ETR US S&P 500Russell 1000 Earnings call · transcribed from the recording
Entergy (ETR) · Q3 2026 results and valuation
Share price: $111.99 · 2026-11-11
Entergy is an American energy company that produces and distributes electric power. It serves customers in Arkansas, Louisiana, Mississippi, and Texas. Source: Wikipedia
Results Q3 2026 vs Q1 2026 · previous quarter · published 2 Nov 2026 and 29 Apr 2026
Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
—
Figures not yet filed
Outlook given
2 · How management spoke
Typical
More upbeat than 54% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Guidance
Entergy anticipates that Google's expansion will generate new jobs, new tax revenues, and economic activity which will significantly benefit the West…
Valuation
Is Entergy undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$111.99
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+21.5% for 10 yrs
Fair value / share
$-22.30
Buy below
$-16.72
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
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Guidance
Important components included 9.7 percent ROE and a 47.5 percent equity capital structure after adjusting for deferred taxes Entergy anticipates a commission decision before the end of the year...
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Figure
The expansion will create incremental bill benefits for Entergy's Arkansas customers, increasing Intergy Arkansas's expected fair share plus customer bill...
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Last period
Entergy launched its Fair Share Plus pledge and it advanced customer initiatives with the execution of several electric service agreements…
Source quote
“We launched our Fair Share Plus pledge and we advanced customer initiatives with the execution of several electric service agreements... We had a productive first quarter in which we delivered strong financial results. Beginning with financial results.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“This plant is an important addition for Intergy Texas, where we are experiencing strong population growth and industrial expansion.”
“And we are listening to our customers as we continue to advance additional growth opportunities.”
“At the same time, employees from our other sites participated in the commissioning and startup of OCAPS to lower risk ahead of their own commissioning.”
Full figures
Q3 2026 figures are not available yet: the company files its quarterly report (10-Q) a few weeks after the call. This page compares what management said; the figures are added when the report is filed.
Topics
Most discussed now
- Turning to Entergy's customer update, I'll start with Entergy Arkansas' recently announced service agreement amendment with Google for the…
- Even after normalizing for weather, Entergy saw strong sales growth in both the residential and industrial sectors.
- Entergy issued junior subordinated notes totaling $1.5 billion, which received 50% equity treatment, supporting balance sheet health and…
- The billion and a half that was added was the $600 million for the Arkansas Google expansion, which was primarily...
- What's not there is you may recall there's about a billion four of transmission related to the Intergy Louisiana transaction...
Faded since Q1 2026
- Dropped It goes with the long-term kind of commodity spread discussion that I was talking about just a minute ago.
- Fading For several years, Entergy has worked with stakeholders to recruit data centers and capture the transformative impact they can have on...
- Fading Entergy is along the river and the Gulf Coast, it has access to global markets, and it has significant energy infrastructure...
- Fading Given the opportunities that are here and the advantages associated with the Gulf Coast, it becomes a natural potential location...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
Entergy Corporation settled its 2025 Underwritten Forward Sale Agreements by delivering 11,145,984 shares for approximately $913 million in cash, leaving no outstanding obligations under those specific agreements.
- Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
Entergy Corporation reported second quarter 2026 earnings of $483 million, or $1.03 per share, compared to $468 million, or $1.05 per share, in the second quarter of 2025.
- Other events · SEC 8-K
The Company settled ATM Forward Sale Agreements for 2,057,826 shares for $126 million and Underwritten Forward Sale Agreements for 6,650,417 shares for $546 million on June 22, 2026.
- Shareholder vote results · SEC 8-K · routine
- Director or officer change · SEC 8-K
Entergy Corporation approved amendments to the System Executive Retirement Plan and Pension Equalization Plan to freeze benefits for specific executives and lower the early retirement age for CEO Andrew S. Marsh to 60.
- Material agreement; Other events · SEC 8-K
Entergy Corporation entered into forward sale and underwriting agreements for 19,247,788 shares of common stock and closed the offering on May 7, 2026.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-18.
Cash & runway
Cash & equivalents
$3.57B
2026-03-31
Long-term investments
$7.07B
total liquidity $10.64B
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: +5.9% YoY.
| Quarter | Shares |
|---|---|
| Q2 2024 | 427.2M |
| Q3 2024 | 428.0M |
| Q1 2025 | 430.3M |
| Q2 2025 | 439.2M |
| Q3 2025 | 446.5M |
| Q1 2026 | 455.7M |
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 146 filings; 50 filings parsed.
Sold by insiders
99.1K shares
$10.5M · 13 transactions
Bought by insiders
1.0K shares
$106.1K · 1 transactions
Net direction
net selling
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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over the next 20 years
Meta's commitments for energy efficiency programs and Power to Care program
Source quote
“In the Plus category, over the next 20 years, Meta has made other commitments.”
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December B&E meeting
decision on the procedural schedule for the Louisiana Lightning Initiative
Source quote
“This month, the commission affirmed at 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.”
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late summer
Orange County Advanced Power Station fully online
Source quote
“We expect the plant to be fully online in late summer.”
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June
upcoming Investor Day
Source quote
“Finally, we are very excited about our upcoming Investor Day in June.”
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through 2029
expected approximately 8.5% compound annual Retail sales growth
Source quote
“We now expect approximately 8.5% compound annual Retail sales growth through 2029, driven by 16% Industrial growth.”