EVERGY KANSAS CENTRAL, INC.
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
EVRG$87.54+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001711269-25-000010
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001711269-25-000022
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 137 previous paragraphs and 188 current paragraphs.
79 unchanged; 37 reworded; 68 added; 20 removed; 1 previous and 4 current paragraphs rearranged.
Tables are not compared: 10 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (68)
Current report
In July 2025, Evergy Kansas Central, the KCC staff and other intervenors in the case reached a unanimous settlement agreement to settle all outstanding issues in the case. The unanimous settlement provides for an increase to retail revenues of $128.0 million after rebasing property tax expense and not including costs recoverable through KCC-approved riders for Evergy Kansas Central. The unanimous settlement agreement is subject to the approval of the KCC. If approved, new rates are expected to be effective on September 29, 2025. See Note 4 to the consolidated financial statements for additional information.
Current report
Federal Tax Reform
Current report
In July 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law by President Trump. The OBBBA contains a wide variety of tax reforms affecting businesses, including changes to clean energy production tax credits which could impact the Evergy Companies' long-term generation resource planning. The OBBBA was signed into law after the close of the second quarter and therefore, the impacts of this legislation are not included in the Evergy Companies' operating results for the three months ended or year to date June 30, 2025. The Evergy Companies are evaluating the impact of the legislation on their operations and consolidated financial results but do not anticipate a material impact.
Current report
Net income attributable to Evergy, Inc. decreased for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to lower retail sales in the second quarter of 2025 driven by unfavorable weather, higher operating and maintenance, depreciation and interest expenses and losses from investments in early-stage clean energy and energy solution companies; partially offset by new Evergy Missouri West retail rates effective in January 2025 and income from the sale of a commercial solar generation project.
Current report
Diluted EPS decreased year to date June 30, 2025, compared to the same period in 2024, primarily due to the decrease in net income attributable to Evergy, Inc. discussed above.
Current report
ii. the unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies.
Current report
(b)Reflects unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies that are included in investment earnings (loss) on the consolidated statements of comprehensive income. Evergy has initiated a process to dispose of these investments.
Current report
•an $11.4 million decrease primarily due to lower retail sales driven by unfavorable weather (cooling degree days decreased by 26%), partially offset by higher weather-normalized residential and commercial demand; and
Current report
•a $10.7 million decrease in revenue from the Kansas property tax rider, which is offset in taxes other than income taxes.
Current report
Evergy's gross margin (GAAP) increased $42.2 million year to date June 30, 2025, compared to the same period in 2024 and Evergy's utility gross margin (non-GAAP) increased $44.1 million year to date June 30, 2025, compared to the same period in 2024, both measures were driven by:
Current report
•a $15.6 million decrease in revenue from the Kansas property tax rider, which is offset in taxes other than income taxes; and
Current report
•a $13.6 million decrease primarily due to lower retail sales driven by unfavorable weather (cooling degree days decreased by 25%, partially offset by a 20% increase in heating degree days) and lower weather-normalized residential and industrial demand.
Current report
Operating and Maintenance
Current report
Evergy's operating and maintenance expense increased $17.4 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily driven by:
Current report
•a $9.3 million increase in general and administrative labor and employee benefits expense; and
Current report
•a $1.7 million increase in credit loss expense primarily at Evergy Missouri West.
Current report
Evergy's operating and maintenance expense increased $17.9 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:
Current report
•an $11.4 million increase in general and administrative labor and employee benefits expense; and
Current report
•a $3.1 million increase in credit loss expense primarily at Evergy Missouri West.
Current report
Taxes Other than Income Tax
Current report
Evergy's taxes other than income tax decreased $8.2 million for the three months ended June 30, 2025 and $11.2 million year to date June 30, 2025, compared to the same periods in 2024, primarily driven by amortization of a refund to customers for the Kansas property tax rider, which is offset in utility gross margin; partially offset by higher assessed property tax values.
Current report
•$25.4 million of unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies; partially offset by
Current report
•$11.6 million of income related to the sale of a commercial solar generation project completed in the second quarter of 2025; and
Current report
Evergy's other income, net year to date June 30, 2024, became other expense, net year to date June 30, 2025, as a result of a $15.7 million increase in net other expense items, primarily driven by:
Current report
•$29.0 million of unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies; partially offset by
Current report
•$11.6 million of income related to the sale of a commercial solar generation project completed in 2025.
Current report
Evergy's interest expense increased $10.2 million for the three months ended June 30, 2025, compared to the same period in 2024, primarily driven by:
Current report
Evergy's interest expense increased $29.5 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:
Current report
•a $39.0 million increase due to issuances of long-term debt; and
Current report
•a $4.9 million increase due to lower debt AFUDC primarily driven by lower CWIP balances and lower short-term interest rates in 2025; partially offset by
Current report
•a $9.8 million decrease due to the repayment of long-term debt; and
Current report
•an $8.8 million decrease due to increases in carrying costs deferred to a regulatory asset in accordance with PISA due to Evergy Kansas Central and Evergy Metro electing into Kansas PISA beginning July 2024.
Current report
At-the-Market (ATM) Program
Current report
In May 2025, Evergy entered into an equity distribution agreement, pursuant to which Evergy may sell, from time to time, up to an aggregate of $1.2 billion of its common stock through an ATM Program, which may utilize an optional forward sales component. As of June 30, 2025, Evergy did not enter into any sales under its ATM Program.
Current report
•a $76.0 million decrease in additions to property, plant and equipment, primarily due to Evergy Missouri West's purchase of a joint ownership interest in Dogwood Energy Center for approximately $60 million in April 2024; partially offset by
Current report
•a $197.7 million increase in short-term debt borrowings driven by:
Current report
◦higher borrowings of $306.2 million at Evergy Metro, $285.7 million at Evergy Missouri West and $266.1 million at Evergy, Inc. for general corporate purposes; partially offset by
Current report
•a $13.3 million decrease in revenue from the Kansas property tax rider, which is offset in taxes other than income taxes; and
Current report
•a $3.1 million decrease primarily due to lower retail sales driven by unfavorable weather (cooling degree days decreased 29%, partially offset by a 24% increase in heating degree days) and lower weather-normalized residential and industrial demand.
Current report
•a $17.7 million decrease in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities including an $8.2 million decrease in plant operating and maintenance expense at fossil-fuel generating facilities as described further below; and
Showing the first 40 of 68 passages. Open the source sections for the rest.
Removed paragraphs (20)
Previous report
•a $4.9 million decrease related to Evergy Kansas Central's TDC rider.
Previous report
Additionally, the increase in Evergy's gross margin (GAAP) was also impacted by:
Previous report
•a $12.0 million increase in depreciation and amortization as further described below;
Previous report
•a $3.0 million decrease in taxes other than income tax.
Previous report
•a $3.2 million decrease in investment earnings primarily driven by a $3.9 million decrease due to unrealized losses from various equity investments.
Previous report
Evergy's interest expense increased $19.3 millionfor the three months ended March 31, 2025, compared tothe same period in 2024, primarily driven by:
Previous report
•a $20.4 million increase due to issuances of long-term debt; and
Previous report
•a $3.9 million increase due to lower debt AFUDC primarily due to lower short-term debt balances in 2025; partially offset by
Previous report
•a $25.8 million decrease in additions to property, plant and equipment, primarily due to higher spending in 2024 for a variety of capital projects including transmission and distribution projects related to grid resiliency and other infrastructure improvements.
Previous report
•a $5.8 million decrease primarily due to lower retail sales driven by lower weather-normalized residential and industrial demand and retail pricing, partially offset by favorable weather (heating degree days increased 21%); and
Previous report
•a $4.2 million decrease related to Evergy Kansas Central's TDC rider.
Previous report
•a $3.0 million increase in depreciation and amortization;
Previous report
•a $9.0 million decrease in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily due to a $5.3 million decrease in transmission and distribution operating and maintenance expense as described further below; and
Previous report
Evergy Kansas Central's operating and maintenance expense decreased $6.8 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily driven by a $5.3 million decrease in transmission and distribution operating and maintenance expenses primarily due to a $4.9 million decrease in non-labor expense driven by net affiliate billings related to common use assets and lower contractor and storm costs.
Previous report
Evergy Kansas Central Other Income Net
Previous report
Evergy Kansas Central's other income, net decreased $4.8 million for the three months ended March 31, 2024 compared to the same period in 2025, primarily driven by a $5.2 million decrease due to recording lower Evergy Kansas Central COLI benefits in 2025.
Previous report
•a $5.6 million increase primarily due to higher retail sales driven by favorable weather (heating degree days increased by 16%), partially offset by lower weather-normalized demand.
Previous report
•a $3.3 million increase in depreciation and amortization;
Previous report
•a $1.0 million decrease in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by a $1.8 million decrease in operating and maintenance expense at generating facilities; and
Previous report
•a $0.6 million decrease in taxes other than income tax.
Reworded paragraphs (37)
Previous wording
In January 2025, Evergy Kansas Central filed an application with the KCC to request an increase to its retail revenues of approximately $196 million. Evergy Kansas Central's request reflected a return on equity of 10.5% (with a capital structure composed of 52% equity) and increases related to the recovery of infrastructure investments made to improve reliability and enhance customer service and the update of expenses to current levels of spend. An evidentiary hearing in the case is scheduled to occur in July 2025 and new rates are expected to be effective in September 2025.
Current wording
In January 2025, Evergy Kansas Central filed an application with the KCC to request an increase to its retail revenues of approximately $196 million. Evergy Kansas Central's request reflected a return on equity of 10.5% (with a capital structure composed of 52% equity) and increases related to the recovery of infrastructure investments made to improve reliability and enhance customer service and the update of expenses to current levels of spend.
Previous wording
In April 2025, Missouri S.B. 4 was signed into law by the Governor of Missouri. Most notably, S.B. 4 establishes new mechanisms for Missouri electric utilities to recover the costs associated with the construction of new natural gas-fired generating units. The utilities will be able to include certain costs of CWIP in rate base. The inclusion of CWIP will be in lieu of AFUDC applicable to the construction of the new natural gas-fired generating units. The MPSC will determine the amount of CWIP that may be included in rate base. Additionally, amounts collected arising from the inclusion of CWIP in rate base are subject to refund under certain circumstances. These provisions are scheduled to expire at the end of 2035.
Current wording
In April 2025, Missouri SB 4 was signed into law by the Governor of Missouri. Most notably, SB 4 establishes new mechanisms for Missouri electric utilities to recover the costs associated with the construction of new natural gas-fired generating units. The utilities will be able to include certain costs of CWIP in rate base. The inclusion of CWIP will be in lieu of AFUDC applicable to the construction of the new natural gas-fired generating units. The MPSC will determine the amount of CWIP that may be included in rate base. Additionally, amounts collected arising from the inclusion of CWIP in rate base are subject to refund under certain circumstances. These provisions are scheduled to expire at the end of 2035.
Previous wording
In April 2025, Kansas H.B. 2107 was signed into law by the Governor of Kansas. Most notably, H.B. 2107 establishes a two-year statute of limitations for wildfire-related claims against a Kansas electric public utility and a $5.0 million limit for punitive damages awarded under a fire claim. The law also requires the plaintiff to establish the burden of proof for fire claims by a preponderance of evidence.
Current wording
In April 2025, Kansas House Bill (HB) 2107 was signed into law by the Governor of Kansas. Most notably, HB 2107 establishes a two-year statute of limitations for wildfire-related claims against a Kansas electric public utility and a $5.0 million limit for punitive damages awarded under a fire claim. The law also requires the plaintiff to establish the burden of proof for fire claims by a preponderance of evidence.
Previous wording
In 2024, Evergy Kansas Central and Evergy Missouri West requested predetermination from the KCC and a CCN from the MPSC, respectively, for their planned natural gas investments. In April 2025, Evergy Kansas Central and intervenors in the case reached a non-unanimous partial settlement agreement regarding its investments in its planned natural gas plants. See "Applications for Predetermination" and "Requests for Certificate of Convenience and Necessity" in Note 4 to the consolidated financial statements for information regarding Evergy Kansas Central's and Evergy Missouri West's applications for predetermination and CCN for their investments in these natural gas plants.
Current wording
In 2024, Evergy Kansas Central and Evergy Missouri West requested predetermination from the KCC and a CCN from the MPSC, respectively, for their planned natural gas investments. In July 2025, the KCC approved a non-unanimous partial settlement agreement regarding Evergy Kansas Central's investments in its planned natural gas plants. In July 2025, the MPSC approved a non-unanimous stipulation and agreement regarding Evergy Missouri West's investments in its planned natural gas plants. See "Applications for Predetermination" and "Requests for Certificate of Convenience and Necessity" in Note 4 to the consolidated financial statements for information regarding Evergy Kansas Central's and Evergy Missouri West's applications for predetermination and CCN for their investments in these natural gas plants.
Previous wording
Evergy Kansas Central intends to construct and own an approximately 159 MW solar generation facility to be located in Kansas and called Kansas Sky. The solar generation facility is expected to begin operations by summer of 2027. The construction of Kansas Sky is subject to the granting by the KCC of predetermination with reasonably acceptable terms and other closing conditions. In April 2025, Evergy Kansas Central and intervenors in the case reached a unanimous partial settlement agreement regarding the Kansas Sky solar investment. See "Applications for Predetermination" in Note 4 to the consolidated financial statements for additional information regarding Evergy Kansas Central's application for predetermination for its investment in this renewable generating plant.
Current wording
Evergy Kansas Central intends to construct and own an approximately 159 MW solar generation facility to be located in Kansas and called Kansas Sky. The solar generation facility is expected to begin operations by summer of 2027. The construction of Kansas Sky is subject to the granting by the KCC of predetermination with reasonably acceptable terms and other closing conditions. In July 2025, the KCC approved a unanimous partial settlement agreement for the Kansas Sky solar investment. See "Applications for Predetermination" in Note 4 to the consolidated financial statements for additional information regarding Evergy Kansas Central's application for predetermination for its investment in this renewable generating plant.
Previous wording
In 2024, Evergy Missouri West entered into agreements to own two solar generation facilities currently under development. The first facility, to be called Sunflower Sky, is a solar generation facility to be located in Kansas with an expected generating capacity of approximately 65 MW. The second facility, to be called Foxtrot, is a solar generation facility to be located in Missouri with an expected generating capacity of approximately 100 MW. The solar generation facilities are expected to begin operations by summer of 2027. The agreements are subject to regulatory approvals and closing conditions, including the granting by the MPSC of a CCN with reasonably acceptable terms. See "Requests for Certificate of Convenience and Necessity" in Note 4 to the consolidated financial statements for information regarding Evergy Missouri West's application for a CCN for its investment in this renewable generating plant.
Current wording
In 2024, Evergy Missouri West entered into agreements to own two solar generation facilities currently under development. The first facility, to be called Sunflower Sky, is a solar generation facility to be located in Kansas with an expected generating capacity of approximately 65 MW. The second facility, to be called Foxtrot, is a solar generation facility to be located in Missouri with an expected generating capacity of approximately 100 MW. The solar generation facilities are expected to begin operations by summer of 2027. In July 2025, the MPSC approved a unanimous stipulation and agreement regarding Evergy Missouri West's planned investments in the solar generation facilities. See "Requests for Certificate of Convenience and Necessity" in Note 4 to the consolidated financial statements for information regarding Evergy Missouri West's application for a CCN for its investment in these renewable generating plants.
Previous wording
Wolf Creek Refueling Outage and Fuel Supply
Current wording
Wolf Creek Refueling Outage
Previous wording
Diluted EPS increased for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to the increase in net income attributable to Evergy, Inc. discussed above.
Current wording
Diluted EPS decreased for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to the decrease in net income attributable to Evergy, Inc. discussed above.
Previous wording
Net income attributable to Evergy, Inc. increased for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to new Evergy Missouri West retail rates effective in January 2025, higher transmission revenues and retail sales driven by favorable weather; partially offset by higher interest and depreciation expense and lower investment earnings.
Current wording
Net income attributable to Evergy, Inc. decreased year to date June 30, 2025, compared to the same period in 2024, primarily due to lower retail sales in 2025 driven by unfavorable weather, higher operating and maintenance, depreciation and interest expenses and losses from investments in early-stage clean energy and energy solution companies; partially offset by new Evergy Missouri West retail rates effective in January 2025, higher transmission revenues and income from the sale of a commercial solar generation project.
Previous wording
Management believes that adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are representative measures of Evergy's recurring earnings, assists in the comparability of results and is consistent with how management reviews performance.
Current wording
Management believes that adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are representative measures of Evergy's recurring earnings, assist in the comparability of results and are consistent with how management reviews performance.
Previous wording
Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended March 31, 2025 were $125.0 million or $0.54 per share. For the three months ended March 31, 2024, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $124.7 million or $0.54 per share.
Current wording
Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended and year to date June 30, 2025 were $191.1 million or $0.82 per share and $318.9 million or $1.37 per share, respectively. For the three months ended and year to date June 30, 2024, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $207.0 million or $0.90 per share and $331.7 million or $1.44 per share, respectively.
Previous wording
In addition to net income attributable to Evergy, Inc. and diluted EPS, Evergy's management uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without the mark-to-market impacts of economic hedges related to Evergy Kansas Central's 8% ownership share of JEC.
Current wording
In addition to net income attributable to Evergy, Inc. and diluted EPS, Evergy's management uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without:
Previous wording
The following table provides a reconciliation between net income attributable to Evergy, Inc. and diluted EPS as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP), respectively.
Current wording
The following tables provide a reconciliation between net income attributable to Evergy, Inc. and diluted EPS as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP), respectively.
Previous wording
(b)Reflects an income tax effect calculated at a statutory rate of approximately 22%.
Current wording
(c)Reflects an income tax effect calculated at a statutory rate of approximately 22%.
Previous wording
The following table summarizes Evergy's gross margin (GAAP) and MWhs sold and reconcile Evergy's gross margin (GAAP) to Evergy's utility gross margin (non-GAAP). See "Executive Summary - Non-GAAP Measures", above for additional information regarding gross margin (GAAP) and utility gross margin (non-GAAP).
Current wording
The following tables summarize Evergy's gross margin (GAAP) and MWhs sold and reconcile Evergy's gross margin (GAAP) to Evergy's utility gross margin (non-GAAP). See "Executive Summary - Non-GAAP Measures", above for additional information regarding gross margin (GAAP) and utility gross margin (non-GAAP).
Previous wording
Evergy's gross margin (GAAP) increased $38.7 million for the three months ended March 31, 2025, compared to the same period in 2024 and Evergy's utility gross margin (non-GAAP) increased $40.9 million for the three months ended March 31, 2025, compared to the same period in 2024, both measures were driven by:
Current wording
Evergy's gross margin (GAAP) increased $3.5 million for the three months ended June 30, 2025, compared to the same period in 2024 and Evergy's utility gross margin (non-GAAP) increased $3.2 million for the three months ended June 30, 2025, compared to the same period in 2024, both measures were driven by:
Previous wording
•a $23.5 million increase from new Evergy Missouri West retail rates effective in January 2025;
Current wording
•a $48.8 million increase from new Evergy Missouri West retail rates effective in January 2025; and
Previous wording
•a $14.3 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2025; partially offset by
Current wording
•a $24.5 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2025; partially offset by
Previous wording
Evergy's depreciation and amortization expense increased $12.0 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily due to capital additions.
Current wording
Evergy's depreciation and amortization increased $8.3 million for the three months ended June 30, 2025 and $20.3 million year to date June 30, 2025, compared to the same periods in 2024, primarily due to capital additions.
Previous wording
Evergy's other income, net for the three months ended March 31, 2024 became other expense, net for the three months ended March 31, 2025 as a result of a $7.3 million increase in net other expense items, primarily driven by:
Current wording
Evergy's other income, net for the three months ended June 30, 2024, became other expense, net for the three months ended June 30, 2025, as a result of an $8.4 million increase in net other expense items, primarily driven by:
Previous wording
•a $5.2 million decrease due to recording lower Evergy Kansas Central corporate-owned life insurance (COLI) benefits in 2025; and
Current wording
•a $2.9 million decrease primarily due to recording higher Evergy Kansas Central corporate-owned life insurance (COLI) benefits in the second quarter of 2025.
Previous wording
Evergy relies primarily upon cash from operations, short-term borrowings, long-term debt and equity and equity-like issuances and its existing cash and cash equivalents to fund its capital requirements. Evergy's capital requirements primarily consist of capital expenditures, payment of contractual obligations and other commitments, and the payment of dividends to shareholders. In addition, tax legislation and regulation could result in significant impacts to cash flow. Evergy expects cash flows to be sufficient to meet existing short-term capital requirements. See the Evergy Companies' combined 2024 Form 10-K for more information on Evergy's sources and uses of cash.
Current wording
Evergy relies primarily upon cash from operations, short-term borrowings, long-term debt and equity and equity-like issuances and its existing cash and cash equivalents to fund its capital requirements. Evergy's capital requirements primarily consist of capital expenditures, payment of contractual obligations and other commitments, and the payment of dividends to shareholders. Evergy expects cash flows to be sufficient to meet existing short-term capital requirements. See the Evergy Companies' combined 2024 Form 10-K for more information on Evergy's sources and uses of cash.
Previous wording
As of March 31, 2025, Evergy had $1,502.7 million of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $112.0 million for Evergy, Inc., $755.5 million for Evergy Kansas Central, $346.2 million for Evergy Metro and $289.0 million for Evergy Missouri West. The Evergy Companies' borrowing capacity under the master credit facility also supports their issuance of commercial paper. See Note 6 to the consolidated financial statements for more information regarding the master credit facility.
Current wording
As of June 30, 2025, Evergy had $1,074.0 million of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $157.8 million for Evergy, Inc., $396.8 million for Evergy Kansas Central, $293.0 million for Evergy Metro and $226.4 million for Evergy Missouri West. The Evergy Companies' borrowing capacity under the master credit facility also supports their issuance of commercial paper. See Note 7 to the consolidated financial statements for more information regarding the master credit facility.
Previous wording
Evergy's cash flows from operating activities increased $132.3 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily driven by an increase in cash receipts for retail electric sales in 2025 including higher retail rates at Evergy Missouri West and an increase in fuel recovery mechanism net collections, primarily at Evergy Kansas Central.
Current wording
Evergy's cash flows from operating activities increased $138.7 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by an increase in cash receipts for retail electric sales in 2025 and a decrease in payments made for a Wolf Creek refueling outage in 2024.
Previous wording
Evergy's cash flows used in investing activities increased $15.7 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily driven by:
Current wording
Evergy's cash flows used in investing activities decreased $34.7 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:
Previous wording
•a $40.8 million decrease in proceeds from COLI investments, primarily from Evergy Kansas Central due to a lower number of policy settlements in 2025; partially offset by
Current wording
•a $38.9 million decrease in proceeds from COLI investments, primarily from Evergy Kansas Central due to a lower number of policy settlements in 2025.
Previous wording
Evergy's cash flows from financing activities decreased $132.0 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily driven by:
Current wording
Evergy's cash flows from financing activities decreased $176.1 million year to date June 30, 2025, compared to the same period in 2024, primarily driven by:
Previous wording
•a $268.1 million increase in proceeds from long-term debt, net, due to the issuance of $594.2 million of long-term debt for the three months ended March 31, 2025, compared to the issuance of $326.1 million of long-term debt in the same period in 2024.
Current wording
•a $327.3 million decrease in proceeds from long-term debt, net due to the issuance of $920.7 million of long-term debt in 2024, compared to the issuance of $593.4 million of long-term debt in 2025; partially offset by
Previous wording
•a $403.7 million decrease in short-term borrowings primarily due to the repayment of commercial paper borrowings with proceeds from long-term debt issuances; partially offset by
Current wording
◦a $660.3 million decrease in short-term borrowings at Evergy Kansas Central, primarily due to the repayment of commercial paper borrowings with proceeds from long-term debt issuances.
Previous wording
Evergy Kansas Central's gross margin (GAAP) increased $12.7 million for the three months ended March 31, 2025, compared to the same period in 2024, and Evergy Kansas Central's utility gross margin (non-GAAP) increased $4.3 million for the three months ended March 31, 2025, compared to the same period in 2024, both measures were driven by:
Current wording
Evergy Kansas Central's gross margin (GAAP) increased $22.3 million year to date June 30, 2025, compared to the same period in 2024, and Evergy Kansas Central's utility gross margin (non-GAAP) increased $2.1 million year to date June 30, 2025, compared to the same period in 2024, both measures were driven by:
Previous wording
•an $18.6 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2025; and
Current wording
•an $18.5 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2025; partially offset by
Previous wording
Evergy Kansas Central's depreciation and amortization expense increased $3.0 million for the three months ended March 31, 2025 compared to the same period in 2024, primarily due to capital additions.
Current wording
Evergy Kansas Central's depreciation and amortization expense increased $6.6 million year to date June 30, 2025, compared to the same period in 2024, primarily due to capital additions.
Previous wording
Evergy Kansas Central's interest expense increased $3.5 million for the three months ended March 31, 2025, compared to the same period in 2024, primarily driven by a $2.6 million increase in interest expense on short-term borrowings, including borrowings under the money pool, primarily due to higher short-term debt balances.
Current wording
•a $5.4 million increase in interest expense on short-term borrowings primarily due to higher short-term debt balances; and
Previous wording
•a $2.4 million decrease in taxes other than income tax.
Current wording
•a $2.4 million increase due to lower recognition of amortization of excess deferred income taxes; and
Previous wording
Evergy Metro's gross margin (GAAP) increased $3.9 million for the three months ended March 31, 2025, compared to the same period in 2024, and Evergy Metro's utility gross margin (non-GAAP) increased $5.6 million for the three months ended March 31, 2025, compared to the same period in 2024, both measures were driven by:
Current wording
Evergy Metro's gross margin (GAAP) decreased $1.1 million year to date June 30, 2025, compared to the same period in 2024, and Evergy Metro's utility gross margin (non-GAAP) increased $3.5 million year to date June 30, 2025, compared to the same period in 2024, both measures were driven by:
Previous wording
•a $3.7 million increase primarily due to higher retail sales driven by favorable weather (heating degree days increased by 18%), partially offset by lower demand and retail pricing; partially offset by
Current wording
•a $3.5 million increase primarily due to higher retail sales driven by higher retail pricing, partially offset by unfavorable weather (cooling degree days decreased by 21%, partially offset by a 17% increase in heating degree days) and lower weather-normalized residential and industrial demand.
Previous wording
•a $6.8 million decrease in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by a $4.3 million decrease in operating and maintenance expense at generating facilities and a $2.5 million decrease in transmission and distribution operating and maintenance expenses; and
Current wording
•a $5.3 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by a $4.3 million increase in operating and maintenance expense at fossil-fuel generating facilities, as further described below; partially offset by
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
i. the mark-to-market impacts of economic hedges related to Evergy Kansas Central's 8% ownership share of JEC; and
Current report — wording carried from elsewhere
•a $25.3 million increase from new Evergy Missouri West retail rates effective in January 2025; partially offset by
Current report — wording carried from elsewhere
•an $18.6 million increase due to issuances of long-term debt; partially offset by
Current report — wording carried from elsewhere
Evergy Metro Other Income (Expense), Net
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Additionally, the increase in Evergy Metro's gross margin (GAAP) was also impacted by: