# Entergy Corporation Form 10-K for fiscal year 2025 > *Verbatim extracts from Entergy Corporation's annual report on Form 10-K (CIK 0000065984), filed 2026-02-19 for the period ended 2025-12-31. Accession No. 0000065984-26-000174. Retrieved 2026-06-04 from SEC EDGAR via the sec-edgar MCP connector; the saved `original_file` is the EDGAR filing-index page, which lists every document in the filing.* ## Source metadata - **Filer**: Entergy Corporation /DE/ (CIK 0000065984; ticker ETR; file no. 001-11299). Entergy Arkansas, LLC is a registrant subsidiary in the same combined filing. - **Form**: 10-K (annual report), period of report 2025-12-31 - **Filed**: 2026-02-19 (acceptance 2026-02-19 20:37:55 UTC) - **Accession**: 0000065984-26-000174 - **Filing index (saved original)**: https://www.sec.gov/Archives/edgar/data/65984/000006598426000174/ - **Archived**: 2026-06-04 - **Wayback**: Save Page Now timed out 2026-06-04; retry pending. SEC EDGAR is itself a permanent public-record repository; the accession number above is the durable locator. ## Extract ### Risk factor — new generation and transmission "to support large-scale data centers" (Item 1A, "Business Risks") Entergy's FY2025 10-K adds a data-center-specific risk factor under the Business Risks heading: > "The success of certain Utility operating companies' investments in new generation and transmission assets to support large-scale data centers depends on a limited number of such customers, the continued demand for electricity to power data centers and the successful completion of the associated generation and transmission projects. Any reduction in the demand for electricity to power data centers or delays or unexpected costs associated with such projects may harm the growth prospects, future operating results and financial condition of Entergy and these Utility operating companies." ### Capital-expenditure surge — segment data (Note 13, Business Segment Information) For the Utility segment, "Total expenditures for additions to long-lived assets" (in thousands): | Year | Utility additions to long-lived assets | Consolidated | |---|---|---| | 2023 | $4,745,918 | $4,746,719 | | 2024 | $5,967,739 | $5,969,710 | | 2025 | **$8,211,445** | **$8,213,687** | Utility total assets grew from $68,951,564 thousand (2024) to $75,726,104 thousand (2025). Utility operating revenues were $12,887,921 thousand in 2025 (vs. $11,805,802 thousand in 2024). Entergy reports a single reportable segment (Utility) serving ~3.1 million customers across Arkansas, Louisiana, Mississippi, and Texas, with ~25,000 MW of generating capacity (Item 1, Business). ### Arkansas context (Note 14, Acquisitions and Dispositions) The 10-K's Acquisitions note discusses Entergy Arkansas's Walnut Bend Solar build-own-transfer (~100 MW, Lee County, Arkansas; APSC-approved July 2021) — confirming Entergy Arkansas's solar-generation build-out in the same period as the GAJA Rider plants. ## Notes - **Tier 2** — a primary public corporate record (SEC-filed annual report). It contextualizes and corroborates the load-growth and capex story; it does **not** establish what an Arkansas agency or the APSC *did* (that is the Tier-1 docket record). The 10-K speaks for "certain Utility operating companies" generally and does not name the Arkansas data-center customers, sites, or codenames. - **Why it matters**: This is the first Tier-2 statement, in Entergy's own SEC filing, that new generation **and transmission** investment is being made specifically "to support large-scale data centers" and "depends on a limited number of such customers" — independent corroboration of the [[Who Pays for Entergy's New Generation]] thesis that the buildout is data-center-driven. The 2024→2025 jump in Utility capex (+$2.24B) is the financial footprint of that buildout. - Cited by: [[Who Pays for Entergy's New Generation]]; [[Entergy Arkansas]].