EVERGY KANSAS CENTRAL, INC.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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.
Mar 31, 2026 · Filed May 7, 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-Q
Period ended 2025-09-30; filed 2025-11-06.
0001711269-25-000041
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001711269-26-000057
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 199 previous paragraphs and 155 current paragraphs.
73 unchanged; 32 reworded; 48 added; 90 removed; 4 previous and 2 current paragraphs rearranged.
Tables are not compared: 12 previous and 9 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 (48)
Current report
Large Load Customers
Current report
In the first quarter of 2026, the Evergy Companies signed ESAs with multiple large load customers to serve data centers with a projected peak steady state load of approximately 2,500 MWs. The ESAs relate to three 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. The service of these large load customers, inclusive of an optional transitional load period not to exceed five years, has commenced or is expected to commence at dates ranging from 2026 to 2028.
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 Convertible Notes, under separate, privately negotiated repurchase agreements with certain holders of its Convertible Notes, for a total repurchase cost (including fees and excluding accrued and unpaid interest) of $309.5 million. After these January and February 2026 repurchases, $1,155.9 million aggregate principal amount of Convertible Notes remain outstanding as of March 31, 2026. See "Convertible Notes" in Note 7 to the consolidated financial statements for additional information regarding Evergy, Inc.'s repurchase of Convertible Notes.
Current report
Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended March 31, 2026, were $161.8 million or $0.69 per share. For the three months ended March 31, 2025, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were recast to conform to the current year calculation of adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP), resulting in adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) of $127.8 million or $0.55 per share.
Current report
i. losses from the repurchase of a portion of Evergy's Convertible Notes; and
Current report
(a)Reflects losses and fees of $10.3 million related to Evergy's repurchase of $244.1 million aggregate principal amount of its Convertible Notes in the first quarter 2026 that are included in interest expense on the consolidated statements of comprehensive income.
Current report
•a $16.6 million increase in revenue related to non-regulated energy marketing activity at Evergy Kansas Central; partially offset by
Current report
•a $17.2 million increase in depreciation and amortization as further described below; and
Current report
•a $3.9 million decrease in taxes other than income tax as further described below.
Current report
•a $6.7 million increase in general and administrative labor and employee benefits expense, primarily due to higher medical claims; and
Current report
•a $2.4 million increase in transmission and distribution operating and maintenance expenses primarily at Evergy Kansas Central primarily due to a $3.1 million increase in non-labor expense including higher contractor costs.
Current report
Evergy's depreciation and amortization expense increased $17.2 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to capital additions.
Current report
Evergy's taxes other than income taxdecreased $3.9 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by a decrease in Evergy Kansas Central's 2026 amortization of the Kansas property tax rider.
Current report
•a $7.9 million increase in equity AFUDC primarily at Evergy Kansas Central and Evergy Missouri West primarily due to higher average construction work in progress (CWIP) balances in 2026; and
Current report
•a $6.4 million increase due to higher Evergy Kansas Central COLI benefits in 2026.
Current report
Evergy's interest expense increased $22.0 millionfor the three months ended March 31, 2026, compared tothe same period in 2025, primarily driven by:
Current report
•an $18.9 million increase due to issuances of long-term debt;
Current report
•a $10.3 million increase related to Evergy's repurchase of a portion of its Convertible Notes in 2026; and
Current report
•a $5.0 million decrease due to higher debt AFUDC primarily at Evergy Missouri West driven by higher average CWIP balances in 2026.
Current report
Evergy's income tax expense decreased $6.2 million for the three months ended March 31, 2026, compared tothe same period in 2025, primarily driven by a $4.0 million decrease related to higher energy production and other income tax credits in 2026.
Current report
In January 2026, Evergy, Inc. entered into a $55.0 million unsecured Term Loan Credit Agreement with an expiration date in January 2027. In February 2026, Evergy, Inc. entered into a $500.0 million unsecured Term Loan Credit Agreement with an expiration date in February 2027. Evergy's borrowings under the $500.0 million unsecured Term Loan Credit Agreement were used for, among other things, the repayment in full of all borrowings under the $55.0 million Term Loan Credit Agreement and the partial repurchase of Evergy's Convertible Notes as further described in Note 7 to the consolidated financial statements.
Current report
Long-Term Debt
Current report
In May 2026, Evergy, Inc. entered into a Delayed Draw Term Loan Agreement in which lenders have committed to provide term loans in an aggregate principal amount of up to $1.0 billion, maturing in November 2027. If not fully utilized, the term loan commitments expire in August 2026. Evergy has not made any borrowings under the Delayed Draw Term Loan Agreement.
Current report
See Note 12 to the consolidated financial statements for information regarding Evergy's ATM Program.
Current report
Evergy's cash flows from operating activities decreased $87.1 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by decreased collections from customers related to a February 2021 winter weather event and an increase in fuel inventory, primarily driven by coal purchases.
Current report
•a $48.9 million increase in proceeds from COLI investments, primarily at Evergy Kansas Central due to higher policy settlements in 2026.
Current report
•a $500.0 million increase due to proceeds from term loans, net of repayments, executed in 2026; and
Current report
•a $246.2 million decrease 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 $348.0 million of long-term debt for the same period in 2026; and
Current report
•a $309.5 million decrease due to retirements of long-term debt driven by Evergy's repurchase of $244.1 million aggregate principal amount of the Convertible Notes in 2026.
Current report
•a $16.6 million increase in revenue related to non-regulated energy marketing activity; partially offset by
Current report
•a $10.9 million increase in depreciation and amortization as further described below; and
Current report
•a $4.2 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities driven by an increase in transmission and distribution operating and maintenance expense as further described below; partially offset by
Current report
•a $3.6 million decrease in taxes other than income tax as further described below.
Current report
•a $3.9 million increase in general and administrative labor and employee benefits expense including higher medical claims; and
Current report
•a $4.2 million increase in transmission and distribution operating and maintenance expenses primarily driven by a $3.1 million increase in non-labor costs including higher contractor costs.
Current report
Evergy Kansas Central's taxes other than income tax decreased $3.6 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by a decrease in the 2026 amortization of the Kansas property tax rider.
Current report
Evergy Kansas Central's other income, net increased $10.3 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:
Current report
•a $5.2 million increase in equity AFUDC driven by higher average CWIP balances in 2026.
Current report
•a $2.3 million increase due to decreases in carrying costs deferred to a regulatory asset in accordance with plant-in-service accounting (PISA); partially offset by
Showing the first 40 of 48 passages. Open the source sections for the rest.
Removed paragraphs (90)
Previous 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.
Previous report
Large Load Power Service (LLPS) Rate Plan
Previous 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. The proposed LLPS rate plans are designed to establish a tariff framework for large load customers while including protections for existing customers.
Previous report
In August 2025, Evergy Kansas Central, Evergy Metro, the KCC staff and other intervenors reached a unanimous settlement agreement for the LLPS rate plan. The unanimous settlement agreement is subject to the approval of the KCC. 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. The non-unanimous global stipulation and agreement is subject to the approval of the MPSC. Final orders from the KCC and the MPSC are expected in the fourth quarter of 2025.
Previous report
Federal Tax Reform
Previous 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 Evergy Companies do not expect a material impact to their operations and consolidated financial results.
Previous report
Missouri Legislation
Previous report
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 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.
Previous report
Kansas Legislation
Previous 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.
Previous report
Natural Gas Plant Investments
Previous report
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.
Previous report
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.
Previous report
Additionally, Evergy Missouri West plans to construct a 440 MW simple-cycle natural gas plant located in Missouri. The plant is expected to begin operations in 2030.
Previous report
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 report
Renewable Plant Investments
Previous report
Evergy Kansas Central intends to construct and own an approximately 159 MW solar generation facility to be located in Kansas called Kansas Sky. Kansas Sky is expected to begin operations by summer of 2027 and construction 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 report
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. 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 MW. 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 report
Net income attributable to Evergy, Inc. decreased year to date September 30, 2025, compared to the same period in 2024, primarily due to higher interest, depreciation and operating and maintenance expenses, lower proceeds from COLI 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 higher transmission revenues.
Previous report
Diluted EPS decreased year to date September 30, 2025, compared to the same period in 2024, primarily due to the decrease in net income attributable to Evergy, Inc. discussed above and a $0.04 per share decrease due to dilution from Evergy's convertible notes.
Previous report
Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended and year to date September 30, 2025, were $475.1 million or $2.03 per share and $794.0 million or $3.41 per share, respectively. For the three months ended and year to date September 30, 2024, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $465.6 million or $2.02 per share and $797.3 million or $3.46 per share, respectively.
Previous report
ii. the mark-to-market impacts of economic hedges related to Evergy Kansas Central's 8% ownership share of JEC.
Previous report
(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 report
•an $8.1 million increase primarily due to higher retail sales driven by higher weather-normalized residential and commercial demand; partially offset by
Previous report
•a $13.9 million decrease in revenue from the Kansas property tax rider, which is offset in taxes other than income tax.
Previous report
•a $12.1 million decrease in taxes other than income tax as further described below; partially offset by
Previous report
•an $8.0 million increase in depreciation and amortization as further described below; and
Previous report
•a $2.2 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities.
Previous report
Evergy's gross margin (GAAP) increased $72.2 million year to date September 30, 2025, compared to the same period in 2024 and Evergy's utility gross margin (non-GAAP) increased $72.2 million year to date September 30, 2025, compared to the same period in 2024, both measures were driven by:
Previous report
•a $30.3 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
Previous report
•a $29.6 million decrease in revenue from the Kansas property tax rider, which is offset in taxes other than income tax.
Previous report
•a $23.3 million decrease in taxes other than income tax as further described below; and
Previous report
•a $5.0 million decrease in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities; offset by
Previous report
•a $28.3 million increase in depreciation and amortization as further described below.
Previous report
•a $15.2 million increase in general and administrative labor and employee benefits expense, including higher medical claims; and
Previous report
•a $5.6 million increase in credit loss expense.
Previous report
Evergy's depreciation and amortization increased $8.0 million for the three months ended September 30, 2025 and $28.3 million year to date September 30, 2025, compared to the same periods in 2024, primarily due to capital additions.
Previous report
Evergy's taxes other than income tax decreased $12.1 million for the three months ended September 30, 2025 and $23.3 million year to date September 30, 2025, compared to the same periods in 2024, primarily driven by a 2024 over-collection of property taxes in Kansas and subsequent amortization of a refund to customers through the Kansas property tax rider, which is offset in utility gross margin; partially offset by higher assessed property tax values in 2025.
Previous report
Evergy's other income, net year to date September 30, 2024, became other expense, net year to date September 30, 2025, resulting in a $23.1 million increase in net other expense, primarily driven by:
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Reworded paragraphs (32)
Previous wording
Evergy Kansas Central's 2025 Rate Case Proceeding
Current wording
Evergy Metro's 2026 Rate Case Proceeding
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.
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. An evidentiary hearing in the case is scheduled to occur in October 2026 and new rates are expected to be effective in January 2027.
Previous wording
Wolf Creek's most recent refueling outage began in October 2025 and the unit is expected to return to service in November 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
Net income attributable to Evergy, Inc. increased for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to new Evergy Missouri West retail rates effective in January 2025 and higher retail sales in the third quarter of 2025 driven by higher weather-normalized demand; partially offset by higher interest and depreciation expenses and lower proceeds from corporate-owned life insurance (COLI).
Current wording
Net income attributable to Evergy, Inc. increased for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to new Evergy Kansas Central retail rates effective in October 2025, higher non-regulated energy marketing revenue, higher equity AFUDC and corporate-owned life insurance (COLI) proceeds and lower income tax expense; partially offset by higher depreciation, interest and operating and maintenance expense.
Previous wording
Diluted EPS was nearly flat for the three months ended September 30, 2025, compared to the same period in 2024, with the increase in net income attributable to Evergy, Inc. discussed above mostly offset by a $0.03 per share decrease due to dilution from Evergy's convertible notes.
Current wording
Diluted EPS increased for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to the increase in net income attributable to Evergy, Inc. discussed above.
Previous wording
i. the 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; and
Current wording
ii. unrealized gains and losses from non-regulated investments in early-stage clean energy and energy solution companies and costs related to the disposal of these investments.
Previous 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.
Current 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.
Previous wording
(a)Reflects unrealized losses and impairment losses year to date September 30, 2025, of $29.0 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 $0.1 million for the three months ended and year to date September 30, 2025, 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 wording
(b)Reflects unrealized gains of $0.2 million and unrealized losses of $3.6 million for the three months ended March 31, 2026 and 2025, respectively, from non-regulated investments in early-stage clean energy and energy solution companies that are included in investment earnings on the consolidated statements of comprehensive income and $0.6 million for the three months ended March 31, 2026, of costs related to the disposal of these investments that are included in operating and maintenance expense on the consolidated statements of comprehensive income. Adjustments for the three months ended March 31, 2025, have been recast to conform to the current year calculation of adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) that exclude these amounts. Evergy is in the process of disposing these investments.
Previous wording
(c)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%, with the exception of certain non-deductible items.
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", above 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 reconciles 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 $30.0 million for the three months ended September 30, 2025, compared to the same period in 2024 and Evergy's utility gross margin (non-GAAP) increased $28.1 million for the three months ended September 30, 2025, compared to the same period in 2024, both measures were driven by:
Current wording
Evergy's gross margin (GAAP) increased $34.5 million for the three months ended March 31, 2026, compared to the same period in 2025 and Evergy's utility gross margin (non-GAAP) increased $51.3 million for the three months ended March 31, 2026, compared to the same period in 2025, both measures were driven by:
Previous wording
•a $33.9 million increase from new Evergy Missouri West retail rates effective in January 2025; and
Current wording
•a $40.0 million increase from new Evergy Kansas Central retail rates effective in October 2025; and
Previous wording
•an $18.3 million decrease primarily due to lower retail sales driven by unfavorable weather (cooling degree days decreased 15%, partially offset by a 24% increase in heating degree days); partially offset by higher weather-normalized residential and commercial demand.
Current wording
•a $5.3 million decrease primarily due to unfavorable weather (heating degree days decreased by 20%); partially offset by higher weather-normalized demand.
Previous wording
•a $17.2 million decrease in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by a $9.9 million decrease in transmission and distribution operating and maintenance expense as further described below; partially offset by
Current wording
•a $3.5 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by a $2.4 million increase in transmission and distribution operating and maintenance expense as further described below; partially offset by
Previous wording
Evergy's operating and maintenance expense increased $19.1 million year to date September 30, 2025, compared to the same period in 2024, primarily driven by:
Current wording
Evergy's operating and maintenance expense increased $11.2 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:
Previous wording
Evergy's other income, net for the three months ended September 30, 2024, became other expense, net for the three months ended September 30, 2025, resulting in a $7.4 million increase in net other expense, primarily driven by recording lower Evergy Kansas Central COLI benefits in the third quarter of 2025.
Current wording
Evergy's other expense, net for the three months ended March 31, 2025, became other income, net for the three months ended March 31, 2026, as a result of a $14.7 million increase in net other income items, primarily driven by:
Previous wording
•a $5.5 million decrease in interest expense on short-term borrowings primarily due to lower weighted-average interest rates; partially offset by
Current wording
•a $2.8 million increase in interest expense on short-term borrowings primarily due to higher short-term debt balances in 2026; partially offset by
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•a $5.7 million decrease due to the repayment of long-term debt.
Current wording
•a $6.9 million decrease due to the repayment of long-term debt;
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. 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, debt, equity and hybrid security 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 2025 Form 10-K for more information on Evergy's sources and uses of cash.
Previous wording
As of September 30, 2025, Evergy had $1,263.5 million of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $254.2 million for Evergy, Inc., $495.3 million for Evergy Kansas Central, $402.1 million for Evergy Metro and $111.9 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.
Current wording
As of March 31, 2026, Evergy had $968.8 million of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $393.9 million for Evergy, Inc., $308.0 million for Evergy Kansas Central, $199.2 million for Evergy Metro and $67.7 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.
Previous wording
Evergy's cash flows used in investing activities increased $111.7 million year to date September 30, 2025, compared to the same period in 2024, primarily driven bya $110.0 million increase in additions to property, plant and equipment, due to increased spending for a variety of capital projects.
Current wording
Evergy's cash flows used in investing activities increased $157.7 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:
Previous wording
Evergy's cash flows from financing activities decreased $26.7 million year to date September 30, 2025, compared to the same period in 2024, primarily driven by:
Current wording
Evergy's cash flows from financing activities increased $229.1 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:
Previous wording
•an $18.3 million increase due to issuances of long-term debt; partially offset by
Current wording
•a $330.3 million increase in short-term debt primarily driven by higher repayment of short-term debt in 2025 with proceeds from long-term debt ; partially offset by
Previous wording
Evergy Kansas Central's gross margin (GAAP) increased $5.9 million year to date September 30, 2025, compared to the same period in 2024, and Evergy Kansas Central's utility gross margin (non-GAAP) decreased $20.2 million year to date September 30, 2025, compared to the same period in 2024, both measures were driven by:
Current wording
Evergy Kansas Central's gross margin (GAAP) increased $35.1 million for the three months ended March 31, 2026, compared to the same period in 2025, and Evergy Kansas Central's utility gross margin (non-GAAP) increased $46.6 million for the three months ended March 31, 2026, compared to the same period in 2025, both measures were driven by:
Previous wording
•an $82.7 million increase from new Evergy Missouri West retail rates effective in January 2025; and
Current wording
•a $40.0 million increase from new Evergy Kansas Central retail rates effective in October 2025; and
Previous wording
•a $10.0 million increase in general and administrative labor and employee benefits expense, including higher medical claims; and
Current wording
•a $10.0 million decrease primarily due to unfavorable weather (heating degree days decreased 22%); partially offset by higher weather-normalized demand.
Previous wording
Evergy Kansas Central's operating and maintenance expense decreased $3.4 million year to date September 30, 2025, compared to the same period in 2024, primarily driven by:
Current wording
Evergy Kansas Central's operating and maintenance expense increased $11.4 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:
Previous wording
Evergy Kansas Central's depreciation and amortization expense increased $9.6 million year to date September 30, 2025, compared to the same period in 2024, primarily due to capital additions.
Current wording
Evergy Kansas Central's depreciation and amortization expense increased $10.9 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to capital additions.
Previous wording
•a $7.8 million increase primarily due to recording lower Evergy Kansas Central COLI benefits in 2025; partially offset by
Current wording
•a $6.9 million increase due to recording higher COLI benefits in 2026; and
Previous wording
Evergy Kansas Central's interest expense increased $5.7 million year to date September 30, 2025, compared to the same period in 2024, primarily driven by:
Current wording
Evergy Kansas Central's interest expense increased $4.9 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by:
Previous wording
•a $15.5 million decrease due to the repayment of long-term debt; and
Current wording
•a $2.0 million decrease due to the repayment of long-term debt.
Previous wording
Evergy Metro's gross margin (GAAP) increased $8.4 million year to date September 30, 2025, compared to the same period in 2024, and Evergy Metro's utility gross margin (non-GAAP) increased $10.2 million year to date September 30, 2025, compared to the same period in 2024, both measures were driven by:
Current wording
Evergy Metro's gross margin (GAAP) decreased $0.1 million for the three months ended March 31, 2026, compared to the same period in 2025, and Evergy Metro's utility gross margin (non-GAAP) increased $2.8 million for the three months ended March 31, 2026, compared to the same period in 2025, both measures were driven by:
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•a $259.1 million increase in additions to property, plant and equipment, due to increased spending for a variety of capital projects, including construction of new generating facilities; partially offset by
Current report — wording carried from elsewhere
•a $9.9 million increase due to issuances of long-term debt; and
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Additionally, the increase in Evergy's gross margin (GAAP) was also impacted by:
Previous report — wording carried elsewhere
Additionally, the increase in Evergy Metro's gross margin (GAAP) was also impacted by:
Previous report — wording carried elsewhere
•a $5.3 million decrease in taxes other than income tax, as further described below; partially offset by
Previous report — wording carried elsewhere
•a $6.9 million increase due to issuances of long-term debt.