585						101,740
TOTAL						6,550,277						(1,443,754)						605,399						5,711,922
PROPERTY, PLANT, AND EQUIPMENT
Electric						61,124,150						10,737						474,073						61,608,960
Natural gas						642,708						—						—						642,708
Construction work in progress						2,907,923						352						4,104						2,912,379
Nuclear fuel						510,019						—						24,150						534,169
TOTAL PROPERTY, PLANT, AND EQUIPMENT						65,184,800						11,089						502,327						65,698,216
Less - accumulated depreciation and amortization						24,095,409						5,477						408,355						24,509,241
PROPERTY, PLANT, AND EQUIPMENT - NET						41,089,391						5,612						93,972						41,188,975
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						6,707,721						—						—						6,707,721
Deferred fuel costs						240,820						—						—						240,820
Goodwill						374,099						—						3,073						377,172
Accumulated deferred income taxes						54,884						60						3,125						58,069
Other						165,073						12,022						149,058						326,153
TOTAL						7,542,597						12,082						155,256						7,709,935
TOTAL ASSETS						$58,948,010						($1,342,711)						$1,238,200						$58,843,499
*Totals may not foot due to rounding.

---

Entergy Corporation
Consolidating Balance Sheet
September 30, 2021
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt						$120,329						$650,000						$—						$770,329
Notes payable and commercial paper:
Other						—						1,006,321						—						1,006,321
Account payable:
Associated companies						41,651						(42,519)						868						—
Other						3,387,440						259						64,518						3,452,217
Customer deposits						390,423						—						—						390,423
Taxes accrued						461,058						23,377						(23,813)						460,622
Interest accrued						195,107						35,499						498						231,104
Deferred fuel costs						2,150						—						—						2,150
Pension and other postretirement liabilities						54,014						—						13,347						67,361
Current portion of unprotected excess accumulated deferred
income taxes						69,768						—						—						69,768
Other						175,143						1,899						17,563						194,605
TOTAL						4,897,083						1,674,836						72,981						6,644,900
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						5,573,341						(450,194)						(568,028)						4,555,119
Accumulated deferred investment tax credits						213,768						—						—						213,768
Regulatory liability for income taxes - net						1,396,385						—						—						1,396,385
Other regulatory liabilities						2,560,439						—						—						2,560,439
Decommissioning and retirement cost liabilities						4,025,178						—						671,380						4,696,558
Accumulated provisions						169,959						—						299						170,258
Pension and other postretirement liabilities						1,918,748						—						506,691						2,425,439
Long-term debt						19,383,367						4,324,308						139,000						23,846,675
Other						1,209,387						(448,404)						66,041						827,024
TOTAL						36,450,572						3,425,710						815,383						40,691,665
Subsidiaries' preferred stock without sinking fund						195,161						—						24,249						219,410
EQUITY
Preferred stock, no par value, authorized 1,000,000 shares;
issued shares in 2021 - none						—						—						—						—
Common stock, $.01 par value, authorized 499,000,000 shares;
issued 270,300,648 shares in 2021						2,323,748						(2,522,148)						201,103						2,703
Paid-in capital						4,448,516						1,089,457						1,039,879						6,577,852
Retained earnings						10,797,251						(89,929)						(522,677)						10,184,645
Accumulated other comprehensive loss						(79,321)						—						(392,718)						(472,039)
Less - treasury stock, at cost (69,325,211 shares in 2021)						120,000						4,920,637						—						5,040,637
TOTAL COMMON SHAREHOLDERS' EQUITY						17,370,194						(6,443,257)						325,587						11,252,524
Subsidiaries' preferred stock without sinking fund						35,000						—						—						35,000
TOTAL						17,405,194						(6,443,257)						325,587						11,287,524
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY						$58,948,010						($1,342,711)						$1,238,200						$58,843,499
*Totals may not foot due to rounding.

---

Entergy Corporation
Consolidating Balance Sheet
December 31, 2020
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash						$85,219						$42,388						$1,244						$128,851
Temporary cash investments						1,440,796						13,648						175,804						1,630,248
Total cash and cash equivalents						1,526,015						56,036						177,048						1,759,099
Notes receivable						—						(75,000)						75,000						—
Accounts receivable:
Customer						781,272						—						52,206						833,478
Allowance for doubtful accounts						(117,794)						—						—						(117,794)
Associated companies						16,999						(19,008)						2,009						—
Other						109,725						—						25,483						135,208
Accrued unbilled revenues						434,835						—						—						434,835
Total accounts receivable						1,225,037						(19,008)						79,698						1,285,727
Deferred fuel costs						4,380						—						—						4,380
Fuel inventory - at average cost						167,117						—						5,817						172,934
Materials and supplies - at average cost						930,895						(2)						31,292						962,185
Deferred nuclear refueling outage costs						115,559						—						63,591						179,150
Prepayments and other						162,405						(16,306)						50,325						196,424
TOTAL						4,131,408						(54,280)						482,771						4,559,899
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates						1,465,626						(1,465,712)						21,993						21,907
Decommissioning trust funds						4,283,831						—						2,969,384						7,253,215
Non-utility property - at cost (less accumulated depreciation)						329,700						(11)						13,639						343,328
Other						180,971						3,002						8,342						192,315
TOTAL						6,260,128						(1,462,721)						3,013,358						7,810,765
PROPERTY, PLANT, AND EQUIPMENT
Electric						58,711,665						10,705						974,073						59,696,443
Natural gas						610,768						—						—						610,768
Construction work in progress						2,006,905						261						4,864						2,012,030
Nuclear fuel						548,178						—						53,103						601,281
TOTAL PROPERTY, PLANT, AND EQUIPMENT						61,877,516						10,966						1,032,040						62,920,522
Less - accumulated depreciation and amortization						23,204,219						4,006						859,520						24,067,745
PROPERTY, PLANT, AND EQUIPMENT - NET						38,673,297						6,960						172,520						38,852,777
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						6,076,549						—						—						6,076,549
Deferred fuel costs						240,422						—						—						240,422
Goodwill						374,099						—						3,073						377,172
Accumulated deferred income taxes						72,599						373						3,317						76,289
Other						111,651						8,349						125,339						245,339
TOTAL						6,875,320						8,722						131,729						7,015,771
TOTAL ASSETS						$55,940,153						($1,501,319)						$3,800,378						$58,239,212
*Totals may not foot due to rounding.

---

Entergy Corporation
Consolidating Balance Sheet
December 31, 2020
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt						$1,025,015						$—						$139,000						$1,164,015
Notes payable and commercial paper:
Other						—						1,627,489						—						1,627,489
Account payable:
Associated companies						32,247						(42,703)						10,456						—
Other						2,541,702						706						197,029						2,739,437
Customer deposits						401,512						—						—						401,512
Taxes accrued						420,510						(9,028)						29,529						441,011
Interest accrued						177,557						23,708						526						201,791
Deferred fuel costs						153,113						—						—						153,113
Pension and other postretirement liabilities						48,757						—						13,058						61,815
Current portion of unprotected excess accumulated
deferred income taxes						63,683						—						—						63,683
Other						182,095						1,892						22,653						206,640
TOTAL						5,046,191						1,602,064						412,251						7,060,506
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						5,188,989						(179,493)						(647,724)						4,361,772
Accumulated deferred investment tax credits						212,494						—						—						212,494
Regulatory liability for income taxes - net						1,521,757						—						—						1,521,757
Other regulatory liabilities						2,323,851						—						—						2,323,851
Decommissioning and retirement cost liabilities						3,877,971						—						2,591,481						6,469,452
Accumulated provisions						242,511						—						324						242,835
Pension and other postretirement liabilities						2,224,025						—						628,988						2,853,013
Long-term debt						17,679,206						3,526,555						—						21,205,761
Other						1,200,370						(448,834)						55,683						807,219
TOTAL						34,471,174						2,898,228						2,628,752						39,998,154
Subsidiaries' preferred stock without sinking fund						195,161						—						24,249						219,410
EQUITY
Common stock, $.01 par value, authorized 500,000,000
shares; issued 270,035,180 shares in 2020						1,973,748						(2,172,151)						201,103						2,700
Paid-in capital						4,722,954						651,574						1,175,395						6,549,923
Retained earnings						9,705,837						473,422						(282,077)						9,897,182
Accumulated other comprehensive income (loss)						(89,912)						—						(359,295)						(449,207)
Less - treasury stock, at cost (69,790,346 shares in 2020)						120,000						4,954,456						—						5,074,456
TOTAL COMMON SHAREHOLDERS' EQUITY						16,192,627						(6,001,611)						735,126						10,926,142
Subsidiaries' preferred stock without sinking fund						35,000						—						—						35,000
TOTAL						16,227,627						(6,001,611)						735,126						10,961,142
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY						$55,940,153						($1,501,319)						$3,800,378						$58,239,212
*Totals may not foot due to rounding.

Entergy Corporation
Consolidating Income Statement
Three Months Ended September 30, 2021
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$3,159,986						($17)						$—						$3,159,969
Natural gas						31,254						—						—						31,254
Competitive businesses						—						34						162,275						162,309
Total						3,191,240						17						162,275						3,353,532
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						713,560						(7)						24,232						737,785
Purchased power						289,180						7						22,145						311,332
Nuclear refueling outage expenses						32,006						—						11,303						43,309
Other operation and maintenance						643,942						5,713						50,940						700,595
Asset write-offs, impairments, and related charges						—						—						(139)						(139)
Decommissioning						46,857						—						13,507						60,364
Taxes other than income taxes						180,060						209						2,078						182,347
Depreciation and amortization						412,308						705						8,732						421,745
Other regulatory charges (credits) - net						68,324						—						—						68,324
Total						2,386,237						6,627						132,798						2,525,662
OPERATING INCOME						805,003						(6,610)						29,477						827,870
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						17,180						—						—						17,180
Interest and investment income						104,946						(32,738)						2,904						75,112
Miscellaneous - net						(20,713)						(1,785)						5,701						(16,797)
Total						101,413						(34,523)						8,605						75,495
INTEREST EXPENSE
Interest expense						179,657						33,773						3,182						216,612
Allowance for borrowed funds used during construction						(7,112)						—						—						(7,112)
Total						172,545						33,773						3,182						209,500
INCOME BEFORE INCOME TAXES						733,871						(74,906)						34,900						693,865
Income taxes						159,472						(10,026)						8,836						158,282
CONSOLIDATED NET INCOME						574,399						(64,880)						26,064						535,583
Preferred dividend requirements of subsidiaries						4,033						—						547						4,580
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$570,366						($64,880)						$25,517						$531,003
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$2.84						($0.33)						$0.13						$2.64
DILUTED						$2.82						($0.32)						$0.13						$2.63
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								200,963,049
DILUTED																								202,003,329
*Totals may not foot due to rounding.

---

Entergy Corporation
Consolidating Income Statement
Three Months Ended September 30, 2020
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$2,666,829						($24)						$—						$2,666,805
Natural gas						22,357						—						—						22,357
Competitive businesses						—						35						214,371						214,406
Total						2,689,186						11						214,371						2,903,568
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						407,513						(14)						14,169						421,668
Purchased power						236,254						14						28,656						264,924
Nuclear refueling outage expenses						33,749						—						10,635						44,384
Other operation and maintenance						632,284						5,365						113,688						751,337
Asset write-offs, impairments and related charges						—						—						4,461						4,461
Decommissioning						44,500						—						50,655						95,155
Taxes other than income taxes						161,283						231						9,911						171,425
Depreciation and amortization						380,219						692						20,667						401,578
Other regulatory charges (credits) - net						(29,380)						—						—						(29,380)
Total						1,866,422						6,288						252,842						2,125,552
OPERATING INCOME						822,764						(6,277)						(38,471)						778,016
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						24,915						—						—						24,915
Interest and investment income						65,223						(32,730)						95,364						127,857
Miscellaneous - net						(48,920)						(1,502)						(8,492)						(58,914)
Total						41,218						(34,232)						86,872						93,858
INTEREST EXPENSE
Interest expense						175,857						26,647						5,307						207,811
Allowance for borrowed funds used during construction						(11,080)						—						—						(11,080)
Total						164,777						26,647						5,307						196,731
INCOME BEFORE INCOME TAXES						699,205						(67,156)						43,094						675,143
Income taxes						143,622						(6,499)						12,321						149,444
CONSOLIDATED NET INCOME						555,583						(60,657)						30,773						525,699
Preferred dividend requirements of subsidiaries						4,033						—						547						4,580
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$551,550						($60,657)						$30,226						$521,119
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$2.75						($0.30)						$0.15						$2.60
DILUTED						$2.74						($0.30)						$0.15						$2.59
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								200,220,018
DILUTED																								201,115,768
*Totals may not foot due to rounding.

---

Entergy Corporation
Consolidating Income Statement
Nine Months Ended September 30, 2021
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$8,339,821						($57)						$—						$8,339,764
Natural gas						121,420						—						—						121,420
Competitive businesses						—						106						559,150						559,256
Total						8,461,241						49						559,150						9,020,440
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						1,802,069						(28)						62,975						1,865,016
Purchased power						885,705						28						57,705						943,438
Nuclear refueling outage expenses						97,172						—						33,575						130,747
Other operation and maintenance						1,937,548						17,747						233,203						2,188,498
Asset write-offs, impairments, and related charges						—						—						345,226						345,226
Decommissioning						138,777						—						106,428						245,205
Taxes other than income taxes						479,630						797						14,533						494,960
Depreciation and amortization						1,220,090						2,008						35,711						1,257,809
Other regulatory charges (credits) - net						45,464						—						—						45,464
Total						6,606,455						20,552						889,356						7,516,363
OPERATING INCOME						1,854,786						(20,503)						(330,206)						1,504,077
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						48,629						—						—						48,629
Interest and investment income						287,576						(98,207)						100,388						289,757
Miscellaneous - net						(118,512)						(5,544)						(16,515)						(140,571)
Total						217,693						(103,751)						83,873						197,815
INTEREST EXPENSE
Interest expense						537,068						94,345						11,426						642,839
Allowance for borrowed funds used during construction						(20,088)						—						—						(20,088)
Total						516,980						94,345						11,426						622,751
INCOME BEFORE INCOME TAXES						1,555,499						(218,599)						(257,759)						1,079,141
Income taxes						290,566						(37,459)						(47,299)						205,808
CONSOLIDATED NET INCOME						1,264,933						(181,140)						(210,460)						873,333
Preferred dividend requirements of subsidiaries						12,098						—						1,641						13,739
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$1,252,835						($181,140)						($212,101)						$859,594
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$6.24						($0.90)						($1.06)						$4.28
DILUTED						$6.21						($0.90)						($1.05)						$4.26
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								200,756,267
DILUTED																								201,568,508
*Totals may not foot due to rounding.

---

Entergy Corporation
Consolidating Income Statement
Nine Months Ended September 30, 2020
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$6,908,047						($48)						$—						$6,907,999
Natural gas						88,829						—						—						88,829
Competitive businesses						—						77						746,629						746,706
Total						6,996,876						29						746,629						7,743,534
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						1,108,659						(25)						51,442						1,160,076
Purchased power						644,296						25						49,178						693,499
Nuclear refueling outage expenses						104,769						—						34,727						139,496
Other operation and maintenance						1,787,090						17,599						384,992						2,189,681
Asset write-offs, impairments and related charges						—						—						16,332						16,332
Decommissioning						131,862						—						152,389						284,251
Taxes other than income taxes						455,453						557						44,354						500,364
Depreciation and amortization						1,122,045						2,178						80,834						1,205,057
Other regulatory charges (credits) - net						(62,306)						—						—						(62,306)
Total						5,291,868						20,334						814,248						6,126,450
OPERATING INCOME						1,705,008						(20,305)						(67,619)						1,617,084
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						89,238						—						—						89,238
Interest and investment income						173,716						(108,101)						130,211						195,826
Miscellaneous - net						(89,967)						(5,823)						(33,355)						(129,145)
Total						172,987						(113,924)						96,856						155,919
INTEREST EXPENSE
Interest expense						523,946						88,788						17,465						630,199
Allowance for borrowed funds used during construction						(38,667)						—						—						(38,667)
Total						485,279						88,788						17,465						591,532
INCOME BEFORE INCOME TAXES						1,392,716						(223,017)						11,772						1,181,471
Income taxes						164,383						(3,266)						6,249						167,366
CONSOLIDATED NET INCOME						1,228,333						(219,751)						5,523						1,014,105
Preferred dividend requirements of subsidiaries						12,098						—						1,641						13,739
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$1,216,235						($219,751)						$3,882						$1,000,366
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$6.08						($1.10)						$0.02						$5.00
DILUTED						$6.05						($1.09)						$0.02						$4.98
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								200,063,256
DILUTED																								200,957,465
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidating Income Statement
Twelve Months Ended September 30, 2021
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$10,478,479						($72)						$—						$10,478,407
Natural gas						156,599						—						—						156,599
Competitive businesses						—						145						755,391						755,536
Total						10,635,078						73						755,391						11,390,542
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						2,190,493						(28)						78,846						2,269,311
Purchased power						1,078,098						28						76,081						1,154,207
Nuclear refueling outage expenses						131,182						—						44,226						175,408
Other operation and maintenance						2,628,480						25,051						347,912						3,001,443
Asset write-offs, impairments and related charges						—						—						355,517						355,517
Decommissioning						183,855						—						158,960						342,815
Taxes other than income taxes						622,731						1,212						23,492						647,435
Depreciation and amortization						1,606,242						2,666						56,930						1,665,838
Other regulatory charges (credits) - net						122,379						—						—						122,379
Total						8,563,460						28,929						1,141,964						9,734,353
OPERATING INCOME						2,071,618						(28,856)						(386,573)						1,656,189
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						78,821						—						—						78,821
Interest and investment income						412,864						(130,486)						204,370						486,748
Miscellaneous - net						(185,925)						(7,373)						(28,761)						(222,059)
Total						305,760						(137,859)						175,609						343,510
INTEREST EXPENSE
Interest expense						714,291						119,937						16,392						850,620
Allowance for borrowed funds used during construction						(33,739)						—						—						(33,739)
Total						680,552						119,937						16,392						816,881
INCOME BEFORE INCOME TAXES						1,696,826						(286,652)						(227,356)						1,182,818
Income taxes						(156,128)						21,675						51,390						(83,063)
CONSOLIDATED NET INCOME						1,852,954						(308,327)						(278,746)						1,265,881
Preferred dividend requirements of subsidiaries						16,131						—						2,188						18,319
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$1,836,823						($308,327)						($280,934)						$1,247,562
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$9.16						($1.54)						($1.40)						$6.22
DILUTED						$9.11						($1.53)						($1.39)						$6.19
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								200,625,399
DILUTED																								201,527,610
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidating Income Statement
Twelve Months Ended September 30, 2020
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$9,058,354						($59)						$—						$9,058,295
Natural gas						129,866						—						—						129,866
Competitive businesses						—						89						1,017,591						1,017,680
Total						9,188,220						30						1,017,591						10,205,841
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						1,573,895						(35)						73,262						1,647,122
Purchased power						825,474						35						59,143						884,652
Nuclear refueling outage expenses						144,023						—						46,953						190,976
Other operation and maintenance						2,455,239						26,269						549,938						3,031,446
Asset write-offs, impairments and related charges						—						—						17,876						17,876
Decommissioning						174,706						—						201,789						376,495
Taxes other than income taxes						596,895						519						58,981						656,395
Depreciation and amortization						1,466,882						2,944						115,257						1,585,083
Other regulatory charges (credits) - net						(49,828)						—						—						(49,828)
Total						7,187,286						29,732						1,123,199						8,340,217
OPERATING INCOME						2,000,934						(29,702)						(105,608)						1,865,624
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						125,666						—						—						125,666
Interest and investment income						254,520						(146,719)						229,274						337,075
Miscellaneous - net						(138,315)						(24,380)						(58,376)						(221,071)
Total						241,871						(171,099)						170,898						241,670
INTEREST EXPENSE
Interest expense						691,550						119,613						22,902						834,065
Allowance for borrowed funds used during construction						(54,591)						—						—						(54,591)
Total						636,959						119,613						22,902						779,474
INCOME BEFORE INCOME TAXES						1,605,846						(320,414)						42,388						1,327,820
Income taxes						102,733						2,186						(180,809)						(75,890)
CONSOLIDATED NET INCOME						1,503,113						(322,600)						223,197						1,403,710
Preferred dividend requirements of subsidiaries						16,131						—						2,188						18,319
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$1,486,982						($322,600)						$221,009						$1,385,391
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$7.44						($1.61)						$1.11						$6.93
DILUTED						$7.40						($1.61)						$1.10						$6.90
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								199,823,825
DILUTED																								200,910,211
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidated Cash Flow Statement
Three Months Ended September 30, 2021 vs. 2020
(Dollars in thousands)
(Unaudited)
						2021						2020						Variance
OPERATING ACTIVITIES
Consolidated net income						$535,583						$525,699						$9,884
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						546,029						563,693						(17,664)
Deferred income taxes, investment tax credits, and non-current taxes accrued						164,919						252,394						(87,475)
Asset write-offs, impairments and related charges						(139)						4,382						(4,521)
Changes in working capital:
Receivables						(90,805)						(170,000)						79,195
Fuel inventory						30,233						19,289						10,944
Accounts payable						493,943						213,137						280,806
Taxes accrued						89,322						162,300						(72,978)
Interest accrued						29,475						6,678						22,797
Deferred fuel costs						(70,717)						(81,460)						10,743
Other working capital accounts						(8,017)						(50,549)						42,532
Changes in provisions for estimated losses						(18,299)						(61)						(18,238)
Changes in other regulatory assets						(724,948)						(205,143)						(519,805)
Changes in other regulatory liabilities						(53,631)						125,787						(179,418)
Changes in pension and other postretirement liabilities						(162,435)						(92,920)						(69,515)
Other						503,923						(351,367)						855,290
Net cash flow provided by operating activities						1,264,436						921,859						342,577
INVESTING ACTIVITIES
Construction/capital expenditures						(1,042,256)						(990,265)						(51,991)
Allowance for equity funds used during construction						17,180						24,914						(7,734)
Nuclear fuel purchases						(53,748)						(63,793)						10,045
Net proceeds from sale of assets						(5,000)						—						(5,000)
Changes in securitization account						4,177						(11,734)						15,911
Payments to storm reserve escrow account						(6)						(279)						273
Receipts from storm reserve escrow account						38,900						58						38,842
Increase in other investments						(6,514)						(12,083)						5,569
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						33,501						—						33,501
Proceeds from nuclear decommissioning trust fund sales						637,660						347,944						289,716
Investment in nuclear decommissioning trust funds						(659,644)						(352,451)						(307,193)
Net cash flow used in investing activities						(1,035,750)						(1,057,689)						21,939
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						1,260,822						2,969,597						(1,708,775)
Treasury stock						1,574						31						1,543
Retirement of long-term debt						(1,146,225)						(1,793,308)						647,083
Changes in credit borrowings and commercial paper - net						140,076						(548,014)						688,090
Other						23,709						2,507						21,202
Dividends paid:
Common stock						(190,907)						(186,207)						(4,700)
Preferred stock						(4,580)						(4,580)						—
Net cash flow provided by financing activities						84,469						440,026						(355,557)
Net increase in cash and cash equivalents						313,155						304,196						8,959
Cash and cash equivalents at beginning of period						686,881						935,468						(248,587)
Cash and cash equivalents at end of period						$1,000,036						$1,239,664						($239,628)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$162,280						$194,435						($32,155)
Income taxes						$1,966						$7,523						($5,557)

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Entergy Corporation
Consolidated Cash Flow Statement
Nine Months Ended September 30, 2021 vs. 2020
(Dollars in thousands)
(Unaudited)
						2021						2020						Variance
OPERATING ACTIVITIES
Consolidated net income						$873,333						$1,014,105						($140,772)
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						1,696,323						1,694,904						1,419
Deferred income taxes, investment tax credits, and non-current taxes accrued						280,193						320,726						(40,533)
Asset write-offs, impairments and related charges						345,200						16,117						329,083
Changes in working capital:
Receivables						(245,082)						(200,990)						(44,092)
Fuel inventory						46,951						(608)						47,559
Accounts payable						362,529						174,083						188,446
Taxes accrued						19,611						206,769						(187,158)
Interest accrued						29,313						10,866						18,447
Deferred fuel costs						(356,833)						(48,162)						(308,671)
Other working capital accounts						(94,791)						(114,492)						19,701
Changes in provisions for estimated losses						(72,577)						(38,029)						(34,548)
Changes in other regulatory assets						(631,172)						(130,533)						(500,639)
Changes in other regulatory liabilities						117,301						(38,371)						155,672
Changes in pension and other postretirement liabilities						(422,028)						(270,144)						(151,884)
Other						62,712						(226,075)						288,787
Net cash flow provided by operating activities						2,010,983						2,370,166						(359,183)
INVESTING ACTIVITIES
Construction/capital expenditures						(3,925,632)						(3,175,559)						(750,073)
Allowance for equity funds used during construction						48,629						89,238						(40,609)
Nuclear fuel purchases						(127,606)						(177,385)						49,779
Payment for purchase of plant or assets						(36,534)						(24,633)						(11,901)
Net proceeds from sale of assets						17,421						—						17,421
Changes in securitization account						13,862						791						13,071
Payments to storm reserve escrow account						(23)						(2,244)						2,221
Receipts from storm reserve escrow account						83,105						40,647						42,458
Decrease (increase) in other investments						4,239						(9,821)						14,060
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						49,236						67,252						(18,016)
Proceeds from nuclear decommissioning trust fund sales						4,475,142						1,597,492						2,877,650
Investment in nuclear decommissioning trust funds						(4,463,814)						(1,661,660)						(2,802,154)
Net cash flow used in investing activities						(3,861,975)						(3,255,882)						(606,093)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						6,269,152						8,170,607						(1,901,455)
Treasury stock						5,613						41,784						(36,171)
Common stock						26,817						—						26,817
Retirement of long-term debt						(4,046,791)						(5,386,227)						1,339,436
Changes in credit borrowings and commercial paper - net						(621,168)						(548,522)						(72,646)
Other						44,176						(5,941)						50,117
Dividends paid:
Common stock						(572,131)						(558,121)						(14,010)
Preferred stock						(13,739)						(13,922)						183
Net cash flow provided by financing activities						1,091,929						1,699,658						(607,729)
Net increase (decrease) in cash and cash equivalents						(759,063)						813,942						(1,573,005)
Cash and cash equivalents at beginning of period						1,759,099						425,722						1,333,377
Cash and cash equivalents at end of period						$1,000,036						$1,239,664						($239,628)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized						$590,581						$599,683						($9,102)
Income taxes						$29,454						($2,484)						$31,938

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Entergy Corporation
Consolidated Cash Flow Statement
Twelve Months Ended September 30, 2021 vs. 2020
(Dollars in thousands)
(Unaudited)
						2021						2020						Variance
OPERATING ACTIVITIES
Consolidated net income						$1,265,881						$1,403,710						($137,829)
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						2,259,169						2,242,540						16,629
Deferred income taxes, investment tax credits, and non-current taxes accrued						(171,648)						140,953						(312,601)
Asset write-offs, impairments and related charges						355,462						17,620						337,842
Changes in working capital:
Receivables						(183,388)						(71,212)						(112,176)
Fuel inventory						20,101						(14,382)						34,483
Accounts payable						325,903						277,431						48,472
Taxes accrued						20,398						188,405						(168,007)
Interest accrued						26,109						14,117						11,992
Deferred fuel costs						(358,155)						33,665						(391,820)
Other working capital accounts						(123,750)						(98,368)						(25,382)
Changes in provisions for estimated losses						(325,741)						(32,229)						(293,512)
Changes in other regulatory assets						(1,285,133)						(583,231)						(701,902)
Changes in other regulatory liabilities						394,341						(34,037)						428,378
Changes in pension and other postretirement liabilities						(101,505)						49,024						(150,529)
Other						212,639						(465,160)						677,799
Net cash flow provided by operating activities						2,330,683						3,068,846						(738,163)
INVESTING ACTIVITIES
Construction/capital expenditures						(5,444,149)						(4,293,500)						(1,150,649)
Allowance for equity funds used during construction						78,821						125,233						(46,412)
Nuclear fuel purchases						(165,885)						(250,575)						84,690
Payment for purchase of plant or assets						(259,022)						(330,105)						71,083
Net proceeds from sale of assets						17,421						9,131						8,290
Changes in securitization account						18,170						8,302						9,868
Payments to storm reserve escrow account						(52)						(4,098)						4,046
Receipts from storm reserve escrow account						340,046						40,647						299,399
Decrease (increase) in other investments						1,305						(9,872)						11,177
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						54,695						67,252						(12,557)
Proceeds from nuclear decommissioning trust fund sales						5,985,462						2,200,227						3,785,235
Investment in nuclear decommissioning trust funds						(6,005,211)						(2,303,840)						(3,701,371)
Net cash flow used in investing activities						(5,378,399)						(4,741,198)						(637,201)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						10,717,746						10,341,432						376,314
Preferred stock of subsidiary						—						(297)						297
Treasury stock						6,429						46,343						(39,914)
Common stock						26,817						—						26,817
Retirement of long-term debt						(6,812,942)						(7,145,893)						332,951
Changes in credit borrowings and commercial paper - net						(391,884)						(519,583)						127,699
Other						42,593						(4,499)						47,092
Dividends paid:
Common stock						(762,352)						(743,286)						(19,066)
Preferred stock						(18,319)						(18,032)						(287)
Net cash flow provided by financing activities						2,808,088						1,956,185						851,903
Net increase (decrease) in cash and cash equivalents						(239,628)						283,833						(523,461)
Cash and cash equivalents at beginning of period						1,239,664						955,831						283,833
Cash and cash equivalents at end of period						$1,000,036						$1,239,664						($239,628)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized						$794,821						$793,270						$1,551
Income taxes						$710						($34,270)						$34,980