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AI核心结论
ETR posted Q1 FY2026 revenue of $3.19B (+12.0% YoY) but saw operating income fall 18.3% to $572M, compressing operating margin by ~660 bps to 18.0%, even as operating cash flow surged 54.6% to $829M.
营业收入
$3.19B
同比 ++11.97%
每股收益（基本）
$0.84
同比 0.00%
营业利润
$572.22M
同比 -18.27%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Entergy (ETR) Q1 FY2026 营收 $3.19B，同比增长 12.0%。 稀释每股收益 $0.83。
ETR's Q1 FY2026 revenue rose 12.0% YoY to $3.19B from $2.85B, suggesting stronger electricity demand or rate base expansion across its regulated utility service territories.
来源: 10-Q Financial Data, Income Statement
Operating income declined 18.3% YoY to $572M from $700M, indicating that cost growth — likely from higher operating expenses, fuel costs, or depreciation — outpaced revenue gains and significantly pressured profitability.
来源: 10-Q Financial Data, Income Statement
Operating margin contracted sharply from approximately 24.6% in Q1 FY2025 to approximately 18.0% in Q1 FY2026, a decline of roughly 660 basis points, signaling meaningful cost headwinds in the quarter.
来源: 10-Q Financial Data, Key Ratios
Operating cash flow surged 54.6% YoY to $829M, and cash & equivalents more than doubled to $3.57B (+136.0% YoY), reflecting improved working capital management or timing of cash receipts, providing a solid near-term liquidity buffer.
来源: 10-Q Financial Data, Cash Flow
Investing cash outflows increased 41.6% YoY to -$2.42B, consistent with ongoing capital expenditure programs typical of regulated utilities, while financing inflows of $3.24B (+77.0% YoY) suggest new debt or equity issuances to fund infrastructure investment.
来源: 10-Q Financial Data, Cash Flow
Operating income fell 18.3% despite a 12.0% revenue increase, implying cost growth is outpacing revenue. If cost pressures — such as fuel, labor, or maintenance — persist, ETR's profitability could continue to erode even in a growing revenue environment.
来源: 10-Q Financial Data, Income Statement & Key Ratios
Long-term debt stands at $32.68B, up 10.4% YoY, against stockholders' equity of $17.35B, implying a debt-to-equity ratio of approximately 1.88x. Continued debt accumulation to fund capital programs raises refinancing risk and interest expense pressure, particularly in a higher-rate environment.
来源: 10-Q Financial Data, Balance Sheet
ETR's current ratio of approximately 0.96 means current liabilities of $8.16B exceed current assets of $7.81B, indicating the company technically cannot cover all short-term obligations with liquid assets alone. While common for regulated utilities, any unexpected cash demands could strain near-term liquidity.
来源: 10-Q Financial Data, Balance Sheet & Key Ratios
Investing cash outflows reached -$2.42B in Q1 FY2026 alone, a 41.6% increase YoY, reflecting the capital-intensive nature of utility infrastructure. Sustained high capex requires ongoing access to capital markets, exposing ETR to funding risk if credit conditions tighten.
来源: 10-Q Financial Data, Cash Flow
As a regulated utility, ETR's ability to recover costs through customer rates depends on regulatory approvals. If regulators disallow cost recovery or delay rate increases, the gap between rising costs and allowed revenues could further compress margins beyond what is already observed in Q1 FY2026.
来源: 10-Q Financial Data, Income Statement
Q1 FY2026 实际 EPS $0.86，分析师一致预期 $0.87，不及预期 -0.7%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.19B | $2.85B | +11.97% |
营业利润 | $572.22M | $700.1M | -18.27% |
每股收益（基本） | $0.84 | $0.84 | 0.00% |
每股收益（稀释） | $0.83 | $0.82 | +1.22% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $75.8B | $66.62B | +13.79% |
流动资产 | $7.81B | $5.11B | +52.77% |
流动负债 | $8.16B | $6.2B | +31.61% |
股东权益 | $17.35B | $15.19B | +14.23% |
现金及等价物 | $3.57B | $1.51B | +135.96% |
长期债务 | $32.68B | $29.59B | +10.41% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $828.96M | $536.19M | +54.60% |
投资活动现金流 | $-2.42B | $-1.71B | -41.60% |
筹资活动现金流 | $3.24B | $1.83B | +76.98% |
折旧及摊销 | $598.95M | $568.87M | +5.29% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 18.0% | 24.6% | -6.64% |
流动比率 | $0.957 | — | — |
ETR's revenue grew 12.0% YoY to $3.19B in Q1 FY2026, up from $2.85B in Q1 FY2025. This growth likely reflects higher electricity demand and rate base expansion across ETR's regulated utility service territories.
ETR's operating income declined 18.3% YoY to $572M even as revenue rose 12.0%, because operating costs grew faster than revenues, compressing the operating margin from ~24.6% to ~18.0%. This ~660 basis point margin contraction suggests significant cost headwinds, potentially from higher fuel, labor, or depreciation expenses.
The key takeaways are: revenue grew solidly at 12% to $3.19B, but operating profitability fell sharply with operating income down 18.3% and operating margin contracting ~660 bps to 18%; on the positive side, operating cash flow surged 54.6% to $829M and cash on hand more than doubled to $3.57B, reflecting improved liquidity.
ETR carries $32.68B in long-term debt against $17.35B in stockholders' equity (debt-to-equity ~1.88x), which is elevated but typical for capital-intensive regulated utilities. Its current ratio of 0.96 is slightly below 1.0, and while free cash flow is deeply negative due to heavy capital investment (-$2.42B investing outflows), the company bolstered its cash position to $3.57B through $3.24B in financing inflows.
ETR's basic EPS was flat at $0.84 in Q1 FY2026 versus Q1 FY2025, while diluted EPS improved modestly by 1.2% to $0.83 from $0.82. The near-flat EPS despite a significant decline in operating income suggests that below-the-line items or changes in share count partially offset the operating profit headwinds.