01—Abstract
Summary
Summary of the 10-Q filed August 6, 2026. Cited figures are marked; the original filing is the authoritative source.
Evergy, Inc. (EVRG) reported second-quarter 2026 net income attributable to Evergy, Inc. of $215.0 milliona, or $0.91 diluted earnings per share, compared with $171.3 million, or $0.74 per share, in the second quarter of 2025.
For the six months ended June 30, 2026, net income attributable to Evergy, Inc. was $366.5 millionb, or $1.55 diluted EPS, versus $296.3 million, or $1.28 per share, a year earlier. Management attributes the increase primarily to new Evergy Kansas Central retail rates effective in October 2025, higher retail sales driven by weather and higher weather-normalized demand, and gains from non-regulated early-stage clean energy investments compared with losses a year earlier, partially offset by higher interest, depreciation and operating and maintenance expense. Adjusted EPS (non-GAAP) was $0.88 for the quarter and $1.57 year to date.
Capital spending and financing activity increased significantly. Year-to-date additions to property, plant and equipment were $1,811.8 millionc, compared with $1,220.1 million in the prior year period. Total assets rose to $35.35 billion at June 30, 2026, from $33.95 billion at December 31, 2025.
Evergy entered into a $3.5 billiond master credit facility expiring in June 2031, and short-term borrowings and notes payable and commercial paper increased to $2,331.0 million. Evergy also repurchased $244.1 million of its convertible notes in early 2026, leaving $1,155.9 million outstanding, and the notes are classified as current maturities because they became convertible at holders' option. Large load customers signed electric service agreements for data centers with a projected peak load of approximately 2,600 MW, with remaining contractual minimum performance obligations of $8.9 billion for Evergy.
Regulatory and other items include a pending Evergy Metro rate case requesting an increase of approximately $140 million, with an evidentiary hearing scheduled for October 2026 and new rates expected in January 2027. Evergy Metro also filed a CCN application for a 440 MW simple-cycle gas turbine facility expected to begin operations in 2030. The filing notes that a generation development agreement could require a payment of approximately $80 million if the companies elect not to proceed by a deadline, with a decision expected no later than the second quarter of 2027.
02—Key points
Key Highlights
- Net income attributable to Evergy, Inc. was $215.0 million ($0.91 diluted EPS) for Q2 2026, up from $171.3 million ($0.74) in Q2 2025; year to date it was $366.5 million ($1.55) versus $296.3 million ($1.28).
- Adjusted EPS (non-GAAP) was $0.88 for the quarter and $1.57 year to date, compared with $0.82 and $1.37 in the prior-year periods.
- Year-to-date additions to property, plant and equipment were $1,811.8 million, up from $1,220.1 million, reflecting construction of new generating facilities and other capital projects.
- Evergy entered into a $3.5 billion master credit facility expiring June 2031, with $1,648.4 million of available borrowing capacity as of June 30, 2026.
- Large load customer electric service agreements cover data centers with a projected peak steady state load of approximately 2,600 MW, with Evergy's remaining contractual minimum performance obligations stated at $8.9 billion.
- Evergy Metro's 2026 rate case requests an increase of approximately $140 million, with an evidentiary hearing in October 2026 and new rates expected in January 2027.
- Evergy Kansas Central issued $350.0 million of 5.30% first mortgage bonds in July 2026 to refinance $350.0 million of 2.55% bonds maturing in July 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed August 6, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $1.50B$1.44B | +4.4% |
| Operating Expenses | $1.12B$1.09B | +2.4% |
| Operating Income | $380.60M$343.80M | +10.7% |
| Interest Expense | $165.90M$153.80M | +7.9% |
| Net Income | $218.10M$174.40M | +25.1% |
| EPS (Basic) | $0.93$0.74 | +25.7% |
| EPS (Diluted) | $0.91$0.74 | +23.0% |
| Shares Outstanding (Basic) | 230.90M230.40M | +0.2% |
| Shares Outstanding (Diluted) | 236.50M232.70M | +1.6% |
05—Questions
Frequently Asked Questions
What drove the increase in Evergy's earnings in the second quarter of 2026?
The filing attributes the increase in net income attributable to Evergy, Inc. primarily to new Evergy Kansas Central retail rates effective in October 2025, higher retail sales driven by favorable weather and higher weather-normalized demand, and gains in 2026 compared with losses in 2025 from non-regulated investments in early-stage clean energy and energy solution companies. These were partially offset by higher interest, depreciation and operating and maintenance expense.
How is Evergy funding its capital program?
Cash flows from operations were $711.1 million year to date, while investing activities used $1,628.5 million. Financing activities provided $917.7 million, including $724.3 million of long-term debt proceeds, $555.0 million of term loan proceeds, $437.0 million of net short-term debt, and $27.5 million of refundable construction advances, partly offset by $397.4 million of debt retirements and $315.3 million of dividends. Evergy also has an ATM program with approximately $0.8 billion of common stock available for issuance and forward sale agreements outstanding.
What is the status of Evergy's convertible notes?
In January and February 2026, Evergy repurchased $244.1 million of its 4.50% convertible notes for $309.5 million, funded by term loans. After these repurchases, $1,155.9 million principal remains outstanding. Because the closing price condition was met, the notes became convertible at holders' option beginning April 1, 2026, and are classified as current maturities. The notes remain convertible through September 2026, and the filing notes a $10.3 million loss on the repurchases recorded in interest expense.
What regulatory matters could affect Evergy's future results?
Evergy Metro's 2026 rate case requests roughly $140 million in additional retail revenue based on a 10.5% return on equity and a 52% equity capital structure, with new rates expected in January 2027. Evergy Metro also requested a CCN from the MPSC by December 2026 for a 440 MW gas turbine facility expected to begin operations in 2030. In Kansas, Evergy Kansas Central's 2025 earnings calculation was accepted with no refund obligation, and the company estimates no refund obligation for 2026. The filing also discusses environmental rules, including the 2024 PM2.5 NAAQS and greenhouse gas regulation, whose costs could be material.
06—Continue