EVRG US S&P 500Russell 1000 Earnings call
Evergy (EVRG) · Q2 2026 results and valuation
Share price: $88.34 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 6 Aug 2026 and 7 May 2026
Net income up 41.9% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+41.9%
Net income vs Q1 2026
Outlook given
Net income 215.0M vs 151.5M
Revenue +3.9%
Against the same quarter last year (Q2 2025) it is +23.3%, so it is not just seasonal.
Why Net income rose mainly because of the recovery of regulated investments, load growth, and revenues from large load customers, partially offset by higher operations, maintenance, and depreciation.
2 · How management spoke
Typical
More upbeat than 62% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Figure
Resource additions are consistent with the February 2026 CapEx plan of $21.6 billion over the next period.
Valuation
Is Evergy undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$88.34
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+17.8% for 10 yrs
Fair value / share
$-22.89
Buy below
$-17.17
Price vs fair value
n/a
Price vs buy-below price
n/a
Management expects
Earnings +8% · from the Q2 2026 report: “Adjusted earnings per share are expected to grow more than 8% annually from 2028 through 2030.”
A guidance figure for earnings, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
-
Guidance
Adjusted earnings per share are expected to grow more than 8% annually from 2028 through 2030.
Source quote
“We expect adjusted EPS growth to exceed 8% annually beginning in 2028 and through 2030.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Taken collectively, the Tier 1 expansions and Tier 2 customer opportunities reflect strong momentum with multiple additional projects that would further extend our exceptional earnings and load growth well into...”
“This Tier 1 demand enables a transformative growth opportunity for Evergy, supporting our expected 7% to 8% annual retail load growth through 2030.”
“While the expansion opportunities have some potential impact in the 5-year window, both the expansion opportunities in the Tier 2 have a ramp that's well into the 2030s and the...”
Full figures
USD · ROIC.AI fundamentals (NASDAQ:EVRG, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.50B | 1.44B | +3.9% | 1.44B | +4.4% |
| Gross profit | 791.9M | — | — | ||
| Operating income | 376.3M | 318.4M | +18.2% | 343.8M | +9.5% |
| Net income | 215.0M | 151.5M | +41.9% | 174.4M | +23.3% |
| EPS | 0.93 | 0.64 | +45.5% | 0.74 | +25.8% |
| P/E today 21.0 | — | 21.8 | — | 18.9 | — |
Topics
Most discussed now
- Bryan will cover Evergy's second quarter results, retail sales trends and its financial outlook.
- This result reflects the commitment of Evergy's employees and the effectiveness of its efforts to drive continuous improvement through…
- As shown on the slide from left to right, the year-over-year drivers are as follows: First, margin from load growth...
- Next, recovery of and return on regulated investments driven by new retail rates in Evergy's Kansas Central jurisdiction and…
- Evergy has been focus on the topic and be able to demonstrate real benefits and regional rate competitiveness and getting its...
Faded since Q1 2026
- Fading As I will discuss in a moment, Evergy, Inc.'s large customer team continues to excel in bringing economic development to...
- Fading In the first quarter, Evergy saw strong results from Panasonic and from the start-up of operations of a...
- Fading The settlement conference comes later, towards the fall timeline, so more to come on that.
- Fading I appreciate that, Julian, and it is an insightful question because not every additional ESA is going to have the...
Latest announcements
Official filings, newest first.
- Other events · SEC 8-K
- Agreement terminated; Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Material agreement; Agreement terminated; New financial obligation · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K