Executive Summary

Adjusted EPS was $2.03, essentially flat year-over-year versus $2.02 in Q3 2024; Evergy narrowed FY25 adjusted EPS guidance to $3.92–$4.02 and raised the quarterly dividend 4% to $0.6950 per share .
Versus Wall Street consensus: EPS was a slight miss ($2.03 vs $2.06), revenue was a significant miss ($1.81B vs $2.32B), while EBITDA was a beat ($0.96B vs $0.92B). Boldly, EBITDA strength offset some weather headwinds; however revenue shortfall drives a cautious near‑term tone. These values are from S&P Global consensus estimates.*
Management cited below-normal cooling degree days across Q2–Q3 as a $0.13 EPS headwind, partly offset by ~$0.10 of in‑year mitigation; convertible notes added ~$0.02 of dilution .
Near-term catalysts: Kansas LLPS tariff decision expected “later today” (Nov 6) and Missouri by year-end—potentially enabling additional large-load announcements; strategic load pipeline remains robust (tier-one 4–6 GW, Lambda AI data center announced) .

What Went Well and What Went Wrong

What Went Well

Dividend increase and payout trajectory: “I’m happy to announce a 4% increase in our quarterly dividend, or $2.78 per share on an annualized basis…working toward the midpoint of our 60%–70% target payout ratio” .
Demand growth momentum: Weather-normalized demand rose 2% YoY, supported by residential/commercial usage and the Meta data center in Missouri .
Economic development wins: “Lambda announced its plan to transform an unoccupied data center…expected to launch in early 2026 with 24 MW capacity, scaling to >100 MW” .

What Went Wrong

Weather headwinds: Below-normal cooling degree days across Q2–Q3 reduced EPS by $0.13, only partially offset by ~$0.10 of mitigation; guidance midpoint lowered accordingly .
Cost pressures: Higher depreciation and interest tied to infrastructure investments weighed on EPS; convertible notes caused ~$0.03 quarterly dilution .
Revenue vs estimates: Q3 revenue missed consensus materially, reflecting mild weather and timing of load ramps; see Estimates Context.*

Financial Results

EPS (Adjusted, non-GAAP)

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Adjusted EPS ($)	2.02	0.54	0.82	2.03

Revenues and EBITDA (last 4 quarters)

Values marked with an asterisk are from S&P Global.*

Metric	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Billions)	1.26*	1.37*	1.44*	1.81*
EBITDA ($USD Billions)	0.51*	0.59*	0.65*	0.96*

Margins (derived from S&P Global values)*

Metric	Q4 2024	Q1 2025	Q2 2025	Q3 2025
EBITDA Margin (%)	40.6%*	43.1%*	45.0%*	53.0%*

KPIs

KPI	Q1 2025	Q2 2025	Q3 2025
Weather-normalized demand growth YoY (%)	-3.0%	+1.4%	+2.0%

Consensus vs Actual (Q3 2025)*

Metric	Consensus	Actual
EPS ($)	2.06	2.03
Revenue ($USD Billions)	2.32	1.81*
EBITDA ($USD Billions)	0.92	0.96*
# of EPS Estimates	8	—
# of Revenue Estimates	3	—

Note: All consensus values are from S&P Global; adjusted EPS actual from Evergy’s press release .*

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EPS (non-GAAP)	FY 2025	$3.92–$4.12	$3.92–$4.02	Narrowed; lower midpoint
Dividend per share (quarterly)	Q4 2025	$0.6675	$0.6950	Raised 4%
LT Adjusted EPS Growth Target	Through 2029	4%–6%	4%–6% (top half expected from 2026)	Maintained

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
Large-load data centers / AI	Pipeline 12.2 GW; 1.3 GW in finalizing agreements; IRP updated for large loads	Lambda AI data center announced (24 MW initial, scalable to >100 MW); tier-one 4–6 GW; 1.2 GW peak demand in actively building	Strengthening
Regulatory / LLPS tariffs	Filed LLPS in KS/MO; schedules set	KS unanimous settlement—decision expected “later today”; MO non-unanimous settlement—decision by year-end	Progressing to approvals
Capex & financing	$17.5B capex; equity needs ~$2.8B 2026–2029; potential moderation with load	Reaffirmed $17.5B plan; opportunity to reduce equity by “hundreds of millions” with large-load cash flows	Moderating equity need bias
Weather impact & mitigation	Q1 residential demand dynamics; block pricing effects	Q2 26% fewer CDDs; Q3 continued mild weather → $0.13 EPS headwind; ~$0.10 mitigation	Lingering, mitigated
Demand growth trajectory	Q1 total demand +2.7% (WN -3%); Q2 WN +1.4%	Q3 WN +2% with Meta contribution; unemployment below national average	Accelerating

Management Commentary

Strategy and outlook: “Our fundamental long-term outlook remains very strong, bolstered by tailwinds from a generational economic development opportunity and the investment needed to enable it…we will provide a comprehensive financial outlook update on our year-end call in February” .
Dividend policy: “A 4% increase in our quarterly dividend…consistent with our updated growth outlook and working toward the midpoint of our 60%–70% target payout ratio” .
Economic development: “Inclusive of Lambda, we now anticipate peak demand of 1.2 gigawatts from these customers, with over 500 megawatts online by 2029” .
Financing discipline: “We will utilize equity and equity content financing options…FFO to debt threshold of 14%…there is a real opportunity to moderate our equity needs” .
Customer safeguards in LLPS: “12–17 year terms and 80% minimum monthly bill requirement, exit fees…collateral posting” .

Q&A Highlights

LLPS timing and the path to announcements: KS decision expected the day of the call; MO by year-end; approvals are enabling steps for moving finalizing agreements into active builds .
Equity plan and potential moderation: $17.5B capex funded partly by up to $2.8B in equity/content instruments; load-driven cash flows from large customers could reduce equity needs by “hundreds of millions” .
Lambda ramp: ~25 MW starting next year; potential to ~100 MW over 4–5 years; illustrative of faster ramps leveraging existing T&D .
Rate base vs EPS growth: Spread not guided; integrated plan update to reflect phasing of load and capex .
Weather mitigation: ~$0.10 in-year measures offset part of the $0.13 headwind; long-term fundamentals unchanged .

Estimates Context

EPS: Slight miss versus consensus ($2.03 vs $2.06); revenue: significant miss ($1.81B vs $2.32B); EBITDA: beat ($0.96B vs $0.92B). These discrepancies likely reflect mild weather reducing volumes, partially offset by regulatory recovery and demand growth .*
Implications for estimates: Near-term revenue/volume assumptions may be revised lower given weather sensitivity; EBITDA resilience suggests margin expectations for Q4/FY could be more stable than topline. Watch for model updates post LLPS approvals and load announcements (could drive upward revisions to out-year demand and FFO).*

Key Takeaways for Investors

Near-term catalysts: LLPS decisions (KS imminent; MO by year-end) are pivotal for unlocking additional large-load announcements and accelerating the load trajectory .
Dividend and payout discipline: 4% increase to $0.6950 and affirmed 60%–70% payout path support income thesis alongside expected top-half EPS growth from 2026 .
Load-led growth: Tier-one 4–6 GW opportunity, Lambda AI factory, and data centers underpin potential 4%–5% load growth through 2029 as agreements finalize .
Weather volatility: Mild Q2–Q3 drove a $0.13 EPS hit; mitigation covered ~$0.10—monitor degree days and the company’s ability to offset swings intra-year .
Financing flexibility: $17.5B capex and equity needs up to $2.8B remain, but large-load cash flows could reduce equity issuance by “hundreds of millions,” improving dilution risk .
Margin resilience: EBITDA beat versus consensus with EBITDA margin expanding sequentially, reflecting constructive regulation and recovery on investments despite weather softness .*
2026+ update: February year-end call will detail refreshed load forecasts, five-year capex/financing plan, and LT EPS growth—key event for medium-term positioning .

Footnote: *Values retrieved from S&P Global. Adjusted EPS actuals and qualitative commentary sourced from Evergy’s Q3 2025 press release and earnings call.

Citations:

Q3 2025 press release and 8-K:
Earnings call transcript (Q3 2025):
Prior quarters: Q2 PR/8-K: ; Q1 PR/8-K: ; Q2/Q1 call commentary:

Evergy, Inc. (EVRG)·Q3 2025 Earnings Summary