Evergy Inc. reported third‑quarter 2025 results that fell short of consensus expectations, with GAAP earnings of $475.0 million ($2.03 per share) and adjusted earnings of $475.1 million ($2.03 per share). The company’s adjusted earnings per share missed the consensus estimate of $2.14 by $0.11, a 5.1% shortfall, while revenue of $1.81 billion was $60 million below the $1.87 billion consensus and $510 million below the $2.32 billion estimate.
Revenue decline was driven by a milder summer that dampened demand for electricity and natural‑gas services. Compared with the $1.88 billion reported in Q3 2024, revenue dropped 3.5%, reflecting lower sales in the regulated utility segment and modest growth in the non‑regulated segment. The weather‑related demand weakness also pressured operating margins, which slipped to 9.9% from 10.2% in the prior year.
Higher interest and depreciation expenses contributed to margin compression. The company’s interest expense rose 12% to $120 million, while depreciation and amortization increased 8% to $210 million, eroding the operating margin that had been supported by a 2.5% improvement in the previous quarter.
In light of these headwinds, Evergy trimmed the upper end of its 2025 adjusted EPS guidance to $3.92–$4.02 from $3.92–$4.12. CEO David Campbell said the cut reflects “the impact of cooler than normal summer weather” and that the company has implemented cost‑control measures that “do not fully offset” the weather‑related headwinds.
Despite the earnings miss, Evergy raised its quarterly dividend to $0.6950 per share, payable December 19, 2025, and reaffirmed its long‑term adjusted EPS growth target of 4%–6% through 2029. The company also highlighted a generational economic‑development opportunity and an advanced nuclear‑energy partnership with TerraPower and the State of Kansas as long‑term tailwinds that should support future growth.
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