ETR 10-K report for 2025-12-31

Entergy Corporation — combined Form 10‑K for fiscal year ended December 31, 2025. Filing excerpt includes cover pages, registrant and subsidiary identities, securities registered (ETR common stock and several mortgage bonds/preferreds), Table of Contents and forward‑looking risk factor overview.

ETR 10-K report for 2025-12-31 etr-20251231 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31 , 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No. Commission File Number Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No. 1-11299 ENTERGY CORPORATION 1-35747 ENTERGY NEW ORLEANS, LLC (a Delaware corporation) 639 Loyola Avenue New Orleans , Louisiana 70113 Telephone ( 504 ) 576-4000 (a Texas limited liability company) 1600 Perdido Street New Orleans , Louisiana 70112 Telephone ( 504 ) 670-3702 72-1229752 82-2212934 1-10764 ENTERGY ARKANSAS, LLC 1-34360 ENTERGY TEXAS, INC. (a Texas limited liability company) 425 West Capitol Avenue Little Rock , Arkansas 72201 Telephone ( 501 ) 377-4000 (a Texas corporation) 2107 Research Forest Drive The Woodlands , Texas 77380 Telephone ( 409 ) 981-2000 83-1918668 61-1435798 1-32718 ENTERGY LOUISIANA, LLC 1-09067 SYSTEM ENERGY RESOURCES, INC. (a Texas limited liability company) 4809 Jefferson Highway Jefferson , Louisiana 70121 Telephone ( 504 ) 576-4000 (an Arkansas corporation) 1340 Echelon Parkway Jackson , Mississippi 39213 Telephone ( 601 ) 368-5000 47-4469646 72-0752777 1-31508 ENTERGY MISSISSIPPI, LLC (a Texas limited liability company) 308 East Pearl Street Jackson , Mississippi 39201 Telephone ( 601 ) 368-5000 83-1950019 Table of Contents Table of Contents Securities registered pursuant to Section 12(b) of the Act: Registrant Title of Class Trading Symbol Name of Each Exchange on Which Registered Entergy Corporation Common Stock, $0.01 Par Value ETR New York Stock Exchange Common Stock, $0.01 Par Value ETR NYSE Texas Entergy Arkansas, LLC Mortgage Bonds, 4.875% Series due September 2066 EAI New York Stock Exchange Entergy Louisiana, LLC Mortgage Bonds, 4.875% Series due September 2066 ELC New York Stock Exchange Entergy Mississippi, LLC Mortgage Bonds, 4.90% Series due October 2066 EMP New York Stock Exchange Entergy New Orleans, LLC Mortgage Bonds, 5.0% Series due December 2052 ENJ New York Stock Exchange Mortgage Bonds, 5.50% Series due April 2066 ENO New York Stock Exchange Entergy Texas, Inc. 5.375% Series A Preferred Stock, Cumulative, No Par Value (Liquidation Value $25 Per Share) ETI/PR New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: Registrant Title of Class Entergy Texas, Inc. Common Stock, no par value Table of Contents Indicate by check mark if the registrants are well-known seasoned issuers, as defined in Rule 405 of the Securities Act. Yes No Entergy Corporation ü Entergy Arkansas, LLC ü Entergy Louisiana, LLC ü Entergy Mississippi, LLC ü Entergy New Orleans, LLC ü Entergy Texas, Inc. ü System Energy Resources, Inc. ü Indicate by check mark if the registrants are not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Entergy Corporation ü Entergy Arkansas, LLC ü Entergy Louisiana, LLC ü Entergy Mississippi, LLC ü Entergy New Orleans, LLC ü Entergy Texas, Inc. ü System Energy Resources, Inc. ü Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.   Yes þ No o Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files).   Yes þ No o Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company Entergy Corporation ü Entergy Arkansas, LLC ü Entergy Louisiana, LLC ü Entergy Mississippi, LLC ü Entergy New Orleans, LLC ü Entergy Texas, Inc. ü System Energy Resources, Inc. ü Table of Contents If an emerging growth company, indicate by check mark if the registrants have elected not to use the Item 1A. Risk Factors in this report, (b) those factors discussed or incorporated by reference in Management’s Financial Discussion and Analysis in this report, and (c) the following factors (in addition to others described elsewhere in this combined report and in subsequent filings with the SEC): • resolution of pending and future rate cases and related litigation, formula rate proceedings and related negotiations, including various performance-based rate discussions, Entergy’s utility supply plan, and recovery of fuel and purchased power costs, as well as delays in cost recovery resulting from these proceedings; • regulatory and operating challenges and uncertainties and economic risks associated with the Utility operating companies’ participation in MISO, including the benefits of continued MISO participation, the effect of current or projected MISO market rules, market design and market and system conditions in the MISO markets, the allocation of MISO system transmission upgrade costs, delays in developing or interconnecting new generation or other resources or other adverse effects arising from the volume of requests in the MISO transmission interconnection queue, which delays or other adverse effects may be exacerbated by significant current and expected load growth, the MISO-wide base rate of return on equity allowed or any MISO-related charges and credits required by the FERC, and the effect of planning decisions that MISO makes with respect to future transmission investments by the Utility operating companies (including, in each case, as it relates to new generation or transmission projects designed to serve the increased load growth of new large-scale data centers and other large customers); • changes in utility regulation, including, with respect to retail and wholesale competition and special rules supporting service to large-scale data centers, the ability to recover net utility assets and other potential stranded costs, including those capital investments associated with unrealized customer growth expectations (including data center customers), and the application of more stringent return on equity criteria, transmission reliability requirements, or market power criteria by the FERC or the U.S. Department of Justice; • changes in the regulation or regulatory oversight of Entergy’s nuclear generating facilities, nuclear materials and fuel, and the effects of new or existing safety or environmental concerns regarding nuclear power plants and fuel; • resolution of pending or future applications, as well as regulatory proceedings, litigation or actions of governmental officials (including the presidential administration), relating to generation, transmission, or other facilities (including license modifications or other authorizations for nuclear generating facilities and applications relating to any facilities designed to serve large-scale data centers) and the effect of public and political opposition on these applications, regulatory proceedings, litigation, and actions, including without limitation opposition to the employment of technologies to capture, transport, and store carbon dioxide from gas plants, land use opposition to new solar facilities and transmission lines, and land use and other opposition to wind turbines; iv Table of Contents FORWARD-LOOKING INFORMATION (Continued) • the performance of and deliverability of power from Entergy’s generation resources, including the capacity factors at Entergy’s nuclear generating facilities; • increases in costs and capital expenditures that could result from changing regulatory requirements, changing governmental policies, priorities, programs, and actions, including as a result of tariffs, shifts in international trade policies, and other measures, changing or volatile economic conditions, disruptions to pre-existing supply chains and vendor relations, and emerging operating and industry issues, such as anticipated growth in demand from large-scale data centers, and the risks related to recovery of these costs and capital expenditures from Entergy’s customers (especially in an increasing cost environment); • the commitment of substantial human and capital resources required for the safe and reliable operation and maintenance Results of Operations Part II. Item 7. 477 Quantitative and Qualitative Disclosures About Market Risk Part II. Item 7A. 477 Financial Statements and Supplementary Data Part II. Item 8. 477 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Part II. Item 9. 477 Controls and Procedures Part II. Item 9A. 477 Attestation Report of Registered Public Accounting Firm Part II. Item 9A. 479 Other Information Part II. Item 9B. 480 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Part II. Item 9C. 480 Directors, Executive Officers, and Corporate Governance of the Registrants Part III. Item 10. 481 Executive Compensation Part III. Item 11. 485 Security Ownership of Certain Beneficial Owners and Management Part III. Item 12. 533 Certain Relationships and Related Party Transactions and Director Independence Part III. Item 13. 535 Principal Accountant Fees and Services Part III. Item 14. 536 Exhibits and Financial Statement Schedules Part IV. Item 15. 539 Form 10-K Summary Part IV. Item 16. 539 Exhibit Index 540 Signatures 559 Consents of Independent Registered Public Accounting Firm 566 This combined Form 10-K is separately filed by Entergy Corporation and its six Registrant Subsidiaries: Entergy Arkansas, LLC, Entergy Louisiana, LLC, Entergy Mississippi, LLC, Entergy New Orleans, LLC, Entergy Texas, Inc., and System Energy Resources, Inc.  Information contained herein relating to any individual company is filed by such company on its own behalf.  Each company makes representations only as to itself and makes no other representations whatsoever as to any other company. The report should be read in its entirety as it pertains to each respective reporting company.  No one section of the report deals with all aspects of the subject matter.  Separate Item 7 and 8 sections are provided for each reporting company, except for the Notes to the financial statements.  The Notes to the financial statements for all of the reporting companies are combined.  All Items other than 7 and 8 are combined for the reporting companies. iii Table of Contents FORWARD-LOOKING INFORMATION In this combined report and from time to time, Entergy Corporation and the Registrant Subsidiaries each makes statements as a registrant concerning its expectations, beliefs, plans, objectives, goals, projections, strategies, and future events or performance.  Such statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as “may,” “will,” “could,” “project,” “believe,” “anticipate,” “intend,” “goal,” “commitment,” “expect,” “estimate,” “continue,” “potential,” “plan,” “predict,” “forecast,” and other similar words or expressions are intended to identify forward-looking statements but are not the only means to identify these statements.  Although each of these registrants believes that these forward-looking statements and the underlying assumptions are reasonable, it cannot provide assurance that they will prove correct.  Any forward-looking statement is based on information current as of the date of this combined report and speaks only as of the date on which such statement is made.  Except to the extent required by the federal securities laws, each registrant 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 involve a number of risks and uncertainties.  There are factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including (a) those factors discussed or incorporated by reference in Item 1A. Risk Factors in this report, (b) those factors discussed or incorporated by reference in Management’s Financial Discussion and Analysis in this report, and (c) the following factors (in addition to others described elsewhere in this combined report and in subsequent filings with the SEC): • resolution of pending and future rate cases and related litigation, formula rate proceedings and related negotiations, including various performance-based rate discussions, Entergy’s utility supply plan, and recovery of fuel and purchased power costs, as well as delays in cost recovery resulting from these proceedings; • regulatory and operating challenges and uncertainties and economic risks associated with the Utility operating companies’ participation in MISO, including the benefits of continued MISO participation, the effect of current or projected MISO market rules, market design and market and system conditions in the MISO markets, the allocation of MISO system transmission upgrade costs, delays in developing or interconnecting new generation or other resources or other adverse effects arising from the volume of requests in the MISO transmission interconnection queue, which delays or other adverse effects may be exacerbated by significant current and expected load growth, the MISO-wide base rate of return on equity allowed or any MISO-related charges and credits required by the FERC, and the effect of planning decisions that MISO makes with respect to future transmission investments by the Utility operating companies (including, in each case, as it relates to new generation or transmission projects designed to serve the increased load growth of new large-scale data centers and other large customers); • changes in utility regulation, including, with respect to retail and wholesale competition and special rules supporting service to large-scale data centers, the ability to recover net utility assets and other potential stranded costs, including those capital investments associated with unrealized customer growth expectations (including data center customers), and the application of more stringent return on equity criteria, transmission reliability requirements, or market power criteria by the FERC or the U.S. Department of Justice; • changes in the regulation or regulatory oversight of Entergy’s nuclear generating facilities, nuclear materials and fuel, and the effects of new or existing safety or environmental concerns regarding nuclear power plants and fuel; • resolution of pending or future applications, as well as regulatory proceedings, litigation or actions of governmental officials (including the presidential administration), relating to generation, transmission, or other facilities (including license modifications or other authorizations for nuclear generating facilities and applications relating to any facilities designed to serve large-scale data centers) and the effect of public and political opposition on these applications, regulatory proceedings, litigation, and actions, including without limitation opposition to the employment of technologies to capture, transport, and store carbon dioxide from gas plants, land use opposition to new solar facilities and transmission lines, and land use and other opposition to wind turbines; iv Table of Contents FORWARD-LOOKING INFORMATION (Continued) • the performance of and deliverability of power from Entergy’s generation resources, including the capacity factors at Entergy’s nuclear generating facilities; • increases in costs and capital expenditures that could result from changing regulatory requirements, changing governmental policies, priorities, programs, and actions, including as a result of tariffs, shifts in international trade policies, and other measures, changing or volatile economic conditions, disruptions to pre-existing supply chains and vendor relations, and emerging operating and industry issues, such as anticipated growth in demand from large-scale data centers, and the risks related to recovery of these costs and capital expenditures from Entergy’s customers (especially in an increasing cost environment); • the commitment of substantial human and capital resources required for the safe and reliable operation and maintenance

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