Research · Sep 3, 2026
[ETR] Entergy Thesis 2026: Data Center Load Anchors Long-Cycle Capital Expenditure Plan
Entergy FY25 (Dec 31, 2025) at $12.95B revenue (+9%). NI $1.77B; EPS $3.91 (top half of guidance). Retail sales +4%, industrial +7%. Long-term: 8% retail sales CAGR through 2029, 15% industrial CAGR. $43B capital plan + $2B Cottonwood. FY26+ guide: >8% adjusted EPS annual growth through 2029. Data center pipeline 7-12 GW + other industries 3-5 GW.