Filing Flows › Entergy (ETR) › Q4 2025 › vs Q3 2025
Entergy (ETR) Q4 2025 vs Q3 2025 (quarter over quarter)
Entergy's revenue fell $853M (-22%) from $3.8B in Q3 2025 to $3.0B in Q4 2025. The biggest changes: Electricity, US Regulated −$852M (-22%); Product and Service, Other −$1.0M (-7%). Operating margin 18.4% against 29.4% (-10.9 pts).
Entergy, Q4 2025: revenue $3.0B (+8% year over year), operating margin 18.4%, net earnings $236M, operating cash flow $1.2B. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q4 2025 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 18.4% | 29.4% | -10.9 pts |
| Net margin | 8.0% | 18.2% | -10.2 pts |
Every line
| Line | Q4 2025 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Electricity, US Regulated | $2.9B | $3.8B | −$852M | -22% |
| Product and Service, Other | $13.7M | $14.7M | −$1.0M | -7% |
| Revenue | $3.0B | $3.8B | −$853M | -22% |
| Operating profit | $546M | $1.1B | −$573M | -51% |
| Costs & expenses | $2.4B | $2.7B | −$280M | -10% |
| Pre-tax earnings | $295M | $904M | −$609M | -67% |
| Other expense, net | $251M | $215M | $35.7M | +17% |
| Net earnings | $236M | $694M | −$458M | -66% |
| Minority interests | $4.7M | $4.6M | $122K | +3% |
| Income tax | $54.2M | $205M | −$151M | -74% |
| Depreciation & amortization | $575M | $583M | −$7.9M | -1% |
| Working capital & other | $407M | $858M | −$451M | -53% |
| Operating cash flow | $1.2B | $2.1B | −$917M | -43% |
| Capital expenditures | $2.1B | $1.9B | $239M | +13% |
| Negative free cash flow (OCF − capex) | $910M | −$246M | $1.2B | — |
Questions
How much did Entergy's revenue grow quarter over quarter in Q4 2025?
Entergy's revenue fell $853M (-22%) from $3.8B in Q3 2025 to $3.0B in Q4 2025.
What drove Entergy's revenue change in Q4 2025?
Electricity, US Regulated −$852M (-22%); Product and Service, Other −$1.0M (-7%).