ENTERGY MISSISSIPPI, LLCEMP
ENTERGY MISSISSIPPI, LLC Revenue Disclosure
REVENUE (Entergy Corporation, Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, Entergy Texas, and System Energy)
Revenues from electric service and the sale of natural gas are recognized when services are transferred to the customer in an amount equal to what Entergy has the right to bill the customer because this amount represents the value of services provided to customers. Entergy’s total revenues for the years ended December 31, 2025, 2024, and 2023 were as follows:
2025 | 2024 | 2023 | ||||||||||||||||||
| (In Thousands) | ||||||||||||||||||||
| Utility: | ||||||||||||||||||||
| Residential | $4,819,531 | $4,509,553 | $4,552,804 | |||||||||||||||||
| Commercial | 3,113,791 | 2,952,398 | 2,997,888 | |||||||||||||||||
| Industrial | 3,602,300 | 3,197,835 | 3,170,090 | |||||||||||||||||
| Governmental | 276,145 | 268,222 | 270,640 | |||||||||||||||||
| Total billed retail | 11,811,767 | 10,928,008 | 10,991,422 | |||||||||||||||||
| Sales for resale (a) | 397,507 | 278,700 | 366,348 | |||||||||||||||||
| Other electric revenues (b) | 518,746 | 360,949 | 352,056 | |||||||||||||||||
| Revenues from contracts with customers | 12,728,020 | 11,567,657 | 11,709,826 | |||||||||||||||||
| Other Utility revenues (c) | 47,294 | 60,075 | 132,628 | |||||||||||||||||
| Electric revenues | 12,775,314 | 11,627,732 | 11,842,454 | |||||||||||||||||
| Natural gas revenues | 112,607 | 178,070 | 180,490 | |||||||||||||||||
| Other revenues (d) | 58,765 | 73,851 | 124,468 | |||||||||||||||||
| Total operating revenues | $12,946,686 | $11,879,653 | $12,147,412 | |||||||||||||||||
The Utility operating companies’ total revenues for the year ended December 31, 2025 were as follows:
2025 | Entergy Arkansas | Entergy Louisiana | Entergy Mississippi | Entergy New Orleans | Entergy Texas | |||||||||||||||||||||||||||
| (In Thousands) | ||||||||||||||||||||||||||||||||
| Residential | $1,064,749 | $1,694,005 | $774,235 | $311,872 | $974,670 | |||||||||||||||||||||||||||
| Commercial | 597,511 | 1,195,517 | 609,578 | 221,835 | 489,350 | |||||||||||||||||||||||||||
| Industrial | 733,895 | 2,067,674 | 222,997 | 28,261 | 549,473 | |||||||||||||||||||||||||||
| Governmental | 19,556 | 90,585 | 59,584 | 76,553 | 29,867 | |||||||||||||||||||||||||||
| Total billed retail | 2,415,711 | 5,047,781 | 1,666,394 | 638,521 | 2,043,360 | |||||||||||||||||||||||||||
| Sales for resale (a) | 212,628 | 434,436 | 162,380 | 53,010 | 13,448 | |||||||||||||||||||||||||||
| Other electric revenues (b) | 140,437 | 206,488 | 106,884 | 5,809 | 64,500 | |||||||||||||||||||||||||||
| Revenues from contracts with customers | 2,768,776 | 5,688,705 | 1,935,658 | 697,340 | 2,121,308 | |||||||||||||||||||||||||||
| Other revenues (c) | 15,271 | (892) | 20,047 | 6,553 | 6,276 | |||||||||||||||||||||||||||
| Electric revenues | 2,784,047 | 5,687,813 | 1,955,705 | 703,893 | 2,127,584 | |||||||||||||||||||||||||||
| Natural gas revenues | — | 44,286 | — | 68,321 | — | |||||||||||||||||||||||||||
| Total operating revenues | $2,784,047 | $5,732,099 | $1,955,705 | $772,214 | $2,127,584 | |||||||||||||||||||||||||||
The Utility operating companies’ total revenues for the year ended December 31, 2024 were as follows:
2024 | Entergy Arkansas | Entergy Louisiana | Entergy Mississippi | Entergy New Orleans | Entergy Texas | |||||||||||||||||||||||||||
| (In Thousands) | ||||||||||||||||||||||||||||||||
| Residential | $999,641 | $1,554,400 | $724,601 | $308,757 | $922,154 | |||||||||||||||||||||||||||
| Commercial | 571,574 | 1,100,309 | 577,484 | 229,648 | 473,383 | |||||||||||||||||||||||||||
| Industrial | 632,144 | 1,781,615 | 195,194 | 29,821 | 559,061 | |||||||||||||||||||||||||||
| Governmental | 18,622 | 85,537 | 56,420 | 79,060 | 28,583 | |||||||||||||||||||||||||||
| Total billed retail | 2,221,981 | 4,521,861 | 1,553,699 | 647,286 | 1,983,181 | |||||||||||||||||||||||||||
| Sales for resale (a) | 169,409 | 335,375 | 128,781 | 48,042 | 17,174 | |||||||||||||||||||||||||||
| Other electric revenues (b) | 53,492 | 187,097 | 72,237 | 6,782 | 46,710 | |||||||||||||||||||||||||||
| Revenues from contracts with customers | 2,444,882 | 5,044,333 | 1,754,717 | 702,110 | 2,047,065 | |||||||||||||||||||||||||||
| Other revenues (c) | 15,299 | 23,825 | 9,876 | 6,244 | 3,085 | |||||||||||||||||||||||||||
| Electric revenues | 2,460,181 | 5,068,158 | 1,764,593 | 708,354 | 2,050,150 | |||||||||||||||||||||||||||
| Natural gas revenues | — | 75,860 | — | 102,210 | — | |||||||||||||||||||||||||||
| Total operating revenues | $2,460,181 | $5,144,018 | $1,764,593 | $810,564 | $2,050,150 | |||||||||||||||||||||||||||
The Utility operating companies’ total revenues for the year ended December 31, 2023 were as follows:
2023 | Entergy Arkansas | Entergy Louisiana | Entergy Mississippi | Entergy New Orleans | Entergy Texas | |||||||||||||||||||||||||||
| (In Thousands) | ||||||||||||||||||||||||||||||||
| Residential | $996,760 | $1,576,129 | $748,428 | $317,188 | $914,299 | |||||||||||||||||||||||||||
| Commercial | 584,304 | 1,104,509 | 604,343 | 235,193 | 469,539 | |||||||||||||||||||||||||||
| Industrial | 635,472 | 1,720,298 | 217,916 | 31,831 | 564,573 | |||||||||||||||||||||||||||
| Governmental | 20,409 | 83,736 | 60,477 | 77,152 | 28,866 | |||||||||||||||||||||||||||
| Total billed retail | 2,236,945 | 4,484,672 | 1,631,164 | 661,364 | 1,977,277 | |||||||||||||||||||||||||||
| Sales for resale (a) | 269,648 | 357,900 | 104,058 | 63,360 | 10,497 | |||||||||||||||||||||||||||
| Other electric revenues (b) | 121,425 | 151,252 | 49,752 | (992) | 35,988 | |||||||||||||||||||||||||||
| Revenues from contracts with customers | 2,628,018 | 4,993,824 | 1,784,974 | 723,732 | 2,023,762 | |||||||||||||||||||||||||||
| Other revenues (c) | 18,378 | 79,415 | 17,559 | 14,242 | 4,824 | |||||||||||||||||||||||||||
| Electric revenues | 2,646,396 | 5,073,239 | 1,802,533 | 737,974 | 2,028,586 | |||||||||||||||||||||||||||
| Natural gas revenues | — | 74,531 | — | 105,959 | — | |||||||||||||||||||||||||||
| Total operating revenues | $2,646,396 | $5,147,770 | $1,802,533 | $843,933 | $2,028,586 | |||||||||||||||||||||||||||
(a)Sales for resale includes day-ahead sales of energy in a market administered by an ISO. These sales represent financially binding commitments for the sale of physical energy the next day. These sales are adjusted to actual power generated and delivered in the real time market. Given the short duration of these transactions, Entergy does not consider them to be derivatives subject to fair value adjustments and includes them as part of customer revenues.
(b)Other electric revenues consist primarily of transmission and ancillary services provided to participants of an ISO-administered market, unbilled revenue, the return on construction work in progress for certain utility plant investments, and certain customer credits as directed by regulators.
(c)Other Utility revenues include the equity component of carrying costs related to securitization, occasional sales of inventory, alternative revenue programs, provisions for revenue subject to refund, late fees, and amounts resulting from other operating activities.
(d)Other revenues include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.
Electric Revenues
Entergy’s primary source of revenue is from retail electric sales sold under tariff rates approved by regulators in its various jurisdictions. Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and Entergy Texas generate, transmit, and distribute electric power primarily to retail customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy’s Utility operating companies provide power to customers on demand throughout the month, measured by a meter located at the customer’s property. Approved rates vary by customer class due to differing requirements of the customers and market factors involved in fulfilling those requirements. Entergy issues monthly bills to customers at rates approved by regulators for power and related services provided during the previous billing cycle.
To the extent that deliveries have occurred, but a bill has not been issued, Entergy’s Utility operating companies record an estimate for energy delivered since the latest billings. The Utility operating companies calculate the estimate based upon several factors including actual metered customer usage, billings through the last billing cycle in a month, actual generation in the month, historical line loss factors, and tariff rates of power in the respective jurisdiction. The inputs are revised as needed to approximate actual usage and cost. Each month, estimated unbilled amounts are recorded as revenue and accounts receivable, and the prior month’s estimate is reversed. Price and volume differences resulting from factors such as weather affect the calculation of unbilled revenues from one period to the other.
Entergy may record revenue based on rates that are subject to refund. Such revenues are reduced by estimated refund amounts when Entergy believes refunds are probable based on the status of rate proceedings as of the date financial statements are prepared. Because these refunds will be made through a reduction in future rates, and not as a reduction in bills previously issued, they are presented as other revenues in the table above.
Most of Entergy’s contracts are on demand, with customer bills that vary each month based on an approved tariff and usage. Certain retail customers, primarily large industrial customers from various industries, have electric service agreements that require a fixed amount of consideration to be paid through the end of a contract term longer than one year. As of December 31, 2025, the amount of revenues related to this fixed consideration that Entergy expects to recognize over the remaining contract terms, extending through 2048, was $8,038 million for Entergy, including $4,418 million for Entergy Arkansas, $849 million for Entergy Louisiana, $2,567 million for Entergy Mississippi, and $204 million for Entergy Texas. These contracts also require variable payments based on the actual amount of energy service, which are recognized as revenue as Entergy has the right to bill the customer for services performed.
System Energy’s only source of revenue is the sale of electric power and capacity generated from its 90% interest in the Grand Gulf nuclear plant to Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans. System Energy issues monthly bills to its affiliated customers equal to its actual operating costs plus a return on common equity approved by the FERC. Effective January 1, 2025, Entergy Louisiana divested all of its 14% share of capacity and energy from Grand Gulf and all of the capacity and energy from Grand Gulf that it purchases from Entergy Arkansas (approximately 2.43%) to Entergy Mississippi. This divestiture was effectuated initially under a designated PPA between Entergy Louisiana and Entergy Mississippi, which was accepted by the FERC in November 2024. The MPSC approved the MSS-4 replacement PPA, effective as of January 1, 2025. An amended Unit Power Sales Agreement became effective as of October 1, 2025, which removed Entergy Louisiana from the entitlement and responsibility to purchase power from Grand Gulf. Thus on October 1, 2025, the MSS-4
replacement PPA was terminated. See Note 8 to the financial statements for further discussion of System Energy and the Unit Power Sales Agreement.
Entergy’s Utility operating companies also sell excess power not needed for their own customers, primarily through transactions with MISO, a regional transmission organization that maintains functional control over the combined transmission systems of its members and manages one of the largest energy markets in the U.S. In the MISO market, Entergy offers its generation and bids its load into the market. MISO settles these offers and bids based on locational marginal prices. These represent pricing for energy at a given location based on a market clearing price that takes into account physical limitations on the transmission system, generation, and demand throughout the MISO region. MISO evaluates each market participant’s energy offers and demand bids to economically and reliably dispatch the entire MISO system. Entergy nets purchases and sales within the MISO market and reports in operating revenues when in a net selling position and in operating expenses when in a net purchasing position.
Natural Gas
Prior to the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025, Entergy New Orleans and Entergy Louisiana distributed natural gas to retail customers in and around New Orleans, Louisiana and Baton Rouge, Louisiana, respectively. Gas transferred to customers was measured by a cubic meter at the customer’s property. Entergy issued monthly invoices to customers at rates approved by regulators for the volume of gas transferred to date. See “Dispositions - Natural Gas Distribution Businesses” in Note 14 to the financial statements for discussion of the sale of the Entergy New Orleans and Entergy Louisiana natural gas distribution businesses on July 1, 2025.
Other Revenues
Entergy’s revenues from its non-utility operations include the sale of electric power and capacity to wholesale customers, day-ahead sales of energy in a market administered by an ISO, and operation and management services fees.
Recovery of Fuel Costs
Entergy’s Utility operating companies’ rate schedules include either fuel adjustment clauses or fixed fuel factors, which allow either current recovery in billings to customers or deferral of fuel costs until the costs are billed to customers. Where the fuel component of revenues is based on a pre-determined fuel cost (fixed fuel factor), the fuel factor remains in effect until changed as part of a general rate case, fuel reconciliation, or fixed fuel factor filing. System Energy’s operating revenues are intended to recover from Entergy Arkansas, Entergy Mississippi, and Entergy New Orleans operating expenses and capital costs attributable to Grand Gulf. The capital costs are based on System Energy’s common equity funds allocable to its net investment in Grand Gulf, plus System Energy’s effective interest cost for its debt allocable to its investment in Grand Gulf.
Taxes Imposed on Revenue-Producing Transactions
Governmental authorities assess taxes that are both imposed on and concurrent with a specific revenue-producing transaction between a seller and a customer, including, but not limited to, sales, use, value added, and some excise taxes. Entergy presents these taxes on a net basis, excluding them from revenues.
Allowance for Doubtful Accounts
The allowance for doubtful accounts reflects Entergy’s best estimate of expected losses on its accounts receivable balances. Due to the essential nature of utility services, Entergy has historically experienced a low rate
of default on its accounts receivables. The following table sets forth a reconciliation of changes in the allowance for doubtful accounts for the years ended December 31, 2025, 2024, and 2023.
| Entergy | Entergy Arkansas | Entergy Louisiana | Entergy Mississippi | Entergy New Orleans | Entergy Texas | ||||||||||||||||||||||||||||||
| (In Millions) | |||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $30.9 | $6.5 | $7.6 | $2.5 | $11.9 | $2.4 | |||||||||||||||||||||||||||||
Provisions | 38.7 | 9.4 | 13.9 | 7.3 | 3.4 | 4.7 | |||||||||||||||||||||||||||||
| Write-offs | (83.1) | (20.6) | (31.3) | (10.4) | (10.7) | (10.1) | |||||||||||||||||||||||||||||
| Recoveries | 39.4 | 11.9 | 15.9 | 3.9 | 3.2 | 4.5 | |||||||||||||||||||||||||||||
Balance as of December 31, 2023 | $25.9 | $7.2 | $6.1 | $3.3 | $7.8 | $1.5 | |||||||||||||||||||||||||||||
| Provisions | 32.0 | 7.0 | 10.0 | 4.8 | 4.6 | 5.6 | |||||||||||||||||||||||||||||
| Write-offs | (71.2) | (17.5) | (23.3) | (11.5) | (10.4) | (8.5) | |||||||||||||||||||||||||||||
| Recoveries | 31.2 | 8.0 | 10.2 | 5.6 | 4.7 | 2.7 | |||||||||||||||||||||||||||||
Balance as of December 31, 2024 | $17.9 | $4.7 | $3.0 | $2.2 | $6.7 | $1.3 | |||||||||||||||||||||||||||||
| Provisions | 58.7 | 13.1 | 19.6 | 8.5 | 3.5 | 14.0 | |||||||||||||||||||||||||||||
| Write-offs | (78.1) | (18.9) | (23.6) | (16.6) | (9.5) | (9.5) | |||||||||||||||||||||||||||||
| Recoveries | 33.8 | 8.4 | 10.1 | 9.4 | 3.1 | 2.8 | |||||||||||||||||||||||||||||
Balance as of December 31, 2025 | $32.3 | $7.3 | $9.1 | $3.5 | $3.8 | $8.6 | |||||||||||||||||||||||||||||
The allowance is calculated as the historical rate of customer write-offs multiplied by the current accounts receivable balance, taking into account the length of time the receivable balances have been outstanding. The rate of customer write-offs has historically experienced minimal variation, although general economic conditions can affect the rate of customer write-offs. Management monitors the current condition of individual customer accounts and general economic conditions to manage collections and ensure bad debt expense is recorded in a timely manner.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 26, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.