Entergy Louisiana LLC Pref (ELC) Cash Flow Statement
Where ELC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $627.9M −23.8% vs 2024
- Capital expenditures
- $7.94B 61.3% of revenue
- Free cash flow
- $627.9M 4.8% margin
- Returned to shareholders
- $1.09B 174% of free cash flow
- Change in cash
- $90.1M cash at year-end $275.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ELC operating cash flow, capex and free cash flow
ELC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.04B2016 | $627.9M2025 | −5.4%/yr | |
| Capital expenditures | $1.49B2016 | $7.94B2025 | +20.5%/yr | |
| Free cash flow | −$449.6M2016 | $627.9M2025 | — | |
| Free cash flow margin | −10.8%2016 | 4.8%2025 | +15.6 pts | |
| Operating cash flow / net income | 1.672016 | 1.882025 | +0.21 | |
| Stock-based compensation | $38.7M2016 | $40.2M2023 | +0.5%/yr | |
| Dividends paid | $285.5M2016 | $1.09B2025 | +16.1%/yr | |
| Share buybacks (net) | $115.3M2016 | $02023 | −100.0% | |
| Capex / revenue | 35.6%2016 | 61.3%2025 | +25.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ELC cash flow by activity
ELC net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ELC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $334.1M | $293.6M | $1.27B | $1.10B | $1.12B | $1.41B | $1.26B | $675.6M | $316.3M | $622.0M |
| Depreciation & amortization | $894.8M | $856.6M | $788.3M | $2.19B | $2.24B | $2.26B | $2.18B | $608.7M | $571.6M | $573.3M |
| Stock-based compensation | — | — | $40.2M | $45.4M | −$719.3M | −$214.4M | $433.7M | $38.5M | $37.4M | $38.7M |
| Change in working capital | −$188.1M | $203.6M | $64.2M | −$1.74B | −$348.2M | −$7.0M | −$52.1M | −$140.9M | $845.0M | −$110.9M |
| Other non-cash items | −$412.9M | −$530.2M | −$130.9M | $988.6M | $6.6M | −$753.1M | −$1.01B | $213.4M | −$432.8M | −$85.2M |
| Cash from operating activities | $627.9M | $823.6M | $2.03B | $2.59B | $2.30B | $2.69B | $2.82B | $1.40B | $1.34B | $1.04B |
| Investing activities | ||||||||||
| Capital expenditures | −$7.94B | −$1.66B | −$1.72B | −$5.29B | −$6.42B | −$5.16B | −$4.63B | −$1.81B | −$1.78B | −$1.49B |
| Investments (net) | — | — | — | — | — | — | — | — | — | −$55.4M |
| Acquisitions & other investing | $6.70B | $730.5M | −$1.32B | −$421.2M | $242.8M | $384.6M | $2.98B | −$68.1M | −$11.1M | $68.8M |
| Cash from investing activities | −$1.24B | −$928.4M | −$3.04B | −$5.71B | −$6.18B | −$4.77B | −$1.65B | −$1.88B | −$1.79B | −$1.47B |
| Financing activities | ||||||||||
| Dividends paid | −$1.09B | −$859.1M | −$660.8M | −$860.0M | −$793.4M | −$766.8M | −$728.0M | −$128.0M | −$91.2M | −$285.5M |
| Share repurchases & issuance (net) | — | — | $4.58B | — | $7.88B | $12.30B | −$50.0M | −$53.9M | −$20.6M | −$115.3M |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | $365.4M | $904.6M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.80B | $1.13B | −$2.97B | $3.77B | −$4.53B | −$8.12B | $2.42B | $672.3M | $18.4M | $111.1M |
| Cash from financing activities | $703.5M | $267.8M | $953.5M | $2.91B | $2.56B | $3.42B | $1.64B | $490.5M | $271.9M | $614.9M |
| Summary | ||||||||||
| Net change in cash | $90.1M | $163.0M | −$53.8M | −$218.4M | −$1.32B | $1.33B | −$55.3M | $7.5M | −$177.9M | $178.7M |
| Cash at end of period | $275.1M | $185.0M | $2.8M | $224.2M | $442.6M | $1.76B | $425.7M | $43.4M | $35.9M | $213.8M |
| Free cash flow | $627.9M | $588.7M | $308.2M | −$2.70B | −$4.12B | −$2.47B | −$1.81B | −$414.9M | −$438.8M | −$449.6M |
| Free cash flow margin | 4.8% | 5.0% | 6.0% | −19.6% | −81.3% | −60.6% | −42.4% | −9.7% | −10.2% | −10.8% |
| Capex / revenue | 61.3% | 14.0% | 33.5% | 38.4% | 126.7% | 126.7% | 108.1% | 42.1% | 41.3% | 35.6% |
| Operating cash flow / net income | 1.88 | 2.81 | 1.60 | 2.36 | 2.06 | 1.91 | 2.24 | 2.07 | 4.23 | 1.67 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$274.4M | $6.4M | $334.1M | $296.1M | $405.8M | $12.1M | $357.0M | −$375.7M | $130.3M | $181.9M | $406.0M | $669.7M |
| Depreciation & amortization | $241.0M | $238.7M | $228.2M | $231.4M | $218.8M | $216.5M | $222.1M | $220.3M | $207.0M | $207.2M | $194.0M | $551.7M |
| Stock-based compensation | — | — | — | −$21.3M | — | — | — | $10.4M | $10.9M | $11.0M | $9.9M | $10.4M |
| Change in working capital | $547.1M | −$317.3M | $173.1M | −$414.4M | $13.2M | −$297.3M | −$319.5M | $451.6M | −$37.1M | −$95.0M | $244.1M | −$77.6M |
| Other non-cash items | $891.2M | $68.6M | $4.71B | −$1.01B | $67.7M | $71.3M | $667.5M | $205.4M | $192.5M | −$321,000 | −$190.7M | $250.8M |
| Cash from operating activities | $1.40B | −$3.7M | $5.44B | −$917.8M | $705.6M | $2.6M | $927.1M | $512.0M | $503.6M | $304.8M | $663.3M | $1.41B |
| Investing activities | ||||||||||||
| Capital expenditures | −$404.6M | −$997.6M | −$2.21B | −$404.6M | −$758.4M | −$756.0M | −$73.8M | −$758.4M | −$353.8M | −$330.8M | −$434.6M | −$1.13B |
| Acquisitions & other investing | −$954.9M | $960.4M | $316.5M | $958.9M | −$13.1M | $734.2M | −$557.0M | $516.2M | $198.6M | −$153.1M | $130.1M | −$5.0M |
| Cash from investing activities | −$1.36B | −$37.2M | −$1.90B | $554.3M | −$771.5M | −$21.9M | −$630.8M | −$242.2M | −$155.2M | −$483.9M | −$304.5M | −$1.13B |
| Financing activities | ||||||||||||
| Dividends paid | −$722.8M | −$297.4M | −$18.0M | −$722.8M | −$156.2M | −$36.2M | −$820.3M | −$156.2M | −$566.6M | −$97.5M | −$342.8M | −$230.8M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | −$2.48B | $1.36B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.01B | $297.1M | $1.11B | $1.80B | $129.3M | $37.7M | $749.7M | −$198.0M | −$369.2M | $1.05B | $1.67B | −$1.07B |
| Cash from financing activities | $283.7M | −$381,000 | $1.09B | $1.07B | −$26.9M | $1.4M | −$70.6M | −$354.2M | −$935.8M | $949.5M | −$1.15B | $54.0M |
| Summary | ||||||||||||
| Net change in cash | −$5.0M | −$41.3M | −$1.47B | −$284.9M | −$353.6M | −$17.9M | $225.8M | −$84.4M | −$587.4M | $770.4M | −$790.5M | $325.4M |
| Cash at end of period | $63.7M | $69.0M | $275.1M | $68.7M | $26,000 | $13.9M | $185.0M | $353.6M | $185.8M | $773.2M | $2.8M | $1.52B |
| Free cash flow | $1.34B | −$691.3M | $5.44B | −$1.32B | −$456.5M | −$482.9M | $219.6M | $480.2M | $149.8M | −$26.0M | $228.7M | $276.4M |
| Free cash flow margin | 37.9% | −21.7% | 184.0% | −34.7% | −13.7% | −17.0% | 18.5% | 14.2% | 11.7% | −2.2% | 19.7% | 19.3% |
| Capex / revenue | 11.5% | 31.3% | 74.8% | 10.6% | 22.8% | 26.6% | 6.2% | 22.4% | 27.7% | 27.5% | 37.4% | 78.7% |
| Operating cash flow / net income | — | −0.58 | 16.29 | −3.10 | 1.74 | 0.21 | 2.60 | — | 3.86 | 1.68 | 1.63 | 2.10 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ELC cash generation
In fiscal 2025 (ended December 31, 2025), Entergy Louisiana LLC Pref generated $627.9 million of cash from operations (down 23.8%) and spent $7.9 billion on capital expenditures, leaving free cash flow of $627.9 million, 4.8% of revenue. It returned $1.1 billion to shareholders through dividends ($1.1 billion) and net share buybacks ($0). Cash and equivalents rose by $90.1 million over the year.
Related: ELC income statement, ELC balance sheet, ELC dividend history. See the ELC stock overview for the latest quote and news.
ELC cash flow FAQ
What is Entergy Louisiana LLC Pref's free cash flow?
Entergy Louisiana LLC Pref's free cash flow was $627.9 million in fiscal 2025: $627.9 million of operating cash flow minus $7.9 billion of capital expenditures It was $588.7 million a year earlier..
How much cash does Entergy Louisiana LLC Pref generate from operations?
Entergy Louisiana LLC Pref generated $627.9 million of cash from operating activities in fiscal 2025, 1.88 times its net income of $334.1 million.
How much does Entergy Louisiana LLC Pref spend on capital expenditures?
Entergy Louisiana LLC Pref spent $7.9 billion on capital expenditures in fiscal 2025, 61.3% of revenue, compared with $1.7 billion the year before.
How much does Entergy Louisiana LLC Pref pay in dividends?
Entergy Louisiana LLC Pref paid $1.1 billion in dividends in fiscal 2025, 174.0% of free cash flow.