# Entergy Corporation (ETR)

> Source: Nexqual · https://nexqual.com/ETR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Entergy Corporation (ETR), nexqual.com/ETR" · informational, not investment advice.

**Price:** USD 108.19 (+1.99% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 106.08 · day 105.98–108.21 · 52w 90.87–118.45 · market cap $51.7B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $13.5B, net income $1.82B (13.5% margin), free cash flow -$2.97B (SEC filings).
- Valuation: P/E 28.4x (avg 21.1x at the last 3 fiscal year-ends), EV/EBITDA 14.8x, net debt $29.2B.
- Earnings quality: non-operating income $684M vs operating income $3.09B over the last four quarters; P/E excluding non-operating income ≈40.5x (estimate: non-operating income taxed at the company's 20.9% effective rate).
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $4.3M; 3 not under a Rule 10b5-1 plan ($2.6M); 1 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $106K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.17 on a 1–5 scale) (24 analysts), mean target USD 119.95 (range 91–131).
- Total return with dividends: 1Y +15.9% vs S&P 500 +14.9%; 5Y +146.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 1.69, revenue estimate $4.14B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $11.7B | $13.8B | $12.1B | $11.9B | $12.9B | $13.5B |
| Operating income | $1.85B | $2.05B | $2.62B | $2.65B | $3.20B | $3.09B |
| Net income | $1.12B | $1.10B | $2.36B | $1.06B | $1.77B | $1.82B |
| EPS (diluted) | $2.77 | $2.68 | $5.55 | $2.45 | $3.91 | — |
| Free cash flow | $2.13B | -$2.48B | -$146M | -$350M | -$2.53B | -$2.97B |
| Operating margin | 15.7% | 14.9% | 21.6% | 22.3% | 24.7% | 22.9% |
| Net margin | 9.5% | 8.0% | 19.4% | 8.9% | 13.7% | 13.5% |
| Revenue growth | +16.1% | +17.2% | -11.7% | -2.2% | +9.0% | — |
| Cash + short-term investments | $443M | $224M | $133M | $860M | $1.93B | — |
| Total debt | $25.9B | $25.9B | $25.1B | $28.0B | $30.3B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 28.4x · P/E ex non-operating (est.) ≈40.5x · P/S 3.8x · EV/EBITDA 14.8x · EV/Sales 6.0x · P/B 2.8x · FCF yield -5.75% · Earnings yield 3.52% · Dividend yield (paid, TTM) 2.21% · Net debt $29.2B · EV $80.9B
P/E at fiscal year-ends: Dec 2025 23.5x, Dec 2024 30.8x, Dec 2023 9.1x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-14 | Viamontes Eliecer |  | 9,068 | $942K | 43.2% | No | Too little history (no open-market trades in 2023) |
| 2026-09-10 | Landreaux Laura R |  | 5,600 | $595K | 19.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-30 | Chapman Jason | SVP Chief Tech & Bus Servs Off | 9,447 | $1.0M | 35.5% | No | Too little history (no open-market trades in 2023) |
| 2026-06-25 | Cook-Nelson Kimberly | EVP & Chief Operating Officer | 5,000 | $575K | 14% | Yes (adopted March 9, 2026) | Too little history (no open-market trades in 2023) |
| 2026-06-03 | Fisackerly Haley |  | 10,638 | $1.2M | 30.4% | Yes (adopted February 27, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $106K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-06 | Ropp Ralph Lewis | Director | 1,000 | $106K | 106.08 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 2.17 on a 1–5 scale), 24 analysts; mean target USD 119.95 (low 91, high 131).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | HSBC | Initiated | Buy | $123.5 |
| 2026-10-21 | Morgan Stanley | Target raised | Equal-Weight | $98 → $101 |
| 2026-10-19 | Barclays | Target lowered | Overweight | $128 → $115 |
| 2026-10-13 | JP Morgan | Target lowered | Overweight | $137 → $130 |
| 2026-10-13 | Keybanc | Target lowered | Overweight | $123 → $118 |
| 2026-10-12 | Truist Securities | Target lowered | Buy | $122 → $119 |
| 2026-09-18 | Morgan Stanley | Target lowered | Equal-Weight | $105 → $98 |
| 2026-08-21 | Morgan Stanley | Target lowered | Equal-Weight | $109 → $105 |
| 2026-08-17 | Evercore ISI Group | Target raised | Outperform | $121 → $128 |
| 2026-08-13 | Truist Securities | Target lowered | Buy | $129 → $122 |
| 2026-07-22 | BMO Capital | Target raised | Outperform | $123 → $124 |
| 2026-07-16 | JP Morgan | Target raised | Overweight | $129 → $139 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +15.9% | +146.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +16.0% | +19.7% |
| Volatility (annualized) | 20.4% | 20.9% |
| Max drawdown | -15.9% (May 2026→Sep 2026) | -22.0% (Apr 2022→Oct 2023) |

## Peers (Utilities - Regulated Electric)
XEL (Xcel Energy Inc.) USD 78.9 +2.76% · D (Dominion Energy, Inc.) USD 65.4 +4.93% · EXC (Exelon Corporation) USD 44.85 +4.18% · ED (Consolidated Edison, Inc.) USD 116.26 +3.97% · PCG (Pacific Gas & Electric Co.) USD 12.98 -1.29% · AEP (American Electric Power Company) USD 130.64 +2.55%

## More
Full page: https://nexqual.com/ETR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ETR's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/71508/000006598426000174/etr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | ENTERGY LOUISIANA, LLC (ELC) | "The corporate sustainability rider contemplates the new customer contributing to the costs of the future addition of 1,500 MW of new solar and energy storage resources, agreements involving carbon capture and storage at …" |
| Customer | ENTERGY ARKANSAS, LLC (EAI) | "•a regulatory credit of $16 million, recorded by Entergy Arkansas in fourth quarter 2024, to reflect the amount of the 2023 historical year netting adjustment to be collected from its customers during the 2025 rate effec…" |
| Customer | ENTERGY MISSISSIPPI, LLC (EMP) | "In March 2024, Entergy Mississippi executed a large customer supply and service agreement to serve two data center campuses located in Madison County, Mississippi in which Amazon Web Services is investing." |
| Customer | ENTERGY TEXAS, INC. (ETI-P) | "In November 2022 the PUCT issued a final order approving the requested amendment to Entergy Texas's certificate of convenience and necessity to construct, own, and operate the Orange County Advanced Power Station without…" |
| Customer | Amazon (AMZN) | "In March 2024, Entergy Mississippi executed a large customer supply and service agreement to serve two data center campuses located in Madison County, Mississippi in which Amazon Web Services is investing." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Utility | $3.51B | 99.7% | +6.0% |
| Corporate Segment and Other Operating | $10.2M | 0.3% | -22.7% |
| Total revenue | $3.52B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Electricity, US Regulated | $3.51B | 99.7% | +7.3% |
| Product and Service, Other | $10.2M | 0.3% | -22.7% |
| Total revenue | $3.52B | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "Earnings per share guidance Entergy affirmed its 2026 adjusted earnings per share guidance range of $4.25 to $4.45."
- "The company has provided 2026 earnings guidance with regard to the non-GAAP measure of adjusted earnings per share."
- "(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 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;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.69 | $1.71 | -0.9% | $4.14B | 15 |
| Next quarter (ends 2026-12-31) | $0.88 | $0.82 | +7.6% | $3.29B | 11 |
| Current fiscal year (ends 2026-12-31) | $4.41 | $4.40 | +0.2% | $13.99B | 22 |
| Next fiscal year (ends 2027-12-31) | $5.10 | $5.08 | +0.5% | $15.30B | 22 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±5.5%; last 8 reports averaged ±4.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 22.7% | ±5.5% |
| 2026-12-18 | 56 | 21.4% | ±7.0% |
| 2027-01-15 | 84 | 21.0% | ±8.3% |
| 2027-03-19 | 147 | 21.0% | ±10.8% |
| 2027-06-17 | 237 | 22.3% | ±14.3% |