Company Reports

Evergy's work over the past few years to improve utility rate regulation in Missouri and Kansas is starting to pay off. As new large-load customers like data centers locate in Evergy's service territories, regulatory support for new-generation projects and premium large-load customer rates should boost earnings while keeping residential customer rates well below the national average.

Evergy reported adjusted earnings per share of $0.88 for the second quarter, up from $0.82 in the same year-ago quarter. Earnings are on track to reach our full-year forecast and management's guidance range.

Evergy reported adjusted earnings per share of $0.69 for the first quarter, up from $0.55 in the same year-ago quarter. Earnings are on track to reach our full-year forecast and management's guidance range.

Evergy's work the past few years to improve utility rate regulation in Missouri and Kansas is starting to pay off, as large customers such as data centers request new energy infrastructure investment.

Evergy reported adjusted earnings per share of $3.83 for the full-year 2025, mostly flat from 2024 earnings. Core performance, adjusted for weather impacts, was slightly below our full-year outlook and management's guidance range.

Evergy's work the past few years to improve utility rate regulation in Missouri and Kansas is starting to pay off, as large customers such as data centers request new energy infrastructure investment.

Evergy reported adjusted earnings per share of $2.03 in the third quarter, mostly flat with third-quarter earnings in 2025, primarily due to less-favorable, cooler weather. Core performance was in line with our full-year outlook.

Evergy reported adjusted earnings per share of $0.82 in the second quarter, down from $0.90 in the year-ago period, primarily due to less-favorable, cooler weather. Core performance was in line with our full-year outlook.

Recent regulatory developments, including a settlement in Evergy's Kansas base-rate review, give us more confidence in our near-term forecasts and long-term outlook.

For the last several years, Evergy has worked hard to make utility rate regulation more constructive in Kansas and Missouri. Management has had some success convincing all stakeholders that constructive utility regulation will promote economic development and clean energy investment.

Evergy reported adjusted earnings per share of $0.54 during the first quarter of 2025, the same as first-quarter earnings in 2024 and on track to meet our full-year outlook.

Missouri Gov. Mike Kehoe signed Senate Bill 4 on April 9, representing a key step toward improving utilities rate regulation in the state and incentivizing new energy infrastructure investment.

Utilities have limited direct exposure to tariffs announced by the Donald Trump administration, but falling energy demand or regulatory pushback to utilities' investment plans could slow earnings growth if economic conditions deteriorate.

For the last several years, Evergy has worked hard to make utility rate regulation more constructive in Kansas and Missouri. Management has had some success convincing all stakeholders that constructive utility regulation will promote economic development and clean energy investment.

Although US utilities have continued to rally this year and are now 8% overvalued based on our fair value estimates, we still think there are a few utilities with attractive valuations. Our top sector picks are Eversource Energy, Evergy, and Duke Energy.

Evergy reported adjusted earnings per share of $3.81 in 2024, in line with our expectation and management's $3.73-$3.93 EPS guidance range. After removing an unfavorable weather impact, core earnings were slightly above our estimate and near the top of management's guidance.

Evergy formed in June 2018 when Great Plains Energy and Westar Energy merged after two years spent working through the regulatory approval process in Kansas and Missouri. With the integration complete and a new management team in place, Evergy is working to improve historically challenging regulation and invest in clean energy.

Evergy is on track to meet our full-year 2024 earnings outlook and the high end of management's $3.73-$3.93 EPS guidance range after reporting $2.02 per share of earnings during the third quarter. New investment opportunities continue to push Evergy's growth rate higher, in line with our outlook.

Evergy's plan to build two large natural gas power plants in Kansas by 2030 gives us more confidence that Evergy's earnings growth will accelerate in the coming years and erase the stock's valuation discount relative to peers.

Evergy formed in June 2018 when Great Plains Energy and Westar Energy merged after two years spent working through the regulatory approval process in Kansas and Missouri. With the integration complete and a new management team in place, Evergy is working to improve historically challenging regulation and invest in clean energy.