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ORGANIZATION AND BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
ORGANIZATION AND BASIS OF PRESENTATION ORGANIZATION AND BASIS OF PRESENTATION
Organization
Evergy is a public utility holding company incorporated in 2017 and headquartered in Kansas City, Missouri. Evergy operates primarily through the following wholly-owned direct subsidiaries listed below.
•Evergy Kansas Central, Inc. (Evergy Kansas Central) is an integrated, regulated electric utility that provides electricity to customers in the state of Kansas. Evergy Kansas Central has one active wholly-owned subsidiary with significant operations, Evergy Kansas South, Inc. (Evergy Kansas South).
•Evergy Metro, Inc. (Evergy Metro) is an integrated, regulated electric utility that provides electricity to customers in the states of Missouri and Kansas.
•Evergy Missouri West, Inc. (Evergy Missouri West) is an integrated, regulated electric utility that provides electricity to customers in the state of Missouri.
•Evergy Transmission Company, LLC (Evergy Transmission Company) owns 13.5% of Transource Energy, LLC (Transource) with the remaining 86.5% owned by AEP Transmission Holding Company, LLC, a subsidiary of American Electric Power Company, Inc. (AEP). Transource is focused on the development of competitive electric transmission projects. Evergy Transmission Company accounts for its investment in Transource under the equity method.
Evergy Kansas Central also owns a 50% interest in Prairie Wind Transmission, LLC (Prairie Wind), which is a joint venture between Evergy Kansas Central and subsidiaries of AEP and Berkshire Hathaway Energy Company. Prairie Wind owns a 108-mile, 345 kilovolt (kV) double-circuit transmission line that provides transmission service in the Southwest Power Pool, Inc. (SPP). Evergy Kansas Central accounts for its investment in Prairie Wind under the equity method.
Evergy Kansas Central, Evergy Kansas South, Evergy Metro and Evergy Missouri West conduct business in their respective service territories using the name Evergy. Collectively, the Evergy Companies have approximately 15,800 megawatts (MWs) of owned generating capacity and renewable power purchase agreements and engage in the generation, transmission, distribution and sale of electricity to approximately 1.7 million customers in the states of Kansas and Missouri.
Basis of Presentation
These unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements and should be read in conjunction with the consolidated financial statements in the Evergy Companies' combined 2025 Form 10-K.
These unaudited consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary to fairly present the unaudited consolidated financial statements for each of the Evergy Companies for these interim periods. In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses, and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
Principles of Consolidation
Each of Evergy's, Evergy Kansas Central's and Evergy Metro's unaudited consolidated financial statements includes the accounts of their subsidiaries and variable interest entities (VIEs) of which they are the primary beneficiary. Undivided interests in jointly-owned generation facilities are included on a proportionate basis.  Intercompany transactions have been eliminated. The Evergy Companies assess financial performance and allocate resources on a consolidated basis (i.e., operate in one segment).
Cash, Cash Equivalents and Restricted Cash
Cash equivalents consist of highly liquid investments with original maturities of three months or less at acquisition. Evergy has restricted cash included in Other Current Assets and Other Non-current Assets on Evergy's consolidated balance sheets to facilitate the servicing of Evergy Missouri West Storm Funding I, LLC's debt and the funding requirements for a jointly-owned generation facility. The following table summarizes the cash, cash equivalents and restricted cash included on Evergy's consolidated balance sheets.
June 30
2026		December 31
2025
Evergy(millions)
Current assets
Cash and cash equivalents$21.8 $19.8 
Other 3.8 5.6 
Other assets
Other1.7 1.6 
Total cash, cash equivalents and restricted cash$27.3 $27.0 

Fuel Inventory and Supplies
The Evergy Companies record fuel inventory and supplies at average cost. The following table separately states the balances for fuel inventory and supplies.
June 30
2026		December 31
2025
Evergy(millions)
Fuel inventory$240.7 $218.6 
Supplies626.8 610.3 
Fuel inventory and supplies$867.5 $828.9 
Evergy Kansas Central
Fuel inventory$125.8 $114.9 
Supplies323.7 323.0 
Fuel inventory and supplies$449.5 $437.9 
Evergy Metro
Fuel inventory$78.2 $69.6 
Supplies214.2 210.3 
Fuel inventory and supplies$292.4 $279.9 
Property, Plant and Equipment
The following tables summarize the property, plant and equipment for each of the Evergy Companies.
June 30, 2026EvergyEvergy Kansas CentralEvergy Metro
(millions)
Electric plant in service$38,922.0 $19,232.0 $14,254.9 
Electric plant acquisition adjustment739.8 724.9 — 
Accumulated depreciation(15,388.7)(7,524.6)(6,275.9)
Plant in service, net24,273.1 12,432.3 7,979.0 
Construction work in progress2,905.9 1,292.7 553.5 
Nuclear fuel, net226.6 113.2 113.4 
Property, plant and equipment, net$27,405.6 $13,838.2 $8,645.9 
December 31, 2025EvergyEvergy Kansas CentralEvergy Metro
(millions)
Electric plant in service$38,218.9 $18,893.6 $14,001.3 
Electric plant acquisition adjustment739.8 724.9 — 
Accumulated depreciation(14,986.6)(7,308.5)(6,110.5)
Plant in service, net23,972.1 12,310.0 7,890.8 
Construction work in progress2,120.6 1,045.8 453.6 
Nuclear fuel, net208.8 104.3 104.5 
Property, plant and equipment, net$26,301.5 $13,460.1 $8,448.9 
Other Income and Other Expense
The tables below show the detail of other income and other expense, respectively, for each of the Evergy Companies.
Three Months Ended
June 30		Year to Date
June 30
Other Income2026202520262025
Evergy(millions)
AFUDC equity$12.5 $3.4 $22.9 $5.9 
Corporate-owned life insurance policy benefit 1.3 6.5 9.0 7.8 
Income from commercial solar project— 11.6 — 11.6 
Other0.7 0.8 1.4 1.4 
Other income$14.5 $22.3 $33.3 $26.7 
Evergy Kansas Central
AFUDC equity$8.1 $3.0 $14.7 $4.4 
Corporate-owned life insurance policy benefit0.8 6.7 8.5 7.5 
Other0.3 0.3 0.7 0.6 
Other income$9.2 $10.0 $23.9 $12.5 
Evergy Metro
AFUDC equity$0.9 $0.4 $1.4 $1.5 
Other0.7 0.1 0.9 0.8 
Other income$1.6 $0.5 $2.3 $2.3 
Three Months Ended
June 30		Year to Date
June 30
Other Expense2026202520262025
Evergy(millions)
Non-service cost component of net benefit cost$(2.0)$(1.9)$(4.0)$(5.0)
Corporate-owned life insurance cost(4.3)(4.7)(10.6)(10.5)
Other(0.5)(2.2)(0.9)(2.8)
Other expense$(6.8)$(8.8)$(15.5)$(18.3)
Evergy Kansas Central
Non-service cost component of net benefit cost$1.6 $1.1 $3.2 $1.7 
Corporate-owned life insurance cost(4.1)(4.6)(10.1)(10.1)
Other(0.1)(0.2)(0.2)(0.4)
Other expense$(2.6)$(3.7)$(7.1)$(8.8)
Evergy Metro
Non-service cost component of net benefit cost$(2.3)$(1.6)$(4.7)$(4.1)
Corporate-owned life insurance cost(0.2)(0.1)(0.5)(0.4)
Other(0.3)(0.5)(0.4)(0.6)
Other expense$(2.8)$(2.2)$(5.6)$(5.1)
Investments in Early-Stage Clean Energy and Energy Solution Companies
Historically, Evergy made limited non-regulated equity and debt investments in early-stage clean energy and energy solution companies. Evergy is currently in the process of disposing of these investments. These investments are recorded in Other Non-current Assets on Evergy’s consolidated balance sheets and as of June 30, 2026, and December 31, 2025, the total value of these investments was $27.4 million and $41.3 million, respectively.
For the three months ended June 30, 2026 and 2025, Evergy recorded $7.9 million of investment gains and $25.4 million of investment losses, respectively, in investment earnings (loss) on its consolidated statements of comprehensive income. For year to date June 30, 2026 and 2025, Evergy recorded $8.1 million of investment gains and $29.0 million of investment losses, respectively, in investment earnings (loss) on its consolidated statements of comprehensive income. These gains and losses resulted from changes in the fair value of certain investments, impairment losses and gains or losses recognized upon the disposition of certain investments.
Evergy could experience additional gains or losses on these investments as a result of further changes in their value or upon their ultimate liquidation.
Earnings Per Share
To compute basic earnings per common share (EPS), Evergy divides net income attributable to Evergy, Inc. by the weighted average number of common shares outstanding. Diluted EPS includes the effect of issuable common shares resulting from restricted share units (RSUs), convertible notes and forward sale agreements entered into through Evergy's at-the-market equity offering program (ATM Program). Evergy computes the dilutive effects of potential issuances of common shares using the treasury stock method and the if-converted method, as applicable.
The following table reconciles Evergy's basic and diluted EPS.
Three Months Ended
June 30		Year to Date
June 30
2026202520262025
Income(millions, except per share amounts)
Net income$218.1 $174.4 $372.7 $302.5 
Less: Net income attributable to noncontrolling interests3.1 3.1 6.2 6.2 
Net income attributable to Evergy, Inc.$215.0 $171.3 $366.5 $296.3 
Common Shares Outstanding
Weighted average number of common shares outstanding - basic230.9 230.4 230.8 230.4 
Add: Effect of dilutive securities5.6 2.3 5.3 2.0 
Diluted average number of common shares outstanding236.5 232.7 236.1 232.4 
Basic EPS$0.93 $0.74 $1.59 $1.29 
Diluted EPS$0.91 $0.74 $1.55 $1.28 
The effect of dilutive securities for the three months ended and year to date June 30, 2026, included 4.8 million and 4.5 million shares, respectively, resulting from Evergy's convertible notes. The effect of dilutive securities for the three months ended and year to date June 30, 2025, included 1.8 million shares and 1.6 million shares, respectively from Evergy's convertible notes.
The table below summarizes the anti-dilutive securities excluded from the computation of diluted EPS.
Three Months Ended
June 30		Year to Date
June 30
Anti-Dilutive Securities2026202520262025
(shares in millions)
RSUs with performance measures— 0.1 0.10.1 
RSUs with time-based vesting— 0.1 0.10.1 
Supplemental Cash Flow Information
Evergy
Year to Date June 3020262025
Cash paid for (received from):(millions)
Interest, net of amount capitalized$310.6 $289.8 
Interest of VIEs7.7 8.2 
Income taxes, net of refunds0.3 4.3 
Right-of-use assets obtained in exchange for new operating lease liabilities16.1 12.9 
Right-of-use assets obtained in exchange for new finance lease liabilities10.3 21.8 
Non-cash investing transactions:
Property, plant and equipment additions244.0 153.5 
Non-cash financing transactions:
Issuance of common stock for reinvested dividends5.1 2.6 
Evergy Kansas Central
Year to Date June 3020262025
Cash paid for (received from):(millions)
Interest, net of amount capitalized$117.5 $112.3 
Income taxes, net of refunds31.7 (1.9)
Right-of-use assets obtained in exchange for new operating lease liabilities9.6 6.0 
Right-of-use assets obtained in exchange for new finance lease liabilities7.4 8.8 
Non-cash investing transactions:
Property, plant and equipment additions117.4 89.5 
Evergy Metro
Year to Date June 3020262025
Cash paid for (received from):(millions)
Interest, net of amount capitalized$80.2 $76.8 
Income taxes, net of refunds3.2 11.3 
Right-of-use assets obtained in exchange for new operating lease liabilities6.3 6.9 
Right-of-use assets obtained in exchange for new finance lease liabilities2.2 10.2 
Non-cash investing transactions:
Property, plant and equipment additions53.2 45.7 
Dividends Declared
In July 2026, Evergy's Board of Directors (Evergy Board) declared a quarterly dividend of $0.6950 per share on Evergy's common stock. The common stock dividend is payable September 18, 2026, to shareholders of record as of August 18, 2026.
In July 2026, Evergy Kansas Central's Board of Directors declared a cash dividend to Evergy of up to $150.0 million, payable on or before September 17, 2026.