Entergy Corporation (ETR) Cash Flow Statement
Where ETR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $5.15B +14.8% vs 2024
- Capital expenditures
- $7.94B 61.3% of revenue
- Free cash flow
- −$2.79B −21.6% margin
- Returned to shareholders
- $1.09B
- Change in cash
- −$813.8M cash at year-end $45.9M
Cash from operations
$5.15B
Capital expenditures
−$7.94B
Investments (net)
−$245.5M
Acquisitions & other
+$1.08B
Dividends
−$1.09B
Share buybacks (net)
+$1.17B
Net borrowing (repayment)
+$1.98B
Other financing
+$968.6M
Currency & other
−$1.88B
Change in cash
−$813.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ETR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ETR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.00B2016 | $5.15B2025 | +6.2%/yr | |
| Capital expenditures | $4.04B2016 | $7.94B2025 | +7.8%/yr | |
| Free cash flow | −$1.05B2016 | −$2.79B2025 | — | |
| Free cash flow margin | −9.6%2016 | −21.6%2025 | −11.9 pts | |
| Operating cash flow / net income | 6.172017 | 2.932025 | −3.24 | |
| Stock-based compensation | $38.7M2016 | $40.2M2023 | +0.5%/yr | |
| Dividends paid | $632.6M2016 | $1.09B2025 | +6.3%/yr | |
| Share buybacks (net) | $115.3M2016 | $02025 | −100.0% | |
| Capex / revenue | 37.3%2016 | 61.3%2025 | +24.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ETR cash flow by activity
OperatingInvestingFinancingChange in cash
ETR net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ETR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.76B | $1.06B | $2.36B | $1.10B | $1.12B | $1.41B | $1.26B | $862.6M | $425.4M | −$564.5M |
| Depreciation & amortization | $2.54B | $2.44B | $2.24B | $2.19B | $2.24B | $2.26B | $2.18B | $2.04B | $2.08B | $2.12B |
| 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 | $236.2M | $352.7M | −$1.74B | −$348.2M | −$7.0M | −$52.1M | $96.2M | −$3.58B | −$131.3M |
| Other non-cash items | $1.04B | $747.5M | −$705.3M | $988.6M | $6.6M | −$753.1M | −$1.01B | −$652.5M | $3.66B | $1.53B |
| Cash from operating activities | $5.15B | $4.49B | $4.29B | $2.59B | $2.30B | $2.69B | $2.82B | $2.39B | $2.62B | $3.00B |
| Investing activities | ||||||||||
| Capital expenditures | −$7.94B | −$5.97B | −$4.71B | −$5.29B | −$6.42B | −$5.16B | −$4.63B | −$4.27B | −$4.00B | −$4.04B |
| Investments (net) | −$245.5M | −$5.85B | −$4.63B | −$5.71B | −$6.18B | −$95.2M | −$87.5M | −$885,000 | −$97.9M | −$3.85B |
| Acquisitions & other investing | $1.08B | $5.97B | $4.71B | $5.29B | $6.42B | $479.8M | $208.8M | $166.1M | $258.5M | $4.04B |
| Cash from investing activities | −$7.11B | −$5.85B | −$4.63B | −$5.71B | −$6.18B | −$4.77B | −$4.51B | −$4.11B | −$3.84B | −$3.85B |
| Financing activities | ||||||||||
| Dividends paid | −$1.09B | −$1000.0M | −$936.5M | −$860.0M | −$793.4M | −$766.8M | −$728.0M | −$647.7M | −$628.9M | −$632.6M |
| Share repurchases & issuance (net) | $1.17B | $136.8M | $4.58B | $884.6M | $7.88B | $12.30B | −$50.0M | −$53.9M | −$20.6M | −$115.3M |
| Net borrowing (repayment) | $1.98B | $2.63B | −$551.9M | −$349.6M | $3.05B | $4.15B | $1.69B | $1.43B | $1.39B | $1.41B |
| Shares issued | $0 | $0 | $140.5M | $884.6M | $206.8M | $42.6M | $734.7M | $675.9M | $0 | $0 |
| Other financing | $968.6M | $316.8M | −$2.99B | $2.35B | −$7.79B | −$12.31B | −$7.7M | $12.3M | $73.5M | $26.2M |
| Cash from financing activities | $3.03B | $2.09B | $243.0M | $2.91B | $2.56B | $3.42B | $1.64B | $1.42B | $811.0M | $688.2M |
| Summary | ||||||||||
| Net change in cash | −$813.8M | $727.2M | −$91.6M | −$218.4M | −$1.32B | $1.33B | −$55.3M | −$300.3M | −$406.6M | −$163.1M |
| Cash at end of period | $45.9M | $859.7M | $132.5M | $224.2M | $442.6M | $1.76B | $425.7M | $481.0M | $781.3M | $1.19B |
| Free cash flow | −$2.79B | −$1.48B | −$417.3M | −$2.70B | −$4.12B | −$2.47B | −$1.81B | −$1.89B | −$1.38B | −$1.05B |
| Free cash flow margin | −21.6% | −12.5% | −3.4% | −19.6% | −35.1% | −24.4% | −16.7% | −17.1% | −12.4% | −9.6% |
| Capex / revenue | 61.3% | 50.3% | 38.8% | 38.4% | 54.7% | 51.0% | 42.6% | 38.8% | 36.1% | 37.3% |
| Operating cash flow / net income | 2.93 | 4.23 | 1.82 | 2.36 | 2.06 | 1.91 | 2.24 | 2.77 | 6.17 | — |
| 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 | $482.6M | $390.8M | $235.8M | −$646.7M | $467.9M | $362.4M | $287.2M | $645.8M | $51.7M | $76.5M | $988.3M | $669.7M |
| Depreciation & amortization | $671.5M | $654.7M | $635.7M | $646.2M | $632.6M | $622.6M | $622.3M | $614.8M | $606.1M | $600.4M | $575.9M | $551.7M |
| Stock-based compensation | — | — | — | −$21.3M | — | — | — | $10.4M | $10.9M | $11.0M | $9.9M | $10.4M |
| Change in working capital | $598.7M | −$142.7M | $173.1M | $161.9M | $20.7M | −$509.5M | $285.6M | $464.6M | $14.2M | −$267.0M | $569.5M | −$77.6M |
| Other non-cash items | $140.0M | −$73.8M | $173.5M | $1.99B | $140.3M | $60.7M | $184.6M | −$173.2M | $342.5M | $100.1M | −$1.08B | $250.8M |
| Cash from operating activities | $1.89B | $829.0M | $1.22B | $2.13B | $1.26B | $536.2M | $1.38B | $1.56B | $1.03B | $521.1M | $1.06B | $1.41B |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.83B | −$2.25B | −$2.21B | −$1.93B | −$2.05B | −$1.71B | −$1.95B | −$1.56B | −$1.19B | −$1.27B | −$1.14B | −$1.13B |
| Investments (net) | — | −$39.8M | −$140.2M | −$1.47B | −$2.03B | −$1.71B | −$1.85B | −$1.54B | −$1.18B | −$1.29B | −$1.05B | −$1.13B |
| Acquisitions & other investing | $156.8M | −$129.8M | $456.7M | $1.93B | $2.05B | $1.71B | $1.95B | $1.56B | $1.19B | $1.27B | $1.14B | −$1.32B |
| Cash from investing activities | −$2.67B | −$2.42B | −$1.90B | −$1.47B | −$2.03B | −$1.71B | −$1.85B | −$1.54B | −$1.18B | −$1.29B | −$1.05B | −$3.58B |
| Financing activities | ||||||||||||
| Dividends paid | −$297.6M | −$297.4M | −$294.1M | −$272.5M | −$263.0M | −$262.8M | −$262.3M | −$246.3M | −$245.9M | −$245.5M | −$244.1M | −$230.8M |
| Share repurchases & issuance (net) | — | — | $1.17B | $839.9M | $829.2M | $22.7M | $136.8M | $96.4M | — | — | −$2.48B | $1.36B |
| Net borrowing (repayment) | — | $3.12B | $478.7M | $33.9M | −$531.3M | $2.00B | −$92.2M | $243.6M | — | — | — | $247.8M |
| Shares issued | $0 | $352.3M | $0 | $10.7M | $806.5M | $22.7M | $0 | $50.5M | $39.2M | $6.8M | $135.3M | $1.1M |
| Other financing | $1.36B | $64.9M | −$265.4M | −$934.9M | −$410.3M | $47.6M | $133.2M | −$114.8M | $420.2M | $2.17B | $1.18B | −$1.32B |
| Cash from financing activities | $1.06B | $3.24B | $1.09B | −$322.9M | $431.1M | $1.83B | −$84.4M | $29.4M | $213.6M | $1.93B | −$1.40B | $54.0M |
| Summary | ||||||||||||
| Net change in cash | −$3.45B | $1.64B | −$1.47B | −$1.09B | −$1.35B | $653.7M | −$552.1M | $56.6M | $60.3M | $1.16B | −$1.39B | $325.4M |
| Cash at end of period | $118.2M | $3.57B | $45.9M | $82.7M | $164.0M | $1.51B | $859.7M | $1.41B | $1.36B | $1.29B | $132.5M | $1.52B |
| Free cash flow | −$935.0M | −$1.42B | −$996.5M | $207.1M | −$787.4M | −$1.17B | −$573.9M | $4.6M | −$165.9M | −$746.0M | −$73.5M | $276.4M |
| Free cash flow margin | −26.5% | −44.7% | −33.7% | 5.4% | −23.7% | −41.1% | −20.9% | 0.1% | −5.6% | −26.7% | −2.7% | 7.7% |
| Capex / revenue | 80.3% | 70.7% | 74.8% | 50.6% | 61.6% | 59.9% | 71.2% | 46.0% | 40.3% | 45.3% | 41.7% | 31.4% |
| Operating cash flow / net income | 3.92 | 2.12 | 5.17 | — | 2.70 | 1.48 | 4.80 | 2.42 | 19.82 | 6.81 | 1.08 | 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.
ETR cash generation
In fiscal 2025 (ended December 31, 2025), Entergy generated $5.2 billion of cash from operations (up 14.8%) and spent $7.9 billion on capital expenditures, leaving free cash flow of -$2.8 billion, −21.6% of revenue. It returned $1.1 billion to shareholders through dividends ($1.1 billion) and net share buybacks ($0). Cash and equivalents fell by $813.8 million over the year.
Related: ETR income statement, ETR balance sheet, ETR dividend history. See the ETR stock overview for the latest quote and news.
ETR cash flow FAQ
What is Entergy's free cash flow?
Entergy's free cash flow was -$2.8 billion in fiscal 2025: $5.2 billion of operating cash flow minus $7.9 billion of capital expenditures It was -$1.5 billion a year earlier..
How much cash does Entergy generate from operations?
Entergy generated $5.2 billion of cash from operating activities in fiscal 2025, 2.93 times its net income of $1.8 billion.
How much does Entergy spend on capital expenditures?
Entergy spent $7.9 billion on capital expenditures in fiscal 2025, 61.3% of revenue, compared with $6.0 billion the year before.
How much does Entergy pay in dividends?
Entergy paid $1.1 billion in dividends in fiscal 2025.
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