At a glance
Evergy, Inc. is worth $19.96B, about 24 times its fiscal 2025 earnings. Revenue grew 2.0% to $5.96B in fiscal 2025, with 14.4% kept as profit; over 5 years it has grown 3.9% a year. It pays a 3.24% dividend yield, raised every year for at least 9 years, and returned $2.81B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +16.6% over the past year with dividends reinvested and +10.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.8% in the 2020 crash (S&P 500: 33.7%) and 22.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months and 26 months after the lows.
The business in plain English
Evergy, Inc. is a holding company for regulated electric utilities, based in Kansas City, Missouri. Its utilities, Evergy Kansas Central, Evergy Metro and Evergy Missouri West, generate and deliver electricity to about 1.7 million customers in Kansas and Missouri, including roughly 1.5 million homes and 0.2 million businesses. They have no competitors in their territories. In exchange, Kansas and Missouri regulators set retail prices, and the Federal Energy Regulatory Commission oversees transmission and wholesale sales.
Evergy earns money by investing in power plants and lines, then charging regulator-set rates meant to cover prudent costs plus a reasonable return on that investment. Revenue was $5.96 billion in fiscal 2025. Evergy reports a single segment; by customer type, homes supplied 37% of revenue, commercial customers 33%, industrial customers 11%, transmission 9%, wholesale sales 5% and other sources 5%. It expects about 60% of 2026 retail revenue from Kansas and 40% from Missouri. Summer is the peak: about one-third of retail revenue arrives in the July–September quarter.
For 2026, Evergy expects about 15,800 megawatts (a measure of generating capacity) from owned plants and long-term contracts: 37% coal, 29% wind, 27% natural gas and oil, and 7% nuclear, from its 94% stake in the Wolf Creek plant. From 2023 to 2025, it generated about 60% of the electricity it supplied and bought the rest.
Price history
The interactive chart needs JavaScript.
EVRG +16.6% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.50B, up 4.4% from a year earlier, and net income was $215.0M (+25.5%).
- For fiscal 2025, revenue was $5.96B (+2.0% year over year; +3.9% a year from FY2020 to FY2025) with a 14.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.9% watch |
|---|---|
| Operating margin | 25.7% good |
| Free cash flow margin | -12.6% weak |
| Return on equity (FY2025) | 8.4% watch |
| Return on assets (FY2025) | 2.5% weak |
| Net cash (cash minus debt) | $-13.79B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.91B | $618.3M | $193.5M |
| FY2021 | $5.59B | $879.7M | $-620.8M |
| FY2022 | $5.86B | $752.7M | $-364.6M |
| FY2023 | $5.51B | $731.3M | $-353.8M |
| FY2024 | $5.85B | $873.5M | $-352.9M |
| FY2025 | $5.96B | $855.6M | $-751.7M |
Valuation snapshot
| Market value | $19.96B |
|---|---|
| P/E ratio | 23.6 |
| Dividend yield | 3.24% |
Rank among 1514 US companies
Market value at each year end
Evergy’s market value went from $14.96B at the end of 2018 to $19.96B on Nov 2, 2026, up 33%; since the end of 2025 it is up 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $19.96B | +19.6% |
| 2025 | $16.69B | +17.9% |
| 2024 | $14.16B | +18.0% |
| 2023 | $11.99B | -17.0% |
| 2022 | $14.44B | -8.2% |
| 2021 | $15.73B | +24.9% |
| 2020 | $12.59B | -15.1% |
| 2019 | $14.83B | -0.8% |
| 2018 | $14.96B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EVRG price data to Nov 2, 2026 | +22.4% | +16.6% | +24.6% | +10.7% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +22.4% |
| 2025 | +23.6% |
| 2024 | +23.4% |
| 2023 | -13.3% |
| 2022 | -4.9% |
| 2021 | +28.0% |
| 2020 | -11.6% |
| 2019 | +18.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.8% over that stretch · deepest drop along the way 38.8%, back to its old high 24.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.1% over that stretch · deepest drop along the way 22.8%, back to its old high 25.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 7 open-market purchases ($134K) and 8 sales ($1.6M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 15, 2026 | Charles A. Caisley EVP & CHIEF CUST OFFCR | sell | $900K |
| Mar 10, 2026 | Heather A Humphrey SVP - GEN COUNSEL, CORP SEC | sell | $293K |
| Mar 12, 2026 | Charles L King SVP & CHIEF TECHNOLOGY OFFICER | sell | $201K |
| May 28, 2026 | Sandra AJ Lawrence Director | sell | $63K |
| Jun 2, 2026 | Sandra AJ Lawrence Director | sell | $49K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.38% | Mar 31, 2026 |
| Vanguard Portfolio Management | 4.94% | Jun 30, 2026 |
ETFs with the most weight in EVRG
| FXU First Trust Utilities AlphaDEX Fund | 4.12% |
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 3.27% |
| ZAP Global X U.S. Electrification ETF | 3% |
| FDV Federated Hermes U.S. Strategic Dividend ETF | 2.9% |
| DIVY Sound Equity Dividend Income ETF | 2.88% |
| PUI Invesco Dorsey Wright Utilities Momentum ETF | 2.81% |
| FPWR First Trust EIP Power Solutions ETF | 2.64% |
| HUSV First Trust Horizon Managed Volatility Domestic ETF | 2.47% |
What could go wrong
- Growth plans lean on data centers. Evergy's investment plans count partly on data centers and other very large customers connecting to its grid. If those projects shrink, stall or go elsewhere, planned spending and earnings growth could fall short.
- Regulators may not cover all costs. Kansas and Missouri regulators set Evergy's prices and may reject some costs or approve lower returns. Rates also trail spending, and state laws limit how much some new-plant costs can raise rates each year.
- Nuclear plant ownership adds special risks. Evergy owns 94% of the Wolf Creek nuclear plant, overseen by the Nuclear Regulatory Commission. Nuclear plants carry special risks: safety problems, unplanned shutdowns or new federal rules could prove costly.
- Coal-heavy fleet faces environmental rules. Coal plants make up 37% of Evergy's expected 2026 capacity. Burning fossil fuels creates heavy carbon emissions, and tighter federal or state rules on air, water, waste or greenhouse gases could add significant costs.
- Weather, storms and wildfire. Mild summers cut power sales, and about one-third of retail revenue comes in the July–September quarter. Severe storms and wildfires can damage equipment and bring large unplanned costs.
- Heavy spending relies on borrowed money. Evergy spends more on new plants and lines than it generates in cash, so it depends on borrowing. Debt was $13.8 billion as of June 30, 2026; credit downgrades could raise borrowing costs.
Recent events
- Other company announcement
- Major agreement ended; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Major agreement signed; New debt or financial obligation; Other company announcement
For income and retirement investors
Evergy's dividend per share rose for at least nine straight years through fiscal 2025. The regular dividend rose from $2.05 a share in fiscal 2020 to about $2.70 in fiscal 2025, or 5.6% a year. The yield was 3.32% as of October 28, 2026. Dividends used 71.7% of fiscal 2025 net income, above the 50% to 60% payout the company targets. Free cash flow (operating cash minus capital spending) was negative in each year from fiscal 2021 to 2025, so the dividend relied partly on outside funding such as debt. Evergy bought back no shares from fiscal 2021 to 2025.
In the 2020 COVID crash, the shares fell 38.8% and took about 24 months to recover. In the 2022 bear market they fell 22.8% from an April peak and did not regain it until November 2024. The price record does not reach back to the 2008 crisis. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Evergy make money?
Evergy makes money by selling electricity to about 1.7 million customers in Kansas and Missouri at prices set by regulators. Those prices are designed to cover prudent costs plus a reasonable return on the money Evergy invests in plants and power lines. Revenue was $5.96 billion in fiscal 2025: homes supplied 37%, commercial customers 33%, industrial customers 11%, transmission 9%, and wholesale sales and other sources 5% each. Net income was $855.6 million.
Does Evergy raise its dividend every year?
Yes, so far. In Evergy's SEC filings, dividends per share rose every year from fiscal 2016 to fiscal 2025, at least nine straight increases. The regular dividend grew from $2.05 a share in fiscal 2020 to about $2.70 in fiscal 2025, about 5.6% a year. The yield was 3.32% as of October 28, 2026. Past raises are no guarantee: dividends took 71.7% of fiscal 2025 net income, above the company's 50% to 60% target, and free cash flow was negative.
Where does Evergy get its electricity?
Mostly from its own power plants. From 2023 to 2025, Evergy generated about 60% of the electricity it supplied and bought about 40%, much of it under long-term renewable contracts. Of about 15,800 megawatts of capacity expected for 2026, coal makes up 37%, wind 29%, natural gas and oil 27%, and nuclear 7%, from its 94% stake in the Wolf Creek plant. Most of the wind capacity comes through purchase contracts that expire from 2028 to 2048.
Will data centers help Evergy grow?
Possibly, but they are also a risk. Evergy's annual report says its business and capital investment plans depend partly on data centers and other large customers connecting to its grid. Its plan includes new generation and transmission, data center hookups and upgrades to older equipment. For a regulated utility, more investment can mean a larger base on which to earn a return. If those customers fall through, Evergy's plans could fall short, and higher costs could meet resistance from other customers.
How much debt does Evergy have?
Evergy had about $13.8 billion of total debt and about $22 million of cash as of June 30, 2026, compared with $10.2 billion of shareholder equity. Utilities typically borrow heavily to build plants and power lines, and Evergy's spending has outrun its operating cash: free cash flow was negative $752 million in fiscal 2025. The company warns that credit rating downgrades or market turmoil could raise its financing costs and limit its access to credit.