Entergy (ETR) Q4 2024 earnings summary

Executive summary

• 2024 was a transformational year with adjusted EPS of $3.65, in the top half of guidance, and strong progress in growth and risk reduction initiatives.

• Four-year capital plan increased to $37 billion, supporting major customer projects, resilience investments, and growth opportunities.

• Major customer wins included hyperscale data centers, a new electric service agreement in Mississippi, and anticipated expansion for Meta.

• Entergy executed a two-for-one stock split effective December 13, 2024; all per-share data reflects this.

• Entergy received major recognitions, including inclusion in the Dow Jones Sustainability Index for the 23rd year.

Financial highlights

• 2024 adjusted consolidated net income was $1,577M ($3.65/share), up from $1,438M ($3.39/share) in 2023.

• As-reported 2024 net income was $1,056M ($2.45/share), down from $2,357M ($5.55/share) in 2023, due to non-recurring items.

• Operating cash flow for 2024 was $4.5B, up $194M year-over-year.

• Weather-adjusted retail sales grew 3.7%-4%, driven by over 8% industrial growth.

• Book FFO to adjusted debt was 14.7% at year-end 2024, with credit metrics above rating agency thresholds.

Outlook and guidance

• 2025 adjusted EPS guidance is $3.75–$3.95, with long-term EPS growth rate through 2028 targeted at greater than 8%.

• Weather-adjusted retail sales growth for 2025 expected at 6%, with industrial sales up 11%-12%.

• Four-year capital plan (2025–2028) increased to $37 billion, $2.7 billion higher than prior guidance, mainly for Mississippi and Louisiana.

• 2025–2028 adjusted EPS outlook midpoints: $3.65 (2024), $3.85 (2025), $4.35 (2026), $4.80 (2027), $5.25 (2028).