Evergy
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Evergy (EVRG) investor relations material

Evergy Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary19 Feb, 2026

Executive summary

  • Raised long-term adjusted EPS growth target to 6%-8%+ through 2030, expecting to exceed 8% annually from 2028, based on a 2026 guidance midpoint of $4.24 per share.

  • Achieved 2025 adjusted EPS of $3.83, with GAAP EPS at $3.66, and declared a quarterly dividend of $0.6950 per share, annualized at $2.78.

  • Secured electric service agreements for four major data center projects (~1.9 GW peak demand), with at least one more ESA expected in 2026.

  • Approved new large load power service tariffs in Kansas and Missouri, ensuring premium rates for large customers and supporting system costs.

  • Advanced economic development pipeline to over 15 GW, with robust interest from global technology leaders.

Financial highlights

  • 2025 adjusted earnings were $893.8 million ($3.83/share), up from $877.9 million ($3.81/share) in 2024; GAAP EPS was $3.66, down from $3.79.

  • 2025 results were negatively impacted by weather and weak industrial demand, partially offset by cost mitigation and commercial demand growth.

  • 2026 adjusted EPS guidance midpoint set at $4.24, with a range of $4.14–$4.34, driven by normalization of weather, strong demand growth, and new rates.

  • Rate base expected to grow from $20.7B in 2025 to ~$36B in 2030, an 11.5% CAGR.

  • Dividend payout ratio targeted to decline to 50%-60% over time, from recent 65%-70%.

Outlook and guidance

  • Forecasts 6% consolidated retail load growth CAGR through 2030, driven by data center and advanced manufacturing ESAs.

  • Capital investment plan of $21.6 billion for 2026-2030, up 24% from prior plan, supporting 11.5% annualized rate base growth.

  • Expects EPS growth in lower half of 6%-8% range in 2026-2027, accelerating to above 8% annually from 2028.

  • Dividend growth expected, targeting a 50–60% payout ratio over time.

  • Anticipates at least one more large ESA in 2026, with additional upside potential beyond current plan.

LLPS tariff impact on existing customer bills?
What drives EPS growth exceeding 8% from 2028?
Reason for disposing early-stage clean energy investments?
Future equity needs beyond 2029
LLPS tariff impact on future rate requests
What supports 2026 industrial load recovery
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Frequently asked questions

Evergy, Inc. generates electricity from coal and lignite, natural gas, wind, landfill gas, nuclear, solar, hydroelectric pumped storage, and purchased power. It supplies electricity to approximately 820,000 residential customers; 200,000 commercial customers; and 50,000 industrial customers, as well as sells renewable energy credits, daylighting services, and carbon offsets. The company was founded in 2017 and is headquartered in Kansas City, Missouri.

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