3 paragraphs in Risk Factors of the 10-K filed Feb 19, 2026
with nothing like them in the 10-K filed Feb 27, 2025. Quoted exactly.
Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 30 Utilities companies:
a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it.
A paragraph most of them have is marked boilerplate. No line means no other company has one like it.
This counts text; it does not say how serious a risk is.
The Evergy Companies' business and capital investment plan calls for significant investment in capital improvements and additions, including the construction or acquisition of additional generation and transmission facilities, interconnection with data centers and modernizing existing infrastructure. Failure to timely recover the full investment costs of capital projects, the impact of renewable energy and energy efficiency programs, the impact
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Evergy’s business and capital investment plans depend, in part, on the viability of data centers and large load customers interconnecting with Evergy’s utility subsidiaries.
Similar paragraph at 2 of 30 other Utilities companies:
AEP,
PPLThe Evergy Companies are experiencing current and projected load demands that exceed recent experience, creating a business need for new power generating resources and transmission facilities. Much of this demand is driven by interconnecting with and providing power to data centers and large load customers to serve an increasingly digital economy and to support artificial intelligence. The business and capital investment plans of the Evergy Companies are focused on meeting these current and projected needs. If these increased demands for electricity do not occur as projected or are not sustained as projected, for any reason, it could have a material adverse effect on the Evergy Companies' financial results.
Similar paragraph at 2 of 30 other Utilities companies:
AEP,
PPL
New in the latest 10-Q
51 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like
them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count).
Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
Forward-looking statements involve a number of risks and uncertainties. There are factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to, the following factors:
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• significant changes in the demand for electricity, including demand from data centers and other large load customers, and customer adoption of alternative energy sources, such as distributed generation;
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• changes in business strategy or operations, including with respect to the Evergy Companies' strategy to meet demand requirements of existing and future customers;
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• uncertainties related to projected rapid growth in electricity demand driven primarily by data centers and other large load customers and the related requirement for new generation and transmission investments, creating capital access, revenue recovery and customer affordability risks;
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• the impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry;
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• changes in U.S. trade policies (including tariffs and other trade measures) and responses from other countries;
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• the ability to build or acquire generation, battery storage and transmission facilities to meet the future demand for electricity from customers;
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• the ability to control costs, avoid cost and schedule overruns during the development, construction and operation of generation, battery storage, transmission, distribution or other projects due to challenges, which include, but are not limited to, changes in labor costs, availability and productivity, challenges with the management of contractors or vendors, subcontractor performance, shortages, delays, increased costs or inconsistent quality of equipment, materials and labor and increased financing costs as a result of changes in interest rates or as a result of project delays;
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• decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements;
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• changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal;
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• development, adoption and use of artificial intelligence by the Evergy Companies and its third-party vendors;
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• the impact of climate change, including increased frequency and severity of significant weather events;
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• risks relating to potential wildfires, including costs of litigation, potential regulatory penalties and damages in excess of insurance liability coverage;
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• the sufficiency of the Evergy Companies' insurance coverage, including availability, cost, coverage and terms and ability to recover claims;
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• the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal-fired generation;
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• the impact of future pandemic health events on, among other things, sales, results of operations, financial position, liquidity and cash flows, and also on operational issues, such as supply chain issues and the availability and ability of the Evergy Companies' employees and suppliers to perform the functions that are necessary to operate the Evergy Companies;
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• changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators;
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• financial market conditions and performance, disruptions in the banking industry, including volatility in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges and ability to obtain capital to finance large construction projects, nuclear decommissioning trust and pension plan assets and costs;
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• effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments including new large data center customers;
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• impact of physical security incidents, cybersecurity incidents and cyber-attacks, including those enabled or enhanced by artificial intelligence, criminal activity, terrorist attacks, acts of war, and other disruptions to the Evergy Companies facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely;
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• impact of geopolitical conflicts on the global energy market, including the ability to contract for non-Russian sourced uranium;
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• cost, availability, quality and timely provision of equipment, supplies, labor and fuel;
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• ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages;
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• the Evergy Companies' ability to manage their generation, transmission and distribution development plans and transmission joint ventures;
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• the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks;
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• workforce risks, including those related to the Evergy Companies' ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, wages, retirement, health care and other benefits;
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• disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence Evergy's strategic plan, financial results or operations;
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• the impact of changing expectations and demands of the Evergy Companies' customers, regulators, investors and stakeholders, including differing views on environmental, social and governance concerns;
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• the possibility that strategic initiatives, including mergers, acquisitions, joint ventures and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all;
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• difficulties in maintaining relationships with customers, employees, contractors, regulators or suppliers;
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Financial statements and notes
Subsequent to the issuance of the June 30, 2026 interim financial statements of Evergy Metro, management determined certain intercompany charges related to common-use assets were incorrect. As a result, Evergy Metro's financial statement line items below have been restated from the amounts previously reported to correct for the impacts of the misstatements.
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Evergy Metro evaluated the materiality of the misstatements both qualitatively and quantitatively in accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements, and determined the effect of the misstatements was not material to the previously issued financial statements. However, Evergy Metro has restated its consolidated financial statements for the prior periods presented to correct the immaterial misstatements. Evergy Metro will also restate previously reported financial information for such immaterial misstatements in future consolidated financial statements, as applicable.
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The following tables present the effect of the immaterial misstatements on Evergy Metro's consolidated balance sheet, consolidated statement of comprehensive income, consolidated statement of cash flows, and consolidated statement of changes in equity for the periods indicated.
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EVERGY METRO, INC. Consolidated Balance Sheet December 31, 2025 As Reported Adjustment As Revised ASSETS (millions) CURRENT ASSETS: Related party receivables $ 125.3 $ (42.6) $ 82.7 Income taxes receivable — 9.2 9.2 Total Current Assets 689.7 (33.4) 656.3 TOTAL ASSETS $ 10,352.2 $ (33.4) $ 10,318.8 LIABILITIES AND EQUITY CURRENT LIABILITIES: Related party payables $ 23.2 $ (0.4) $ 22.8 Accrued taxes 42.1 (0.2) 41.9 Total Current Liabilities 941.6 (0.6) 941.0 EQUITY: Retained earnings 1,890.2 (32.8) 1,857.4 Total Equity 3,456.4 (32.8) 3,423.6 TOTAL LIABILITIES AND EQUITY $ 10,352.2 $ (33.4) $ 10,318.8
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September 30 December 31 2026 2025 ──────────────────────────────────────────────────────────────────────────────────────────────────── Evergy (millions) Customer accounts receivable - billed $ 89.3 $ 10.0 Customer accounts receivable - unbilled 295.8 108.9 Other receivables 177.3 110.6 Allowance for credit losses (12.5) (15.3) Total $ 549.9 $ 214.2 Evergy Kansas Central Customer accounts receivable - billed $ 35.6 $ — Customer accounts receivable - unbilled 138.0 42.8 Other receivables 153.8 101.1 Allowance for credit losses (5.8) (7.3) Total $ 321.6 $ 136.6 Evergy Metro Customer accounts receivable - billed $ 21.6 $ — Customer accounts receivable - unbilled 106.5 30.0 Other receivables 26.4 21.6 Allowance for credit losses (4.7) (5.7) Total $ 149.8 $ 45.9
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2026 2025 ────────────────────────────────────────────────────────────────────────────────── Evergy (millions) Beginning balance January 1 $ 15.3 $ 15.7 Credit loss expense 13.0 10.5 Write-offs (24.1) (23.4) Recoveries of prior write-offs 8.3 8.7 Ending balance September 30 $ 12.5 $ 11.5 Evergy Kansas Central Beginning balance January 1 $ 7.3 $ 7.8 Credit loss expense 6.6 4.9 Write-offs (11.5) (11.1) Recoveries of prior write-offs 3.4 3.4 Ending balance September 30 $ 5.8 $ 5.0 Evergy Metro Beginning balance January 1 $ 5.7 $ 5.8 Credit loss expense 4.5 3.7 Write-offs (8.9) (8.6) Recoveries of prior write-offs 3.4 3.8 Ending balance September 30 $ 4.7 $ 4.7
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The KCC uses a process referred to as 'predetermination' to establish ratemaking principles and treatments for certain utility investments before they are included in a utility's rate base. The process helps balance the interests of utilities and customers by ensuring broad agreement on the reasonableness of the investment and regulatory certainty regarding the recovery of costs associated with the investment. Investment in utility projects is dependent on acceptable regulatory treatment determined in the predetermination process.
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In September 2026, Evergy Kansas Central and Evergy Metro filed an application with the KCC requesting predetermination for certain planned generation investments. The filing requests a determination of the ratemaking principles and treatment that would apply to the following proposed portfolio of generation resources, with a KCC order expected in April 2027:
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• Iron Horse Solar, a 200 MW solar generating facility, and Iron Horse Storage, a 200 MW four-hour battery energy storage system (BESS), both to be located in Labette County, Kansas. The facilities are proposed to be jointly-owned by Evergy Kansas Central and Evergy Metro, with each utility owning a 50 % interest. Iron Horse Solar is expected to begin operations in 2028 and Iron Horse Storage is expected to begin operations in 2029; and
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• Pixley II Hybrid, a combined facility consisting of a 120 MW solar generating facility and a 120 MW four-hour BESS, in addition to Pixley Storage, a 95 MW four-hour BESS, all to be located in Barber County, Kansas. These facilities are proposed to be wholly-owned by Evergy Kansas Central and are expected to begin operations in 2028.
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In October 2026, Evergy Kansas Central and Evergy Metro filed an application with the KCC requesting approval of a Customer Affordability Enhancement Plan that supplements the existing LLPS rate plan and would apply to newly signed LLPS customers. The proposed plan preserves the existing LLPS rate plan as the governing framework for qualifying large load customers and further distinguishes the cost responsibility of future large load customers. Evergy Kansas Central and Evergy Metro requested expedited treatment of the application and that the KCC issue an order in February 2027.
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In August 2026, Evergy, Inc. issued $ 600.0 million in aggregate principal amount of 6.40 % Fixed-to-Fixed Reset Rate Junior Subordinated Notes (Junior Subordinated Notes), maturing in 2057. Proceeds were used to repay outstanding borrowings under Evergy, Inc.'s $ 500.0 million unsecured Term Loan Credit Agreement and to pay
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down commercial paper. The Junior Subordinated Notes will bear interest (i) from and including August 24, 2026 to, but excluding, February 15, 2032 at the rate of 6.40% per annum and (ii) from and including February 15, 2032, during each reset period at a rate per annum equal to the five-year U.S. Treasury rate (determined as described in the offering documents) as of the most recent reset interest determination date plus a spread of 2.022%, to be reset every five years until maturity; provided that the interest rate during any reset period will not reset below 6.40% per annum. At Evergy, Inc.'s option, it may redeem some or all of the Junior Subordinated Notes during specified periods, and upon the occurrence of certain credit ratings, tax or tax credit events, all as described in the offering documents. In accordance with the terms of the Junior Subordinated Notes, Evergy, Inc. has the right, from time to time, to defer the payment of interest on the outstanding Junior Subordinated Notes on one or more occasions for up to 20 consecutive semi-annual interest payment periods. As more fully described in the offering documents, deferring the payment of interest on outstanding Junior Subordinated Notes will restrict Evergy, Inc.'s ability to execute certain actions, such as declaring or paying dividends, purchasing Evergy, Inc. stock or repaying principal on any indebtedness of Evergy that ranks equally with or junior to the Junior Subordinated Notes.
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The following table presents information related to counterparty credit risk and derivative instruments containing credit-risk-related contingent features for Evergy and Evergy Kansas Central as of September 30, 2026.
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September 30 ────────────────────────────────────────────────────────────────────────────────────────────────────── 2026 Counterparty Credit Risk (millions) Maximum exposure related to derivative assets $ 30.5 Net exposure after master netting arrangements and collateral received 26.6 Credit-Risk-Related Contingent Features Aggregate fair value of derivatives in a liability position 37.3 Collateral posted 4.2 Additional collateral required if contingent features were triggered 32.2
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In 2022, the Inflation Reduction Act (IRA) was signed into law providing a transferable Production Tax Credit (PTC) for electricity produced by existing nuclear power plants. Beginning in 2024, nuclear units, including Wolf Creek, became eligible for a production tax credit through 2032. In October 2026, Evergy Kansas Central and Evergy Metro sold nuclear production tax credits generated in 2025 to a third party and received cash proceeds of $124.2 million. Evergy Kansas Central and Evergy Metro each received $62.1 million. In Kansas, pursuant to nuclear PTC refund riders approved by the KCC, the benefits associated with the nuclear PTCs, including carrying costs, will be returned to customers through monthly bill credits over a three-year period beginning in the first quarter of 2027. In Missouri, Evergy Metro's pending rate case with the MPSC will address the return of its nuclear PTC benefits to customers.
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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.
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(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.
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Item 6
EVERGY, INC. Dated: November 4, 2026 By: /s/ W. Bryan Buckler W. Bryan Buckler Executive Vice President and Chief Financial Officer (Duly authorized officer and principal financial officer)
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EVERGY KANSAS CENTRAL, INC. Dated: November 4, 2026 By: /s/ W. Bryan Buckler W. Bryan Buckler Executive Vice President and Chief Financial Officer (Duly authorized officer and principal financial officer)
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EVERGY METRO, INC. Dated: November 4, 2026 By: /s/ W. Bryan Buckler W. Bryan Buckler Executive Vice President and Chief Financial Officer (Duly authorized officer and principal financial officer)
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 19, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
Added10-Q 2026-11-05 vs 10-K 2026-02-19
Actual results in future periods for the Evergy Companies could differ materially from historical results and the forward-looking statements contained in this report. The business of the Evergy Companies is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond their control. Additional risks and uncertainties not presently known or that management currently believes to be immaterial may also adversely affect the Evergy Companies. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in Part I, Item 1A, Risk Factors included in the 2025 Form 10-K for each of Evergy, Evergy Kansas Central and Evergy Metro, as well as Quarterly Reports on Form 10-Q and from time to time in Current Reports on Form 8-K filed by Evergy, Evergy Kansas Central and Evergy Metro. There have been no material changes with regard to those risk factors since the filing of the 2025 Form 10-K for each of Evergy, Evergy Kansas Central and Evergy Metro. This information, as well as the other information included in this report and in the other documents filed with the SEC, should be carefully considered before making an investment in the securities of the Evergy Companies. Risk factors of Evergy Kansas Central and Evergy Metro are also risk factors of Evergy.
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