01—Abstract
Summary
Summary of the 8-K filed February 19, 2026. Cited figures are marked; the original filing is the authoritative source.
Evergy, Inc. (NASDAQ: EVRG), filing jointly with Evergy Kansas Central, Inc. and Evergy Metro, Inc., furnished a Form 8-K on February 19, 2026 containing its press release reporting fourth-quarter and full-year 2025 results, declaring a dividend, announcing large customer agreements, and establishing 2026 guidance.
The information is furnished under Items 2.02 and 7.01 and is not deemed filed for Section 18 purposes. For full-year 2025, GAAP earnings were $855.6 milliona, or $3.66 per diluted share, compared to $873.5 million, or $3.79 per share, in 2024. Adjusted (non-GAAP) earnings were $893.8 million, or $3.83 per share, versus $877.9 million, or $3.81 per share, in 2024.
Fourth-quarter 2025 GAAP earnings were $84.3 millionb, or $0.36 per share, and adjusted earnings were $99.8 million, or $0.42 per share. The company said 2025 adjusted EPS benefited from recovery of regulated investments and weather-normalized demand growth, partially offset by higher depreciation, operations and maintenance, and interest expense, and that weather was milder than normal. Chairman and CEO David Campbell cited the company's strongest reliability year since its formation and the approval of large load power service (LLPS) tariffs in Kansas and Missouri in the fourth quarter.
Looking forward, Evergy issued 2026 adjusted EPS guidance of $4.14 to $4.34c, a long-term adjusted EPS growth target of 6% to 8%+ through 2030, and expects adjusted EPS growth to exceed 8% beginning in 2028. It also introduced a 2026E-2030E capital investment plan of $21.6 billion and declared a quarterly dividend of $0.6950 per share, payable March 20, 2026 to holders of record as of March 10, 2026. The company signed electric service agreements for four large customer projects under the LLPS framework.
02—Key points
Key Highlights
- FY2025 GAAP EPS of $3.66 versus $3.79 in 2024; adjusted EPS of $3.83 versus $3.81 in 2024
- Q4 2025 GAAP EPS of $0.36 versus $0.34 in Q4 2024; adjusted EPS of $0.42 versus $0.35
- 2026 adjusted EPS guidance set at $4.14 to $4.34, with a midpoint of $4.24
- Long-term adjusted EPS growth target of 6% to 8%+ through 2030, exceeding 8% beginning in 2028
- 2026E-2030E capital investment plan of $21.6 billion
- Electric service agreements signed for four large customer projects under the new LLPS framework
- Quarterly dividend of $0.6950 per share declared, payable March 20, 2026
03—Questions
Frequently Asked Questions
Why did 2025 GAAP earnings decline from 2024?
GAAP earnings were $855.6 million, or $3.66 per share, versus $873.5 million, or $3.79 per share, in 2024. The filing's non-GAAP reconciliation shows $49.0 million pre-tax in losses from investments in early-stage clean energy and energy solutions companies in 2025, which management excludes from adjusted results. Management also said weather was milder than normal and that it could not fully offset weather and demand headwinds.
What drove the adjusted EPS results in 2025?
Management said full-year 2025 adjusted EPS benefited from recovery of regulated investments and growth in weather-normalized demand. These gains were partially offset by higher depreciation and amortization, operations and maintenance, and interest expense.
What is the company's earnings outlook?
Evergy set 2026 adjusted EPS guidance of $4.14 to $4.34 and a long-term adjusted EPS growth target of 6% to 8%+ through 2030. It expects adjusted EPS growth to exceed 8% beginning in 2028 and through 2030. The company said it cannot provide a GAAP equivalent for this guidance because it cannot forecast items such as impairments or divestitures.
What are the large load power service (LLPS) tariffs and why do they matter?
According to the filing, the LLPS tariffs were approved in both Kansas and Missouri in the fourth quarter of 2025. They establish a framework under which new large customers pay a premium rate to locate in Evergy's territories while paying their share of existing and new system costs. Management said this should benefit affordability for existing customers and support economic growth, and it cited electric service agreements signed under this framework for four large customer projects.
What dividend did Evergy declare?
The Board declared a quarterly dividend of $0.6950 per share on the common stock, payable March 20, 2026 to shareholders of record as of March 10, 2026.
04—Continue