Key Highlights

  • Evergy (NASDAQ:EVRG) reported Q2 2026 adjusted EPS of $0.88, beating the $0.82 estimate by 10.04 percent.
  • The company reaffirmed full-year 2026 adjusted EPS guidance with a midpoint of $4.24.
  • Evergy added approximately $1 billion to its previously disclosed $21.6 billion five-year capital plan through 2030.
  • Five signed energy service agreements now total approximately 2.5 gigawatts of steady-state peak load from data center customers.

Regulated Investment Recovery and Load Growth Drive the Beat

Evergy (NASDAQ:EVRG), a regulated electric utility serving customers across Kansas and Missouri, reported second quarter 2026 adjusted EPS of $0.88 versus $0.82 a year ago, beating the estimate by 10.04 percent, driven by regulated investment recovery and load growth, partially offset by higher operations and maintenance and depreciation expense. The company reaffirmed full-year 2026 adjusted EPS guidance with a midpoint of $4.24, within a range of $4.14 to $4.34, and third quarter 2026 guidance of 50 to 53 percent of the full-year midpoint.

Revenue of $1.58 billion beat the $1.48 billion estimate by 7.32 percent. The company reaffirmed its long-term adjusted EPS growth target of 6 to 9 percent through 2030, off the 2026 midpoint of $4.24, with retail load growth expected to exceed 6 percent annually beginning in 2028 through 2030, with more details expected at the company's third quarter investor call.

An Expanding Data Center Pipeline Adds $1 Billion to the Capital Plan

The data center and large-load pipeline continues to build, with five signed energy service agreements totaling approximately 2.5 gigawatts of steady-state peak load, or approximately 3.0 gigawatts including non-large-load-service customers like Panasonic; the company also identified 2.0 to 2.6 gigawatts of expansion opportunities from one existing customer and 2.0 gigawatts from two other identified customers, none of which are included in the current five-year financial plan.

Reflecting this pipeline strength, the company added approximately $1 billion of incremental capital to its previously disclosed $21.6 billion five-year capital plan through 2030, with the remaining expected rate base compound annual growth rate through 2030 rising to approximately 12 percent from a prior 11.5 percent. Equity issuance of $700 million to $900 million is expected in 2026, with approximately $425 million already priced via forward sales agreements through the company's ATM program as of July 30, and no plans for a block equity issuance.

Balancing an Expanding Growth Opportunity Against Rate Case and Financing Execution

The scale of identified data center expansion opportunities beyond what is currently included in the five-year financial plan, potentially adding several more gigawatts of demand, suggests Evergy's capital investment needs could continue growing beyond the recently updated $1 billion addition if these opportunities materialize into signed agreements. Should this pipeline convert into confirmed load, the company's long-term rate base growth rate could see further upward revision in future updates.

On the regulatory side, the Missouri Metro rate case includes a procedural schedule with rebuttal testimony due by August 11 and settlement conferences beginning September 23, while residential rate increases are expected to be in line with or below inflation for the majority of customers, though Missouri West customers may see above-inflation increases over the next few years due to needed infrastructure investment. Continued progress through this regulatory process, alongside execution on the company's planned equity issuance program, will be important factors supporting the expanded capital plan.

Conclusion

Evergy's second quarter results reflect solid earnings growth alongside a meaningfully expanding capital investment opportunity tied to data center demand across its Kansas and Missouri service territories. Whether the substantial additional gigawatts of identified expansion opportunities convert into signed agreements may determine how much further the company's five-year capital plan and long-term growth rate could expand beyond the recently updated figures. Continued progress through the Missouri Metro rate case and the company's planned equity financing program will remain important near-term factors to monitor.