Entergy Corporation (ETR) — Q2 2026 Earnings Preview

1. Earnings Preview

Key Takeaway: The setup into Q2 2026 is modestly constructive but not a high bar — consensus EPS of ~$1.03 sits below the prior-year comparable ($1.05 actual in Q2 2025) and management pre-flagged a ~$0.15 headwind from higher O&M (vegetation spending and nuclear maintenance timing), making the bar achievable but not easy; the single biggest swing factor is whether industrial/data-center load growth continues to track the 15–16% pace seen in Q1.

Heading into Q2 2026, Entergy’s setup is defined by a manageable but not trivial cost headwind that management itself telegraphed on the Q1 call — other O&M is expected to be approximately $0.15 higher year-over-year, driven by higher vegetation spending and the timing of nuclear maintenance. Against that backdrop, consensus adjusted EPS of ~$1.03 represents a modest step down from Q1’s $0.86 beat and the prior-year Q2 actual of ~$1.05, leaving the bar achievable if industrial load continues its strong trajectory. Management’s tone has shifted decisively more confident since last earnings: the Q1 call featured a $14 billion capital plan expansion (to $57 billion total), a raised retail sales CAGR to 8.5% through 2029, and a 2027 EPS outlook lifted by $0.20 — all of which were reaffirmed and extended at the June 9 Investor Day, where management guided to greater than 8% EPS growth through at least 2035. Estimate revisions have been broadly stable-to-slightly-lower since the Q1 print (July consensus of ~$1.03 vs. ~$1.10 at the post-Q1 baseline), suggesting the street has absorbed the O&M warning without panic. The stock has traded roughly flat since the April 29 earnings date (ETR ~$112 vs. ~$115 at print), underperforming XLU modestly, which implies the market has not yet priced in a beat and leaves room for a positive reaction if industrial volumes surprise to the upside. The key wildcard is the pace of data-center load ramp: any commentary on new ESA signings, pipeline conversion, or the LPSC procedural schedule for the Meta/North Louisiana filing could move the stock more than the EPS number itself.

2. KPIs & Consensus Expectations

Key Takeaway: Consensus sets a manageable bar on EPS (~$1.03 vs. ~$1.05 prior-year actual) with the O&M headwind already known; industrial volume is the bigger swing factor — a continuation of Q1’s 15% growth pace would be a clear positive signal for the data-center thesis.

Table 1 — Current Quarter Snapshot (2Q 2026)

Sources: Visible Alpha Consensus and Actuals Data (EPS, Revenue, Industrial Volume, Capital Additions). Q1 2026 EPS actual of $0.86 per ETR Q1 2026 earnings call transcript. FY2026 guidance affirmed on Q1 2026 earnings call; Q2 O&M headwind of ~$0.15 flagged by management on Q1 2026 call.

Table 2 — Beat/Miss History (Last 8 Quarters)

Panel A: Adjusted EPS (Diluted excl. one-time charges)

Pattern: ETR has beaten adjusted EPS consensus in 5 of the last 8 quarters, with particularly large beats in Q1 2025 (+20.6%) and Q2 2025 (+19.3%) driven by strong industrial load growth. The two misses (Q3 2024 and Q4 2025) were modest and weather/timing-related. Q1 2026 was a slight miss (-1.1%), consistent with management’s pre-flagged O&M headwinds. Source: Visible Alpha Consensus and Actuals Data.

Panel B: Industrial Volume — Utilities (GWh)

Pattern: Industrial volume has beaten consensus in 6 of the 7 quarters where data is available, with beats consistently in the +2% to +11% range — a strong signal that the data-center and industrial load ramp is tracking ahead of sell-side models. The Q4 2025 miss (-7.0%) was an outlier likely driven by weather and timing. Q1 2026’s +11.5% beat reinforces the structural demand story. Source: Visible Alpha Consensus and Actuals Data.

3. Guidance & Commentary Evolution

Key Takeaway: Guidance has moved materially higher since last earnings — the Q1 2026 call featured a $14B capital plan expansion and raised multi-year EPS outlook, both reaffirmed and extended at the June 9 Investor Day; management tone is the most confident it has been in years, with the phrase “unmatched in the industry” used repeatedly.

Sources: ETR Q1 2026 Earnings Call Transcript (Apr 29, 2026); ETR Investor Day Transcript (Jun 9, 2026); ETR 8-K filed Jun 23, 2026 (equity forward settlements); ETR 8-K filed May 7, 2026 (new underwritten forward sale agreements).

4. Guidance vs. Estimate Revision Tracker

Key Takeaway: Estimates for Q2 2026 EPS have drifted slightly lower since the Q1 print (from ~$1.10 to ~$1.03), consistent with the O&M warning, while FY2026 and FY2027 estimates have been broadly stable-to-slightly-lower — the gap between guidance (raised) and estimates (flat-to-lower) represents a potential cushion if industrial load continues to outperform.

The Q2 2026 EPS estimate has drifted ~6% lower since the post-Q1 baseline, entirely consistent with the O&M headwind management pre-flagged. FY2026 and FY2027 estimates are stable-to-slightly-higher, suggesting the street has absorbed the capital plan expansion positively. The divergence between raised guidance (retail CAGR now 9%, capital plan now $67B 5-year) and flat-to-lower near-term estimates creates a potential cushion if industrial load outperforms. Source: Visible Alpha Consensus and Actuals Data.

5. Stock Performance

Key Takeaway: ETR has underperformed XLU modestly since the Q1 2026 earnings date (ETR -2.1% vs. XLU -0.4% indexed), suggesting the market has not priced in a beat — the 12-month +27% gain was driven roughly equally by multiple expansion (+15% on P/E) and earnings growth, but the 1-month and 3-month periods show slight multiple compression, indicating the stock is consolidating rather than pricing in further upside.

ETR vs. XLU vs. S&P 500 — Indexed to 100 at Q1 2026 Earnings Date (Apr 29, 2026). Source: Yahoo Finance / Stock Price Data.

Performance Summary (indexed to 100 at Apr 29, 2026 close of $114.67):

Key Events Since Q1 Earnings (marked on chart):

• May 5–7, 2026: ETR entered new underwritten forward sale agreements for 19.25M shares at $110.74/share initial forward price (effective date: May 5, 2026; offering closed May 7, 2026). Stock dipped ~3% on dilution concerns.
• June 9, 2026: Investor Day — 5-year capital plan raised to $67B, retail sales CAGR raised to 9%, EPS growth extended to 2035. Stock rallied ~2% on the day.
• June 22–23, 2026: ETR settled ATM forwards (2.06M shares, ~$126M proceeds) and partial underwritten forwards (6.65M shares, ~$546M proceeds). Effective date: June 22, 2026; 8-K filed June 23, 2026. Stock was broadly flat.

Valuation Context: NTM P/E of 23.5x vs. ~21x sector average; NTM EV/EBITDA of 11.9x. The 12-month +27% gain was driven by both multiple expansion (+15% on P/E) and earnings growth. Near-term (1M, 3M) multiple compression of ~3–4% on P/E suggests the stock is consolidating. Source: Stock Price Data (Yahoo Finance); Valuation multiples from ETR Stock Performance Decomposition.

6. Material News & Developments

Key Takeaway: The most important development since Q1 earnings is the June 9 Investor Day, which extended the growth runway to 2035 and raised the 5-year capital plan to $67B — the implication for the print is that management will likely use Q2 to provide an update on LPSC procedural progress for the Meta filing and any new ESA signings from the 7–12 GW pipeline.

• June 9, 2026 — Investor Day (most important): ETR raised its 5-year capital plan to $67B (from $57B 4-year), lifted retail sales CAGR to 9% (from 8.5%), and extended EPS growth visibility to at least 2035 at >8% CAGR. AWS and Meta executives appeared in person, confirming the depth of hyperscaler partnerships. CCS MOU with Mitsubishi announced. Implication: sets a very high bar for long-term execution; any slippage in regulatory approvals or load ramp would be disproportionately punished.
• June 22–23, 2026 — Equity Forward Settlements (8-K): ETR settled its ATM forward sale agreements (2.06M shares, ~$126M proceeds; effective June 22, 2026) and a portion of its underwritten forward sale agreements (6.65M shares, ~$546M proceeds; effective June 22, 2026). Remaining underwritten forwards: ~11.15M shares (~$915M estimated proceeds). Implication: ~60% of 4-year equity needs now sourced, reducing dilution uncertainty and supporting credit metrics.
• May 5–7, 2026 — New Underwritten Forward Sale Agreements (8-K): ETR entered forward sale agreements for 19.25M shares at $110.74/share initial forward price (effective date: May 5, 2026; offering closed May 7, 2026; 8-K filed May 7, 2026). Implication: proactive equity pre-funding reduces execution risk on the $57B capital plan.
• April 29, 2026 — Q1 2026 Earnings: Adjusted EPS of $0.86 (slight miss vs. $0.87 consensus); industrial sales growth of 15% YoY; capital plan raised to $57B (4-year); Meta North Louisiana ESA announced adding ~$14B to plan; 2027 EPS outlook raised $0.20; retail sales CAGR raised to 8.5%. Implication: the Q1 print set the stage for the Investor Day and defines the baseline for Q2 expectations.
• July 23, 2026 — Trump AI/Data Center Pledge Expanded: President Trump expanded a voluntary pledge with governors and utilities to shield consumers from higher bills from data center buildouts. ETR’s “Fair Share Plus” framework is directly aligned with this initiative. Implication: political tailwind for ETR’s cost-allocation approach; reduces regulatory risk of pushback on large-load tariffs.
• July 22, 2026 — PJM Grid Disturbance (3 GW disconnect): A power line failure in Northern Virginia caused >3 GW of data center load to disconnect simultaneously, exposing grid stability risks from large concentrated loads. Implication: highlights the importance of ETR’s Gulf South positioning (MISO, not PJM) and its proactive generation procurement strategy; could accelerate regulatory focus on large-load interconnection standards.
• July 14, 2026 — PJM Capacity Auction at Near-Record $325/MW-Day: PJM’s annual capacity auction cleared near record highs, with prices up >1,000% since 2024 due to data center demand. Implication: ETR operates in MISO (not PJM), but the capacity price signal validates the structural demand thesis and supports ETR’s generation investment case.
• July 17, 2026 — Duke Energy Rate Settlement in North Carolina: Duke agreed to cut its proposed rate increase from ~18% to ~9.5% following public pushback. Implication: thematic read-through — regulatory affordability pressure is real across the sector; ETR’s “Fair Share Plus” framework and constructive Gulf South regulators are a key differentiator.
• July 22, 2026 — GE Vernova Q2 2026 Results: GEV raised FY2026 revenue guidance to $45.5–46.5B; orders surged 88% organically to $24.2B; gas turbine backlog reached 116 GW under contract. Implication: confirms robust equipment supply for ETR’s CCCT build program; GEV is “mostly sold out through 2030,” validating ETR’s strategy of securing equipment early.
• May 12, 2026 — Annual Shareholder Meeting (8-K): Shareholders re-elected directors, ratified auditor, and approved executive pay. ETR also froze executive retirement benefits and adjusted CEO early retirement terms (8-K filed May 12, 2026). Implication: routine governance; no material impact on investment thesis.

7. Peer Commentaries — Q2 2026 Current-Quarter Read-Throughs

Key Takeaway: Peers reporting Q2 2026 results this week (CMS, CNP, DTE, NEE, PCG) collectively confirm that data-center demand is accelerating, large-load tariff frameworks are gaining traction, and utilities with constructive regulatory relationships are best positioned — all direct positives for ETR’s Q2 print and forward narrative. The one caution: weather was a modest headwind for several peers in Q2, which could weigh on ETR’s residential/commercial volumes.

Note: All commentary below is from peers’ Q2 2026 earnings calls (reported July 22–28, 2026) or post-Q1 2026 events explicitly addressing the current reporting quarter or forward outlook. Prior-quarter result commentary is excluded.

GE Vernova (GEV) — Q2 2026 Earnings (July 22, 2026)

Relevance to ETR: Direct — GEV is ETR’s primary gas turbine supplier for the $57B capital plan.

• Equipment supply confirmed robust: GEV expects to end 2026 with “at least 125 GW under contract” and is “mostly sold out through 2030.” Gas turbine output is ramping from ~15 GW to 20 GW annualized starting Q3 2026. This directly validates ETR’s strategy of securing CCCT equipment early for its 7 new combined cycle units for the Meta project.
• Equipment pricing rising: “First half 2026 orders were priced more than 20% above Q4 2025.” Transactional orders per unit continue to rise by double digits annually. Implication: ETR’s early equipment procurement (highlighted at Q1 earnings and Investor Day) is a meaningful cost advantage vs. peers who are still sourcing.
• Data center orders accelerating: GEV booked “$2.7 billion of data center orders in electrification” in Q2, bringing H1 2026 data center orders to “over $5 billion, more than double full year 2025.” Organic orders surged 88% to $24.2B. Implication: the data center buildout is not slowing — directly supportive of ETR’s 7–12 GW pipeline.
• Demand described as “multi-decade growth opportunity”: CEO Scott Strazik: “Electricity demand is accelerating, driven by economic growth, grid modernization, electrification, data center expansion, and the need for more reliable, resilient power.” Implication: thematic validation of ETR’s long-term investment thesis.

NextEra Energy (NEE) — Q2 2026 Earnings (July 24, 2026)

Relevance to ETR: Thematic — NEE is the largest US utility and a bellwether for large-load demand and regulatory frameworks.

• Large-load pipeline growing rapidly: NEE updated its FPL large-load expectation from 6 GW to 8 GW by 2032. FPL has “roughly 21 GW of large load interest” with “advanced discussions on 12 GW.” NEER has 30 potential data center hubs under discussion, expected to rise to 40 by year-end. Implication: the scale of hyperscaler demand is accelerating industry-wide, validating ETR’s 7–12 GW pipeline.
• FERC Section 206 show cause orders seen as positive: NEE management: “FERC’s Section 206 show cause orders… will create yet another market shift and generate strong demand for the ability to match load with generation… making sure large load pays their own way.” Implication: regulatory tailwind for ETR’s “Fair Share Plus” framework, which already requires large customers to pay full cost of service.
• Large-load tariff economics quantified: “Every gigawatt of large load under FPL’s approved tariff [is] equivalent to roughly $2 billion of CapEx and earn[s] the same return on equity as other FPL investments.” Implication: provides a financial framework for valuing ETR’s 7–12 GW pipeline — at $2B/GW, the midpoint (9.5 GW) implies ~$19B of potential incremental rate base.
• Power demand “continues to accelerate” in 2026: NEE confirmed that “in 2026 and beyond, power demand continues to accelerate.” FPL added >90,000 customers in Q2. Implication: broad demand tailwind for all regulated utilities including ETR.
• NEE beat Q2 2026 EPS: Adjusted EPS of $1.15 vs. consensus of $1.11 (+3.6% beat). NEER added 3.6 GW of renewables/storage to backlog (second-largest quarter ever). Implication: positive read-through for utility sector earnings quality in Q2.

PG&E (PCG) — Q2 2026 Earnings (July 22–23, 2026)

Relevance to ETR: Thematic — PCG is a large regulated utility with a major data center pipeline; its experience with large-load tariffs and regulatory frameworks is instructive for ETR.

• Data center pipeline now >12 GW: PCG’s data center pipeline “now stands at over 12 GW,” up from >10 GW last quarter. PCG expects “about 1.8 GW to be online by 2030.” Implication: large-load pipelines are growing across the sector; ETR’s 7–12 GW pipeline is credible and potentially conservative.
• Large-load pricing discipline emphasized: PCG: “We remain very focused on pricing this load correctly, attractive to data center customers but still rate reducing for our other customers.” Supports FERC show cause order. Implication: directly mirrors ETR’s “Fair Share Plus” approach; regulatory consensus is building around cost-of-service pricing for large loads.
• PCG beat Q2 2026 EPS: Adjusted EPS of $0.40 vs. consensus of $0.36 (+11.1% beat), driven by higher customer bills and data center demand. Implication: positive read-through for utility sector earnings quality in Q2; data center load is already contributing to results.
• Capital plan reaffirmed at $73B through 2030 with no additional equity: PCG’s “five year financing plan remains unchanged… equity needs are fully satisfied through 2030.” Implication: thematic — utilities are finding ways to fund large capital plans without excessive equity dilution, consistent with ETR’s ~10–15% equity-to-capital-plan target.

CenterPoint Energy (CNP) — Q2 2026 Earnings (July 28, 2026)

Relevance to ETR: Direct — CNP serves the Houston/Texas market and is experiencing similar large-load growth dynamics; its ERCOT batch zero process is a read-through for MISO interconnection timelines.

• 14 GW of large-load projects submitted through ERCOT batch zero: CNP submitted “more than 17 GW of large load projects” through ERCOT’s new batch zero process, with 14 GW expected eligible. These projects are supported by “~$900 million of customer cash commitments and security already received.” Expected to be energized by end of 2030. Implication: the pace of large-load interconnection is accelerating; ETR’s MISO ERAS process is analogous and similarly progressing.
• Capital plan raised $1.2B to $66.7B through 2035 with no new equity: CNP increased its capital plan by $1.2B (“$800M for batch zero system upgrades + $400M for Downtown Houston Revitalization”) “without the need for additional equity financing.” Implication: large-load growth is driving capital upside without proportional equity dilution — directly mirrors ETR’s credit-neutral Meta agreement structure.
• Customer savings from large-load quantified: CNP estimates “residential and commercial electric customers will save over $5 billion over the next decade” from 14 GW of new large-load projects. Implication: validates ETR’s “$7 billion of customer benefits” claim from its Fair Share Plus framework.
• Weather was a modest headwind in Q2: “Weather and usage were $0.01 unfavorable when compared to the comparable quarter last year, driven by milder weather across our Texas and Indiana service territories.” Implication: direct read-through — ETR’s Texas service territory may have experienced similar mild weather in Q2, which could weigh on residential/commercial volumes.
• FFO/debt improving: CNP’s adjusted FFO/debt (Moody’s) was 13.4% at Q2 end, “a nearly 100 basis point improvement from Q1.” Implication: thematic — credit metrics are improving across the sector as large-load cash flows ramp; ETR’s ≥15% FFO/debt target looks achievable.

DTE Energy (DTE) — Q2 2026 Earnings (July 28, 2026)

Relevance to ETR: Thematic — DTE is executing a similar large-load strategy (Oracle 1.4 GW, Google 1 GW) and provides a read-through on data center contract structures and regulatory mechanisms.

• Data center pipeline remains strong at 5–6 GW additional opportunities: Beyond Oracle (1.4 GW, under construction) and Google (1 GW, in regulatory approval), DTE sees “5 to 6 GW of additional opportunities, including roughly 2 GW in advanced discussions, with a target of reaching an additional agreement by end of 2026.” Implication: hyperscaler demand is broad-based and not concentrated in a few markets; ETR’s Gulf South positioning is differentiated.
• Customer affordability benefits from data centers quantified: Oracle expected to provide “about $300 million of annual benefits for existing customers” once fully ramped; Google expected to generate “roughly $1.7 billion of benefits over the life of the contract.” Implication: directly mirrors ETR’s $7B customer benefit claim; the financial model is consistent across utilities.
• Oracle credit downgrade — contract protections highlighted: S&P downgraded Oracle’s credit (still investment grade); DTE noted “our contract has protections that will have additional collateral requirements at various downgrade triggers.” Implication: ETR’s Fair Share Plus framework includes similar credit protections; this is a positive read-through for ETR’s contract structure with Meta and other hyperscalers.
• DTE on track for high end of FY2026 guidance: Despite Q2 weather headwinds (“colder weather” and “warmer weather” impacting electric and gas segments respectively), DTE remains “highly confident that we’re going to get to the high end, the full year guidance this year.” Implication: positive read-through — utilities with strong large-load growth can offset weather headwinds; ETR’s FY2026 guidance affirmation is credible.
• Rate case stay-out mechanism proposed: DTE proposed a regulatory mechanism to capture excess margin from faster Oracle load ramp and flow it back to customers, potentially avoiding a new electric rate case until at least 2028. Implication: innovative regulatory strategy that ETR could consider as its data center load ramps.

CMS Energy (CMS) — Q2 2026 Earnings (July 28, 2026)

Relevance to ETR: Thematic — CMS provides a read-through on weather impacts, large-load tariff frameworks, and the strategic decision to exit non-utility renewables.

• Weather was a headwind in Q2: CMS reported “an unfavorable weather comp from last year, and slightly lower cooling and heating degree days in Q2 versus normal resulted in unfavorable variance of $0.08 for year-to-date results.” However, “July temperatures have been helpful.” Implication: direct read-through — Q2 2026 weather was broadly unfavorable for utilities; ETR may face a similar headwind, partially offset by strong industrial load.
• Data center agreement reached under large-load tariff: CMS reached “an agreement under our large low tariff” including both an Extraordinary Facilities Agreement and rate agreement. The tariff “ensures new large load customers bear all costs to serve them” and “protects existing customers.” Each GW of new large load could provide “approximately $7.50 per month of bill benefit” for residential customers. Implication: directly mirrors ETR’s Fair Share Plus framework; regulatory consensus is building.
• CMS exiting non-utility renewables to focus on regulated utility: CMS announced it will “exit non-utility renewables development” and “reallocate capital away from North Star” to its regulated utility, reducing equity needs by “at least $350 million.” Implication: thematic — pure-play regulated utility focus is being rewarded; ETR’s exit from wholesale nuclear and gas distribution (completed earlier) is validated.
• CMS 2027 guidance below estimates: CMS guided FY2027 adjusted EPS to $4.08–4.17 (midpoint $4.13 vs. consensus $4.17). Implication: negative read-through for sector sentiment — CMS’s below-consensus 2027 guide could weigh on utility multiples broadly, though ETR’s growth profile is significantly stronger.
• Non-weather sales trending positively: CMS noted “a conservative assumption for non-weather sales, which… are trending positively year to date.” Implication: underlying demand (ex-weather) is healthy across the sector.

Peer Read-Through Summary

8. Insider Transaction Activity

Key Takeaway: Only two insider transactions since Q1 earnings — both are 10b5-1 planned sales by senior executives, which are pre-scheduled and not discretionary signals. No open-market buys or unusual discretionary sales; nothing notable from an insider signaling perspective.

Source: SEC Form 4 Filings Database (Insider Transaction Data). Transaction dates are the actual execution dates; filing dates are the SEC disclosure dates. Both transactions are coded as 10b5-1 planned sales (pre-scheduled, not discretionary). No open-market purchases or discretionary sales were filed in the period since Q1 2026 earnings (April 29, 2026) through July 28, 2026.

9. Key Risks & Questions for the Call

Key Risks

• O&M execution risk: Management pre-flagged ~$0.15 higher other O&M in Q2 (vegetation spending + nuclear maintenance timing). If actual O&M comes in above this guidance, EPS could miss consensus. Nuclear refueling outage timing is inherently lumpy.
• Weather headwind: Peer commentary (CMS, CNP, DTE) confirms Q2 2026 weather was broadly unfavorable across the South and Midwest. ETR’s Texas and Louisiana service territories may have experienced similar mild conditions, weighing on residential/commercial volumes.
• LPSC regulatory timeline risk: The Louisiana Public Service Commission procedural schedule for the Meta/North Louisiana filing targets a December B&E meeting decision. Any delay or adverse procedural development would be a significant negative for the $14B investment thesis.
• Equity dilution from remaining forwards: ~11.15M shares of underwritten forwards remain outstanding (~$915M estimated proceeds at June 22 prices). Settlement timing and market conditions could create EPS dilution headwinds in 2027–2029.
• Data center load ramp timing: ETR includes hyperscale data centers in its plan only after a signed ESA and at minimum bill levels. If customers delay construction or ramp more slowly than expected, revenue recognition could lag the capital investment timeline.
• Interest rate sensitivity: ETR’s $57B capital plan requires significant debt financing. Higher-for-longer interest rates increase financing costs and could compress the equity return on new investments.
• Sector sentiment from CMS 2027 guide miss: CMS’s below-consensus 2027 guidance (reported July 28) could weigh on utility sector sentiment heading into ETR’s print, even though ETR’s growth profile is significantly stronger.

Key Questions for the Call

1. Industrial load update: What was the Q2 2026 industrial sales growth rate (YoY)? Did it track the 15–16% pace seen in Q1, and what is the trajectory for H2 2026?
2. LPSC procedural update: What is the current status of the LPSC procedural schedule for the Meta/North Louisiana filing? Is the December B&E meeting decision timeline still on track?
3. New ESA signings: Have any additional ESAs been signed since the Investor Day (June 9)? How has the 7–12 GW pipeline evolved?
4. O&M actuals vs. guidance: Did other O&M come in at the ~$0.15 higher YoY level flagged on the Q1 call, or was there any upside/downside surprise?
5. Equity forward settlement plan: What is the expected timing for settling the remaining ~11.15M shares of underwritten forwards (~$915M)? Any update on ATM program activity?
6. Orange County Advanced Power Station: Management guided for the plant to be “fully online in late summer” on the Q1 call. Is it on track? What is the expected contribution to Q3 results?
7. CCS/Mitsubishi MOU progress: The Investor Day announced a CCS MOU with Mitsubishi with a goal of having a “clear plan and road map by end of year.” What progress has been made?
8. Weather impact in Q2: How did weather compare to normal and prior year in Q2? What was the net EPS impact?
9. Arkansas rate case: What is the status of the Entergy Arkansas base rate case (filed February 2026, requesting ~$45M)? Any update on timeline?
10. 2030 EPS growth visibility: Management guided at the Investor Day for ~12% YoY EPS growth in 2030 (similar to 2029). Is this still the expectation, and what are the key assumptions?