10-Q · May 6, 2026
Evergy reported solid growth in Q1 2026, with net income rising to $151.5 million, up 21.2% from $125.0 million in Q1 2025. Earnings per share (EPS) increased to $0.64 from $0.54, driven by higher operating revenues of…
Earnings analysis · 10-Q
EVRG earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
Evergy delivered a strong third quarter, with revenue of $2,096.6 million and diluted EPS of $2.59, up from $1,809.9 million and $2.03, respectively, a year earlier and above the $1,955.1 million revenue consensus.…
Read full summary
Evergy delivered a strong third quarter, with revenue of $2,096.6 million and diluted EPS of $2.59, up from $1,809.9 million and $2.03, respectively, a year earlier and above the $1,955.1 million revenue consensus. Results benefited from favorable weather, higher weather-normalized demand, rate increases and emerging data-center load, while operating and gross margins expanded materially. The principal offsets are elevated capital spending, increased debt-related interest expense and rising operating and maintenance costs; no quantitative earnings guidance was provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.59
- Segment
- Evergy operates as one consolidated segment. Third-quarter operating revenue was $2,096.6 million, including $1,775.4 million of electric retail revenue, $99.4 million of wholesale revenue, $140.7 million of transmission revenue and $81.1 million of other revenue.
- Segment
- Year-to-date subsidiary operating revenue: Evergy Kansas Central $2,595.1 million, up $266.5 million; Evergy Metro $1,622.7 million, up $107.9 million.
What stood out
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Strong revenue growth and consensus beat
Third-quarter operating revenue increased $286.7 million year over year to $2,096.6 million, up approximately 15.8% from $1,809.9 million. Revenue was also above the $1,955.1 million consensus estimate by approximately $141.5 million.
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EPS surged on higher utility earnings
Diluted EPS rose to $2.59 from $2.03 year over year and $0.91 in the prior quarter. Net income attributable to Evergy increased $137.9 million year over year to $612.9 million.
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Margins expanded materially
Third-quarter GAAP gross margin was $946.1 million, up $163.7 million year over year, while income from operations increased $150.0 million to $808.5 million. Calculated GAAP gross margin was approximately 45.1% and operating margin approximately 38.6%.
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Residential and commercial demand strengthened
Electric retail revenue increased $249.7 million year over year to $1,775.4 million. Residential revenue rose $148.2 million to $882.1 million and commercial revenue rose $93.6 million to $692.4 million, supported by a 31% increase in cooling degree days and higher weather-normalized demand.
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Large-load pipeline supports growth
Evergy signed agreements in 2026 to serve data centers with projected peak steady-state load of approximately 2,600 MW, covering three new projects and expansions of two previously announced projects. Service has commenced or is expected to commence from 2026 through 2028.
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Operating cash funded heavy investment
Year-to-date operating cash flow was $1,699.2 million versus $1,711.2 million in 2025, while cash used in investing increased to $2,484.9 million from $1,902.0 million. The increase was primarily driven by a $782.2 million rise in additions to property, plant and equipment.
What to watch
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Heavy capital spending requires financing
Year-to-date capital spending pressure materially exceeded operating cash flow: investing cash use was $2,484.9 million versus operating cash flow of $1,699.2 million. Evergy said the increase in investing cash use was driven by a $782.2 million increase in property, plant and equipment additions, including new generating facilities.
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Debt and interest burden increased
Interest expense increased $16.0 million year over year in the quarter and $50.1 million year to date, driven in part by $27.7 million of additional quarterly expense and $65.7 million of additional year-to-date expense from long-term debt issuances. As of September 30, 2026, $1,155.9 million of convertible notes remained outstanding after $244.1 million of principal repurchases.
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Maintenance and operating costs rising
Operating and maintenance expense increased $26.7 million year over year in the quarter and $43.7 million year to date. Key increases included $6.8 million of quarterly transmission and distribution costs, $4.5 million of coal-plant maintenance, and $20.7 million of year-to-date transmission and distribution costs.
Management's outlook
No quantitative EPS or revenue guidance was provided. Management expects cash flows to be sufficient to meet existing short-term capital requirements. Evergy Missouri West expects new rates to be effective in October 2027, while Evergy Metro expects new rates to be effective in January 2027.
Earlier filings 4
10-Q · August 5, 2021
Evergy reported Q2 2021 operating revenue of $1,236.2 million (up $51.5M, +4.3% vs Q2 2020) and diluted EPS of $0.81 (vs $0.59 in Q2 2020). Operating income was $295.3 million (operating margin 23.9%), improving both…
10-Q · May 6, 2021
Evergy reported sharply higher revenue and earnings for Q1 2021 with operating revenue of $1,611.9 million (up $495.2 million vs Q1 2020) and diluted EPS of $0.84 (vs $0.31 in Q1 2020). Segment revenues at Evergy Kansas…
10-K · February 26, 2021
Evergy is an integrated, regulated electric utility serving approximately 1,620,400 customers in Kansas and Missouri that is pursuing a decarbonization-led strategy (Sustainability Transformation Plan announced August…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.