Evergy (EVRG) FY2025 10-K Annual Report
Evergy (EVRG) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Evergy FY2025 10-K Analysis
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
- • No cash flow or buyback/dividend dollar amounts disclosed in this section
- • 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
Evergy FY2025 Key Financial MetricsXBRL
Revenue
$5.7B
▲ +0.0% YoY
Net Income
$856M
▼ -2.0% YoY
Operating Margin
26.9%
▲ +113bp YoY
Net Margin
15.0%
▼ -32bp YoY
ROE
8.4%
▼ -40bp YoY
Total Assets
$33.9B
▲ +5.2% YoY
EPS (Diluted)
$3.66
▼ -3.4% YoY
Operating Cash Flow
$2.0B
▲ +3.1% YoY
Source: XBRL data from Evergy FY2025 10-K filing on SEC EDGAR. All figures in USD.
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