Evergy (EVRG) Q2 2026 earnings summary

Executive summary

• Q2 2026 adjusted EPS was $0.88, up from $0.82 year-over-year, and GAAP EPS was $0.91, up from $0.74, driven by regulated investment recovery, load growth, and large customer revenues, partially offset by higher O&M and depreciation.

• Net income attributable to shareholders rose to $215.0 million for Q2 2026, up from $171.3 million in Q2 2025.

• Operational execution remained strong, with safety, reliability, and generation availability metrics trending favorably to targets despite severe storms.

• Major new electric service agreements were signed with large data center customers, expected to add up to 3 GW of load, supporting regional growth and customer affordability.

• Declared a quarterly dividend of $0.6950 per share, payable September 18, 2026.

Financial highlights

• Q2 2026 adjusted earnings were $209 million ($0.88/share), up from $191 million ($0.82/share) in Q2 2025; GAAP net income was $215.0 million ($0.91/share), up from $171.3 million ($0.74/share).

• Year-to-date adjusted EPS as of June 30, 2026, was $1.57, up from $1.37 year-over-year.

• Operating revenues for Q2 2026 were $1,500.1 million, up from $1,437.0 million in Q2 2025.

• Weather-normalized demand grew 1.8% in Q2, with commercial and industrial demand as primary drivers.

• Load growth and new large customer operations contributed $0.10/share to EPS; higher O&M, depreciation, and interest expense reduced EPS by $0.08; convertible bond dilution reduced EPS by $0.02.

Outlook and guidance

• Reaffirmed 2026 adjusted EPS guidance midpoint at $4.24, with a range of $4.14–$4.34; long-term adjusted EPS growth target of 6%-8%+ through 2030, with growth expected to exceed 8% annually from 2028.

• Third quarter adjusted EPS guidance set at 50%-53% of the $4.24 midpoint.

• Retail load growth CAGR projected at 7%-8% through 2030, anchored by long-term ESAs with large customers.

• Additional ESAs and expansion projects could provide further upside to growth and capital investment.

• Weighted average remaining terms of new large load contracts are 14–17 years, with $8.9 billion in minimum contractual obligations.