Evergy (EVRG) Q3 2026 earnings summary

Executive summary

• Q3 adjusted EPS was $2.58 versus $2.03 a year earlier; GAAP EPS was $2.59 and net income was $612.9M versus $475.0M.

• Warmer weather, demand growth, large-customer revenue and investment recovery supported results; higher O&M, depreciation, interest and tax expense were offsets.

• 2026 adjusted EPS guidance rose to $4.35–$4.50, with large-load growth and expanded investment underpinning the long-term outlook.

• Safety, reliability and generation availability metrics were favorable to target; generation reliability exceeded expectations during warmer weather and record peak demand.

Financial highlights

• Q3 operating revenue was $2,096.6M versus $1,809.9M; operating income was $808.5M versus $658.5M.

• YTD adjusted earnings were $980.2M, or $4.15 per diluted share, versus $794.0M, or $3.41; GAAP net income was $979.4M versus $771.3M.

• Weather, demand and large-customer revenue contributed $0.46 per share YoY; regulated investment returns and recovery added $0.17, while higher O&M, depreciation and net interest expense reduced EPS by $0.15.

• YTD operating cash flow was $1,699.2M versus $1,711.2M; capital additions were $2,714.6M versus $1,932.4M.

Outlook and guidance

• 2026 adjusted EPS guidance increased to $4.35–$4.50 from $4.14–$4.34.

• Long-term adjusted EPS growth target is 6%–8%+ through 2030, based on the original 2026 midpoint of $4.24; annual growth is expected to exceed 8% in 2028–2030.

• Weather-normalized retail demand is projected to grow 7%–8% annually from 2025 to 2030; management also expects average annual increases of 8%–9% in 2026–2030.

• Executed agreements and non-LLPS customers support large-customer peak demand growth from 350–400 MW today to 2,250 MW in 2030 and 3,100 MW post-2030.

• The 2026–2030 capital plan is $21.6B; 2026 IRP preferred plans add ~$1B, taking five-year CapEx through 2030 to $22.5B, with projected rate base growth of ~12% annually.