Evergy is seeing strong interest from large electricity customers across Kansas and Missouri as rising power demand, including demand associated with data centers and other large-load customers, becomes an increasingly important component of the utility company’s long-term growth outlook.
Management said large-customer interest remains very strong and expects Evergy to execute at least one additional electric service agreement during 2026 as it advances its development pipeline.
Higher large-customer revenue was already contributing to results during the second quarter. Evergy said adjusted EPS benefited from the recovery of regulated investments, growth in weather-normalized demand and increased large-customer revenue.
The company’s filings also identify projected rapid electricity-demand growth driven primarily by data centers and other large-load customers. Evergy expects that demand to create a need for additional generation and transmission investment, although the earnings release did not provide a specific size for the large-customer or data-center pipeline.
Against that backdrop, Evergy reaffirmed its long-term adjusted EPS growth target of 6% to 8%+ annually through 2030, measured from the midpoint of its 2026 guidance. More significantly, the company expects annual adjusted EPS growth to exceed 8% beginning in 2028 and continuing through 2030.
For 2026, Evergy continues to forecast adjusted EPS between $4.14 and $4.34, with a midpoint of $4.24.
Second-quarter GAAP earnings increased to $215 million, or $0.91 per share, from $171.3 million, or $0.74 per share, in the prior-year period. Adjusted earnings increased to $208.5 million, or $0.88 per share, compared with $191.1 million, or $0.82 per share.
The adjusted performance was partially offset by higher operations and maintenance costs as well as increased depreciation and amortization expense.
Evergy’s growth plans increasingly depend on expanding infrastructure to serve both existing customers and new large loads. The company specifically identifies the need to build or acquire generation, battery storage and transmission resources as electricity demand rises.
This growth can also create execution and financing challenges. Evergy noted that rapid demand growth could require significant new investment while creating considerations around capital access, recovery of investment through customer rates and electricity affordability.
The board also declared a quarterly dividend of $0.695 per share, payable September 18 to shareholders of record as of August 18.
KEY QUOTES:
“We remain on track to meet our expectations for the year after delivering solid second quarter financial performance. Large customer interest in Kansas and Missouri remains very strong. We are confident in our ability to advance our pipeline and we expect to execute at least one more electric service agreement in 2026.”
“We are also reaffirming our long-term adjusted EPS annual growth target of 6% to 8%+ through 2030 off the 2026 midpoint, with the expectation that annual EPS growth will exceed 8% beginning in 2028 and through 2030.”
David Campbell, Chairman and CEO of Evergy
