Short answer
Evergy (EVRG) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $5.7B (+0.0% year over year) and net income of $856M.
- Top risk flagged: Regulatory risk from Missouri SB 4 allowing CWIP inclusion in rate base for new gas plants, term expiring 2035, with refund potential
FY2025 key financial metrics · XBRL
- Revenue
- $5.7B
- +0.0% YoY
- Net income
- $856M
- −2.0% YoY
- Operating margin
- 26.9%
- +1.1 pp YoY
- EPS (diluted)
- $3.66
- −3.4% YoY
- ROE
- 8.4%
- −0.4 pp YoY
- Operating cash flow
- $2.0B
- +3.1% YoY
Source: XBRL data from the Evergy (EVRG) FY2025 10-K on SEC EDGAR. USD.
Evergy FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Integrated electric utility providing electricity generation, transmission, and distribution
- No new products, services, or segments introduced or emphasized in this year's filing
- No strategic shift or competitive repositioning disclosed vs prior year
- Equity compensation plans outstanding with 1,171,916 securities and 5,660,460 shares available for future issuance as of Dec 31, 2025
- Evergy's audit fees for subsidiaries increased to $2.26M (Kansas Central) and $1.55M (Metro) in 2025 from 2024 levels
Management Discussion & Analysis
- Revenue and segment reporting not separately detailed; combined operations with approx. 1.7 million customers, 15,800 MW capacity
- Target dividend payout ratio 50%-60%, earnings per share growth emphasized, exact margins or profits not disclosed
- Strategy focus: $21.6B capital investments through 2030, including $9.3B in natural gas, renewables, and battery storage
- Forward outlook targets affordability, reliability, sustainability; depends on technology, demand, grid reliability, regulation
Risk Factors
- Regulatory risk from Missouri SB 4 allowing CWIP inclusion in rate base for new gas plants, term expiring 2035, with refund potential
- Macroeconomic exposure via $1.4B 4.5% Convertible Notes; $244.1M repurchased in early 2026, $1.1559B still outstanding
- Operational vulnerability from ongoing solar project litigation delaying 159 MW Kansas Sky plant; injunction issued Dec 2024
- Market disruption risk from large load customer agreements anticipating 1,900 MW peak data center loads from 2026-2028
- Financial risk from early-stage clean energy investment losses totaling $48.7M plus disposal costs impacting 2025 earnings
Generated from the filing text; verify against the original. How to read a 10-K
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