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ENO

Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066

ENO

Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066 • NYSE
$22.60 ▼ -0.79% (-0.18)
Market Cap $190.65 M
52w High $24.95
52w Low $21.21
Dividend Yield 1.38%
P/E 0
Volume 8.93K
Outstanding Shares 8.44M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.812B ▲ $1.652B ▲ $693.8M ▲ 18.2% ▲ $1.55 ▲ $1.776B ▲
Q2-2025 $3.329B ▲ $1.391B ▲ $18.042M ▼ 0.542% ▼ $1.07 ▲ $59.692M ▼
Q1-2025 $2.847B ▲ $1.128B ▼ $360.76M ▼ 12.672% ▼ $0.84 ▲ $1.324B ▼
Q4-2024 $209.131M ▼ $4.694B ▲ $438.497M ▼ 209.676% ▲ $-1.44 ▼ $2.967B ▲
Q3-2024 $3.389B $643.017M $644.94M 19.03% $3.01 $1.668B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 ▼ $0 ▼ $94.652M ▲ $16.662B ▲
Q2-2025 $26K ▼ $492.13M ▲ $49.023M ▼ $443.107M ▼
Q1-2025 $13.926M ▼ $483.113M ▼ $51.801M ▼ $709.7M ▼
Q4-2024 $31.777M $2.223B $1.526B ▲ $15.084B ▲
Q3-2024 $31.777M $2.223B $108.869M $15.033B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-158.204M ▼ $-375.241M ▼ $238.941M ▲ $-162.027M ▼ $-284.943M ▲ $-417.528M ▲
Q2-2025 $-157.734M ▼ $21.063M ▲ $-55.534M ▼ $20.571M ▲ $-353.617M ▼ $-494.88M ▼
Q1-2025 $12.099M ▼ $2.589M ▼ $-21.851M ▲ $1.411M ▲ $-17.851M ▲ $-30.02M ▼
Q4-2024 $133.594M ▼ $341.468M ▼ $-44.516M $-217.009M ▼ $-168.646M ▼ $331.221M ▼
Q3-2024 $187.875M $436.765M $-44.516M $-63.531M $238.836M $518.532M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Electricity US Regulated
Electricity US Regulated
 $0 ▲$3.34Bn ▲$8.29Bn ▲$3.27Bn ▼
Natural Gas US Regulated
Natural Gas US Regulated
 $40.00M ▲$30.00M ▼$40.00M ▲$40.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$20.00M ▲$50.00M ▲$10.00M ▼
Electricity
Electricity
 $2.91Bn ▲$0 ▼$0 ▲$0 ▲
Other
Other
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Entergy New Orleans shows the profile of a regulated utility that has recently scaled up. Revenue and operating profit in the most recent year are much higher than in prior years, suggesting either a step‑change in rates, volumes, or reporting scope rather than smooth, gradual growth. Profitability has improved meaningfully over time, with operating earnings and cash‑style earnings (like EBITDA) rising faster than earlier years, and net income now materially higher than it used to be. The direction of travel is positive, but the jumpy pattern means some of the latest strength may include one‑off or non‑recurring factors, so it is safer to see this as a business that has become more profitable, but not necessarily on a perfectly steady path.

Balance Sheet

Balance Sheet The balance sheet looks like that of a capital‑intensive utility: a large base of physical assets funded with a mix of debt and equity. Debt levels appear moderate relative to assets and have stayed in a fairly narrow band over the last several years, which is typical for a regulated electric company that relies on stable, long‑term financing. Cash on hand is very low, meaning the company likely depends on consistent cash generation and external funding rather than large cash reserves. Reported equity jumps sharply in the most recent year and looks out of line with the asset figures, which could reflect a change in accounting, a capital infusion from the parent, or data inconsistencies. Because of that mismatch, any ratio‑style conclusions from the balance sheet should be treated with caution, but the overall pattern still points to a traditional, asset‑heavy utility with manageable leverage.

Cash Flow

Cash Flow Cash flow from operations has become healthier over time, moving from modest levels to a more solid cushion in the latest year. This is important for bondholders because it underpins the ability to service interest and principal over time. Capital spending has been consistently high, reflecting ongoing grid investment and modernization efforts, and in earlier years this pushed free cash flow into negative territory. More recently, free cash flow has turned positive, indicating that earnings and operating cash now more than cover routine capital spending. That said, the margin of safety is not huge, and the business still appears reliant on periodic external financing to fund larger projects or unexpected needs, which is very common for regulated utilities.

Competitive Edge

Competitive Edge Entergy New Orleans benefits from the structural advantages of a regulated monopoly in its service territory: it is essentially the sole provider of electricity (and some gas) within New Orleans, backed by heavy infrastructure and regulatory oversight. This creates high barriers to entry, as no rival can easily replicate the power plants, lines, and customer relationships under the same regulatory framework. The company is strengthening that position by investing in grid resilience after recent hurricanes, aiming to reduce outage frequency and duration—critical in a storm‑prone region. It also offers electricity at prices well below the national average, which helps maintain customer and political support and aids economic development. The main competitive and structural risks remain regulatory decisions, storm and climate exposure, and the need to continually justify new investments and cost recovery to regulators and the community.

Innovation and R&D

Innovation and R&D Although utilities do not do “R&D” in the same way as technology companies, Entergy New Orleans is clearly leaning into innovation within its grid and service model. The multi‑year “Operation Gridiron” program is a large‑scale resilience project, upgrading poles, hardening lines, and redesigning the system to better withstand extreme weather. On top of the physical work, the company is deploying smart grid equipment, automated fault detection, and artificial intelligence for predictive maintenance and vegetation management, which can reduce outages and lower long‑run costs. On the clean energy side, it is expanding renewable resources, aligning with the parent company’s net‑zero carbon goals, and has earned recognition for moving away from coal. Customer‑facing programs—like green energy options, rooftop and community solar, energy efficiency incentives, and digital tools—show an effort to remain relevant as customer expectations and regulatory priorities shift toward cleaner and more flexible energy solutions.

Summary

Overall, Entergy New Orleans presents the profile of a regulated electric utility with improving earnings, a sizable and steadily invested asset base, and a business model anchored by monopoly status in its service area. Profitability and operating cash flow have clearly strengthened in the latest year, though the jumpiness in the figures and some apparent inconsistencies in balance sheet data suggest that not all trends are smooth or easy to interpret. The company is in the midst of a significant modernization and resilience build‑out, which supports long‑term service reliability but requires ongoing capital spending and constructive regulatory support. For stakeholders in the long‑dated first mortgage bonds, the key watchpoints are continued stability in regulatory decisions, successful execution of grid‑hardening and clean energy projects, and the maintenance of solid cash generation to support the capital structure through storms, policy shifts, and the broader energy transition.