ETR · Earnings call · 2026Q3T · Full report

Financing and Balance Sheet

ENTERGY CORP /DE/ · 2026-11-02 · Importance 64 · Surprise 42

Entergy settled equity forwards totaling just over $900 million in September and issued $1.5 billion of junior subordinated notes, which received 50% equity treatment. Entergy Louisiana issued $1 billion of bonds, mostly to finance growth, with 10- and 30-year maturities and an average rate below 6%; management said planned 2026 financings were complete. Management expects Moody’s FFO-to-debt metric to be at least 15% in each year of the 2027–2030 outlook, and more than 40% of equity needs for that period are already contracted. Entergy received $256 million in October from selling 2026 production tax credits and closed its second build-to-suit lease, for Entergy Louisiana’s Waterford 6 plant, as financing tools to support credit and manage equity needs.

Key facts

• Entergy settled equity forwards totaling just over $900 million in September.
• Entergy issued $1.5 billion of junior subordinated notes, which received 50% equity treatment.
• Entergy Louisiana issued $1 billion in bonds, the majority of which will finance new growth; the notes had 10- and 30-year tenures and an average rate below 6%.
• Entergy expects Moody’s FFO-to-debt metric to be 15% or better in every year of the 2027–2030 outlook period.
• Entergy’s equity needs are currently 9% to 9.5% of the total capital plan, while its target remains 10% to 15% over the whole capital plan.