Evergy (3E7) AI Stock Analysis

Company Guidance

Evergy reaffirmed its 2026 outlook and provided multi‑year targets: Q2 adjusted EPS was $0.88 (vs. $0.82 a year ago), leaving the company on track for 2026 adjusted EPS guidance of $4.14–$4.34 (midpoint $4.24), with Q3 guidance at 50%–53% of that $4.24 midpoint; management reaffirmed long‑term adjusted EPS growth of 6%–8%+ through 2030 off the $4.24 midpoint and expects >8% annual EPS growth beginning in 2028, with an approximate 250 bps delta between rate base growth and EPS growth. Capital and credit metrics: a $21.6 billion five‑year CapEx plan plus ~ $1 billion incremental generation capital (raising rate base CAGR through 2030 to ~12% from 11.5%), FFO-to-debt projected at ~14%–15% (2026–2028), and ATM equity execution of ~$425 million priced to settle in 2026 toward a $700–$900 million equity need. Load and resource metrics: five signed ESAs representing ~2.5 GW steady‑state peak (3.0 GW including ~500 MW non‑LLPS customers), retail load growth CAGR of ~7%–8% through 2030, IRP preferred additions through 2032 of >5 GW (≈3.9 GW natural gas, ≈800 MW solar, ≈450 MW battery storage), 2.0–2.5 GW of expansion opportunities (up from 1–1.5 GW), Tier 2 opportunities of ~1–2 GW and a remaining pipeline of well over 10 GW. On rates, management expects the substantial majority of residential customers to see increases in line with or below inflation, though Missouri West may experience above‑inflation increases over the next five years.