Capital expenditure intensity is high, with a 2025Q4 CapEx-to-OCF ratio of 143.2% that necessitates ongoing external capital support to maintain grid operations.
| 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 |
|---|
| Cash from Operations | 621.64M | 627.91M | 823.65M | 202.96M | 363.76M | 78.81M | 64.02M | 115.6M | 171.78M | 127.8M | 205.21M | 105.07M | 88.93M | 92.55M | 52.09M | 99.6M | 120.11M | 148.56M | 3.32B | 207.39M | 3.42B | 1.47B | 2.93B |
| Operating CF Growth % | -283.22% | -23.76% | 305.83% | -44.21% | 361.58% | 23.09% | -44.62% | -32.7% | 34.41% | -37.72% | 95.31% | 18.14% | -3.91% | 77.68% | -47.7% | -17.08% | -19.15% | -95.53% | 1502.9% | -93.93% | 132.96% | -49.89% | - |
| Operating CF / Revenue % | 4.68% | 4.85% | 6.93% | 24.05% | 36.47% | 10.25% | 10.1% | 16.85% | 23.94% | 17.85% | 30.84% | 15.65% | 12.1% | 14.03% | 9.14% | 0.89% | 1.05% | 1.38% | 25.39% | 1.81% | 31.28% | 14.52% | 28.94% |
| Net Income | 1.78B | 334.07M | 293.62M | 228.94M | 64.1M | 31.8M | 49.34M | 52.63M | 53.15M | 44.55M | 48.85M | 44.92M | 31.03M | 12.61M | 17.07M | 108.73M | 83.69M | 31.02M | 1.22B | 24.58M | 1.13B | 923.76M | 933.05M |
| Depreciation & Amortization | 322.34M | 325.19M | 338.89M | 262.62M | 76.94M | 73.48M | 64.01M | 56.07M | 55.93M | 52.95M | 51.74M | 43.2M | 45.43M | 43.99M | 36.73M | 93.12M | 89.88M | 33.94M | 1.22B | 32.29M | 1.04B | 1B | 1.05B |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -520.55M | -325.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 250.37M | -31.34M | 22.96M | -396.47M | 24.63M | 34.72M | 9.92M | 16.01M | 54.71M | -67.36M | 154.03M | 23.87M | 16.68M | -1.45M | -1.7M | -65.06M | -14.3M | 61.7M | 835.63M | 165.17M | 914.4M | -310.52M | 1.08B |
| Working Capital Changes | 24.42M | 0 | 168.18M | 107.87M | 198.09M | -61.19M | -59.24M | -9.11M | 7.99M | 97.66M | -49.41M | -6.93M | -4.2M | 37.4M | -27.02M | -37.19M | -39.15M | 21.89M | 47.87M | -14.64M | 337.25M | -147.28M | -131.88M |
| Capital Expenditures | -1.25B | 0 | -928.42M | -162.81M | -403.79M | -217.91M | -224.23M | -219.62M | -196.25M | -113.17M | -326.67M | -173.46M | -69.15M | -94.17M | -85.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx / Revenue % | 9.37% | 0% | 7.82% | 19.29% | 40.49% | 28.34% | 35.38% | 32% | 27.36% | 15.8% | 49.09% | 25.83% | 9.41% | 14.27% | 15.02% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| CapEx / D&A | 3.86x | 0.00x | 2.74x | 0.62x | 5.25x | 2.97x | 3.50x | 3.92x | 3.51x | 2.14x | 6.31x | 4.01x | 1.52x | 2.14x | 2.33x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| CapEx Coverage (OCF/CapEx) | 0.50x | - | 0.89x | 1.25x | 0.90x | 0.36x | 0.29x | 0.53x | 0.88x | 1.13x | 0.63x | 0.61x | 1.29x | 0.98x | 0.61x | - | - | - | - | - | - | - | - |
| Cash from Investing | -1.26B | -1.24B | -928.42M | -18.8M | -403.79M | -169.92M | -220.84M | -204.31M | -207.62M | -109.5M | -322.68M | -173.46M | -72.38M | -95.89M | -78.04M | -151.83M | -174.1M | -59.85M | -2.59B | -78.44M | -1.9B | -1.99B | -1.14B |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.59B | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -1.26B | -1.24B | -928.42M | 144.01M | -186.75M | 47.99M | 3.38M | 15.31M | -11.37M | 3.67M | 3.99M | -82.94M | -3.23M | -1.72M | 7.54M | -151.83M | -174.1M | -59.85M | -2.59B | -78.44M | -1.9B | -401.58M | -1.14B |
| Cash from Financing | 701.71M | 703.5M | 267.78M | -188.59M | 1.63M | 133.95M | 150.83M | 75.05M | 22.77M | -88.62M | 131.66M | 114.88M | -7.65M | 27.44M | 25.51M | 51.03M | -36.25M | -34.96M | -70.76M | -54.04M | -1.08B | 496.39M | -1.67B |
| Dividends Paid | -6.22M | 0 | -125M | -125M | 0 | 0 | 0 | 0 | -23.75M | -75.33M | -19.68M | -8.21M | -6.96M | -965K | -2.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | 11.84% | 54.6% | - | - | - | - | 44.68% | 172.34% | 41.11% | 18.69% | 23.17% | 8.29% | 16.55% | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | -1000K | 0 | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 3.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -512.35M | 0 | -584.19M | -878.19M | -1.02B |
| Other Financing | 709.65M | 703.5M | 336.39M | 35.63M | 15.16M | -10.96M | 70.34M | -1.48M | 409K | -587K | 48.24M | 87.34M | -685K | -113.93M | 28.17M | 51.03M | -36.25M | -34.96M | -70.76M | -54.04M | -1.08B | 496.39M | -1.67B |
| Net Change in Cash | -473.45M | 90.11M | 163.01M | -4.44M | -38.4M | 42.84M | -5.99M | -13.66M | -13.06M | -70.33M | 14.19M | 46.49M | 8.9M | -26.75M | -443K | -1.2M | -90.23M | 53.75M | 666.76M | 74.92M | 433.33M | -36.97M | 115.5M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.29M | 0 | -3.21M | -602K | -1.88M |
| Cash at Beginning | 110.26M | 185M | 21.99M | 4.46M | 42.86M | 26K | 6.02M | 19.68M | 32.74M | 103.07M | 88.88M | 42.39M | 33.49M | 60.24M | 9.83M | 1.22M | 91.45M | 137.44M | 1.25B | 17.09M | 582.82M | 619.79M | 692.23M |
| Cash at End | 68.97M | 275.11M | 185M | 26K | 4.46M | 42.86M | 26K | 6.02M | 19.68M | 32.74M | 103.07M | 88.88M | 42.39M | 33.49M | 9.39M | 16K | 1.22M | 191.19M | 1.92B | 92.01M | 1.02B | 582.82M | 807.74M |
| Free Cash Flow | -1.06B | 627.91M | -104.77M | 40.15M | -40.03M | -139.1M | -160.2M | -104.02M | -24.47M | 14.63M | -121.46M | -68.39M | 19.78M | -1.62M | -33.49M | 99.6M | 120.11M | 148.56M | 3.32B | 207.39M | 3.42B | 1.47B | 2.93B |
| FCF Growth % | -235.28% | 699.33% | -360.96% | 200.3% | 71.23% | 13.17% | -54.02% | -325.12% | -267.23% | 112.05% | -77.59% | -445.76% | 1322.5% | 95.17% | -133.63% | -17.08% | -19.15% | -95.53% | 1502.9% | -93.93% | 132.96% | -49.89% | - |
| FCF Margin % | -7.96% | 4.85% | -0.88% | 4.76% | -4.01% | -18.09% | -25.28% | -15.16% | -3.41% | 2.04% | -18.25% | -10.19% | 2.69% | -0.25% | -5.88% | 0.89% | 1.05% | 1.38% | 25.39% | 1.81% | 31.28% | 14.52% | 28.94% |
| FCF / Net Income % | -59.37% | 35.71% | -9.93% | 17.54% | -62.44% | -437.46% | -324.71% | -197.64% | -46.03% | 33.47% | -253.65% | -155.58% | 65.79% | -13.9% | -208.03% | 7.4% | 9.61% | 12.07% | 272.36% | 18.28% | 301.91% | 158.9% | 313.95% |
Regulatory and meteorological volatility
As reported in the quarterly financial data, operating cash flow for the entity has demonstrated extreme instability, swinging from a positive $979.5 million in 2025Q4 to a deficit of $413.1 million in 2025Q2, which suggests significant underlying challenges in maintaining consistent cash generation from regulated operations.
The erratic nature of operating cash flow appears to reflect the impact of non-recurring storm-related costs and the timing of regulatory recovery mechanisms. Investors should monitor whether these fluctuations are indicative of structural issues in the utility's ability to cover fixed obligations without relying on parent-level support.
Based on the provided figures, the utility's capital expenditure reached a peak of $1.4 billion in 2025Q4, representing a CapEx-to-OCF ratio of 143.2%, which highlights the heavy reliance on external financing to fund the grid hardening and infrastructure investments necessary for long-term rate base growth.
This level of investment is typical for a utility in a high-risk geographic zone, yet the inability of operating cash flow to consistently cover these outlays suggests a persistent funding gap. The reliance on external capital appears to be a structural necessity rather than a temporary phenomenon.
According to the financial statements, the entity's free cash flow has remained consistently negative over the last ten quarters, with a deficit of $423.4 million in 2025Q4, necessitating a reliance on external capital markets or parent-level liquidity to sustain ongoing operations and infrastructure development.
The lack of consistent free cash flow generation implies that the entity's credit profile is heavily dependent on the parent company's ability to provide capital on reasonable terms. Investors should investigate whether the current financing structure is sustainable given the high capital intensity and regulatory lag.
As indicated by the provided data, the absence of significant interest payments and the erratic nature of cash flows suggest that the entity's true financial obligations may be obscured by parent-level accounting, potentially masking the full extent of unfunded environmental or storm-related restoration liabilities.
The disconnect between the reported capital structure and the operational reality of a regulated utility warrants further investigation into potential off-balance-sheet arrangements. The reliance on regulatory assets to smooth earnings may be hiding the true cash cost of maintaining the New Orleans grid.
Quick answers to the most common questions about buying ENJ stock.
Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052 (ENJ) generated $627.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052 (ENJ) generated $627.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052 (ENJ) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.