EX-99 2 a05722991.htm EX-99

Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

November 2, 2022

Entergy reports third quarter earnings

Company narrows guidance and extends financial outlooks

NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported third quarter 2022 earnings per share of $2.74 on an as-reported basis and $2.84 on an adjusted basis (non-GAAP).

“We continued to make meaningful progress in the third quarter, executing our strategy across regulatory, financial, and operational paths to create sustainable value for all our stakeholders,” said Drew Marsh, Entergy chief executive officer. “We expect to deliver strong results for 2022 driven by the growth of our regulated operations. We remain laser focused on affordability and reliability for our customers, while advancing initiatives that support their growth, resilience, and clean energy goals.”

Business highlights included the following:

•Entergy narrowed its 2022 adjusted EPS guidance range to $6.25 to $6.45.

•The APSC approved Driver Solar, a 250 MW solar facility that will support US Steel.

•The LPSC approved four solar projects totaling 475 MW.

•The LPSC approved Entergy’s Geaux Green option, a new asset-based green tariff.

•E-LA completed its longest underground distribution project in Southeast Louisiana, adding to upgrades that have increased the resilience of the electric system.

•E-LA completed a 230kV Mississippi River transmission crossing, with key towers upgraded to withstand winds of up to 175 mph.

•E-TX and an affiliate of New Fortress Energy Inc. signed an MOU to collaborate on the development of renewable energy and hydrogen infrastructure in Southeast Texas.

•The CCNO approved $206 million securitization recovery for E-NO’s Hurricane Ida costs and replenishment of the company’s storm escrow.

•Entergy’s Board of Directors declared a quarterly dividend of $1.07 per share, a six percent increase.

•Entergy was named as one of the nation’s top utilities in economic development by Site Selection magazine for the 15th consecutive year.

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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)
Third quarter and year-to-date 2022 vs. 2021 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)
			Third quarter									Year-to-date
			2022			2021			Change			2022			2021			Change
(After-tax, $ in millions)
As-reported earnings			561			531			30			997			860			137
Less adjustments			(19)			37			(56)			(216)			(201)			(15)
Adjusted earnings (non-GAAP)			580			494			85			1,213			1,061			152
Estimated weather impact			21			(9)			29			86			(1)			87
(After-tax, per share in $)
As-reported earnings			2.74			2.63			0.11			4.88			4.26			0.62
Less adjustments			(0.10)			0.18			(0.28)			(1.06)			(1.00)			(0.06)
Adjusted earnings (non-GAAP)			2.84			2.45			0.39			5.94			5.26			0.68
Estimated weather impact			0.10			(0.04)			0.14			0.42			—			0.42

Calculations may differ due to rounding

Consolidated results

For third quarter 2022, the company reported earnings of $561 million, or $2.74 per share, on an as-reported basis, and earnings of $580 million, or $2.84 per share, on an adjusted basis. This compared to third quarter 2021 earnings of $531 million, or $2.63 per share, on an as-reported basis, and earnings of $494 million, or $2.45 per share, on an adjusted basis.

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 third quarter 2022, the Utility business reported earnings attributable to Entergy Corporation of $672 million, or $3.29 per share, on both an as-reported and adjusted basis. This compared to third quarter 2021 earnings of $570 million, or $2.82 per share, on an as-

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reported basis and $559 million, or $2.77 per share, on an adjusted basis. Drivers for the change in quarterly earnings included:

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

•higher retail sales volume, including the effects of weather; and

•higher income from affiliate preferred investments (offset at P&O and largely earnings neutral at the consolidated level).

The drivers were partially offset by:

•higher operating expenses including other O&M and depreciation expense, and

•higher interest expense.

On a per share basis, third 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 third quarter 2022, Parent & Other reported a loss attributable to Entergy Corporation of $(92 million), or (45) cents per share, on both an as-reported and an adjusted basis. This compared to a third quarter 2021 loss of $(65 million), or (32) cents per share, on both an as-reported and an adjusted basis. The primary driver for the quarter was the impact from affiliate preferred investments (offset at Utility and largely earnings neutral at the consolidated level).

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

Entergy Wholesale Commodities

For third quarter 2022, EWC reported a loss attributable to Entergy Corporation of $(19 million), or (10) cents per share, on an as-reported basis. This compared to third quarter 2021 earnings of $26 million, or 13 cents per share, on an as-reported basis. The primary drivers for the quarter were:

•the shutdown of Palisades in May 2022 and other items associated with the wind-down of EWC, and

•income taxes.

On a per share basis, third 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 narrowed its 2022 adjusted EPS guidance to a range of $6.25 to $6.45. See webcast presentation for additional details.

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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 is 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 25 cents in 2022.

Earnings teleconference

A teleconference will be held at 10:00 a.m. Central Time on Wednesday, November 2, 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/BIa229a822b57a4806a2dade35096b07b8 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 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.

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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, 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

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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 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 281-297-5436 wabler@entergy.com

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Third 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 Third quarter and year-to-date 2022 vs. 2021 (See Appendix A-2 and Appendix A-3 for details on adjustments)
			Third quarter									Year-to-date
			2022			2021			Change			2022			2021			Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility			672			570			102			1,166			1,253			(87)
Parent & Other			(92)			(65)			(28)			(244)			(181)			(63)
EWC			(19)			26			(45)			75			(212)			287
Consolidated			561			531			30			997			860			137
Less adjustments
Utility			—			11			(11)			(291)			11			(302)
Parent & Other			—			—			—			—			—			—
EWC			(19)			26			(45)			75			(212)			287
Consolidated			(19)			37			(56)			(216)			(201)			(15)
Adjusted earnings (loss) (non-GAAP)
Utility			672			559			113			1,457			1,242			215
Parent & Other			(92)			(65)			(28)			(244)			(181)			(63)
EWC			—			—			—			—			—			—
Consolidated			580			494			85			1,213			1,061			152
Estimated weather impact			21			(9)			29			86			(1)			87
Diluted average number of common shares outstanding (in millions)			205			202			3			204			202			3
(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility			3.29			2.82			0.47			5.70			6.21			(0.51)
Parent & Other			(0.45)			(0.32)			(0.13)			(1.19)			(0.90)			(0.29)
EWC			(0.10)			0.13			(0.23)			0.37			(1.05)			1.42
Consolidated			2.74			2.63			0.11			4.88			4.26			0.62
Less adjustments
Utility			—			0.05			(0.05)			(1.43)			0.05			(1.48)
Parent & Other			—			—			—			—			—			—
EWC			(0.10)			0.13			(0.23)			0.37			(1.05)			1.42
Consolidated			(0.10)			0.18			(0.28)			(1.06)			(1.00)			(0.06)
Adjusted earnings (loss) (non-GAAP)
Utility			3.29			2.77			0.52			7.13			6.16			0.97
Parent & Other			(0.45)			(0.32)			(0.13)			(1.19)			(0.90)			(0.29)
EWC			—			—			—			—			—			—
Consolidated			2.84			2.45			0.39			5.94			5.26			0.68
Estimated weather impact			0.10			(0.04)			0.14			0.42			—			0.42

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 detail 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)
Third quarter and year-to-date 2022 vs. 2021
			Third 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
E-LA contribution to the LURC related to securitization			—			—			—			(32)			—			(32)
E-LA customer-sharing of securitization benefits			—			—			—			(224)			—			(224)
SERI litigation settlement regulatory charge			—			—			—			(551)			—			(551)
Gain on sale			—			15			(15)			—			15			(15)
Income tax effect on Utility adjustments above			—			(4)			4			192			(4)			196
E-LA tax benefit resulting from securitization			—			—			—			283			—			283
Total Utility			—			11			(11)			(291)			11			(302)
EWC
Income before income taxes			—			35			(35)			123			(258)			381
Income taxes			(18)			(9)			(9)			(46)			47			(94)
Preferred dividend requirements			(1)			(1)			—			(2)			(2)			—
Total EWC			(19)			26			(45)			75			(212)			287
Total adjustments			(19)			37			(56)			(216)			(201)			(15)
(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			—			—			—			0.17			—			0.17
E-LA contribution to the LURC related to securitization			—			—			—			(0.15)			—			(0.15)
E-LA customer-sharing of securitization benefits			—			—			—			(0.81)			—			(0.81)
SERI litigation settlement regulatory charge			—			—			—			(2.02)			—			(2.02)
E-LA tax benefit resulting from securitization			—			—			—			1.38			—			1.38
Gain on sale			—			0.05			(0.05)			—			0.05			(0.05)
Total Utility			—			0.05			(0.05)			(1.43)			0.05			(1.48)
EWC
Total EWC			(0.10)			0.13			(0.23)			0.37			(1.05)			1.42
Total adjustments			(0.10)			0.18			(0.28)			(1.06)			(1.00)			(0.06)

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)
Third quarter and year-to-date 2022 vs. 2021
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)
			Third quarter									Year-to-date
			2022			2021			Change			2022			2021			Change
Utility
Operating revenues			—			—			—			46			—			46
Other regulatory charges (credits)–net			—			—			—			(775)			—			(775)
Other income (deductions)–other			—			—			—			(37)			—			(37)
Other O&M			—			15			(15)			—			15			(15)
Income taxes			—			(4)			4			474			(4)			478
Total Utility			—			11			(11)			(291)			11			(302)
EWC
Operating revenues			62			162			(100)			301			559			(258)
Fuel and fuel-related expenses			(30)			(24)			(5)			(81)			(63)			(18)
Purchased power			(24)			(22)			(2)			(64)			(58)			(6)
Nuclear refueling outage expense			—			(11)			11			(18)			(34)			15
Other O&M			(10)			(51)			41			(94)			(233)			140
Asset write-off and impairments			—			—			—			163			(345)			509
Decommissioning expense			—			(14)			13			(28)			(106)			78
Taxes other than income taxes			(1)			(2)			1			(13)			(15)			1
Depreciation/amortization exp.			(1)			(9)			7			(13)			(36)			23
Other income (deductions)–other			6			9			(3)			(26)			84			(109)
Interest exp. and other charges			(2)			(3)			1			(5)			(11)			6
Income taxes			(18)			(9)			(9)			(46)			47			(94)
Preferred dividend requirements			(1)			(1)			—			(2)			(2)			—
Total EWC			(19)			26			(45)			75			(212)			287
Total adjustments			(19)			37			(56)			(216)			(201)			(15)

Calculations may differ due to rounding

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

Appendix A-4: Consolidated operating cash flow
Third quarter and year-to-date 2022 vs. 2021
($ in millions)
			Third quarter									Year-to-date
			2022			2021			Change			2022			2021			Change
Utility			1,086			1,289			(203)			1,942			2,226			(284)
Parent & Other			(36)			(68)			32			(155)			(154)			(1)
EWC			(56)			43			(100)			22			(62)			84
Consolidated			993			1,264			(271)			1,809			2,011			(202)

Calculations may differ due to rounding

OCF decreased quarter-over-quarter due to several drivers, including higher Utility fuel and purchased power payments, the wind-down of EWC, higher Utility other O&M spending, and higher Utility refueling outage spending. These decreases were partially offset by higher Utility customer receipts and lower pension contributions.

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B: Earnings variance analysis

Appendix B-1 and Appendix B-2 provide details of current quarter and year-to-date 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)
Third 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)			2.82			2.77						(0.32)			(0.32)						0.13						2.63			2.45
Operating revenue less: Fuel, fuel-related expenses and gas purchased for resale, Purchased power, and Regulatory charges (credits)–net			1.33			1.33			(f)			—			—						(0.42)			(g)			0.91			1.33
Nuclear refueling outage expense			(0.03)			(0.03)						—			—						0.04						0.01			(0.03)
Other O&M			(0.49)			(0.44)			(h)			(0.01)			(0.01)						0.16			(i)			(0.34)			(0.45)
Asset write-offs and impairments			—			—						—			—						—						—			—
Decommissioning expense			(0.01)			(0.01)						—			—						0.05			(j)			0.04			(0.01)
Taxes other than income taxes			(0.03)			(0.03)						—			—						—						(0.03)			(0.03)
Depreciation/amortization exp.			(0.15)			(0.15)			(k)			—			—						0.03						(0.12)			(0.15)
Other income (deductions)-other			(0.10)			(0.10)			(l)			(0.12)			(0.12)			(m)			(0.01)						(0.23)			(0.22)
Interest expense			(0.05)			(0.05)			(n)			(0.01)			(0.01)						—						(0.06)			(0.06)
Income taxes–other			0.04			0.04						—			—						(0.08)			(o)			(0.04)			0.04
Share effect			(0.04)			(0.04)						0.01			0.01						—						(0.03)			(0.03)
2022 earnings (loss)			3.29			3.29						(0.45)			(0.45)						(0.10)						2.74			2.84

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)			6.21			6.16						(0.90)			(0.90)						(1.05)						4.26			5.26
Operating revenue less: Fuel, fuel-related expenses and gas purchased for resale, Purchased power, and Regulatory charges (credits)–net			(0.12)			2.51			(f)			—			—						(1.10)			(g)			(1.22)			2.51
Nuclear refueling outage expense			(0.02)			(0.02)						—			—						0.06			(p)			0.04			(0.02)
Other O&M			(0.71)			(0.66)			(h)			(0.03)			(0.03)						0.55			(i)			(0.19)			(0.69)
Asset write-offs and impairments			—			—						—			—						1.99			(q)			1.99			—
Decommissioning expense			(0.03)			(0.03)						—			—						0.31			(j)			0.28			(0.03)
Taxes other than income taxes			(0.18)			(0.18)			(r)			—			—						0.01						(0.17)			(0.18)
Depreciation/amortization exp.			(0.38)			(0.38)			(k)			—			—						0.09			(s)			(0.29)			(0.38)
Other income (deductions)–other			(0.28)			(0.10)			(l)			(0.18)			(0.18)			(m)			(0.43)			(t)			(0.89)			(0.28)
Interest exp. and other charges			(0.15)			(0.15)			(n)			(0.07)			(0.07)			(u)			0.02						(0.20)			(0.22)
Income taxes–other			1.44			0.06			(v)			(0.03)			(0.03)						(0.07)			(o)			1.34			0.03
Share effect			(0.08)			(0.08)			(w)			0.02			0.02						(0.01)						(0.07)			(0.06)

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2022 earnings (loss)			5.70			7.13						(1.19)			(1.19)						0.37						4.88			5.94

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 millions):

3Q22			3Q21			YTD22			YTD21
16			17			50			72

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) ($ millions):

3Q22			3Q21			YTD22			YTD21
10			-			12			-

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)
			3Q			YTD
Volume/weather			0.34			0.80
Retail electric price			0.41			0.98
2Q21 reg. credit for E-MS lookback / true up			—			(0.07)
3Q22 reg. credit for E-MS lookback / true up			0.08			0.08
3Q21 MSS-4 ROE reserve adj.			(0.02)			(0.07)
E-LA TRAM true-up and tax deferral			0.04			0.04
E-TX MCPS relate back			0.02			0.02
2Q22 increase in provision for potential refunds in SERI complaints			—			(2.02)
2Q22 provision for customer sharing of securitization benefits			—			(0.81)
2Q22 reg. provisions for true-up of E-LA and E-TX equity carrying costs on 2020 storms			—			0.26
1Q22 reg. provisions for true-up of E-LA and E-TX cost of debt from 2020 storms			—			0.07
1Q21 reversal of reg. provision for
E-AR’s FRP 2019 netting adj.			—			(0.16)
Reg. provisions for decommissioning items			0.25			0.47
Grand Gulf recovery			0.08			0.16
Other			0.13			0.13
Total			1.33			(0.12)

f.The third quarter and year-to-date variances reflected favorable volume, including the effects of weather. Variances also reflect regulatory actions including E-AR’s FRP; E-LA’s FRP, including riders; E-MS’s FRP; E-NO’s FRP; and E-TX’s TCRF and DCRF. The variances also included third quarter 2022 and third quarter 2021 regulatory credits at E-MS and a 2021 reserve adjustment for the FERC MSS-4 ROE decision. The variances 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). The year-to-date variance included several items in second quarter 2022. A $551 million ($413 million after-tax) regulatory charge was recorded by SERI 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). A regulatory provision for the true-up of E-LA and E-TX cost of debt from 2020 storms was recorded, as well as $59 million in revenues ($54 million after-tax) for the

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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 recorded a $224 million ($165 million after-tax) regulatory provision for sharing the benefits of E-LA’s securitization with customers (considered an adjustment and excluded from adjusted earnings). Other regulatory items are detailed in the table to the right.

g.The third quarter and year-to-date earnings decreases were due largely to the shutdown of Palisades in May 2022. The year-to-date variance also reflected the shutdown of Indian Point 3 in April 2021.

h.The third quarter and year-to-date earnings decreases from higher Utility other O&M were due primarily to higher power delivery expenses, including higher vegetation management costs, higher nuclear generation expenses, higher compensation and benefits costs, higher bad debt expense, higher energy efficiency costs, and higher customer service center support costs. Also contributing was a $15M pre-tax gain on sale recorded in third quarter 2021 (considered an adjustment and excluded from adjusted earnings). The year-to-date variance also included higher legal expenses and an increase in loss provisions, partially offset by higher nuclear insurance refunds.

i.The third quarter and year-to-date earnings increases from lower EWC other O&M were due largely to the shutdown of Palisades in May 2022. The year-to-date variance was also due to the shutdown of Indian Point 3 in April 2021.

j.The third quarter and year-to-date earnings increases from lower EWC decommissioning expense were due primarily to the sale of Palisades in June 2022. The year-to-date variance also reflected the sale of Indian Point in May 2021.

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

l.The third quarter and year-to-date earnings decreases from lower Utility other income (deductions) were largely due to changes in decommissioning trust fund returns (based on regulatory treatment, decommissioning-related variances are largely earnings neutral). This was partially offset by higher intercompany dividend income related to the affiliate preferred investments (offset in P&O). The year-to-date variance also reflected two items that were recorded in second quarter 2022 as a result of E-LA securitization: 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); and 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). The year-to-date variance was partially offset by the recognition of carrying costs primarily related to Hurricane Ida and deferred fuel balances.

m.The third quarter and year-to-date earnings decreases from Parent & Other other income (deductions) was due largely to the effects of affiliate preferred investments (offset in Utility).

n.The third quarter and year-to-date earnings decreases from higher Utility interest expense was due primarily to higher debt balances.

o.The third quarter and year-to-date earnings decreases from EWC income taxes were due largely to the accrual of an uncertain tax position as a result of a state tax audit in third quarter 2022.

p.The year-to-date earnings increase from lower EWC nuclear refueling outage expense was due to the shutdown of Indian Point 3 in April 2021 and Palisades in May 2022.

q.The year-to-date earnings increase from lower EWC asset write-offs and impairments was 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.

r.The year-to-date earnings decrease from higher Utility taxes other than income taxes was due to increases in ad valorem, franchise, and employment taxes.

s.The year-to-date earnings increase from lower EWC depreciation expense was due primarily to the shutdown of Indian Point 3 in April 2021 and Palisades in May 2022.

t.The year-to-date earnings decrease from lower EWC other income (deductions) was 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, partially offset by lower non-service pension costs.

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

v.The year-to-date earnings increase from Utility income taxes was 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). Various smaller income tax items also contributed.

w.The year-to-date earnings per share impacts from share effect were due to shares sold under the company’s ATM program.

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C: Utility operating and financial measures

Appendix C provides a comparative summary of Utility operating and financial measures.

Appendix C: Utility operating and financial measures
Third quarter and year-to-date 2022 vs. 2021
			Third quarter																		Year-to-date
			2022			2021						% Change						% Weather adjusted (v)									2022						2021			% Change						% Weather adjusted (v)
GWh sold
Residential			11,272			10,545						6.9						3.9									29,218						27,695			5.5						0.5
Commercial			8,223			7,649						7.5						5.8									21,697						20,490			5.9						5.3
Governmental			702			648						8.3						9.4									1,928						1,845			4.4						4.5
Industrial			13,926			13,020						7.0						7.0									39,903						37,399			6.7						6.7
Total retail sales			34,123			31,862						7.1						5.7									92,746						87,429			6.1						4.3
Wholesale			4,809			4,350						10.6															12,371						13,365			(7.4)
Total sales			38,932			36,212						7.5															105,117						100,794			4.3
Number of electric retail customers
Residential																											2,561,441						2,548,865			0.5
Commercial																											366,351						365,364			0.3
Governmental																											18,055						17,922			0.7
Industrial																											50,721						50,579			0.3
Total retail customers																											2,996,568						2,982,730			0.5
Other O&M and refueling outage expense per MWh			$20.95			$18.67						12.2															$21.23						$20.19			5.2

Calculations may differ due to rounding

x.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, largely due to prior year Hurricane Ida impacts. The increase in industrial usage was due to an increase in demand from new and expansion projects, primarily in the chemicals, petroleum refining, and transportation industries, and an increase in demand from small industrial and cogeneration customers.

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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
Third quarter and year-to-date 2022 vs. 2021
			Third quarter									Year-to-date
			2022			2021			% Change			2022			2021			% Change
Owned capacity (MW) (w)			394			1,205			(67)			394			1,205			(67)
GWh billed			577			2,166			(73)			4,172			9,265			(55)
EWC Nuclear Fleet
Capacity factor			—			97%			(100)			93%			97%			(4)
GWh billed			—			1,702			(100)			2,741			8,046			(66)
Production cost per MWh			—			$28.91			(100)			$26.93			$23.32			15
Average energy/capacity revenue per MWh			—			$69.35			(100)			$49.00			$54.79			(11)

Calculations may differ due to rounding    

y.2022 excludes the Palisades plant (811 MW) which was shut down on 5/2022.

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
Third quarter and year-to-date 2022 vs. 2021
($ in millions)			Third quarter									Year-to-date
			2022			2021			Change			2022			2021			Change
Net income (loss)			(19)			26			(45)			77			(210)			287
Add back: interest expense			2			3			(1)			5			11			(6)
Add back: income taxes			18			9			9			46			(47)			94
Add back: depreciation and amortization			1			9			(7)			13			36			(23)
Subtract: interest and investment income			3			3			—			(38)			100			(139)
Add back: decommissioning expense			—			14			(13)			28			106			(78)
Adjusted EBITDA (non-GAAP)			—			57			(58)			207			(205)			412

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
Third quarter 2022 vs. 2021 (See Appendix G for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending September 30			2022			2021			Change
GAAP measure
As-reported ROE			10.8%			11.3%			(0.5)%
Non-GAAP measure
Adjusted ROE			11.7%			10.9%			0.8%
As of September 30 ($ in millions, except where noted)			2022			2021			Change
GAAP measures
Cash and cash equivalents			1,003			1,000			3
Available revolver capacity			4,191			3,925			266
Commercial paper			1,386			1,006			380
Total debt			27,677			25,695			1,982
Securitization debt			311			90			221
Debt to capital			69%			69%			-
Off-balance sheet liabilities:
Debt of joint ventures – Entergy’s share			-			9			(9)
Total off-balance sheet liabilities			-			9			(9)
Storm escrow balances			325			33			291
Non-GAAP measures ($ in millions, except where noted)
Debt to capital, excluding securitization debt			69%			69%			-
Net debt to net capital, excluding securitization debt			68%			68%			-
Gross liquidity			5,195			4,925			270
Net liquidity			3,809			3,919			(110)
Net liquidity, including storm escrow balances			4,133			3,952			181
Parent debt to total debt, excluding securitization debt			20.3%			23.4%			(3.1)%
FFO to debt, excluding securitization debt			12.2%			9.7%			2.6%
FFO to debt, excluding securitization debt, return of unprotected excess ADIT, and severance and retention payments associated with the exit of EWC			12.6%			10.6%			2.0%

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			Accumulated deferred income taxes			IPEC or			Indian Point Energy Center (nuclear)
AFUDC			Allowance for funds used during construction			Indian Point			(sold 5/28/21)
AFUDC – borrowed funds			Allowance for borrowed funds used during construction			IRAR			Interim rate adjustment rider
ALJ			Administrative law judge			ISES 2			Unit 2 of Independence Steam Electric Station (coal)
AMI			Advanced metering infrastructure			LMP			Locational marginal price
APSC			Arkansas Public Service Commission			LNG			Liquified natural gas
ARO			Asset retirement obligation			LPSC			Louisiana Public Service Commission
ATM			At the market equity issuance program			LTM			Last twelve months
bbl			Barrels			LURC			Louisiana Utility Restoration Corporation
Bcf/D			Billion cubic feet per day			MISO			Midcontinent Independent System Operator, Inc.
bps			Basis points			MMBtu			Million British thermal units
CAMT			Corporate alternative minimum tax			Moody’s			Moody’s Investor Service
CCCT			Combined cycle combustion turbine			MPSC			Mississippi Public Service Commission
CCGT			Combined cycle gas turbine			MTEP			MISO Transmission Expansion Plan
CCNO			Council of the City of New Orleans			NBP			National Balancing Point
CFO			Cash from operations			NDT			Nuclear decommissioning trust
COD			Commercial operation date			Nelson 6			Unit 6 of Roy S. Nelson plant (coal)
DCRF			Distribution cost recovery factor			NRC			U.S. Nuclear Regulatory Commission
DOE			U.S. Department of Energy			NYSE			New York Stock Exchange
DSM			Demand side management			OCAPS			Orange County Advanced Power Station
E-AR			Entergy Arkansas, LLC			OCF			Net cash flow provided by operating activities
E-LA			Entergy Louisiana, LLC			OpCo			Utility operating company
E-MS			Entergy Mississippi, LLC			OPEB			Other post-employment benefits
E-NO			Entergy New Orleans, LLC			Other O&M			Other non-fuel operation and maintenance expense
E-TX			Entergy Texas, Inc.			P&O			Parent & Other
EBITDA			Earnings before interest, income taxes, and depreciation and amortization			Palisades			Palisades Power Plant (nuclear) (shut down May 2022, sold June 2022)
EPC			Engineering, procurement, and construction			PMR			Performance Management Rider
EPS			Earnings per share			PPA			Power purchase agreement or purchased power agreement
ETR			Entergy Corporation			PCT			Production tax credit
EWC			Entergy Wholesale Commodities			PUCT			Public Utility Commission of Texas
FERC			Federal Energy Regulatory Commission			RFP			Request for proposals
FFO			Funds from operations			ROE			Return on equity
FIN 48			FASB Interpretation No.48, “Accounting for Uncertainty in Income Taxes”			RS Cogen			RS Cogen facility (CCGT cogeneration) (sold 10/31/22)
FRP			Formula rate plan			RSP			Rate Stabilization Plan (E-LA Gas)
GAAP			U.S. generally accepted accounting principles			S&P			Standard & Poor’s
GCRR			Generation Cost Recovery Rider			SEC			U.S. Securities and Exchange Commission
Grand Gulf or GGNS			Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI			SERI			System Energy Resources, Inc.
HLBV			Hypothetical liquidation at book value			TCRF			Transmission cost recovery factor
IIRR-G			Infrastructure investment recovery rider – gas			TRAM			Tax reform adjustment mechanism
Indian Point 3			Indian Point Energy Center Unit 3 (nuclear)			UPSA			Unit Power Sales Agreement
or IP3			(shut down April 2021, sold May 2021)			WACC			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)						Third quarter
						2022			2021
As-reported net income (loss) attributable to Entergy Corporation			(A)			1,256			1,248
Adjustments			(B)			(112)			45
Adjusted earnings (non-GAAP)			(A-B)			1,368			1,202
Average common equity (average of beginning and ending balances)			(C)			11,674			11,012
As-reported ROE			(A/C)			10.8%			11.3%
Adjusted ROE (non-GAAP)			[(A-B)/C]			11.7%			10.9%

Calculations may differ due to rounding

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Appendix G-2: Reconciliation of GAAP to non-GAAP financial measures – debt ratios excluding securitization debt; gross liquidity; net liquidity; net liquidity, including storm escrows
($ in millions except where noted)						Third quarter
						2022			2021
Total debt			(A)			27,677			25,695
Less securitization debt			(B)			311			90
Total debt, excluding securitization debt			(C)			27,366			25,606
Less cash and cash equivalents			(D)			1,003			1,000
Net debt, excluding securitization debt			(E)			26,362			24,605
Commercial paper			(F)			1,386			1,006
Total capitalization			(G)			40,091			37,202
Less securitization debt			(B)			311			90
Total capitalization, excluding securitization debt			(H)			39,780			37,112
Less cash and cash equivalents			(D)			1,003			1,000
Net capital, excluding securitization debt			(I)			38,776			36,112
Debt to capital			(A/G)			69%			69%
Debt to capital, excluding securitization debt (non-GAAP)			(C/H)			69%			69%
Net debt to net capital, excluding securitization debt (non-GAAP)			(E/I)			68%			68%
Available revolver capacity			(J)			4,191			3,925
Storm escrows			(K)			325			33
Gross liquidity (non-GAAP)			(D+J)			5,195			4,925
Net liquidity (non-GAAP)			(D+J-F)			3,809			3,919
Net liquidity, including storm escrows (non-GAAP)			(D+J-F+K)			4,133			3,952
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			325
Unamortized debt issuance costs and discounts			(N)			(44)			(51)
Total parent debt			(F+L+M+N)			5,542			5,981
Parent debt to total debt, excluding securitization debt (non-GAAP)			[(F+L+M+N)/C]			20.3%			23.4%

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)						Third quarter
						2022			2021
Total debt			(A)			27,677			25,695
Less securitization debt			(B)			311			90
Total debt, excluding securitization debt			(C)			27,366			25,606
Net cash flow provided by operating activities, LTM			(D)			2,099			2,331
AFUDC – borrowed funds, LTM			(E)			(28)			(34)
Working capital items in net cash flow provided by operating activities, LTM:
Receivables						(208)			(183)
Fuel inventory						(9)			20
Accounts payable						(153)			326
Taxes accrued						49			20
Interest accrued						(2)			26
Deferred fuel costs						(931)			(358)
Other working capital accounts						(84)			(124)
Securitization regulatory charges, LTM						67			98
Total			(F)			(1,271)			(175)
FFO, LTM (non-GAAP)			(G)=(D+E-F)			3,342			2,472
FFO to debt, excluding securitization debt (non-GAAP)			(G/C)			12.2%			9.7%
Estimated return of unprotected excess ADIT, LTM			(H)			68			85
Severance and retention payments associated with exit of EWC, LTM pre-tax			(I)			40			158
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)]			12.6%			10.6%

Calculations may differ due to rounding

---

Financial Statements

Entergy Corporation
Consolidating Balance Sheet
September 30, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash						$	75,266					$	2,167					$	3,262					$	80,695
Temporary cash investments						757,046						59,153						106,597						922,796
Total cash and cash equivalents						832,312						61,320						109,859						1,003,491
Notes receivable						—						(75,000)						75,000						—
Accounts receivable:
Customer						955,138						—						—						955,138
Allowance for doubtful accounts						(30,723)						—						—						(30,723)
Associated companies						10,106						(11,670)						1,564						—
Other						213,431						—						30,683						244,114
Accrued unbilled revenues						538,232						—						—						538,232
Total accounts receivable						1,686,184						(11,670)						32,247						1,706,761
Deferred fuel costs						1,138,041						—						—						1,138,041
Fuel inventory - at average cost						129,701						—						5,441						135,142
Materials and supplies - at average cost						1,125,302						—						4,183						1,129,485
Deferred nuclear refueling outage costs						141,012						—						—						141,012
Prepayments and other						327,057						(79,828)						8,644						255,873
TOTAL						5,379,609						(105,178)						235,374						5,509,805
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates						3,237,185						(3,237,271)						22,162						22,076
Decommissioning trust funds						3,910,411						—						—						3,910,411
Non-utility property - at cost (less accumulated depreciation)						351,980						(16)						8,745						360,709
Other						365,940						49,916						8,732						424,588
TOTAL						7,865,516						(3,187,371)						39,639						4,717,784
PROPERTY, PLANT, AND EQUIPMENT
Electric						63,739,717						5,230						202,120						63,947,067
Natural gas						682,645						—						—						682,645
Construction work in progress						1,876,624						342						1,461						1,878,427
Nuclear fuel						526,773						—						—						526,773
TOTAL PROPERTY, PLANT, AND EQUIPMENT						66,825,759						5,572						203,581						67,034,912
Less - accumulated depreciation and amortization						25,165,628						200						150,237						25,316,065
PROPERTY, PLANT, AND EQUIPMENT - NET						41,660,131						5,372						53,344						41,718,847
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						6,026,128						—						—						6,026,128
Deferred fuel costs						241,085						—						—						241,085
Goodwill						374,099						—						3,073						377,172
Accumulated deferred income taxes						81,792						272						7,784						89,848
Other						155,809						12,166						126,651						294,626
TOTAL						6,878,913						12,438						137,508						7,028,859
TOTAL ASSETS						$	61,784,169					$	(3,274,739)					$	465,865					$	58,975,295
*Totals may not foot due to rounding.

---

Entergy Corporation
Consolidating Balance Sheet
September 30, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt						$	1,445,037					$	—					$	139,000					$	1,584,037
Notes payable and commercial paper:
Other						—						1,386,632						—						1,386,632
Account payable:
Associated companies						29,670						(28,221)						(1,449)						—
Other						1,733,624						103						10,519						1,744,246
Customer deposits						417,132						—						—						417,132
Taxes accrued						492,272						57,181						(40,071)						509,382
Interest accrued						206,917						22,309						286						229,512
Pension and other postretirement liabilities						52,691						—						13,225						65,916
Current portion of unprotected excess accumulated
deferred income taxes						2,660						—						—						2,660
Other						207,043						1,916						6,399						215,358
TOTAL						4,587,046						1,439,920						127,909						6,154,875
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						5,736,797						(592,359)						(467,162)						4,677,276
Accumulated deferred investment tax credits						208,239						—						—						208,239
Regulatory liability for income taxes - net						1,225,190						—						—						1,225,190
Other regulatory liabilities						2,608,757						—						—						2,608,757
Decommissioning and retirement cost liabilities						4,224,331						—						603						4,224,934
Accumulated provisions						454,665						—						299						454,964
Pension and other postretirement liabilities						1,422,875						—						270,729						1,693,604
Long-term debt						20,480,238						4,155,704						—						24,635,942
Other						1,071,465						(452,779)						59,152						677,838
TOTAL						37,432,557						3,110,566						(136,379)						40,406,744
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						(2,522,129)						201,101						2,720
Paid-in capital						3,953,193						(1,541,677)						4,353,597						6,765,113
Retained earnings						13,356,883						1,101,750						(3,837,326)						10,621,307
Accumulated other comprehensive loss						(46,084)						—						(267,286)						(313,370)
Less - treasury stock, at cost (68,483,278 shares in 2022)						120,000						4,859,419						—						4,979,419
TOTAL COMMON SHAREHOLDERS' EQUITY						19,467,740						(7,821,475)						450,086						12,096,351
Subsidiaries' preferred stock without sinking fund
and noncontrolling interest						101,665						(3,750)						—						97,915
TOTAL						19,569,405						(7,825,225)						450,086						12,194,266
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY						$	61,784,169					$	(3,274,739)					$	465,865					$	58,975,295
*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 September 30, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$	4,110,068					$	(10)					$	—					$	4,110,058
Natural gas						46,548						—						—						46,548
Competitive businesses						—						—						62,009						62,009
Total						4,156,616						(10)						62,009						4,218,615
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						1,337,209						(10)						29,612						1,366,811
Purchased power						390,588						10						24,468						415,066
Nuclear refueling outage expenses						39,707						—						—						39,707
Other operation and maintenance						775,971						7,228						9,946						793,145
Asset write-offs, impairments, and related charges (credits)						—						—						(143)						(143)
Decommissioning						49,253						—						10						49,263
Taxes other than income taxes						188,998						237						821						190,056
Depreciation and amortization						451,554						300						1,434						453,288
Other regulatory charges (credits) - net						(43,283)						—						—						(43,283)
Total						3,189,997						7,765						66,148						3,263,910
OPERATING INCOME						966,619						(7,775)						(4,139)						954,705
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						20,245						—						—						20,245
Interest and investment income						55,807						(56,031)						3,190						2,966
Miscellaneous - net						(10,287)						(2,771)						2,596						(10,462)
Total						65,765						(58,802)						5,786						12,749
INTEREST EXPENSE
Interest expense						194,996						38,186						2,140						235,322
Allowance for borrowed funds used during construction						(7,862)						—						—						(7,862)
Total						187,134						38,186						2,140						227,460
INCOME BEFORE INCOME TAXES						845,250						(104,763)						(493)						739,994
Income taxes						178,088						(12,228)						18,252						184,112
CONSOLIDATED NET INCOME						667,162						(92,535)						(18,745)						555,882
Preferred dividend requirements of subsidiaries and noncontrolling interest						(5,206)						(48)						547						(4,707)
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	672,368					$	(92,487)					$	(19,292)					$	560,589
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$3.31						($0.45)						($0.10)						$2.76
DILUTED						$3.29						($0.45)						($0.10)						$2.74
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								203,445,773
DILUTED																								204,578,013
*Totals may not foot due to rounding.

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

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Entergy Corporation
Consolidating Income Statement
Nine Months Ended September 30, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$	10,024,124					$	(35)					$	—					$	10,024,089
Natural gas						166,917						—						—						166,917
Competitive businesses						—						11						300,720						300,731
Total						10,191,041						(24)						300,720						10,491,737
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						2,605,211						(25)						80,508						2,685,694
Purchased power						1,191,495						25						63,798						1,255,318
Nuclear refueling outage expenses						101,211						—						18,414						119,625
Other operation and maintenance						2,130,232						25,801						93,641						2,249,674
Asset write-offs, impairments, and related charges (credits)						—						—						(163,464)						(163,464)
Decommissioning						145,937						—						28,234						174,171
Taxes other than income taxes						528,479						863						13,106						542,448
Depreciation and amortization						1,323,348						649						13,022						1,337,019
Other regulatory charges (credits) - net						689,355						—						—						689,355
Total						8,715,268						27,313						147,259						8,889,840
OPERATING INCOME						1,475,773						(27,337)						153,461						1,601,897
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						49,685						—						—						49,685
Interest and investment income (loss)						52,627						(132,477)						(38,152)						(118,002)
Miscellaneous - net						28,155						(8,036)						12,601						32,720
Total						130,467						(140,513)						(25,551)						(35,597)
INTEREST EXPENSE
Interest expense						576,341						113,148						5,069						694,558
Allowance for borrowed funds used during construction						(18,710)						—						—						(18,710)
Total						557,631						113,148						5,069						675,848
INCOME BEFORE INCOME TAXES						1,048,609						(280,998)						122,841						890,452
Income taxes						(118,257)						(37,117)						46,340						(109,034)
CONSOLIDATED NET INCOME						1,166,866						(243,881)						76,501						999,486
Preferred dividend requirements of subsidiaries and noncontrolling interest						1,297						(144)						1,641						2,794
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	1,165,569					$	(243,737)					$	74,860					$	996,692
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$5.73						($1.20)						$0.37						$4.90
DILUTED						$5.70						($1.19)						$0.37						$4.88
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								203,259,373
DILUTED																								204,357,916
*Totals may not foot due to rounding.

---

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

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Entergy Corporation
Consolidating Income Statement
Twelve Months Ended September 30, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$	12,558,367					$	(47)					$	—					$	12,558,320
Natural gas						216,107						—						—						216,107
Competitive businesses						—						32						439,734						439,766
Total						12,774,474						(15)						439,734						13,214,193
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						3,178,599						(26)						100,202						3,278,775
Purchased power						1,504,546						26						78,985						1,583,557
Nuclear refueling outage expenses						131,796						—						29,718						161,514
Other operation and maintenance						2,849,709						33,123						146,965						3,029,797
Asset write-offs, impairments, and related charges (credits)						—						—						(245,065)						(245,065)
Decommissioning						193,398						—						41,978						235,376
Taxes other than income taxes						691,453						559						15,766						707,778
Depreciation and amortization						1,740,410						1,345						21,740						1,763,495
Other regulatory charges (credits) - net						755,519						—						—						755,519
Total						11,045,430						35,027						190,289						11,270,746
OPERATING INCOME						1,729,044						(35,042)						249,445						1,943,447
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						71,528						—						—						71,528
Interest and investment income						207,868						(165,218)						(19,943)						22,707
Miscellaneous - net						(29,981)						(10,512)						12,006						(28,487)
Total						249,415						(175,730)						(7,937)						65,748
INTEREST EXPENSE
Interest expense						760,294						148,158						6,978						915,430
Allowance for borrowed funds used during construction						(27,639)						—						—						(27,639)
Total						732,655						148,158						6,978						887,791
INCOME BEFORE INCOME TAXES						1,245,804						(358,930)						234,530						1,121,404
Income taxes						(144,615)						(47,111)						68,258						(123,468)
CONSOLIDATED NET INCOME						1,390,419						(311,819)						166,272						1,244,872
Preferred dividend requirements of subsidiaries and noncontrolling interest						(12,734)						(172)						2,188						(10,718)
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	1,403,153					$	(311,647)					$	164,084					$	1,255,590
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$6.92						($1.54)						$0.81						$6.19
DILUTED						$6.88						($1.53)						$0.81						$6.16
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								202,813,697
DILUTED																								203,901,896
*Totals may not foot due to rounding.

---

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

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Entergy Corporation
Consolidated Cash Flow Statement
Three Months Ended September 30, 2022 vs. 2021
(Dollars in thousands)
(Unaudited)
						2022						2021						Variance
OPERATING ACTIVITIES
Consolidated net income						$	555,882					$	535,583					$	20,299
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						553,802						546,029						7,773
Deferred income taxes, investment tax credits, and non-current taxes accrued						197,467						164,919						32,548
Asset write-offs, impairments, and related charges (credits)						(143)						(139)						(4)
Changes in working capital:
Receivables						(144,273)						(90,805)						(53,468)
Fuel inventory						3,052						30,233						(27,181)
Accounts payable						(102,702)						493,943						(596,645)
Taxes accrued						89,974						89,322						652
Interest accrued						50,308						29,475						20,833
Deferred fuel costs						(154,139)						(70,717)						(83,422)
Other working capital accounts						12,176						(8,017)						20,193
Changes in provisions for estimated losses						1,855						(18,299)						20,154
Changes in other regulatory assets						(137,099)						(724,948)						587,849
Changes in other regulatory liabilities						(132,103)						(53,631)						(78,472)
Changes in pension and other postretirement liabilities						(90,459)						(162,435)						71,976
Other						289,880						503,923						(214,043)
Net cash flow provided by operating activities						993,478						1,264,436						(270,958)
INVESTING ACTIVITIES
Construction/capital expenditures						(1,132,525)						(1,042,256)						(90,269)
Allowance for equity funds used during construction						20,245						17,180						3,065
Nuclear fuel purchases						(10,776)						(53,748)						42,972
Payment for purchase of plant or assets						(1,044)						—						(1,044)
Net payments from sale of assets						—						(5,000)						5,000
Changes in securitization account						887						4,177						(3,290)
Payments to storm reserve escrow account						(1,279)						(6)						(1,273)
Receipts from storm reserve escrow account						60						38,900						(38,840)
Decrease (increase) in other investments						2,819						(6,514)						9,333
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						—						33,501						(33,501)
Proceeds from nuclear decommissioning trust fund sales						277,801						637,660						(359,859)
Investment in nuclear decommissioning trust funds						(301,173)						(659,644)						358,471
Net cash flow used in investing activities						(1,144,985)						(1,035,750)						(109,235)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						1,465,632						1,260,822						204,810
Treasury stock						4,850						1,574						3,276
Retirement of long-term debt						(705,219)						(1,146,225)						441,006
Changes in credit borrowings and commercial paper - net						(11,239)						140,076						(151,315)
Other						31,136						23,709						7,427
Dividends paid:
Common stock						(205,471)						(190,907)						(14,564)
Preferred stock						(4,580)						(4,580)						—
Net cash flow provided by financing activities						575,109						84,469						490,640
Net increase in cash and cash equivalents						423,602						313,155						110,447
Cash and cash equivalents at beginning of period						579,889						686,881						(106,992)
Cash and cash equivalents at end of period						$	1,003,491					$	1,000,036					$	3,455
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$	176,545					$	162,280					$	14,265
Income taxes						$	73					$	1,966					$	(1,893)

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Entergy Corporation
Consolidated Cash Flow Statement
Nine Months Ended September 30, 2022 vs. 2021
(Dollars in thousands)
(Unaudited)
						2022						2021						Variance
OPERATING ACTIVITIES
Consolidated net income						$	999,486					$	873,333					$	126,153
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						1,667,756						1,696,323						(28,567)
Deferred income taxes, investment tax credits, and non-current taxes accrued						(76,672)						280,193						(356,865)
Asset write-offs, impairments, and related charges (credits)						(163,464)						345,200						(508,664)
Changes in working capital:
Receivables						(368,772)						(245,082)						(123,690)
Fuel inventory						19,433						46,951						(27,518)
Accounts payable						(59,787)						362,529						(422,316)
Taxes accrued						89,554						19,611						69,943
Interest accrued						38,361						29,313						9,048
Deferred fuel costs						(821,386)						(356,833)						(464,553)
Other working capital accounts						(124,677)						(94,791)						(29,886)
Changes in provisions for estimated losses						297,842						(72,577)						370,419
Changes in other regulatory assets						587,128						(631,172)						1,218,300
Changes in other regulatory liabilities						(116,315)						117,301						(233,616)
Effects of securitization on regulatory asset						(1,036,955)						—						(1,036,955)
Changes in pension and other postretirement liabilities						(258,141)						(422,028)						163,887
Other						1,136,050						62,712						1,073,338
Net cash flow provided by operating activities						1,809,441						2,010,983						(201,542)
INVESTING ACTIVITIES
Construction/capital expenditures						(3,853,121)						(3,925,632)						72,511
Allowance for equity funds used during construction						49,685						48,629						1,056
Nuclear fuel purchases						(125,619)						(127,606)						1,987
Payment for purchase of plant or assets						(106,193)						(36,534)						(69,659)
Net proceeds (payments) from sale of assets						(7,082)						17,421						(24,503)
Litigation proceeds form settlement agreement						9,829						—						9,829
Changes in securitization account						1,224						13,862						(12,638)
Payments to storm reserve escrow account						(1,291,593)						(23)						(1,291,570)
Receipts from storm reserve escrow account						1,000,278						83,105						917,173
Decrease (increase) in other investments						(33,238)						4,239						(37,477)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						32,367						49,236						(16,869)
Proceeds from nuclear decommissioning trust fund sales						1,377,304						4,475,142						(3,097,838)
Investment in nuclear decommissioning trust funds						(1,422,808)						(4,463,814)						3,041,006
Net cash flow used in investing activities						(4,368,967)						(3,861,975)						(506,992)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						5,316,693						6,269,152						(952,459)
Treasury stock						31,802						5,613						26,189
Common stock						—						26,817						(26,817)
Retirement of long-term debt						(4,998,642)						(4,046,791)						(951,851)
Changes in credit borrowings and commercial paper - net						185,455						(621,168)						806,623
Capital contribution from noncontrolling interest						9,595						—						9,595
Proceeds from trust related to securitization						3,163,572						—						3,163,572
Other						41,659						44,176						(2,517)
Dividends paid:
Common stock						(615,937)						(572,131)						(43,806)
Preferred stock						(13,739)						(13,739)						—
Net cash flow provided by financing activities						3,120,458						1,091,929						2,028,529
Net increase (decrease) in cash and cash equivalents						560,932						(759,063)						1,319,995
Cash and cash equivalents at beginning of period						442,559						1,759,099						(1,316,540)
Cash and cash equivalents at end of period						$	1,003,491					$	1,000,036					$	3,455
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid (received) during the period for:
Interest - net of amount capitalized						$	631,211					$	590,581					$	40,630
Income taxes						$	(7,412)					$	29,454					$	(36,866)

---

Entergy Corporation
Consolidated Cash Flow Statement
Twelve Months Ended Setpember 30, 2022 vs. 2021
(Dollars in thousands)
(Unaudited)
						2022						2021						Variance
OPERATING ACTIVITIES
Consolidated net income						$	1,244,872					$	1,265,881					$	(21,009)
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						2,214,377						2,259,169						(44,792)
Deferred income taxes, investment tax credits, and non-current taxes accrued						(108,146)						(171,648)						63,502
Asset write-offs, impairments, and related charges (credits)						(245,065)						355,462						(600,527)
Changes in working capital:
Receivables						(208,319)						(183,388)						(24,931)
Fuel inventory						(9,159)						20,101						(29,260)
Accounts payable						(152,519)						325,903						(478,422)
Taxes accrued						48,760						20,398						28,362
Interest accrued						(1,592)						26,109						(27,701)
Deferred fuel costs						(930,603)						(358,155)						(572,448)
Other working capital accounts						(83,769)						(123,750)						39,981
Changes in provisions for estimated losses						284,706						(325,741)						610,447
Changes in other regulatory assets						681,593						(1,285,133)						1,966,726
Changes in other regulatory liabilities						(189,985)						394,341						(584,326)
Effects of securitization on regulatory asset						(1,036,955)						—						(1,036,955)
Changes in pension and other postretirement liabilities						(733,280)						(101,505)						(631,775)
Other						1,324,255						212,639						1,111,616
Net cash flow provided by operating activities						2,099,171						2,330,683						(231,512)
INVESTING ACTIVITIES
Construction/capital expenditures						(6,014,785)						(5,444,149)						(570,636)
Allowance for equity funds used during construction						71,529						78,821						(7,292)
Nuclear fuel purchases						(164,525)						(165,885)						1,360
Payment for purchase of plant or assets						(237,963)						(259,022)						21,059
Net proceeds (payments) from sale of assets						(7,082)						17,421						(24,503)
Litigation proceeds form settlement agreement						9,829						—						9,829
Changes in securitization account						1,031						18,170						(17,139)
Payments to storm reserve escrow account						(1,291,595)						(52)						(1,291,543)
Receipts from storm reserve escrow account						1,000,278						340,046						660,232
Decrease (increase) in other investments						(35,134)						1,305						(36,439)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						32,367						54,695						(22,328)
Proceeds from nuclear decommissioning trust fund sales						2,455,791						5,985,462						(3,529,671)
Investment in nuclear decommissioning trust funds						(2,506,009)						(6,005,211)						3,499,202
Net cash flow used in investing activities						(6,686,268)						(5,378,399)						(1,307,869)
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						7,355,968						10,717,746						(3,361,778)
Treasury stock						32,166						6,429						25,737
Common stock						173,959						26,817						147,142
Retirement of long-term debt						(5,779,678)						(6,812,942)						1,033,264
Changes in credit borrowings and commercial paper - net						380,311						(391,884)						772,195
Capital contributions from noncontrolling interest						60,797						—						60,797
Proceeds from trust related to securitization						3,163,572						—						3,163,572
Other						40,704						42,593						(1,889)
Dividends paid:
Common stock						(818,928)						(762,352)						(56,576)
Preferred stock						(18,319)						(18,319)						—
Net cash flow provided by financing activities						4,590,552						2,808,088						1,782,464
Net increase (decrease) in cash and cash equivalents						3,455						(239,628)						243,083
Cash and cash equivalents at beginning of period						1,000,036						1,239,664						(239,628)
Cash and cash equivalents at end of period						$	1,003,491					$	1,000,036					$	3,455
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$	883,858					$	794,821					$	89,037
Income taxes						$	61,511					$	710					$	60,801