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Evergy (EVRG) investor relations material
Evergy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 adjusted and GAAP EPS were $2.03, up from $2.02 year-over-year, with net income at $475.0M, driven by regulated investment recovery, demand growth, and strong operational performance, partially offset by higher expenses and dilution from convertible notes.
Year-to-date adjusted EPS was $3.41, slightly down from $3.46 last year, mainly due to higher interest, depreciation, operating expenses, and losses from early-stage clean energy investments.
Announced a 4% increase in quarterly dividend to $2.78/share annualized ($0.6950 per share for Q4 2025), aligning with growth outlook and payout ratio targets.
Large customer pipeline remains robust, with 4-6 GW of Tier 1 large load customers in advanced stages, including new operations from Panasonic, Meta, and a $500M Lambda AI/data center investment.
New retail rates for Missouri West and strong reliability metrics contributed to higher revenues and operational performance.
Financial highlights
Q3 adjusted earnings: $475M ($2.03/share) vs. $465M ($2.02/share) in Q3 2024; operating revenues were $1,809.9M, nearly unchanged year-over-year.
Weather-normalized demand up 2% year-over-year in Q3, with residential and commercial growth supported by new large customers.
Recovery of regulated investments added $0.11 EPS; higher depreciation and interest expense reduced EPS by $0.07; dilution from convertible notes reduced EPS by $0.03.
Mitigation actions offset $0.10 of $0.13 weather-related EPS headwinds.
Gross margin (GAAP) for Q3 2025 increased by $30M year-over-year, driven by new rates and higher demand.
Outlook and guidance
2025 adjusted EPS guidance narrowed to $3.92–$4.02 from $3.92–$4.12, reflecting weather impacts and incremental convertible dilution.
Long-term adjusted EPS annual growth target of 4%–6% through 2029 reaffirmed, with growth expected in the upper half of the range starting 2026.
Five-year capital plan totals $17.5B for 2025–2029, supporting 8.5% rate base growth and 2%–3% annual load growth, with potential to increase to 4%–5% if additional data center agreements finalize.
Comprehensive financial outlook update, including capital and financing plans, to be provided at year-end call.
Management expects cash flows to be sufficient to meet short-term capital requirements.
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