Evergy (EVRG) Q1 2025 earnings summary

Executive summary

• Q1 2025 adjusted and GAAP EPS were $0.54, with net income attributable to Evergy, Inc. at $125.0 million, up from $122.7 million in Q1 2024, driven by regulated investment recovery, new retail rates, and favorable weather, offset by lower industrial demand and higher expenses.

• Legislative progress in Kansas and Missouri supports infrastructure investment, economic development, and cost recovery for new generation projects, including incentives for data centers and advanced manufacturing.

• Reliability and operational metrics (SAIDI, SAIFI) exceeded targets, with a new winter peak load record set.

• Major industrial customer outages and heavy snow events affected sales, but operations have normalized.

• The company serves 1.7 million customers with 15,800 MW of owned and contracted capacity.

Financial highlights

• Q1 2025 adjusted earnings: $125.0 million, or $0.54 per share, flat year-over-year; GAAP EPS also $0.54.

• Operating revenues rose to $1,374.5 million, with utility gross margin up $40.9 million to $922.8 million.

• Retail sales: residential +8.4%, commercial +3.2%, industrial -8.3% year-over-year; weather-normalized total retail sales -3.0%.

• Depreciation and interest expense increased, reducing EPS by $0.10; other items had a $0.04 negative impact.

• Cash flows from operating activities were $449.6 million, up $132.3 million year-over-year.

Outlook and guidance

• 2025 adjusted and GAAP EPS guidance reaffirmed at $3.92–$4.12, with a midpoint of $4.02.

• Long-term adjusted EPS growth target of 4%–6% through 2029, aiming for the upper half of the range.

• Demand growth forecast of 2%–3% CAGR through 2029, with potential upside to 4%–5% if additional large customers are secured.

• $17.5 billion capital plan through 2029, supporting ~8.5% annualized rate base growth.

• Management expects to meet full-year guidance through cost management and demand rebound.