EVERGY KANSAS CENTRAL, INC.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 19, 2026
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-K
Period ended 2024-12-31; filed 2025-02-27.
0001711269-25-000004
Item 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-19.
0001711269-26-000017
Item 7. 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 321 previous paragraphs and 290 current paragraphs.
135 unchanged; 92 reworded; 61 added; 88 removed; 6 previous and 2 current paragraphs rearranged.
Tables are not compared: 16 previous and 15 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 (61)
Current report
•Sustainability – advancing an "all-of-the-above" generation portfolio.
Current report
•across the board, maintaining excellence in day-to-day operations. Safety-first, cost efficiency, infrastructure investment, new technology deployment and process improvement are crucial components of Evergy's vision and enable improvement in the important metrics of reliability, customer satisfaction and cost performance to the sustainable benefit of customers;
Current report
•fostering economic development in Kansas and Missouri by supporting the attraction of new businesses and large load customers while ensuring protections for existing customers through key safeguards included in the LLPS rate plans;
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. In September 2025, the KCC approved the unanimous settlement agreement and new rates took effect in October 2025. See Note 4 to the consolidated financial statements for additional information.
Current report
Large Load Power Service Rate Plans and Executed Large Customer Agreements
Current report
In February 2025, Evergy Kansas Central and Evergy Metro filed an application with the KCC and Evergy Metro and Evergy Missouri West filed an application with the MPSC seeking expedited approval of new comprehensive LLPS rate plans. In August 2025, Evergy Kansas Central, Evergy Metro, the KCC staff and other intervenors reached a unanimous settlement agreement for the LLPS rate plan which the KCC approved in November 2025. In September 2025, Evergy Metro, Evergy Missouri West and other intervenors agreed to a non-unanimous global stipulation and agreement for the LLPS rate plan which the MPSC approved in November 2025.
Current report
The LLPS rate plans are designed to establish a tariff framework for large load customers while including safeguards for existing customers to ensure that new large customers pay their cost of service and help defray costs that might be experienced by other customers. The provisions in the LLPS rate plans in both Kansas and Missouri apply to new or existing customers adding load in excess of 75 MWs. These plans have a term length of 12 years after a period of up to 5-years of transitional load. The minimum monthly bill requirement is set based on 80% of the customers' expected capacity demand and is applied to all demand-related bill elements and riders. Termination fees will be calculated as the minimum monthly bill requirement multiplied by the remaining months in the contract. New large load customers will also be required to post collateral equal to two years of minimum monthly bills at the time of signing the agreement, subject to established discounts based on creditworthiness. The Evergy Companies, at their discretion, may require additional collateral based on assessment of the overall creditworthiness of the counterparty.
Current report
In February 2026, the Evergy Companies signed electric service agreements (ESAs) with multiple large load customers to serve data centers with a projected peak steady state load of approximately 1,900 MWs. The ESAs relate to two new projects and the expansion of two separate projects previously announced. The ESAs' terms reflect the applicable provisions of the Evergy Companies’ LLPS rate plans and the service of these large load customers, inclusive of a 5-year transitional load period, is expected to begin at dates ranging from 2026 to 2028.
Current report
Federal Tax Reform
Current report
In July 2025, the 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 Evergy Companies do not expect a material impact to their operations and consolidated financial results.
Current report
Missouri Legislation
Current report
In April 2025, Missouri Senate Bill (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 construction work in progress (CWIP) in rate base. The inclusion of CWIP will be in lieu of allowance for funds used during construction (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 report
Additionally, the law extends Missouri's existing PISA provisions to include certain natural gas-fired generating units as qualifying electric plant and extends the sunset date of these provisions through the end of 2035. These provisions allow electric utilities to defer to a regulatory asset for recovery in a subsequent general rate case 85% of depreciation expense and the associated return on investment for qualifying electric plant rate base additions for assets placed in-service between general rate cases.
Current report
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.
Current report
Convertible Note Repurchases
Current report
In January and February 2026, Evergy, Inc. repurchased $244.1 million aggregate principal amount of its $1.4 billion aggregate principal amount of 4.50% Convertible Notes (Convertible Notes), under separate, privately negotiated repurchase agreements with certain holders of its Convertible Notes, for a total repurchase cost (excluding accrued and unpaid interest) of $308.6 million. After these January and February 2026 repurchases, $1,155.9 million aggregate principal amount of Convertible Notes remain outstanding. See "Convertible Notes" in Note 12 to the consolidated financial statements for additional information regarding Evergy, Inc.'s repurchase of Convertible Notes.
Current report
Net income attributable to Evergy, Inc. decreased in 2025, compared to the same period in 2024, primarily due to higher operating and maintenance, depreciation and interest expense, losses from non-regulated investments in early-stage clean energy and energy solution companies and lower proceeds from corporate-owned life insurance (COLI); partially offset by new Evergy Missouri West and Evergy Kansas Central retail rates effective in January and October 2025, respectively, and higher transmission revenues.
Current report
i. the realized losses, unrealized losses and impairment losses from non-regulated investments in early-stage clean energy and energy solution companies and costs related to the disposal of these investments;
Current report
(a)Reflects realized losses, unrealized losses and impairment losses of $48.7 million 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 and $0.3 million of costs related to the disposal of these investments that are included in operating and maintenance expense on the consolidated statements of comprehensive income. Evergy has initiated a process to dispose of these investments.
Current report
•a $40.4 million decrease in revenue from the Kansas property tax rider, which is offset in taxes other than income tax; and
Current report
•a $27.2 million decrease driven by items not included in fuel recovery mechanisms, including 2024 wholesale revenues related to Dogwood Energy Center (Dogwood), a higher portion of 2025 SPP transmission expenses, Crossroads Energy Center (Crossroads) transmission expenses and certain wholesale revenues at Evergy Kansas Central.
Current report
•a $4.0 million decrease in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities.
Current report
Evergy's operating and maintenance expense increased $33.4 million in 2025, compared to 2024, primarily driven by:
Current report
•a $14.2 million increase in general and administrative labor and employee benefits expense, including higher medical claims;
Current report
•an $8.7 million increase in credit loss expense primarily due to lower levels of net write-offs incurred compared to estimates in 2024; and
Current report
•a $7.0 million increase in legal costs due to increased litigation activity in 2025.
Current report
Evergy's taxes other than income tax decreased $32.5 million in 2025, compared to 2024, primarily driven by a decrease in Evergy Kansas Central's and Evergy Metro's 2025 amortization of the Kansas property tax rider.
Current report
•$48.7 million of realized, unrealized and impairment losses from Evergy's non-regulated investments in early-stage clean energy and energy solution companies; and
Current report
•$11.8 million of income related to a commercial solar generation project completed in 2025;
Current report
•a $7.0 million decrease in pension non-service costs; and
Current report
Evergy's interest expense increased $53.2 million in 2025, compared to 2024, primarily driven by:
Current report
•a $78.3 million increase due to issuances of long-term debt; and
Current report
•a $4.9 million increase due to lower debt AFUDC driven by lower short-term interest rates in 2025; partially offset by
Current report
•Evergy's regulatory assets - current increased $36.5 million primarily driven by a $41.2 million increase related to Evergy Missouri West's fuel recovery mechanism under-collections.
Current report
•Evergy's commercial paper increased $186.4 million driven by increases of $424.8 million at Evergy, Inc., $150.4 million at Evergy Missouri West and $86.6 million at Evergy Metro, partially offset by a $475.4 million decrease at Evergy Kansas Central. Increases and decreases in commercial paper borrowings were driven by capital expenditures, dividend payments, long-term debt issuances and repayments and other general corporate purposes.
Current report
•Evergy's regulatory liabilities - current decreased $32.2 million primarily driven by a $21.3 million decrease related to the refund of Evergy Missouri West's fuel recovery mechanism over-collections.
Current report
•Evergy's other liabilities - current increased $84.7 million primarily due to a $70.7 million increase in advances from customers for the prepayment of customer-funded construction projects.
Current report
Long-Term Debt, Equity and Hybrid Security Issuances
Current report
From time to time, Evergy issues long-term debt, equity and hybrid securities to repay short-term debt, refinance maturing long-term debt and finance growth. 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 At-the-Market Program (ATM Program), which may utilize forward sales agreements. Evergy subsequently entered into forward sale agreements under the ATM program which can be settled at Evergy's discretion on or prior to dates ranging from March 2027 to October 2027. As of December 31, 2025, the ATM Program had approximately $1.1 billion of common stock available for issuance.
Current report
Under the Mortgage and Deed of Trust dated July 1, 1939, as amended and supplemented (Evergy Kansas Central Mortgage Indenture), additional Evergy Kansas Central mortgage bonds may be issued on the basis of 70% of property additions or retired bonds. As of December 31, 2025, $2.3 billion principal amount of additional FMBs could be issued under the most restrictive provisions in the mortgage, except in connection with certain refundings.
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Removed paragraphs (88)
Previous report
•Sustainability – advancing a responsible fleet transition while ensuring affordability and reliability.
Previous report
•maintaining rigorous cost management across the business while ensuring reliability and sustainability;
Previous report
•fostering economic development in Kansas and Missouri by serving new business customers and enabling the expansion of existing customers' operations;
Previous report
Evergy Missouri West 2024 Rate Case Proceeding
Previous report
In October 2024, Evergy Missouri West, the MPSC staff and other intervenors in the case reached a unanimous partial stipulation and agreement to settle certain issues in the case. The partial stipulation and agreement provided for an increase to Evergy Missouri West's retail revenues of approximately $55 million after lowering base rates for fuel and purchased power expense of approximately $49 million and rebasing property tax expense.
Previous report
In December 2024, the MPSC issued a final rate order approving the unanimous partial stipulation and agreement. The new rates established by this order took effect in January 2025.
Previous report
In April 2024, Kansas H.B. 2527 was signed into law by the Governor of Kansas. Most notably, H.B. 2527 includes a PISA provision that can be elected by Kansas electric public utilities to defer and recover as regulatory assets 90% of depreciation expense and associated return on investment linked to qualifying electric plants in service. Qualifying electric plant includes all rate base additions by an electric public utility, but does not include transmission facilities or new electric generating units. The deferred depreciation and return on the associated regulatory asset are required to be included in determining the utility's rate base during subsequent general rate proceedings. The return on the deferred regulatory asset balances will be calculated using the weighted average cost of capital. Utilities that elect the PISA provision can make qualifying deferrals of depreciation and return from July 2024 through December 2030. Evergy Kansas Central and Evergy Metro elected the PISA provision in their Kansas jurisdictions effective in July 2024.
Previous report
Additionally, the law establishes new mechanisms for the recovery of costs associated with new gas-fired generating units. If the KCC decides investment in a new gas-fired generating unit is reasonable, the utility would be able to recover the return on 100% of the associated construction costs at its weighted average cost of capital.
Previous report
The cost recovery from customers could begin a year after construction begins. Rates could be adjusted every six months until new base rates reflecting the plant's costs are established.
Previous report
In April 2024, Kansas S.B. 410 was signed into law by the Governor of Kansas. Most notably, S.B. 410 includes an exemption from all property and ad valorem taxes on certain electric generation facilities for which construction or installation begins on or after January 1, 2025.
Previous report
In April 2024, Evergy Missouri West purchased a 22% ownership interest representing approximately 145 MW in Dogwood, an operational combined-cycle natural gas facility located in Missouri, for approximately $60 million. The purchase was recorded as an asset acquisition to property, plant and equipment, net, on Evergy's consolidated balance sheet. The purchase was subject to terms and conditions listed in a stipulation and agreement approved by the MPSC allowing Evergy Missouri West to recover in rates a return of and return on the original cost, net of accumulated depreciation, of Dogwood. Evergy Missouri West shall also be allowed to recover in rates over two years a return of, but not a return on, the amount of the purchase price paid in excess of the original cost, net of accumulated depreciation, of Dogwood. In addition, net revenues generated from Evergy Missouri West's ownership of Dogwood from the date of closing to the date new rates become effective in Evergy Missouri West's current rate case shall not impact rates and shall be retained by Evergy Missouri West and reduce the amount of the purchase price paid in excess of the original cost, net of accumulated depreciation, of Dogwood to be recovered from customers.
Previous report
In May 2024, President Biden signed into law the Prohibiting Russian Uranium Imports Act, which limits the importation of uranium from the Russian Federation. The Evergy Companies have a Russian-sourced contract beginning in 2025 to obtain nuclear fuel and have taken mitigating measures to minimize the impact of the Prohibiting Russian Uranium Imports Act to their supply chain. The Evergy Companies do not expect a material impact to their supply chain or financial results. See Part I, Item 1, Business - Fuel - Nuclear Fuel for additional information regarding Evergy's purchases of nuclear fuel.
Previous report
ii. the costs resulting from non-regulated energy marketing margins from the February 2021 winter weather event;
Previous report
iii. the second quarter 2023 recognition of a regulatory liability for the refund to customers of revenues previously collected since October 2019 for costs related to an electric subdivision rebate program to be refunded to customers in accordance with a June 2020 KCC order;
Previous report
iv. the recognition of a regulatory liability for future refund of amounts of revenues previously collected from customers related to COLI rate credits in accordance with a September 2023 KCC rate case unanimous settlement agreement; and
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(b)Reflects non-regulated energy marketing incentive compensation costs related to the February 2021 winter weather event that are included in operating and maintenance expense on the consolidated statements of comprehensive income.
Previous report
(c)Reflects the second quarter 2023 recognition of a regulatory liability for the refund to customers of revenues previously collected since October 2019 for costs related to an electric subdivision rebate program to be refunded to customers in accordance with a June 2020 KCC order that are included in operating revenues on the consolidated statements of comprehensive income.
Previous report
(d)Reflects the recognition of a regulatory liability for the refund to customers for amounts of revenues previously collected related to corporate-owned life insurance (COLI) rate credits in accordance with a September 2023 KCC rate case unanimous settlement agreement reached between Evergy, the KCC staff and other intervenors that are included in operating revenues on the consolidated statements of comprehensive income.
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•a $96.5 million increase due to the third quarter 2023 recognition of a regulatory liability at Evergy Kansas Central for the refund to customers of revenues previously collected from customers related to COLI rate credits;
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•a $21.6 million increase due to Evergy Missouri West's recovery of extraordinary fuel and purchased power costs incurred as part of the February 2021 winter weather event through a securitized utility tariff charge effective in February 2024;
Previous report
•a $6.1 million increase due to lower mark-to-market losses in 2024 related to forward contracts for natural gas and electricity entered into as economic hedges against fuel price volatility related to Evergy Kansas Central's 8% ownership share of JEC; and
Previous report
•a $30.8 million decrease related to non-regulated sales in 2023 related to Evergy Kansas Central's 8% ownership share of JEC, which is included in rate base in 2024 as a result of Evergy Kansas Central's 2023 rate case; and
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•an $11.1 million decrease as a result of recording a reduction in the second quarter of 2023 to Evergy Metro's Earnings Review and Sharing Plan (ERSP) refund obligation to customers.
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•a $37.5 million increase in depreciation and amortization as further described below;
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•a $46.0 million increase in taxes other than income taxes as further described below; and
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•a $23.9 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by a $16.7 million increase in transmission and distribution operating and maintenance expense and a $7.3 million increase in operating and maintenance expense at generating facilities as further described below.
Previous report
Evergy's operating and maintenance expense increased $16.6 million in 2024, compared to 2023, primarily driven by:
Previous report
•a $16.6 million increase in transmission and distribution operating and maintenance expenses primarily driven by a $10.2 million increase in labor expense primarily due to a decrease in labor capitalization driven by lower capitalization activity related to the installation of transformers and meters in 2024 and higher employee headcount and a $6.5 million increase in non-labor expense including a $2.8 million increase in vegetation management costs; and
Previous report
•a $7.3 million increase in operating and maintenance expense at generating facilities primarily driven by:
Previous report
◦ a $7.4 million increase at fossil-fuel generating units primarily due to a $15.4 million increase at Evergy Kansas Central driven by major maintenance outages at JEC and Lawrence Energy Center (LEC) in 2024, partially offset by a $7.6 million decrease at Evergy Metro driven by maintenance outages at Iatan Station and Hawthorn Station in 2023; and
Previous report
◦a $3.2 million increase at renewable generating units primarily at Evergy Kansas Central driven by the acquisition of Persimmon Creek Wind Farm (Persimmon Creek) in the second quarter of 2023; partially offset by
Previous report
◦a $6.4 million decrease at Wolf Creek at Evergy Kansas Central and Evergy Metro primarily driven by a $3.4 million decrease in non-labor expense primarily due to lower contractor costs and a $3.0 million decrease in labor expense including an increase in labor capitalization as a result of the refueling outage completed in May 2024; partially offset by
Previous report
•a $7.3 million decrease in general and administrative expense primarily driven by a $9.5 million decrease at Evergy Kansas Central due to the amortization of Evergy Kansas Central's refunds to customers of storm costs previously collected in rates in accordance with Evergy Kansas Central's 2023 rate case.
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•a $7.7 million increase primarily due to capital additions.
Previous report
Evergy's taxes other than income tax increased $46.0 million in 2024, compared to 2023, primarily driven by increases at Evergy Kansas Central and Evergy Metro primarily due to the rebasing of property taxes as a result of Evergy Kansas Central's and Evergy Metro's 2023 rate cases effective in December 2023.
Previous report
•a $34.6 million decrease in pension non-service costs primarily due to the resetting of pension expense in retail rates as a result of Evergy Kansas Central's and Evergy Metro's 2023 rate cases effective in December 2023; and
Previous report
Evergy's interest expense increased $37.3 million in 2024, compared to 2023, primarily driven by:
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•a $124.4 million increase due to issuances of long-term debt; partially offset by
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Income Tax Expense
Previous report
Evergy's income tax expense increased $14.4 million in 2024, compared to 2023, primarily driven by:
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Reworded paragraphs (92)
Previous wording
Evergy expects to continue operating its integrated utilities within the currently existing regulatory frameworks and is focused on enabling economic development across all of its service territories to strengthen the communities it serves and meet customer electric demand growth through the continued evolution of its generation, transmission and distribution systems. Evergy will remain focused on consistently delivering on its affordability, reliability and sustainability objectives and delivering competitive long-term returns to shareholders, including growth in earnings per share and targeting a 60% - 70% dividend payout ratio. The core tenets of Evergy's strategy are as follows:
Current wording
Evergy expects to continue operating its integrated utilities within the currently existing regulatory frameworks and is focused on enabling economic development across all of its service territories to strengthen the communities it serves and meet existing and future customer electricity demand growth through the continued evolution of its generation, transmission and distribution systems. Evergy will remain focused on consistently delivering on its affordability, reliability and sustainability objectives and delivering competitive long-term returns to shareholders, including growth in earnings per share and targeting a 50%-60% dividend payout ratio. The core tenets of Evergy's strategy are as follows:
Previous wording
•Affordability – maintaining affordable rates while investing in infrastructure and technology to meet customer demand;
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•Affordability – maintaining affordable rates while investing in infrastructure and technology to support growth and prosperity;
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•targeting approximately $17.5 billion of expected base capital investments through 2029 including new generation of approximately $6.2 billion which is expected to be primarily renewable and natural gas generation that will help enable historic economic development opportunities in Kansas and Missouri. See
Current wording
•targeting approximately $21.6 billion of expected capital investments through 2030 including new generation of approximately $9.3 billion which is expected to be primarily natural gas, renewable generation and battery storage capacity in support of historic economic development opportunities in Kansas and Missouri. See "Liquidity and Capital Resources - Capital Expenditures," for further information regarding Evergy's projected capital expenditures through 2030;
Previous wording
•pursuing the responsible transition of Evergy's generation fleet, including the development of renewable energy and natural gas facilities and the retirement or conversion to natural gas of older coal-fired plants consistent with Evergy's IRPs. The trajectory and timing of achieving emissions reductions relative to 2005 levels and Evergy's long-term emissions reductions goal are expected to be dependent on enabling technology developments, trends in total total demand for electricity, the reliability of the power grid, availability of transmission capacity and supportive energy policies and regulations, among other external factors. See "Transitioning Evergy's Generation Fleet" in Part I, Item 1. Business, for additional information; and
Current wording
•adding new highly-efficient natural gas generation resources, renewable generation and storage to support economic growth in the region and to enable the ongoing modernization of Evergy's generation fleet, consistent with Evergy's "all-of-the-above" strategy to leverage a diverse set of fuel sources. The trajectory and timing of achieving emissions reductions relative to 2005 levels and Evergy's long-term emissions reductions goal are expected to be dependent on enabling technology developments, trends in total demand for electricity, the reliability of the power grid, availability of transmission capacity and supportive energy policies and regulations, among other external factors. See "Modernizing and Expanding Evergy's Generation Fleet" in Part I, Item 1. Business, for additional information; and
Previous wording
•a $29.8 million increase primarily due to a change in depreciation rates as a result of Evergy Kansas Central's and Evergy Metro's 2023 rate cases effective in December 2023; and
Current wording
Evergy Metro's 2026 Rate Case Proceeding
Previous wording
In February 2024, Evergy Missouri West filed an application with the MPSC to request an increase to its retail revenues of approximately $104 million. Evergy Missouri West'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 inclusion of certain costs related to Dogwood Energy Center (Dogwood) and Crossroads Energy Center (Crossroads), two natural gas plants.
Current wording
In February 2026, Evergy Metro filed an application with the MPSC to request an increase to its retail revenues of approximately $140 million. Evergy Metro'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. New rates are expected to be effective in January 2027.
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. 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
The Evergy Companies use a triennial IRP, a detailed analysis that estimates factors that influence the future supply and demand for electricity, to inform the manner in which they supply electricity. The most recent IRPs incorporate the latest SPP resource adequacy requirements and anticipated load growth. Based on these and other factors, the IRP indicated the addition of new supply side resources, including combined and simple cycle natural gas plants, would be needed.
Current wording
The Evergy Companies use IRPs, detailed analyses that estimate factors that influence the future supply and demand for electricity, to inform the manner in which they supply electricity. The most recent IRPs incorporate the latest SPP resource adequacy requirements and anticipated load growth. Based on these and other factors, the IRPs indicated the addition of new supply side resources, including combined and simple cycle natural gas plants, would be needed.
Previous wording
In October 2024, Evergy announced its plan to construct two combined-cycle natural gas plants located in Kansas. Evergy Kansas Central and Evergy Missouri West will jointly-own each plant and expect each plant to have an initial generating capacity of approximately 705 MW. The first plant is expected to begin operations by summer of 2029 and the second plant is expected to begin operations by summer of 2030.
Current wording
In October 2024, Evergy announced its plan to construct two combined-cycle natural gas plants located in Kansas. Evergy Kansas Central and Evergy Missouri West will jointly-own each plant and expect each plant to have an initial generating capacity of approximately 705 MWs. The first plant, a combined cycle gas turbine (CCGT) facility located in Sumner County, is expected to begin operations by spring of 2029 and the second plant, a CCGT facility located in Reno County, is expected to begin operations by spring of 2030.
Previous wording
See Note 4 to the consolidated financial statements for information regarding Evergy Kansas Central's and Evergy Missouri West's applications for predetermination and Certificate of Convenience and Necessity (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 Certificate of Convenience and Necessity (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 additional information regarding Evergy Kansas Central's and Evergy Missouri West's applications for predetermination and a 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.
Current wording
Evergy Kansas Central intends to construct and own an approximately 159 MW solar generation facility, to be located in Douglas County Kansas, called Kansas Sky. In July 2024, a lawsuit was filed in the District Court of Douglas County, Grant Township, et al. v. Board of County Commissioners, requesting the court to overturn Douglas County's approval of the application to construct the solar generation facility. Due to the ongoing litigation, including the court's granting of an emergency injunction in December 2024 which temporarily prohibits the construction of the solar generation facility, Evergy Kansas Central is not able to estimate when the solar generation facility will begin operations. 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 the third quarter of 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.
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 MWs. In September 2025, Evergy Missouri West acquired the Sunflower Sky solar facility assets from the developer and will complete construction of the facility. 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 MWs. In November 2025, Evergy Missouri West acquired the Foxtrot solar facility assets from the developer and will complete construction of the facility. 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
Wolf Creek's most recent refueling outage began in March 2024 and the unit returned to service in May 2024. Wolf Creek's next refueling outage is planned to begin in the fourth quarter of 2025.
Current wording
Wolf Creek's most recent refueling outage began in October 2025 and the unit returned to service in November 2025. Wolf Creek's next refueling outage is planned to begin in the spring of 2027.
Previous wording
The following table summarizes Evergy's net income and diluted EPS.
Current wording
The following table summarizes Evergy's net income and diluted earnings per share (EPS).
Previous wording
Diluted EPS increased in 2024, compared to the same period in 2023, primarily due to the increase in net income attributable to Evergy, Inc. discussed above.
Current wording
Diluted EPS decreased in 2025, compared to the same period in 2024, primarily due to the decrease in net income attributable to Evergy, Inc. discussed above in addition to a $0.05 per share decrease primarily due to dilution from Evergy's convertible notes.
Previous wording
operations across periods because utility gross margin (non-GAAP) excludes the revenue effect of fluctuations in fuel and purchased power costs and SPP network transmission costs. Utility gross margin (non-GAAP) is used internally to measure performance against budget and in reports for management and the Evergy Board. Utility gross margin (non-GAAP) should be viewed as a supplement to, and not a substitute for, gross margin, which is the most directly comparable financial measure prepared in accordance with GAAP. Gross margin under GAAP is defined as the excess of sales over cost of goods sold.
Current wording
Utility gross margin (non-GAAP) is intended to aid an investor's overall understanding of results. Management believes that utility gross margin (non-GAAP) provides a meaningful basis for evaluating the Evergy Companies' operations across periods because utility gross margin (non-GAAP) excludes the revenue effect of fluctuations in fuel and purchased power costs and SPP network transmission costs. Utility gross margin (non-GAAP) is used internally to measure performance against budget and in reports for management and the Evergy Board. Utility gross margin (non-GAAP) should be viewed as a supplement to, and not a substitute for, gross margin, which is the most directly comparable financial measure prepared in accordance with GAAP. Gross margin under GAAP is defined as the excess of sales over cost of goods sold.
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 2024 were $877.9 million or $3.81 per share. For 2023, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $815.6 million or $3.54 per share.
Current wording
Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for 2025, were $893.8 million or $3.83 per share. For 2024, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $877.9 million or $3.81 per share.
Previous wording
i. the mark-to-market impacts of economic hedges related to Evergy Kansas Central's 8% ownership share of JEC;
Current wording
ii. the mark-to-market impacts of economic hedges related to Evergy Kansas Central's 8% ownership share of Jeffrey Energy Center (JEC); and
Previous wording
(a)Reflects mark-to-market gains or losses related to forward contracts for natural gas and electricity entered into as economic hedges against fuel price volatility related to Evergy Kansas Central's 8% ownership share of Jeffrey Energy Center (JEC) that are included in operating revenues on the consolidated statements of comprehensive income.
Current wording
(b)Reflects mark-to-market gains or losses related to forward contracts for natural gas and electricity entered into as economic hedges against fuel price volatility related to Evergy Kansas Central's 8% ownership share of JEC that are included in operating revenues on the consolidated statements of comprehensive income.
Previous wording
(e)Reflects costs incurred associated with the realignment of the executive operations corporate structure that are included in operating and maintenance expense and taxes other than income tax on the consolidated statements of comprehensive income.
Current wording
(c) Reflects costs incurred associated with the realignment of the executive operations corporate structure that are included in operating and maintenance expense and taxes other than income tax on the consolidated statements of comprehensive income.
Previous wording
(f)Reflects an income tax effect calculated at a statutory rate of approximately 22%, with the exception of certain non-deductible items.
Current wording
(d)Reflects an income tax effect calculated at a statutory rate of approximately 22%, with the exception of certain non-deductible items.
Previous wording
In 2024, Evergy's pension expense was $33.5 million under GAAP and $57.6 million for ratemaking. The impact on 2025 pension expense in the table above reflects the impact on GAAP pension costs. Under the Evergy Companies' rate agreements, any increase or decrease in GAAP pension expense is deferred to a regulatory asset or liability for future ratemaking treatment. See Note 9 to the consolidated financial statements for additional information regarding the accounting for pensions.
Current wording
In 2025, Evergy's pension expense was $42.5 million under GAAP and $54.3 million for ratemaking. The impact on 2026 pension expense in the table above reflects the impact on GAAP pension costs. Under the Evergy Companies' rate agreements, any increase or decrease in GAAP pension expense is deferred to a regulatory asset or liability for future ratemaking treatment. See Note 9 to the consolidated financial statements for additional information regarding the accounting for pensions.
Previous wording
Unbilled revenues are recorded for kWh usage in the period following the customers' billing cycle to the end of the month. This estimate is based on net system kWh usage less actual billed kWhs. Evergy's estimated unbilled kWhs are allocated and priced by regulatory jurisdiction across the rate classes based on actual billing rates. Evergy's unbilled revenue estimate is affected by factors including fluctuations in energy demand, weather, line losses and changes in the composition of customer classes. See Note 3 to the consolidated financial statements for the balance of unbilled receivables for Evergy as of December 31, 2024 and 2023.
Current wording
Evergy recognizes revenue on the sale of electricity to customers over time as the service is provided in the amount it has the right to invoice. Revenues recorded include electric services provided but not yet billed by Evergy. Unbilled revenues are recorded for kWh usage in the period following the customers' billing cycle to the end of the month. This estimate is based on net system kWh usage less actual billed kWhs. Evergy's estimated unbilled kWhs are allocated and priced by regulatory jurisdiction across the rate classes based on actual billing rates. Evergy's unbilled revenue estimate is affected by factors including fluctuations in energy demand, weather, line losses and changes in the composition of customer classes. See Note 3 to the consolidated financial statements for the balance of unbilled receivables for Evergy as of December 31, 2025 and 2024.
Previous wording
Income taxes are accounted for using the asset/liability approach. Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. Deferred investment tax credits are amortized ratably over the life of the related property. Deferred tax assets are also recorded for net operating losses, capital losses and tax credit carryforwards. Evergy is required to estimate the amount of taxes payable or refundable for the current year and the deferred tax liabilities and assets for future tax consequences of events reflected in Evergy's consolidated financial statements or tax returns. Actual results could differ from these estimates for a variety of reasons including changes in income tax laws, enacted tax rates and results of audits by taxing authorities. This process also requires management to make assessments regarding the timing and probability of the ultimate tax impact from which actual results may differ. Evergy records valuation allowances on deferred tax assets if it is determined that it is more likely than not that the asset will not be realized. See Note 20 to the consolidated financial statements for additional information.
Current wording
Income taxes are accounted for using the asset/liability approach. Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. Deferred investment tax credits are amortized ratably over the life of the related property. Deferred tax assets are also recorded for NOLs, capital losses and tax credit carryforwards. Evergy is required to estimate the amount of taxes payable or refundable for the current year and the deferred tax liabilities and assets for future tax consequences of events reflected in Evergy's consolidated financial statements or tax returns. Actual results could differ from these estimates for a variety of reasons including changes in income tax laws, enacted tax rates and results of audits by taxing authorities. This process also requires management to make assessments regarding the timing and probability of the ultimate tax impact from which actual results may differ. Evergy records valuation allowances on deferred tax assets if it is determined that it is more likely than not that the asset will not be realized. See Note 20 to the consolidated financial statements for additional information.
Previous wording
Evergy initially recorded AROs at fair value for the estimated cost to decommission Wolf Creek (94% indirect share), retire wind generating facilities, dispose of asbestos insulating material at its power plants, remediate ash disposal ponds and close ash landfills, among other items. ARO refers to a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement may be conditional on a future event that may or may not be within the control of the entity. In determining Evergy's AROs, assumptions are made regarding probable future disposal costs and the timing of their occurrence. The results of these assumptions are discounted using credit-adjusted risk-free rates (CARFR). The CARFR is determined as the current U.S. Treasury bonds rates corresponding to the period of expected settlement activities and is adjusted for the associated bond rates Evergy would be charged to borrow for the specific time period. Any change in these assumptions could have a significant impact on Evergy's AROs reflected on its consolidated balance sheets.
Current wording
Evergy initially records AROs at fair value for the estimated costs to decommission Wolf Creek (94% indirect share), retire wind generating facilities, dispose of asbestos insulating material at its power plants, remediate ash disposal ponds and close ash landfills, among other items. AROs refer to legal obligations to perform an asset retirement activity in which the timing and/or method of settlement may be conditional on a future event that may or may not be within the control of the entity. In determining Evergy's AROs, assumptions are made regarding probable future disposal costs and the timing of their occurrence. The results of these assumptions are discounted using credit-adjusted risk-free rates (CARFR). The CARFR is determined as the current U.S. Treasury bonds rates corresponding to the period of expected settlement activities and is adjusted for the associated bond rates Evergy would be charged to borrow for the specific time period. Any change in these assumptions could have a significant impact on Evergy's AROs reflected on its consolidated balance sheets.
Previous wording
As of December 31, 2024 and 2023, Evergy had recorded AROs of $1,297.0 million and $1,203.1 million, respectively. See Note 6 to the consolidated financial statements for more information regarding Evergy's AROs.
Current wording
As of December 31, 2025 and 2024, Evergy had recorded AROs of $1,342.3 million and $1,297.0 million, respectively. See Note 6 to the consolidated financial statements for more information regarding Evergy's AROs.
Previous wording
The Evergy Companies' taxes other than income taxes, of which property taxes are a significant component, can fluctuate significantly due to a variety of factors, including changes in taxable values and property tax rates. Evergy Kansas Central, Evergy Metro and Evergy Missouri West have property tax surcharges or trackers that allow them to defer and subsequently recover or refund, through customer rates, substantially all of the variance in property tax costs from the amounts set in base rates.
Current wording
The Evergy Companies' taxes other than income tax, of which property taxes are a significant component, can fluctuate significantly due to a variety of factors, including changes in taxable values and property tax rates. Evergy Kansas Central, Evergy Metro and Evergy Missouri West have property tax surcharges or trackers that allow them to defer and subsequently recover or refund, through customer rates, substantially all of the variance in property tax costs from the amounts set in base rates.
Previous 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" for additional information regarding gross margin (GAAP) and utility gross margin (non-GAAP).
Current 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" for additional information regarding gross margin (GAAP) and utility gross margin (non-GAAP).
Previous wording
Evergy's gross margin (GAAP) increased $178.3 million in 2024, compared to 2023, and Evergy's utility gross margin (non-GAAP) increased $285.7 million in 2024, compared to 2023, both measures were driven by:
Current wording
Evergy's gross margin (GAAP) increased $102.3 million in 2025, compared to 2024, and Evergy's utility gross margin (non-GAAP) increased $114.7 million in 2025, compared to 2024, both measures were driven by:
Previous wording
•a $119.6 million net increase from new retail rates in Kansas effective in December 2023 consisting of $141.8 million from higher Evergy Kansas Central retail rates, partially offset by $22.2 million from lower Evergy Metro retail rates;
Current wording
•a $133.7 million increase from new retail rates consisting of $105.1 million from Evergy Missouri West retail rates effective in January 2025 and $28.6 million from Evergy Kansas Central retail rates effective in October 2025;
Previous wording
•a $79.4 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC transmission formula rate (TFR) effective in January 2024;
Current wording
•a $38.0 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC transmission formula rate (TFR) effective in January 2025; and
Previous wording
•a $4.4 million increase primarily due to higher retail sales driven by higher weather-normalized residential and commercial demand, partially offset by unfavorable weather (cooling degree days decreased by 5% and heating degree days decreased by 4%); partially offset by
Current wording
•a $10.6 million increase primarily due to higher retail sales driven by favorable weather (heating degree days increased by 14%; partially offset by a 5% decrease in cooling degree days) and higher weather-normalized commercial demand; partially offset by
Previous wording
•a $16.0 million decrease in depreciation and amortization as further described below; partially offset by
Current wording
•a $48.9 million increase in depreciation and amortization as further described below; partially offset by
Previous wording
•a $14.6 million increase in taxes other than income tax as further described below; and
Current wording
•a $32.5 million decrease in taxes other than income tax as further described below; and
Previous wording
Evergy's depreciation and amortization increased $37.5 million in 2024, compared to 2023, primarily driven by:
Current wording
Evergy's depreciation and amortization increased $48.9 million in 2025, compared to 2024, primarily due to capital additions.
Previous wording
Evergy's other expense, net in 2023 became other income, net in 2024 as a result of a $7.9 million increase in net other income items, primarily driven by:
Current wording
Evergy's other income, net in 2024 became other expense, net in 2025 as a result of a $28.7 million increase in net other expense items, primarily driven by:
Previous wording
•an $11.6 million decrease due to recording lower Evergy Kansas Central COLI benefits in 2024.
Current wording
•a $7.8 million increase primarily due to recording lower Evergy Kansas Central COLI benefits in 2025; partially offset by
Previous wording
•an $8.7 million increase in equity allowance for funds used during construction (AFUDC) primarily at Evergy Kansas Central and Evergy Metro primarily driven by higher construction work in progress balances in 2024 and lower short-term debt balances; partially offset by
Current wording
•a $3.3 million increase in equity AFUDC primarily at Evergy Kansas Central and Evergy Missouri West primarily driven by lower short-term debt balances in 2025.
Showing the first 40 of 92 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
As of December 31, 2025, Evergy had $1.1 billion of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $199.1 million for Evergy, Inc.,
Current report — wording carried from elsewhere
Additionally, the increase in Evergy Metro's gross margin (GAAP) was also impacted by:
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
"Liquidity and Capital Resources - Capital Expenditures," for further information regarding Evergy's projected capital expenditures through 2029;
Previous report — wording carried elsewhere
See Note 4 to the consolidated financial statements for information regarding Evergy Kansas Central's and Evergy Missouri West's applications for predetermination and CCN, respectively, for their investments in these renewable generating plants.
Previous report — wording carried elsewhere
Utility gross margin (non-GAAP) is intended to aid an investor's overall understanding of results. Management believes that utility gross margin (non-GAAP) provides a meaningful basis for evaluating the Evergy Companies'
Previous report — wording carried elsewhere
Evergy recognizes revenue on the sale of electricity to customers over time as the service is provided in the amount it has the right to invoice. Revenues recorded include electric services provided but not yet billed by Evergy.
Previous report — wording carried elsewhere
Under the Evergy Kansas Central mortgage, the issuance of FMBs is subject to limitations based on the amount of bondable property additions. In addition, so long as any bonds issued prior to January 1, 1997, remain outstanding, the mortgage prohibits additional FMBs from being issued, except in connection with certain refundings, unless Evergy Kansas Central’s unconsolidated net earnings available for interest, depreciation and property retirement (which, as defined, does not include earnings or losses attributable to the ownership of securities of subsidiaries), for a period of 12 consecutive months within 15 months preceding the issuance, are not less than the greater of twice the annual interest charges on or 10% of the principal amount of all FMBs outstanding after giving effect to the proposed issuance. As of December 31, 2024, $420.5 million principal amount of additional FMBs could be issued under the most restrictive provisions in the mortgage, except in connection with certain refundings.
Previous report — wording carried elsewhere
Evergy Metro Other Income (Expense), Net