Revenue growth reached 12.0% in 2026Q1, though operating margins remain volatile, fluctuating between a low of 8.5% and a peak of 33.2% over the last ten quarters due to regulatory lag.
| 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 |
|---|
| Revenue | 13.29B | 12.95B | 11.88B | 12.15B | 13.76B | 11.74B | 10.11B | 10.88B | 11.01B | 11.07B | 10.85B | 11.51B | 12.49B | 11.39B | 10.3B | 11.23B | 11.49B | 10.75B | 13.09B | 11.48B | 10.93B | 10.11B | 10.12B | 9.19B | 8.31B | 9.62B | 10.02B | 8.77B | 11.49B | 9.56B | 7.16B |
| Revenue Growth % | 11.36% | 8.98% | -2.2% | -11.75% | 17.21% | 16.11% | -7.03% | -1.19% | -0.59% | 2.11% | -5.8% | -7.86% | 9.69% | 10.57% | -8.26% | -2.25% | 6.9% | -17.93% | 14.01% | 5.05% | 8.17% | -0.17% | 10.1% | 10.71% | -13.68% | -3.95% | 14.17% | -23.68% | 20.22% | 33.48% | 14.17% |
| Cost of Revenue | 7.53B | 9.07B | 6.14B | 6.82B | 8.49B | 6.87B | 5.66B | 6.7B | 7.31B | 6.89B | 9.3B | 9.55B | 8.31B | 7.93B | 6.94B | 7.18B | 4.43B | 3.95B | 6.29B | 4.92B | 5.45B | 4.86B | 4.36B | 3.85B | 2.99B | 4.79B | 5.38B | 4.6B | 6.38B | 4.07B | 2.4B |
| Gross Profit | 5.76B | 3.87B | 5.74B | 5.33B | 5.28B | 4.87B | 4.46B | 4.18B | 3.7B | 4.18B | 1.55B | 1.96B | 4.19B | 3.46B | 3.36B | 4.05B | 7.05B | 6.8B | 6.8B | 6.56B | 5.48B | 5.25B | 5.33B | 5.35B | 5.32B | 4.83B | 4.64B | 4.16B | 5.12B | 5.47B | 4.77B |
| Gross Margin % | 43.33% | 29.91% | 48.3% | 43.87% | 38.33% | 41.49% | 44.08% | 38.41% | 33.63% | 37.75% | 14.26% | 17.02% | 33.53% | 30.38% | 32.64% | 36.05% | 61.4% | 63.27% | 51.96% | 57.14% | 50.13% | 51.91% | 52.64% | 58.18% | 64.03% | 50.19% | 46.35% | 47.46% | 44.54% | 57.2% | 66.56% |
| Gross Profit Growth % | - | -32.52% | 7.67% | 1.03% | 8.28% | 9.28% | 6.68% | 12.86% | -11.42% | 170.36% | -21.08% | -53.23% | 21.05% | 2.9% | -16.92% | -42.61% | 3.74% | -0.05% | 3.66% | 19.75% | 4.46% | -1.56% | -0.38% | 0.6% | 10.14% | 4% | 11.5% | -18.66% | -6.39% | 14.71% | 7.49% |
| Operating Expenses | 2.76B | 818.66M | 3.09B | 2.71B | 3.22B | 3.03B | 2.69B | 2.79B | 3.23B | 2.82B | 2.36B | 2.26B | 2.18B | 2.11B | 2.06B | 2.03B | 4.79B | 4.51B | 4.52B | 4.51B | 3.8B | 3.5B | 3.77B | 3.87B | 4.27B | 3.26B | 3.13B | 2.92B | 3.61B | 3.61B | 3.27B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 5.45B | 5.59B | 5.09B | 4.86B | 4.24B | 4.09B | 4.03B | 3.57B | 2.51B | 3.44B | 1.31B | 1.82B | 4.13B | 3.37B | 3.07B | 3.76B | 3.97B | 3.74B | 3.67B | 3.19B | 2.72B | 2.74B | 2.6B | 2.48B | 1.92B | 2.31B | 2.33B | 2.1B | 2.73B | 3.26B | 2.29B |
| EBITDA Margin % | 41.04% | 43.18% | 42.89% | 40.03% | 30.81% | 34.82% | 39.82% | 32.84% | 22.8% | 31.05% | 12.06% | 15.79% | 33.09% | 29.56% | 29.83% | 33.47% | 34.58% | 34.84% | 28.07% | 27.76% | 24.86% | 27.15% | 25.73% | 26.98% | 23.06% | 24.05% | 23.21% | 23.99% | 23.79% | 34.13% | 31.95% |
| EBITDA Growth % | -2.25% | 9.74% | 4.78% | 14.65% | 3.73% | 1.53% | 12.71% | 42.35% | -27.02% | 162.91% | -28.05% | -56.03% | 22.8% | 9.58% | -18.25% | -5.39% | 6.13% | 1.86% | 15.27% | 17.3% | -0.95% | 5.35% | 4.98% | 29.53% | -17.23% | -0.47% | 10.48% | -23.03% | -16.22% | 42.58% | 4.09% |
| Depreciation & Amortization | 2.45B | 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 | 1.46B | 1.39B | 1.13B | 1.04B | 1B | 1.05B | 996.6M | 869.64M | 740.8M | 816M | 860.5M | 1.22B | 0 | 0 |
| D&A / Revenue % | 18.47% | 19.6% | 20.57% | 18.48% | 15.91% | 19.1% | 22.32% | 20.06% | 18.53% | 18.77% | 19.58% | 18.39% | 17.03% | 17.66% | 17.2% | 15.54% | 14.85% | 13.58% | 10.63% | 9.85% | 9.47% | 9.91% | 10.32% | 10.84% | 10.47% | 7.7% | 8.15% | 9.81% | 10.63% | 0% | 0% |
| Operating Income (EBIT) | 3B | 3.05B | 2.65B | 2.62B | 2.05B | 1.85B | 1.77B | 1.39B | 469.37M | 1.36B | -815.23M | -299.17M | 2.01B | 1.35B | 1.3B | 2.01B | 2.27B | 2.28B | 2.28B | 2.06B | 1.68B | 1.74B | 1.56B | 1.48B | 1.05B | 1.57B | 1.51B | 1.24B | 1.51B | 1.86B | 1.5B |
| Operating Margin % | 22.57% | 23.59% | 22.32% | 21.55% | 14.9% | 15.72% | 17.49% | 12.78% | 4.26% | 12.28% | -7.52% | -2.6% | 16.06% | 11.9% | 12.63% | 17.93% | 19.74% | 21.26% | 17.44% | 17.91% | 15.39% | 17.24% | 15.41% | 16.15% | 12.59% | 16.35% | 15.07% | 14.18% | 13.15% | 19.47% | 20.91% |
| Operating Income Growth % | - | 15.18% | 1.26% | 27.66% | 11.12% | 4.32% | 27.23% | 196.25% | -65.5% | 266.87% | -172.5% | -114.91% | 48.11% | 4.14% | -35.37% | -11.21% | -0.75% | 0.06% | 11.03% | 22.21% | -3.41% | 11.71% | 5.05% | 41.95% | -33.53% | 4.26% | 21.3% | -17.72% | -18.78% | 24.27% | -0.34% |
| Interest Expense | 4M | 1.34B | 1.15B | 1.01B | 987.82M | 834.69M | 785.66M | 742.42M | 707.35M | 662.34M | 666.37M | 643.47M | 627.51M | 604.04M | 569.28M | 513.63M | 610.15M | 570.44M | 608.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.70x | 2.25x | 2.66x | 2.07x | 2.57x | 2.64x | 2.47x | 0.75x | 2.46x | -1.07x | -0.24x | 3.47x | 2.58x | 2.58x | 4.22x | 4.09x | 4.30x | 4.03x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.03% | 10.32% | 9.69% | 8.28% | 7.18% | 7.11% | 7.77% | 6.82% | 6.42% | 5.98% | 6.14% | 5.59% | 5.02% | 5.3% | 5.53% | 4.57% | 5.31% | 5.31% | 4.65% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -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 |
| Pretax Income | 2.29B | 2.27B | 1.44B | 1.67B | 1.06B | 1.31B | 1.27B | 1.09B | -174.27M | 967.92M | -1.38B | -799.66M | 1.55B | 956.55M | 899.22M | 1.65B | 1.89B | 1.88B | 1.84B | 1.65B | 1.58B | 1.53B | 1.3B | 1.3B | 917.01M | 1.18B | 1.19B | 951.7M | 1.05B | 772.2M | 841.2M |
| Pretax Margin % | 17.21% | 17.54% | 12.14% | 13.76% | 7.69% | 11.16% | 12.53% | 10.01% | -1.58% | 8.74% | -12.74% | -6.95% | 12.4% | 8.4% | 8.73% | 14.73% | 16.43% | 17.53% | 14.08% | 14.36% | 14.42% | 15.12% | 12.83% | 14.18% | 11.04% | 12.29% | 11.88% | 10.85% | 9.15% | 8.08% | 11.74% |
| Income Tax | 485.7M | 497.95M | 381.03M | -690.53M | -38.98M | 191.37M | -121.51M | -169.82M | -1.04B | 542.57M | -817.26M | -642.93M | 589.6M | 225.98M | 30.86M | 286.26M | 617.24M | 632.74M | 603M | 514.42M | 443.04M | 559.28M | 365.31M | 490.07M | 293.94M | 455.69M | 478.92M | 356.67M | 266.7M | 471.3M | 421.2M |
| Effective Tax Rate % | 21.23% | 21.92% | 26.42% | -41.31% | -3.68% | 14.61% | -9.59% | -15.6% | 594.95% | 56.06% | 59.15% | 80.4% | 38.04% | 23.62% | 3.43% | 17.31% | 32.7% | 33.59% | 32.71% | 31.19% | 28.11% | 36.61% | 28.12% | 37.6% | 32.05% | 38.53% | 40.25% | 37.48% | 25.34% | 61.03% | 50.07% |
| Net Income | 1.8B | 1.77B | 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 | 1.24B | 1.13B | 1.13B | 923.76M | 933.05M | 950.47M | 623.07M | 750.51M | 710.91M | 595M | 785.6M | 300.9M | 420M |
| Net Margin % | 13.56% | 13.7% | 8.93% | 19.45% | 7.97% | 9.53% | 13.91% | 11.57% | 7.83% | 3.84% | -5.2% | -1.36% | 7.69% | 6.41% | 8.43% | 12.18% | 11.06% | 11.64% | 9.47% | 9.88% | 10.36% | 9.14% | 9.22% | 10.34% | 7.5% | 7.8% | 7.1% | 6.78% | 6.83% | 3.15% | 5.86% |
| Net Income Growth % | 33.99% | 67.11% | -55.08% | 115.32% | -1.93% | -20.47% | 11.79% | 45.87% | 102.79% | 175.35% | -260.17% | -116.32% | 31.44% | -15.87% | -36.49% | 7.64% | 1.54% | 0.85% | 9.31% | 0.2% | 22.61% | -1% | -1.83% | 52.55% | -16.98% | 5.57% | 19.48% | -24.26% | 161.08% | -28.36% | -13.33% |
| EPS (Diluted) | 3.90 | 3.91 | 2.45 | 5.55 | 2.69 | 2.77 | 3.45 | 3.15 | 2.32 | 1.14 | -1.63 | -0.49 | 2.61 | 2.00 | 2.38 | 3.78 | 3.33 | 3.15 | 3.10 | 2.80 | 2.68 | 2.10 | 1.97 | 2.01 | 1.32 | 1.62 | 1.49 | 1.13 | 1.50 | 0.52 | 0.92 |
| EPS Growth % | 27.27% | 59.59% | -55.86% | 106.32% | -2.89% | -19.71% | 9.52% | 35.78% | 103.51% | 169.94% | -232.65% | -118.77% | 30.5% | -15.97% | -37.04% | 13.51% | 5.71% | 1.61% | 10.71% | 4.48% | 27.62% | 6.6% | -1.99% | 52.27% | -18.52% | 8.72% | 31.86% | -24.67% | 188.46% | -43.48% | -14.02% |
| EPS (Basic) | - | 3.98 | 2.47 | 5.57 | 2.70 | 2.79 | 3.47 | 3.18 | 2.34 | 1.15 | -1.63 | -0.49 | 2.62 | 2.00 | 2.38 | 3.80 | 3.36 | 3.20 | 3.20 | 2.89 | 2.73 | 2.13 | 2.01 | 2.05 | 1.35 | 1.65 | 1.50 | 1.13 | 1.50 | 0.52 | 0.92 |
| Diluted Shares Outstanding | 462.51M | 450.15M | 431.58M | 424.75M | 411.1M | 403.75M | 402.2M | 394M | 366.76M | 361.07M | 357.77M | 358.35M | 360.59M | 357.14M | 355.48M | 356.74M | 375.63M | 391.68M | 402.02M | 405.56M | 422.9M | 428.88M | 450.89M | 462.29M | 454.61M | 449.47M | 457.08M | 490.65M | 493.14M | 480.97M | 459.13M |
High regulatory and weather-related volatility
According to the provided quarterly income statements, Entergy Louisiana's revenue growth reached 12.0% in 2026Q1, reflecting a sustained upward trajectory driven by the utility's heavy exposure to the Gulf Coast industrial corridor and the ongoing capital expenditure cycle required to support regional petrochemical and LNG demand.
The revenue expansion appears to be structurally supported by industrial load growth rather than mere volumetric gains from residential customers. Investors should monitor whether this growth translates into durable earnings or if it is being offset by the rising depreciation costs associated with the massive infrastructure investments required to serve these industrial clients.
As reported in financial statements, operating margins fluctuated significantly from a low of 8.5% in 2024Q1 to a peak of 33.2% in 2024Q3, suggesting that ELC's ability to earn its authorized return is frequently disrupted by the timing of regulatory recovery mechanisms and periodic storm-related cost impacts.
The wide variance in operating margins indicates that regulatory lag remains a persistent challenge for the utility. This volatility warrants further investigation into whether the current regulatory compact with the LPSC is sufficiently flexible to allow for timely recovery of operational costs without eroding the earned ROE.
Based on ELC's reported figures, the utility's cost structure is heavily influenced by fuel and purchased power expenses, which function as pass-through items that inflate top-line revenue while obscuring the underlying earnings power of the regulated business during periods of commodity price volatility.
While these costs are theoretically neutral to the bottom line, they create significant working capital strain and political sensitivity. The reliance on automatic adjustment mechanisms appears to be a critical component of the utility's financial stability, yet it remains vulnerable to commission-level scrutiny during periods of high consumer bill inflation.
Financial data indicates that net income has experienced extreme swings, such as the 2023Q4 spike to $988.3M followed by a sharp contraction in 2024Q2, suggesting that reported EPS is heavily influenced by non-recurring items, weather-related adjustments, and the timing of regulatory asset recognition.
The inconsistency in quarterly EPS growth suggests that investors should look past headline figures to identify the underlying regulated earnings power. The frequent use of regulatory accounting, including the potential capitalization of storm costs, may be masking the true cash-generating capability of the utility's core operations.
Analysis of the income statement shows that depreciation and amortization expenses remain consistently high, often exceeding $600M per quarter, which reflects the aggressive capital expenditure cycle necessary to maintain the utility's aging nuclear and fossil-fuel generation fleet and grid modernization efforts.
Incremental CAPEX appears to be the primary lever for rate base growth, yet the conversion of these investments into earnings is dependent on the LPSC's approval process. The reliance on AFUDC to support current income may indicate that a significant portion of reported earnings is non-cash and subject to future regulatory realization.
Data suggests that ELC's reliance on regulatory assets to defer storm-related costs creates a disconnect between reported net income and actual cash flow, potentially hiding the true extent of the utility's liquidity exposure to the increasing frequency and intensity of Gulf Coast weather events.
The income statement fails to fully capture the long-term liability associated with decommissioning costs and environmental remediation, which are not yet reflected in current P&L figures. Investors should monitor the sustainability of the current securitization strategy, as any shift in regulatory willingness to support these costs could lead to significant credit pressure.
Quick answers to the most common questions about buying ELC stock.
For fiscal year 2025, Entergy Louisiana, LLC COLLATERAL TR MT (ELC) reported total revenue of $12.95B. This represents a 80.7% increase compared to $7.16B in 1996.
Entergy Louisiana, LLC COLLATERAL TR MT (ELC) is profitable, generating $1.77B in net income for the fiscal year ending 2025 with a net profit margin of 13.7%.
Entergy Louisiana, LLC COLLATERAL TR MT (ELC) reported an operating income of $3.05B, resulting in an operating profit margin of 23.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Entergy Louisiana, LLC COLLATERAL TR MT (ELC) generated $3.87B in gross profit for the year, representing a gross profit margin of 29.9%. This demonstrates the company's core pricing power and production efficiency.