01—Abstract
Summary
Summary of the 10-Q filed August 7, 2025. Cited figures are marked; the original filing is the authoritative source.
Evergy, Inc. (EVRG) reported second-quarter 2025 results in this combined Form 10-Q with Evergy Kansas Central, Inc. and Evergy Metro, Inc. For the three months ended June 30, 2025, operating revenues were $1,437.0 milliona (vs. $1,447.5 million), net income attributable to Evergy, Inc. was $171.3 million (vs. $207.0 million), and diluted EPS was $0.74 (vs. $0.90).
Year to date, net income attributable to Evergy, Inc. was $296.3 millionb ($1.28 diluted EPS) compared with $329.7 million ($1.43) a year earlier. The filing attributes the decline primarily to lower retail sales from unfavorable weather, higher operating and maintenance, depreciation and interest expenses, and $25.4 million of unrealized and impairment losses on investments in early-stage clean energy and energy solution companies in the quarter. These were partially offset by new Evergy Missouri West retail rates effective January 2025 and $11.6 million of income from the sale of a commercial solar generation project.
Adjusted EPS (non-GAAP) was $0.82c for the quarter versus $0.90 a year earlier, and $1.37 year to date versus $1.44. Total assets were $32,911.3 million at June 30, 2025, up from $32,282.1 million at December 31, 2024, and long-term debt, net, rose to $12,398.0 million from $11,809.2 million. Year-to-date cash flows from operating activities were $773.5 million, and additions to property, plant and equipment were $1,220.1 million.
Cash dividends paid were $304.6 milliond. Evergy declared a quarterly dividend of $0.6675 per share in August 2025.
Regulatory developments in July 2025 include KCC approval of a settlement for Evergy Kansas Central's new natural gas plant investments and Kansas Sky solar facility, and MPSC approval of certificates of convenience and necessity for Evergy Missouri West's natural gas and solar plants. Evergy Kansas Central's pending rate case settlement would increase retail revenues by $128.0 million, subject to KCC approval and expected to take effect September 29, 2025.
02—Key points
Key Highlights
- Q2 2025 net income attributable to Evergy, Inc. was $171.3 million, down from $207.0 million, and diluted EPS was $0.74 versus $0.90 a year earlier.
- Year-to-date net income attributable to Evergy, Inc. was $296.3 million ($1.28 diluted EPS), compared with $329.7 million ($1.43) in the prior-year period.
- Adjusted EPS (non-GAAP) was $0.82 for the quarter and $1.37 year to date, versus $0.90 and $1.44 in 2024.
- Losses and impairments of $25.4 million in the quarter on non-regulated investments in early-stage clean energy and energy solution companies; Evergy has initiated a process to dispose of these investments.
- Evergy Kansas Central's rate case settlement, subject to KCC approval, would increase retail revenues by $128.0 million, with new rates expected effective September 29, 2025.
- KCC and MPSC approved July 2025 settlements and certificates for combined-cycle and simple-cycle natural gas plants and solar facilities, including Kansas Sky, Sunflower Sky and Foxtrot.
- Long-term debt, net, increased to $12,398.0 million from $11,809.2 million, and Evergy launched a $1.2 billion at-the-market equity program in May 2025 with no sales as of June 30, 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed August 7, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $1.44B$1.45B | −0.7% |
| Operating Expenses | $1.09B$1.09B | +0.3% |
| Operating Income | $343.80M$358.10M | −4.0% |
| Interest Expense | $153.80M$143.60M | +7.1% |
| Net Income | $174.40M$210.10M | −17.0% |
| EPS (Basic) | $0.74$0.90 | −17.8% |
| EPS (Diluted) | $0.74$0.90 | −17.8% |
| Shares Outstanding (Basic) | 230.40M230.30M | 0.0% |
| Shares Outstanding (Diluted) | 232.70M230.50M | +1.0% |
05—Questions
Frequently Asked Questions
Why did Evergy's earnings decline in the second quarter of 2025?
The filing attributes the decline in net income attributable to Evergy, Inc. (from $207.0 million to $171.3 million) primarily to lower retail sales from unfavorable weather, higher operating and maintenance, depreciation and interest expenses, and losses from investments in early-stage clean energy and energy solution companies. These were partially offset by new Evergy Missouri West retail rates effective January 2025 and income from the sale of a commercial solar generation project.
What regulatory approvals did Evergy receive in July 2025?
The Kansas Corporation Commission approved a non-unanimous partial settlement for Evergy Kansas Central's planned natural gas plants, allowing a CWIP rider, and a unanimous partial settlement for the Kansas Sky solar investment. The Missouri Public Service Commission approved Evergy Missouri West's certificates of convenience and necessity for the Sunflower Sky and Foxtrot solar facilities and for its natural gas plant investments.
What rate increase is Evergy Kansas Central seeking, and when could it take effect?
Evergy Kansas Central filed in January 2025 for an increase of approximately $196 million. In July 2025, it reached a unanimous settlement providing for a $128.0 million increase to retail revenues. The settlement is subject to KCC approval, and if approved, new rates are expected to take effect September 29, 2025.
How is Evergy funding its capital program and dividends?
Year-to-date operating cash flow was $773.5 million, while additions to property, plant and equipment totaled $1,220.1 million and cash dividends paid were $304.6 million. Financing included $593.4 million of long-term debt proceeds and net short-term debt borrowings of $215.6 million. Evergy had $1,074.0 million of available borrowing capacity under its master credit facility as of June 30, 2025.
What is the status of Evergy's exposure to early-stage clean energy investments?
Evergy's investments in early-stage clean energy and energy solution companies were valued at $95.0 million as of June 30, 2025, down from $121.4 million at December 31, 2024. The company recorded $25.4 million of unrealized and impairment losses in the quarter and $29.0 million year to date, and has initiated a process to dispose of these investments, which could result in additional losses or gains.
06—Continue