Evergy (EVRG) Q1 2025 earnings summary

Executive summary

• Q1 2025 adjusted and GAAP EPS were $0.54, with net income attributable to Evergy, Inc. of $125.0 million, up from $122.7 million in Q1 2024, driven by regulated investment recovery, new retail rates, higher transmission revenues, and favorable weather, but offset by lower industrial demand and higher expenses.

• Legislative and regulatory progress in Kansas and Missouri, including new laws and incentives, supports infrastructure investment, economic development, and cost recovery for new generation projects.

• Reliability metrics and generation fleet performance exceeded targets, with operations normalizing after major customer outages and weather events.

• Strong pipeline of large new customers, especially data centers, positions the company for robust future growth.

• Dividend of $0.6675 per share declared, payable June 2025.

Financial highlights

• Q1 2025 adjusted earnings: $125.0 million, or $0.54 per share, flat year-over-year; GAAP EPS also $0.54.

• Operating revenues rose to $1,374.5 million, with utility gross margin up $40.9 million to $922.8 million.

• Retail sales: residential +8.4%, commercial +3.2%, industrial -8.3% year-over-year; weather-normalized total retail sales -3.0%.

• Depreciation and interest expense increased, reducing EPS; cash flows from operating activities were $449.6 million, up $132.3 million year-over-year.

• Dividend payments totaled $153.6 million in Q1 2025.

Outlook and guidance

• 2025 adjusted and GAAP EPS guidance reaffirmed at $3.92–$4.12, midpoint $4.02.

• Long-term adjusted EPS growth target of 4%–6% through 2029, expecting to be in the top half of the range.

• Demand/load growth forecast of 2%–3% CAGR through 2029, with potential upside if additional large customers materialize.

• Operational and O&M cost management expected to offset Q1 shortfall and achieve full-year targets.

• Planning $17.5 billion in infrastructure investment from 2025–2029, supporting ~8.5% annualized rate base growth.