Name: ENTERGY MISSISSIPPI, LLC Q3 2025 Earnings Call
Start: 2025-10-29T12:32:37.000Z

Executive Summary

Adjusted EPS was $1.53, up 2% year over year; management narrowed FY25 adjusted EPS guidance to $3.85–$3.95, raising the bottom by $0.10 .
Utility earnings were $810M while Parent & Other posted a $(117)M loss; operating cash flow surged on higher customer receipts and monetized nuclear/solar tax credits .
Management highlighted accelerating large-load demand, expanding hyperscale data center pipeline to 7–12 GW, and securing 4.5 GW of “power island” equipment to meet future needs — a key growth catalyst for the stock narrative .
Regulatory wins across Texas and Louisiana, and Entergy Mississippi’s Superpower Mississippi initiative ($300M grid hardening, no customer rate impact given new industrial revenues) support the medium-term thesis .

What Went Well and What Went Wrong

“We had another successful quarter” with adjusted EPS $1.53 and narrowed FY25 guidance, indicating execution confidence .
Operating cash flow increased sharply QoQ and YoY, driven by customer receipts and monetized nuclear/solar production tax credits sales .
Data center pipeline expansion (7–12 GW) and 4.5 GW of secured long-lead equipment position the fleet for multi-year load growth; equity forwards settled (~$800M through Q3, ~$330M post-quarter) strengthen funding .

Higher other O&M, taxes other than income taxes, interest expense, and depreciation/amortization partially offset earnings drivers .
Share dilution from forward equity settlements and higher stock price reduced per-share results versus underlying earnings lift .
Parent & Other remained a drag at $(117)M with loss primarily due to prior-year legal provision changes, though improved YoY .

Metric	Q1 2025	Q2 2025	Q3 2025
Adjusted EPS ($)	$0.82	$1.05	$1.53
Utility EPS ($)	$1.11	$1.34	$1.79
Revenues ($USD Millions)	$423.7*	$491.9*	$577.1*
EBITDA Margin %	35.93%*	41.17%*	44.24%*
EBIT Margin %	19.89%*	27.25%*	32.27%*

Values marked with * retrieved from S&P Global.

Segment breakdown:

Segment	Q3 2024 ($MM)	Q3 2025 ($MM)
Utility earnings attributable	$787	$810
Utility EPS ($)	$1.82	$1.79
Parent & Other earnings attributable	$(142)	$(117)
Parent & Other EPS ($)	$(0.33)	$(0.26)

KPIs:

KPI	Q3 2024	Q3 2025
Operating Cash Flow – Utility ($MM)	$1,600	$2,177
Operating Cash Flow – Parent & Other ($MM)	$(37)	$(42)
Operating Cash Flow – Consolidated ($MM)	$1,562	$2,135

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EPS	FY 2025	$3.75–$3.95 (Q1 release)	$3.85–$3.95 (Q3)	Raised bottom by $0.10
Capital Plan (context)	2026–2029	N/A	~$41B highlighted on call	Informational (not formal guidance)

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
Hyperscale data centers pipeline	Active pipeline; industrial demand strong (Q1/Q2)	Pipeline expanded to 7–12 GW; Google West Memphis covering full costs; focus on fair cost allocation	Accelerating
Grid resilience (Mississippi)	Investments underway; formula rate mechanisms evolving (Q1/Q2)	“Superpower Mississippi” $300M initiative; goal to halve outages in 5 years; supported by new industrial revenues	Strengthening
Regulatory approvals	TX generation/transmission approvals; LA approvals for large-customer support (Q2)	LPSC/PUCT approvals reiterated; SETEX 500 kV project; continued constructive outcomes	Positive
Long-lead equipment	Building supply chain; standardization (Q2)	Added 4.5 GW of “power island” equipment to meet 2031–2032 operations	Expanding
Funding plan	Block equity forward (~$1.5B executed; liquidity managed) (Q1)	~45% of equity needs through 2027 covered; ~$800M settled through Q3, ~$330M post-quarter	De-risking

“We had another successful quarter executing on initiatives for all our customers,” with adjusted EPS $1.53 and narrowed FY25 guidance .
On load growth: “Our pipeline of potential data center customers continues to expand,” underscored by 4.5 GW of additional equipment agreements to meet future needs .
Mississippi reliability: Superpower Mississippi will invest $300M to harden the grid, targeting a 50% outage reduction within five years with no added customer cost due to new industrial revenues .

Capex plan and equipment: ~$41B 2026–2029 capex plan; added 4.5 GW of power island equipment to align with visible pipeline and commissioning timelines; regulatory approval processes are embedded in plan .
Equity forward progress: ~45% of equity need through 2027 covered via forward mechanisms, reducing financing risk amid elevated capital deployment .
Customer cost allocation: Hyperscale customer agreements are structured to ensure they “pay their fair share” and protect affordability for existing customers (e.g., Google West Memphis commitment) .

S&P Global consensus EPS and revenue for Q3 2025 were unavailable in our feed; result: no beat/miss determination can be made from S&P data. Actual adjusted EPS: $1.53 .
Where available, estimates will be used; here, lack of S&P consensus implies limited near-term model recalibration signal, though guidance narrowing (raising low end) suggests upward bias to FY25 bottom bound.

Guidance tightening and strong OCF are supportive; the raised FY25 bottom bound is a positive signal of confidence and execution.
Data center pipeline expansion (7–12 GW) and secured 4.5 GW of equipment are structural load growth catalysts; regulatory progress in TX/LA reduces execution risk .
Watch cost inflation and elevated O&M/taxes/interest as partial offsets; share count dilution remains a per-share headwind .
Mississippi program (Superpower Mississippi) strengthens reliability with no customer rate impact, enhancing stakeholder value and regulatory goodwill .
Near-term trading: narrative lever is large-load signings (ESAs) and additional regulatory milestones; catalysts include commissioning progress (e.g., Orange County Advanced Power Station) and further monetization of tax credits .
Medium-term thesis: constructive regulation, industrial growth, and disciplined funding plan (equity forwards) underpin >8% EPS CAGR aspirations (management long-term outlook commentary on call) .

Notes:

Non-GAAP adjusted EPS excludes unusual/regulatory items; see release for reconciliation and definitions .
Earnings drivers by line item and per-share variance details are summarized in Appendices A–B of the release .