01—Abstract
Summary
Summary of the 10-Q filed May 8, 2025. Cited figures are marked; the original filing is the authoritative source.
Evergy, Inc. reported first-quarter 2025 net income attributable to Evergy of $125.0 milliona, or $0.54 per diluted share, compared with $122.7 million, or $0.53 per diluted share, in the same period of 2024.
The filing attributes the increase mainly to new Evergy Missouri West retail rates effective January 2025, higher transmission revenues, and retail sales driven by favorable weather, partly offset by higher interest and depreciation expense and lower investment earnings. Operating revenues rose to $1,374.5 millionb from $1,331.0 million. Adjusted earnings (non-GAAP) were $125.0 million, or $0.54 per share, versus $124.7 million, or $0.54 per share, a year earlier.
Cash flow from operating activities was $449.6 millionc, up from $317.3 million, while additions to property, plant and equipment totaled $592.8 million. Evergy issued $594.2 million of long-term debt, including $300.0 million of Evergy Kansas Central First Mortgage Bonds and $300.0 million of Evergy Kansas Central Notes, and used the proceeds to reduce commercial paper, which fell to $943.6 million from $1,207.6 million. Long-term debt, net, rose to $12,405.5 million from $11,809.2 million.
The Board declared a quarterly common dividend of $0.6675d per share in May 2025. Regulatory and legislative developments include a pending Evergy Kansas Central rate case requesting an increase of approximately $196 million, with an evidentiary hearing scheduled for July 2025. Partial settlements on natural gas plant and Kansas Sky solar predetermination were reached in April 2025, with a KCC order expected in July 2025.
Missouri S.B. 4 and Kansas H.B.
2107 were signed into law in April 2025. In April 2025, Moody's changed the outlook on Evergy Missouri West to Stable and lowered its credit ratings, with a corporate credit rating of Baa3.
02—Key points
Key Highlights
- Net income attributable to Evergy, Inc. was $125.0 million, or $0.54 per diluted share, up from $122.7 million, or $0.53 per diluted share, in Q1 2024.
- Operating revenues increased to $1,374.5 million from $1,331.0 million, driven by new Evergy Missouri West retail rates, higher transmission revenue, and favorable weather.
- Cash flow from operating activities was $449.6 million, compared with $317.3 million in the prior-year quarter.
- Evergy issued $594.2 million of long-term debt in the quarter and reduced commercial paper to $943.6 million from $1,207.6 million.
- Evergy Kansas Central filed a rate case requesting about $196 million in additional retail revenue, with an evidentiary hearing set for July 2025 and new rates expected in September 2025.
- Missouri S.B. 4 and Kansas H.B. 2107 were signed into law in April 2025, with S.B. 4 establishing new cost recovery mechanisms for natural gas-fired generating units.
- Moody's lowered Evergy Missouri West's ratings in April 2025, with a corporate credit rating of Baa3, though it changed the outlook from Negative to Stable.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2025filed May 8, 2025Financial Statements
Q1 FY2025 against Q1 FY2024
| Line item | Q1 FY2025Q1 FY2024 | Change |
|---|---|---|
| Revenue | $1.37B$1.33B | +3.3% |
| Operating Expenses | $1.08B$1.07B | +1.1% |
| Operating Income | $291.60M$260.20M | +12.1% |
| Interest Expense | $152.50M$133.20M | +14.5% |
| Net Income | $128.10M$125.80M | +1.8% |
| EPS (Basic) | $0.54$0.53 | +1.9% |
| EPS (Diluted) | $0.54$0.53 | +1.9% |
| Shares Outstanding (Basic) | 230.40M230.20M | +0.1% |
| Shares Outstanding (Diluted) | 232.10M230.40M | +0.7% |
05—Questions
Frequently Asked Questions
How did Evergy's earnings change in the first quarter of 2025?
Net income attributable to Evergy, Inc. increased to $125.0 million from $122.7 million, and diluted EPS rose to $0.54 from $0.53. The filing attributes the increase primarily to new Evergy Missouri West retail rates effective January 2025, higher transmission revenues, and higher retail sales driven by favorable weather. These were partly offset by higher interest and depreciation expense and lower investment earnings.
How is Evergy funding its capital investments?
During the quarter, Evergy spent $592.8 million on additions to property, plant and equipment and issued $594.2 million of long-term debt. Evergy Kansas Central used the proceeds from its $300.0 million First Mortgage Bonds and $300.0 million Notes to pay down commercial paper and for general corporate purposes. Commercial paper balances declined to $943.6 million from $1,207.6 million at year-end 2024.
What regulatory decisions are pending for Evergy?
Evergy Kansas Central's 2025 rate case requests about $196 million in additional retail revenue, with an evidentiary hearing scheduled for July 2025 and new rates expected to take effect in September 2025. The KCC is also expected to issue an order in July 2025 on predetermination for planned natural gas plants and the Kansas Sky solar investment, following partial settlements reached in April 2025. Evergy Missouri West's CCN applications are expected to receive final MPSC orders in August 2025.
What dividend did Evergy declare?
In May 2025, Evergy's Board declared a quarterly dividend of $0.6675 per share, payable June 20, 2025, to shareholders of record as of May 23, 2025. Dividends declared on common stock in the first quarter totaled $153.6 million, compared with $147.7 million in the prior-year period.
What new legislation affects Evergy's operations?
In April 2025, Missouri S.B. 4 was signed into law. It creates mechanisms for Missouri utilities to include certain construction work in progress costs in rate base for new natural gas-fired generating units, and extends plant-in-service accounting provisions through the end of 2035. Kansas H.B. 2107 was also signed in April 2025, establishing a two-year statute of limitations for wildfire-related claims against Kansas electric utilities and a $5.0 million limit on punitive damages under a fire claim.
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