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FY2026 Q1
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Entergy Corporation earnings call
Buzzberg read
2029 EPS outlook raised to $6.40
Entergy delivered a strong Q1 2026, highlighted by a major new data center agreement with Meta that significantly boosts its capital plan and long-term earnings outlook. Management raised EPS guidance for 2027 and 2029 and increased its four-year capital plan to $57 billion, with the full impact of the Meta deal expected to drive further growth. Announced a new electric service agreement with Meta, adding another data center in North Louisiana, with $2 billion in fair share value and commitments for 2.5 GW of renewables.
Buzzberg read 2029 EPS outlook raised to $6.40 Entergy delivered a strong Q1 2026, highlighted by a major new data center agreement with Meta that significantly boosts its capital plan and long-term earnings outlook. Management raised EPS guidance for 2027 and 2029 and increased its four-year capital plan to $57 billion, with the full impact of the Meta deal expected to drive further growth. Announced a new electric service agreement with Meta, adding another data center in North Louisiana, with $2 billion in fair share value and commitments for 2.5 GW of renewables. Read full analysisCollapse analysis
Entergy delivered a strong Q1 2026, highlighted by a major new data center agreement with Meta that significantly boosts its capital plan and long-term earnings outlook. Management raised EPS guidance for 2027 and 2029 and increased its four-year capital plan to $57 billion, with the full impact of the Meta deal expected to drive further growth. Announced a new electric service agreement with Meta, adding another data center in North Louisiana, with $2 billion in fair share value and commitments for 2.5 GW of renewables.
- Raised four-year capital plan to $57 billion, a $14 billion increase from last quarter, primarily driven by Meta's infrastructure needs including seven new combined cycle units.
- Increased adjusted EPS outlook for 2027 by 20 cents and for 2029 to $6.40, with expectations of similar year-over-year growth into 2030.
- Reported Q1 2026 adjusted EPS of $0.86, with overall retail sales growth of 6% and industrial sales growth of 15%.
RETAIL_SALES Revenue growth6%Reported
Revenue$3.1876B+8% QoQ
EPS$0.86Reported
Gross margin68.66%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Demand
Retail sales growth now 8.5% through 2029
Customer
Meta deal adds $2 billion in fair share benefits
Show 3 more callouts
Demand
Still 7-12 GW pipeline of data center customers
Capex
Capital plan now $57 billion, up $14 billion
Strategy
Conservative approach: only signed data centers in plan
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| RETAIL_SALES Revenue growth | 6% | Reported |
| Revenue | $3.1876B | +8% QoQ |
| EPS | $0.86 | Reported |
| Gross margin | 68.66% | Reported |
| Operating margin | 17.95% | Reported |
| Free cash flow | $-1.4233B | -43% QoQ |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Capex | FY2029 | $57B | $57B | Raised |
| EPS | FY2029 | $6.40 | $6.40 | Raised |
| RevenueRETAIL_SALES | FY2029 | 8.5% | 8.5% | Raised |
AI, capex & demand read
Management read
Confident
Management expressed confidence in execution, regulatory support, and continued growth, highlighted by raising outlooks and citing a strong project pipeline.
Investment and capacity
Management raised its four-year capital plan to $57 billion, up $14 billion from last quarter, primarily to fund seven new combined-cycle gas turbines, transmission, and battery storage for the Meta data center agreement. The plan excludes transmission, renewables, and nuclear upgrade investments that could be added later.
all 2 named companies below
Companiesreturns since call
Customers
Customers
Drew Marsh
Entergy is deploying capital that is fully underwritten by Meta's minimum bills and tariff contributions, creating a utility-scale data center buildout with zero customer rate risk. — Meta is bearing the cost of new utility infrastructure, reducing its own cost of power over time while securing capacity, a model that could be replicated with other hyperscalers.
Evidence
“In late March, we announced a new electric service agreement with Meta for another data center in North Louisiana. The fair share value from this agreement alone is expected to be $2 billion, which is included in the $7 billion I mentioned.”
Supply chain
Supply chain
Drew Marsh
Entergy has locked in turbine capacity for future data center growth beyond the current plan. — Secure turbine supply agreements signal a multi-year order backlog for turbine OEMs, insulating them from demand cyclicality.
Evidence
“we have additional turbines both on that slide and we're not standing still relative to continuing to ensure that that we can support that incremental growth”
External signals
Supply-chain alpha · 3returns since call
Entergy has locked in turbine capacity for future data center growth beyond the current plan.
Entergy is deploying capital that is fully underwritten by Meta's minimum bills and tariff contributions, creating a utility-scale data center buildout with zero customer rate risk.
Evidence
“The cost of the proposed facilities will be covered by payments from META, whether from their tariff or other contributions, yet all customers will realize reliability and resilience benefits and lower fuel costs from these investments.”
Entergy's pipeline of 7-12 GW of potential data center customers remains robust after the Meta deal, suggesting sustained demand for power infrastructure.
Evidence
“After all agreements signed to date, including the recent agreement with Meta, we still have a pipeline of 7 to 12 gigawatts of potential data center customers that are not in our plan.”
Methodology & coverage
Management-only analysis. All 2 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.