Evergy Raises 2026 Adjusted Earnings Outlook

The Tip Desk · November 5, 2026 · 3 min read

Third-quarter adjusted earnings were $2.58 a share, and the company lifted its 2026 adjusted EPS range to $4.35 to $4.50.

Evergy, Inc. (EVRG) raised its 2026 adjusted earnings outlook after third-quarter results that the company said ran ahead of expectations on warmer weather and operational performance.

The Kansas and Missouri electric utility reported third-quarter 2026 GAAP earnings of $612.9 million, or $2.59 a share, compared with $475.0 million, or $2.03 a share, a year earlier. Adjusted earnings (non-GAAP) were $609.9 million, or $2.58 a share, versus $475.1 million, or $2.03 a share.

Year-over-year growth in adjusted EPS accelerated to 27% from 7% in the second quarter. GAAP EPS growth rose to 28% from 23% in the prior quarter.

The company said third-quarter adjusted earnings per share benefited from warmer weather, recovery of regulated investments, growth in weather-normalized demand, and higher large customer revenues, partially offset by higher operations and maintenance expense and higher depreciation and amortization expense.

Chairman and Chief Executive Officer David Campbell said generation reliability outperformed despite significantly warmer weather and record peak demand for both Evergy and the Southwest Power Pool.

The company raised 2026 adjusted EPS (non-GAAP) guidance to $4.35 to $4.50 from $4.14 to $4.34, a range it had reaffirmed in the second quarter. It also reaffirmed a long-term adjusted EPS annual growth target of 6% to 8%+ through 2030 off the original 2026 guidance midpoint of $4.24, with annual EPS growth expected to exceed 8% beginning in 2028.

The board declared a quarterly dividend of $0.7225 a share, a 4% increase from $0.6950, payable December 18, 2026, to shareholders of record November 20. The company said the increase supports its long-term payout ratio target of 50% to 60%.

Evergy also announced three amendments to previously signed electric service agreements that, in total, are expected to drive about 250 megawatts of incremental load, and a letter of intent with Digital Realty for a 1.4 gigawatt expansion. Campbell said the amendments and the Digital Realty letter of intent demonstrate sustained interest from large customers in locating and expanding within the company’s Kansas and Missouri service territories.

Adjusted earnings exclude losses from repurchases of convertible notes, investment gains and losses from non-regulated early-stage clean energy and energy solution companies and related disposal costs, and a gain from the settlement of a complaint regarding Evergy Kansas Central’s Annual Transmission Revenue Requirement for the 2018 and 2019 rate years. In the third quarter, those reconciling items included $1.3 million of pre-tax losses from those investments, a $5.3 million pre-tax gain from the transmission-revenue settlement, and $1.0 million of related income tax expense.

Year to date September 30, 2026, adjusted earnings were $980.2 million, or $4.15 a share, compared with $794.0 million, or $3.41 a share, in the year-ago period. GAAP earnings for the nine months were $979.4 million, or $4.14 a share.

The company said it is in the process of disposing of the non-regulated early-stage investments.