Evergy raises 2026 forecast to $4.35 to $4.50 a share after Q3 beat

Evergy (EVRG) raised its 2026 adjusted EPS guidance to $4.35 to $4.50 from $4.14 to $4.34 after topping the $2.35 consensus estimate with third-quarter adjusted earnings of $2.58 per share. Shares rose 1.4% at 3:59 p.m. ET, from an $86.21 close. Evergy serves 1.7 million customers in Kansas and Missouri.

Here's how the company did:

• GAAP EPS: $2.59 vs. $2.03 a year earlier
• Adjusted EPS: $2.58 vs. $2.03 a year earlier, topped the $2.35 consensus estimate
• Net income: $612.9 million vs. $475.0 million a year earlier
• Adjusted earnings: $609.9 million vs. $475.1 million a year earlier

Year to date, adjusted EPS was $4.15, compared with $3.41 a year earlier. Warmer weather, recovery of regulated investments, weather-normalized demand growth and higher large customer revenues lifted adjusted EPS, partly offset by higher operations and maintenance and depreciation and amortization expense.

Adjusted earnings exclude a $5.3 million pre-tax gain from settling a complaint over Evergy Kansas Central’s transmission revenue requirement for the 2018 and 2019 rate years, and $1.3 million of pre-tax losses from early-stage clean energy investments.

2026 guidance

The original 2026 guidance midpoint was $4.24, against the $4.14 to $4.34 range reaffirmed on Aug. 6.

David Campbell, chairman and chief executive officer, said the increase reflects “results ahead of expectations driven by strong operational performance and warmer weather.”

Evergy reaffirmed its 6% to 8%+ long-term adjusted EPS annual growth target through 2030, based on the original 2026 midpoint, and expects growth above 8% from 2028 through 2030.

Large customers

Evergy signed three amendments to previously signed electric service agreements, expected to drive about 250 megawatts of incremental load, and a letter of intent with Digital Realty for a 1.4 gigawatt project.

Dividend

Evergy declared a quarterly dividend of $0.7225 per share, or 72.25 cents, up 4% from 69.50 cents declared Aug. 6. It is effective Nov. 4 and payable Dec. 18 to holders of record as of Nov. 20. The increase supports its 50% to 60% long-term payout ratio target range.