Liquidity remains under pressure as evidenced by a $494.9 million free cash flow deficit in 2025Q2, highlighting a structural reliance on external capital to fund essential grid-hardening initiatives.
| 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 weather-related volatility
As reported in the quarterly financial statements, ENO's operating cash flow exhibits extreme instability, swinging from a peak of $979.5 million in 2025Q4 to a negative $413.1 million in 2025Q2, which suggests that the utility's core cash generation is highly sensitive to seasonal and regulatory timing factors.
The erratic nature of operating cash flow indicates that the company's ability to cover fixed obligations is not as predictable as a standard regulated utility model might imply. Investors should monitor whether these fluctuations are driven by temporary working capital mismatches or deeper issues regarding the timely recovery of operating expenses through the New Orleans City Council.
Based on the provided data, ENO's capital expenditure reached a significant $1.4 billion in 2025Q4, representing a substantial investment relative to operating cash flow, which appears to be a direct consequence of the company's aggressive grid hardening and storm-proofing initiatives across its service territory.
The high CapEx-to-OCF ratio in several periods suggests that the company is in a heavy investment phase, which is typical for utilities prioritizing infrastructure resilience. However, the lack of consistent positive free cash flow necessitates a reliance on external financing, making the company's growth trajectory entirely dependent on the regulatory environment's willingness to authorize rate base expansion.
According to the cash flow data, the company frequently operates with a free cash flow deficit, such as the $494.9 million shortfall observed in 2025Q2, which highlights a persistent reliance on external capital markets to fund essential infrastructure projects and maintain ongoing utility operations.
The limited evidence of consistent long-term debt issuance in the provided data suggests that ENO may be relying on inter-company financing or parent-level support to bridge its funding gaps. This structure warrants further investigation, as the company's ability to access capital on reasonable terms is critical to sustaining its capital-intensive business model.
As indicated by the provided financial figures, the company's cash flow statement appears to mask significant underlying risks, particularly regarding the timing of storm-related cost recovery and the potential for future unfunded environmental or decommissioning obligations that are not explicitly detailed in the current cash flow reporting.
The disconnect between net income and operating cash flow suggests that non-cash regulatory accruals are playing a major role in the company's financial presentation. Analysts should be cautious, as these regulatory assets represent future rate increases that may face political resistance, potentially creating a liquidity strain if the recovery process is delayed by the local regulatory body.
Quick answers to the most common questions about buying ENO stock.
Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066 (ENO) 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, 5.50% Series due April 1, 2066 (ENO) 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, 5.50% Series due April 1, 2066 (ENO) 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.