EVERGY KANSAS CENTRAL, INC.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
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.
Sep 30, 2026 · Filed Nov 5, 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 2026-06-30; filed 2026-08-06.
0001711269-26-000100
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001711269-26-000117
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 179 previous paragraphs and 204 current paragraphs.
80 unchanged; 53 reworded; 66 added; 42 removed; 4 previous and 5 current paragraphs rearranged.
Tables are not compared: 11 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (66)
Current report
iii. the gain associated with the settlement of a complaint regarding Evergy Kansas Central's Annual Transmission Revenue Requirement for the 2018 and 2019 rate years.
Current report
(c)Reflects a gain from the partial reduction of a liability associated with the settlement of a complaint regarding Evergy Kansas Central's Annual Transmission Revenue Requirement for the 2018 and 2019 rate years that is included in operating revenues on the consolidated statements of comprehensive income.
Current report
Evergy's gross margin (GAAP) increased $163.7 million for the three months ended September 30, 2026, compared to the same period in 2025, and Evergy's utility gross margin (non-GAAP) increased $193.8 million for the three months ended September 30, 2026, compared to the same period in 2025, both measures were driven by:
Current report
•a $42.3 million increase from new Evergy Kansas Central retail rates effective in October 2025; and
Current report
•an $11.8 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2026 and Evergy Kansas Central's TFR settlement.
Current report
•a $13.0 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue-producing activities primarily driven by an increase in transmission and distribution operating and maintenance expense as further described below;
Current report
•a $12.2 million increase in depreciation and amortization as further described below; and
Current report
•a $4.9 million increase in taxes other than income tax.
Current report
Evergy's gross margin (GAAP) increased $232.6 million year to date September 30, 2026, compared to the same period in 2025, and Evergy's utility gross margin (non-GAAP) increased $306.2 million year to date September 30, 2026, compared to the same period in 2025, both measures were driven by:
Current report
•a $165.1 million increase primarily due to favorable weather (cooling degree days increased by 31%, partially offset by a 21% decrease in heating degree days) and higher weather-normalized demand, including a data center customer that began taking service in 2026 and higher demand from a large load industrial customer;
Current report
•a $108.0 million increase from new Evergy Kansas Central retail rates effective in October 2025;
Current report
•a $17.6 million increase in transmission revenue primarily due to updated transmission costs reflected in Evergy Kansas Central's FERC TFR effective in January 2026 and Evergy Kansas Central's TFR settlement; and
Current report
•a $45.3 million increase in depreciation and amortization as further described below;
Current report
•a $24.7 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue-producing activities primarily driven by an increase in transmission and distribution operating and maintenance expense as further described below; and
Current report
•a $3.6 million increase in taxes other than income tax.
Current report
•a $6.8 million increase in transmission and distribution operating and maintenance expenses primarily due to higher vegetation management costs and contractor costs;
Current report
•a $3.7 million increase in general and administrative labor and employee benefits expense, primarily due to higher medical claims; and
Current report
Evergy's operating and maintenance expense increased $43.7 million year to date September 30, 2026, compared to the same period in 2025, primarily driven by:
Current report
•a $20.7 million increase in transmission and distribution operating and maintenance expenses primarily due to higher vegetation management and contractor costs;
Current report
•a $7.9 million increase in general and administrative labor and employee benefits expense, primarily due to higher medical claims; and
Current report
•a $6.4 million increase in regulatory commission expense primarily driven by higher Kansas and Missouri regulatory assessment costs.
Current report
•a $15.6 million increase due to higher COLI proceeds in the third quarter of 2026; and
Current report
•a $9.0 million increase in equity AFUDC primarily at Evergy Kansas Central and Evergy Missouri West primarily driven by higher average CWIP balances in the third quarter of 2026.
Current report
•a $26.0 million increase in equity AFUDC primarily at Evergy Kansas Central and Evergy Missouri West primarily driven by higher average CWIP balances in 2026; and
Current report
•a $16.8 million increase due to higher COLI proceeds in 2026; partially offset by
Current report
Evergy's interest expense increased $16.0 million for the three months ended September 30, 2026, compared to the same period in 2025, primarily driven by:
Current report
•a $27.7 million increase due to issuances of long-term debt; and
Current report
Evergy's interest expense increased $50.1 million year to date September 30, 2026, compared to the same period in 2025, primarily driven by:
Current report
•a $25.2 million decrease due to the repayment of long-term debt; and
Current report
Evergy's income tax expense increased $21.5 million for the three months ended September 30, 2026, compared to the same period in 2025, primarily driven by:
Current report
•a $36.0 million increase primarily due to higher pre-tax income in the third quarter of 2026; partially offset by
Current report
•a $6.4 million decrease primarily due to higher equity AFUDC;
Current report
•a $4.6 million decrease primarily related to higher energy production income tax credits in the third quarter of 2026; and
Current report
•a $4.2 million decrease primarily due to higher amortization of EDIT.
Current report
Evergy's income tax expense increased $21.7 million year to date September 30, 2026, compared to the same period in 2025, primarily driven by:
Current report
•a $51.5 million increase primarily due to higher pre-tax income in 2026; partially offset by
Current report
•a $10.5 million decrease primarily due to higher equity AFUDC;
Current report
•a $9.9 million decrease primarily related to higher energy production income tax credits in 2026; and
Current report
•a $5.8 million decrease primarily due to higher amortization of EDIT.
Current report
See Note 7 to the consolidated financial statements for additional information regarding significant short-term borrowings.
Showing the first 40 of 66 passages. Open the source sections for the rest.
Removed paragraphs (42)
Previous report
Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended and year to date June 30, 2026, were $208.5 million or $0.88 per share and $370.3 million or $1.57 per share, respectively. For the three months ended and year to date June 30, 2025, Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) were $191.1 million or$0.82 per share and $318.9 million or $1.37 per share, respectively.
Previous report
Evergy's gross margin (GAAP) increased $34.4 million for the three months ended June 30, 2026, compared to the same period in 2025 and Evergy's utility gross margin (non-GAAP) increased $61.1 million for the three months ended June 30, 2026, compared to the same period in 2025, both measures were driven by:
Previous report
•a $30.3 million increase from new Evergy Kansas Central retail rates effective in October 2025.
Previous report
•a $15.9 million increase in depreciation and amortization as further described below;
Previous report
•an $8.2 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by an increase in transmission and distribution operating and maintenance expense as further described below; and
Previous report
Evergy's gross margin (GAAP) increased $68.9 million year to date June 30, 2026, compared to the same period in 2025 and Evergy's utility gross margin (non-GAAP) increased $112.4 million year to date June 30, 2026, compared to the same period in 2025, both measures were driven by:
Previous report
•a $31.1 million increase primarily due to higher weather-normalized demand from commercial and industrial customers, including a data center customer that began taking service in 2026 and higher demand from a large load industrial customer; and
Previous report
•a $33.1 million increase in depreciation and amortization as further described below; and
Previous report
•an $11.7 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by an increase in transmission and distribution operating and maintenance expense as further described below; partially offset by
Previous report
•a $1.3 million decrease in taxes other than income tax.
Previous report
•a $3.8 million decrease in plant operating and maintenance expense at Wolf Creek including lower labor and contractor costs.
Previous report
Evergy's operating and maintenance expense increased $17.0 million year to date June 30, 2026, compared to the same period in 2025, primarily driven by:
Previous report
•a $13.8 million increase in transmission and distribution operating and maintenance expenses primarily driven by an $11.5 million increase in non-labor expense primarily due to higher contractor and vegetation management costs; and
Previous report
•a $4.2 million increase in general and administrative labor and employee benefits expense, primarily due to higher medical claims.
Previous report
•$33.3 million of gains in 2026 compared to losses in 2025 related to Evergy's non-regulated investments in early-stage clean energy and energy solution companies driven by $25.4 million of unrealized losses and impairment losses in the second quarter of 2025 and $7.9 million of net realized gains in the second quarter of 2026; and
Previous report
•a $5.2 million decrease primarily due to lower Evergy Kansas Central corporate-owned life insurance (COLI) benefits in the second quarter of 2026.
Previous report
•a $17.0 million increase in equity AFUDC primarily at Evergy Kansas Central and Evergy Missouri West primarily driven by higher average CWIP balances in 2026; partially offset by
Previous report
Evergy's interest expense increased $12.1 million for the three months ended June 30, 2026, compared to the same period in 2025, primarily driven by:
Previous report
•a $19.1 million increase due to issuances of long-term debt; and
Previous report
•an $8.8 million decrease due to the repayment of long-term debt; and
Previous report
Evergy's interest expense increased $34.1 million year to date June 30, 2026, compared to the same period in 2025, primarily driven by:
Previous report
•a $38.0 million increase due to issuances of long-term debt;
Previous report
•a $16.0 million decrease due to the repayment of long-term debt; and
Previous report
Evergy's income tax expense increased $6.4 million for the three months ended June 30, 2026, compared to the same period in 2025, primarily driven by:
Previous report
•an $11.0 million increase primarily due to higher pre-tax income in the second quarter of 2026; partially offset by
Previous report
•a $2.1 million decrease primarily due to higher nontaxable AFUDC equity; and
Previous report
•a $1.2 million decrease primarily related to higher energy production income tax credits in the second quarter of 2026.
Previous 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 8 to the consolidated financial statements.
Previous report
•a $49.3 million increase in proceeds from COLI investments, primarily at Evergy Kansas Central due to higher policy settlements in 2026.
Previous report
•a $500.0 million increase due to proceeds from term loans, net of repayments, executed in 2026; and
Previous report
•a $221.4 million increase in short-term debt borrowings driven by:
Previous report
◦higher borrowings of $122.5 million at Evergy Missouri West and $64.8 million at Evergy Metro; partially offset by
Previous report
•a $12.9 million increase primarily due to higher weather-normalized demand from commercial and industrial customers, including higher demand from a large load industrial customer.
Previous report
•a $19.2 million increase in depreciation and amortization as further described below; and
Previous report
•a $12.3 million increase in operating and maintenance expenses which are determined to be directly attributable to revenue producing activities primarily driven by an increase in transmission and distribution operating and maintenance expense as further described below; partially offset by
Previous report
•a $0.6 million decrease in taxes other than income tax.
Previous report
•an $11.3 million increase in transmission and distribution operating and maintenance expenses primarily driven by a $7.3 million increase in non-labor costs including higher contractor and vegetation management costs;
Previous report
•a $13.8 million increase due to issuances of long-term debt; and
Previous report
•a $4.1 million decrease due to the repayment of long-term debt; and
Previous report
•a $9.7 million increase in depreciation and amortization as further described below; partially offset by
Showing the first 40 of 42 passages. Open the source sections for the rest.
Reworded paragraphs (53)
Previous 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.
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. In October 2026, an evidentiary hearing on the case occurred and partial stipulations and agreements were reached on certain issues in the case. Several issues remain outstanding and an order is expected from the MPSC before the end of 2026, with new rates expected to be effective in January 2027.
Previous wording
Net income attributable to Evergy, Inc. increased for the three months ended June 30, 2026, compared to the same period in 2025, primarily due to new Evergy Kansas Central retail rates effective in October 2025, higher retail sales in the second quarter of 2026 driven by favorable weather and higher weather-normalized demand, and gains in 2026 compared to losses in 2025 from non-regulated investments in early-stage clean energy and energy solution companies; partially offset by higher interest, depreciation and operating and maintenance expense.
Current wording
Net income attributable to Evergy, Inc. increased for the three months ended September 30, 2026, compared to the same period in 2025, primarily due to higher retail sales in the third quarter of 2026 driven by favorable weather and higher weather-normalized demand, new Evergy Kansas Central retail rates effective in October 2025, and higher proceeds from corporate-owned life insurance (COLI); partially offset by higher operating and maintenance, interest and income tax expense.
Previous wording
Diluted EPS increased for the three months ended June 30, 2026, compared to the same period in 2025, primarily due to the increase in net income attributable to Evergy, Inc. discussed above, partially offset by a $0.02 per share decrease primarily due to dilution from Evergy's convertible notes.
Current wording
Diluted EPS increased for the three months ended September 30, 2026, compared to the same period in 2025, primarily due to the increase in net income attributable to Evergy, Inc. discussed above, partially offset by a $0.03 per share decrease due to dilution primarily driven by Evergy's convertible notes.
Previous wording
Net income attributable to Evergy, Inc. increased year to date June 30, 2026, compared to the same period in 2025, primarily due to new Evergy Kansas Central retail rates effective in October 2025, higher retail sales in 2026 driven by higher weather-normalized demand, higher non-regulated energy marketing revenue, and gains in 2026 compared to losses in 2025 from non-regulated investments in early-stage clean energy and energy solution companies; partially offset by higher interest, depreciation and operating and maintenance expense.
Current wording
Net income attributable to Evergy, Inc. increased year to date September 30, 2026, compared to the same period in 2025, primarily due to higher retail sales in 2026 driven by favorable weather and higher weather-normalized demand, new Evergy Kansas Central retail rates effective in October 2025, higher non-regulated energy marketing revenue, and gains in 2026 compared to losses in 2025 from non-regulated investments in early-stage clean energy and energy solution companies; partially offset by higher operating and maintenance, depreciation and interest expense.
Previous wording
Diluted EPS increased year to date June 30, 2026, compared to the same period in 2025, primarily due to the increase in net income attributable to Evergy, Inc. discussed above, partially offset by a $0.03 per share decrease primarily due to dilution from Evergy's convertible notes.
Current wording
Diluted EPS increased year to date September 30, 2026, compared to the same period in 2025, primarily due to the increase in net income attributable to Evergy, Inc. discussed above, partially offset by a $0.06 per share decrease due to dilution primarily driven by Evergy's convertible notes.
Previous 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.
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. The following table summarizes Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP).
Previous wording
i. losses from the repurchase of a portion of Evergy's Convertible Notes; and
Current wording
i. losses from the repurchase of a portion of Evergy's Convertible Notes;
Previous wording
ii. investment 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.
Current wording
ii. investment 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; and
Previous wording
(b)Reflects net realized gains of $7.9 million and unrealized losses and impairment losses of $25.4 million for the three months ended June 30, 2026 and 2025, respectively, and net realized and unrealized gains of $8.1 million and unrealized losses and impairment losses of $29.0 million year to date June 30, 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 year to date June 30, 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. Evergy is in the process of disposing of these investments.
Current wording
(b)Reflects net unrealized gains and losses, realized gains and losses and impairment losses 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, in addition to costs related to the disposal of these investments of $0.5 million and $0.1 million for the three months ended September 30, 2026 and 2025, respectively, and $1.1 million and $0.1 million year to date September 30, 2026 and 2025, respectively, that are included in operating and maintenance expense on the consolidated statements of comprehensive income. Evergy is in the process of disposing of these investments.
Previous wording
(c)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
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 tables summarize Evergy's gross margin (GAAP) and MWhs sold and reconcile the differences between Evergy's gross margin (GAAP) and 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
•a $30.8 million increase primarily due to favorable weather (cooling degree days increased by 25%) and higher weather-normalized demand driven by a data center customer that began taking service in 2026 and higher demand from a large load industrial customer; and
Current wording
•a $139.7 million increase primarily due to favorable weather (cooling degree days increased by 31%) and higher weather-normalized demand from commercial and residential customers, including a data center customer that began taking service in 2026, and higher demand from a large load industrial customer;
Previous wording
•a $15.6 million increase in revenue related to non-regulated energy marketing activity at Evergy Kansas Central.
Current wording
•a $15.5 million increase in revenue related to non-regulated energy marketing activity at Evergy Kansas Central.
Previous wording
Evergy's operating and maintenance expense increased $5.8 millionfor the three months ended June 30, 2026, compared to the same period in 2025, primarily driven by:
Current wording
Evergy's operating and maintenance expense increased $26.7 millionfor the three months ended September 30, 2026, compared to the same period in 2025, primarily driven by:
Previous wording
•a $2.6 million increase in taxes other than income tax.
Current wording
•a $2.6 million increase in regulatory commission expense primarily driven by higher Missouri regulatory assessment costs.
Previous wording
Evergy's depreciation and amortization increased $15.9 million for the three months ended June 30, 2026 and $33.1 million year to date June 30, 2026, compared to the same periods in 2025, primarily due to capital additions.
Current wording
Evergy's depreciation and amortization increased $12.2 million for the three months ended September 30, 2026 and $45.3 million year to date September 30, 2026, compared to the same periods in 2025, primarily due to capital additions.
Previous wording
Evergy's other expense, net for the three months ended June 30, 2025, became other income, net for the three months ended June 30, 2026, as a result of a $25.7 million increase in net other income items, primarily driven by:
Current wording
Evergy's other expense, net for the three months ended September 30, 2025, became other income, net for the three months ended September 30, 2026, as a result of a $23.9 million increase in net other income items, primarily driven by:
Previous wording
Evergy's other expense, net year to date June 30, 2025, became other income, net year to date June 30, 2026, as a result of a $40.4 million increase in net other income items, primarily driven by:
Current wording
Evergy's other expense, net year to date September 30, 2025, became other income, net year to date September 30, 2026, as a result of a $64.3 million increase in net other income items, primarily driven by:
Previous wording
•$37.1 million of gains in 2026 compared to losses in 2025 related to Evergy's non-regulated investments in early-stage clean energy and energy solution companies driven by $29.0 million of unrealized losses and impairment losses in the second quarter of 2025 and $8.1 million of net realized and unrealized gains in the second quarter of 2026; and
Current wording
•a $36.3 million increase related to Evergy's non-regulated investments in early-stage clean energy and energy solution companies driven by $29.0 million of unrealized losses and impairment losses in 2025 and $7.3 million of net realized and unrealized gains in 2026;
Previous wording
•a $10.1 million increase in interest expense on short-term borrowings primarily due to higher short-term debt balances in the second quarter of 2026; partially offset by
Current wording
•a $5.3 million increase in interest expense on short-term borrowings primarily due to higher short-term debt balances in the third quarter of 2026; partially offset by
Previous wording
•a $9.2 million increase in equity AFUDC primarily at Evergy Kansas Central and Evergy Missouri West primarily driven by higher average construction work in progress (CWIP) balances in the second quarter of 2026; partially offset by
Current wording
•a $9.2 million decrease due to the repayment of long-term debt; and
Previous wording
•a $6.9 million decrease due to higher debt AFUDC primarily at Evergy Missouri West driven by higher average CWIP balances in the second quarter of 2026.
Current wording
•a $7.9 million decrease due to higher debt AFUDC primarily at Evergy Missouri West driven by higher average CWIP balances in the third quarter of 2026.
Previous wording
•a $65.7 million increase from new Evergy Kansas Central retail rates effective in October 2025;
Current wording
•a $65.7 million increase due to issuances of long-term debt;
Previous wording
•a $12.9 million increase in interest expense on short-term borrowings primarily due to higher short-term debt balances in 2026; and
Current wording
•an $18.2 million increase in interest expense on short-term borrowings primarily due to higher short-term debt balances in 2026; and
Previous wording
•an $11.9 million decrease due to higher debt AFUDC primarily at Evergy Missouri West driven by higher average CWIP balances in 2026.
Current wording
•a $19.8 million decrease due to higher debt AFUDC primarily at Evergy Missouri West driven by higher average CWIP balances in 2026.
Previous wording
In June 2026, Evergy entered into a $3.5 billion master credit facility which expires in June 2031. Evergy, Evergy Kansas Central, Evergy Metro and Evergy Missouri West have borrowing capacity under the master credit facility with specific sublimits for each borrower. As of June 30, 2026, Evergy had $1,648.4 million of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $513.5 million for Evergy, Inc., $394.0 million for Evergy Kansas Central, $537.4 million for Evergy Metro and $203.5 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 additional information regarding the master credit facility.
Current wording
In June 2026, Evergy entered into a $3.5 billion master credit facility that expires in June 2031. Evergy, Inc., Evergy Kansas Central, Evergy Metro and Evergy Missouri West have borrowing capacity under the master credit facility with specific sublimits for each borrower. As of September 30, 2026, Evergy had $2,698.5 million of available borrowing capacity under its master credit facility. The available borrowing capacity under the master credit facility consisted of $600.0 million for Evergy, Inc., $748.9 million for Evergy Kansas Central, $693.7 million for Evergy Metro and $655.9 million for Evergy Missouri West. The Evergy Companies' borrowing capacity under the master credit facility also supports their issuance of commercial paper.
Previous wording
Along with cash flows from operations and receivable sales facilities, Evergy generally uses borrowings under its master credit facility and the issuance of commercial paper to meet its day-to-day cash flow requirements. Evergy may also utilize these short-term borrowings to repay maturing long-term debt until the long-term debt is able to be refinanced.
Current wording
Along with cash flows from operations and receivable sales facilities, Evergy generally uses borrowings under its master credit facility and the issuance of commercial paper to meet its day-to-day cash flow requirements. Evergy may also utilize these short-term borrowings to repay maturing long-term debt until such debt is refinanced.
Previous wording
In April 2026, Evergy Missouri West filed an application with FERC requesting authorization to issue long-term debt securities of up to $1.3 billion outstanding at any one time. In July 2026, FERC approved Evergy Missouri West's request and the authorization expires in July 2028. As a result of Evergy Missouri West's issuance of $300.0 million of long-term debt in May 2026, the authorization provides Evergy Missouri West with an additional $1.0 billion of long-term debt capacity.
Current wording
In April 2026, Evergy Missouri West filed an application with FERC requesting authorization to issue long-term debt securities of up to $1.3 billion outstanding at any one time. In July 2026, FERC approved Evergy Missouri West's request and the authorization expires in July 2028. As a result of Evergy Missouri West's long-term debt issuances of $300.0 million in May 2026 and $300.0 million in September 2026, $0.7 billion of long-term debt capacity remains available under Evergy Missouri West's long-term debt authorization.
Previous wording
As of June 30, 2026, Evergy was in compliance with all debt covenants under the master credit facility and certain debt instruments that contain restrictions that require the maintenance of certain capitalization and leverage ratios. See Note 7 to the consolidated financial statements for more information.
Current wording
As of September 30, 2026, Evergy was in compliance with all debt covenants under the master credit facility and debt instruments that contain restrictions that require the maintenance of certain capitalization and leverage ratios. See Note 7 to the consolidated financial statements for more information.
Previous wording
Evergy's cash flows from operating activities decreased $62.4 million year to date June 30, 2026, compared to the same period in 2025, primarily driven by fuel recovery mechanism under-collections at Evergy Missouri West and an increase in coal inventory purchases.
Current wording
Evergy's cash flows from operating activities decreased $12.0 million year to date September 30, 2026, compared to the same period in 2025, primarily driven by a decrease in fuel recovery mechanism net collections at Evergy Kansas Central and Evergy Missouri West, partially offset by an increase in fuel recovery mechanism net collections at Evergy Metro.
Previous wording
•a $591.7 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 wording
Evergy's cash flows used in investing activities increased $582.9 million year to date September 30, 2026, compared to the same period in 2025, primarily driven by a $782.2 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.
Previous wording
Evergy's cash flows from financing activities increased $450.7 million year to date June 30, 2026, compared to the same period in 2025, primarily driven by:
Current wording
Evergy's cash flows from financing activities increased $587.6 million year to date September 30, 2026, compared to the same period in 2025, primarily driven by:
Previous wording
•a $130.9 million increase in proceeds from long-term debt, net due to the issuance of $724.3 million of long-term debt year to date June 30, 2026, compared to the issuance of $593.4 million of long-term debt for the same period in 2025; partially offset by
Current wording
•a $1,295.4 million increase in proceeds from long-term debt, net due to the issuance of $2,308.1 million of long-term debt year to date September 30, 2026, compared to the issuance of $1,012.7 million of long-term debt for the same period in 2025; and
Previous wording
◦a $530.5 million decrease in short-term debt at Evergy, Inc. primarily due to the repayment of commercial paper borrowings with proceeds from long-term debt in 2026.
Current wording
◦a $722.1 million decrease in short-term debt at Evergy, Inc. primarily due to the repayment of commercial paper borrowings with proceeds from long-term debt in 2026 and higher borrowings in 2025; and
Previous wording
◦a $564.6 million increase in short-term debt at Evergy Kansas Central primarily due to the repayment of commercial paper borrowings with proceeds from long-term debt issuances in 2025; and
Current wording
◦a $409.2 million increase in short-term debt at Evergy Kansas Central primarily due to the repayment of commercial paper borrowings with proceeds from long-term debt issuances in 2025; and
Previous wording
•a $389.4 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 and Evergy Metro's remarketing of its Series 2023 EIRR bonds totaling $79.5 million in 2026.
Current wording
•a $330.0 million decrease due to retirements of long-term debt primarily driven by Evergy Kansas Central's repayment of $350.0 million of 2.55% FMBs in 2026, Evergy Inc.'s repurchase of $244.1 million aggregate principal amount of the Convertible Notes in 2026, and Evergy Metro's remarketing of its Series 2023 EIRR bonds totaling $79.5 million in 2026, as compared to Evergy Metro's repayment of $350.0 million of 3.65% Senior Notes and Evergy Missouri West's repayment of $36.0 million of 3.49% Senior Notes in 2025.
Previous wording
The below results of operations and related discussion for Evergy Kansas Central is presented in a reduced disclosure format in accordance with General Instruction (H)(2)(a) to Form 10-Q.
Current wording
The below results of operations and related discussion for Evergy Kansas Central are presented in a reduced disclosure format in accordance with General Instruction (H)(2)(a) to Form 10-Q.
Previous wording
The following table summarizes Evergy Kansas Central's gross margin (GAAP) and MWhs sold and reconciles Evergy Kansas Central's gross margin (GAAP) to Evergy Kansas Central'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 Kansas Central's gross margin (GAAP) and MWhs sold and reconciles the differences between Evergy Kansas Central's gross margin (GAAP) and Evergy Kansas Central'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 Kansas Central's gross margin (GAAP) increased $63.3 million year to date June 30, 2026, compared to the same period in 2025, and Evergy Kansas Central's utility gross margin (non-GAAP) increased $94.2 million year to date June 30, 2026, compared to the same period in 2025, both measures were driven by:
Current wording
Evergy Kansas Central's gross margin (GAAP) increased $168.6 million year to date September 30, 2026, compared to the same period in 2025, and Evergy Kansas Central's utility gross margin (non-GAAP) increased $217.3 million year to date September 30, 2026, compared to the same period in 2025, both measures were driven by:
Previous wording
•a $15.6 million increase in revenue related to non-regulated energy marketing activity; and
Current wording
•a $15.5 million increase in revenue related to non-regulated energy marketing activity.
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Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Evergy Missouri West's 2026 Rate Case Proceeding
Current report — wording carried from elsewhere
In November 2026, Evergy Missouri West filed an application with the MPSC to request an increase to its retail revenues of approximately $229.5 million. The requested increase was approximately $182.6 million before rebasing fuel and purchased power expense and $137.8 million when also excluding the removal of certain regulatory amortizations. Evergy Missouri West's request reflected a return on equity of 10.25% (with a capital structure composed of 52% equity) and increases related to the recovery of solar and infrastructure investments made to improve reliability and enhance customer service, and financing costs associated with natural gas plants under construction, partially offset by new large load revenues. New rates are expected to be effective in October 2027.
Current report — wording carried from elsewhere
•a $4.5 million increase in plant operating and maintenance expense at coal-fired generating facilities primarily due to higher maintenance costs at Iatan Station, La Cygne Station and JEC;
Current report — wording carried from elsewhere
•a $3.5 million increase in taxes other than income tax.
Current report — wording carried from elsewhere
•an $8.3 million decrease due to the repayment of long-term debt;
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
•$11.6 million of income related to a commercial solar generation project completed in the second quarter of 2025; and
Previous report — wording carried elsewhere
Evergy's cash flows used in investing activities increased $393.1 million year to date June 30, 2026, compared to the same period in 2025, primarily driven by:
Previous report — wording carried elsewhere
•a $65.7 million increase from new Evergy Kansas Central retail rates effective in October 2025; and
Previous report — wording carried elsewhere
•a $2.6 million increase in general and administrative labor and employee benefits expense primarily driven by higher medical claims; and