With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Leaders in all industries rely more than ever on Big Tech—and appreciate the giants that deliver, at scale, without drama.

World's Most Admired Companies

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

Fortune Sector Leaders: Energy

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-300-Entergy

Based in New Orleans, the energy company focuses it efforts on providing power to the southern U.S. by servicing electric customers in Louisiana, Texas, Arkansas, and Mississippi.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-293-Entergy

Entergy produces and distributes electricity across areas of Texas, Arkansas, Louisiana, and Mississippi.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Fortune Global 500

Sector

Industry

Current All-Star Rank

Previous All-Star Rank

Industry Rank

Previous Industry Rank

Overall Score

Innovation

People Management

Use of Corporate Assets

Social Responsibility

Quality of Management

Financial Soundness

Long-Term Investment Value

Quality of Products/Services

Global Competitiveness

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

A key utility player, Entergy serves approximately 3 million customers across Arkansas, Louisiana, Mississippi, and Texas. Entergy is engaged in electric power production, transmission, and retail distribution. The company owns and operates a diverse power generation portfolio with approximately 30,000 megawatts of electric generating capacity, including 7,000 megawatts of nuclear power, making it one of the cleanest large-scale U.S. power-generating fleets. Committed to sustainability, Entergy is investing in cleaner energy generation sources, including modern natural gas, nuclear, and renewable energy, while also enhancing the reliability and resilience of its energy system. The company also is poised to grow through the data center boom, including building new power generation in cooperation with Meta and others.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Entergy (ETR): Company Profile, Stock Price, News, Rankings

legacy

Entergy

entergy

I will now turn the call over to Liz Hunter, Vice President of Investor Relations for Entergy Corporation. Liz?

Good morning. Thank you, John, thanks to everyone for joining this morning. We will begin today with comments from Entergy's Chair and CEO, Drew Marsh, Kimberly Fontan, our CFO, will review results. In today's call, management will make certain forward-looking statements. Actual results could differ materially from these forward-looking statements due to a number of factors which are set forth in our earnings release, our slide presentation, and our SEC filings. Entergy does not assume any obligation to update these forward-looking statements. Management will also discuss non-GAAP financial information. Reconciliations to the applicable GAAP measures are included in today's press release and slide presentation, both of which can be found on the investor relations section of our website. Now I will turn the call over to Drew.

Thank you, Liz. Good morning, everyone. We had a productive first quarter in which we delivered strong financial results. We launched our Fair Share Plus pledge, and we advanced customer initiatives with the execution of several electric service agreements, including the one with Meta, that improve our financial outlook well into the future. Beginning with financial results, today, we are reporting first quarter adjusted earnings per share of $0.86. 2026 guidance remains on track, and we are increasing our already strong adjusted EPS outlooks driven by 8.5% retail sales growth. Now I'll cover the business updates for the quarter, and as always, I'll start with the customer.

For several years, we have worked with stakeholders to recruit data centers and capture the transformative impact they can have on our communities through investment, jobs, and other support, while at the same time protecting and benefiting existing customers. Earlier this year, we formalized that commitment with the launch of our Fair Share Plus pledge. The Fair Share Plus pledge is a set of guiding principles that ensures that data centers pay their fair share for the power they consume, plus additional benefits for customers and communities. Our pledge aligns with the Ratepayer Protection Pledge that our customers signed with the White House. Fair share is achieved in several ways. Minimum bills and contract lengths cover incremental costs. Termination provisions ensure current customers avoid unneeded costs. Clean energy terms support a potential future transition. Strong credit terms give us confidence in all of it.

Fair Share also means that data centers cover their portion of fixed costs that our current customers pay for today. The Fair Share portion alone is the source of the estimated $7 billion of benefits we have highlighted. Current customers' bills will be lower than they otherwise would have been because data centers are paying for the incremental infrastructure they need, as well as their share of fixed costs. The plus component is all of the community benefits originally envisioned by our state and local leaders, including well-paying jobs and targeted workforce development, a substantial influx of new support for schools, nonprofits, and other state and community needs, and multiplier effects from new businesses and employment opportunities that come about because of the data centers.

The plus component also includes a stronger electric system with reliability and resilience benefits, lower average fuel costs driven by more efficient generation, and specific customer benefits like low income or energy efficiency support. The plus component is clearly valuable, and it is in addition to our estimated $7 billion in customer benefits. We're proud that the framework we committed to more than two years ago is already providing significant benefits for our customers and communities, and those benefits will compound well into the future. I cannot say enough about the tremendous work our employees have done to create this transformative opportunity for our communities while also providing so much value for our existing customers, and we aren't done yet. In late March, we announced a new electric service agreement with Meta for another data center in North Louisiana.

The fair share value from this agreement alone is expected to be $2 billion, which is included in the $7 billion I mentioned. In the plus category, over the next 20 years, Meta has made other commitments. $140 million for energy efficiency programs and $60 million for our Power to Care program. Entergy Louisiana will match Power to Care funding, bringing the increase to $120 million. For context, that is a 5x annual increase for 2025 levels that will meaningfully improve outcomes for our most vulnerable customers. Shortly after executing the agreement, Entergy Louisiana filed an application with the Louisiana Public Service Commission, requesting approval for assets needed as a result of adding the new Meta data center to the system. The investment includes seven new combined cycle units, transmission infrastructure, and battery storage facilities.

The cost of the proposed facilities will be covered by payments from Meta, whether from their tariff or other contributions, yet all customers will realize reliability and resilience benefits and lower fuel costs from these investments. We also agreed to pursue another 2.5GW of renewables and further investigate CCS, nuclear upgrades, and new nuclear to support Meta's clean energy goals. We'll add projects to the plan as assets are identified. This month, the commission affirmed that our request falls under their new Louisiana Lightning Initiative, and they directed that the procedural schedule should support a decision at the December B&E meeting. The commission's Lightning Initiative is part of Governor Landry's Project Lightning Speed to support economic development that provides significant benefits to state and local communities. We are requesting approval for more than $15 billion in capital with about $14 billion in our four-year plan.

As a result of the agreement and pending the approval request, we're also raising our sales and adjusted EPS outlooks. Kimberly will discuss in more detail. Beyond the Meta agreement, so far this year, we have signed ESAs totaling over 1,000 MW. These agreements were from multiple industries across all our operating companies, and they indicate that customer growth beyond data centers remains robust in our region. We also continue to receive data center interest within our service area. After all agreements signed to date, including the recent agreement with Meta, we still have a pipeline of 7 G-12 GW of potential data center customers that are not in our plan. Moving beyond the customer growth update, I'd like to cover a few more items. Operational excellence remains a key focus area, and we will talk in more detail about that at Investor Day.

For today, I'll share a couple of highlights. Orange County Advanced Power Station achieved its first fire milestone, bringing it one step closer to delivering reliable power for our customers in Texas. We expect the plant to be fully online in late summer. Recently, our power delivery team identified more than $30 million in capital savings on the Commodore to Churchill 230 kV project. Our engineers developed a solution which improved the design, lowered materials costs, and enabled faster customer delivery. Importantly, the improvement can be applied to future large transmission projects. This kind of innovative thinking, combined with the scale of our capital plan, will continue to lower costs for customers and unlock additional customer investment opportunities. Entergy Texas is working to expand its spinning generation capacity to serve a growing customer base. Following the commission's feedback, they issued an RFP in February for combined cycle capacity and energy.

Across our system, we continue to expand our renewables portfolio, driven by our customers' desire for clean energy options. We have active RFPs for more than 1,600 MW of renewables and storage, and we have over 4,500 MW of renewables and storage in various stages of negotiation after selections from prior RFPs in Arkansas, Louisiana, and Mississippi. Roughly two-thirds of the MW in negotiation would be owned. In addition, we are actively managing proposals through Louisiana's accelerated renewable review process. These are important tools to help us identify projects supporting customers' clean energy goals. As we indicated on the previous earnings call, Entergy Arkansas filed its base rate case in late February, requesting a $45 million rate change, which is less than 2%. Because bill impacts vary by customer type, the residential impact would be less than 1%.

Some of the features that we requested include an optional time-of-use rate that provides residential customers with the opportunity to lower bills by shifting energy use to lower-cost hours and low-income rates that provide a 50% discount on the customer charge for households that qualify for LIHEAP assistance. We also elected to resume Entergy Arkansas' four-test year FRP after the rate case is resolved. Entergy Mississippi filed its annual formula rate plan with no change requested. Arkansas and Mississippi both have mechanisms that provide cash allowance for funds used during construction for investments to support significant economic development projects. To that end, Entergy Arkansas filed its first annual Generating Arkansas Jobs Act rider in March, and Entergy Mississippi updated its interim facilities rate adjustment in January. One additional comment about Mississippi, the state recently passed legislation authorizing securitization of costs associated with Winter Storm Fern.

Kimberly will provide additional details on that as well. Beyond Fair Share Plus, our employees continue to work every day for the benefit of the communities we serve. We recently participated in the industry's LIHEAP Action Day in Washington, D.C. to advocate for energy affordability for our customers in need. Congress approved an appropriations package that includes a $20 million increase for LIHEAP, which reflects growing recognition of the program's importance. For more than 15 years, Entergy has also provided free tax preparation for low- to moderate-income customers at sites throughout Entergy's region. In 2025, we helped customers receive $54 million in earned income tax credits, putting money directly into our customers' pockets. Finally, we are very excited about our upcoming Investor Day in June. Plan to walk through the clear line of sight for our multi-year strategy and outlooks in detail.

You'll hear directly from our leadership team on the opportunities ahead. Highlights will include a conversation with large customers on how we partner together to create better outcomes for our key stakeholders. A view into our operational strategy to successfully execute on the large build cycle ahead of us. A discussion of the work we are doing to unlock additional capital deployment opportunities. A review of our approach to maintaining financial discipline. Finally, a deeper dive into the significant near and long-term customer growth opportunities to sustain our strong growth well beyond our five-year outlook. We've had a productive start to 2026 with solid progress and execution across the business. By continuing to put our customers first, we will deliver premium value to each of our key stakeholders. We look forward to discussing this in more detail with you at our Investor Day.

I'll now turn the call over to Kimberly for the financial update.

Thank you, Drew. Good morning, everyone. I'll now review our financial results and provide an update on our long-term outlooks. Our results for the quarter were straightforward. Our adjusted EPS was $0.86, as shown on Slide four. The primary drivers were from the effects of investments made for our customers, including regulatory actions net of higher depreciation expense, taxes other than income taxes, and interest expense from financing capital expenditures. The per-share increase was partially offset by a higher share count from settling equity forwards. Industrial sales growth was very strong at 15% as new and expansion projects continued to ramp up their operations. Overall retail sales increased 6%. The earnings contribution from retail sales growth was essentially neutral as higher revenue from the industrial growth was offset by the effects of weather, including positive weather in the first quarter of last year.

As Drew discussed, the Meta contract creates significant customer and community benefits. In addition, we are refreshing our outlooks to reflect the new agreement and other minor updates. The highlights are summarized on Slide five. This agreement further strengthens our retail sales outlook. We now expect approximately 8.5% compound annual retail sales growth through 2029, driven by 16% industrial growth. Data centers continue to be a significant driver, along with growth from a variety of traditional Gulf South industries, including LNG, industrial gases, petrochemicals, agricultural chemicals, and primary metals. As a reminder, we only add hyperscale data centers to our plan once we have a signed electric service agreement, and then we include them at minimum bill levels. This conservative approach ensures that we can count on the revenue that we've included in our plan.

Our customer-centric four-year capital plan is now $57 billion, which is $14 billion higher than our plan last quarter. The increase includes the investment needs resulting from the new customer agreement, primarily seven new CCCTs, as well as battery storage projects. All seven CCCTs have in-service dates in 2030 and 2031, such that not all of the capital for these units is in our four-year horizon. For the transmission investments in the filing, we've made a conservative assumption not to include them as we work through financing options. We have also not yet included the renewables or Riverbend nuclear upgrade investments discussed in our filing. These would be added to the plan as specific projects are firmed up.

The equity associated with our four-year plan is now $6.6 billion at the lower end of our target range of 10%-15% of the total capital plan. Our strategy to be proactive in addressing our equity needs provides certainty and flexibility, giving us ample time to raise capital. We have successfully sold forward contracts through our robust ATM program as well as the block transaction we executed last March. The agreements we have in place cover about 30% of our four-year need. With $1.9 billion already contracted, that leaves $4.7 billion to be sourced, which is not expected to be needed until late 2027 through 2029. Our forecast also includes $3 billion of hybrid instruments at parent. Slide six summarizes our credit ratings and affirms that our credit metric outlooks remain better than rating agency thresholds.

Our plan reflects FFO to debt at or above 15% for Moody's metric throughout the period, giving us capacity to manage events in the business as they occur. Our financial health is bolstered by the work we've done to strengthen our balance sheet and create benefits for customers, including structuring large agreements to protect existing customers and our credit, solidifying our pension-funded status, and receiving constructive regulatory mechanisms. You may recall our system experienced an ice storm earlier this year. Mississippi's recent legislation provides a path to securitize the storm cost, which we estimate in the $200 million range. This will lower the overall cost for customers. We will submit our filing by October fifth, and we expect the commission to issue a decision within 60 days of our filing.

As shown on Slide seven, we are affirming our 2026 adjusted EPS guidance and updating our outlooks. For 2026, we're firmly on track. We remain confident that we will deliver on our guidance. Looking ahead to the second quarter with other movements in our plan, we expect other O&M to be approximately $0.15 higher than the same quarter last year, reflecting higher vegetation spending and the timing of nuclear maintenance. Beyond 2026, today's update reflects our new capital plan, which includes investment resulting from the latest customer agreement, as well as other updates since the third quarter. Our adjusted EPS outlook for next year is now $0.20 higher. As the investment accumulates, the increase grows radically to $0.50 in 2029 to $6.40. We will extend our full outlook to 2030 at our Investor Day in June.

As a preview, the 2028 to 2029 year-over-year adjusted earnings per share growth was 12%. We expect approximately the same for 2030. Entergy is executing a differentiated growth strategy, delivering strong, sustainable results. Through our disciplined customer-centric approach, we are creating value for all our key stakeholders, including our owners. Our plan is solid, with clear line of sight to achieve our outlooks, and we have significant opportunities before us. This update makes our already strong growth profile stand out even more. Now we're happy to take your questions.

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. At this time, I would like to remind everyone in order to ask a question, please press star followed by the number one on your telephone keypad. Again, press star one if you'd like to ask a question. In the interest of time, we ask that you please limit your questions to one primary and one follow-up question. We'll pause for a moment to compile the Q&A roster. Thank you. Our first question comes from the line of Shar Pourreza with Wells Fargo. Please go ahead.

Morning, Drew. Obviously it's a great update this quarter with the Meta deal. Drew, I just want to be crystal clear here as today's results just kind of raised the bar again. Does the CapEx increase today fully support the deal, or do you see additional CapEx and earnings accretion as we shift focus to the Analyst Day? I mean, you just had a strong update, should we assume there could be further updates to the capital plan in addition to the roll forward, in the June day, Analyst Day? Thanks.

Yeah. Good morning, Shar. It's Kimberly. As I noted-

$14 billion was added to the plan. The filing had about $15 billion. The CCCTs close outside the period. What's not in the plan is the renewables that are under the agreement as well as some of the nuclear pieces. Certainly there is more opportunity both in the period and beyond. What we've provided here today is largely around the generation pieces that you see in the filing.

What we would probably expect for our Investor Day through 2029, because it's only six weeks away. It's a very short window. We try to give you a preview of it this time today.

Got it. Got it. That's perfect. Just lastly, in terms of financing, I guess, what are the specific mechanisms that keep incremental equity funding for the $15 billion in new CapEx under 20%? Is that something that would get replicated beyond the current CapEx plan? I mean, most of the new investment is in Louisiana, but do you see the same accretion from DC clustering in Arkansas and Mississippi? Thanks.

Yeah, we've been able to maintain that 10%-15% rate on our capital plan for some time. I don't see any factors that change that. There's a number of factors that help support that, whether it's the mechanisms that we have, the forward mechanisms, the recovery of AFUDC during the construction period. I mentioned funding of our pension status. It's a variety of mechanisms, no fundamental structural change that I see that causes that to really shift as we think about new capital.

Okay, that's perfect. Thank you, guys, and big congrats. You keep raising the bar for the industry. Thanks.

Our next question comes from the line of Nicholas Campanella with Barclays. Please go ahead.

Hey, good morning. Productive quarter, like you said. Thanks for all the updates.

I just wanted to follow up on some of your prepares. You said that you have a pipeline of 7 GW-12 GW that are still not in the plan. You used to have this nice slide around EEI, which kind of showed how much equipment you secured to facilitate growth above the plan. Can you just kind of talk about after this Meta announcement, after the other 1 gigawatt that you highlighted as well that you executed on in the quarter, what is the equipment outlook look like for you now? Thank you.

Hey, Nick, it's Kimberly. Appreciate the question. Yes, Drew did confirm that even after this agreement, our pipeline is still 7 GW-12 GW, and that underscores the fact that we continue to see that pipeline, things move through the pipeline and that pipeline refresh. From an equipment perspective, we'll give you a full update in just a few weeks at Investor Day. We have additional turbines both on that slide, and we're not staying still relative to continuing to ensure that we can support that incremental growth as well as we'll talk about what else is out there relative to all of our other industrial customers in just a few weeks.

Okay. Thank you. Looking forward to that. You know, there was some discussions in the filing at the regulator about exploring kind of new large scale nuclear studies at certain sites. Drew, just maybe given your involvement in NEI, you know, maybe can you kind of talk about where the company stands on committing to large scale nuke at this point? What the industry still needs to move forward, what Entergy would need to kind of move forward? Is this something that we should be keeping in mind as we kind of get to this Investor Day update? Thank you.

Thanks, Nick. Certainly new nuclear is something that we believe we will need when we look out into the long term. Certainly, you know, we've talked about this in the past. We don't think we'll get to something like 2050 without having new nuclear as part of our portfolio. It's something that we are continuing to actively explore and investigate. The agreement that we signed with Meta helps move that forward a little bit. We are in the same spot from a financial risk perspective that we always have been. That is that there is significant challenges that we still have to overcome from a cost and a cost uncertainty perspective.

We are mindful of what that could mean to the balance sheet of Entergy Louisiana or any of our operating companies. We aren't going to enter into any agreement that creates an existential risk right off the bat. We've said that many times. At our Investor Day, we'll have some ideas about how we could manage that and how we could move the needle on the costs and the risk associated with construction that could help us get there. Our balance sheet isn't big enough to cover the whole risk by ourselves and we're aware of that.

Our next question comes from the line of Jeremy Tonet with JPMorgan. Please go ahead.

Hi, good morning. This is Diana Niles on the call for Jeremy. Thanks for taking my questions today.

Good morning. I was hoping, could you elaborate on the 1,000 MW of additional ESAs beyond the Meta agreement and maybe how you would characterize the kind of industrial breakdown there and ramp going forward?

Yeah, they're things that you're familiar with, steel, petrol, chems. I don't have a specific by industry breakdown. Lots of smaller ones. There's many that are in the less than 20 megawatts kind of range. All together they add up to 1,000 MW. I don't have a specific breakdown for you.

I will also add one other thing that I just got reminded of here in the room. We probability weight those non-data centers projects. Those are still probability weighted. They're not all in at 100%. As Kimberly noted in her remarks, the data centers only go in whenever we have a signed ESA.

Got it. Thank you. To maybe clarify there could be upside should the more traditional industrial load all come on at the full capacity?

That is true. That is correct. If they were all to come on. It's probability weighted for a reason because that doesn't usually happen.

... if they were all to come on, yes, there would be upside.

Got it. Thank you. Maybe to piggyback on the prior question, and apologies if you already spoke to it and I didn't hear, but I saw that there the study in the Meta agreement speaks to AP1000s. Was that selection of technology a preference from Entergy or from the customer?

Well, we are supportive of any of the, of the technologies that are out there, and we're investigating, and talking with, the vendors for all kinds of different technologies. Certainly the AP1000 is one that is, has been constructed and built and that there is a full design. And it's also a technology that we're familiar with because it's, you know, BWR. I think those are things that we are that we are comfortable with. I think there's some benefits associated with that. We are more or less agnostic to the technology. What we're more concerned about is the risk sharing for construction.

Our next question comes from the line of Richard Sunderland with Truist Securities. Please go ahead.

Hey, good morning. Thanks for the time today.

Speaking of some of those other CapEx elements for Meta that are outside of the plan, could you speak a little bit more to sort of guardrails, timing, other elements you have an eye to before you would go and add those to the plan? I guess similarly on the, on the size and scope, I know the transmission you outlined, but, you know, what are you thinking about as a, as an order of magnitude on the other buckets? Thank you.

Good morning, Richard. Certainly we saw Meta as well as other customers have made commitments or signed up for new solar in, you know, multiple of gigawatt amounts. We do have open RFPs to fill those as well as we're looking at, you know, our own self-builds that we would put into those RFPs to fill that. We would be looking to fill that, you know, over the next several years. You could see some of that come into this four-year plan, and you could see some of it stretch a little bit beyond that.

From a, you know, from a size and scope perspective, 2,500 MW in this Meta agreement, 1,500 MW in the previous agreement all provides a good framing around incremental solar that we could have, and then you could have incremental in other areas as well. I said solar, but it could also be batteries as well.

Got it. Thank you. That's helpful context. Just turning back to the 7 GW-12 GW backlog, I'm curious if the Meta additions today, did that move through the backlog, you know, backfilled with new interest to get back to the 7 GW-12GW? Even on the industrial side, just like how have some of those trends been relative to crystallizing the 1,000 MW that you also referenced today? If you could provide any color there. Thank you.

On the 7 GW-12 GW, you're exactly right. Meta would've moved through that. It's now in our plan. It's not in the 7 GW-12 GW because that references data center opportunity that's outside of our plan. You know, our 7 GW-12 GW was never our full scope of plan. As things move through, we've got additional things coming in as well as we've had additional interest. On the broader customers, what Drew referenced on the 1,000 MW is really closing out specific customers that either getting them to signed agreements, which would adjust the probabilities as well. We'll give you a full update on that pipeline again in a few weeks, but that continues to be strong as well.

Great. Thank you. Looking forward to the updates.

Our next question comes from the line of Paul Zimbardo with Jefferies. Please go ahead.

Hey, guys. Hey, good morning, Paul Zimbardo. Can you hear me okay?

Yeah, you were breaking up, but we can hear you now.

Good, good. No, no. Thank you. Again, setting a low bar for everyone by saying a productive quarter. My goodness. One, I did wanna clarify, and Kimberly mentioned a little bit, just in terms of the conservatism on the kind of minimum take or pay minimum bills, is there any way to frame kind of what that benefit can be to earnings or cash flows? Just any parameters would be helpful there.

Yeah, we haven't given specifics around the minimum bill levels, except to say that on all of our industrial customers, we have minimums or demand charges. On the hyperscalers, it is significantly higher than what we've had on traditional customers for the amount of incremental investments that they drive onto the system. In the forecast period, I would think about these customers are going to be ramping up, and so their minimum bills are coming in during the period, and they go into the ramping period. You're gonna have more opportunity once they get to full load versus a minimum bill. Certainly, there could be some opportunity near term if perhaps they ramp faster. Generally, I would think about it as we haven't given it, but the minimums are pretty substantial.

There's some margin, but it's not, you know, equal to what's already there.

Okay. No, that's helpful. One other I had, and again, can't wait for the Investor Day. Just as we think about like the capital you put into the plan today relative to the $0.50 of increase in 2029, is there any information on shaping? Is that kind of back end weighted in the 2029 CapEx? Just it seems like there's more earnings to come. Not to ask a leading question, but more earnings to come from that capital. Any flavor you can provide would be helpful. Thanks again.

You can see the shaping of the earnings through 2027, 2028, 2029 in the materials. In my comments, I did note for a preview to 2030 that we would expect the year-over-year from 2029-2030 to be roughly the same as the year-over-year from 2028-2029. That gives you some indication of how that shapes into that fifth year.

Our next question comes from the line of Bill Appicelli with UBS Financial. Please go ahead.

Yeah, good morning. Just isolating the Meta update here. I mean, is the $14 billion of incremental capital entirely attributable to the expansion of that agreement?

Yeah, Bill, I mean, you can see that filing. That's pretty close to what is included there in the filing. I went through what we included and whatnot, what wasn't, but that's essentially the add here.

There has been other capital added since our last earnings change. You know, you recall that we added Cottonwood and there's been some other things that have happened. Certainly the $14 billion is the key driver here.

Right. On top of that, there is still some residual generation spend that'll show up in 2030. You talked about the transmission renewables also not included, right? When we think about the totality of what that Meta deal is worth in terms of CapEx, it's obviously something north of the 14, right? It's an incremental several billion. Is that fair?

Yes. Drew mentioned in his comments that it was more than $15 billion that happens outside the period. Certainly depending on where the solar and battery, the renewable lands gives you some upside opportunity there.

Okay. Then when should the full earnings run rate be realized on the Meta expansion? I know you're talking about the CODs are in 2030, I think into 2031, right? Is that when we think about the entirety of the return on the capital being reflected in financials, is that sort of at that point in time? Is that sort of a 2031, mid-2031 period of?

Yeah, the CCCTs finish closing in 2031, most of your capital is in by then. We gave you the ramp up through 2030. You know, we'll talk about what longer term visually looks like without giving you specific outlooks at Investor Day.

Right. Okay. All right, that's it for me. Thank you.

Our next question comes from the line of Steve Fleishman with Wolfe Research. Please go ahead.

Hi, thanks. I think my questions, a lot of my question got answered on this. Sounds like there is meaningful earnings that come from the Meta CapEx, even though it is largely in place through 2029, the earnings tail a little later. Is it, you know, just as the projects come on, is that?

Yeah, Steve, what you're seeing, you know, with all construction projects, you've got AFUDC, that sort of thing. It leading up to the construction, leading to the close through the construction period. Then again, in 2030, I would see a similar uptick in ratably as to what we saw in the years that we gave you.

getting you to the similar type of growth rate in 2030.

Great. Then just the $14 billion that you added to CapEx, is that before CWIP or after CWIP? Because we don't have rate base to kind of match up to, from you.

Yeah, I would think about that related to the CCCTs as largely overnight costs. I mentioned the transmission wasn't included, and then the financing costs largely are not included in there either.

Okay. You also mentioned this renewables RFP separate from Meta, the 4.5GW, of which two-thirds would be owned. Is that in your plan at two-thirds owned or not?

About half of that is not in our plan, is the way to think about that. Pretty good upside there relative. We had some projects that we had worked to safe harbor or just get ahead of relative to other solar interests, but there's a good bit of that that's not in the plan.

Entergy (ETR) Q1 2026 Earnings Call Transcript

Company Participants