Evergy (EVRG) FY2025 results: revenue $6.0 billion, up 2.0% on the year

Evergy is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Missouri. It serves approximately 1.7 million electricity customers in Kansas and Missouri: approximately 1.5 million residences, 0.2 million commercial firms and 7,400 industrials, municipalities and other electric utilities. It operates through three integrated, regulated electric utilities, all trading under the Evergy name: Evergy Kansas Central in Kansas, Evergy Metro in Missouri and Kansas, and Evergy Missouri West in Missouri. The companies assess financial performance and allocate resources on a consolidated basis, so Evergy reports one segment. It had 4,691 employees at the end of 2025, 2,479 of them represented by unions, and splits them 1,882 in generation, 1,468 in transmission and distribution and 1,341 in support roles.

Retail sales volumes in 2025 divided 44 percent commercial, 37 percent residential and 19 percent industrial. The filing says the business is significantly affected by seasonality, with approximately one-third of retail revenues recorded in the third quarter.

What it runs

Owned generating capacity plus renewable power purchase agreements come to approximately 15,800 MW. Estimated 2026 capacity of 15,812 MW breaks down as 5,930 MW of coal at 37 percent, 4,525 MW of wind at 29 percent, 4,229 MW of natural gas and oil at 27 percent, 1,106 MW of uranium at 7 percent and 22 MW of solar and landfill gas. The wind figure includes 778 MW of owned capacity and approximately 3,747 MW under long-term purchase agreements expiring between 2028 and 2048. Firm capacity agreements with start dates between 2025 and 2028 add approximately 600 MW more, expiring between 2029 and 2033.

Over the last three years roughly 60 percent of the electricity Evergy delivered came from its own generation and 40 percent was bought from others, and about 60 percent of what it bought came under long-term renewable contracts. By fuel, 47 percent of net kWh delivered in 2025 came from coal, 28 percent from wind, landfill gas and solar, 18 percent from uranium and 7 percent from natural gas and oil. The filing says its generating units, including jointly-owned units, are projected to use approximately 16 million tons of coal during 2026, bought from suppliers in Wyoming's Powder River Basin, which the filing calls the nation's principal supply region of low-sulfur coal, and from local suppliers. Natural gas is bought primarily through spot market purchases.

Nuclear generation comes from Wolf Creek Generating Station, in which Evergy holds an indirect 94 percent ownership interest and which is regulated by the Nuclear Regulatory Commission for licensing, operations and safety.

Projected peak summer demand for 2026 is approximately 11,200 MW, and the filing says Evergy expects to meet its 2026 capacity requirements with existing generation assets and power purchases.

The grid it sits in

The three utilities are members of the Southwest Power Pool, a regional transmission organisation approved by the Federal Energy Regulatory Commission and responsible for reliable power supply, adequate transmission infrastructure and competitive wholesale prices in its region. Members had to maintain a minimum reserve margin of 15 percent for 2025, rising to 16 percent from 2026, held through generation ownership, capacity agreements, power purchase agreements and peak demand reduction programmes.

Evergy Transmission Company owns 13.5 percent of Transource Energy, which focuses on developing competitive electric transmission projects, with American Electric Power's transmission holding company owning the other 86.5 percent. Evergy Kansas Central owns 50 percent of Prairie Wind Transmission, a joint venture with subsidiaries of American Electric Power and Berkshire Hathaway Energy that owns a 108-mile, 345 kV double-circuit transmission line providing transmission service in the Southwest Power Pool. Both are accounted for under the equity method.

How the fleet is meant to change

The Kansas operations of Evergy Kansas Central and Evergy Metro are regulated by the State Corporation Commission of Kansas, and Evergy Metro's Missouri operations and Evergy Missouri West by the Public Service Commission of Missouri, covering retail rates, certain accounting matters, standards of service and in some cases the issuance of securities and certification of facilities and service territories. The companies are also subject to the Federal Energy Regulatory Commission for transmission, wholesale sales and rates.

Planning runs through an integrated resource plan, which the filing describes as a detailed analysis estimating the factors that influence future supply and demand for electricity, including forecasts of demand, fuel prices, transmission improvements, new generating capacity, the cost of environmental compliance, the integration of renewables, energy storage, energy efficiency and demand response. The filing lists the strategies being pursued as developing natural gas and renewable energy facilities, exploring opportunities to add battery energy storage systems and nuclear generation, grid investment and advancement, collaborating with regulators to let customers procure electricity produced with renewable resources, and investing in customer energy efficiency programmes. Since 2005 the companies have added over 4,500 MW of renewable generation capacity while retiring more than 2,400 MW of fossil generation.

From Evergy's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.