Evergy Inc (NASDAQ: EVRG) is a regulated electric utility company that generates, transmits, and distributes electricity to customers in Kansas and Missouri. It makes money by charging regulated rates for electricity delivery, with rates set by state utility commissions, giving it toll-road economics tied to the rate base. Its operating subsidiaries, Evergy Kansas Central Inc and Evergy Metro Inc, are wholly owned and serve as the primary operating entities through which electricity is delivered. The business is capital-intensive by nature, with earnings driven by the size of the regulated asset base and allowed returns approved by regulators. As a regulated utility, Evergy operates as a geographic monopoly within its service territories, with no direct competition for retail electricity customers in those areas. The 10-K filed February 19, 2026 covers the fiscal year ended December 31, 2025.

Revenue model

Regulated electricity rates charged to residential, commercial, and industrial customers, set by state utility commissions in Kansas and Missouri. Revenue is earned through generation, transmission, and distribution of electricity under cost-of-service regulation.

Products and services

Electric generation, transmission, and distribution services delivered through two principal subsidiaries: Evergy Kansas Central Inc and Evergy Metro Inc.

Customers and end markets

Residential, commercial, and industrial electricity customers in Kansas and Missouri. The filing references future energy demand including demand driven by new and existing customers, but does not provide customer counts or segment breakdowns in the excerpts provided.

Value-chain role

Vertically integrated regulated electric utility: generation, transmission, and distribution of electricity to end customers within state-regulated service territories.

Geographic exposure

Kansas and Missouri service territories, operated through Evergy Kansas Central Inc (Kansas) and Evergy Metro Inc (Missouri/Kansas metro area).

Source: SEC 10-K, filed 2026-02-19

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