EX-99.1 2 a04122991.htm EX-99.1

Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

August 3, 2022

Entergy reports second quarter earnings

Company affirms guidance and financial outlooks; expect 2022 results in top half of the range

NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported second quarter 2022 earnings per share of 78 cents on an as-reported basis and $1.78 on an adjusted basis (non-GAAP).

“We had a productive second quarter with accomplishments that made meaningful progress toward our stakeholder objectives,” said Leo Denault, Entergy chairman and chief executive officer. “Higher retail sales were driven by customer growth and hot temperatures across our region. As a result, we are implementing several initiatives to improve affordability and customer experience.”

Business highlights included the following:

•E-TX and Sempra Infrastructure entered into a memorandum of understanding to develop options designed to accelerate the deployment of new renewable generation and to increase the resilience of power supply in E-TX’s Southeast Texas service area, where Sempra Infrastructure’s facilities are under development.

•Construction was completed on E-MS’s 100 MW Sunflower Solar Station.

•E-MS announced that the company selected several resources from its 2022 renewable RFP.

•E-AR increased its 2022 renewable RFP to 1,000 MW from 500 MW.

•E-TX completed a substation that is part of a $44 million investment in the Huntsville distribution network, improving the reliability and resiliency of the local grid.

•The MPSC approved a settlement agreement to resolve all of the MPSC’s complaints against SERI; the proposed settlement is subject to FERC approval.

•The MPSC approved E-MS’s annual FRP filing.

•E-NO submitted its preliminary grid hardening and resilience plan to the CCNO.

•E-LA, E-NO, and E-AR filed their annual FRPs, and E-TX filed its base rate case.

•E-NO submitted its filing for certification of Hurricane Ida costs.

•Entergy completed the sale of Palisades, EWC’s last remaining nuclear asset.

•Edison Electric Institute announced Entergy as a recipient of its Emergency Assistance Award.

•For the seventh consecutive year, Entergy was named to The Civic 50, a Points of Light initiative honoring the 50 most community-minded companies in the U.S.

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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 operating and financial measures 14 D: EWC operating and financial measures 15 E: Consolidated financial measures 16 F: Definitions and abbreviations and acronyms 17 G: Other GAAP to non-GAAP reconciliations 19 Financial statements 21

Consolidated earnings (GAAP and non-GAAP measures)
Second quarter and year-to-date 2022 vs. 2021 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)
			Second quarter									Year-to-date
			2022			2021			Change			2022			2021			Change
(After-tax, $ in millions)
As-reported earnings			160			(6)			166			436			329			108
Less adjustments			(204)			(275)			71			(197)			(238)			40
Adjusted earnings (non-GAAP)			364			269			95			633			566			67
Estimated weather impact			50			(15)			65			66			8			58
(After-tax, per share in $)
As-reported earnings			0.78			(0.03)			0.81			2.13			1.63			0.50
Less adjustments			(1.00)			(1.37)			0.37			(0.97)			(1.18)			0.21
Adjusted earnings (non-GAAP)			1.78			1.34			0.44			3.10			2.81			0.29
Estimated weather impact			0.24			(0.07)			0.31			0.32			0.04			0.28

Calculations may differ due to rounding

Consolidated results

For second quarter 2022, the company reported earnings of $160 million, or 78 cents per share, on an as-reported basis, and earnings of $364 million, or $1.78 per share, on an adjusted basis. This compared to a second quarter 2021 loss of $(6 million), or (3) cents per share, on an as-reported basis, and earnings of $269 million, or $1.34 per share, on an adjusted basis.

Summary discussions by business are below. 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.

Business segment results

Utility

For second quarter 2022, the Utility business reported earnings attributable to Entergy Corporation of $153 million, or 75 cents per share, on an as-reported basis, and earnings of

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$444 million, or $2.17 per share, on an adjusted basis. This compared to second quarter 2021 earnings of $326 million, or $1.62 per share, on both an as-reported and an adjusted basis. There were several drivers for the quarter’s results.

In second quarter 2022, SERI recorded a regulatory charge of $(551 million) ($(413 million) after tax) to increase a regulatory liability to reflect the effects of a partial settlement agreement and offer of settlement related to pending proceedings before the FERC. In June 2022, the MPSC approved a settlement for its 40 percent portion of the complaints. The $588 million liability balance reflects potential refunds if a full settlement is reached with all parties on the same terms as the MPSC settlement. This item was considered an adjustment and excluded from adjusted earnings.

As a result of receiving approvals for storm cost recovery and issuance of securitized debt at E-LA and E-TX, the companies recorded the following:

•the equity portion of carrying costs on storm expenditures not previously recorded (the portions related to prior years were considered an adjustment and excluded from adjusted earnings),

•a reduction in other income to account for LURC’s 1 percent beneficial interest in the trust established as part of E-LA’s securitization (considered an adjustment and excluded from adjusted earnings),

•a reduction in income tax expense as a result of securitization (considered adjustments and excluded from adjusted earnings), and

•amounts reserved to share benefits of securitization with customers (considered adjustments and excluded from adjusted earnings).

Other drivers included:

•higher retail sales volume, including the impacts of weather;

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

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

•regulatory provisions recorded in second quarter 2021.

On a per share basis, second quarter 2022 results reflected higher diluted average number of common shares outstanding.

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

Parent & Other

For second quarter 2022, Parent & Other reported a loss attributable to Entergy Corporation of $(80 million), or (39) cents per share, on both an as-reported and an adjusted basis. This compared to a second quarter 2021 loss of $(57 million), or (28) cents per share, on both an as-reported and an adjusted basis. Income taxes contributed to the variance.

On a per share basis, second quarter 2022 results reflected higher diluted average number of common shares outstanding.

Entergy Wholesale Commodities

For second quarter 2022, EWC reported earnings attributable to Entergy Corporation of $87 million, or 42 cents per share, on an as-reported basis. This compared to a second quarter

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2021 loss attributable to Entergy Corporation of $(275 million), or $(1.37) per share, on an as-reported basis. Drivers for the quarter included:

•a gain of $166 million ($130 million after-tax) as a result of the sale of Palisades in second quarter 2022,

•a loss of $340 million ($268 million after-tax) on the sale of Indian Point in second quarter 2021,

•lower other O&M and depreciation expense due primarily to the shutdown of Indian Point 3 and Palisades, and

•lower decommissioning expenses primarily due to the sale of Indian Point.

These drivers were partially offset by:

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

•the absence of earnings from NDTs as a result of the sale of Indian Point.

On a per share basis, second quarter 2022 results reflected higher diluted average number of common shares outstanding.

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

Earnings per share guidance

Entergy affirmed its 2022 adjusted EPS guidance range of $6.15 to $6.45, and the company expects results to be in the top half of the range. See webcast presentation for additional details.

The company has provided 2022 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 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 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 20 cents in 2022.

Earnings teleconference

A teleconference will be held at 10:00 a.m. Central Time on Wednesday, August 3, 2022, to discuss Entergy’s quarterly earnings announcement and the company’s financial performance. The teleconference and a replay of the teleconference may be accessed by visiting Entergy’s website at www.entergy.com; for participants who would like to participate via telephone, please register at https://register.vevent.com/register/BI6152b07a27274da89f66365f26ee51ee to receive the dial-in number along with a unique PIN that is required to access the call (the registration link can also be found on Entergy’s website). The webcast presentation is also being posted to Entergy’s website concurrent with this news release.

Entergy Corporation, a Fortune 500 company headquartered in New Orleans, powers life for 3 million customers through its operating companies across Arkansas, Louisiana, Mississippi, and Texas. Entergy is creating a cleaner, more resilient energy future for everyone with our diverse power generation portfolio, including increasingly carbon-free energy sources. With

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roots in the Gulf South region for more than a century, Entergy is a recognized leader in corporate citizenship, delivering more than $100 million in economic benefits to local communities through philanthropy and advocacy efforts annually over the last several years. Our approximately 12,000 employees are dedicated to powering life today and for future generations.

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 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 exit from 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,

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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; 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, ROE is included on both an adjusted and an as-reported basis. 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.

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 2022 earnings guidance; current financial and operational outlooks; industrial load growth outlooks; statements regarding its climate transition and resilience plans, goals, beliefs, or expectations; 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

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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 (1) realizing the benefits of its resilience plan, including impacts of the frequency and intensity of future storms and storm paths, as well as the pace of project completion and (2) 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) impacts from terrorist attacks, geopolitical conflicts, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; (i) the direct and indirect impacts of the COVID-19 pandemic on Entergy and its customers; and (j) effects on Entergy or its customers of (1) 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; (2) the effects of changes in commodity markets, capital markets, or economic conditions; and (3) the effects of technological change, including the costs, pace of development, and commercialization of new and emerging technologies.

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Media inquiries: Neal Kirby 504-576-4238 nkirby@entergy.com			Investor relations inquiries: Bill Abler 504-576-3097 or 281-297-5436 wabler@entergy.com

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Second quarter 2022 earnings release appendices and financial statements

Appendices

A: Consolidated results and adjustments

B: Earnings variance analysis

C: Utility operating and financial measures

D: EWC operating and financial 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 Second quarter and year-to-date 2022 vs. 2021 (See Appendix A-2 and Appendix A-3 for details on adjustments)
			Second quarter									Year-to-date
			2022			2021			Change			2022			2021			Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility			153			326			(173)			493			682			(189)
Parent & Other			(80)			(57)			(23)			(151)			(116)			(35)
EWC			87			(275)			362			94			(238)			332
Consolidated			160			(6)			166			436			329			108
Less adjustments
Utility			(291)			-			(291)			(291)			-			(291)
Parent & Other			-			-			-			-			-			-
EWC			87			(275)			362			94			(238)			332
Consolidated			(204)			(275)			71			(197)			(238)			40
Adjusted earnings (loss) (non-GAAP)
Utility			444			326			118			784			682			102
Parent & Other			(80)			(57)			(23)			(151)			(116)			(35)
EWC			-			-			-			-			-			-
Consolidated			364			269			95			633			566			67
Estimated weather impact			50			(15)			65			66			8			58
Diluted average number of common shares outstanding (in millions)			205			201						204			201
(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility			0.75			1.62			(0.87)			2.41			3.39			(0.98)
Parent & Other			(0.39)			(0.28)			(0.11)			(0.74)			(0.58)			(0.16)
EWC			0.42			(1.37)			1.79			0.46			(1.18)			1.64
Consolidated			0.78			(0.03)			0.81			2.13			1.63			0.50
Less adjustments
Utility			(1.42)			-			(1.42)			(1.43)			-			(1.43)
Parent & Other			-			-			-			-			-			-
EWC			0.42			(1.37)			1.79			0.46			(1.18)			1.64
Consolidated			(1.00)			(1.37)			0.37			(0.97)			(1.18)			0.21
Adjusted earnings (loss) (non-GAAP)
Utility			2.17			1.62			0.55			3.84			3.39			0.45
Parent & Other			(0.39)			(0.28)			(0.11)			(0.74)			(0.58)			(0.16)
EWC			-			-			-			-			-			-
Consolidated			1.78			1.34			0.44			3.10			2.81			0.29
Estimated weather impact			0.24			(0.07)			0.31			0.32			0.04			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.

See Appendix B for detailed earnings variance analysis.

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Appendix A-2 and Appendix A-3 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-2: Adjustments by driver (shown as positive/(negative) impact on earnings or EPS)
Second quarter and year-to-date 2022 vs. 2021
			Second quarter									Year-to-date
			2022			2021			Change			2022			2021			Change
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)
Utility
E-LA and E-TX true-up for prior year's portion of the equity component of carrying costs for 2020 storms			41			-			41			41			-			41
E-LA contribution to the LURC related to securitization			(32)			-			(32)			(32)			-			(32)
E-LA customer-sharing of securitization benefits			(224)			-			(224)			(224)			-			(224)
SERI litigation settlement regulatory charge			(551)			-			(551)			(551)			-			(551)
Income tax effect on Utility adjustments above			192			-			192			192			-			192
E-LA tax benefit resulting from securitization			283			-			283			283			-			283
Total Utility			(291)			-			(291)			(291)			-			(291)
EWC
Income before income taxes			113			(346)			459			123			(293)			416
Income taxes			(25)			72			(97)			(28)			56			(84)
Preferred dividend requirements			(1)			(1)			-			(1)			(1)			-
Total EWC			87			(275)			362			94			(238)			332
Total adjustments			(204)			(275)			71			(197)			(238)			40
(After-tax, per share in $) (b)
Utility
E-LA and E-TX true-up for prior year's portion of the equity component of carrying costs for 2020 storms			0.18			-			0.18			0.17			-			0.17
E-LA contribution to the LURC related to securitization			(0.15)			-			(0.15)			(0.15)			-			(0.15)
E-LA customer-sharing of securitization benefits			(0.81)			-			(0.81)			(0.81)			-			(0.81)
SERI litigation settlement regulatory charge			(2.02)			-			(2.02)			(2.02)			-			(2.02)
E-LA tax benefit resulting from securitization			1.38			-			1.38			1.38			-			1.38
Total Utility			(1.42)			-			(1.42)			(1.43)			-			(1.43)
EWC
Total EWC			0.42			(1.37)			1.79			0.46			(1.18)			1.64
Total adjustments			(1.00)			(1.37)			0.37			(0.97)			(1.18)			0.21

Calculations may differ due to rounding

b.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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Appendix A-3: Adjustments by income statement line item (shown as positive/(negative) impact on earnings)
Second quarter and year-to-date 2022 vs. 2021
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)
			Second quarter									Year-to-date
			2022			2021			Change			2022			2021			Change
Utility
Operating revenues			46			-			46			46			-			46
Other regulatory charges (credits)–net			(775)			-			(775)			(775)			-			(775)
Other income (deductions)–other			(37)			-			(37)			(37)			-			(37)
Income taxes			474			-			474			474			-			474
Total Utility			(291)			-			(291)			(291)			-			(291)
EWC
Operating revenues			89			149			(60)			239			397			(158)
Fuel and fuel-related expenses			(25)			(17)			(7)			(51)			(39)			(12)
Purchased power			(26)			(18)			(8)			(39)			(36)			(4)
Nuclear refueling outage expense			(7)			(11)			4			(18)			(22)			4
Other O&M			(42)			(83)			41			(84)			(182)			99
Asset write-off and impairments			164			(342)			506			163			(345)			509
Decommissioning expense			(14)			(40)			26			(28)			(93)			65
Taxes other than income taxes			(3)			(6)			3			(12)			(12)			-
Depreciation/amortization exp.			(3)			(14)			11			(12)			(27)			15
Other income (deductions)–other			(18)			41			(59)			(31)			75			(107)
Interest exp. and other charges			(2)			(4)			2			(3)			(8)			5
Income taxes			(25)			72			(97)			(28)			56			(84)
Preferred dividend requirements			(1)			(1)			-			(1)			(1)			-
Total EWC			87			(275)			362			94			(238)			332
Total adjustments			(204)			(275)			71			(197)			(238)			40

Calculations may differ due to rounding

Appendix A-4 provides a comparative summary of OCF by business.

Appendix A-4: Consolidated operating cash flow
Second quarter and year-to-date 2022 vs. 2021
($ in millions)
			Second quarter									Year-to-date
			2022			2021			Change			2022			2021			Change
Utility			361			1,014			(653)			856			937			(81)
Parent & Other			(84)			(64)			(20)			(119)			(86)			(33)
EWC			1			(154)			155			79			(105)			184
Consolidated			278			796			(518)			816			747			69

Calculations may differ due to rounding

OCF decreased for the quarter due largely to the higher fuel and purchased power cost. Higher interest payments also contributed to the decline. These decreases were partially offset by lower severance and retention payments at EWC, lower non-capital storm restoration expenditures, and higher utility customer receipts (including the effects of weather).

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B: Earnings variance analysis

Appendix B provides details of current quarter 2022 versus 2021 as-reported and adjusted earnings per share variances for Utility, Parent & Other, and EWC.

Appendix B-1: As-reported and adjusted earnings per share variance analysis (c), (d), (e)
Second quarter 2022 vs. 2021
(After-tax, per share in $)
			Utility									Parent & Other									EWC						Consolidated
			As- reported			Adjusted						As-reported			Adjusted						As- reported						As- reported			Adjusted
2021 earnings (loss)			1.62			1.62						(0.28)			(0.28)						(1.37)						(0.03)			1.34
Operating revenue less: Fuel, fuel-related expenses and gas purchased for resale, Purchased power, and Regulatory charges (credits)–net			(1.88)			0.74			(f)			-			-						(0.30)			(g)			(2.18)			0.74
Nuclear refueling outage expense			0.01			0.01						-			-						0.02						0.03			0.01
Other O&M			(0.13)			(0.13)			(h)			(0.01)			(0.01)						0.16			(i)			0.02			(0.14)
Asset write-offs and impairments			-			-						-			-						1.99			(j)			1.99			-
Decommissioning expense			(0.01)			(0.01)						-			-						0.10			(k)			0.09			(0.01)
Taxes other than income taxes			(0.07)			(0.07)			(l)			-			-						0.01						(0.06)			(0.07)
Depreciation/amortization exp.			(0.13)			(0.13)			(m)			-			-						0.05			(n)			(0.08)			(0.13)
Other income (deductions)-other			(0.02)			0.16			(o)			(0.04)			(0.04)						(0.23)			(p)			(0.29)			0.12
Interest expense			(0.04)			(0.04)						(0.02)			(0.02)						0.01						(0.05)			(0.06)
Income taxes–other			1.41			0.03			(q)			(0.05)			(0.05)			(r)			(0.01)						1.35			(0.02)
Share effect			(0.01)			(0.01)						0.01			0.01						(0.01)						(0.01)			-
2022 earnings (loss)			0.75			2.17						(0.39)			(0.39)						0.42						0.78			1.78

h

Appendix B-2: As-reported and adjusted earnings variance analysis (c), (d), (e)
Year-to-date 2022 vs. 2021
(After-tax, per share in $)
			Utility									Parent & Other									EWC						Consolidated
			As-Reported			Adjusted						As-Reported			Adjusted						As- Reported						As- Reported			Adjusted
2021 earnings (loss)			3.39			3.39						(0.58)			(0.58)						(1.18)						1.63			2.81
Operating revenue less: Fuel, fuel-related expenses and gas purchased for resale, Purchased power, and Regulatory charges (credits)–net			(1.46)			1.17			(f)			-			-						(0.68)			(g)			(2.14)			1.17
Nuclear refueling outage expense			0.02			0.02						-			-						0.01						0.03			0.02
Other O&M			(0.23)			(0.23)			(h)			(0.02)			(0.02)						0.39			(i)			0.14			(0.25)
Asset write-offs and impairments			-			-						-			-						2.00			(j)			2.00			-
Decommissioning expense			(0.02)			(0.02)						-			-						0.26			(k)			0.24			(0.02)
Taxes other than income taxes			(0.15)			(0.15)			(l)			-			-						0.00						(0.15)			(0.15)
Depreciation/amortization exp.			(0.24)			(0.24)			(m)			-			-						0.06			(n)			(0.18)			(0.24)
Other income (deductions)–other			(0.19)			(0.01)			(o)			(0.05)			(0.05)			(s)			(0.42)			(p)			(0.66)			(0.06)
Interest exp. and other charges			(0.10)			(0.10)			(t)			(0.05)			(0.05)			(u)			0.02						(0.13)			(0.15)
Income taxes–other			1.42			0.04			(q)			(0.05)			(0.05)			(r)			0.01						1.38			(0.01)
Share effect			(0.03)			(0.03)						0.01			0.01						(0.01)						(0.03)			(0.02)

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2022 earnings (loss)			2.41			3.84						(0.74)			(0.74)						0.46						2.13			3.10

Calculations may differ due to rounding

c.Utility operating revenue / regulatory charges and Utility income taxes-other exclude the following for the return of unprotected excess ADIT to customers (net effect is neutral to earnings) (in $ million):

2Q22			2Q21			YTD22			YTD21
16			14			33			54

d.Utility regulatory charges (credits) and Utility preferred dividend requirements and noncontrolling interest exclude the following for the effects of HLBV accounting and the approved deferral (net effect is neutral to earnings) (in $ million):

2Q22			2Q21			YTD222			YTD21
1			‒			2			‒

e.EPS effect is calculated by multiplying the pre-tax variance 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)-net variance analysis 2022 vs. 2021 ($ EPS)
			2Q			YTD
Volume/weather			0.52			0.47
Retail electric price			0.25			0.57
2Q22 increase in provision for potential refunds in SERI complaints			(2.02)			(2.02)
2Q22 provision for customer sharing of securitization benefits			(0.81)			(0.81)
2Q22 reg. provisions for true-up of E-LA and E-TX equity carrying costs on 2020 storms			0.26			0.26
1Q22 reg. provisions for true-up of E-LA and E-TX cost of debt from 2020 storms			0.02			0.07
2Q21 reg. credit for E-MS			(0.07)			(0.07)
2Q21 MSS-4 ROE reserve adj.			(0.05)			(0.05)
1Q21 reversal of reg. provision for E-AR’s FRP 2019 netting adj.			-			(0.16)
Reg. provisions for decommissioning items			0.02			0.23
Other, including Grand Gulf recovery			‒			0.05
Total			(1.88)			(1.46)

f.The second quarter and year-to-date variances included a $551 million ($413 million after-tax) regulatory charge recorded by SERI in second quarter 2022; the provision was recorded to reflect the effects of a partial settlement agreement and offer of settlement related to pending proceedings before the FERC (this item was considered an adjustment and excluded from adjusted earnings). The variances also reflected items resulting from E-LA and E-TX storm cost approval and securitization. The companies recorded $59 million in revenues ($54 million after-tax) for the equity component of carrying charges on those storm costs ($46 million ($42 million after tax) associated with prior years was considered an adjustment and excluded from adjusted earnings). E-LA also recorded a $224 million ($117 million after-tax) regulatory provision for sharing the benefits of E-LA’s securitization with customers (considered an adjustment and excluded from adjusted earnings). Regulatory actions that affected variances included E-AR’s FRP; E-LA’s FRP; E-MS’s FRP and ad valorem rider; E-NO’s FRP; and E-TX’s GCRR, TCRF, and DCRF. Volume / weather was also a driver. The variance also reflected a change in regulatory provisions for decommissioning items (the difference between expense and trust earnings plus costs collected in revenue, largely earnings neutral). Two items recorded in second quarter 2021 contributed to the variances: a regulatory credit for E-MS, primarily for its 2020 lookback evaluation, and a reserve adjustment for the FERC MSS-4 ROE decision. The year-to-date variance also included the first quarter 2021 reversal of an E-AR regulatory provision; partially offsetting was a regulatory provision for the true-up of E-LA and E-TX cost of debt from 2020 storms.

g.The second quarter and year-to-date earnings decreases were due largely to the shutdown of Palisades in May 2022 and Indian Point 3 in April 2021 and lower realized wholesale energy and capacity prices.

h.The second quarter and year-to-date earnings decreases from higher Utility other O&M was due primarily to higher power delivery expenses, higher energy efficiency costs, higher customer service center support costs, higher bad

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debt expense, and an increase in loss provisions. The year-to-date variance also included higher nuclear and non-nuclear generation expenses and higher legal expenses, partially offset by higher nuclear insurance refunds.

i.The second 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 Palisades in May 2022. The second quarter variance was partially offset by higher severance and retention expenses.

j.The second quarter and year-to-date earnings increases from lower asset write-offs and impairments were due largely to two items. In second quarter 2022, a $166 million gain ($130 million after-tax) was recorded as a result of the sale of Palisades. In second quarter 2021, a $340 million loss ($268 million after-tax) was recorded as a result of the sale of Indian Point.

k.The second quarter and year-to-date earnings increases from lower EWC decommissioning expense were due primarily to the sale of Indian Point in May 2021.

l.The second quarter and year-to-date earnings decreases from higher Utility taxes other than income taxes were due to increases in ad valorem and franchise taxes. The year-to-date variance also reflected higher employment taxes.

m.The second quarter and year-to-date earnings decreases from higher Utility depreciation expense were due primarily to higher plant in service.

n.The second 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 and Palisades in May 2022.

o.The second quarter and year-to-date as-reported earnings decreases from lower Utility other income (deductions) reflected a few drivers. In second quarter 2022, three items were recorded as a result of E-LA securitization: (a) a $32 million reduction to interest and investment income (loss) was recorded to account for LURC’s 1% beneficial interest in the trust established as part of the securitization (considered an adjustment and excluded from adjusted earnings); (b) an adjustment to AFUDC-equity for the approved equity component of carrying costs on 2020 storms not previously recorded (the portion relating to prior years was considered an adjustment and excluded from adjusted earnings), and (c) higher intercompany dividend income related to the new intercompany investment in preferred stock resulting from E-LA’s securitization compared to the previous affiliate preferred investment that was liquidated (offset in P&O). The variances also reflected lower non-service pension costs. The year-to-date variance also reflected changes in decommissioning trust fund returns (based on regulatory treatment, decommissioning-related variances are largely earnings neutral).

p.The second quarter and year-to-date earnings decreases from lower EWC other income (deductions) were due largely to the absence of earnings from nuclear decommissioning trust funds that were transferred in the sale of Indian Point in May 2021 and the performance of Palisades decommissioning trust investments. The decrease was partially offset by lower non-service pension costs.

q.The second quarter and year-to-date as-reported increases from Utility income taxes were due largely to a second quarter 2022 $283 million income tax benefit related to securitization financing of Hurricane Laura, Hurricane Delta, Hurricane Zeta, Winter Storm Uri, and a portion of Hurricane Ida (this item was considered an adjustment and excluded from adjusted earnings).

r.The second quarter and year-to-date earnings decreases from Parent & Other income taxes reflected a reversal of a $9 million valuation allowance related to the interest expense limitation recorded in second quarter 2021.

s.The year-to-date earnings decrease from Parent & Other other income (deductions) was largely due to lower intercompany dividend income related to the new intercompany investment in preferred stock resulting from E-LA’s securitization compared to the previous affiliate preferred investment that was liquidated (offset in Utility).

t.The year-to-date earnings decrease from higher Utility interest expense was due primarily to higher debt balances.

u.The year-to-date earnings decrease from higher Parent & Other interest expense was due primarily to higher debt balances and intercompany guarantee activity.

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C: Utility operating and financial measures

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

Appendix C: Utility operating and financial measures
Second quarter and year-to-date 2022 vs. 2021
			Second quarter																		Year-to-date
			2022			2021						% Change						% Weather adjusted (v)									2022						2021			% Change						% Weather adjusted (v)
GWh sold
Residential			9,493			8,487						11.9						0.2									17,946						17,150			4.6						(1.7)
Commercial			7,203			6,731						7.0						4.7									13,474						12,842			4.9						5.0
Governmental			641			616						4.1						3.1									1,226						1,197			2.4						1.8
Industrial			13,480			12,640						6.6						6.6									25,976						24,378			6.6						6.6
Total retail sales			30,817			28,474						8.2						4.2									58,622						55,567			5.5						3.6
Wholesale			3,920			4,716						(16.9)															7,562						9,016			(16.1)
Total sales			34,737			33,190						4.7															66,184						64,583			2.5
Number of electric retail customers
Residential																											2,554,001						2,542,264			0.5
Commercial																											366,044						362,681			0.9
Governmental																											18,054						17,867			1.0
Industrial																											43,490						43,282			0.5
Total retail customers																											2,981,589						2,966,094			0.5
Other O&M and refueling outage expense per MWh			$21.74			$21.81						(0.3)															$21.39						$21.04			1.7

Calculations may differ due to rounding

v.The effects of weather were estimated using heating degree days and cooling degree days for the period 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.

For the quarter, retail sales volume increased across all customer classes, including the effect of hotter weather on residential and commercial sales. The increase in industrial usage was due to an increase in demand from expansion projects, primarily in the chemicals, transportation, and petroleum refining industries, an increase in demand from cogeneration customers, and an increase in demand from existing customers, primarily in the chemicals and pulp and paper industries as a result of prior year temporary plant shutdowns. The increase in weather-adjusted commercial usage was primarily due to an increase in customers and the effect of the COVID-19 pandemic on businesses in second quarter 2021.

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D: EWC operating and financial measures

Appendix D-1 provides a comparative summary of EWC operating and financial measures.

Appendix D-1: EWC operating and financial measures
Second quarter and year-to-date 2022 vs. 2021
			Second quarter									Year-to-date
			2022			2021			% Change			2022			2021			% Change
Owned capacity (MW) (w)			394			1,205			(67)			394			1,205			(67)
GWh billed			1,371			2,687			(49)			3,595			7,099			(49)
EWC Nuclear Fleet
Capacity factor			81%			94%			(14)			93%			97%			(4)
GWh billed			975			2,356			(59)			2,741			6,344			(57)
Production cost per MWh			$29.61			$27.51			8			$26.93			$21.82			23
Average energy/capacity revenue per MWh			$30.50			$48.89			(38)			$49.00			$50.87			(4)

Calculations may differ due to rounding    

w.2022 excludes the Palisades plant (811 MW) which was shut down on May 20, 2022.

Appendix D-2 provides a comparative summary of EWC adjusted EBITDA (non-GAAP).

Appendix D-2: EWC adjusted EBITDA - reconciliation of GAAP to Non-GAAP measures
Second quarter and year-to-date 2022 vs. 2021
($ in millions)			Second quarter									Year-to-date
			2022			2021			Change			2022			2021			Change
Net income (loss)			87			(275)			362			95			(237)			332
Add back: interest expense			2			4			(2)			3			8			(5)
Add back: income taxes			25			(72)			97			28			(56)			84
Add back: depreciation and amortization			3			14			(11)			12			27			(15)
Subtract: interest and investment income			(24)			50			(74)			(41)			97			(139)
Add back: decommissioning expense			14			40			(26)			28			93			(65)
Adjusted EBITDA (non-GAAP)			156			(338)			494			207			(262)			469

Calculations may differ due to rounding

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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
Second quarter 2022 vs. 2021 (See appendix G for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending June 30			2022			2021			Change
GAAP measure
As-reported ROE			10.8%			11.6%			(0.8)%
Non-GAAP measure
Adjusted ROE			11.3%			11.3%			-
As of June 30 ($ in millions, except where noted)			2022			2021			Change
GAAP measures
Cash and cash equivalents			580			687			(107)
Available revolver capacity			4,191			4,125			66
Commercial paper			1,398			866			532
Total debt			26,923			25,435			1,488
Securitization debt			336			114			222
Debt to capital			69.1%			69.5%			(0.4)%
Off-balance sheet liabilities:
Debt of joint ventures – Entergy’s share			3			12			(9)
Total off-balance sheet liabilities			3			12			(9)
Storm escrow balances			323			72			251
Non-GAAP measures ($ in millions, except where noted)
Debt to capital, excluding securitization debt			68.8%			69.4%			(0.6)%
Net debt to net capital, excluding securitization debt			68.4%			68.9%			(0.5)%
Gross liquidity			4,771			4,812			(41)
Net liquidity			3,373			3,946			(573)
Net liquidity, including storm escrow balances			3,697			4,018			(322)
Parent debt to total debt, excluding securitization debt			20.9%			22.4%			(1.5)%
FFO to debt, excluding securitization debt			10.9%			9.8%			1.1%
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC			11.1%			10.8%			0.4%

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 operating and financial measures
GWh sold						Total number of GWh sold 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 total sales
EWC Operating and financial measures
Adjusted EBITDA (non-GAAP)						Earnings before interest, income taxes, and depreciation and amortization, and excluding decommissioning expense
Capacity factor						Normalized percentage of the period that the nuclear plants generate power
GWh billed						Total number of GWh billed to customers and financially-settled instruments
Owned capacity (MW)						Installed capacity owned by EWC
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)
Financial measures – GAAP
As-reported ROE			12-months rolling net income attributable to Entergy Corp. divided by avg. common equity
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

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Financial measures – non-GAAP
Adjusted EPS			As-reported EPS excluding adjustments
Adjusted ROE			12-months rolling adjusted net income attributable to Entergy Corp. divided by avg. common equity
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 excl. securitization debt
FFO to debt, excl. securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC			12-months rolling FFO excluding return of unprotected excess ADIT and severance and retention payments associated with the 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 APSC ARO ATM bps CCCT CCGT CCNO CFO COD DCRF DOE DSM E-AR E-LA E-MS E-NO E-TX EBITDA EPC EPS ETR EWC FERC FFO FIN 48 FRP GAAP GCRR Grand Gulf or GGNS HLBV IIRR-G			Accumulated deferred income taxes Allowance for funds used during construction Allowance for borrowed funds used during construction Administrative law judge Advanced metering infrastructure Arkansas Public Service Commission Asset retirement obligation At the market equity issuance program Basis points Combined cycle combustion turbine Combined cycle gas turbine Council of the City of New Orleans Cash from operations Commercial operation date 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 Engineering, procurement, and construction 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 Hypothetical liquidation at book value Infrastructure investment recovery rider - gas			Indian Point 3 or IP3 IPEC or Indian Point IRAR ISES 2 LPSC LTM LURC MISO Moody’s MPSC MTEP Nelson 6 NDT NRC NYSE OCAPS OCF OpCo OPEB Other O&M P&O Palisades PMR PPA PUCT RFP ROE RS Cogen RSP S&P SEC SERI TCRF UPSA WACC			Indian Point Energy Center Unit 3 (nuclear) (shut down April 2021, sold May 2021) Indian Point Energy Center (nuclear) (sold May 28, 2021) Interim rate adjustment rider Unit 2 of Independence Steam Electric Station (coal) Louisiana Public Service Commission Last twelve months Louisiana Utility Restoration Corporation 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 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) (shut down May 2022, sold June 2022) Performance Management Rider Power purchase agreement or purchased power agreement Public Utility Commission of Texas Request for proposals Return on equity 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

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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 – ROE
(LTM $ in millions except where noted)						Second quarter
						2022			2021
As-reported net income (loss) attributable to Entergy Corporation			(A)			1,226			1,238
Adjustments			(B)			(56)			32
Adjusted earnings (non-GAAP)			(A-B)			1,282			1,206
Average common equity (average of beginning and ending balances)			(C)			11,300			10,657
As-reported ROE			(A/C)			10.8%			11.6%
Adjusted ROE (non-GAAP)			[(A-B)/C]			11.3%			11.3%

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)						Second quarter
						2022			2021
Total debt			(A)			26,923			25,435
Less securitization debt			(B)			336			114
Total debt, excluding securitization debt			(C)			26,587			25,321
Less cash and cash equivalents			(D)			580			687
Net debt, excluding securitization debt			(E)			26,007			24,634
Commercial paper			(F)			1,398			866
Total capitalization			(G)			38,961			36,577
Less securitization debt			(B)			336			114
Total capitalization, excluding securitization debt			(H)			38,625			36,463
Less cash and cash equivalents			(D)			580			687
Net capital, excluding securitization debt			(I)			38,045			35,777
Debt to capital			(A/G)			69.1%			69.5%
Debt to capital, excluding securitization debt (non-GAAP)			(C/H)			68.8%			69.4%
Net debt to net capital, excluding securitization debt (non-GAAP)			(E/I)			68.4%			68.9%
Available revolver capacity			(J)			4,191			4,125
Storm escrows			(K)			323			72
Gross liquidity (non-GAAP)			(D+J)			4,771			4,812
Net liquidity (non-GAAP)			(D+J-F)			3,373			3,946
Net liquidity, including storm escrows (non-GAAP)			(D+J-F+K)			3,697			4,018
Entergy Corporation notes:
Due July 2022						-			650
Due September 2025						800			800
Due September 2026						750			750
Due June 2028						650			650
Due June 2030						600			600
Due June 2031						650			650
Due June 2050						600			600
Total Entergy Corporation notes			(L)			4,050			4,700
Revolver draw			(M)			150			150
Unamortized debt issuance costs and discounts			(N)			(46)			(52)
Total parent debt			(F+L+M+N)			5,552			5,664
Parent debt to total debt, excluding securitization debt (non-GAAP)			[(F+L+M+N)/C]			20.9%			22.4%

Calculations may differ due to rounding

---

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 the exit of EWC
($ in millions except where noted)						Second quarter
						2022			2021
Total debt			(A)			26,923			25,435
Less securitization debt			(B)			336			114
Total debt, excluding securitization debt			(C)			26,587			25,321
Net cash flow provided by operating activities, LTM			(D)
			2,370			1,988
AFUDC – borrowed funds, LTM			(E)			(27)			(38)
Working capital items in net cash flow provided by operating activities, LTM:
Receivables						(155)			(263)
Fuel inventory						18			9
Accounts payable						444			45
Taxes accrued						48			93
Interest accrued						(22)			3
Deferred fuel costs						(847)			(369)
Other working capital accounts						(104)			(166)
Securitization regulatory charges, LTM						67			119
Total			(F)			(551)			(529)
FFO, LTM (non-GAAP)			(G)=(D+E-F)			2,894			2,479
FFO to debt, excluding securitization debt (non-GAAP)			(G/C)			10.9%			9.8%
Estimated return of unprotected excess ADIT, LTM			(H)			62			83
Severance and retention payments associated with exit of EWC, LTM pre-tax			(I)			-			160
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC (non-GAAP)			[(G+H+I)/(C)]			11.1%			10.8%

Calculations may differ due to rounding

---

Financial Statements

Entergy Corporation
Consolidating Balance Sheet
June 30, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash						$	60,227					$	2,835					$	3,203					$	66,265
Temporary cash investments						338,506						16,567						158,551						513,624
Total cash and cash equivalents						398,733						19,402						161,754						579,889
Notes receivable						—						(75,000)						75,000						—
Accounts receivable:
Customer						804,552						—						—						804,552
Allowance for doubtful accounts						(25,587)						—						—						(25,587)
Associated companies						6,092						(8,687)						2,595						—
Other						208,852						—						29,644						238,496
Accrued unbilled revenues						545,027						—						—						545,027
Total accounts receivable						1,538,936						(8,687)						32,239						1,562,488
Deferred fuel costs						983,935						—						—						983,935
Fuel inventory - at average cost						131,993						—						6,201						138,194
Materials and supplies - at average cost						1,090,495						—						4,069						1,094,564
Deferred nuclear refueling outage costs						186,682						—						—						186,682
Prepayments and other						262,336						(25,526)						12,849						249,659
TOTAL						4,593,110						(89,811)						292,112						4,795,411
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates						3,203,763						(3,203,850)						22,139						22,052
Decommissioning trust funds						4,090,109						—						—						4,090,109
Non-utility property - at cost (less accumulated depreciation)						347,019						(16)						11,606						358,609
Other						364,422						49,716						8,991						423,129
TOTAL						8,005,313						(3,154,150)						42,736						4,893,899
PROPERTY, PLANT, AND EQUIPMENT
Electric						63,000,720						5,038						203,803						63,209,561
Natural gas						672,282						—						—						672,282
Construction work in progress						1,826,440						313						828						1,827,581
Nuclear fuel						518,120						—						—						518,120
TOTAL PROPERTY, PLANT, AND EQUIPMENT						66,017,562						5,351						204,631						66,227,544
Less - accumulated depreciation and amortization						24,862,326						200						151,321						25,013,847
PROPERTY, PLANT, AND EQUIPMENT - NET						41,155,236						5,151						53,310						41,213,697
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						5,889,029						—						—						5,889,029
Deferred fuel costs						241,052						—						—						241,052
Goodwill						374,099						—						3,073						377,172
Accumulated deferred income taxes						76,092						435						11,073						87,600
Other						191,755						11,972						125,992						329,719
TOTAL						6,772,027						12,407						140,138						6,924,572
TOTAL ASSETS						$	60,525,686					$	(3,226,403)					$	528,296					$	57,827,579
*Totals may not foot due to rounding.

---

Entergy Corporation
Consolidating Balance Sheet
June 30, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt						$	770,030					$	—					$	139,000					$	909,030
Notes payable and commercial paper:
Other						—						1,397,871						—						1,397,871
Account payable:
Associated companies						25,322						(19,993)						(5,329)						—
Other						1,876,256						478						58,552						1,935,286
Customer deposits						410,307						—						—						410,307
Taxes accrued						404,470						38,944						(24,006)						419,408
Interest accrued						166,285						12,729						190						179,204
Pension and other postretirement liabilities						48,825						—						13,086						61,911
Current portion of unprotected excess accumulated
deferred income taxes						18,935						—						—						18,935
Other						201,323						1,887						6,453						209,663
TOTAL						3,921,753						1,431,916						187,946						5,541,615
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						5,536,791						(548,625)						(508,738)						4,479,428
Accumulated deferred investment tax credits						207,868						—						—						207,868
Regulatory liability for income taxes - net						1,216,339						—						—						1,216,339
Other regulatory liabilities						2,733,436						—						—						2,733,436
Decommissioning and retirement cost liabilities						4,172,544						—						593						4,173,137
Accumulated provisions						452,810						—						299						453,109
Pension and other postretirement liabilities						1,495,124						—						292,944						1,788,068
Long-term debt						20,389,631						4,154,265						—						24,543,896
Other						1,040,878						(447,395)						59,219						652,702
TOTAL						37,245,421						3,158,245						(155,683)						40,247,983
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 2022 - none						—						—						—						—
Common stock, $.01 par value, authorized 499,000,000 shares;
issued 271,965,510 shares in 2022						2,323,748						(2,522,131)						201,103						2,720
Paid-in capital						3,919,772						(1,480,699)						4,311,295						6,750,368
Retained earnings						12,979,653						1,054,176						(3,767,640)						10,266,189
Accumulated other comprehensive loss						(51,064)						—						(272,974)						(324,038)
Less - treasury stock, at cost (68,548,479 shares in 2022)						120,000						4,864,160						—						4,984,160
TOTAL COMMON SHAREHOLDERS' EQUITY						19,052,109						(7,812,814)						471,784						11,711,079
Subsidiaries' preferred stock without sinking fund
and noncontrolling interest						111,242						(3,750)						—						107,492
TOTAL						19,163,351						(7,816,564)						471,784						11,818,571
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY						$	60,525,686					$	(3,226,403)					$	528,296					$	57,827,579
*Totals may not foot due to rounding.

---

Entergy Corporation
Consolidating Balance Sheet
December 31, 2021
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash						$	40,303					$	3,144					$	1,497					$	44,944
Temporary cash investments						270,947						8,126						118,542						397,615
Total cash and cash equivalents						311,250						11,270						120,039						442,559
Notes receivable						—						(84,000)						84,000						—
Accounts receivable:
Customer						747,423						—						39,443						786,866
Allowance for doubtful accounts						(68,608)						—						—						(68,608)
Associated companies						12,448						(13,069)						621						—
Other						137,817						345						93,681						231,843
Accrued unbilled revenues						420,255						—						—						420,255
Total accounts receivable						1,249,335						(12,724)						133,745						1,370,356
Deferred fuel costs						324,394						—						—						324,394
Fuel inventory - at average cost						149,817						—						4,758						154,575
Materials and supplies - at average cost						1,022,137						—						19,378						1,041,515
Deferred nuclear refueling outage costs						115,024						—						18,398						133,422
Prepayments and other						162,559						(16,251)						10,466						156,774
TOTAL						3,334,516						(101,705)						390,784						3,623,595
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates						1,482,963						(1,483,049)						22,090						22,004
Decommissioning trust funds						4,938,194						—						575,822						5,514,016
Non-utility property - at cost (less accumulated depreciation)						344,427						(14)						13,163						357,576
Other						82,118						46,339						8,994						137,451
TOTAL						6,847,702						(1,436,724)						620,069						6,031,047
PROPERTY, PLANT, AND EQUIPMENT
Electric						63,775,441						10,869						476,940						64,263,250
Natural gas						658,989						—						—						658,989
Construction work in progress						1,510,840						257						869						1,511,966
Nuclear fuel						562,910						—						14,096						577,006
TOTAL PROPERTY, PLANT, AND EQUIPMENT						66,508,180						11,126						491,905						67,011,211
Less - accumulated depreciation and amortization						24,346,483						5,968						414,600						24,767,051
PROPERTY, PLANT, AND EQUIPMENT - NET						42,161,697						5,158						77,305						42,244,160
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						6,613,256						—						—						6,613,256
Deferred fuel costs						240,953						—						—						240,953
Goodwill						374,099						—						3,073						377,172
Accumulated deferred income taxes						47,641						59						6,486						54,186
Other						113,761						11,154						144,958						269,873
TOTAL						7,389,710						11,213						154,517						7,555,440
TOTAL ASSETS						$	59,733,625					$	(1,522,058)					$	1,242,675					$	59,454,242
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidating Balance Sheet
December 31, 2021
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt						$	250,329					$	650,000					$	139,000					$	1,039,329
Notes payable and commercial paper:
Other						—						1,201,177						—						1,201,177
Account payable:
Associated companies						38,168						(41,588)						3,420						—
Other						2,544,419						77						65,636						2,610,132
Customer deposits						395,184						—						—						395,184
Taxes accrued						417,949						3,680						(1,801)						419,828
Interest accrued						166,149						24,506						496						191,151
Deferred fuel costs						7,607						—						—						7,607
Pension and other postretirement liabilities						55,528						—						12,808						68,336
Current portion of unprotected excess accumulated
deferred income taxes						53,385						—						—						53,385
Other						190,473						1,893						12,247						204,613
TOTAL						4,119,191						1,839,745						231,806						6,190,742
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						5,737,096						(477,484)						(552,815)						4,706,797
Accumulated deferred investment tax credits						211,975						—						—						211,975
Regulatory liability for income taxes - net						1,255,692						—						—						1,255,692
Other regulatory liabilities						2,643,845						—						—						2,643,845
Decommissioning and retirement cost liabilities						4,074,078						—						683,006						4,757,084
Accumulated provisions						156,823						—						299						157,122
Pension and other postretirement liabilities						1,601,648						—						347,677						1,949,325
Long-term debt						20,675,567						4,166,005						—						24,841,572
Other						1,207,314						(453,928)						61,898						815,284
TOTAL						37,564,038						3,234,593						540,065						41,338,696
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 271,965,510 shares in 2021						2,323,748						(2,522,131)						201,103						2,720
Paid-in capital						4,482,797						1,314,411						969,031						6,766,239
Retained earnings						11,149,232						(465,227)						(443,453)						10,240,552
Accumulated other comprehensive loss						(52,402)						—						(280,126)						(332,528)
Less - treasury stock, at cost (69,312,326 shares in 2021)						120,000						4,919,699						—						5,039,699
TOTAL COMMON SHAREHOLDERS' EQUITY						17,783,375						(6,592,646)						446,555						11,637,284
Subsidiaries' preferred stock without sinking fund
and noncontrolling interest						71,860						(3,750)						—						68,110
TOTAL						17,855,235						(6,596,396)						446,555						11,705,394
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY						$	59,733,625					$	(1,522,058)					$	1,242,675					$	59,454,242
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidating Income Statement
Three Months Ended June 30, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$	3,258,261					$	(6)					$	—					$	3,258,255
Natural gas						48,008						—						—						48,008
Competitive businesses						—						—						88,933						88,933
Total						3,306,269						(6)						88,933						3,395,196
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						627,233						(6)						24,719						651,946
Purchased power						544,964						6						25,657						570,627
Nuclear refueling outage expenses						29,560						—						7,357						36,917
Other operation and maintenance						725,744						9,497						42,474						777,715
Asset write-offs, impairments, and related charges (credits)						—						—						(164,066)						(164,066)
Decommissioning						48,620						—						14,239						62,859
Taxes other than income taxes						169,200						263						2,781						172,244
Depreciation and amortization						441,571						145						3,043						444,759
Other regulatory charges (credits) - net						761,063						—						—						761,063
Total						3,347,955						9,905						(43,796)						3,314,064
OPERATING INCOME						(41,686)						(9,911)						132,729						81,132
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						13,568						—						—						13,568
Interest and investment income (loss)						(30,887)						(43,723)						(24,439)						(99,049)
Miscellaneous - net						31,115						(1,491)						5,954						35,578
Total						13,796						(45,214)						(18,485)						(49,903)
INTEREST EXPENSE
Interest expense						192,018						37,970						1,625						231,613
Allowance for borrowed funds used during construction						(4,752)						—						—						(4,752)
Total						187,266						37,970						1,625						226,861
INCOME BEFORE INCOME TAXES						(215,156)						(93,095)						112,619						(195,632)
Income taxes						(371,704)						(13,172)						25,233						(359,643)
CONSOLIDATED NET INCOME						156,548						(79,923)						87,386						164,011
Preferred dividend requirements of subsidiaries and noncontrolling interest						3,809						(48)						547						4,308
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	152,739					$	(79,875)					$	86,839					$	159,703
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$0.75						($0.39)						$0.43						$0.79
DILUTED						$0.75						($0.39)						$0.42						$0.78
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								203,383,199
DILUTED																								204,712,242
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidating Income Statement
Three Months Ended June 30, 2021
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$	2,641,387					$	(12)					$	—					$	2,641,375
Natural gas						31,998						—						—						31,998
Competitive businesses						—						41						148,656						148,697
Total						2,673,385						29						148,656						2,822,070
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						608,663						(1)						17,402						626,064
Purchased power						234,643						1						17,727						252,371
Nuclear refueling outage expenses						32,520						—						11,180						43,700
Other operation and maintenance						691,298						6,498						83,322						781,118
Asset write-offs, impairments, and related charges						—						—						342,092						342,092
Decommissioning						46,256						—						39,943						86,199
Taxes other than income taxes						149,633						258						6,020						155,911
Depreciation and amortization						406,680						650						14,215						421,545
Other regulatory charges (credits) - net						(55,138)						—						—						(55,138)
Total						2,114,555						7,406						531,901						2,653,862
OPERATING INCOME						558,830						(7,377)						(383,245)						168,208
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						16,873						—						—						16,873
Interest and investment income						54,517						(32,738)						49,550						71,329
Miscellaneous - net						(52,279)						(1,829)						(8,736)						(62,844)
Total						19,111						(34,567)						40,814						25,358
INTEREST EXPENSE
Interest expense						183,609						32,818						3,913						220,340
Allowance for borrowed funds used during construction						(6,964)						—						—						(6,964)
Total						176,645						32,818						3,913						213,376
INCOME (LOSS) BEFORE INCOME TAXES						401,296						(74,762)						(346,344)						(19,810)
Income taxes						71,360						(18,080)						(71,696)						(18,416)
CONSOLIDATED NET INCOME (LOSS)						329,936						(56,682)						(274,648)						(1,394)
Preferred dividend requirements of subsidiaries						4,033						—						547						4,580
NET INCOME (LOSS) ATTRIBUTABLE TO ENTERGY CORPORATION						$	325,903					$	(56,682)					$	(275,195)					$	(5,974)
EARNINGS (LOSS) PER AVERAGE COMMON SHARE:
BASIC						$1.62						($0.28)						($1.37)						($0.03)
DILUTED						$1.62						($0.28)						($1.37)						($0.03)
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								200,775,395
DILUTED																								200,775,395
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidating Income Statement
Six Months Ended June 30, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$	5,914,056					$	(25)					$	—					$	5,914,031
Natural gas						120,369						—						—						120,369
Competitive businesses						—						11						238,711						238,722
Total						6,034,425						(14)						238,711						6,273,122
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						1,268,003						(14)						50,896						1,318,885
Purchased power						800,907						14						39,330						840,251
Nuclear refueling outage expenses						61,504						—						18,414						79,918
Other operation and maintenance						1,354,262						18,573						83,694						1,456,529
Asset write-offs, impairments, and related charges (credits)						—						—						(163,321)						(163,321)
Decommissioning						96,684						—						28,223						124,907
Taxes other than income taxes						339,480						626						12,286						352,392
Depreciation and amortization						871,794						349						11,588						883,731
Other regulatory charges (credits) - net						732,638						—						—						732,638
Total						5,525,272						19,548						81,110						5,625,930
OPERATING INCOME						509,153						(19,562)						157,601						647,192
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						29,440						—						—						29,440
Interest and investment income (loss)						(3,180)						(76,446)						(41,342)						(120,968)
Miscellaneous - net						38,442						(5,264)						10,004						43,182
Total						64,702						(81,710)						(31,338)						(48,346)
INTEREST EXPENSE
Interest expense						381,345						74,961						2,929						459,235
Allowance for borrowed funds used during construction						(10,848)						—						—						(10,848)
Total						370,497						74,961						2,929						448,387
INCOME BEFORE INCOME TAXES						203,358						(176,233)						123,334						150,459
Income taxes						(296,346)						(24,888)						28,089						(293,145)
CONSOLIDATED NET INCOME						499,704						(151,345)						95,245						443,604
Preferred dividend requirements of subsidiaries and noncontrolling interest						6,503						(96)						1,094						7,501
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	493,201					$	(151,249)					$	94,151					$	436,103
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$2.43						($0.74)						$0.46						$2.15
DILUTED						$2.41						($0.74)						$0.46						$2.13
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								203,164,628
DILUTED																								204,291,597
*Totals may not foot due to rounding.

---

Entergy Corporation
Consolidating Income Statement
Six Months Ended June 30, 2021
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$	5,179,834					$	(40)					$	—					$	5,179,794
Natural gas						90,166						—						—						90,166
Competitive businesses						—						73						396,874						396,947
Total						5,270,000						33						396,874						5,666,907
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						1,088,509						(21)						38,743						1,127,231
Purchased power						596,524						21						35,560						632,105
Nuclear refueling outage expenses						65,167						—						22,271						87,438
Other operation and maintenance						1,293,606						12,034						182,264						1,487,904
Asset write-offs, impairments, and related charges						—						—						345,365						345,365
Decommissioning						91,920						—						92,921						184,841
Taxes other than income taxes						299,569						588						12,456						312,613
Depreciation and amortization						807,781						1,303						26,980						836,064
Other regulatory charges (credits) - net						(22,859)						—						—						(22,859)
Total						4,220,217						13,925						756,560						4,990,702
OPERATING INCOME						1,049,783						(13,892)						(359,686)						676,205
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						31,449						—						—						31,449
Interest and investment income						182,630						(65,469)						97,484						214,645
Miscellaneous - net						(97,797)						(3,761)						(22,215)						(123,773)
Total						116,282						(69,230)						75,269						122,321
INTEREST EXPENSE
Interest expense						357,411						60,571						8,244						426,226
Allowance for borrowed funds used during construction						(12,976)						—						—						(12,976)
Total						344,435						60,571						8,244						413,250
INCOME BEFORE INCOME TAXES						821,630						(143,693)						(292,661)						385,276
Income taxes						131,094						(27,433)						(56,135)						47,526
CONSOLIDATED NET INCOME						690,536						(116,260)						(236,526)						337,750
Preferred dividend requirements of subsidiaries						8,066						—						1,093						9,159
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	682,470					$	(116,260)					$	(237,619)					$	328,591
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$3.40						($0.58)						($1.18)						$1.64
DILUTED						$3.39						($0.58)						($1.18)						$1.63
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								200,651,162
DILUTED																								201,352,830
*Totals may not foot due to rounding.

---

Entergy Corporation
Consolidating Income Statement
Twelve Months Ended June 30, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$	11,608,287					$	(53)					$	—					$	11,608,234
Natural gas						200,811						—						—						200,811
Competitive businesses						—						65						540,000						540,065
Total						11,809,098						12						540,000						12,349,110
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						2,554,950						(22)						94,822						2,649,750
Purchased power						1,403,138						22						76,663						1,479,823
Nuclear refueling outage expenses						124,094						—						41,021						165,115
Other operation and maintenance						2,717,678						31,608						187,960						2,937,246
Asset write-offs, impairments, and related charges (credits)						—						—						(245,061)						(245,061)
Decommissioning						191,003						—						55,474						246,477
Taxes other than income taxes						682,515						531						17,022						700,068
Depreciation and amortization						1,701,164						1,751						29,037						1,731,952
Other regulatory charges (credits) - net						867,126						—						—						867,126
Total						10,241,668						33,890						256,938						10,532,496
OPERATING INCOME						1,567,430						(33,878)						283,062						1,816,614
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						68,463						—						—						68,463
Interest and investment income						257,006						(141,924)						(20,229)						94,853
Miscellaneous - net						(40,408)						(9,525)						15,110						(34,823)
Total						285,061						(151,449)						(5,119)						128,493
INTEREST EXPENSE
Interest expense						744,955						143,746						8,020						896,721
Allowance for borrowed funds used during construction						(26,889)						—						—						(26,889)
Total						718,066						143,746						8,020						869,832
INCOME BEFORE INCOME TAXES						1,134,425						(329,073)						269,923						1,075,275
Income taxes						(163,231)						(44,910)						58,843						(149,298)
CONSOLIDATED NET INCOME						1,297,656						(284,163)						211,080						1,224,573
Preferred dividend requirements of subsidiaries and noncontrolling interest						(3,495)						(123)						2,187						(1,431)
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	1,301,151					$	(284,040)					$	208,893					$	1,226,004
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$6.44						($1.40)						$1.03						$6.07
DILUTED						$6.41						($1.40)						$1.03						$6.04
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								201,965,746
DILUTED																								203,058,816
*Totals may not foot due to rounding.

---

Entergy Corporation
Consolidating Income Statement
Twelve Months Ended June 30, 2021
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$	9,985,320					$	(79)					$	—					$	9,985,241
Natural gas						147,704						—						—						147,704
Competitive businesses						—						146						807,486						807,632
Total						10,133,024						67						807,486						10,940,577
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						1,884,446						(35)						68,784						1,953,195
Purchased power						1,025,172						35						82,591						1,107,798
Nuclear refueling outage expenses						132,925						—						43,558						176,483
Other operation and maintenance						2,616,822						24,704						410,659						3,052,185
Asset write-offs, impairments, and related charges						—						—						360,117						360,117
Decommissioning						181,497						—						196,108						377,605
Taxes other than income taxes						603,954						1,234						31,325						636,513
Depreciation and amortization						1,574,154						2,652						68,866						1,645,672
Other regulatory charges (credits) - net						24,675						—						—						24,675
Total						8,043,645						28,590						1,262,008						9,334,243
OPERATING INCOME						2,089,379						(28,523)						(454,522)						1,606,334
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						86,556						—						—						86,556
Interest and investment income						373,142						(130,479)						296,830						539,493
Miscellaneous - net						(214,132)						(7,090)						(42,953)						(264,175)
Total						245,566						(137,569)						253,877						361,874
INTEREST EXPENSE
Interest expense						710,491						112,810						18,518						841,819
Allowance for borrowed funds used during construction						(37,707)						—						—						(37,707)
Total						672,784						112,810						18,518						804,112
INCOME BEFORE INCOME TAXES						1,662,161						(278,902)						(219,163)						1,164,096
Income taxes						(171,978)						25,202						54,875						(91,901)
CONSOLIDATED NET INCOME						1,834,139						(304,104)						(274,038)						1,255,997
Preferred dividend requirements of subsidiaries						16,131						—						2,188						18,319
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	1,818,008					$	(304,104)					$	(276,226)					$	1,237,678
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$9.07						($1.52)						($1.38)						$6.17
DILUTED						$9.03						($1.51)						($1.37)						$6.15
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								200,438,115
DILUTED																								201,339,520
*Totals may not foot due to rounding.

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Entergy Corporation
Consolidated Cash Flow Statement
Three Months Ended June 30, 2022 vs. 2021
(Dollars in thousands)
(Unaudited)
						2022						2021						Variance
OPERATING ACTIVITIES
Consolidated net income						$	164,011					$	(1,394)					$	165,405
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						552,223						569,723						(17,500)
Deferred income taxes, investment tax credits, and non-current taxes accrued						(344,919)						(125,157)						(219,762)
Asset write-offs, impairments, and related charges (credits)						(164,066)						342,061						(506,127)
Changes in working capital:
Receivables						(347,486)						(101,587)						(245,899)
Fuel inventory						1,586						(10,160)						11,746
Accounts payable						326,090						44,237						281,853
Taxes accrued						79,521						161,471						(81,950)
Interest accrued						(44,809)						3,616						(48,425)
Deferred fuel costs						(608,315)						66,983						(675,298)
Other working capital accounts						(41,820)						(43,192)						1,372
Changes in provisions for estimated losses						287,781						6,645						281,136
Changes in other regulatory assets						2,148,497						3,866						2,144,631
Changes in other regulatory liabilities						266,146						185,396						80,750
Effect of securitization on regulatory assets						(2,528,897)						—						(2,528,897)
Changes in pension and other postretirement liabilities						(66,041)						(92,860)						26,819
Other						598,494						(213,536)						812,030
Net cash flow provided by operating activities						277,996						796,112						(518,116)
INVESTING ACTIVITIES
Construction/capital expenditures						(1,219,018)						(1,331,273)						112,255
Allowance for equity funds used during construction						13,569						16,872						(3,303)
Nuclear fuel purchases						(31,517)						(25,942)						(5,575)
Payment for purchase of plant or assets						(105,149)						(36,534)						(68,615)
Net proceeds (payments) from sale of assets						(7,082)						22,421						(29,503)
Changes in securitization account						(13,195)						10,989						(24,184)
Payments to storm reserve escrow account						(1,290,314)						(7)						(1,290,307)
Receipts from storm reserve escrow account						1,000,218						—						1,000,218
Increase in other investments						(24,195)						(1,768)						(22,427)
Proceeds from nuclear decommissioning trust fund sales						619,566						611,972						7,594
Investment in nuclear decommissioning trust funds						(615,646)						(579,683)						(35,963)
Net cash flow used in investing activities						(1,672,763)						(1,312,953)						(359,810)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						1,297,692						1,332,088						(34,396)
Treasury stock						17,323						3,060						14,263
Common stock						—						26,817						(26,817)
Retirement of long-term debt						(3,069,332)						(1,554,394)						(1,514,938)
Changes in credit borrowings and commercial paper - net						55,060						(161,384)						216,444
Capital contribution from noncontrolling interest						9,595						—						9,595
Proceeds from trust related to securitization						3,163,572						—						3,163,572
Other						9,142						10,087						(945)
Dividends paid:
Common stock						(205,408)						(190,629)						(14,779)
Preferred stock						(4,579)						(4,579)						—
Net cash flow provided by (used in) financing activities						1,273,065						(538,934)						1,811,999
Net decrease in cash and cash equivalents						(121,703)						(1,055,775)						934,072
Cash and cash equivalents at beginning of period						701,591						1,742,656						(1,041,065)
Cash and cash equivalents at end of period						$	579,888					$	686,881					$	(106,993)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$	268,397					$	225,850					$	42,547
Income taxes						$	4,020					$	18,473					$	(14,453)

---

Entergy Corporation
Consolidated Cash Flow Statement
Six Months Ended June 30, 2022 vs. 2021
(Dollars in thousands)
(Unaudited)
						2022						2021						Variance
OPERATING ACTIVITIES
Consolidated net income						$	443,604					$	337,750					$	105,854
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						1,113,954						1,150,294						(36,340)
Deferred income taxes, investment tax credits, and non-current taxes accrued						(274,139)						115,274						(389,413)
Asset write-offs, impairments, and related charges (credits)						(163,321)						345,339						(508,660)
Changes in working capital:
Receivables						(224,499)						(154,277)						(70,222)
Fuel inventory						16,381						16,718						(337)
Accounts payable						42,915						(131,414)						174,329
Taxes accrued						(420)						(69,711)						69,291
Interest accrued						(11,947)						(162)						(11,785)
Deferred fuel costs						(667,247)						(286,116)						(381,131)
Other working capital accounts						(136,853)						(86,774)						(50,079)
Changes in provisions for estimated losses						295,987						(54,278)						350,265
Changes in other regulatory assets						724,227						93,776						630,451
Changes in other regulatory liabilities						15,788						170,932						(155,144)
Effects of securitization on regulatory assets						(1,036,955)						—						(1,036,955)
Changes in pension and other postretirement liabilities						(167,682)						(259,593)						91,911
Other						846,170						(441,211)						1,287,381
Net cash flow provided by operating activities						815,963						746,547						69,416
INVESTING ACTIVITIES
Construction/capital expenditures						(2,720,596)						(2,883,376)						162,780
Allowance for equity funds used during construction						29,440						31,449						(2,009)
Nuclear fuel purchases						(114,843)						(73,858)						(40,985)
Payment for purchase of plant or assets						(105,149)						(36,534)						(68,615)
Net proceeds (payments) from sale of assets						(7,082)						22,421						(29,503)
Litigation proceeds form settlement agreement						9,829						—						9,829
Changes in securitization account						337						9,685						(9,348)
Payments to storm reserve escrow account						(1,290,314)						(17)						(1,290,297)
Receipts from storm reserve escrow account						1,000,218						44,205						956,013
Decrease (increase) in other investments						(36,057)						10,753						(46,810)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						32,367						15,735						16,632
Proceeds from nuclear decommissioning trust fund sales						1,099,503						3,837,482						(2,737,979)
Investment in nuclear decommissioning trust funds						(1,121,635)						(3,804,170)						2,682,535
Net cash flow used in investing activities						(3,223,982)						(2,826,225)						(397,757)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						3,851,061						5,008,330						(1,157,269)
Treasury stock						26,952						4,039						22,913
Common stock						—						26,817						(26,817)
Retirement of long-term debt						(4,293,423)						(2,900,566)						(1,392,857)
Changes in credit borrowings and commercial paper - net						196,694						(761,244)						957,938
Capital contribution from noncontrolling interest						9,595						—						9,595
Proceeds from trust related to securitization						3,163,572						—						3,163,572
Other						10,523						20,467						(9,944)
Dividends paid:
Common stock						(410,466)						(381,224)						(29,242)
Preferred stock						(9,159)						(9,159)						—
Net cash flow provided by financing activities						2,545,349						1,007,460						1,537,889
Net increase (decrease) in cash and cash equivalents						137,330						(1,072,218)						1,209,548
Cash and cash equivalents at beginning of period						442,559						1,759,099						(1,316,540)
Cash and cash equivalents at end of period						$	579,889					$	686,881					$	(106,992)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized						$	454,666					$	428,301					$	26,365
Income taxes						$	(7,485)					$	27,488					$	(34,973)

---

Entergy Corporation
Consolidated Cash Flow Statement
Twelve Months Ended June 30, 2022 vs. 2021
(Dollars in thousands)
(Unaudited)
						2022						2021						Variance
OPERATING ACTIVITIES
Consolidated net income						$	1,224,573					$	1,255,997					$	(31,424)
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						2,206,604						2,276,832						(70,228)
Deferred income taxes, investment tax credits, and non-current taxes accrued						(140,694)						(84,172)						(56,522)
Asset write-offs, impairments, and related charges (credits)						(245,061)						359,984						(605,045)
Changes in working capital:
Receivables						(154,851)						(262,583)						107,732
Fuel inventory						18,022						9,157						8,865
Accounts payable						444,126						45,097						399,029
Taxes accrued						48,108						93,376						(45,268)
Interest accrued						(22,425)						3,312						(25,737)
Deferred fuel costs						(847,181)						(368,898)						(478,283)
Other working capital accounts						(103,962)						(166,282)						62,320
Changes in provisions for estimated losses						264,552						(307,503)						572,055
Changes in other regulatory assets						93,744						(765,328)						859,072
Changes in other regulatory liabilities						(111,513)						573,759						(685,272)
Effects of securitization on regulatory assets						(1,036,955)						—						(1,036,955)
Changes in pension and other postretirement liabilities						(805,256)						(31,990)						(773,266)
Other						1,538,298						(642,652)						2,180,950
Net cash flow provided by operating activities						2,370,129						1,988,106						382,023
INVESTING ACTIVITIES
Construction/capital expenditures						(5,924,516)						(5,392,158)						(532,358)
Allowance for equity funds used during construction						68,464						86,555						(18,091)
Nuclear fuel purchases						(207,497)						(175,930)						(31,567)
Payment for purchase of plant or assets						(236,919)						(259,022)						22,103
Net proceeds (payments) from sale of assets						(12,082)						22,421						(34,503)
Litigation proceeds form settlement agreement						9,829						—						9,829
Changes in securitization account						4,321						2,259						2,062
Payments to storm reserve escrow account						(1,290,322)						(325)						(1,289,997)
Receipts from storm reserve escrow account						1,039,118						301,204						737,914
Increase in other investments						(44,467)						(4,264)						(40,203)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						65,868						21,194						44,674
Proceeds from nuclear decommissioning trust fund sales						2,815,650						5,695,746						(2,880,096)
Investment in nuclear decommissioning trust funds						(2,864,480)						(5,698,018)						2,833,538
Net cash flow used in investing activities						(6,577,033)						(5,400,338)						(1,176,695)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						7,151,158						12,426,521						(5,275,363)
Treasury stock						28,890						4,886						24,004
Common stock						173,959						26,817						147,142
Retirement of long-term debt						(6,220,684)						(7,460,025)						1,239,341
Changes in credit borrowings and commercial paper - net						531,626						(1,079,974)						1,611,600
Capital contributions from noncontrolling interest						60,797						—						60,797
Proceeds from trust related to securitization						3,163,572						—						3,163,572
Other						33,277						21,391						11,886
Dividends paid:
Common stock						(804,364)						(757,652)						(46,712)
Preferred stock						(18,319)						(18,319)						—
Net cash flow provided by financing activities						4,099,912						3,163,645						936,267
Net decrease in cash and cash equivalents						(106,992)						(248,587)						141,595
Cash and cash equivalents at beginning of period						686,881						935,468						(248,587)
Cash and cash equivalents at end of period						$	579,889					$	686,881					$	(106,992)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$	869,593					$	826,976					$	42,617
Income taxes						$	63,404					$	6,267					$	57,137