01—Abstract
Summary
Summary of the 10-K filed February 19, 2026. Cited figures are marked; the original filing is the authoritative source.
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 milliona, 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 billionb 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 $0.6950c per share in February 2026.
02—Key points
Key Highlights
- 2025 GAAP diluted EPS of $3.66 declined from $3.79 in 2024, while adjusted EPS (non-GAAP) rose to $3.83 from $3.81.
- Operating revenues increased to $5,961.6 million, with utility gross margin (non-GAAP) up $114.7 million to $4,111.2 million, driven by new retail rates in Missouri and Kansas.
- Planned capital expenditures total approximately $21.6 billion for 2026 through 2030, including $9.3 billion for new generation.
- February 2026 electric service agreements cover approximately 1,900 MWs of projected peak load from data centers, with service beginning between 2026 and 2028.
- Evergy Kansas Central's 2025 rate case settlement added $128.0 million in retail revenues effective October 2025, and Evergy Metro filed a rate request of approximately $140 million in February 2026.
- Balance sheet growth: long-term debt, net rose to $13,039.2 million and the company has about $1.1 billion of ATM equity capacity available, with $244.1 million of convertible notes repurchased in January and February 2026.
- Dividend declared at $0.6950 per quarter in February 2026, within a stated long-term payout target of 50%-60%.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 19, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $5.96B$5.85B | +2.0% |
| Operating Expenses | $4.43B$4.38B | +1.1% |
| Operating Income | $1.53B$1.47B | +4.4% |
| Interest Expense | $616.30M$563.10M | +9.4% |
| Net Income | $867.90M$885.80M | −2.0% |
| EPS (Basic) | $3.71$3.79 | −2.1% |
| EPS (Diluted) | $3.66$3.79 | −3.4% |
| Shares Outstanding (Basic) | 230.50M230.30M | +0.1% |
| Shares Outstanding (Diluted) | 233.60M230.60M | +1.3% |
05—Questions
Frequently Asked Questions
How did Evergy's earnings change in 2025?
Net income attributable to Evergy, Inc. was $855.6 million in 2025, compared with $873.5 million in 2024, and diluted EPS was $3.66 versus $3.79. The decline was primarily due to higher operating and maintenance, depreciation and interest expense, $48.7 million of losses from non-regulated clean energy investments, and lower corporate-owned life insurance proceeds, partly offset by new retail rates and higher transmission revenues. Adjusted EPS (non-GAAP) was $3.83 versus $3.81.
What is driving Evergy's capital investment plan?
The company is targeting approximately $21.6 billion of capital expenditures through 2030, with about $9.3 billion for new generation, primarily natural gas, renewable generation and battery storage. The filing cites growing electricity demand from data centers and large load customers, and planned natural gas plants in Kansas and Missouri, which are expected to begin operating between 2029 and 2030.
How will Evergy fund its planned investments?
Evergy expects to issue about $12.3 billion of debt securities and $3.3 billion of equity between 2026 and 2030, subject to market conditions, and to refinance $3.9 billion of long-term debt maturities. It has an ATM program with approximately $1.1 billion of common stock available for issuance and forward sale agreements that could deliver 1.7 million shares. Cash flow from operations was $2,045.2 million in 2025.
What regulatory actions could affect Evergy's future earnings?
Evergy Metro requested a retail revenue increase of about $140 million from the MPSC in February 2026, with a 10.5% return on equity request, and new rates are expected in January 2027. Kansas Central's KCC-approved settlement, effective October 2025, provides for an earnings review that requires refunding 50% of annual earnings above a 9.7% return on equity. The filing also notes that the Large Load Power Service rate plans in both states were approved in November 2025.
What are the key risks highlighted in the filing?
The filing highlights regulatory lag and the possibility that regulators will not approve full cost recovery, dependence on data center demand materializing as projected, access to capital and credit ratings, wildfire liability, operation of the Wolf Creek nuclear unit, environmental rules including greenhouse gas and coal combustion residual regulations whose costs could be material, and supply chain and tariff pressures on project costs.
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