Evergy, Inc. (EVRG): Business Model Canvas [Dec-2025 Updated]

You're looking at a utility that isn't just keeping the lights on; you're analyzing a massive infrastructure play disguised as a regulated business. Evergy, Inc.'s Business Model Canvas shows a firm managing essential service for 1.7 million customers while executing a staggering $17.5 billion capital investment plan through 2029 to modernize its grid and hit net-zero by 2045. Honestly, the real story here is how they plan to recover those costs-via rate base growth and regulatory approvals from bodies like the KCC-while navigating fuel costs and aiming for that 2025 adjusted EPS guidance between $3.92 and $4.02 per share. It's a balancing act. Dive below to see exactly how their key partnerships and cost structure support this capital-intensive path forward.

Evergy, Inc. (EVRG) - Canvas Business Model: Key Partnerships

The ability of Evergy, Inc. to execute its growth strategy hinges significantly on its relationships with external entities, from government bodies setting the rules to massive industrial customers driving demand, and financial partners providing the necessary capital.

State regulatory bodies (KCC, MPSC) for rate case approvals

Evergy, Inc. works closely with state regulators to secure the necessary approvals for investment recovery and rate adjustments. The Missouri Public Service Commission (MPSC) mandated a conversion of all residential customers to mandatory time-based rates by the end of 2023, a process Evergy, Inc. had to manage through partnership with technology vendors.

• The MPSC ordered the mandatory time-based rate conversion to be completed by the end of 2023.
• New rates related to last year's Missouri US rate case came into effect on January 1, 2025, expected to contribute \$0.41 of EPS for 2025.
• Resolution for anticipated rate case approvals in both Kansas and Missouri was expected in the third quarter of 2025.
• Constructive legislation was advanced by Kansas and Missouri stakeholders in the 2024 and 2025 sessions to enable investment.

Large-scale economic development customers (Panasonic, Google, Meta) for load growth

Securing massive, long-term load commitments from hyperscale data centers and advanced manufacturing facilities is a core driver of Evergy, Inc.'s projected growth. These customers are becoming the largest in their respective jurisdictions.

• Major economic development wins include Google, Panasonic, and Meta.
• In total, demand from these three, plus two traditional data centers in Missouri, represents 800 megawatts (MW) of load as of early 2025.
• The load ramps from Panasonic, Meta, and Google are expected to contribute approximately 500 MW of new load by 2029.
• Panasonic operations were expected to begin substantial operations by midyear 2025.
• The overall economic development pipeline shows more than \$10 billion of projects actively considering Evergy, Inc.'s service territories.

Independent Power Producers (IPPs) for purchased power and renewable energy

To meet long-term clean energy goals and increasing demand, Evergy, Inc. partners with IPPs through procurement processes. The company is actively planning for significant resource additions through competitive solicitations.

Evergy, Inc. issued an all-source Request for Proposals (RFP) to purchase or contract up to 1,240 MW of energy resources to be in service by 2026. Over the next 10 years, the plan includes adding more than 3,500 MW of renewable energy.

The four facilities mentioned accounted for 16.07% of total net generation in 2024.

Financial institutions for funding the $17.5 billion capital plan

The ambitious \$17.5 billion capital investment plan spanning 2025 through 2029 requires a disciplined, multi-faceted financing approach to maintain credit metrics while supporting growth. This plan is roughly one-third dedicated to new generation and nearly half to transmission and distribution improvements.

The forecasted equity issuances for 2026 to 2029 are set at \$2.8 billion, which is a \$600 million increase over the prior forecast, consistent with the capital investment increase.

Technology vendors like Oracle Opower for customer engagement tools

Technology partnerships are crucial for operational efficiency and meeting regulatory mandates for customer interaction. Oracle Opower is a key partner in customer engagement initiatives.

• An education campaign with Oracle Opower motivated 30% of customers to pre-enroll in a time-based plan.
• This campaign resulted in 98% of customers being aware of new rate options and 90% aware of the mandatory change.
• Oracle Utilities Live Energy Connect (LEC) is used as a middleware integration platform, controlling more than 3,000 automated devices transacting 90,000 data points of information.

The use of Oracle Utilities LEC helped reduce the number of operator screens to two from six.

Evergy, Inc. (EVRG) - Canvas Business Model: Key Activities

You're looking at the core engine of Evergy, Inc. (EVRG), the essential work that keeps the lights on for over 1.7 million customers across Kansas and Missouri. This isn't just about flipping a switch; it's a massive, regulated undertaking.

Generating, transmitting, and distributing electricity across Kansas and Missouri

Evergy, Inc. operates as a public utility holding company serving a substantial customer base. As of late 2025 filings, the company serves approximately 1,678,900 customers in its service territories. This customer base breaks down into specific segments:

• Approximately 1,471,600 residences.
• Approximately 199,800 commercial firms.
• Approximately 7,500 industrial companies, municipalities, and other utilities.

The power delivered comes from a diverse portfolio. To date, almost half of the energy serving Evergy customers comes from carbon-free sources, including the Wolf Creek Nuclear Generating Station. The company currently has about 4,600 MW of renewable energy in its portfolio.

Executing the $17.5 billion capital investment plan through 2029

A primary activity is deploying the $17.5 billion capital investment plan spanning 2025 through 2029. This spending is designed to support an 8.5% annualized rate-based growth through 2029. Here's how the initial year of this plan was allocated:

Roughly one-third of the total $17.5 billion funds new generation, and nearly half is devoted to transmission and distribution improvements. That's a lot of concrete and steel. It's a big bet on future load growth, which the company forecasts at 2% to 3% weather-normalized demand growth through 2029.

Managing regulatory processes and filing rate cases for investment recovery

Recovering these massive investments is a constant, critical activity. You see this play out in rate case filings across their two jurisdictions. For example, in early 2025, Evergy Kansas Central (EKC) filed a request with the Kansas Corporation Commission (KCC) to recover recent investments. This filing sought a $196.4 million (8.62%) rate increase for EKC customers, with new prices targeted for late September 2025. If fully approved, this would mean an average residential bill increase of about $13.05 per month. The company's 2025 EPS guidance of $0.54 is supported by regulatory approvals, including a $128M Kansas and $55M Missouri rate increase. To be fair, Evergy Missouri West had a separate request filed in February 2024 for about $104 million, or 13.42%, to recover investments, with new rates potentially effective January 1, 2025.

Modernizing the grid with a focus on resiliency and reliability

Grid modernization is a core focus, consuming a significant portion of the capital plan. More than 45% of the 2025 capital spend is going directly to grid modernization. The 2025-2029 plan details specific asset replacement spending for reliability:

• $37.5M spend for Major Underground infrastructure replacement.
• $151M spend for Residential Underground infrastructure replacement.
• $314M spend for Residential Overhead infrastructure replacement.

These programmatic plans upgrade aged equipment based on condition data and failure likelihood. This work supports the company's commitment to providing safe, affordable, and reliable electric service to its 1.7 million existing customers and new ones coming online.

Integrating new generation, including 3,200 MW of renewables by 2034

Meeting record-setting demand from economic development, like the Panasonic facility in DeSoto, Kansas, requires adding generation capacity. The 2024 Integrated Resource Plan (IRP) projects the need to add 5,100 MW of renewable energy from wind and solar, alongside 6,000 MW of firm, dispatchable generation, over the next 20 years. Near-term renewable integration includes:

• Adding 600 MW of solar energy in 2027.
• Adding 450 MW of solar energy in 2028.

The company also announced intentions to add 2,500 MW of solar energy over the next nine years (as of May 2025). This aligns with the broader goal of achieving net-zero carbon equivalent emissions by 2045.

Finance: draft 2026 capital expenditure forecast by end of Q1 2026.

Evergy, Inc. (EVRG) - Canvas Business Model: Key Resources

You're looking at the core assets that power Evergy, Inc. (EVRG) across its Kansas and Missouri footprint as of late 2025. These aren't just lines on a balance sheet; they are the physical and regulatory foundations that allow the business to operate and grow.

Regulated Utility Rate Base and Investment Capacity

While the exact rate base figure you mentioned isn't explicitly confirmed in the latest filings, we see the aggressive growth strategy underpinning it. Evergy forecasts an annualized rate base growth of approximately 8.5% from 2024 through 2029. This growth is fueled by a substantial commitment: the 5-year capital plan for 2025 through 2029 totals $17.5 billion in infrastructure investments. To give you a snapshot of the ongoing capital deployment in 2025 alone, the allocation includes:

For context on rate case activity, Evergy Kansas Central filed for a revenue increase request of $196.4M in January 2025, based on a Rate Base of $6,733M for the test year ending June 30, 2024.

Extensive Transmission and Distribution Infrastructure

The physical network is massive, serving approximately 1,678,900 customers across Kansas and Missouri. This includes about 1,471,600 residences and 199,800 commercial firms. Managing this scale requires continuous, targeted investment in grid modernization and resiliency. Evergy plans to invest about $3.3 billion in transmission resiliency from 2025 onward. The system must also maintain reliability standards, as Evergy Kansas Central, Evergy Metro, and Evergy Missouri West are required to maintain a minimum reserve margin of 15% for 2025 within the Southwest Power Pool (SPP).

The infrastructure focus includes:

• Upgrades to support reliability, flexibility, and resiliency.
• Asset management programs to proactively test and replace aging components.
• Deploying metal structures in fire-prone grasslands to reduce infrastructure damage risk.

Diverse Generation Fleet

Evergy, Inc. maintains a diverse portfolio to meet its projected 2025 peak summer demand of approximately 10,600 MWs. The total estimated owned and contracted capacity for 2025 stands at 15,790 MW. This mix is actively transitioning, with significant planned additions in natural gas and solar. Here is the estimated capacity breakdown by fuel type for 2025:

The utility is planning new builds, including two combined-cycle gas turbine sites in Kansas targeting 705 MW each, and a 420 MW simple-cycle gas turbine in Missouri, all targeting commercial operation between 2029 and 2030.

Legislative Support

Regulatory frameworks in Evergy's operating states are key enablers for the capital plan. In Missouri, the passage of Senate Bill 4 (SB4) in March 2025, taking effect August 28, 2025, is crucial. This legislation allows utilities like Evergy to recover construction costs for new natural gas units upfront through rate increases via Construction Work in Progress (CWIP) recovery, similar to Kansas provisions. The Missouri Public Service Commission (PSC) approved Evergy's plan under SB4, which covers three new natural gas plants and two solar projects. Under this approval, Missouri customers may shoulder more than $2.4 billion of the total construction cost through future rate increases. Furthermore, SB4 extends the PISA (Power Plant Investment Siting Act) sunset to the end of 2035.

Human Capital and Technical Expertise

The execution of the $17.5 billion capital plan and the management of a 15,790 MW generation fleet, alongside complex regulatory compliance like SB4, demands deep technical expertise. This human capital is tasked with integrating new technologies and ensuring reliability, especially given the SPP minimum reserve margin requirement of 15% for 2025. The expertise is actively being deployed to manage the transition away from older assets, as the utility plans to retire over 4,800 MW of coal-based generation by 2039. The technical teams are also managing the interconnection of large new industrial loads, such as those from Google, Panasonic, and Meta, representing 800 MW of load. Finance: draft 13-week cash view by Friday.

Evergy, Inc. (EVRG) - Canvas Business Model: Value Propositions

You're looking at the core promises Evergy, Inc. makes to its service territory across Kansas and Missouri as of late 2025. These aren't just mission statements; they are backed by capital plans and operational metrics.

Providing reliable, essential electric service to 1.7 million customers is the foundation. As of the third quarter of 2025, Evergy, Inc. serves approximately 1,678,900 customers across Kansas and Missouri. This customer base includes about 1,471,600 residences and 199,800 commercial firms, plus industrial companies and municipalities. The company emphasizes that about half of its power comes from carbon-free sources, which they link directly to creating more reliable energy.

The utility is actively positioning itself to capture significant future demand by enabling major economic development and industrial load growth. The economic development pipeline is robust, exceeding 15 gigawatts (GW). This includes a 4 to 6 GW opportunity from large new customers over the next decade. For instance, the announced Lambda AI factory and data center in Kansas City is expected to start with 24 megawatts (MW) of capacity, with potential to grow beyond 100 MW. The company's projected peak summer demand for 2025 is around 10,600 MW, showing the scale of these potential additions.

The commitment to advancing sustainability with a net-zero carbon goal by 2045 is a key proposition, though the path involves significant infrastructure shifts. Evergy has a long-term goal to achieve net-zero CO2e emissions for scope 1 and scope 2 by 2045, assuming enabling technologies and supportive policies are in place. By the end of 2024, the company achieved a 57 percent reduction in CO2 emissions from 2005 levels. Furthermore, sulfur dioxide and nitrogen oxide emissions have dropped by 98 percent and 90 percent, respectively, since 2005. The Integrated Resource Plan (IRP) update for 2025 projects coal nameplate capacity to fall from about 38 percent in 2025 to 31 percent by 2030.

Here's a look at the sustainability progress and infrastructure alignment:

• Net-zero CO2e target year: 2045.
• CO2 emissions reduction achieved by end of 2024 (from 2005 levels): 57 percent.
• Coal capacity percentage expected in 2025: 38 percent.
• Planned renewable energy additions in IRP: nearly 8,000 MW over two decades.
• Planned new, hydrogen-enabled natural gas generation: more than 7,500 MW over two decades.

To help customers manage costs, Evergy is offering energy efficiency programs under state mandates. For instance, the evaluation of the Missouri Energy Efficiency Investment Act (MEEIA) Cycle 3 Programs for Evergy Metro in Program Year 2024 showed total ex post gross savings of 32,193,641 kWh and 26,774 kW. In a prior proposal for Kansas under KEEIA, the company aimed to provide residential and business customers with $42 million in anticipated net bill savings.

The ability to deliver on reliability and sustainability while maintaining affordable rates while investing in infrastructure is financed through a massive capital outlay. Evergy has a planned infrastructure investment of $17.5 billion spanning 2025 through 2029. This investment implies an annualized rate base growth of ~8.5% from 2024 through 2029. For example, the rate case for Evergy Missouri West, effective January 1, 2025, resulted in a rate increase of just under 7 percent, equating to roughly $8 a month for average residential customers.

The $17.5 billion capital plan for 2025-2029 is broken down, showing where the investment is focused to support these value propositions:

This investment supports the expected 4-5% CAGR in total retail sales growth potential through 2029 from new large customers. Finance: draft 13-week cash view by Friday.

Evergy, Inc. (EVRG) - Canvas Business Model: Customer Relationships

You're managing an essential service, so your relationship with the customer base is fundamentally different from a typical product company. For Evergy, Inc. (EVRG), this relationship is defined by its status as a regulated utility across Kansas and Missouri.

Regulated monopoly relationship for essential service delivery

Evergy operates under a regulated monopoly structure. This means the relationship is mandated by state bodies, primarily the Kansas Corporation Commission and the Missouri Public Service Commission (PSC). The utility serves a massive footprint, keeping the lights on for approximately 1,678,900 customers across those two states. This customer base breaks down into roughly 1,471,600 residences, 199,800 commercial firms, and about 7,500 industrial companies, municipalities, and other utilities. To fund necessary infrastructure, regulators have approved significant cost recovery mechanisms; for instance, the Missouri PSC approved a plan to charge customers in advance for new gas plants, amounting to over $2.4 billion for Evergy's Missouri customers alone.

The core relationship here is one of mandated service provision, where reliability and rate approval are the key interaction points, rather than competitive pricing.

Proactive, multi-channel digital education for new rate structures (Time-of-Use)

To manage system load and comply with regulatory shifts, Evergy has heavily focused on migrating customers to Time-of-Use (TOU) rates. This required a massive, proactive education effort. The results of their multi-channel digital initiative were quite strong, showing high engagement. For example, in a recent transition, Evergy motivated about 30 percent of residential customers to pre-enroll in a time-based plan before they were automatically converted. Furthermore, the education campaign achieved 98 percent customer awareness of the new rate options and 90 percent awareness regarding the shift to time-based plans.

The pricing structure itself dictates the nature of the ongoing customer interaction. Under the Standard Peak Saver plan, for example, the price per kilowatt hour (kWh) can spike from $0.09 to $0.38 during peak summer hours (4 p.m. to 8 p.m. weekdays). The Default Time Based Plan, which is closest to past residential rates, still has a small price increase during those 4 p.m. to 8 p.m. peak hours every day.

Here's a quick look at the scale of the customer base and the success of the recent rate education:

Dedicated economic development teams for large industrial customers

For your largest customers-the industrial segment-the relationship shifts to one managed by dedicated economic development teams. These teams provide comprehensive support for businesses relocating or expanding within Evergy's service territory. This focus is clearly paying off, as the economic development pipeline remains robust. As of early 2025, there were projects representing more than 10 gigawatts (GWs) of incremental demand actively considering the service areas.

The team's direct support includes underwriting the cost of needed infrastructure, potentially covering initial construction costs up to the point the customer takes service, though a second circuit for redundancy is the customer's responsibility. Specific large customer activity shows tangible results:

• Projects Actively Building: 800 megawatts (MW) under construction.
• Projects Finalizing Agreements: Approximately 1.6 GWs, including three data center projects.
• Advanced Discussions: Approximately 2.9 GWs underway with land secured and studies in progress.

These large users, especially data centers, are a key relationship focus, often benefiting from cost-saving tariffs, such as those for auto industry suppliers receiving a reduced rate for a five-year period.

Customer service centers and online portals for billing and outage reporting

For day-to-day interactions, Evergy maintains a mix of digital and physical touchpoints. You can manage most routine tasks through the free Evergy App, which lets you report outages and make payments. For outage tracking specifically, customers use the Outage Map feature.

If you need face-to-face or personalized help, the 'Evergy Connect' centers offer in-person and virtual appointments. For instance, the Kansas City location has walk-in hours from Mon-Fri, 9am-4pm. Specialists at these centers help with understanding bills, payment assistance resources, and energy-efficiency demonstrations. For general inquiries across Kansas Metro, Missouri Metro, and Missouri West, the primary contact number is 888-471-5275. Customers can also use online portals to compare their bills over time and explore various rate plan options. If onboarding takes 14+ days, churn risk rises, so digital self-service is defintely key.

Evergy, Inc. (EVRG) - Canvas Business Model: Channels

You're looking at how Evergy, Inc. (EVRG) physically and digitally connects its service to its customers across Kansas and Missouri. The channels are the infrastructure and the communication pathways they use to deliver energy and information.

Physical transmission and distribution network (the grid)

The physical grid is Evergy, Inc.'s primary channel for energy delivery. This network is extensive, supporting the delivery of power to over one and a half million customers.

Evergy, Inc. is targeting significant capital investment to maintain and expand this channel. The updated Five-Year Capital Expenditure Plan for 2025E shows an expected investment of $2,541 million.

Here are the key statistics defining the scale of the physical network as reported for 2025:

The total area covered by this network spans 120,725.43 km2. The company operates both transmission (high voltage) and distribution (low voltage) segments within the United States.

Digital channels: Evergy website, mobile apps, and customer portals

Digital platforms are crucial for customer self-service and information access. Evergy, Inc. uses its website, mobile apps, and customer portals to help customers manage their accounts and energy use.

While specific 2025 active user counts for the website or mobile app aren't public, past performance indicates strong customer adoption when digital education is deployed:

• Motivated about 30 percent of residential customers to pre-enroll in a time-based plan in roughly three months during a prior rate transition.
• Achieved 98 percent customer awareness of new rate options through digital education initiatives.
• Achieved 90 percent awareness of required time-based plan changes.

Outbound communications for rate changes and energy-saving tips

Outbound communications are used to proactively inform the customer base of changes, such as regulatory updates or efficiency programs. This channel is essential for managing compliance and customer expectations.

For example, in July 2025, Evergy, Inc. announced a unanimous settlement agreement in its Kansas Central rate case, which is a key event requiring broad outbound communication to affected customers. The company leverages multi-channel digital education initiatives, which include these outbound methods, to ensure high awareness of critical changes.

Key communication objectives include:

• Informing customers about new rate options, like Time-of-Use (TOU) plans.
• Delivering energy-saving tips to manage consumption.
• Ensuring regulatory compliance communication reaches all affected parties.

Field service teams for maintenance and emergency response

Field service teams are the physical extension of the channel, ensuring the reliability of the grid through maintenance and rapid response to outages. While the exact size of these teams is not a disclosed 2025 financial number, the commitment to grid health is reflected in capital planning.

The capital investment plan focuses on reliability, flexibility, and resiliency, which directly supports the effectiveness of field service operations. Furthermore, Evergy, Inc. integrates vegetation management strategies into its resiliency planning, a key activity performed by field teams, particularly given more extreme weather events.

Evergy, Inc. (EVRG) - Canvas Business Model: Customer Segments

You're looking at the core customer base that powers Evergy, Inc.'s regulated utility operations across Kansas and Missouri. This is the foundation of their service delivery and rate base growth strategy as of late 2025.

Evergy, Inc. serves approximately 1,678,900 customers in total across its service territories. The breakdown across the primary segments is detailed below.

The utility's service territory is actively attracting significant new, large-scale electricity users, which represents a major focus for future load and infrastructure investment.

The pipeline for high-growth, large-load customers, which includes data centers and advanced manufacturing, shows substantial potential demand.

• Total 'Tier 1' large load customer pipeline: 4.6 GW.
• Load actively under construction for large load customers, starting operations in 1H26: 1.1 GW.
• Load from two large data center customers with finalized agreements: 1 GW to 1.5 GW.
• Financial commitments received from these finalized data center customers: USD 200m.
• Pipeline in advanced discussions (land acquired/LOA signed): 2 GW to 3.5 GW.
• Financial commitments received for the advanced discussion pipeline segment: over USD 30m.
• Total incremental demand being actively considered across service territories: 15 GW.
• Number of data centers noted within the Evergy territory: 263.

The projected peak summer demand for Evergy in 2025 was approximately 10,600 MW. The utility is working on new rate structures, like a Large Load Tariff, to manage the service conditions and cost recovery for these large customers.

For the residential segment, Evergy motivated about 30 percent of these customers to pre-enroll in a time-based plan within roughly three months during a recent rate transition.

Evergy, Inc. (EVRG) - Canvas Business Model: Cost Structure

When you look at the cost structure for Evergy, Inc. (EVRG), you're really looking at the massive, long-term financial commitments required to run a regulated electric utility. These aren't the variable costs of a software company; these are the bedrock expenses that underpin the rate base you invest in.

Significant Capital Expenditures (CapEx) for Grid and Generation

The capital plan is a huge driver of costs, as Evergy, Inc. is heavily investing to modernize its system and enable economic development. For the 2025 through 2029 period, the total plan is set at approximately $17.5 billion. You need to know where that money is going, especially for the current year.

For the estimated 2025 fiscal year (2025E), the planned capital allocation breaks down like this:

• Distribution upgrades: $926 million
• Transmission investments: $547 million
• New Generation capacity: $501 million
• Legacy Generation: $363 million

The total estimated 2025E capital expenditure is $2,541 million. That $926 million for distribution alone shows the focus on grid hardening and automation, which is a major, non-negotiable cost for reliability.

Fuel and Purchased Power Costs for Electricity Generation

These costs fluctuate based on market prices and weather, but they are largely recoverable through customer rates, which is a key feature of the regulated model. Still, the sheer volume is significant. For the three months ended September 30, 2025, Evergy, Inc. reported Fuel and purchased power expenses of $393.1 million. That compares to $330.4 million for the three months ended June 30, 2025.

Operations and Maintenance (O&M) Expenses, Including Vegetation Management

Operations and Maintenance (O&M) covers the day-to-day running of the system, excluding major capital projects. This is where you see the impact of labor, materials, and preventative work. Evergy, Inc. has been focused on cost discipline, but inflation and increased reliability needs push these numbers up. For the third quarter of 2025 (three months ended September 30, 2025), O&M expense was $252.8 million.

Vegetation management is a critical part of this, as Evergy, Inc. integrates these strategies into its resiliency planning due to more extreme weather events. While a specific dollar figure for vegetation management isn't isolated, it falls within the overall O&M budget.

Interest Expense on Long-Term Debt Financing the Rate Base

Financing the massive capital expenditure plan requires taking on debt, and the interest expense is a direct, non-trivial cost. This expense is a key component that regulators allow the company to recover through rates, as it relates to the assets in the rate base. For the three months ended June 30, 2025, the reported Interest expense was $153.8 million. You see this expense noted as a drag on adjusted earnings per share in the third quarter of 2025 as well.

Depreciation and Amortization Expense on Regulated Assets

Depreciation and Amortization (D&A) reflects the systematic expensing of the utility's vast property, plant, and equipment over their useful lives. Since the rate base is growing due to CapEx, D&A naturally trends upward. For the three months ended September 30, 2025, Evergy, Inc. recorded Depreciation and amortization expense of $290.3 million. This was up from $288.4 million in the prior quarter ending June 30, 2025.

Here's a quick look at how some of these key operating costs trended across the first three quarters of 2025 (all figures in millions of USD):

Finance: draft 13-week cash view by Friday.

Evergy, Inc. (EVRG) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Evergy, Inc.'s financial stability, which is heavily anchored in its regulated utility structure. This means the bulk of the money comes from selling electricity within defined service territories in Kansas and Missouri, where rates are set by regulatory bodies.

The primary revenue driver is the Regulated utility gross margin from electricity sales to all customer classes. This is the regulated profit margin earned on the power delivered to residential, commercial, and industrial users. While the exact dollar amount for this margin for the TTM ended Q3 2025 isn't explicitly broken out in the latest releases, the overall health is reflected in the total top-line number.

For the trailing twelve months ended Q3 2025, Evergy, Inc. reported a total reported revenue of $5.88 billion. This revenue base is supported by ongoing investment recovery and growth.

A critical component of future revenue is the Recovery of regulated investments via rate base growth. Evergy has a five-year capital plan supporting an expected ~8.5% annualized rate base growth through 2029. This growth allows the company to earn a return on new infrastructure spending, which is key to their long-term outlook. For instance, a concrete example of securing this recovery was the unanimous settlement in the Kansas Central rate case in July 2025, which secured a $128 million retail revenue increase.

Another dedicated revenue stream involves Revenue from riders for energy efficiency and renewable programs. These riders are mechanisms, approved by regulators, that allow Evergy to recover specific costs associated with mandated or voluntary customer programs, like energy efficiency initiatives or renewable energy development, directly through customer bills. The company has noted that about half of its power currently comes from carbon-free sources, suggesting these programs are significant.

Here's a quick look at the key financial metrics that frame the revenue outlook:

The regulated nature of Evergy, Inc.'s business means revenue stability is high, but it is directly tied to regulatory approvals and the ability to grow the rate base to support capital deployment. You can see this focus in their long-term targets, which are anchored on the 2025 adjusted EPS guidance midpoint of $4.02 per share, with an expectation to grow in the upper half of the 4% to 6% range starting in 2026.

• Revenue is primarily derived from regulated electricity sales across Kansas and Missouri.
• Rate base growth is the mechanism to recover significant capital investments.
• The company is actively pursuing new generation projects, including natural gas and solar facilities.
• Growth in weather-normalized demand, bolstered by large economic development customers, supports revenue projections.

Finance: draft 13-week cash view by Friday.