Entergy Posts Q1 $0.86 EPS, Lifts CapEx Plan to $57 Billion
Entergy reported Q1 adjusted EPS of $0.86 and industrial sales growth of 15%, while projecting retail sales to grow 8.5% annually through 2029. The company raised its four-year capital plan to $57 billion (up $14 billion), secured $1.9 billion equity of a $6.6 billion need, and struck a $2 billion Meta deal.
1. Q1 Financial Performance
Entergy delivered adjusted earnings per share of $0.86 in the first quarter, driven by a 15% increase in industrial sales. Retail demand remained robust, with management forecasting 8.5% annual retail sales growth through 2029, supported by data center and commercial customers.
2. Expanded Capital Plan
The company increased its four-year capital investment plan to $57 billion, a $14 billion boost from the prior plan. Funding needs total $6.6 billion in equity, of which $1.9 billion is already secured, while maintaining an FFO-to-debt ratio at or above 15%.
3. Meta Partnership
Entergy signed an Electric Service Agreement with Meta valued at $2 billion under its Fair Share Plus pledge, ensuring data centers cover infrastructure costs. The deal enhances the company’s pipeline, which now includes 7 to 12 GW of potential data center demand.
4. Outlook and Guidance
Management reaffirmed 2026 adjusted EPS guidance with a $0.20 lift for next year and outlined a 2029 EPS target of $6.40. Capital allocation plans include support mechanisms such as AFUDC during construction to keep equity funding between 10% and 15% of total investment.