Evergy, Inc.EVRG
Evergy, Inc. Revenue Disclosure
REVENUE
Evergy's, Evergy Kansas Central's and Evergy Metro's revenues disaggregated by customer class are summarized in the following tables.
| Evergy | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenues | (millions) | ||||||||||||||||
| Residential | $ | 2,198.6 | $ | 2,186.6 | $ | 2,036.7 | |||||||||||
| Commercial | 1,950.5 | 1,963.7 | 1,832.4 | ||||||||||||||
| Industrial | 649.9 | 682.0 | 625.9 | ||||||||||||||
| Other retail | 45.7 | 43.3 | 43.2 | ||||||||||||||
| Total electric retail | $ | 4,844.7 | $ | 4,875.6 | $ | 4,538.2 | |||||||||||
| Wholesale | 312.8 | 320.5 | 373.5 | ||||||||||||||
| Transmission | 520.6 | 482.6 | 403.2 | ||||||||||||||
| Industrial steam and other | 27.0 | 25.7 | 30.2 | ||||||||||||||
| Total revenue from contracts with customers | $ | 5,705.1 | $ | 5,704.4 | $ | 5,345.1 | |||||||||||
| Other | 256.5 | 142.9 | 163.1 | ||||||||||||||
| Operating revenues | $ | 5,961.6 | $ | 5,847.3 | $ | 5,508.2 | |||||||||||
| Evergy Kansas Central | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenues | (millions) | ||||||||||||||||
| Residential | $ | 960.3 | $ | 983.5 | $ | 821.0 | |||||||||||
| Commercial | 816.3 | 842.7 | 722.9 | ||||||||||||||
| Industrial | 425.0 | 448.9 | 398.5 | ||||||||||||||
| Other retail | 24.3 | 25.2 | 18.1 | ||||||||||||||
| Total electric retail | $ | 2,225.9 | $ | 2,300.3 | $ | 1,960.5 | |||||||||||
| Wholesale | 266.2 | 237.2 | 296.8 | ||||||||||||||
| Transmission | 483.0 | 455.0 | 385.8 | ||||||||||||||
| Other | 2.6 | 2.7 | 2.1 | ||||||||||||||
| Total revenue from contracts with customers | $ | 2,977.7 | $ | 2,995.2 | $ | 2,645.2 | |||||||||||
| Other | 82.6 | 11.9 | 53.2 | ||||||||||||||
| Operating revenues | $ | 3,060.3 | $ | 3,007.1 | $ | 2,698.4 | |||||||||||
| Evergy Metro | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenues | (millions) | ||||||||||||||||
| Residential | $ | 750.6 | $ | 738.8 | $ | 748.4 | |||||||||||
| Commercial | 781.5 | 776.7 | 778.9 | ||||||||||||||
| Industrial | 131.8 | 132.7 | 130.9 | ||||||||||||||
| Other retail | 11.8 | 10.3 | 12.7 | ||||||||||||||
| Total electric retail | $ | 1,675.7 | $ | 1,658.5 | $ | 1,670.9 | |||||||||||
| Wholesale | 38.7 | 82.6 | 91.9 | ||||||||||||||
| Transmission | 25.7 | 19.9 | 14.3 | ||||||||||||||
| Other | 4.3 | 3.7 | 3.3 | ||||||||||||||
| Total revenue from contracts with customers | $ | 1,744.4 | $ | 1,764.7 | $ | 1,780.4 | |||||||||||
| Other | 171.7 | 129.0 | 108.6 | ||||||||||||||
| Operating revenues | $ | 1,916.1 | $ | 1,893.7 | $ | 1,889.0 | |||||||||||
Retail Revenues
The Evergy Companies' retail revenues are generated by the regulated sale of electricity to their residential, commercial and industrial customers within their franchised service territories. The Evergy Companies recognize revenue on the sale of electricity to their customers over time as the service is provided in the amount they have a right to invoice. Retail customers are billed monthly at the tariff rates approved by the KCC and MPSC based on customer kWh usage.
Revenues recorded include electric services provided but not yet billed by the Evergy Companies. Unbilled revenues are recorded for kWh usage in the period following the customers' billing cycle to the end of the month. This estimate is based on net system kWh usage less actual billed kWhs. The Evergy Companies' estimated unbilled kWhs are allocated and priced by regulatory jurisdiction across the rate classes based on actual billing rates.
The Evergy Companies also collect sales taxes and franchise fees from customers concurrent with revenue-producing activities that are levied by state and local governments. These items are excluded from revenue, and thus not reflected on the statements of income and comprehensive income, for Evergy, Evergy Kansas Central and Evergy Metro.
Wholesale Revenues
The Evergy Companies' wholesale revenues are generated by the sale of wholesale power and capacity in circumstances when the power that the Evergy Companies generate is not required for customers in their service territory. These sales primarily occur within the SPP Integrated Marketplace. The Evergy Companies also purchase power from the SPP Integrated Marketplace and record sale and purchase activity on a net basis in wholesale revenue or fuel and purchased power expense. In addition, the Evergy Companies sell wholesale power and capacity through bilateral contracts to other counterparties, such as electric cooperatives, municipalities and other electric utilities.
For both wholesale sales to the SPP Integrated Marketplace and through bilateral contracts, the Evergy Companies recognize revenue on the sale of wholesale electricity to their customers over time as the service is provided in the amount they have a right to invoice.
Wholesale sales within the SPP Integrated Marketplace are billed weekly based on the fixed transaction price determined by the market at the time of the sale and the megawatt hour (MWh) quantity sold. Wholesale sales from bilateral contracts are billed monthly based on the contractually determined transaction price and the kWh quantity sold.
Transmission Revenues
The Evergy Companies' transmission revenues are generated by the use of their transmission networks by the SPP. To enable optimal use of the diverse generating resources in the SPP region, the Evergy Companies, as well as other transmission owners, allow the SPP to access and operate their transmission networks. As new transmission lines are constructed, they are included in the transmission network available to the SPP. In exchange for providing access, the SPP pays the Evergy Companies consideration determined by formula rates approved by the Federal Energy Regulatory Commission (FERC), which include the cost to construct and maintain the transmission lines and a return on investment. The price for access to the Evergy Companies' transmission networks are updated annually based on projected costs. Projections are updated to actual costs and the difference is included in subsequent year's prices.
The Evergy Companies have different treatment for their legacy transmission facilities within the SPP, which results in different levels of transmission revenue being received from the SPP. Evergy Kansas Central's transmission revenues from SPP include amounts that Evergy Kansas Central pays to the SPP on behalf of its retail electric customers for the use of Evergy Kansas Central's legacy transmission facilities. These transmission revenues are mostly offset by SPP network transmission cost expense that Evergy Kansas Central pays on behalf of its retail customers. Evergy Metro and Evergy Missouri West do not pay the SPP for their retail customers’ use of the Evergy Metro and Evergy Missouri West legacy transmission facilities and correspondingly, their transmission revenues also do not reflect the associated transmission revenue from the SPP.
The Evergy Companies recognize revenue on the sale of transmission service to their customers over time as the service is provided in the amount they have a right to invoice. Transmission service to the SPP is billed monthly based on a fixed transaction price determined by FERC formula transmission rates along with other SPP-specific charges and the MW quantity sold.
Industrial Steam and Other Revenues
Evergy's industrial steam and other revenues are primarily generated by the regulated sale of industrial steam to Evergy Missouri West's steam customers. Evergy recognizes revenue on the sale of industrial steam to its customers over time as the service is provided in the amount that it has the right to invoice. Steam customers are billed on a monthly basis at the tariff rate approved by the MPSC based on customer MMBtu usage.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 22, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.