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Evergy Is Building for Gigawatts, Not Cycles—A Structural Shift in Utility Growth Economics! 

Evergy’s 2025 results and outlook show a utility entering a heavier investment phase while dealing with some near-term pressure. Full-year adjusted earnings were $894 million, or $3.83 per share, versus $878 million, or $3.81 per share, in 2024. The improvement was driven by modest 0.3% weather-normalized demand growth, mostly from commercial customers, along with stronger retail rate recovery and federal infrastructure-related regulatory recovery worth $0.56 per share. These gains were partly offset by higher O&M, depreciation, and interest expense tied to $2.8 billion of capital spending for grid modernization and asset replacement. Results were held back by unfavorable weather and soft industrial demand, causing earnings to miss earlier guidance. Even so, management pointed to reliability gains from recent investment, with the best SAIDI performance in company history and improved safety outcomes. The dividend was raised 4% to $2.