Evergy (EVRG) Q4 2025 earnings summary

Executive summary

• Achieved 2025 adjusted EPS of $3.83 and GAAP EPS of $3.66, with a 2026 adjusted EPS guidance midpoint of $4.24 and a long-term adjusted EPS growth target of 6%-8%+ through 2030, expected to exceed 8% annually from 2028.

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

• Five-year capital investment plan increased by 24% to $21.6B for 2026–2030, supporting reliability, growth, and new generation.

• Regulatory and operational execution, including passage of Missouri Senate Bill 4 and settlement agreements in Kansas, underpin transformative growth.

• Dividend increased to an annualized rate of $2.78 per share, with a revised payout ratio target of 50%-60%.

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 set at $4.14–$4.34, with a midpoint of $4.24, reflecting normalization of weather and strong demand growth.

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

• Dividend increased 4% to $2.78 annualized.

Outlook and guidance

• Forecasts consolidated retail load growth CAGR of ~6% through 2030, driven by large load ESAs and data centers.

• Expects annual adjusted EPS growth of 6%-8%+ through 2030, accelerating to above 8% from 2028.

• Capital investment plan of $21.6 billion for 2026-2030, up $4.1 billion from prior plan.

• Rate base growth projected at 11.5% annually through 2030.

• Anticipates at least one more large ESA in 2026, not yet included in current forecasts.