Evergy Reports Q2 Beat, Reaffirms Long-Term Growth as Data Center Pipeline Swells to 3 Gigawatts
The Kansas and Missouri utility posted adjusted earnings of $0.88 per share and announced it has secured five data center contracts representing 2.5 gigawatts of steady-state peak load.
Earnings Beat Expectations
Evergy reported second quarter 2026 adjusted earnings of $0.88 per share, up from $0.82 per share in the year-ago period, the company announced during its earnings call (earnings call, 2026-08-06). The Kansas and Missouri utility attributed the results primarily to "the recovery of regulated investments, load growth and revenues from our large load customers, partially offset by higher operations and maintenance and depreciation expense" (earnings call, 2026-08-06).
Chairman and CEO David Campbell said the solid first-half performance puts the company "on target for the midpoint of full year 2026 adjusted EPS guidance of $4.14 to $4.34 per share" (earnings call, 2026-08-06). The company reaffirmed its long-term adjusted EPS growth target of 6% to 8% through 2030, with growth expected to "exceed 8% annually beginning in 2028 and through 2030" (earnings call, 2026-08-06).
Data Center Agreements Reach 3 Gigawatts
Evergy disclosed it has executed electricity service agreements (ESAs) for five data center projects under its large load customer tariffs, representing approximately 2.5 gigawatts of steady-state peak load. When combined with 500 megawatts from other large customers including Panasonic and smaller data centers, total committed load reaches 3 gigawatts (earnings call, 2026-08-06).
Campbell said the company is "highly confident that we'll execute at least 1 more ESA in 2026," with details expected on the third quarter call in November (earnings call, 2026-08-06). The agreements include "minimum monthly bill provisions spanning 16 to 17 years, whether or not the capacity is fully utilized" (earnings call, 2026-08-06).
Beyond the signed contracts, Evergy identified expansion opportunities of approximately 2.0 to 2.5 gigawatts at or adjacent to existing customer sites, up from 1 to 1.5 gigawatts disclosed last quarter. The company is also in advanced discussions with new customers representing another 1 to 2 gigawatts of potential load, primarily beyond 2030 (earnings call, 2026-08-06).
$1 Billion in Additional Capital Planned
To support the contracted load growth, Evergy now expects approximately $1 billion of incremental capital investment driven by generation resources needed to serve customer agreements. The company's integrated resource plan preferred plans through 2032 include more than 5 gigawatts of new additions: approximately 3.9 gigawatts of natural gas, nearly 800 megawatts of solar, and 450 megawatts of battery storage (earnings call, 2026-08-06).
The additions are consistent with Evergy's February 2026 capital expenditure plan of $21.6 billion over five years. Campbell noted that "additional load beyond the 3 gigawatts signed to date is expected to require incremental generation resource needs and incremental CapEx as a result" (earnings call, 2026-08-06).
Regulatory Activity Underway
In Kansas, Evergy has filed notice for a predetermination application covering three generation assets: a natural gas plant, solar farm, and battery storage facility. In Missouri, the company's metro rate case is proceeding with hearings scheduled to begin October 5, 2026. A separate Certificate of Convenience and Necessity request for the 440-megawatt Mullen Creek #2 gas turbine facility in Notaway County has hearings beginning October 19 (earnings call, 2026-08-06).
According to MarginX data, Evergy has a cash dividend of $0.695 per share scheduled for August 18, 2026.
This article was generated by MarginX from the earnings call on 2026-08-06. It is not investment advice.