-49.2%
Operating income — year over year
$572.2M vs $1.1B a year ago · quarter ended Mar 31, 2026 · from 10-Q XBRL filings.
Earnings thesis change · rubric v1.0
ETR ENTERGY CORP /DE/
Fiscal Q3 FY2026 · quarter ended September 30, 2026 · reported 2026-11-02
SEC filings and exhibits only
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Nov 2, 2026 at 8:07 PM UTC
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Nov 2, 2026 at 8:07 PM UTC
ACCOUNTING RISK · CLEAR
No auditor changes, restatements, late filings, or listing notices in the last 12 months.
from SEC filings · 2026-10-09
Thesis change
Weakened
Legacy analysis
Detailed dimension scores were not computed for pre-v1 analyses. Full six-dimension scoring resumes with filings processed by the current pipeline.
- Legacy analysis: scored by the pre-v1 pipeline; deep evidence has not been re-verified.
- 6 thesis dimension(s) lack comparable evidence
Reported facts
GAAP facts are reported by the company. Comparable figures are EarnIQ arithmetic using only quantified adjustments disclosed in the linked SEC exhibit.
Reported EPS and revenue have not yet been extracted from the filing.
Earnings quality
From 10-Q / 10-K XBRL filings. Sloan (1996) accruals: high accruals relative to assets have historically preceded earnings disappointments. Descriptive research, not a prediction.
Strong — cash is doing the heavy lifting
Earnings look cash-backed — accruals are -5.1% of assets, in the strongest quintile of large caps.
CY2024Q2Accruals / assets (TTM)CY2026Q1
Depreciation is disclosed annually by most filers, so quarterly values blend actuals with estimates — flagged on every reading. Method: TTM Sloan accruals ÷ average assets, scored 1–5 by quintile.
1. Three decisive changes
Largest quantified changes versus the company's own history.
-5.9%
Revenue — year over year
$3.2B vs $3.4B a year ago · quarter ended Mar 31, 2026 · from 10-Q XBRL filings.
2. Was it already expected?
Consensus classifications require timestamped pre-report snapshots and eight-quarter surprise history.
| Item | Actual | Expected | Gap | Class |
|---|---|---|---|---|
| Consensus comparison coming soon. | ||||
3. Management consistency
Only attributable, measurable and dated commitments are counted. Delivery record: 1 being tracked.
| Promise | Target | Outcome | Status | Evidence |
|---|---|---|---|---|
| Entergy narrowed its 2026 adjusted earnings per share guidance to a range of $4.35 to $4.45.eps · made 2026-11-02 | $4.35 to $4.45FY2026 | — | Pending | 8-K 0000065984-26-0003 |
4. What matters next
One deciding measurable condition plus up to two supporting checkpoints.
The deciding condition
EPS for the guided period lands within $4.35–$4.45
StrengthensReported EPS above $4.45
InvalidatesReported EPS below $4.35
Entergy narrowed its 2026 adjusted earnings per share guidance range to $4.35 to $4.45.
5. Risks that changed
New or materially worsened items only; unchanged boilerplate is omitted.
No new or materially worsened risk has been source-verified.
From 10-K filings · EDGAR
15
new risk disclosures added
15
old ones removed
FY2025 10-K vs prior year, boilerplate filtered out — these are idiosyncratic changes, and tone is slightly less negative.
New risk disclosure #1
“• adverse impacts on Entergy’s credit metrics or ratings;…”
New risk disclosure #2
“- Nuclear Decommissioning Costs ” section of Management’s Financial Discussion and Analysis for Entergy, Entergy Arkansas, Entergy Louisiana, and System Energy, and Notes 9 and 16 to the financial statements. New or exis…”
New risk disclosure #3
“• adverse impacts on liquidity and cash flows, including through declining sales, reduced revenues, delays in receipts of customer payments, increased bad debt expense, or customers or other counterparties failing to sat…”
6. Evidence drawer
Source location, short anchor and visible arithmetic for every verified claim.
DC1 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Operating income · quarter ended 2026-03-31Operating income: -49.2% year over year
(572,222,000 − 1,125,862,000) ÷ 1,125,862,000 = -49.2% YoYDC2 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Revenue · quarter ended 2026-03-31Revenue: -5.9% year over year
(3,187,626,000 − 3,389,100,000) ÷ 3,389,100,000 = -5.9% YoYWN1 8-K Exhibit 99.1 (earnings release, via EDGAR)
Guidance disclosed for Q3 FY2026EPS for the guided period lands within $4.35–$4.45
Strengthens: Reported EPS above $4.45 · Invalidates: Reported EPS below $4.35