Third Quarter 2026
Filed Nov 5, 2026Evergy Announces Third Quarter 2026 Results, Declares Quarterly Dividend and Raises 2026 Guidance
Third-quarter GAAP and adjusted EPS were each $2.58 or higher versus $2.03 in third quarter 2025, and the Company raised 2026 adjusted EPS guidance to $4.35 to $4.50 per share from $4.14 to $4.34 per share.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Third quarter GAAP net income attributable to Evergy, Inc.GAAP | $612.9M | – | – |
| Third quarter GAAP diluted earnings per shareGAAP | $2.59 per share | – | – |
| Third quarter adjusted earningsnon-GAAP | $609.9M | – | – |
| Third quarter adjusted earnings per common share, dilutednon-GAAP | $2.58 per share | – | – |
| Year-to-date GAAP net income attributable to Evergy, Inc.GAAP | $979.4M | – | – |
| Year-to-date GAAP diluted earnings per shareGAAP | $4.14 per share | – | – |
| Year-to-date adjusted earningsnon-GAAP | $980.2M | – | – |
| Year-to-date adjusted earnings per common share, dilutednon-GAAP | $4.15 per share | – | – |
| Third quarter losses from investments in early-stage clean energy and energy solution companies, pre-taxother | $1.3M | – | – |
| Third quarter losses from investments in early-stage clean energy and energy solution companies per diluted share, pre-taxother | $0.01 per diluted share | – | – |
| Third quarter gain from TFR settlement, pre-taxother | $(5.3 million) | – | – |
| Third quarter gain from TFR settlement per diluted share, pre-taxother | $(0.02 per diluted share) | – | – |
| Third quarter income tax expenseother | $1M | – | – |
| Third quarter income tax expense per diluted shareother | — | – | – |
| Year-to-date losses from repurchase of Convertible Notes, pre-taxother | $10.3M | – | – |
| Year-to-date losses from repurchase of Convertible Notes per diluted share, pre-taxother | $0.05 per diluted share | – | – |
| Year-to-date gains from investments in early-stage clean energy and energy solution companies, pre-taxother | $(6.2 million) | – | – |
| Year-to-date gains from investments in early-stage clean energy and energy solution companies per diluted share, pre-taxother | $(0.03 per diluted share) | – | – |
| Year-to-date gain from TFR settlement, pre-taxother | $(5.3 million) | – | – |
| Year-to-date gain from TFR settlement per diluted share, pre-taxother | $(0.02 per diluted share) | – | – |
| Year-to-date income tax expense (benefit)other | $2M | – | – |
| Year-to-date income tax expense (benefit) per diluted shareother | $0.01 per diluted share | – | – |
2026 outlook
- NoteAdjusted EPS (non-GAAP) of $4.35 to $4.50 per share
- NoteLong-term adjusted EPS (non-GAAP) annual growth target of 6% to 8%+ through 2030 based on the original 2026 adjusted EPS (non-GAAP) guidance midpoint of $4.24
- NoteAnnual adjusted EPS growth expected to exceed 8% beginning in 2028 and through 2030
Capital returns
- Quarterly dividend of $0.7225 per share payable on December 18, 2026 to shareholders of record as of November 20, 2026.
- The Company increased its dividend by 4%.
- Long-term payout ratio target range of 50% to 60%.
- Repurchase of $244.1 million aggregate principal amount of Convertible Notes in the first quarter 2026.
What drove it
- Third quarter 2026 adjusted EPS benefitted from warmer weather, recovery of regulated investments, growth in weather-normalized demand, and higher large customer revenues.
- Generation reliability outperformed during significantly warmer weather and record peak demand for both Evergy and the Southwest Power Pool.
- The Company signed three amendments to previously signed electric service agreements expected to drive ~250 megawatts of incremental load.
- The Company signed a letter of intent with Digital Realty for a 1.4 gigawatt expansion.
- The gain from the TFR settlement reflects a partial reduction of a liability associated with settlement of a complaint regarding Evergy Kansas Central’s Annual Transmission Revenue Requirement for the 2018 and 2019 rate years.
Concerns
- Higher operations and maintenance expense partially offset third-quarter adjusted EPS benefits.
- Higher depreciation and amortization expense partially offset third-quarter adjusted EPS benefits.
- Adjusted EPS guidance has no corresponding GAAP equivalent because the Company cannot forecast items including impairments, divestitures, mark-to-market impacts, regulatory orders, or changes in accounting principles.
- The Company is in the process of disposing of its non-regulated investments in early-stage clean energy and energy solution companies.
What to watch
- Execution of the three electric service agreement amendments expected to drive ~250 megawatts of incremental load.
- Progress of the letter of intent with Digital Realty for a 1.4 gigawatt expansion.
- The effect of weather-normalized demand growth, large customer revenues, operations and maintenance expense, and depreciation and amortization expense on results.
- Delivery against 2026 adjusted EPS (non-GAAP) guidance of $4.35 to $4.50 per share.
- Annual adjusted EPS growth expected to exceed 8% beginning in 2028 and through 2030.
Analysis
Evergy reported a strong third quarter, with GAAP earnings of $612.9 million, or $2.59 per share, compared with $475.0 million, or $2.03 per share, in third quarter 2025. Adjusted earnings were $609.9 million and adjusted diluted EPS was $2.58, compared with $475.1 million and $2.03, respectively. Year-to-date adjusted earnings were $980.2 million, or $4.15 per diluted share, compared with $794.0 million, or $3.41 per diluted share, in 2025.
Management attributed third-quarter adjusted EPS benefits to warmer weather, recovery of regulated investments, growth in weather-normalized demand, and higher large customer revenues. The release also cited generation reliability that outperformed during significantly warmer weather and record peak demand for both Evergy and the Southwest Power Pool. Higher operations and maintenance expense and higher depreciation and amortization expense partly offset those benefits.
Large-load customer activity was a central strategic update. Evergy signed three amendments to existing electric service agreements expected to drive ~250 megawatts of incremental load, and it signed a letter of intent with Digital Realty for a 1.4 gigawatt expansion. Management characterized these developments as evidence of sustained large-customer interest in Kansas and Missouri and linked them to affordability benefits under the large load power service tariff.
The Company raised its 2026 adjusted EPS guidance range to $4.35 to $4.50 per share from $4.14 to $4.34 per share. It reaffirmed a long-term adjusted EPS annual growth target of 6% to 8%+ through 2030 based on the original 2026 adjusted EPS guidance midpoint of $4.24, while expecting annual adjusted EPS growth to exceed 8% beginning in 2028 and through 2030. Evergy also declared a $0.7225 per share quarterly dividend and stated that it increased the dividend by 4%.
Non-GAAP adjustments were limited in the third quarter to losses from early-stage clean energy and energy solution investments, a gain from the TFR settlement, and the related income tax expense. Year-to-date adjustments also included losses and fees of $10.3 million related to the first-quarter repurchase of $244.1 million aggregate principal amount of Convertible Notes. The Company is disposing of its non-regulated investments in early-stage clean energy and energy solution companies, which remain a source of reported adjustment volatility.
Management, verbatim
We finished the third quarter with strong execution against our operational and financial targets while also advancing our large customer strategy that we expect will continue to drive affordability benefits for our customers. Generation reliability outperformed despite a stern test from significantly warmer weather and record peak demand for both Evergy and the Southwest Power Pool.
David Campbell, chairman and chief executive officer
We are also pleased to announce the signing of three amendments to previously signed electric service agreements that, in total, are expected to drive ~250 megawatts of incremental load, further augmenting the affordability benefits for our customers as provided by the large load power service tariff. These amendments in tandem with a letter of intent signed with Digital Realty for a 1.4 gigawatt expansion demonstrate the sustained interest from large customers in locating and expanding within our Kansas and Missouri service territories.
David Campbell, chairman and chief executive officer
Given results ahead of expectations driven by strong operational performance and warmer weather, we are increasing our 2026 adjusted EPS guidance range to $4.35 to $4.50 per share from $4.14 to $4.34 per share. We increased our dividend by 4%, which supports our long-term payout ratio target range of 50% to 60%. We are also reaffirming our long-term adjusted EPS annual growth target of 6% to 8%+ through 2030 off the original 2026 adjusted EPS guidance midpoint of $4.24, with the expectation that annual EPS growth will exceed 8% beginning in 2028 and through 2030.
David Campbell, chairman and chief executive officer
Not in the filing
stated, not guessed- Total revenue and prior-year total revenue
- Revenue growth rate
- Segment revenue and segment growth
- Gross profit and gross margin
- Operating income and operating margin
- Operating expenses, other than qualitative commentary on operations and maintenance expense and depreciation and amortization expense
- Cash flow from operating activities
- Free cash flow
- Cash and cash equivalents
- Total debt
- Share repurchases
- Capital expenditures
- Revenue, gross margin, operating-expense, and tax-rate guidance
- Previous outlook section for formal comparison of actual results with prior guidance
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.