Entergy

Entergy operates with typical utility leverage but has improved credit metrics and ample liquidity. At year-end 2025, total debt was about 31.1 billion, cash about 1.9 billion, and non-GAAP FFO to adjusted debt improved to 17.2% from 14.7% the prior year.

TTM operating cash flow was about 5.15 billion versus construction capex of about 7.68 billion and nuclear fuel purchases of about 0.25 billion, resulting in negative TTM free cash flow as growth spending outpaces cash generation.

Management is funding the plan with an equity program of about 4.4 billion through 2029 to preserve credit, and liquidity stood at roughly 6.3 billion of cash plus revolver capacity at December 31, 2025. Interest-rate backdrop around a 4.1% to 4.3% 10-year U.S. Treasury remains a headwind but is manageable under current plans.