NEWS RELEASE

FOR IMMEDIATE RELEASE

February 22, 2024

Entergy reports 2023 financial results, initiates 2024 guidance

Results in top half of guidance range for 8th consecutive year

NEW ORLEANS – Entergy Corporation (NYSE: ETR) reported fourth quarter 2023 earnings per share of $4.64 on an as-reported basis and 52 cents on an adjusted (non-GAAP) basis. For the full year, the company reported 2023 earnings per share of $11.10 on an as-reported basis and $6.77 on an adjusted basis.

“2023 was a year of successful execution to support our customers,” said Drew Marsh, Entergy Chair and Chief Executive Officer. “We delivered meaningful outcomes that included our best forced outage rates in a decade, a system that withstood record summer demand, as well as timely delivery of new service and clean energy options to support our rapidly growing customer base.”

Business highlights included the following:

•Mississippi approved legislation to bring Amazon Web Services’ $10 billion data center complexes to the state.

•The LPSC approved two solar facilities that will add approximately 225 megawatts of renewable capacity for E-LA.

•The APSC approved E-AR’s annual FRP.

•The CCNO issued its order on E-NO’s Hurricane Ida restoration costs, determining that all costs were prudent.

•Entergy was named to a Dow Jones Sustainability Index for the 22nd consecutive year.

•Newsweek named Entergy as one of America’s most responsible companies.

Table of contents			Page
News release     Appendices A: Consolidated results and adjustments     B: Earnings variance analysis     C: Utility operating and financial measures     D: Consolidated financial measures     E: Definitions and abbreviations and acronyms     F: Other GAAP to non-GAAP reconciliations     Financial statements			1 8 9 13 16 17 18 20 22

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Entergy reports 2023 financial results    

February 22, 2024

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Consolidated earnings (GAAP and non-GAAP measures)
Fourth quarter and full year 2023 vs. 2022 (See Appendix A for reconciliation of GAAP to non-GAAP measures and description of adjustments)
			Fourth quarter									Full year
			2023			2022			Change			2023			2022			Change
(After-tax, $ in millions)
As-reported earnings			988			106			881			2,357			1,103			1,253
Less adjustments			877			(1)			877			919			(217)			1,136
Adjusted earnings (non-GAAP)			111			107			4			1,438			1,320			118
Estimated weather impact			(12)			(1)			(12)			91			86			5
(After-tax, per share in $)
As-reported earnings			4.64			0.51			4.13			11.10			5.37			5.73
Less adjustments			4.12			-			4.12			4.33			(1.05)			5.38
Adjusted earnings (non-GAAP)			0.52			0.51			0.01			6.77			6.42			0.35
Estimated weather impact			(0.06)			-			(0.05)			0.43			0.42			0.01

Calculations may differ due to rounding

Consolidated results

For fourth quarter 2023, the company reported earnings of $988 million, or $4.64 per share, on an as-reported basis, and earnings of $111 million, or 52 cents per share, on an adjusted basis. This compared to fourth quarter 2022 earnings of $106 million, or 51 cents per share, on an as-reported basis, and earnings of $107 million, or 51 cents per share, on an adjusted basis.

For full year 2023, the company reported earnings of $2,357 million, or $11.10 per share, on an as-reported basis, and earnings of $1,438 million, or $6.77 per share, on an adjusted basis. This compared to 2022 earnings of $1,103 million, or $5.37 per share, on an as-reported basis, and earnings of $1,320 million, or $6.42 per share, on an adjusted basis.

Summary discussions for the full year results by business follow. Additional details, including information on OCF by business, are provided in Appendix A. An analysis of variances by business is provided in Appendix B.

Business segment results

Utility

For full year 2023, the Utility business reported earnings attributable to Entergy Corporation of $2,507 million, or $11.81 per share, on an as-reported basis, and earnings of $1,896 million, or $8.93 per share, on an adjusted basis. This compared to full year 2022 earnings of $1,407 million, or $6.84 per share, on an as-reported basis, and earnings of $1,686 million, or $8.20 per share, on an adjusted basis. Several drivers contributed to the year-over-year change.

In fourth quarter 2023, as a result of the 2016–2018 IRS audit resolution, the company recorded a $568 million income tax benefit as well as a $(98 million) ($(72 million) after tax) regulatory provision to share the benefits with customers (considered an adjustment and excluded from adjusted earnings).

Also in fourth quarter 2023, the company recorded the reversal of a $106 million regulatory liability associated with Hurricane Isaac securitization, initially recorded in 2017 as a result of the Tax Cuts and Jobs Act (considered an adjustment and excluded from adjusted earnings).

In third quarter 2023 as a result of E-AR’s offer to forgo its opportunity to seek recovery of costs resulting from the March 2013 ANO stator incident, E-AR recorded a write-off of replacement power costs and undepreciated property, plant, and equipment totaling $(78 million) ($(59 million) after tax) (considered an adjustment and excluded from adjusted earnings).

In first quarter 2023, as a result of E-LA receiving securitization proceeds for storm cost recovery, the company recorded the following (considered adjustments and excluded from adjusted earnings):

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February 22, 2024

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•a $129 million reduction in income tax expense,

•$31 million of carrying costs on storm expenditures not previously recorded,

•a $(15 million) reduction in other income to account for LURC’s 1 percent beneficial interest in a trust established as part of the securitization, and

•a $(103 million) ($(76 million) after tax) reserve to share the benefits from securitization with customers.

In second quarter 2022, results included a regulatory charge of $(551 million) ($(413 million) after tax) that SERI recorded to increase a regulatory liability to reflect the effects of a partial settlement agreement and offer of settlement related to pending proceedings before the FERC (considered an adjustment and excluded from adjusted earnings).

Also in second quarter 2022, as a result of receiving approvals for storm cost recovery and issuance of securitized debt at E-LA and E-TX, the companies recorded the following:

•$59 million ($54 million after tax) carrying costs on storm expenditures not previously recorded (the equity portion of carrying costs related to prior years was considered an adjustment and excluded from adjusted earnings),

•a $(32 million) reduction in other income to account for LURC’s 1 percent beneficial interest in a trust established as part of E-LA’s securitization (considered an adjustment and excluded from adjusted earnings),

•a $283 million reduction in income tax expense (considered an adjustment and excluded from adjusted earnings), and

•$(224 million) ($(165 million) after tax) reserve to share the benefits from securitization with customers (considered an adjustment and excluded from adjusted earnings).

Other drivers for the year included:

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

•higher other income (deductions) primarily from affiliate preferred investments (offset at P&O and largely earnings neutral at the consolidated level) and higher allowance for equity funds used during construction, and

•lower other O&M.

The drivers were partially offset by:

•higher operating expenses including depreciation expense, taxes other than income taxes, nuclear refueling outage expense, and decommissioning expense;

•various regulatory charges (credits); and

•higher interest expense.

On a per share basis, 2023 results reflected higher diluted average number of common shares outstanding.

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

Parent & Other

For full year 2023, Parent & Other reported a loss attributable to Entergy Corporation of $(151 million), or (71) cents per share, on an as-reported basis, and a loss of $(458 million) or $(2.16) per share on an adjusted basis. This compared to a full year 2022 loss of $(303 million), or $(1.48) per share, on an as-reported basis, and a loss of $(366 million), or $(1.78) per share on an adjusted basis.

In 2022, the wind down of EWC was completed and that business is no longer a reportable segment. Starting in 2023, the remaining activity from EWC is included in Parent & Other. For comparability, EWC 2022 results are also included in Parent & Other. For the full year 2022, EWC reported earnings of $63 million, or 31 cents per share, on an as-reported basis, which included revenue and operating expenses from Palisades until the plant was shut down in May 2022, and decommissioning expense and earnings on the decommissioning trust until the plant was sold in June 2022. EWC’s 2022 results also included a gain of $166 million ($130 million after tax) that resulted from the sale of Palisades and an accrual for an uncertain tax position that resulted from a state tax audit.

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Other drivers for the full year Parent & Other variance included:

•a reduction in income tax expense in fourth quarter 2023 as a result of the 2016–2018 IRS audit resolution (considered an adjustment and excluded from adjusted earnings);

•the effects of the third quarter 2023 DOE spent fuel litigation settlement on asset write-offs and impairments (considered an adjustment and excluded from adjusted earnings);

•lower other income (deductions) due primarily to higher dividends associated with affiliate preferred investments (offset at Utility and largely earnings neutral at the consolidated level), partially offset by the timing of charitable contributions and higher non-service pension income;

•higher interest expense due primarily to higher short-term borrowing rates; and

•higher other O&M for non-nuclear generation assets (previously included in EWC segment, partially offset by revenue from those assets).

On a per share basis, 2023 results reflected higher diluted average number of common shares outstanding.

Earnings per share guidance

Entergy initiated its 2024 adjusted EPS guidance range of $7.05 to $7.35. See webcast presentation for additional details.

The company has provided 2024 earnings guidance with regard to the non-GAAP measure of adjusted earnings per share. 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. Potential adjustments include the exclusion of regulatory charges related to outstanding regulatory complaints and significant income tax items.

Earnings teleconference

A teleconference will be held at 10:00 a.m. Central Time on Thursday, February 22, 2024, to discuss Entergy’s quarterly earnings announcement and the company’s financial performance. The teleconference may be accessed by visiting Entergy’s website at www.entergy.com or by dialing
888-440-4149, conference ID 9024832, no more than 15 minutes prior to the start of the call. The webcast presentation is also being posted to Entergy’s website concurrent with this news release. A replay of the teleconference will be available on Entergy’s website at www.entergy.com and by telephone. The telephone replay will be available through February 29, 2024, by dialing 800-770-2030, conference ID 9024832.

Entergy is a Fortune 500 company that powers life for 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi, and Texas. We’re investing in the reliability and resilience of the energy system while helping our region transition to cleaner, more efficient energy solutions. With roots in our communities for more than 100 years, Entergy is a nationally recognized leader in sustainability and corporate citizenship. Since 2018, we have delivered more than $100 million in economic benefits each year to local communities through philanthropy, volunteerism, and advocacy. Entergy is headquartered in New Orleans, Louisiana, and has approximately 12,000 employees.

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

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

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

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February 22, 2024

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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 E.

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.” 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 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 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; and FFO to debt, excluding securitization debt, 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” exclude the effect of adjustments as defined above.

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

Cautionary note regarding forward-looking statements

In this news release, and from time to time, Entergy Corporation makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy’s 2024 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

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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 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) direct and indirect impacts to Entergy or its customers from pandemics, terrorist attacks, geopolitical conflicts, cybersecurity threats, data security breaches, or other attempts to disrupt Entergy’s business or operations, and/or other catastrophic events; and (i) 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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Fourth quarter 2023 earnings release appendices and financial statements

Appendices

A: Consolidated results and adjustments

B: Earnings variance analysis

C: Utility operating and financial measures

D: Consolidated financial measures

E: Definitions and abbreviations and acronyms

F: 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 Fourth quarter and full year 2023 vs. 2022 (See Appendix A-2 and Appendix A-3 for details on adjustments)
			Fourth quarter									Full year
			2023			2022			Change			2023			2022			Change
(After-tax, $ in millions)
As-reported earnings (loss)
Utility			844			241			603			2,507			1,407			1,101
Parent & Other
2022 EWC			-			(12)			12			-			63			(63)
All other			144			(122)			266			(151)			(366)			215
Total Parent & Other			144			(135)			278			(151)			(303)			153
Consolidated			988			106			881			2,357			1,103			1,253
Less adjustments
Utility			602			12			590			611			(280)			891
Parent & Other
2022 EWC			-			(12)			12			-			63			(63)
All other			275			-			275			307			-			307
Total Parent & Other			275			(12)			287			307			63			245
Consolidated			877			(1)			877			919			(217)			1,136
Adjusted earnings (loss) (non-GAAP)
Utility			242			229			13			1,896			1,686			209
Parent & Other
2022 EWC			-			-			-			-			-			-
All other			(132)			(122)			(9)			(458)			(366)			(92)
Total Parent & Other			(132)			(122)			(9)			(458)			(366)			(92)
Consolidated			111			107			4			1,438			1,320			118
Estimated weather impact			(12)			(1)			(12)			91			86			5
Diluted average number of common shares outstanding (in millions)			213			209			4			212			206			7
(After-tax, per share in $) (a)
As-reported earnings (loss)
Utility			3.96			1.15			2.81			11.81			6.84			4.96
Parent & Other
2022 EWC			-			(0.06)			0.06			-			0.31			(0.31)
All other			0.67			(0.58)			1.26			(0.71)			(1.78)			1.07
Total Parent & Other			0.67			(0.64)			1.32			(0.71)			(1.48)			0.77
Consolidated			4.64			0.51			4.13			11.10			5.37			5.73
Less adjustments
Utility			2.82			0.06			2.77			2.88			(1.36)			4.24
Parent & Other
2022 EWC			-			(0.06)			0.06			-			0.31			(0.31)
All other			1.29			-			1.29			1.45			-			1.45
Total Parent & Other			1.29			(0.06)			1.35			1.45			0.31			1.14
Consolidated			4.12			-			4.12			4.33			(1.05)			5.38
Adjusted earnings (loss) (non-GAAP)
Utility			1.14			1.09			0.05			8.93			8.20			0.72
Parent & Other
2022 EWC			-			-			-			-			-			-
All other			(0.62)			(0.58)			(0.04)			(2.16)			(1.78)			(0.38)
Total Parent & Other			(0.62)			(0.58)			(0.04)			(2.16)			(1.78)			(0.38)
Consolidated			0.52			0.51			0.01			6.77			6.42			0.35
Estimated weather impact			(0.06)			-			(0.05)			0.43			0.42			0.01

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)
Fourth quarter and full year 2023 vs. 2022
			Fourth quarter												Full year
			2023			2022			Change			2023						2022			Change
(Pre-tax except for income taxes and totals; $ in millions)
Utility
Customer sharing of tax benefits as a result of the 2016–2018 IRS audit resolution			(98)			-			(98)			(98)						-			(98)
E-AR write-off of assets related to the ANO stator incident			-			-			-			(78)						-			(78)
Impacts from storm cost approvals and securitizations, including customer sharing (excluding income tax items below)			-			-			-			(87)						(215)			128
SERI regulatory charge resulting from partial settlement and offer of settlement for pending litigation			-			-			-			-						(551)			551
Impacts from FERC’s December 2022 SERI order on the sale-leaseback complaint			-			20			(20)			-						20			(20)
Income tax effect on Utility adjustments above			26			(8)			35			73						183			(110)
2016–2018 IRS audit resolution			568			-			568			568						-			568
E-LA reversal of regulatory liability associated with Hurricane Isaac securitization, initially recorded in 2017 as a result of the TCJA			106			-			106			106						-			106
E-LA income tax benefit resulting from securitization			-			-			-			129						283			(154)
Total Utility			602			12			590			611						(280)			891
Parent & Other
2022 EWC
Income before income taxes			-			(4)			4			-						119			(119)
Income taxes			-			(8)			8			-						(54)			54
Preferred dividend requirement			-			(1)			1			-						(2)			2
Total 2022 EWC			-			(12)			12			-						63			(63)
All Other
2016–2018 IRS audit resolution			275			-			275			275						-			275
DOE spent nuclear fuel litigation settlement (IPEC)			-			-			-			40						-			40
Income tax effect on adjustments above			-			-			-			(9)						-			(9)
Total Parent & Other			275			(12)			288			307						63			245
Total adjustments			877			(1)			877			919						(217)			1,136
(After-tax, per share in $) (b)
Utility
Customer sharing of tax benefits as a result of the 2016–2018 IRS audit resolution			(0.34)			-			(0.34)			(0.34)						-			(0.34)
E-AR write-off of assets related to the ANO stator incident			-			-			-			(0.28)						-			(0.28)
Impacts from storm cost approvals and securitizations, including customer sharing (excluding income tax items below)			-			-			-			(0.29)						(0.79)			0.51
SERI regulatory charge resulting from partial settlement and offer of settlement for pending litigation			-			-			-			-						(2.01)			2.01
Impacts from FERC’s December 2022 SERI order on the sale-leaseback complaint			-			0.06			(0.06)			-						0.06			(0.06)
2016–2018 IRS audit resolution			2.67			-			2.67			2.67						-			2.67
E-LA reversal of regulatory liability associated with Hurricane Isaac securitization, initially recorded in 2017 as a result of the TCJA			0.50			-			0.50			0.50						-			0.50
E-LA income tax benefit resulting from securitization			-			-			-			0.61						1.38			(0.77)
Total Utility			2.82			0.06			2.77			2.88						(1.36)			4.24
Parent & Other
Total 2022 EWC			-			(0.06)			0.06			-						0.31			(0.31)
2016–2018 IRS audit resolution			1.29			-			1.29			1.30						-			1.30
DOE spent nuclear fuel litigation settlement (IPEC)			-			-			-			0.15						-			0.15
Total Parent & Other			1.29			(0.06)			1.35			1.45						0.31			1.14
Total adjustments			4.12			-			4.12			4.33						(1.05)			5.38

Calculations may differ due to rounding

(b)Per share amounts are calculated by multiplying the corresponding earnings (loss) by the estimated income tax rate that is expected to apply and dividing 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)
Fourth quarter and full year 2023 vs. 2022
(Pre-tax except for income taxes, preferred dividend requirements, and totals; $ in millions)
			Fourth quarter									Full year
			2023			2022			Change			2023			2022			Change
Utility
Operating revenues			-			-			-			31			46			(16)
Asset write-offs and impairments			-			-			-			(78)			-			(78)
Other regulatory charges (credits)–net			(98)			-			(98)			(174)			(775)			601
Other income (deductions)			-			-			-			(15)			(37)			22
Depreciation and amortization			-			33			(33)			-			33			(33)
Income taxes			700			(21)			721			848			453			395
Total Utility			602			12			590			611			(280)			891
Parent & Other
2022 EWC
Operating revenues			-			43			(43)			-			343			(343)
Fuel and fuel-related expenses			-			(18)			18			-			(98)			98
Purchased power			-			(20)			20			-			(83)			83
Nuclear refueling outage expenses			-			-			-			-			(18)			18
Other O&M			-			(10)			10			-			(103)			103
Asset write-offs and impairments			-			-			-			-			163			(163)
Decommissioning			-			-			-			-			(28)			28
Taxes other than income taxes			-			(3)			3			-			(16)			16
Depreciation and amortization			-			(1)			1			-			(14)			14
Other income (deductions)			-			8			(8)			-			(18)			18
Interest expense			-			(3)			3			-			(8)			8
Income taxes			-			(8)			8			-			(54)			54
Preferred dividend requirements			-			(1)			1			-			(2)			2
Total 2022 EWC			-			(12)			12			-			63			(63)
All Other
Asset write-offs and impairments			-			-			-			40			-			40
Income taxes			275			-			275			267			-			267
Total Parent & Other			275			(12)			287			307			63			245
Total adjustments			877			(1)			877			919			(217)			1,136

Calculations may differ due to rounding

10

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

Appendix A-4: Consolidated operating cash flow
Fourth quarter and full year 2023 vs. 2022
($ in millions)
			Fourth quarter									Full year
			2023			2022			Change			2023			2022			Change
Utility			1,576			1,089			487			4,878			3,031			1,847
Parent & Other
2022 EWC			-			(103)			103			-			(81)			81
All other			(513)			(210)			(303)			(584)			(365)			(219)
Total Parent & Other			(513)			(313)			(200)			(584)			(446)			(138)
Consolidated			1,063			776			287			4,294			2,585			1,709

Calculations may differ due to rounding

OCF increased year-over-year due primarily to lower fuel and purchased power payments at the Utility, higher non-capital storm restoration spending in 2022, lower pension contributions, and higher interest received due primarily to shorter-term financing interest earnings at E-LA and interest on storm reserve escrow accounts. The increase was partially offset by lower receipts from Utility customers (primarily lower fuel revenue), receipt of E-NO’s storm securitization proceeds in 2022, higher interest paid, and the wind down of EWC.

Affiliate preferred dividend payments contributed to the Utility and Parent & Other variances but was neutral at the consolidated level.

Intercompany income tax payments contributed to the Utility and Parent & Other variances but was not a material driver for the consolidated result.

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B: Earnings variance analysis

Appendix B-1 and Appendix B-2 provide details of current quarter and full year 2023 versus 2022 as-reported and adjusted earnings per share variances for Utility and Parent & Other.

Appendix B-1: As-reported and adjusted earnings per share variance analysis (c), (d), (e)
Fourth quarter 2023 vs. 2022
(After-tax, per share in $)
												Parent & Other
			Utility									2022 EWC (f)						All other									Consolidated
			As- reported			Adjusted						As- reported						As- reported			Adjusted						As- reported			Adjusted
2022 earnings (loss)			1.15			1.09						(0.06)						(0.58)			(0.58)						0.51			0.51
Operating revenue less: fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits)–net			(0.24)			0.11			(g)			(0.02)						0.01			0.01						(0.24)			0.12
Nuclear refueling outage expense			(0.01)			(0.01)						-						-			-						(0.01)			(0.01)
Other O&M			(0.22)			(0.22)			(h)			0.04						(0.05)			(0.05)			(i)			(0.24)			(0.27)
Asset write-offs and impairments			(0.01)			(0.01)						-						(0.01)			(0.01)						(0.02)			(0.02)
Decommissioning expense			(0.01)			(0.01)						-						-			-						(0.01)			(0.01)
Taxes other than income taxes			-			-						0.01						-			-						0.01			-
Depreciation/amortization exp.			(0.21)			(0.09)			(j)			-						(0.01)			(0.01)						(0.21)			(0.10)
Other income (deductions)			0.20			0.20			(k)			(0.03)						0.05			0.05			(l)			0.22			0.25
Interest expense			(0.04)			(0.04)						0.01						(0.03)			(0.03)						(0.07)			(0.08)
Income taxes – other			3.41			0.13			(m)			0.04						1.32			-			(n)			4.78			0.14
Share effect			(0.07)			(0.02)			(o)			-						(0.01)			0.01						(0.09)			(0.01)
2023 earnings (loss)			3.96			1.14						-						0.67			(0.62)						4.64			0.52

h

Calculations may differ due to rounding

Appendix B-2: As-reported and adjusted earnings per share variance analysis (c), (d), (e)
Full year 2023 vs. 2022
(After-tax, per share in $)
												Parent & Other
			Utility									2022 EWC (f)						All other									Consolidated
			As- reported			Adjusted						As- reported						As- reported			Adjusted						As- reported			Adjusted
2022 earnings (loss)			6.84			8.20						0.31						(1.78)			(1.78)						5.37			6.42
Operating revenue less: fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits)–net			2.89			0.85			(g)			(0.62)						0.06			0.06			(p)			2.33			0.91
Nuclear refueling outage expense			(0.05)			(0.05)			(q)			0.07						-			-						0.03			(0.05)
Other O&M			0.22			0.22			(r)			0.40						(0.09)			(0.09)			(i)			0.53			0.13
Asset write-offs and impairments			(0.29)			(0.01)			(s)			(0.63)						0.14			(0.01)			(t)			(0.78)			(0.02)
Decommissioning expense			(0.04)			(0.04)						0.11						-			-						0.07			(0.04)
Taxes other than income taxes			(0.13)			(0.13)			(u)			0.06						(0.01)			(0.01)						(0.08)			(0.14)
Depreciation/amortization exp.			(0.34)			(0.22)			(j)			0.06						(0.02)			(0.02)						(0.30)			(0.24)
Other income (deductions)			0.70			0.59			(k)			0.07						(0.20)			(0.20)			(v)			0.56			0.38
Interest expense			(0.24)			(0.24)			(w)			0.03						(0.14)			(0.14)			(x)			(0.35)			(0.38)
Income taxes – other			2.63			0.04			(m)			0.14						1.32			(0.02)			(n)			4.09			0.02
Preferred dividend requirements and noncontrolling interests			-			-						0.01						(0.01)			(0.01)						-			(0.01)
Share effect			(0.39)			(0.30)			(o)			-						0.02			0.07			(o)			(0.37)			(0.23)
2023 earnings (loss)			11.81			8.93						-						(0.71)			(2.16)						11.10			6.77

Calculations may differ due to rounding

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(c)Utility operating revenue and Utility income taxes - other exclude the following for the amortization of unprotected excess ADIT affecting customers’ bills (net effect is neutral to earnings) ($ in millions):

			4Q23			4Q22			FY23			FY22
Utility operating revenue			5			5			13			(45)
Utility income taxes - other			(5)			(5)			(13)			45

(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):

			4Q23			4Q22			FY23			FY22
Utility regulatory charges (credits)			4			14			14			26
Utility preferred dividend requirements and noncontrolling interest			(4)			(14)			(14)			(26)

(e)EPS effect is calculated by multiplying the pre-tax amount by the estimated income tax rate that is expected to apply and dividing by diluted average number of common shares outstanding for the prior period. Income taxes – other represents income tax differences other than the income tax effect of individual line items. Share effect captures the per share impact from the change in diluted average number of common shares outstanding.

(f)In 2022, the wind down of EWC was completed and that business is no longer a reportable segment. Starting in 2023, the remaining activity from EWC is included in Parent & Other "All other." EWC 2022 results were largely attributable to Palisades nuclear plant, which was shut down and sold in second quarter 2022. Financial results in 2022 included revenue and operating expenses from Palisades until the plant was shut down in May 2022, and decommissioning expense and earnings on the decommissioning trust until the plant was sold in June 2022. Second quarter 2022 results also included a gain of $166 million ($130 million after tax) that resulted from the sale of Palisades. Third quarter 2022 results included an accrual for an uncertain tax position that resulted from a state tax audit.

Utility as-reported operating revenue less fuel, fuel-related expenses and gas purchased for resale; purchased power; and other regulatory charges (credits)-net variance analysis 2023 vs. 2022 ($ EPS)
			4Q			FY
Electric volume / weather			(0.06)			0.02
Retail electric price			0.20			1.14
4Q23 E-LA and E-NO customer sharing of IRS audit resolution			(0.34)			(0.35)
3Q23 E-TX adjustments to regulatory provisions			-			0.11
3Q23 E-TX base rate case relate-back			(0.01)			(0.04)
3Q23 SERI depreciation rate settlement (largely offset by a retroactive reduction in depreciation expense)			-			(0.15)
1Q23 E-LA provision for customer sharing of securitization benefits			-			(0.37)
1Q23 E-LA true-up of carrying charges on storm costs			-			0.15
3Q22 reg. credit for E-MS 2021 FRP lookback true-up			-			(0.05)
3Q22 reg. credit for retroactive portion of E-MS 2022 FRP rate change			-			(0.03)
2Q22 increase in provision for potential refunds in SERI complaints			-			2.01
2Q22 E-LA 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)
2Q22 / 1Q22 reg. provisions for true-up of E-LA and E-TX cost of debt from 2020 storms			-			(0.07)
Reg. provisions for decommissioning items			(0.01)			(0.02)
Grand Gulf recovery			(0.02)			(0.09)
Other			-			0.08
Total			(0.24)			2.89

(g)The fourth quarter and full year variances reflect regulatory actions including E-AR’s FRP, E-LA’s FRP (including riders), E-MS’s FRP, various E-MS riders, E-NO’s FRP, and E-TX’s base rate increase. In fourth quarter 2023, E-LA and E-NO recorded a regulatory provision for customer sharing of income tax benefits as a result of the 2016–2018 IRS audit resolution (considered an adjustment and excluded from adjusted earnings). The effects of weather on retail volume were also a driver for the quarter. The full year variance also reflected various regulatory provisions (detailed in the table to the right), including customer sharing and other items related to securitization and storm cost recovery (the majority of which were considered adjustments and excluded from adjusted earnings).

(h)The fourth quarter earnings decrease from higher Utility other O&M reflected an increase in contract costs related to operational performance, customer service, and organizational health initiatives and higher power delivery expenses due primarily to an increase in vegetation management. The decrease was partially offset by lower MISO costs, a portion of

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which was the result of MISO changing its ancillary generator services market rules (largely offset by lower ancillary generator revenues), and lower benefits costs.

(i)The fourth quarter and full year earnings decreases from higher Parent & Other other O&M were due primarily to the business activity that was previously reported within EWC and is now included in Parent & Other in 2023.

(j)The fourth quarter and full year earnings decreases from higher Utility depreciation/amortization expense were due to higher plant in service, updated depreciation rates for E-TX, and a fourth quarter 2022 adjustment to SERI’s depreciation expense that resulted from FERC’s December 2022 order on the sale-leaseback complaint (considered an adjustment and excluded from adjusted earnings). This was partially offset by the approval of lower depreciation rates at SERI retroactive to March 2022 (largely offset by a regulatory provision to refund the excess depreciation previously collected from customers).

(k)The fourth quarter and full year earnings increases from higher Utility other income (deductions) were due largely to higher intercompany dividend income from affiliated preferred membership interests related to storm cost securitizations (largely offset in P&O). The full year earnings increase also reflected a few additional drivers. AFUDC-equity increased due to higher construction work in progress. In second quarter 2022, two items were recorded as a result of E-LA securitization: a $32 million charge to account for LURC’s 1% beneficial interest in a trust established as part of E-LA’s 2022 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 related to prior years was considered an adjustment and excluded from adjusted earnings). Additionally, the full year increase included changes in nuclear decommissioning trust returns (based on regulatory treatment, decommissioning-related variances are largely earnings neutral). The full year increase was partially offset by storm restoration carrying costs recorded in first quarter and second quarter 2022, a $(15 million) ($(15 million) after tax) charge recorded in first quarter 2023 to account for LURC’s 1% beneficial interest in a trust established as part of E-LA’s 2023 storm cost securitization (considered an adjustment and excluded from adjusted earnings), and lower carrying costs on deferred fuel balances.

(l)The fourth quarter earnings increase from higher Parent & Other other income (deductions) was due to the timing of charitable contributions and income recorded on legacy EWC pension plans. The increase was partially offset by changes in intercompany dividends associated with affiliate preferred membership interests resulting from E-LA’s securitizations (largely offset at Utility).

(m)The fourth quarter and full year earnings increases from Utility income taxes - other reflected several items. In the fourth quarter 2023, a $568 million income tax benefit was recorded as a result of the resolution of the 2016–2018 IRS audit (considered an adjustment and excluded from adjusted earnings). Also in fourth quarter 2023, E-LA recorded the reversal of a $106 million regulatory liability associated with the Hurricane Ida securitization, originally recorded in 2017 as a result of the TCJA (considered an adjustment and excluded from adjusted earnings). In the fourth quarter 2022, a $(13 million) increase in income tax expense was recorded as a result of FERC’s sale-leaseback order (considered an adjustment and excluded from adjusted earnings). Additional true-ups totaling $18 million were recorded in the fourth quarter 2023 compared to $(6 million) in fourth quarter 2022. The full year increase also reflected two additional drivers: a $129 million income tax benefit recorded in first quarter 2023 related to storm cost securitization financing and a $283 million income tax benefit recorded in second quarter 2022 related to securitization financing (both items were considered adjustments and excluded from adjusted earnings).

(n)The fourth quarter and full year as-reported earnings increases from Parent & Other income taxes - other was due largely to a $275 million income tax benefit resulting from the resolution of the 2016–2018 IRS audit (considered an adjustment and excluded from adjusted earnings).

(o)The fourth quarter and full year earnings per share impacts from share effect were due to settlement of equity forward sales in November 2022, November 2023, and December 2023 under the company’s ATM program.

(p)The full year earnings increase from Parent & Other operating revenue less fuel, fuel related expenses and gas purchased for resale was due to business activity that was previously reported within EWC and is now included in Parent & Other in 2023.

(q)The full year earnings decrease from higher Utility nuclear refueling outage expense was due primarily to higher amortization of ANO 1 refueling outage costs.

(r)The full year earnings increase from lower Utility other O&M reflected lower compensation and benefits costs; lower MISO costs, a portion of which was the result of MISO changing its ancillary generator services market rules (largely offset by lower ancillary generator revenues); lower non-nuclear generation expenses primarily due to a reduced scope of work; lower customer service center support costs; lower nuclear generation expenses primarily due to a reduced scope of work and lower labor costs; and the recognition of a DOE award for spent fuel litigation. The increase was partially offset by higher contract costs related to operational performance, customer service, and organizational health initiatives; higher power delivery expenses due primarily to an increase in vegetation management; and higher insurance expenses due primarily to lower nuclear insurance refunds in 2023.

(s)The full year as-reported earnings decrease from higher Utility asset write-offs and impairments was due to a third quarter 2023 E-AR write-off totaling $(78 million) ($(59 million) after tax) related to the 2013 ANO stator incident (considered an adjustment and excluded from adjusted earnings).

(t)The full year as-reported earnings increase from lower Parent & Other asset write-offs and impairments was due to recording a spent fuel litigation settlement related to IPEC in third quarter 2023 (considered an adjustment and excluded from adjusted earnings).

(u)The full year earnings decrease from higher Utility taxes other than income taxes was due to higher ad valorem taxes.

(v)The full year earnings decrease from lower Parent & Other other income (deductions) was due primarily to changes in dividends from affiliate preferred membership resulting from E-LA’s securitizations (largely offset in Utility), partially offset by the timing of charitable contributions, and higher non-service pension income.

(w)The full year earnings decrease from higher Utility interest expense was due primarily to higher interest rates as well as higher debt balances.

(x)The full year earnings decrease from higher Parent & Other interest expense was due primarily to higher interest rates on commercial paper and revolver facilities as well as higher commercial paper balances, partially offset by lower long-term debt balances.

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C: Utility operating and financial measures

Appendix C provides a comparison of Utility operating and financial measures.

Appendix C: Utility operating and financial measures
Fourth quarter and full year 2023 vs. 2022
			Fourth quarter												Full year
			2023			2022			% Change			% Weather adjusted (y)			2023			2022			% Change			% Weather adjusted (y)
GWh sold
Residential			7,409			7,916			(6.4)			(2.4)			36,372			37,134			(2.1)			(0.6)
Commercial			6,355			6,284			1.1			0.5			28,221			27,982			0.9			(0.6)
Governmental			572			583			(1.9)			(2.0)			2,458			2,512			(2.1)			(2.9)
Industrial			12,984			12,599			3.1			3.1			52,807			52,501			0.6			0.6
Total retail sales			27,320			27,382			(0.2)			0.8			119,858			120,129			(0.2)			(0.1)
Wholesale			3,599			3,597			0.1						15,189			15,968			(4.9)
Total sales			30,919			30,979			(0.2)						135,047			136,097			(0.8)
Number of electric retail customers
Residential															2,581,555			2,564,646			0.7
Commercial															368,665			371,407			(0.7)
Governmental															17,999			18,304			(1.7)
Industrial															46,060			47,711			(3.5)
Total retail customers															3,014,279			3,002,068			0.4
Other O&M and nuclear refueling outage exp. per MWh			$28.13			$26.01			8.2						$22.13			$22.32			(0.9)

Calculations may differ due to rounding

(y)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 full year, excluding the effects of weather, retail sales were essentially flat. Residential and commercial sales each declined (0.6) percent. Industrial sales increased 0.6 percent due to an increase in demand from new/expansion customers, mainly in the primary metals, industrial gases, and petrochemicals industries and higher sales to small industrial customers. The industrial sales increase was partially offset by lower sales to cogen customers.

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D: Consolidated financial measures

Appendix D 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 D: GAAP and non-GAAP financial measures
Full year 2023 vs. 2022 (See Appendix F for reconciliation of GAAP to non-GAAP financial measures)
For 12 months ending December 31			2023			2022			Change
GAAP measure
As-reported ROE			17.1%			9.0%			8.1%
Non-GAAP financial measure
Adjusted ROE			10.4%			10.7%			(0.3)%
As of December 31 ($ in millions, except where noted)			2023			2022			Change
GAAP measures
Cash and cash equivalents			133			224			(91)
Available revolver capacity			4,346			4,241			105
Commercial paper			1,138			828			310
Total debt			26,335			26,829			(494)
Securitization debt			263			293			(30)
Debt to capital			63.8%			66.9%			(3.1)%
Storm escrows			323			402			(79)
Non-GAAP financial measures ($ in millions, except where noted)
Debt to capital, excluding securitization debt			63.5%			66.6%			(3.1)%
Net debt to net capital, excluding securitization debt			63.4%			66.5%			(3.0)%
Gross liquidity			4,478			4,465			13
Net liquidity			3,340			3,638			(298)
Net liquidity, including storm escrows			3,663			4,040			(377)
Parent debt to total debt, excluding securitization debt			19.8%			18.8%			1.0%
FFO to debt, excluding securitization debt			14.3%			12.4%			1.9%

Calculations may differ due to rounding

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E: Definitions and abbreviations and acronyms

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

Appendix E-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
Financial measures – GAAP
As-reported ROE			12-months rolling net income attributable to Entergy Corp. divided by avg. common equity
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
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 significant tax items, and other items such as certain costs, expenses, or other specified items. In 2022, the results of the EWC segment were considered an adjustment in light of the company’s exit from the merchant nuclear power business.
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, deferred fuel costs, and other working capital accounts), and securitization regulatory charges
FFO to debt, excluding securitization debt			12-months rolling FFO as a percentage of end of period total debt excluding securitization debt
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, including amounts drawn on credit revolver and commercial paper facilities, as a percent of consolidated total debt, excluding securitization debt

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

Appendix E-2: Abbreviations and acronyms
ADIT			Accumulated deferred income taxes			HLBV			Hypothetical liquidation at book value
AFUDC			Allowance for funds used during construction			IPEC			Indian Point Energy Center (nuclear) (sold 5/28/21)
AFUDC – borrowed funds			Allowance for borrowed funds used during construction			IRS			Internal Revenue Service
AFUDC – equity funds			Allowance for equity funds used during construction			LDC			Local distribution company
ALJ			Administrative law judge			LNG			Liquified natural gas
AMI			Advanced metering infrastructure			LPSC			Louisiana Public Service Commission
ANO			Arkansas Nuclear One (nuclear)			LTM			Last twelve months
APSC			Arkansas Public Service Commission			LURC			Louisiana Utility Restoration Corporation
ATM			At the market equity issuance program			MISO			Midcontinent Independent System Operator, Inc.
bbl			Barrels			MMBtu			Million British thermal units
Bcf/D			Billion cubic feet per day			Moody’s			Moody’s Investor Service
bps			Basis points			MPSC			Mississippi Public Service Commission
CAGR			Compound annual growth rate			MTEP			MISO Transmission Expansion Plan
CCGT			Combined cycle gas turbine			NBP			National Balancing Point
CCN			Certificate for convenience and necessity			NYSE			New York Stock Exchange
CCNO			Council of the City of New Orleans			O&M			Operations and maintenance
CFO			Cash from operations			OCAPS			Orange County Advanced Power Station
COD			Commercial operation date			OCF			Net cash flow provided by operating activities
DCRF			Distribution cost recovery factor			OpCo			Utility operating company
DOE			U.S. Department of Energy			OPEB			Other post-employment benefits
DRM			Distribution Recovery Mechanism (rider within E-LA’s FRP)			Other O&M			Other non-fuel operation and maintenance expense
E-AR			Entergy Arkansas, LLC			P&O			Parent & Other
E-LA			Entergy Louisiana, LLC			Palisades			Palisades Power Plant (nuclear) (shut down May 2022, sold June 2022)
E-MS			Entergy Mississippi, LLC			PMR			Performance Management Rider
E-NO			Entergy New Orleans, LLC			PPA			Power purchase agreement or purchased power agreement
E-TX			Entergy Texas, Inc.			PUCT			Public Utility Commission of Texas
EEI			Edison Electric Institute			RFP			Request for proposals
EPS			Earnings per share			ROE			Return on equity
ESG			Environmental, social, and governance			RSP			Rate Stabilization Plan (E-LA Gas)
ETR			Entergy Corporation			S&P			Standard & Poor’s
EWC			Entergy Wholesale Commodities			SEC			U.S. Securities and Exchange Commission
FERC			Federal Energy Regulatory Commission			SERI			System Energy Resources, Inc.
Fifth Circuit			U.S. Fifth Circuit Court of Appeals			TCJA			Tax Cuts and Jobs Act of 2017
FFO			Funds from operations			TCRF			Transmission cost recovery factor
FIN 48			FASB Interpretation No.48, “Accounting for Uncertainty in Income Taxes”			TRAM			Tax reform adjustment mechanism
FRP			Formula rate plan			TRM			Transmission Recover Mechanism (rider within E-LA’s FRP)
GAAP			U.S. generally accepted accounting principles			UPSA			Unit Power Sales Agreement
GRIP			Grid Resilience and Innovative Partnership (DOE grant program)			WACC			Weighted-average cost of capital
GCRR			Generation Cost Recovery Rider
Grand Gulf or GGNS			Unit 1 of Grand Gulf Nuclear Station (nuclear), 90% owned or leased by SERI

18

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F: Other GAAP to non-GAAP reconciliations

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

Appendix F-1: Reconciliation of GAAP to non-GAAP financial measures – ROE
(LTM $ in millions except where noted)						Fourth quarter
						2023			2022
As-reported net income (loss) attributable to Entergy Corporation			(A)			2,357			1,103
Adjustments			(B)			919			(217)
Adjusted earnings (non-GAAP)			(A-B)			1,438			1,320
Average common equity (average of beginning and ending balances)			(C)			13,795			12,302
As-reported ROE			(A/C)			17.1%			9.0%
Adjusted ROE (non-GAAP)			[(A-B)/C]			10.4%			10.7%

Calculations may differ due to rounding

Appendix F-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)						Fourth quarter
						2023			2022
Total debt			(A)			26,335			26,829
Less securitization debt			(B)			263			293
Total debt, excluding securitization debt			(C)			26,072			26,536
Less cash and cash equivalents			(D)			133			224
Net debt, excluding securitization debt			(E)			25,939			26,312
Commercial paper			(F)			1,138			828
Total capitalization			(G)			41,297			40,113
Less securitization debt			(B)			263			293
Total capitalization, excluding securitization debt			(H)			41,034			39,820
Less cash and cash equivalents			(D)			133			224
Net capital, excluding securitization debt			(I)			40,901			39,596
Debt to capital			(A/G)			63.8%			66.9%
Debt to capital, excluding securitization debt (non-GAAP)			(C/H)			63.5%			66.6%
Net debt to net capital, excluding securitization debt (non-GAAP)			(E/I)			63.4%			66.5%
Available revolver capacity			(J)			4,346			4,241
Storm escrows			(K)			323			402
Gross liquidity (non-GAAP)			(D+J)			4,478			4,465
Net liquidity (non-GAAP)			(D+J-F)			3,340			3,638
Net liquidity, including storm escrows (non-GAAP)			(D+J-F+K)			3,663			4,040
Entergy Corporation notes:
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			4,050
Revolver draw			(M)			-			150
Unamortized debt issuance costs and discounts			(N)			(37)			(43)
Total parent debt			(F+L+M+N)			5,151			4,985
Parent debt to total debt, excluding securitization debt (non-GAAP)			[(F+L+M+N)/C]			19.8%			18.8%

Calculations may differ due to rounding

19

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Appendix F-3: Reconciliation of GAAP to non-GAAP financial measures – FFO to debt, excluding securitization debt
($ in millions except where noted)						Fourth quarter
						2023			2022
Total debt			(A)			26,335			26,829
Less securitization debt			(B)			263			293
Total debt, excluding securitization debt			(C)			26,072			26,536
Net cash flow provided by operating activities, LTM			(D)			4,294			2,585
AFUDC – borrowed funds, LTM			(E)			(40)			(28)
Working capital items in net cash flow provided by operating activities, LTM:
Receivables						102			(157)
Fuel inventory						(45)			7
Accounts payable						(135)			(102)
Taxes accrued						10			4
Interest accrued						19			4
Deferred fuel costs						759			(394)
Other working capital accounts						(210)			(157)
Securitization regulatory charges, LTM						31			62
Total			(F)			531			(733)
FFO, LTM (non-GAAP)			(G)=(D+E-F)			3,724			3,290
FFO to debt, excluding securitization debt (non-GAAP)			(G/C)			14.3%			12.4%

Calculations may differ due to rounding

20

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Financial Statements

Entergy Corporation
Consolidating Balance Sheet
December 31, 2023
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash						$	63,000					$	8,609					$	71,609
Temporary cash investments						37,434						23,505						60,939
Total cash and cash equivalents						100,434						32,114						132,548
Accounts receivable:
Customer						699,411						—						699,411
Allowance for doubtful accounts						(25,905)						—						(25,905)
Associated companies						(21,282)						21,282						—
Other						215,265						10,069						225,334
Accrued unbilled revenues						494,615						—						494,615
Total accounts receivable						1,362,104						31,351						1,393,455
Deferred fuel costs						169,967						—						169,967
Fuel inventory - at average cost						185,653						7,146						192,799
Materials and supplies - at average cost						1,414,613						4,356						1,418,969
Deferred nuclear refueling outage costs						140,115						—						140,115
Prepayments and other						210,563						2,453						213,016
TOTAL						3,583,449						77,420						3,660,869
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates						4,509,294						(4,509,294)						—
Decommissioning trust funds						4,863,710						—						4,863,710
Non-utility property - at cost (less accumulated depreciation)						410,845						7,701						418,546
Storm reserve escrow account						323,206						—						323,206
Other						38,513						30,981						69,494
TOTAL						10,145,568						(4,470,612)						5,674,956
PROPERTY, PLANT, AND EQUIPMENT
Electric						66,638,517						211,957						66,850,474
Natural gas						717,503						—						717,503
Construction work in progress						2,108,760						943						2,109,703
Nuclear fuel						707,852						—						707,852
TOTAL PROPERTY, PLANT, AND EQUIPMENT						70,172,632						212,900						70,385,532
Less - accumulated depreciation and amortization						26,395,786						155,417						26,551,203
PROPERTY, PLANT, AND EQUIPMENT - NET						43,776,846						57,483						43,834,329
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						5,669,404						—						5,669,404
Deferred fuel costs						172,201						—						172,201
Goodwill						374,099						—						374,099
Accumulated deferred income taxes						14,010						2,357						16,367
Other						151,461						149,710						301,171
TOTAL						6,381,175						152,067						6,533,242
TOTAL ASSETS						$	63,887,038					$	(4,183,642)					$	59,703,396
*Totals may not foot due to rounding.

21

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Entergy Corporation
Consolidating Balance Sheet
December 31, 2023
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt						$	1,960,057					$	139,000					$	2,099,057
Notes payable and commercial paper:
Other						—						1,138,171						1,138,171
Account payable:
Associated companies						66,835						(66,835)						—
Other						1,558,713						8,032						1,566,745
Customer deposits						446,146						—						446,146
Taxes accrued						431,146						3,067						434,213
Interest accrued						201,336						12,861						214,197
Deferred fuel costs						218,927						—						218,927
Pension and other postretirement liabilities						45,144						14,364						59,508
Other						213,809						5,719						219,528
TOTAL						5,142,113						1,254,379						6,396,492
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						5,843,746						(1,597,764)						4,245,982
Accumulated deferred investment tax credits						205,973						—						205,973
Regulatory liability for income taxes - net						1,033,242						—						1,033,242
Other regulatory liabilities						3,116,926						—						3,116,926
Decommissioning and retirement cost liabilities						4,505,119						663						4,505,782
Accumulated provisions						462,296						274						462,570
Pension and other postretirement liabilities						546,897						101,516						648,413
Long-term debt						18,995,944						4,012,895						23,008,839
Other						1,528,284						(411,623)						1,116,661
TOTAL						36,238,427						2,105,961						38,344,388
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 2023 - none						—						—						—
Common stock, $.01 par value, authorized 499,000,000 shares;
issued 280,975,348 shares in 2023						2,458,748						(2,455,938)						2,810
Paid-in capital						5,198,873						2,596,538						7,795,411
Retained earnings						14,585,015						(2,644,631)						11,940,384
Accumulated other comprehensive loss						64,492						(226,952)						(162,460)
Less - treasury stock, at cost (68,162,778 shares in 2023)						120,000						4,833,498						4,953,498
TOTAL SHAREHOLDERS' EQUITY						22,187,128						(7,564,481)						14,622,647
Subsidiaries' preferred stock without sinking fund
and noncontrolling interests						124,209						(3,750)						120,459
TOTAL						22,311,337						(7,568,231)						14,743,106
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY						$	63,887,038					$	(4,183,642)					$	59,703,396
*Totals may not foot due to rounding.

22

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Entergy Corporation
Consolidating Balance Sheet
December 31, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents:
Cash						$	101,049					$	1,758					$	12,483					$	115,290
Temporary cash investments						47,186						912						60,776						108,874
Total cash and cash equivalents						148,235						2,670						73,259						224,164
Notes receivable						—						(75,000)						75,000						—
Accounts receivable:
Customer						788,552						—						—						788,552
Allowance for doubtful accounts						(30,856)						—						—						(30,856)
Associated companies						7,991						(9,407)						1,416						—
Other						223,752						4						17,946						241,702
Accrued unbilled revenues						495,859						—						—						495,859
Total accounts receivable						1,485,298						(9,403)						19,362						1,495,257
Deferred fuel costs						710,401						—						—						710,401
Fuel inventory - at average cost						141,174						—						6,458						147,632
Materials and supplies - at average cost						1,179,344						—						3,964						1,183,308
Deferred nuclear refueling outage costs						143,653						—						—						143,653
Prepayments and other						190,942						(8,673)						8,342						190,611
TOTAL						3,999,047						(90,406)						186,385						4,095,026
OTHER PROPERTY AND INVESTMENTS
Investment in affiliates						3,176,229						(3,176,315)						86						—
Decommissioning trust funds						4,121,864						—						—						4,121,864
Non-utility property - at cost (less accumulated depreciation)						357,763						(16)						8,658						366,405
Storm reserve escrow account						401,955						—						—						401,955
Other						42,154						51,497						8,608						102,259
TOTAL						8,099,965						(3,124,834)						17,352						4,992,483
PROPERTY, PLANT, AND EQUIPMENT
Electric						64,435,141						5,313						206,457						64,646,911
Natural gas						691,970						—						—						691,970
Construction work in progress						1,843,160						352						659						1,844,171
Nuclear fuel						582,119						—						—						582,119
TOTAL PROPERTY, PLANT, AND EQUIPMENT						67,552,390						5,665						207,116						67,765,171
Less - accumulated depreciation and amortization						25,137,429						200						150,418						25,288,047
PROPERTY, PLANT, AND EQUIPMENT - NET						42,414,961						5,465						56,698						42,477,124
DEFERRED DEBITS AND OTHER ASSETS
Regulatory assets:
Other regulatory assets						6,036,397						—						—						6,036,397
Deferred fuel costs						241,085						—						—						241,085
Goodwill						374,099						—						3,073						377,172
Accumulated deferred income taxes						81,315						358						2,427						84,100
Other						152,374						10,903						128,527						291,804
TOTAL						6,885,270						11,261						134,027						7,030,558
TOTAL ASSETS						$	61,399,243					$	(3,198,514)					$	394,462					$	58,595,191
*Totals may not foot due to rounding.

23

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Entergy Corporation
Consolidating Balance Sheet
December 31, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Currently maturing long-term debt						$	2,170,037					$	—					$	139,000					$	2,309,037
Notes payable and commercial paper:
Other						—						827,621						—						827,621
Account payable:
Associated companies						42,681						(39,329)						(3,352)						—
Other						1,769,731						83						7,776						1,777,590
Customer deposits						424,723						—						—						424,723
Taxes accrued						407,244						2,887						13,960						424,091
Interest accrued						181,960						12,927						377						195,264
Pension and other postretirement liabilities						89,348						—						15,497						104,845
Sale-leaseback/depreciation regulatory liability						103,497						—						—						103,497
Other						195,983						1,915						4,881						202,779
TOTAL						5,385,204						806,104						178,139						6,369,447
NON-CURRENT LIABILITIES
Accumulated deferred income taxes and taxes accrued						5,923,987						(638,476)						(466,674)						4,818,837
Accumulated deferred investment tax credits						211,220						—						—						211,220
Regulatory liability for income taxes - net						1,258,276						—						—						1,258,276
Other regulatory liabilities						2,324,590						—						—						2,324,590
Decommissioning and retirement cost liabilities						4,270,916						—						615						4,271,531
Accumulated provisions						530,910						—						291						531,201
Pension and other postretirement liabilities						1,047,018						—						166,537						1,213,555
Long-term debt						19,466,346						4,157,166						—						23,623,512
Other						1,104,215						(459,639)						44,144						688,720
TOTAL						36,137,478						3,059,051						(255,087)						38,941,442
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 279,653,929 shares in 2022						2,458,748						(2,657,052)						201,101						2,797
Paid-in capital						3,694,509						(1,619,515)						5,557,901						7,632,895
Retained earnings						13,504,961						2,075,642						(5,078,562)						10,502,041
Accumulated other comprehensive loss						41,525						—						(233,279)						(191,754)
Less - treasury stock, at cost (68,477,429 shares in 2022)						120,000						4,858,994						—						4,978,994
TOTAL COMMON SHAREHOLDERS' EQUITY						19,579,743						(7,059,919)						447,161						12,966,985
Subsidiaries' preferred stock without sinking fund
and noncontrolling interests						101,657						(3,750)						—						97,907
TOTAL						19,681,400						(7,063,669)						447,161						13,064,892
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY						$	61,399,243					$	(3,198,514)					$	394,462					$	58,595,191
*Totals may not foot due to rounding.

24

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Entergy Corporation
Consolidating Income Statement
Three Months Ended December 31, 2023
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
OPERATING REVENUES
Electric						$	2,646,866					$	—					$	2,646,866
Natural gas						50,101						—						50,101
Other						—						27,838						27,838
Total						2,696,967						27,838						2,724,805
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						599,586						12,402						611,988
Purchased power						201,726						12,111						213,837
Nuclear refueling outage expenses						39,072						—						39,072
Other operation and maintenance						830,825						24,204						855,029
Asset write-offs, impairments, and related charges						1,528						3,073						4,601
Decommissioning						52,681						12						52,693
Taxes other than income taxes						188,225						680						188,905
Depreciation and amortization						480,579						1,696						482,275
Other regulatory charges (credits) - net						19,848						—						19,848
Total						2,414,070			—			54,178						2,468,248
OPERATING INCOME						282,897						(26,340)						256,557
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						26,255						—						26,255
Interest and investment income						141,989						(75,512)						66,477
Miscellaneous - net						(81,492)						1,494						(79,998)
Total						86,752						(74,018)						12,734
INTEREST EXPENSE
Interest expense						214,838						49,714						264,552
Allowance for borrowed funds used during construction						(10,193)						—						(10,193)
Total						204,645						49,714						254,359
INCOME BEFORE INCOME TAXES						165,004						(150,072)						14,932
Income taxes						(679,199)						(294,153)						(973,352)
CONSOLIDATED NET INCOME						844,203						144,081						988,284
Preferred dividend requirements of subsidiaries and noncontrolling interests						182						499						681
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	844,021					$	143,582					$	987,603
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$3.98						$0.68						$4.66
DILUTED						$3.96						$0.67						$4.64
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																		212,014,487
DILUTED																		212,935,151
*Totals may not foot due to rounding.

25

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Entergy Corporation
Consolidating Income Statement
Three Months Ended December 31, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$	3,162,759					$	(3)					$	—					$	3,162,756
Natural gas						67,003						—						—						67,003
Other						—						—						42,741						42,741
Total						3,229,762						(3)						42,741						3,272,500
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						1,029,183						(3)						17,976						1,047,156
Purchased power						286,626						3						19,597						306,226
Nuclear refueling outage expenses						36,407						—						—						36,407
Other operation and maintenance						769,526						9,877						9,384						788,787
Decommissioning						49,893						—						12						49,905
Taxes other than income taxes						188,081						(125)						3,134						191,090
Depreciation and amortization						422,474						234						1,296						424,004
Other regulatory charges (credits) - net						(19,952)						—						—						(19,952)
Total						2,762,238						9,986						51,399						2,823,623
OPERATING INCOME						467,524						(9,989)						(8,658)						448,877
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						23,147						—						—						23,147
Interest and investment income						93,341						(54,675)						3,754						42,420
Miscellaneous - net						(75,758)						(38,583)						3,994						(110,347)
Total						40,730						(93,258)						7,748						(44,780)
INTEREST EXPENSE
Interest expense						201,658						41,201						2,644						245,503
Allowance for borrowed funds used during construction						(9,114)						—						—						(9,114)
Total						192,544						41,201						2,644						236,389
INCOME BEFORE INCOME TAXES						315,710						(144,448)						(3,554)						167,708
Income taxes						83,994						(22,063)						8,125						70,056
CONSOLIDATED NET INCOME						231,716						(122,385)						(11,679)						97,652
Preferred dividend requirements of subsidiaries and noncontrolling interests						(9,321)						(48)						547						(8,822)
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	241,037					$	(122,337)					$	(12,226)					$	106,474
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$1.16						($0.59)						($0.06)						$0.51
DILUTED						$1.15						($0.58)						($0.06)						$0.51
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								207,984,460
DILUTED																								209,104,938
*Totals may not foot due to rounding.

26

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Entergy Corporation
Consolidating Income Statement
Year to Date Ended December 31, 2023
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Consolidated
OPERATING REVENUES
Electric						$	11,842,454					$	—					$	11,842,454
Natural gas						180,490						—						180,490
Competitive businesses						—						124,468						124,468
Total						12,022,944						124,468						12,147,412
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						2,755,793						45,787						2,801,580
Purchased power						904,184						63,852						968,036
Nuclear refueling outage expenses						150,147						—						150,147
Other operation and maintenance						2,838,057						60,156						2,898,213
Asset write-offs, impairments, and related charges (credits)						79,962						(37,283)						42,679
Decommissioning						206,626						48						206,674
Taxes other than income taxes						752,511						3,063						755,574
Depreciation and amortization						1,838,628						6,375						1,845,003
Other regulatory charges (credits) - net						(138,469)						—						(138,469)
Total						9,387,439						141,998						9,529,437
OPERATING INCOME						2,635,505						(17,530)						2,617,975
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						98,493						—						98,493
Interest and investment income						443,751						(281,025)						162,726
Miscellaneous - net						(225,049)						24,036						(201,013)
Total						317,195						(256,989)						60,206
INTEREST EXPENSE
Interest expense						856,401						189,763						1,046,164
Allowance for borrowed funds used during construction						(39,758)						—						(39,758)
Total						816,643						189,763						1,006,406
INCOME BEFORE INCOME TAXES						2,136,057						(464,282)						1,671,775
Income taxes						(374,847)						(315,688)						(690,535)
CONSOLIDATED NET INCOME						2,510,904						(148,594)						2,362,310
Preferred dividend requirements of subsidiaries and noncontrolling interests						3,777						1,997						5,774
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	2,507,127					$	(150,591)					$	2,356,536
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$11.85						($0.71)						$11.14
DILUTED						$11.81						($0.71)						$11.10
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																		211,569,931
DILUTED																		212,376,495
*Totals may not foot due to rounding.

27

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Entergy Corporation
Consolidating Income Statement
Year to Date Ended December 31, 2022
(Dollars in thousands)
(Unaudited)
						Utility						Parent & Other						Entergy Wholesale Commodities						Consolidated
OPERATING REVENUES
Electric						$	13,186,884					$	(39)					$	—					$	13,186,845
Natural gas						233,920						—						—						233,920
Competitive businesses						—						11						343,461						343,472
Total						13,420,804						(28)						343,461						13,764,237
OPERATING EXPENSES
Operating and Maintenance:
Fuel, fuel related expenses, and gas purchased for resale						3,634,394						(28)						98,485						3,732,851
Purchased power						1,478,121						28						83,395						1,561,544
Nuclear refueling outage expenses						137,618						—						18,414						156,032
Other operation and maintenance						2,899,759						35,677						103,023						3,038,459
Asset write-offs, impairments, and related charges (credits)						—						—						(163,464)						(163,464)
Decommissioning						195,831						—						28,245						224,076
Taxes other than income taxes						716,560						738						16,240						733,538
Depreciation and amortization						1,745,822						883						14,318						1,761,023
Other regulatory charges (credits) - net						669,403						—						—						669,403
Total						11,477,508						37,298						198,656						11,713,462
OPERATING INCOME						1,943,296						(37,326)						144,805						2,050,775
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction						72,832						—						—						72,832
Interest and investment income (loss)						145,968						(187,152)						(34,397)						(75,581)
Miscellaneous - net						(47,604)						(46,618)						16,593						(77,629)
Total						171,196						(233,770)						(17,804)						(80,378)
INTEREST EXPENSE
Interest expense						777,998						154,348						7,714						940,060
Allowance for borrowed funds used during construction						(27,823)						—						—						(27,823)
Total						750,175						154,348						7,714						912,237
INCOME BEFORE INCOME TAXES						1,364,317						(425,444)						119,287						1,058,160
Income taxes						(34,263)						(59,180)						54,465						(38,978)
CONSOLIDATED NET INCOME						1,398,580						(366,264)						64,822						1,097,138
Preferred dividend requirements of subsidiaries and noncontrolling interests						(8,025)						(191)						2,188						(6,028)
NET INCOME ATTRIBUTABLE TO ENTERGY CORPORATION						$	1,406,605					$	(366,073)					$	62,634					$	1,103,166
EARNINGS PER AVERAGE COMMON SHARE:
BASIC						$6.88						($1.79)						$0.31						$5.40
DILUTED						$6.84						($1.78)						$0.31						$5.37
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
BASIC																								204,450,354
DILUTED																								205,547,578
*Totals may not foot due to rounding.

28

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Entergy Corporation
Consolidated Cash Flow Statement
Three Months Ended December 31, 2023 vs. 2022
(Dollars in thousands)
(Unaudited)
						2023						2022						Variance
OPERATING ACTIVITIES
Consolidated net income						$	988,284					$	97,652					$	890,632
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						575,939						522,615						53,324
Deferred income taxes, investment tax credits, and non-current taxes accrued						(965,032)						29,518						(994,550)
Asset write-offs, impairments and related charges						4,601						—						4,601
Changes in working capital:
Receivables						319,285						211,505						107,780
Fuel inventory						(10,566)						(12,490)						1,924
Accounts payable						169,216						(42,226)						211,442
Taxes accrued						(97,777)						(85,291)						(12,486)
Interest accrued						(47,638)						(34,248)						(13,390)
Deferred fuel costs						138,921						427,640						(288,719)
Other working capital accounts						(72,977)						(32,558)						(40,419)
Changes in provisions for estimated losses						(61,460)						76,237						(137,697)
Changes in regulatory assets						20,776						(10,269)						31,045
Changes in other regulatory liabilities						258,988						(150,244)						409,232
Effect of securitization on regulatory asset						—						95,920						(95,920)
Changes in pension and other postretirement liabilities						(262,593)						(441,120)						178,527
Other						105,368						123,408						(18,040)
Net cash flow provided by operating activities						1,063,335						776,049						287,286
INVESTING ACTIVITIES
Construction/capital expenditures						(1,067,035)						(1,212,005)						144,970
Allowance for equity funds used during construction						26,255						23,147						3,108
Nuclear fuel purchases						(69,760)						(97,994)						28,234
Payment for purchase of assets						(4,661)						—						(4,661)
Net proceeds from sale of assets						—						5,887						(5,887)
Changes in securitization account						10,332						14,290						(3,958)
Payments to storm reserve escrow accounts						(5,460)						(202,455)						196,995
Receipts from storm reserve escrow accounts						98,529						125,001						(26,472)
Decrease (increase) in other investments						(11,735)						29,910						(41,645)
Proceeds from nuclear decommissioning trust fund sales						276,064						259,382						16,682
Investment in nuclear decommissioning trust funds						(302,444)						(286,093)						(16,351)
Net cash flow used in investing activities						(1,049,915)						(1,340,930)						291,015
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						668,060						703,142						(35,082)
Treasury stock						4,639						240						4,399
Common stock						130,649						852,555						(721,906)
Retirement of long-term debt						(1,751,746)						(997,261)						(754,485)
Changes in commercial paper - net						(212,934)						(559,011)						346,077
Capital contributions from noncontrolling interests						—						15,107						(15,107)
Other						4,760						1,102						3,658
Dividends paid:
Common stock						(239,494)						(225,740)						(13,754)
Preferred stock						(4,580)						(4,580)						—
Net cash flow provided by financing activities						(1,400,646)						(214,446)						(1,186,200)
Net decrease in cash and cash equivalents						(1,387,226)						(779,327)						(607,899)
Cash and cash equivalents at beginning of period						1,519,774						1,003,491						516,283
Cash and cash equivalents at end of period						$	132,548					$	224,164					$	(91,616)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$	302,021					$	270,673					$	31,348
Income taxes						$	7,530					$	35,766					$	(28,236)
Noncash investing activities:
Accrued construction expenditures						$	40,344					$	105,808					$	(65,464)

29

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Entergy Corporation
Consolidated Cash Flow Statement
Year to Date December 31, 2023 vs. 2022
(Dollars in thousands)
(Unaudited)
						2023						2022						Variance
OPERATING ACTIVITIES
Consolidated net income						$	2,362,310					$	1,097,138					$	1,265,172
Adjustments to reconcile consolidated net income to net cash
flow provided by operating activities:
Depreciation, amortization, and decommissioning, including nuclear fuel amortization						2,244,479						2,190,371						54,108
Deferred income taxes, investment tax credits, and non-current taxes accrued						(707,822)						(47,154)						(660,668)
Asset write-offs, impairments and related charges (credits)						42,679						(163,464)						206,143
Changes in working capital:
Receivables						101,801						(157,267)						259,068
Fuel inventory						(45,166)						6,943						(52,109)
Accounts payable						(135,048)						(102,013)						(33,035)
Taxes accrued						10,122						4,263						5,859
Interest accrued						18,933						4,113						14,820
Deferred fuel costs						759,361						(393,746)						1,153,107
Other working capital accounts						(210,038)						(157,235)						(52,803)
Changes in provisions for estimated losses						(68,631)						374,079						(442,710)
Changes in other regulatory assets						435,877						576,859						(140,982)
Changes in other regulatory liabilities						463,805						(266,559)						730,364
Effect of securitization on regulatory asset						(491,150)						(941,035)						449,885
Changes in pension and other postretirement liabilities						(610,479)						(699,261)						88,782
Other						123,295						1,259,458						(1,136,163)
Net cash flow provided by operating activities						4,294,328						2,585,490						1,708,838
INVESTING ACTIVITIES
Construction/capital expenditures						(4,440,652)						(5,065,126)						624,474
Allowance for equity funds used during construction						98,493						72,832						25,661
Nuclear fuel purchases						(270,973)						(223,613)						(47,360)
Payment for purchase of assets						(35,094)						(106,193)						71,099
Net proceeds (payments) from sale of assets						11,000						(1,195)						12,195
Insurance proceeds received for property damages						19,493						—						19,493
Litigation proceeds from settlement agreement						—						9,829						(9,829)
Changes in securitization account						5,493						15,514						(10,021)
Payments to storm reserve escrow accounts						(19,780)						(1,494,048)						1,474,268
Receipts from storm reserve escrow accounts						98,529						1,125,279						(1,026,750)
Increase in other investments						(16,733)						(3,328)						(13,405)
Litigation proceeds for reimbursement of spent nuclear fuel storage costs						23,655						32,367						(8,712)
Proceeds from nuclear decommissioning trust fund sales						1,082,722						1,636,686						(553,964)
Investment in nuclear decommissioning trust funds						(1,185,130)						(1,708,901)						523,771
Net cash flow used in investing activities						(4,628,977)						(5,709,897)						1,080,920
FINANCING ACTIVITIES
Proceeds from the issuance of:
Long-term debt						4,273,297						6,019,835						(1,746,538)
Treasury stock						9,823						32,042						(22,219)
Common stock						130,649						852,555						(721,906)
Retirement of long-term debt						(5,135,753)						(5,995,903)						860,150
Changes in commercial paper - net						310,550						(373,556)						684,106
Capital contributions from noncontrolling interests						25,708						24,702						1,006
Proceeds received by storm trusts related to securitization						1,457,676						3,163,572						(1,705,896)
Other						107,595						42,761						64,834
Dividends paid:
Common stock						(918,193)						(841,677)						(76,516)
Preferred stock						(18,319)						(18,319)						—
Net cash flow provided by financing activities						243,033						2,906,012						(2,662,979)
Net decrease in cash and cash equivalents						(91,616)						(218,395)						126,779
Cash and cash equivalents at beginning of period						224,164						442,559						(218,395)
Cash and cash equivalents at end of period						$	132,548					$	224,164					$	(91,616)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest - net of amount capitalized						$	987,252					$	901,884					$	85,368
Income taxes						$	42,821					$	28,354					$	14,467
Noncash investing activities:
Accrued construction expenditures						$	487,439					$	461,748					$	25,691

30