Capital expenditures of $2.3 billion in 2026Q1 consistently outpace operating cash flow, forcing a structural dependence on external capital markets and periodic equity infusions.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 5.44B | 5.15B | 4.49B | 4.29B | 2.59B | 2.3B | 2.69B | 2.82B | 2.39B | 2.62B | 3B | 3.29B | 3.89B | 3.19B | 2.94B | 3.13B | 3.93B | 2.93B | 3.32B | 2.56B | 3.42B | 1.46B | 2.93B | 2.01B | 2.18B | 2.22B | 1.97B | 1.31B | 1.68B | 1.72B | 1.46B |
| Operating CF Growth % | 102.57% | 14.75% | 4.52% | 66.09% | 12.38% | -14.47% | -4.5% | 18.09% | -9.08% | -12.51% | -8.89% | -15.38% | 21.96% | 8.47% | -6.03% | -20.31% | 33.85% | -11.77% | 29.87% | -25.14% | 134.23% | -50.16% | 46.04% | -8.06% | -1.53% | 12.59% | 50.52% | -22.14% | -2.64% | 18.33% | 4.35% |
| Operating CF / Revenue % | 40.97% | 39.78% | 37.78% | 35.35% | 18.78% | 19.59% | 26.6% | 25.89% | 21.67% | 23.69% | 27.65% | 28.59% | 31.13% | 28% | 28.54% | 27.86% | 34.18% | 27.3% | 25.39% | 22.29% | 31.28% | 14.45% | 28.94% | 21.81% | 26.27% | 23.03% | 19.65% | 14.9% | 14.61% | 18.04% | 20.35% |
| Net Income | 1.8B | 1.76B | 1.06B | 2.36B | 1.1B | 1.12B | 1.41B | 1.26B | 862.55M | 425.35M | -564.5M | -156.73M | 960.26M | 730.57M | 868.36M | 1.37B | 1.27B | 1.25B | 1.22B | 1.13B | 1.13B | 923.76M | 933.05M | 950.47M | 623.07M | 750.51M | 710.91M | 595M | 785.6M | 300.9M | 420M |
| Depreciation & Amortization | 765.46M | 2.54B | 2.44B | 2.24B | 2.19B | 2.24B | 2.26B | 2.18B | 2.04B | 2.08B | 2.12B | 2.12B | 2.13B | 2.01B | 1.77B | 1.75B | 1.71B | 1.28B | 1.22B | 32.29M | 1.04B | 1B | 1.05B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 135.78M | 1.02B | 320.7M | -707.82M | -47.15M | 248.72M | -131.11M | 193.95M | -256.85M | 529.05M | -836.26M | -820.35M | 596.93M | 311.79M | -25.9M | -280.03M | 718.99M | 868.65M | 333.95M | 476.24M | 738.64M | 626.81M | 275.46M | 1.19B | -256.66M | 87.75M | 124.46M | -204.6M | -64.5M | -253M | 76.9M |
| Other Non-Cash Items | 3.9B | 27.85M | 426.81M | 42.68M | 1.04B | -1.01B | -15.22M | -803.07M | -357.2M | 3.13B | 2.37B | 1.97B | 75.43M | 405.67M | 522.4M | 0 | 375.88M | -363.73M | 537.34M | 1.34B | 410.13M | 12.85M | 472.59M | 742.76M | 1.15B | 415.43M | 982.37M | 893.6M | 1.05B | 1.51B | 1.25B |
| Working Capital Changes | 212.97M | -188.12M | 236.25M | 352.68M | -1.74B | -348.23M | -869.8M | -52.11M | 96.19M | -3.58B | -131.34M | 146.11M | 92.75M | -298.79M | -211.62M | 296.02M | -144.42M | -104.65M | 12.21M | -424.04M | 989.82M | -832.35M | 203.1M | -876.94M | 665.08M | 961.86M | 150.1M | 23.4M | -92.5M | 167M | -291.7M |
| Capital Expenditures | -8.44B | -7.94B | -5.97B | -4.71B | -5.29B | -6.42B | -5.16B | -4.63B | -4.27B | -4B | -4.04B | -2.99B | -2.66B | -2.82B | -3.69B | -3.33B | -2.38B | -2.46B | -2.48B | -2.32B | -2B | -1.62B | -1.41B | -1.57B | -1.53B | -2.22B | -1.49B | -1.2B | -1.25B | -2.78B | -1.77B |
| CapEx / Revenue % | 28.35% | 61.34% | 50.25% | 38.27% | 38.42% | 54.69% | 50.99% | 42.57% | 38.8% | 36.13% | 37.29% | 26.01% | 21.26% | 24.78% | 35.81% | 29.63% | 20.74% | 22.86% | 18.93% | 20.23% | 18.3% | 16.03% | 13.93% | 17.06% | 18.43% | 23.12% | 14.91% | 13.63% | 10.84% | 29.11% | 24.77% |
| CapEx / D&A | 4.92x | 3.13x | 2.44x | 2.07x | 2.41x | 2.86x | 2.28x | 2.12x | 2.09x | 1.93x | 1.90x | 1.41x | 1.25x | 1.40x | 2.08x | 1.91x | 1.40x | 1.92x | 2.03x | 71.95x | 1.93x | 1.62x | 1.35x | - | - | - | - | - | - | - | - |
| CapEx Coverage (OCF/CapEx) | 1.45x | 0.65x | 0.75x | 0.92x | 0.49x | 0.36x | 0.52x | 0.61x | 0.56x | 0.66x | 0.74x | 1.10x | 1.46x | 1.13x | 0.80x | 0.94x | 1.65x | 1.19x | 1.34x | 1.10x | 1.71x | 0.90x | 2.08x | 1.28x | 1.43x | 1.00x | 1.32x | 1.09x | 1.35x | 0.62x | 0.82x |
| Cash from Investing | -7.82B | -7.11B | -5.85B | -4.63B | -5.71B | -6.18B | -4.77B | -4.51B | -4.11B | -3.84B | -3.85B | -2.61B | -2.95B | -2.6B | -3.64B | -3.45B | -2.57B | -2.09B | -2.59B | -2.1B | -1.9B | -1.99B | -1.14B | -1.78B | -1.39B | -2.22B | -1.81B | -366.2M | 136.9M | -2.78B | -1.77B |
| Acquisitions | 351.81M | 858.59M | 0 | 0 | 0 | -6.09B | -4.69B | -4.2B | 24.9M | -3.61B | -2.78B | 487.41M | 10.1M | 147.92M | -2.67B | 6.53M | 228.17M | 39.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.04B | -1.16B |
| Purchase of Investments | -1.78B | -1.76B | -2.91B | -1.22B | -1.71B | -5.55B | -3.22B | -4.21B | -6.54B | -3.26B | -2.48B | -2.55B | -1.94B | -2.23B | -2.18B | -1.49B | -3.1B | -2.67B | 0 | 0 | 0 | -1.59B | 0 | 0 | 0 | -150M | 0 | -321.4M | 0 | 0 | 0 |
| Sale of Investments | 391M | 1.51B | 2.81B | 1.08B | 1.64B | 5.56B | 3.11B | 4.15B | 6.48B | 3.16B | 2.41B | 2.49B | 1.87B | 2.03B | 2.07B | 1.36B | 34.88M | 2.66B | 0 | 0 | 0 | 1.79B | 50M | 0 | 150M | 0 | 321.35M | 0 | 0 | 0 | 0 |
| Other Investing | -3.01B | 218.78M | 226.67M | 158.17M | -345.62M | 6.32B | 5.19B | 4.38B | 195.71M | 3.86B | 3.04B | -43.51M | -237.5M | 271.7M | 2.83B | 6.99M | 2.64B | 325.27M | -111.02M | 224.51M | 101.31M | -570.3M | 220.53M | -214.19M | -8.16M | -694.3M | -641.65M | 1.15B | 1.38B | 192.7M | 77.5M |
| Cash from Financing | 4.44B | 3.03B | 2.09B | 243.03M | 2.91B | 2.56B | 3.42B | 1.64B | 1.42B | 810.98M | 688.23M | -753.47M | -252.17M | -380.82M | 538.15M | -282.29M | -1.77B | -1.05B | -70.76M | -221.59M | -1.08B | 496.39M | -1.67B | -869.13M | -212.61M | -622M | 20.82M | -911M | -1.46B | 1.51B | 171.9M |
| Dividends Paid | -1.13B | -1.09B | -999.98M | -936.51M | -860M | -793.44M | -766.84M | -728.01M | -647.7M | -628.88M | -632.62M | -618.65M | -615.63M | -611.84M | -611.54M | -610.54M | -623.92M | -596.91M | -593.07M | -533.2M | -477.8M | -478.98M | -451.43M | -386.34M | -322.7M | -293.17M | -303.42M | -335.1M | -420.2M | -489.5M | -475.8M |
| Dividend Payout Ratio % | - | 60.57% | 92.51% | 38.87% | 76.72% | 69.29% | 53.2% | 56.55% | 75.09% | 147.85% | - | - | 62.08% | 81.17% | 67.85% | 43.12% | 47.54% | 46.12% | 46.19% | 44.7% | 39.64% | 49.09% | 45.86% | 40.65% | 51.79% | 39.06% | 42.68% | 56.32% | 53.49% | 162.68% | 113.29% |
| Debt Issuance (Net) | 2M | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K |
| Stock Issued | 1.5B | 1.17B | 136.79M | 140.47M | 884.6M | 206.75M | 42.6M | 734.7M | 602.59M | 80.73M | 33.11M | 131.79M | 194.87M | 24.53M | 62.89M | 46.19M | 51.16M | 28.2M | 34.77M | 88.83M | 143.81M | 106.07M | 170.24M | 217.52M | 130.06M | 64.34M | 41.91M | 15.3M | 19.3M | 687.7M | 244.1M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -50M | -53.87M | -20.6M | -115.28M | -194.09M | -183.27M | 0 | 0 | -264.94M | -878.58M | -614.97M | -512.35M | -1.27B | -768.07M | -911.91M | -1.02B | -11.59M | -120.36M | -76.47M | -707.86M | -343.6M | -20.4M | -124.4M | -157.5M |
| Other Financing | 963.26M | 968.61M | 316.85M | 1.59B | 3.23B | 94.42M | -7.52M | -7.73M | 85.6M | -7.27M | -6.87M | -9.14M | 23.58M | 0 | 51M | 0 | 0 | 0 | 0 | 0 | 0 | 128M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 70.5M |
| Net Change in Cash | -2.27B | -813.81M | 727.15M | -91.62M | -218.4M | -1.32B | 1.33B | -55.25M | -300.3M | -406.57M | -163.12M | -71.06M | 682.9M | 206.56M | -161.87M | -600.03M | -415.08M | -210.94M | 666.76M | 239.76M | 433.33M | -36.97M | 115.5M | -643.1M | 583.75M | -630.85M | 168.71M | 29.2M | 354M | 441.8M | -144.9M |
| Exchange Rate Effect | -4.33B | -1.88B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -245K | -508K | 287K | 338K | -1.32M | 3.29M | 30K | -3.21M | -602K | -1.88M | 3.35M | 3.13M | 325K | -5.95M | -900K | 1.6M | -11.2M | 100K |
| Cash at Beginning | 1.93B | 859.7M | 132.55M | 224.16M | 442.56M | 1.76B | 425.72M | 480.98M | 781.27M | 1.19B | 1.35B | 1.42B | 739.13M | 532.57M | 694.44M | 1.29B | 1.71B | 1.92B | 1.25B | 1.03B | 582.82M | 619.79M | 692.23M | 1.34B | 751.57M | 1.38B | 1.21B | 1.18B | 830.5M | 388.7M | 533.6M |
| Cash at End | 3.57B | 45.9M | 859.7M | 132.55M | 224.16M | 442.56M | 1.76B | 425.72M | 480.98M | 781.27M | 1.19B | 1.35B | 1.42B | 739.13M | 532.57M | 694.44M | 1.29B | 1.71B | 1.92B | 1.27B | 1.02B | 582.82M | 807.74M | 692.23M | 1.34B | 751.57M | 1.38B | 1.21B | 1.18B | 830.5M | 388.7M |
| Free Cash Flow | -3B | -2.79B | -1.48B | -417.3M | -2.7B | -4.12B | -2.47B | -1.81B | -1.89B | -1.38B | -1.05B | 296.72M | 1.23B | 366.5M | -748.68M | -198.84M | 1.54B | 476.44M | 845.25M | 236.8M | 1.42B | -160.31M | 1.52B | 436.88M | 651.4M | -9.17M | 474.13M | 111.6M | 432.8M | -1.06B | -316.9M |
| FCF Growth % | -57.49% | -88.41% | -254.95% | 84.56% | 34.41% | -67.06% | -35.93% | 3.77% | -36.85% | -31.81% | -452.37% | -75.93% | 236.38% | 148.95% | -276.52% | -112.88% | 224.09% | -43.63% | 256.95% | -83.31% | 985.15% | -110.56% | 247.63% | -32.93% | 7202.07% | -101.93% | 324.85% | -74.21% | 140.89% | -234.02% | -155.52% |
| FCF Margin % | -22.58% | -21.56% | -12.47% | -3.44% | -19.64% | -35.1% | -24.39% | -16.68% | -17.13% | -12.44% | -9.64% | 2.58% | 9.87% | 3.22% | -7.27% | -1.77% | 13.44% | 4.43% | 6.46% | 2.06% | 12.98% | -1.59% | 15% | 4.75% | 7.84% | -0.1% | 4.73% | 1.27% | 3.77% | -11.07% | -4.42% |
| FCF / Net Income % | -166.52% | -157.37% | -139.58% | -17.66% | -246.39% | -368.4% | -175.38% | -144.24% | -218.65% | -323.99% | 185.22% | -189.31% | 128.38% | 50.17% | -86.22% | -14.54% | 121.55% | 38.08% | 68.14% | 20.87% | 125.28% | -17.35% | 162.77% | 45.96% | 104.55% | -1.22% | 66.69% | 18.76% | 55.09% | -351.78% | -75.45% |
Regulatory and weather-related volatility
As reported in quarterly financial statements, Entergy Louisiana's capital expenditure reached $2.3 billion in 2026Q1, consistently outpacing operating cash flow and signaling an aggressive rate base expansion strategy that necessitates significant external funding to maintain the utility's aging nuclear and fossil-fuel generation infrastructure.
The persistent gap between CAPEX and operating cash flow suggests that the utility is in a heavy investment cycle, likely driven by grid modernization and industrial load support. Investors should monitor whether this capital intensity translates into timely rate base growth or if it creates a permanent drag on free cash flow.
Based on the provided cash flow data, Entergy Louisiana frequently relies on net stock issuances, such as the $806.5 million recorded in 2025Q2, to bridge the free cash flow deficit, indicating a structural dependence on external capital markets to fund its ongoing infrastructure development projects.
The recurring need for equity and debt infusions appears to be a standard feature of the company's financing model rather than a temporary liquidity issue. This reliance warrants further investigation into the cost of capital and the potential for dilution if the regulatory environment limits future rate recovery.
According to recent SEC filings, the OCF-to-dividend coverage ratio has fluctuated between 2.0 and 7.8 over the last ten quarters, suggesting that while dividend payments are currently supported by operating cash, the underlying cash flow volatility poses a potential risk to long-term payout sustainability.
The wide variance in coverage ratios reflects the impact of non-recurring items and regulatory timing on cash generation. Analysts should interpret these figures with caution, as the utility's ability to maintain dividends is contingent upon the LPSC's willingness to allow timely recovery of storm-related costs.
Data from the cash flow statements indicates that reported net income often diverges significantly from operating cash flow, which may imply that regulatory assets and deferred costs are masking the true cash impact of frequent Gulf Coast storm restoration and infrastructure maintenance requirements.
The disconnect between accounting earnings and cash flow suggests that the company's liquidity is heavily tied to the regulatory compact. Investors should monitor the accumulation of these regulatory assets, as they represent future cash inflows that are subject to the political and economic climate of the Louisiana Public Service Commission.
Quick answers to the most common questions about buying ELC stock.
Entergy Louisiana, LLC COLLATERAL TR MT (ELC) generated $5.15B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Entergy Louisiana, LLC COLLATERAL TR MT (ELC) reported negative free cash flow of $2.79B in 2025, indicating capital requirements exceeded cash from operations.
Entergy Louisiana, LLC COLLATERAL TR MT (ELC) spent $7.94B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Entergy Louisiana, LLC COLLATERAL TR MT (ELC) returned $1.09B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.