10-K 0001711269-26-000017 (2026-02-19) vs 10-K 0001711269-25-000004 (2025-02-27)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 9,930 |
10.2% |
| MD&A | Item 7 | 11,937 |
29.9% |
| Legal Proceedings | Item 3, via Note 4 – RATE MATTERS AND REGULATION | 3,531 |
30.2% |
| Accounting Policies | Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 4,154 |
25.3% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 148 words changed in this paragraph; it is 31% similar to last year's version.
Evergy Kansas Central intends to construct and own an approximately 159 MW solar generation facility facility, to be located in Kansas and Douglas County Kansas, called Kansas Sky. The In July 2024, a lawsuit was filed in the District Court of Douglas County, Grant Township, et al. v. Board of County Commissioners, requesting the court to overturn Douglas County's approval of the application to construct the solar generation facility. Due to the ongoing litigation, including the court's granting of an emergency injunction in December 2024 which temporarily prohibits the construction of the solar generation facility, Evergy Kansas Central is not able to estimate when the solar generation facility is expected to will begin operations by summer of 2027. The construction of operations. In July 2025, the KCC approved a unanimous partial settlement agreement for the Kansas Sky is subject solar investment. See "Applications for Predetermination" in Note 4 to the granting by the KCC of consolidated financial statements for additional information regarding Evergy Kansas Central's application for predetermination with reasonably acceptable terms and other closing conditions. for its investment in this renewable generating plant.
Source: Item 7, 10-K 0001711269-26-000017 vs Item 7, 10-K 0001711269-25-000004
Risk Factors 145 words changed in this paragraph; it is 68% similar to last year's version.
possibility of wildfires and the risk of damage to the Evergy Companies' network and facilities resulting therefrom may be exacerbated by severe weather events and the effects of climate change. The continued expansion of the wildland-urban interface has also increased wildfire risk to communities in the Evergy Companies' service territories. While the Evergy Companies proactively take steps to mitigate wildfire risk in the areas of its electrical assets, wildfire risk is always present. Kansas has enacted legislation that partially mitigates wildfire-related liability exposure for Kansas public utilities by establishing a two-year statute of limitations for wildfire-related claims and imposing a cap on punitive damages awarded under a fire-related claim. The law also requires plaintiffs to prove fire-related claims by a preponderance of the evidence. Despite these statutory limitations, the Evergy Companies could still be held liable for damages incurred as a result of wildfires or incur reputational harm if it was determined that the wildfires were caused by or enhanced due to any fault of the Evergy Companies. In addition, while the Evergy Companies maintain wildfire insurance, insurance coverage may not be sufficient to cover all losses the Evergy Companies may incur as a result of wildfires. Wildfires could also lead to significant financial distress, credit rating downgrades downgrades, limits on the ability to access capital markets and further increased costs for wildfire insurance or lack of availability thereof. Insufficient wildfire insurance coverage, increased wildfire insurance costs and a lack of wildfire insurance availability could adversely impact the Evergy Companies' financial condition, results of operations operations, financial position and cash flows. Furthermore, any damage caused to the Evergy Companies' assets, loss of service to customers or liability imposed as a result of wildfires could negatively impact Evergy's financial condition, results of operations operations, financial position and cash flows.
Source: Item 1A, 10-K 0001711269-26-000017 vs Item 1A, 10-K 0001711269-25-000004
Accounting Policies 118 words changed in this paragraph; it is 59% similar to last year's version.
In the third quarter of 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. MWs. 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. MWs. 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. The agreements are subject to regulatory approvals and closing conditions, including the granting by 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 for additional information regarding Evergy Missouri West's application for a CCN with reasonably acceptable terms. for its investment in these renewable generating plants.
Source: Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001711269-26-000017 vs Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001711269-25-000004
Legal Proceedings 74 words changed in this paragraph; it is 46% similar to last year's version.
In October 2024, July 2025, Evergy Missouri West, MPSC Kansas Central, KCC staff and other intervenors in the case reached a unanimous partial stipulation and settlement agreement to settle certain all issues in the case. The partial stipulation and unanimous settlement agreement provided provides for an increase to Evergy Missouri West's retail revenues of approximately $55 $128.0 million after lowering base rates for fuel and purchased power expense of approximately $49 million and rebasing property tax expense. 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.
Source: Item 3, via Note 4 – RATE MATTERS AND REGULATION, 10-K 0001711269-26-000017 vs Item 3, via Note 4 – RATE MATTERS AND REGULATION, 10-K 0001711269-25-000004
Every change, by type
Sentences and paragraphs of EVRG's Risk Factors and MD&A, 10-K 2026-02-19 against 10-K 2025-02-27.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
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
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
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.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedRisk Factors
The 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.
Read it in 10-K 2026-02-19 at sec.gov ↗
RemovedRisk Factors
Failure to timely recover the full investment costs of capital projects, the impact of renewable energy and energy efficiency programs, potential tariffs on imported goods that may be levied by the current presidential administration, other utility costs and expenses due to regulatory disallowances, regulatory lag or other factors could
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedRisk Factors
In January 2022, the EPA announced changes to address environmental justice issues in communities that are marginalized, underserved and overburdened by pollution. These changes may include additional unannounced inspections of suspected non-compliant facilities, deployment of new assets to monitor air pollution and a general increase in overall monitoring and oversight. The EPA's announcement focused on industries in Louisiana, Mississippi and Texas but included similar agency-wide action in parallel. In September 2022, the EPA and the Missouri Department of Natural Resources conducted a CAA environmental justice inspection of the Evergy Companies' Hawthorn Generating Station. No CAA noncompliance issues were found. The Evergy Companies have multiple power plants located in communities that could be considered a higher priority by the EPA based on existing demographics, and these facilities may be subject to additional monitoring and unannounced inspections in the future.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedRisk Factors
Climate disclosure rules issued by the SEC may increase the Evergy Companies' costs of compliance and adversely impact their business.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedRisk Factors
In 2024, the SEC issued new rules relating to the disclosure of a range of climate-related risks. The Evergy Companies are currently assessing the rule, but at this time they cannot predict the costs of implementation or any potential adverse impacts resulting from the rule. The rules have been challenged in court and are currently stayed. The Evergy Companies could incur increased costs relating to the assessment and disclosure of climate-related risks. The Evergy Companies may also face increased litigation risks related to disclosures made pursuant to the rule. In addition, enhanced climate disclosure requirements could accelerate the trend of certain stakeholders and lenders restricting or seeking more stringent conditions with respect to their investments in certain carbon-intensive sectors.
Read it in 10-K 2025-02-27 at sec.gov ↗
RewordedRisk Factors
If cash flows from operations are lower than expected or the costs of these capital investments are higher than expected, additional debt debt, equity and equity hybrid securities will be required to fund the investments, which, in turn, may result in a decrease in the market value of Evergy's common stock, create pressure on the Evergy Companies' credit ratings or result in a ratings downgrade and increase their cost of capital.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
While the inflation rate has subsided due, in part, to actions taken by the Federal Reserve Bank, Furthermore, there remains uncertainty in the near-term outlook as to whether inflation will remain elevated. elevated compared to pre-pandemic inflation rates.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Some of the factors that could affect the price of Evergy common stock are Evergy's earnings; the ability of the Evergy Companies to implement their strategic plan; the ability of Evergy to deploy capital; actions by regulators including authorized return on equity and equity capital structure levels that could impact the ability to attract capital; anticipated demand for electricity from large load customers not occurring as projected or not sustained as projected; and statements in the press or investment community about the Evergy Companies' strategy, earnings per share or growth prospects, financial position or results of operations. operations or financial position.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The Evergy Companies currently have labor agreements with four unions that expire at varying times in 2025 from 2026 through 2027 and one labor agreement is operating under an extension while a long-term agreement is being negotiated. 2028.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Although the Evergy Companies generally have regulatory mechanisms that allow them to recover the cost of fuel and purchased power necessary to satisfy these requirements, regulatory or legislative actions could limit, eliminate or delay recovery of these expenses after the expenses have been incurred.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
An increase in the frequency or severity of extreme weather events or a deterioration in the economic health of the Evergy Companies' service territories could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The Evergy Companies plan to continue to make significant capital investments in renewable and natural gas and renewable generation and other forms of capacity and to enhance the customer experience, improve reliability and resiliency and improve efficiency, which are expected to be funded with cash flows from operations, debt operations and equity. issuances of debt, equity and hybrid securities.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The effects of such attacks could include disruption to the Evergy Companies' generation, transmission and distribution, and information systems or to the electrical grid in general, reduced sales and could increase the cost of insurance coverage.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The cost and schedule of capital projects projects, including the construction of new natural gas and renewable generating facilities, may materially change and expected performance may not be achieved.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
If regulators determine that the modernization and expansion of the generation fleet or the retirement or conversion of coal generation facilities was were not prudent, they could prohibit the Evergy Companies from recovering, or earning a return on, the investments in those facilities that were prudent when the investments were originally made.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
If a long-term outage occurred, the state regulatory commissions could reduce rates by excluding the Wolf Creek investment from rate base.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The Evergy Companies' strategy also includes a different mix of capital investments than has been pursued in the past, including significant capital investments in renewable and natural gas generation. and renewable generation and battery storage capacity.
Read it in 10-K 2026-02-19 at sec.gov ↗
Quiet changesRisk Factors
In addition, any Any of the foregoing could adversely affect the results of operations, financial position and cash flows of the Evergy Companies and the market prices of Evergy's common stock.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
•across the board, maintaining excellence in day-to-day operations. Safety-first, cost efficiency, infrastructure investment, new technology deployment and process improvement are crucial components of Evergy's vision and enable improvement in the important metrics of reliability, customer satisfaction and cost performance to the sustainable benefit of customers;
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
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. In August 2025, Evergy Kansas Central, Evergy Metro, the KCC staff and other intervenors reached a unanimous settlement agreement for the LLPS rate plan which the KCC approved in November 2025. 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 which the MPSC approved in November 2025.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
The LLPS rate plans are designed to establish a tariff framework for large load customers while including safeguards for existing customers to ensure that new large customers pay their cost of service and help defray costs that might be experienced by other customers. The provisions in the LLPS rate plans in both Kansas and Missouri apply to new or existing customers adding load in excess of 75 MWs. These plans have a term length of 12 years after a period of up to 5-years of transitional load. The minimum monthly bill requirement is set based on 80% of the customers' expected capacity demand and is applied to all demand-related bill elements and riders. Termination fees will be calculated as the minimum monthly bill requirement multiplied by the remaining months in the contract. New large load customers will also be required to post collateral equal to two years of minimum monthly bills at the time of signing the agreement, subject to established discounts based on creditworthiness. The Evergy Companies, at their discretion, may require additional collateral based on assessment of the overall creditworthiness of the counterparty.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
In February 2026, the Evergy Companies signed electric service agreements (ESAs) with multiple large load customers to serve data centers with a projected peak steady state load of approximately 1,900 MWs. The ESAs relate to two 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 and the service of these large load customers, inclusive of a 5-year transitional load period, is expected to begin at dates ranging from 2026 to 2028.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
In July 2025, the 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.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
In April 2025, Missouri Senate Bill (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 construction work in progress (CWIP) in rate base. The inclusion of CWIP will be in lieu of allowance for funds used during construction (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.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
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.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
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.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
Evergy Kansas Central intends to construct and own an approximately 159 MW solar generation facility, to be located in Douglas County Kansas, called Kansas Sky. In July 2024, a lawsuit was filed in the District Court of Douglas County, Grant Township, et al. v. Board of County Commissioners, requesting the court to overturn Douglas County's approval of the application to construct the solar generation facility. Due to the ongoing litigation, including the court's granting of an emergency injunction in December 2024 which temporarily prohibits the construction of the solar generation facility, Evergy Kansas Central is not able to estimate when the solar generation facility will begin operations. 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.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
In January and February 2026, Evergy, Inc. repurchased $244.1 million aggregate principal amount of its $1.4 billion aggregate principal amount of 4.50% Convertible Notes (Convertible Notes), under separate, privately negotiated repurchase agreements with certain holders of its Convertible Notes, for a total repurchase cost (excluding accrued and unpaid interest) of $308.6 million. After these January and February 2026 repurchases, $1,155.9 million aggregate principal amount of Convertible Notes remain outstanding. See "Convertible Notes" in Note 12 to the consolidated financial statements for additional information regarding Evergy, Inc.'s repurchase of Convertible Notes.
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
The following table summarizes Evergy's net income and diluted earnings per share (EPS).
Read it in 10-K 2026-02-19 at sec.gov ↗
AddedMD&A
Net income attributable to Evergy, Inc. decreased in 2025, compared to the same period in 2024, primarily due to higher operating and maintenance, depreciation and interest expense, losses from non-regulated investments in early-stage clean energy and energy solution companies and lower proceeds from corporate-owned life insurance (COLI); partially offset by new Evergy Missouri West and Evergy Kansas Central retail rates effective in January and October 2025, respectively, and higher transmission revenues.
Read it in 10-K 2026-02-19 at sec.gov ↗
RemovedMD&A
•Sustainability – advancing a responsible fleet transition while ensuring affordability and reliability.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
•maintaining rigorous cost management across the business while ensuring reliability and sustainability;
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
"Liquidity and Capital Resources - Capital Expenditures," for further information regarding Evergy's projected capital expenditures through 2029;
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
In December 2024, the MPSC issued a final rate order approving the unanimous partial stipulation and agreement. The new rates established by this order took effect in January 2025.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
In April 2024, Kansas H.B. 2527 was signed into law by the Governor of Kansas. Most notably, H.B. 2527 includes a PISA provision that can be elected by Kansas electric public utilities to defer and recover as regulatory assets 90% of depreciation expense and associated return on investment linked to qualifying electric plants in service. Qualifying electric plant includes all rate base additions by an electric public utility, but does not include transmission facilities or new electric generating units. The deferred depreciation and return on the associated regulatory asset are required to be included in determining the utility's rate base during subsequent general rate proceedings. The return on the deferred regulatory asset balances will be calculated using the weighted average cost of capital. Utilities that elect the PISA provision can make qualifying deferrals of depreciation and return from July 2024 through December 2030. Evergy Kansas Central and Evergy Metro elected the PISA provision in their Kansas jurisdictions effective in July 2024.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
Additionally, the law establishes new mechanisms for the recovery of costs associated with new gas-fired generating units. If the KCC decides investment in a new gas-fired generating unit is reasonable, the utility would be able to recover the return on 100% of the associated construction costs at its weighted average cost of capital.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
The cost recovery from customers could begin a year after construction begins. Rates could be adjusted every six months until new base rates reflecting the plant's costs are established.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
In April 2024, Kansas S.B. 410 was signed into law by the Governor of Kansas. Most notably, S.B. 410 includes an exemption from all property and ad valorem taxes on certain electric generation facilities for which construction or installation begins on or after January 1, 2025.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
In April 2024, Evergy Missouri West purchased a 22% ownership interest representing approximately 145 MW in Dogwood, an operational combined-cycle natural gas facility located in Missouri, for approximately $60 million. The purchase was recorded as an asset acquisition to property, plant and equipment, net, on Evergy's consolidated balance sheet. The purchase was subject to terms and conditions listed in a stipulation and agreement approved by the MPSC allowing Evergy Missouri West to recover in rates a return of and return on the original cost, net of accumulated depreciation, of Dogwood. Evergy Missouri West shall also be allowed to recover in rates over two years a return of, but not a return on, the amount of the purchase price paid in excess of the original cost, net of accumulated depreciation, of Dogwood. In addition, net revenues generated from Evergy Missouri West's ownership of Dogwood from the date of closing to the date new rates become effective in Evergy Missouri West's current rate case shall not impact rates and shall be retained by Evergy Missouri West and reduce the amount of the purchase price paid in excess of the original cost, net of accumulated depreciation, of Dogwood to be recovered from customers.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
Evergy Kansas Central intends to construct and own an approximately 159 MW solar generation facility to be located in Kansas and called Kansas Sky. The solar generation facility is expected to begin operations by summer of 2027. The construction of Kansas Sky is subject to the granting by the KCC of predetermination with reasonably acceptable terms and other closing conditions.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
In May 2024, President Biden signed into law the Prohibiting Russian Uranium Imports Act, which limits the importation of uranium from the Russian Federation. The Evergy Companies have a Russian-sourced contract beginning in 2025 to obtain nuclear fuel and have taken mitigating measures to minimize the impact of the Prohibiting Russian Uranium Imports Act to their supply chain. The Evergy Companies do not expect a material impact to their supply chain or financial results. See Part I, Item 1, Business - Fuel - Nuclear Fuel for additional information regarding Evergy's purchases of nuclear fuel.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
Net income attributable to Evergy, Inc. increased in 2024, compared to the same period in 2023, primarily due to new Evergy Kansas Central retail rates effective in December 2023, the recognition of a $96.5 million regulatory liability in the third quarter of 2023 for future refund of amounts of revenues previously collected from customers related to COLI rate credits, higher transmission revenues and lower pension non-service costs; partially offset by higher taxes other than income tax, depreciation, interest, income tax and operating and maintenance expense and lower investment earnings in 2024.
Read it in 10-K 2025-02-27 at sec.gov ↗
RewordedMD&A
Revenues and Expenses MWhs Sold 2025 Change 2024 2025 Change 2023 2024 Change 2023 Retail revenues (millions) (thousands) Residential $ 983.5 2,198.6 $ 162.5 12.0 $ 821.0 6,651 42 6,609 2,186.6 15,955 245 15,710 Commercial 842.7 119.8 722.9 7,387 61 7,326 1,950.5 (13.2) 1,963.7 18,676 401 18,275 Industrial 448.9 50.4 398.5 5,286 (103) 5,389 649.9 (32.1) 682.0 8,197 (191) 8,388 Other retail revenues 25.2 7.1 18.1 39 (1) 40 45.7 2.4 43.3 91 (10) 101 Total electric retail 2,300.3 339.8 1,960.5 19,363 (1) 19,364 4,844.7 (30.9) 4,875.6 42,919 445 42,474 Wholesale revenues 237.2 (59.6) 296.8 8,974 (1,119) 10,093 312.8 (7.7) 320.5 15,187 1,225 13,962 Transmission revenues 455.0 69.2 385.8 520.6 38.0 482.6 N/A N/A N/A Other revenues 14.6 (40.7) 55.3 283.5 114.9 168.6 N/A N/A N/A Operating revenues 3,007.1 308.7 2,698.4 28,337 (1,120) 29,457 5,961.6 114.3 5,847.3 58,106 1,670 56,436 Fuel and purchased power (557.1) 35.5 (592.6) (1,412.4) 67.5 (1,479.9) SPP network transmission costs (438.0) (67.1) (370.9) (68.3) (302.6) Operating and maintenance (a) (246.7) (16.2) (230.5) maintenance(a) (521.7) 4.0 (525.7) Depreciation and amortization (561.7) (46.2) (515.5) (1,162.9) (48.9) (1,114.0) Taxes other than income tax (250.7) (30.9) (219.8) (420.1) 32.5 (452.6) Gross margin (GAAP) 1,020.0 182.6 837.4 2,006.5 102.3 1,904.2 Operating and maintenance (a) 246.7 16.2 230.5 maintenance(a) 521.7 (4.0) 525.7 Depreciation and amortization 561.7 46.2 515.5 1,162.9 48.9 1,114.0 Taxes other than income tax 250.7 30.9 219.8 420.1 (32.5) 452.6 Utility gross margin (non-GAAP) $ 2,079.1 4,111.2 $ 275.9 114.7 $ 1,803.2 3,996.5 (a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Revenues and Expenses MWhs Sold 2025 Change 2024 2025 Change 2023 2024 Change 2023 Retail revenues (millions) (thousands) Residential $ 960.3 $ (23.2) $ 983.5 $ 162.5 $ 821.0 6,656 5 6,651 42 6,609 Commercial 816.3 (26.4) 842.7 119.8 722.9 7,475 88 7,387 61 7,326 Industrial 425.0 (23.9) 448.9 50.4 398.5 5,174 (112) 5,286 (103) 5,389 Other retail revenues 24.3 (0.9) 25.2 7.1 18.1 36 (3) 39 (1) 40 Total electric retail 2,225.9 (74.4) 2,300.3 339.8 1,960.5 19,341 (22) 19,363 (1) 19,364 Wholesale revenues 266.2 29.0 237.2 (59.6) 296.8 9,721 747 8,974 (1,119) 10,093 Transmission revenues 483.0 28.0 455.0 69.2 385.8 N/A N/A N/A Other revenues 85.2 70.6 14.6 (40.7) 55.3 N/A N/A N/A Operating revenues 3,060.3 53.2 3,007.1 308.7 2,698.4 29,062 725 28,337 (1,120) 29,457 Fuel and purchased power (538.9) 18.2 (557.1) 35.5 (592.6) SPP network transmission costs (438.0) (67.1) (370.9) (68.3) (302.6) Operating and maintenance (a) (231.2) 15.5 (246.7) (16.2) (230.5) Depreciation and amortization (579.2) (17.5) (561.7) (46.2) (515.5) Taxes other than income tax (223.7) 27.0 (250.7) (30.9) (219.8) Gross margin (GAAP) 1,049.3 29.3 1,020.0 182.6 837.4 Operating and maintenance (a) 231.2 (15.5) 246.7 16.2 230.5 Depreciation and amortization 579.2 17.5 561.7 46.2 515.5 Taxes other than income tax 223.7 (27.0) 250.7 30.9 219.8 Utility gross margin (non-GAAP) $ 2,083.4 $ 4.3 $ 2,079.1 $ 275.9 $ 1,803.2 (a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Revenues and Expenses MWhs Sold 2025 Change 2024 2025 Change 2023 2024 Change 2023 Retail revenues (millions) (thousands) Residential $ 750.6 $ 11.8 $ 738.8 $ (9.6) $ 748.4 5,610 135 5,475 (28) 5,503 Commercial 781.5 4.8 776.7 (2.2) 778.9 7,464 94 7,370 23 7,347 Industrial 131.8 (0.9) 132.7 1.8 130.9 1,696 (15) 1,711 33 1,678 Other retail revenues 11.8 1.5 10.3 (2.4) 12.7 41 (4) 45 (15) 60 Total electric retail 1,675.7 17.2 1,658.5 (12.4) 1,670.9 14,811 210 14,601 13 14,588 Wholesale revenues 38.7 (43.9) 82.6 (9.3) 91.9 5,041 403 4,638 (312) 4,950 Transmission revenues 25.7 5.8 19.9 5.6 14.3 N/A N/A N/A Other revenues 176.0 43.3 132.7 20.8 111.9 N/A N/A N/A Operating revenues 1,916.1 22.4 1,893.7 4.7 1,889.0 19,852 613 19,239 (299) 19,538 Fuel and purchased power (564.3) (11.5) (552.8) (21.9) (530.9) Operating and maintenance (a) (201.0) (0.3) (200.7) (1.2) (199.5) Depreciation and amortization (408.8) (8.2) (400.6) 16.0 (416.6) Taxes other than income tax (141.3) 6.1 (147.4) (14.6) (132.8) Gross margin (GAAP) 600.7 8.5 592.2 (17.0) 609.2 Operating and maintenance (a) 201.0 0.3 200.7 1.2 199.5 Depreciation and amortization 408.8 8.2 400.6 (16.0) 416.6 Taxes other than income tax 141.3 (6.1) 147.4 14.6 132.8 Utility gross margin (non-GAAP) $ 1,351.8 $ 10.9 $ 1,340.9 $ (17.2) $ 1,358.1 (a) Operating and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operating and maintenance expenses at generating units and transmission and distribution operating and maintenance expenses and have been separately presented in order to calculate gross margin as defined under GAAP.
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RewordedMD&A
See Note 4 to the consolidated financial statements for information regarding In 2024, Evergy Kansas Central's Central and Evergy Missouri West's applications for West requested predetermination from the KCC and a Certificate of Convenience and Necessity (CCN) from the MPSC, respectively, for their investments in these planned natural gas plants. investments.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Evergy Kansas Central's taxes other than income tax increased $30.9 decreased $27.0 million in 2024, 2025, compared to 2023, 2024, primarily driven by a decrease in the rebasing 2025 amortization of the Kansas property taxes as a result of Evergy Kansas Central's 2023 rate case effective in December 2023. tax rider.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Evergy Metro's taxes other than income tax increased $14.6 decreased $6.1 million in 2024, 2025, compared to 2023, 2024, primarily driven by a decrease in the rebasing 2025 amortization of the Kansas property taxes as a result of Evergy Metro's 2023 rate case effective in December 2023. tax rider.
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RewordedMD&A
The IRS is expected to may provide guidance regarding the type of revenue to be included in the computation of gross receipts portion in 2026 which may significantly reduce the amount of the credit computation, which could have a significant impact on the value of the nuclear PTCs available to Evergy.
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RewordedMD&A
The first plant plant, a combined cycle gas turbine (CCGT) facility located in Sumner County, is expected to begin operations by summer spring of 2029 and the second plant plant, a CCGT facility located in Reno County, is expected to begin operations by summer spring of 2030.
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RewordedMD&A
Diluted EPS increased decreased in 2024, 2025, compared to the same period in 2023, 2024, primarily due to the increase decrease in net income attributable to Evergy, Inc. discussed above. above in addition to a $0.05 per share decrease primarily due to dilution from Evergy's convertible notes.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Evergy expects to issue approximately $9.7 $12.3 billion of securities, inclusive of hybrid debt securities with equity content attribution by the credit rating agencies, through debt capital markets between 2025 2026 and 2029, 2030, subject to market conditions, which includes refinancing $3.9 billion of long-term debt maturities. maturities and open-market repurchases.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Evergy expects to issue approximately $9.7 $3.3 billion of securities through debt capital markets equity between 2025 2026 and 2029, 2030, subject to market conditions, which includes refinancing $3.9 billion of long-term debt maturities. conditions.
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RewordedMD&A
See "Applications for Predetermination" and "Requests for Certificate of Convenience and Necessity" in Note 4 to the consolidated financial statements for additional information regarding Evergy Kansas Central's and Evergy Missouri West's applications for predetermination and Certificate of Convenience and Necessity (CCN) a CCN for their investments in these natural gas plants.
Read it in 10-K 2026-02-19 at sec.gov ↗
Quiet changesMD&A
However, the The tax benefits, if any, are expected to be returned to customers over time as a reduction to revenue in future regulatory proceedings.
Read it in 10-K 2026-02-19 at sec.gov ↗
