EVRG earnings analysis
What we found in EVRG's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Evergy reported solid growth in Q1 2026, with net income rising to $151.5 million, up 21.2% from $125.0 million in Q1 2025. Earnings per share (EPS) increased to $0.64 from $0.54, driven by higher operating revenues of $1.44 billion, a 5.0% year-over-year increase. Management highlighted strong energy sales to large customers and the impact of newly implemented rate adjustments as key contributors to the positive performance.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Total revenue rose to $1.4437 billion in Q1 2026, increasing by $69.2 million or 5.0% from Q1 2025.
- Improved EPS
- Diluted EPS for Q1 2026 was $0.64, up from $0.54 in Q1 2025, representing a 18.5% increase.
- Operating Margins Rebound
- Operating income increased to $318.4 million, reflecting a $26.8 million boost compared to $291.6 million in the previous year.
- Increased Utility Gross Margin
- Utility gross margin (non-GAAP) was $974.1 million, an increase of $51.3 million from $922.8 million in Q1 2025.
- Successful Rate Case
- Evergy Metro requested a retail revenue increase of approximately $140 million effective October 2025, which positively impacted Q1 2026 performance.
- Healthy Cash Flows
- Operating cash flow was $362.5 million for Q1 2026, indicating a robust generation of cash from operations.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Interest Expenses
- Interest expense increased to $174.5 million, up by 22.0% from $152.5 million in Q1 2025, reflecting heavier debt burdens.
- Decreased Cash Flow from Operations
- Operating cash flow fell by $87.1 million year-over-year, down from $449.6 million in Q1 2025, potentially signaling liquidity pressures.
- Increased Maintenance Costs
- Operating and maintenance expenses rose by $11.2 million to $243.2 million, driven by higher labor and contractor costs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.64
- Gross margin
- 29.7%
- Operating margin
- 22.1%
What they said about what is next.
Management anticipates continuing growth driven by large load customers and expected rate increases.
The filing reads better than the one before it.
What came before.
- 10-Q · August 5, 2021
- Evergy reported Q2 2021 operating revenue of $1,236.2 million (up $51.5M, +4.3% vs Q2 2020) and diluted EPS of $0.81 (vs $0.59 in Q2 2020). Operating income was $295.3 million (operating margin 23.9%), improving both…
- 10-Q · May 6, 2021
- Evergy reported sharply higher revenue and earnings for Q1 2021 with operating revenue of $1,611.9 million (up $495.2 million vs Q1 2020) and diluted EPS of $0.84 (vs $0.31 in Q1 2020). Segment revenues at Evergy Kansas…
- 10-K · February 26, 2021
- Evergy is an integrated, regulated electric utility serving approximately 1,620,400 customers in Kansas and Missouri that is pursuing a decarbonization-led strategy (Sustainability Transformation Plan announced August…
- 10-K · March 2, 2020
- Evergy is a consolidated, regulated electric utility serving ~1.60 million customers in Kansas and Missouri with 14,709 MW of total capacity and a stated strategy to transition its generation fleet (added >3,500 MW…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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