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2019
Financial Highlights

In 2019, Entergy reported earnings of $1,241 million, or $6.30 per share, compared with earnings of $849 million, or $4.63 per share in 2018. On an adjusted basis, 2019 earnings were $1,064 million, or $5.40 per share, compared with earnings of $970 million, or $5.29 per share, in 2018. We also raised our dividend for the fifth consecutive year, a trend we expect to continue, subject as always to board approval. Our 2019 results were the outcome of exceptional performance and have positioned us well to achieve our financial outlooks in the coming years.

Entergy’s total shareholder return for 2019 was 44.3 percent, which ranked second out of the 20 companies in our peer group, well within of our first-quartile goal. We believe our strategy to build the premier utility — with a focus on innovative customer solutions and a steady, predictable earnings trajectory — positions us well to deliver top-quartile returns for our owners.

2019 Total
Shareholder
Return

Bar chart showing Entergy's 2019 Total Shareholder Return

Comparison of Five-Year Cumulative Return

The following graph compares the performance of the common stock of Entergy Corporation with the Philadelphia Utility Index and the S&P 500 Index (each of which includes Entergy Corporation) for the last five years ended Dec. 31.

Line Chart comparing the performance of the common stock of Entergy Corporation with the Philadelphia Utility Index and the S&P 500 Index (each of which includes Entergy Corporation) for the last five years ended Dec. 31

2014

2015

2016

2017

2018

2019

Entergy Corporation

2014: $100.00

2015: $ 81.83

2016: $ 92.08

2017: $106.71

2018: $118.02

2019: $170.34

Philadelphia Utility Index

2014: $100.00

2015: $ 93.75

2016: $110.05

2017: $124.16

2018: $128.53

2019: $163.00

S&P 500 Index

2014: $100.00

2015: $101.37

2016: $113.49

2017: $138.26

2018: $132.19

2019: $173.80

Assumes $100 invested at the closing price on Dec. 31, 2014, in Entergy Corporation common stock, the Philadelphia Utility Index, and the S&P 500 Index, and reinvestment of all dividends.

Source: Bloomberg

Credit Ratings as of March 27, 2020

Entity

Standard & Poor’s

Moody’s

Rating

Outlook

Rating

Outlook

Entergy Arkansas 1

Standard & Poor's Rating: A

Standard & Poor's Outlook: Stable

Moody's Rating: A2

Moody's Outlook: Stable

Entergy Louisiana 1

Standard & Poor's Rating: A

Standard & Poor's Outlook: Stable

Moody's Rating: A2

Moody's Outlook: Stable

Entergy Mississippi 1

Standard & Poor's Rating: A

Standard & Poor's Outlook: Stable

Moody's Rating: A2

Moody's Outlook: Stable

Entergy New Orleans 1

Standard & Poor's Rating: A

Standard & Poor's Outlook: Stable

Moody's Rating: Baa2

Moody's Outlook: Stable

Entergy Texas 1

Standard & Poor's Rating: A

Standard & Poor's Outlook: Stable

Moody's Rating: Baa1

Moody's Outlook: Positive

System Energy Resources 1

Standard & Poor's Rating: A

Standard & Poor's Outlook: Stable

Moody's Rating: Baa1

Moody's Outlook: Stable

Entergy Corporation 2

Standard & Poor's Rating: BBB+

Standard & Poor's Outlook: Stable

Moody's Rating: Baa2

Moody's Outlook: Stable

1Senior secured ratings 2Corporate credit rating

2019
2018
2017
2016
2015
Selected Financial Data
In Thousands, Except Percentages and Per Share Amounts
Operating revenues
$10,878,673
$11,009,452
$11,074,481
$10,845,645
$11,513,251
Net income (loss)
$1,258,244
$862,555
$425,353
$(564,503)
$(156,734)
Earnings (loss) per share:
Basic
$6.36
$4.68
$2.29
$(3.26)
$(0.99)
Diluted
$6.30
$4.63
$2.28
$(3.26)
$(0.99)
Dividends declared per share
$3.66
$3.58
$3.50
$3.42
$3.34
Return on common equity
13.02%
10.08%
5.12%
(6.73)%
(1.83)%
Book value per share, year-end
$51.34
$46.78
$44.28
$45.12
$51.89
Total assets
$51,723,912
$48,275,066
$46,707,149
$45,904,434
$44,647,681
Long-term obligations(a)
$17,351,449
$15,758,083
$14,535,077
$14,695,422
$13,456,742
Utility Electric Operating Revenues
In Millions
Residential
$3,532
$3,566
$3,355
$3,288
$3,518
Commercial
2,476
2,426
2,480
2,362
2,516
Industrial
2,541
2,499
2,584
2,327
2,462
Governmental
228
226
231
217
223
Total billed retail
8,777
8,717
8,650
8,194
8,719
Sales for resale
286
300
253
236
249
Other
367
367
376
437
341
Total
$9,430
$9,384
$9,279
$8,867
$9,309
Utility Billed Electric Energy Sales
In GWh
Residential
36,094
37,107
33,834
35,112
36,068
Commercial
28,755
29,426
28,745
29,197
29,348
Industrial
48,483
48,384
47,769
45,739
44,382
Governmental
2,579
2,581
2,511
2,547
2,514
Total retail
115,911
117,498
112,859
112,595
112,312
Sales for resale
13,210
11,715
11,550
11,054
9,274
Total
129,121
129,213
124,409
123,649
121,586
Entergy Wholesale Commodities
Operating revenues (In Millions)
$1,295
$1,469
$1,657
$1,850
$2,062
Billed electric energy sales (GWh)
28,088
29,875
30,501
35,881
39,745

(a) Includes long-term debt (excluding currently maturing debt), non-current finance lease obligations, and subsidiary preferred stock without sinking fund that is not presented as equity on the balance sheet.

For the Years Ended December 31,
In Thousands, Except Share Data
2019
2018
2017
Operating Revenues
Electric
$9,429,978
$9,384,111
$9,278,895
Natural gas
153,954
156,436
138,856
Competitive businesses
1,294,741
1,468,905
1,656,730
Total
10,878,673
11,009,452
11,074,481
Operating Expenses
Operation and Maintenance:
Fuel, fuel-related expenses, and gas purchased for resale
2,029,638
2,147,793
1,991,589
Purchased power
1,192,860
1,658,799
1,427,950
Nuclear refueling outage expenses
204,927
153,826
168,151
Other operation and maintenance
3,272,381
3,346,397
3,306,694
Asset write-offs, impairments, and related charges
290,027
532,321
538,372
Decommissioning
400,802
388,508
405,685
Taxes other than income taxes
643,745
641,952
617,556
Depreciation and amortization
1,480,016
1,369,442
1,389,978
Other regulatory charges (credits) — net
(26,220)
301,049
(131,901)
Total
9,488,176
10,540,087
9,714,074
Operating Income
1,390,497
469,365
1,360,407
Other Income
Allowance for equity funds used during construction
144,974
129,602
95,088
Interest and investment income
547,912
63,864
288,197
Miscellaneous — net
(252,539)
(129,754)
(113,426)
Total
440,347
63,712
269,859
Interest Expense
Interest expense
807,382
768,322
707,212
Allowance for borrowed funds used during construction
(64,957)
(60,974)
(44,869)
Total
742,425
707,348
662,343
Income (Loss) Before Income Taxes
1,088,419
(174,271)
967,923
Income taxes
(169,825)
(1,036,826)
542,570
Consolidated Net Income
1,258,244
862,555
425,353
Preferred dividend requirements of subsidiaries
17,018
13,894
13,741
Net Income Attributable to Entergy Corporation
$1,241,226
848,661
$411,612
Earnings per average common share:
Basic
$6.36
$4.68
$2.29
Diluted
$6.30
$4.63
$2.28
Basic average number of common shares outstanding
195,195,858
181,409,597
179,671,797
Diluted average number of common shares outstanding
196,999,284
183,378,513
180,535,893
For the Years Ended December 31,
In Thousands
2019
2018
2017
Net Income
$1,258,244
$862,555
$425,353
Other comprehensive income (loss)
Cash flow hedges net unrealized gain (loss)
(net of tax expense (benefit) of $28,516, $5,830, and ($22,570)

115,026

22,098

(41,470)
Pension and other postretirement liabilities
(net of tax expense (benefit) of ($6,539), $30,299, and ($4,057)

(25,150)

90,143

(61,653)
Net unrealized investment gains (losses)
(net of tax expense of $14,023, $6,393, and $80,069)

27,183

(28,771)

115,311
Foreign currency translation
(net of tax benefit of $-, $-, and $403)



(748)
Other comprehensive income
117,059
83,470
11,440
Comprehensive Income
1,375,303
946,025
436,793
Preferred dividend requirements of subsidiaries
17,018
13,894
13,741
Comprehensive Income Attributable to Entergy Corporation
$1,358,285
$932,131
$423,052
For the Years Ended December 31,
In Thousands
2019
2018
2017
Operating Activities
Consolidated Net Income
$1,258,244
$862,555
$425,353
Adjustments to reconcile consolidated net income
to net cash flow provided by operating activities:
Depreciation, amortization, and decommissioning,
including nuclear fuel amortization

2,182,313

2,040,555

2,078,578
Deferred income taxes, investment tax credits,
and noncurrent taxes accrued

193,950

(256,848)

529,053
Asset write-offs, impairments, and related charges
226,678
491,739
357,251
Changes in working capital:
Receivables
(101,227)
98,546
(97,637)
Fuel inventory
(28,173)
45,839
(3,043)
Accounts payable
(71,898)
97,312
101,802
Taxes accrued
(20,784)
39,272
33,853
Interest accrued
937
5,220
742
Deferred fuel costs
172,146
(25,829)
56,290
Other working capital accounts
(3,108)
(164,173)
(4,331)
Changes in provisions for estimated losses
19,914
35,706
(3,279)
Changes in other regulatory assets
(545,559)
189,193
595,504
Changes in other regulatory liabilities
(14,781)
(803,323)
2,915,795
Deferred tax rate change recognized as regulatory liability / asset
(3,665,498)
Changes in pensions and other postretirement liabilities
187,124
(304,941)
(130,686)
Other
(639,149)
34,424
(566,247)
Net cash flow provided by operating activities
2,816,627
2,385,247
2,623,500
Investing Activities
Construction / capital expenditures
(4,197,667)
(3,942,010)
(3,607,532)
Allowance for equity funds used during construction
144,862
130,195
96,000
Nuclear fuel purchases
(128,366)
(302,584)
(377,324)
Payment for purchase of plant or assets
(305,472)
(26,623)
(16,762)
Proceeds from sale of assets
28,932
24,902
100,000
Insurance proceeds received for property damages
7,040
18,270
26,157
Changes in securitization account
3,298
(5,844)
1,323
Payments to storm reserve escrow account
(8,038)
(6,551)
(2,878)
Receipts from storm reserve escrow account
11,323
Decrease (increase) in other investments
30,319
(54,500)
1,078
Litigation proceeds for reimbursement of
spent nuclear fuel storage costs

2,369

59,643

25,493
Proceeds from nuclear decommissioning trust fund sales
4,121,351
6,484,791
3,162,747
Investment in nuclear decommissioning trust funds
(4,208,870)
(6,485,676)
(3,260,674)
Net cash flow used in investing activities
(4,510,242)
(4,105,987)
(3,841,049)
Financing Activities
Proceeds from the issuance of:
Long-term debt
9,304,396
8,035,536
1,809,390
Preferred stock of subsidiary
33,188
73,330
14,399
Treasury stock
93,862
103,315
80,729
Common stock
607,650
499,272
Retirement of long-term debt
(7,619,380)
(6,965,738)
(1,585,681)
Repurchase / redemptions of preferred stock
(50,000)
(53,868)
(20,599)
Changes in credit borrowings and commercial paper — net
4,389
364,031
1,163,296
Other
(7,732)
26,453
(7,731)
Dividends paid:
Common stock
(711,573)
(647,704)
(628,885)
Preferred stock
(16,438)
(14,185)
(13,940)
Net cash flow provided by financing activities
1,638,362
1,420,442
810,978
Net decrease in cash and cash equivalents
(55,253)
(300,298)
(406,571)
Cash and cash equivalents at beginning of period
480,975
781,273
1,187,844
Cash and cash equivalents at end of period
$425,722
$480,975
$781,273
Supplemental Disclosure of Cash Flow Information:
Cash paid (received) during the period for:
Interest — net of amount capitalized
$778,209
$734,845
$678,371
Income taxes
($40,435)
$19,825
($13,375)
December 31,
In Thousands
2019
2018
Current Assets
Cash and cash equivalents
scope="col"
Cash
$34,242
$56,690
Temporary cash investments
391,480
424,285
Total cash and cash equivalents
425,722
480,975
Accounts receivable
Customer
595,509
558,494
Allowance for doubtful accounts
(7,404)
(7,322)
Other
219,870
167,722
Accrued unbilled revenues
400,617
395,511
Total accounts receivable
1,208,592
1,114,405
Deferred fuel costs
27,251
Fuel inventory — at average cost
145,476
117,304
Materials and supplies — at average cost
824,989
752,843
Deferred nuclear refueling outage costs
157,568
230,960
Prepayments and other
283,645
234,326
Total
3,045,992
2,958,064
Other Property and Investments
Decommissioning trust funds
6,404,030
6,920,164
Non-utility property — at cost (less accumulated depreciation)
332,864
304,382
Other
496,452
437,265
Total
7,233,346
7,661,811
Property, Plant, and Equipment
Electric
54,271,467
49,831,486
Natural gas
547,110
496,150
Construction work in progress
2,823,291
2,888,639
Nuclear fuel
677,181
861,272
Total property, plant, and equipment
58,319,049
54,077,547
Less — accumulated depreciation and amortization
23,136,356
22,103,101
Property, plant, and equipment — net
35,182,693
31,974,446
Deferred Debits and Other Assets
Regulatory assets:
Other regulatory assets (includes securitization property of $239,219 as of
December 31, 2019 and $360,790 as of December 31, 2018)

5,292,055

4,746,496
Deferred fuel costs
239,892
239,496
Goodwill
377,172
377,172
Accumulated deferred income taxes
64,461
54,593
Other
288,301
262,988
Total
6,261,881
5,680,745
Total Assets
$51,723,912
$48,275,066
December 31,
In Thousands
2019
2018
Current Liabilities
Currently maturing long-term debt
$795,012
$650,009
Notes payable and commercial paper
1,946,727
1,942,339
Accounts payable
1,499,861
1,496,058
Customer deposits
409,171
411,505
Taxes accrued
233,455
254,241
Interest accrued
194,129
193,192
Deferred fuel costs
197,687
52,396
Pension and other postretirement liabilities
66,184
61,240
Current portion of unprotected excess accumulated deferred income taxes
76,457
248,127
Other
201,780
134,437
Total
5,620,463
5,443,544
Non-Current Liabilities
Accumulated deferred income taxes and taxes accrued
4,401,190
4,107,152
Accumulated deferred investment tax credits
207,113
213,101
Regulatory liability for income taxes-net
1,633,159
1,817,021
Other regulatory liabilities
1,961,005
1,620,254
Decommissioning and asset retirement cost liabilities
6,159,212
6,355,543
Accumulated provisions
534,028
514,107
Pension and other postretirement liabilities
2,798,265
2,616,085
Long-term debt (includes securitization bonds of $297,981 as of
December 31, 2019 and $423,858 as of December 31, 2018)

17,078,643

15,518,303
Other
852,749
1,006,249
Total
35,625,364
33,767,815
Commitments and contingencies
Subsidiaries’ preferred stock without sinking fund
219,410
219,402
Equity
Common stock, $.01 par value, authorized 500,000,000 shares;
issued 270,035,180 shares in 2019 and 261,587,009 shares in 2018

2,700

2,616
Paid-in capital
6,564,436
5,951,431
Retained earnings
9,257,609
8,721,150
Accumulated other comprehensive loss
(446,920)
(557,173)
Less — treasury stock, at cost (70,886,400 shares in 2019 and 72,530,866 shares in 2018)
5,154,150
5,273,719
Total common shareholders’ equity
10,223,675
8,844,305
Subsidiaries’ preferred stock without sinking fund
35,000
Total
10,258,675
8,844,305
Total liabilities and shareholders’ equity
$51,723,912
$48,275,066
Common SharEholders’ Equity


For the Years Ended
December 31, 2019, 2018, and 2017

Subsidiaries’
Preferred
Stock


Common
Stock


Treasury
Stock


Paid-in
Capital


Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)



Total
Balance at December 31, 2016
$
$2,548
($5,498,584)
$5,417,245
$8,195,571
($34,971)
$8,081,809
Consolidated net income (a)
13,741
411,612
425,353
Other comprehensive income
11,440
11,440
Common stock issuances related to stock plans
100,947
16,188
117,135
Common stock dividends declared
(628,885)
(628,885)
Subsidiaries’ capital stock redemptions
(596)
(596)
Preferred dividend requirements
of subsidiaries (a)

(13,741)






(13,741)
Balance at December 31, 2017
2,548
(5,397,637)
5,433,433
7,977,702
(23,531)
7,992,515
Implementation of accounting standards
576,257
(632,617)
(56,360)
Balance at January 1, 2018
2,548
(5,397,637)
5,433,433
8,553,959
(656,148)
7,936,155
Consolidated net income (a)
13,894
848,661
862,555
Other comprehensive income
83,470
83,470
Settlement of equity forwards
through common stock issuance
68
499,932
500,000
Common stock issuance costs
(728)
(728)
Common stock issuances
related to stock plans
123,918
18,794
142,712
Common stock dividends declared
(647,704)
(647,704)
Subsidiaries’ capital stock redemptions
(1,723)
(1,723)
Preferred dividend requirements
of subsidiaries (a)
(13,894)
(13,894)
Reclassification pursuant to
ASU 2018-02





(32,043)

15,505

(16,538)
Balance at December 31, 2018
2,616
(5,273,719)
5,951,431
8,721,150
(557,173)
8,844,305
Implementation of accounting standards
6,806
(6,806)
Balance at January 1, 2019
2,616
(5,273,719)
5,951,431
8,727,956
(563,979)
8,844,305
Consolidated net income (a)
17,018
1,241,226
1,258,244
Other comprehensive income
117,059
117,059
Settlement of equity forwards
through common stock issuance
84
607,566
607,650
Common stock issuance costs
(7)
(7)
Common stock issuances related to stock plans
119,569
5,446
125,015
Common stock dividends declared
(711,573)
(711,573)
Subsidiary’s preferred stock issuance
35,000
35,000
Preferred dividend requirements
of subsidiaries (a)

(17,018)






(17,018)
Balance at December 31, 2019
$35,000
$2,700
($5,154,150)
$6,564,436
$9,257,609
($446,920)
$10,258,675

(a) Consolidated net income and preferred dividend requirements of subsidiaries include $16.5 million for 2019, $13.9 million for 2018, and $13.7 million for 2017 of preferred dividends on subsidiaries’ preferred stock without sinking fund that is not presented as equity.

2019 Total Shareholder Return
ETR 44.3%
Philadelphia Utility Index 26.8%
S&P 500 Index 31.5%

Source: Bloomberg