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EVRG · Evergy

8 filings

10-K

EVRG 10-K Annual Reports

Evergy - 8 annual reports

Filing record · 2017–202610-K810-Q258-K104

2025
Evergy Annual Report, Year Ended Dec 31, 2025
Evergy, Inc. (Nasdaq: EVRG) is a public utility holding company headquartered in Kansas City, Missouri, operating integrated regulated electric utilities Evergy Kansas Central, Evergy Metro and Evergy Missouri West that serve approximately 1.7 million customers in Kansas and Missouri. For 2025, net income attributable to Evergy, Inc. was $855.6 million, or $3.66 diluted EPS, down from $873.5 million, or $3.79, in 2024. Adjusted EPS (non-GAAP) was $3.83 versus $3.81, excluding $49.0 million of pre-tax losses from non-regulated investments in early-stage clean energy companies. Operating revenues rose to $5,961.6 million from $5,847.3 million, and capital expenditures were $2,796.9 million in 2025. The company projects approximately $21.6 billion of capital expenditures from 2026 through 2030, including about $9.3 billion for new generation, primarily natural gas, renewables and battery storage. It expects to issue about $12.3 billion of debt and $3.3 billion of equity over 2026 to 2030. Growth is driven by data center and large load demand: in February 2026 the company signed electric service agreements for projected peak load of approximately 1,900 MWs under its Large Load Power Service rate plans, and it has filed a roughly $140 million retail rate request with the MPSC for Evergy Metro. The filing also highlights risks including regulatory lag, environmental rule uncertainty, wildfire exposure, nuclear operation at Wolf Creek, and a need for ongoing capital raising. Credit ratings are rated BBB+ at Evergy by S&P with a stable outlook, and the company targets a 50%-60% dividend payout ratio, declaring a quarterly dividend of $0.6950 per share in February 2026.
Feb 19, 2026
2024
Evergy Annual Report, Year Ended Dec 31, 2024
Evergy, Inc. (Nasdaq: EVRG), a public utility holding company headquartered in Kansas City, Missouri, operates integrated regulated electric utilities Evergy Kansas Central, Evergy Metro and Evergy Missouri West serving about 1.7 million customers in Kansas and Missouri. For 2024, net income attributable to Evergy, Inc. was $873.5 million, or $3.79 diluted EPS, up from $731.3 million, or $3.17, in 2023. Adjusted EPS (non-GAAP) was $3.81 versus $3.54. Operating revenues rose to $5,847.3 million from $5,508.2 million, driven mainly by new Kansas retail rates effective December 2023, the recognition of a $96.5 million COLI-related regulatory liability in 2023 that did not recur, and higher transmission revenues. The company targets approximately $17.5 billion of base capital investments through 2029, including about $6.2 billion of new generation that is expected to be primarily renewable and natural gas. Capital expenditures were $2,336.6 million in 2024. Evergy expects to issue about $9.7 billion of debt securities from 2025 to 2029, including refinancing $3.9 billion of maturities, and $2.8 billion of equity and equity-like securities from 2026 to 2029. It targets a 60%-70% dividend payout ratio and declared a quarterly dividend of $0.6675 per share in February 2025. Pending items include a Kansas Central rate case requesting about $196 million, with new rates expected in September 2025, and a Missouri West rate order that took effect in January 2025 after a partial settlement. Key risks include regulatory lag and the outcome of rate proceedings, coal-related environmental rules (including ozone, particulate matter, greenhouse gas and CCR regulations whose costs could be material), supply chain and tariff pressures, and the Wolf Creek nuclear unit. Evergy also issued $500.0 million of 6.65% junior subordinated notes in December 2024 that allow interest deferral, which would restrict dividends if exercised. Its credit ratings remain investment grade, with Evergy Missouri West's outlook at Negative from Moody's.
Feb 27, 2025
2023
Evergy Annual Report, Year Ended Dec 31, 2023
Evergy, Inc. (Nasdaq: EVRG) is a public utility holding company headquartered in Kansas City, Missouri, operating integrated, regulated electric utilities in Kansas and Missouri through Evergy Kansas Central, Evergy Metro and Evergy Missouri West, serving approximately 1.7 million customers. For 2023, net income attributable to Evergy, Inc. was $731.3 million, or $3.17 diluted EPS, down from $752.7 million and $3.27 in 2022, mainly due to higher depreciation and interest expense and a $96.5 million deferral of revenues for future refunds of COLI rate credits. Adjusted EPS (non-GAAP) was $3.54 for 2023 versus $3.71 in 2022. Operating revenues were $5,508.2 million, down from $5,859.1 million, while interest expense rose to $525.8 million from $404.0 million. The company is pursuing a capital plan of approximately $12.5 billion of base capital investments through 2028, including about $2.9 billion of new generation expected to be primarily renewable, and targets a 70% reduction in owned-generation CO2 emissions by 2030 (from 2005 levels) and net-zero CO2e emissions for scope 1 and 2 by 2045. Key 2023 events included a Kansas Central and Metro rate case settlement approved by the KCC with new rates effective December 2023, the $220.9 million acquisition of the Persimmon Creek wind farm, and a $1.4 billion issuance of 4.50% convertible notes due 2027. Evergy Missouri West filed a 2024 rate case requesting about $104 million, and it agreed to acquire a joint interest in Dogwood Energy Center for about $60 million, subject to MPSC approval. Financial risks highlighted in the filing include credit rating downgrades by an agency in 2023, with Evergy, Inc.'s and Evergy Metro's senior unsecured ratings lowered, and reliance on rate regulation to recover costs. Evergy reported a dividend of $0.6425 per share declared in February 2024 and targets a long-term payout ratio of 60% to 70% of earnings.
Feb 29, 2024
2022
Evergy Annual Report, Year Ended Dec 31, 2022
Evergy, Inc. (Nasdaq: EVRG) is a public utility holding company headquartered in Kansas City, Missouri, operating through Evergy Kansas Central, Evergy Metro and Evergy Missouri West, which serve about 1,652,200 customers in Kansas and Missouri. For 2022, operating revenues were $5,859.1 million and net income attributable to Evergy, Inc. was $752.7 million, or $3.27 diluted EPS, down from $879.7 million and $3.83 in 2021. Management's adjusted EPS was $3.71 for 2022 versus $3.46 for 2021. The decline was driven mainly by lower non-regulated energy marketing margins tied to the February 2021 winter weather event, a $26.7 million Sibley Unit 3 impairment, the $68.0 million Sibley revenue deferral, a $32.8 million FERC transmission refund, and higher depreciation and interest expense, partly offset by favorable weather and higher retail sales. The company targets approximately $11.6 billion of base capital investment through 2027, including about $2.1 billion of new generation, primarily renewable. Its stated goals are a 70% reduction in CO2 emissions from 2005 levels by 2030 and net-zero by 2045, and it reports cutting CO2 emissions by nearly half from 2005 levels as of 2022. Cash flows from operations were $1,801.9 million in 2022, against capital expenditures of $2,166.5 million, and the filing notes a 2023 dividend of $0.6125 per share. Credit ratings carry a negative outlook at S&P Global for Evergy and its subsidiaries, while Moody's outlooks are stable. Key risks in the filing include regulatory lag and rate outcomes in Kansas and Missouri, a pending Missouri Court of Appeals review of the securitization financing order for February 2021 winter weather costs, environmental rules including coal combustion residual and ozone standards, and Wolf Creek nuclear operations, in which Evergy holds an indirect 94% interest.
Feb 24, 2023
2021
Evergy Annual Report, Year Ended Dec 31, 2021
Evergy, Inc. (EVRG), together with Evergy Kansas Central, Inc. and Evergy Metro, Inc., filed this combined 2021 annual report on Form 10-K. Evergy is a public utility holding company headquartered in Kansas City, Missouri, serving about 1,640,800 customers in Kansas and Missouri through regulated electric utilities. For 2021, operating revenues were $5,586.7 million and net income attributable to Evergy, Inc. was $879.7 million, or $3.83 diluted EPS, up from $618.3 million and $2.72 in 2020. Adjusted earnings (non-GAAP) were $812.6 million, or $3.54 per share. Results were aided by $94.5 million of non-regulated energy marketing margins tied to the February 2021 winter weather event, which also drove $365.5 million of net fuel and purchased power costs that the company has deferred for future recovery. The company's strategy centers on affordability, reliability and sustainability. Management targets an annual reduction of about $345 million in operating and maintenance expense by 2025 (from 2018 adjusted levels), approximately $10.7 billion of base capital investments through 2026 including about $2.0 billion in renewable generation, and a 70% CO2 reduction by 2030 (from 2005 levels) with net-zero by 2045. Capital expenditures were $1,972.5 million in 2021. Pending Missouri rate cases filed in January 2022 request increases of $43.9 million for Evergy Metro and $27.7 million for Evergy Missouri West, with new rates expected in December 2022. The filing also notes a negative outlook from S&P Global Ratings on Evergy and its utility subsidiaries.
Feb 25, 2022
2020
Evergy Annual Report, Year Ended Dec 31, 2020
Evergy, Inc. (NYSE: EVRG) and its subsidiaries Evergy Kansas Central, Inc. and Evergy Metro, Inc. filed this combined 2020 annual report on Form 10-K. Evergy is a public utility holding company headquartered in Kansas City, Missouri, serving approximately 1,620,400 customers in Kansas and Missouri, with approximately 15,400 MWs of owned generating capacity and renewable power purchase agreements. Evergy reported 2020 operating revenues of $4,913.4 million and net income attributable to Evergy, Inc. of $618.3 million, or $2.72 diluted EPS, down from $669.9 million and $2.79 in 2019, primarily due to unfavorable weather, lower commercial and industrial demand from COVID-19 restrictions, and higher depreciation, interest and voluntary severance costs. Adjusted EPS (non-GAAP) was $3.10 in 2020 versus $2.89 in 2019. Management highlighted its five-year Sustainability Transformation Plan (STP), announced in August 2020, which targets about $330 million of operating and maintenance expense reduction by 2024 versus 2018 adjusted levels and approximately $8.9 billion of base capital investments through 2024. The company reports a 2020 CO2 reduction of about 50% from 2005 levels, with a goal of 80% by 2050. In February 2021, Evergy agreed to sell 2,269,447 common shares to an affiliate of Bluescape Energy Partners for approximately $113.2 million, with a warrant for up to 3,950,000 additional shares at $64.70, and entered into agreements with Elliott Investment Management that add two directors to the board effective March 1, 2021. The filing also describes the February 2021 winter weather event, which the company estimates increased net natural gas and purchased power costs by approximately $300 million, a figure it describes as preliminary; the company expects to recover substantially all of these costs through fuel recovery mechanisms, though timing could be delayed. Cash flows from operations were $1,753.8 million in 2020, and capital expenditures were $1,560.3 million.
Feb 26, 2021
2019
Evergy Annual Report, Year Ended Dec 31, 2019
Evergy, Inc. (formerly Monarch Energy Holding, Inc. at incorporation), together with Evergy Kansas Central, Inc. (formerly Westar Energy, Inc.) and Evergy Metro, Inc. (formerly Kansas City Power & Light Company), filed this combined annual report on Form 10-K for fiscal 2019. Evergy is a public utility holding company headquartered in Kansas City, Missouri, serving approximately 1,604,300 customers in Kansas and Missouri and reporting as one segment. For 2019, Evergy reported operating revenues of $5,147.8 million, net income attributable to Evergy, Inc. of $669.9 million, and diluted EPS of $2.79, compared with $535.8 million and $2.50 in 2018. Adjusted earnings (non-GAAP) were $694.0 million, or $2.89 per share. The increase reflects the inclusion of Evergy Metro's and Evergy Missouri West's earnings for the first five months of 2019, partly offset by lower retail sales from cooler summer weather and higher depreciation. The company is pursuing a capital plan with about $7.6 billion of anticipated rate base investment from 2020 through 2024, and projected total capital expenditures of $1,618 million in 2020. Evergy repurchased $1,628.7 million of common stock in 2019 under a program authorized in July 2018, bringing cumulative repurchases to $2,671.0 million. The filing states that Evergy does not anticipate further repurchases while the newly formed Strategic Review & Operations Committee, created in March 2020, conducts its review of ways to enhance long-term shareholder value, expected to conclude in the first half of 2020. The committee may recommend a potential strategic combination or an enhanced standalone plan. Balance sheet items include total assets of $25,975.9 million, long-term debt of $8,746.7 million (noncurrent), and total equity of $8,545.3 million at December 31, 2019. Credit ratings as of February 20, 2020 were stable outlooks across the companies, with Evergy's corporate credit rating at A- (S&P) and senior unsecured debt at Baa2 (Moody's) and BBB+ (S&P). Key risks disclosed include regulatory lag and rate-setting outcomes, environmental regulation of greenhouse gases and coal combustion residuals, the operation of the Wolf Creek nuclear unit (94% indirectly owned), and weather-driven demand. Evergy also disclosed a $10.2 million regulatory liability for Sibley Station revenues subject to possible refund following an MPSC accounting authority order.
Mar 2, 2020
2018
Evergy Annual Report, Year Ended Dec 31, 2018
Evergy, Inc. (filed as Evergy, Inc.; formed in 2017 as Monarch Energy Holding) filed this combined 2018 Form 10-K with Westar Energy, Inc. and Kansas City Power & Light Company. Evergy became the parent of Westar Energy and Great Plains Energy's subsidiaries, including KCP&L and KCP&L Greater Missouri Operations, when the merger closed on June 4, 2018. Westar Energy was the accounting acquirer, so 2017 and 2016 results reflect Westar alone. Consolidated operating revenues were $4,275.9 million in 2018, up from $2,571.0 million in 2017, and net income attributable to Evergy was $535.8 million, or $2.50 diluted EPS, versus $323.9 million and $2.27 in 2017. The company reported $1,042 million of share repurchases in 2018 under a 60 million share program expected to be completed by mid-2020, and it recorded $2,338.9 million of goodwill from the merger, with the first impairment test scheduled for May 1, 2019. The filing describes a fully regulated utility model serving about 1,588,300 customers in Kansas and Missouri, with roughly 14,500 MW of owned generating capacity and renewable purchased power agreements. Total long-term debt including current maturities was $7.34 billion at year-end, and cash flows from operations were $1,497.8 million. Evergy's board declared a quarterly dividend of $0.475 per share in February 2019, and the company targets a long-term payout ratio of 60% to 70% of earnings. Several rate orders took effect in late 2018 that include a five-year base rate moratorium in Kansas beginning December 2018, the reduction of federal tax-related revenue, and one-time customer bill credits tied to the merger and the TCJA. Key risk areas disclosed include regulatory lag and rate review outcomes, environmental compliance costs for greenhouse gas and coal combustion residual rules, nuclear operations at the 94%-owned Wolf Creek plant, and financing costs tied to the buyback program and credit ratings.
Feb 22, 2019