Evergy, Inc.EVRG

Evergy, Inc. Segments Disclosure

10-KFiled Feb 19, 20262 min read
SEGMENT INFORMATION
Evergy's chief operating decision maker is Evergy's President and Chief Executive Officer. The chief operating decision maker assesses Evergy's performance based on consolidated net income attributable to Evergy, Inc. (i.e., Evergy operates in a single reportable segment) and uses consolidated net income attributable to Evergy, Inc. to make resource allocation decisions and to compare actual results to budget. The measures of segment assets and expenditures for additions to long-lived assets are reported as total assets on the consolidated balance sheet and additions to property, plant and equipment on the consolidated statement of cash flows, respectively. See Note 1 for additional information regarding the operations of Evergy. This segment information is detailed in the following table.
202520242023
(millions)
OPERATING REVENUES$5,961.6 $5,847.3 $5,508.2 
Less:
Fuel and purchased power1,412.4 1,479.9 1,494.8 
SPP network transmission costs438.0 370.9 302.6 
Operating and maintenance:
Operations and customer(a)
612.2 611.4 590.7 
Support(a)
155.4 148.5 137.6 
Other segment items, including benefit costs(b)
227.7 202.0 217.0 
Depreciation and amortization1,162.9 1,114.0 1,076.5 
Taxes other than income tax420.1 452.6 406.6 
Interest expense616.3 563.1 525.8 
Income tax expense29.9 30.0 15.6 
Net income attributable to noncontrolling interests12.3 12.3 12.3 
Plus:
Total other income (expense), net(25.6)3.1 (4.8)
Equity in earnings of equity method investees, net of income taxes6.8 7.8 7.4 
NET INCOME ATTRIBUTABLE TO EVERGY, INC.$855.6 $873.5 $731.3 
(a) In 2025, an internal reorganization that altered departmental hierarchies resulted in changes to the classification of certain operation and maintenance expenses. Amounts for 2024 and 2023 have been recast to conform to the current-year presentation and these reclassifications have no impact on total operation and maintenance expense or net income attributable to Evergy, Inc.
(b) Other segment items include benefits expense associated with Operations, Customer and Support employees, regulatory amortization expense, expense associated with energy efficiency programs and credit loss expense, among other items.

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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