Persistent capital expenditure requirements, which reached $851.9 million in 2026Q1, continue to drive negative free cash flow and necessitate ongoing reliance on external debt markets.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 1.96B | 2.05B | 1.98B | 1.98B | 1.8B | 1.35B | 1.75B | 822.8M | 1.5B | 912.44M | 822.42M | 714.54M | 824.36M | 702.8M | 599.11M | 462.7M | 607.7M | 478.9M | 274.89M | 246.82M | 255.99M | 353.89M | 353.04M | 165.87M | 372.75M | 224.83M | 286.14M | 373.2M | 400.2M | -85.8M | 275.3M |
| Operating CF Growth % | -34.56% | 3.1% | 0.18% | 9.9% | 33.31% | -22.93% | 113.15% | -45.07% | 64.15% | 10.95% | 15.1% | -13.32% | 17.3% | 17.31% | 29.48% | -23.86% | 26.89% | 74.22% | 11.37% | -3.58% | -27.67% | 0.24% | 112.85% | -55.5% | 65.79% | -21.43% | -23.33% | -6.75% | 566.43% | -131.17% | -10.3% |
| Operating CF / Revenue % | 32.66% | 34.55% | 34.06% | 36.1% | 30.75% | 24.19% | 35.69% | 15.98% | 35.03% | 35.49% | 32.1% | 29.06% | 31.69% | 29.65% | 26.49% | 21.33% | 29.54% | 25.77% | 14.95% | 14.29% | 15.94% | 22.35% | 24.11% | 11.35% | 26.19% | 17.18% | 12.08% | 18.38% | 19.67% | -3.99% | 13.45% |
| Net Income | 882.1M | 855.6M | 885.8M | 731.3M | 765M | 891.9M | 630M | -259.8M | 546M | 336.55M | 361.2M | 301.8M | 322.32M | 300.86M | 282.46M | 236.18M | 208.62M | 141.33M | 178.14M | 168.35M | 165.31M | 135.61M | 178.87M | 85.01M | -793M | -20.88M | 91.05M | 700K | 46.2M | 494.1M | 169M |
| Depreciation & Amortization | 1.22B | 1.16B | 1.17B | 1.14B | 984.9M | 947.8M | 938.4M | 913.1M | 662.4M | 403.91M | 365.23M | 337.56M | 312.49M | 295.28M | 294.83M | 306.47M | 271.94M | 251.53M | 231.63M | 217.82M | 203.92M | 150.52M | 184.32M | 161.9M | 290.84M | 413.64M | 408.3M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 20.3M | 0 | -8.6M | -16.6M | 7.3M | 102.2M | 126.9M | 121.5M | 124.2M | 149.57M | 185.23M | 151.33M | 151.45M | 123.31M | 126.25M | 111.72M | 120.17M | 46.45M | 35.26M | 14.08M | -4.2M | 25.55M | -5.21M | -94.84M | -114.39M | -35.02M | -29.74M | -17M | 0 | 0 | 0 |
| Other Non-Cash Items | 65.6M | 125.3M | -17M | -12.9M | 34.5M | -39M | -5.8M | 44M | 5.4M | -6.42M | 917K | 10.97M | -3.2M | -5.07M | 9.89M | -32.09M | 9.66M | 22.84M | -22.62M | 8.97M | 6.35M | 181.93M | 143.41M | 164.41M | 1.3B | 382.61M | 263.95M | 464.3M | 387.5M | -544.7M | 143.6M |
| Working Capital Changes | -255.9M | -119.3M | -62.2M | 121.8M | -8.6M | -566.8M | 48.3M | 4M | 129.9M | 19.84M | -99.51M | -95.47M | 34M | -19.77M | -121.58M | -158.63M | -42.29M | 11.62M | -146.47M | -162.41M | -114.82M | 10.8M | 35.98M | 11.28M | -21.4M | -101.88M | -39.11M | -74.8M | -33.5M | -35.2M | -37.3M |
| Capital Expenditures | -3.06B | -2.8B | -2.34B | -2.33B | -2.17B | -1.97B | -1.56B | -596.1M | -1.07B | -764.64M | -1.09B | -700.23M | -852.05M | -780.1M | -810.21M | -697.45M | -540.08M | -555.64M | -937.24M | -748.16M | -344.86M | -212.81M | -188.45M | 676.64M | -135.37M | -236.45M | -308.07M | -486.8M | -1.29B | 793.6M | -1.21B |
| CapEx / Revenue % | 50.98% | 47.25% | 40.12% | 42.55% | 36.98% | 35.31% | 31.76% | 11.58% | 25.02% | 29.74% | 42.43% | 28.47% | 32.75% | 32.91% | 35.83% | 32.15% | 26.26% | 29.9% | 50.96% | 43.33% | 21.48% | 13.44% | 12.87% | 46.31% | 9.51% | 18.07% | 13.01% | 23.98% | 63.36% | 36.88% | 58.98% |
| CapEx / D&A | 2.51x | 2.41x | 2.00x | 2.05x | 2.20x | 2.08x | 1.66x | 0.65x | 1.61x | 1.89x | 2.98x | 2.07x | 2.73x | 2.64x | 2.75x | 2.28x | 1.99x | 2.21x | 4.05x | 3.43x | 1.69x | 1.41x | 1.02x | 4.18x | 0.47x | 0.57x | 0.75x | - | - | - | - |
| CapEx Coverage (OCF/CapEx) | 0.64x | 0.73x | 0.85x | 0.85x | 0.83x | 0.69x | 1.12x | 1.38x | 1.40x | 1.19x | 0.76x | 1.02x | 0.97x | 0.90x | 0.74x | 0.66x | 1.13x | 0.86x | 0.29x | 0.33x | 0.74x | 1.66x | 1.87x | 0.25x | 2.75x | 0.95x | 0.93x | 0.77x | 0.31x | -0.11x | 0.23x |
| Cash from Investing | -2.73B | -2.57B | -2.26B | -2.47B | -2.15B | -1.91B | -1.53B | -458.2M | 197.4M | -780.43M | -1.01B | -649.7M | -838.75M | -641.9M | -797.34M | -701.52M | -556.04M | -595.18M | -906.44M | -762.06M | -289.1M | -212.03M | -84.82M | 676.64M | -144.48M | -161.41M | -86.04M | -486.8M | -1.29B | 793.6M | -1.21B |
| Acquisitions | 0 | 0 | 0 | -217.9M | 0 | 0 | 0 | 0 | 1.15B | 0 | -655K | -575K | -8M | -4.95M | -8.67M | 0 | 0 | -22.75M | 4.29M | 0 | 1.7M | 0 | 0 | 0 | -43.39M | 0 | -47.26M | -268.4M | -826.9M | -483.9M | -368.5M |
| Purchase of Investments | -340.8M | -335.6M | -175.5M | -74.7M | -50.5M | -158.2M | -65.6M | -21.8M | -117.5M | -41.03M | -46.58M | -37.56M | -9.07M | -66.67M | -20.47M | -74.55M | -211.79M | -82.56M | -229.32M | -240.07M | -345.54M | 0 | 0 | 0 | 0 | 0 | 0 | -12M | -261M | -45.3M | -6.6M |
| Sale of Investments | 345.9M | 0 | 138.5M | 153.8M | 27.3M | 115.7M | 56.5M | 21.6M | 258.3M | 41.24M | 47.03M | 37.93M | 11.13M | 81.99M | 23.63M | 58.08M | 193.81M | 62.84M | 248.93M | 238.41M | 341.41M | 24.99M | 26.64M | 801.84M | 33.08M | 2.83M | 218.61M | 73.5M | 27.9M | 1.53B | 0 |
| Other Investing | 323.1M | 562.4M | 111.8M | 1.1M | 37.5M | 101.2M | 35.7M | 138.1M | -27.9M | -16M | 74.42M | 50.73M | 19.25M | 127.82M | 18.39M | 12.41M | 2.02M | 2.92M | 6.9M | -12.25M | 58.2M | -24.2M | 76.98M | 25.18M | 1.21M | 72.21M | 50.69M | -4.2M | -45.9M | 0 | -632.7M |
| Cash from Financing | 751.1M | 522M | 280.3M | 494M | 349.3M | 443.4M | -98.4M | -403.9M | -1.54B | -131.64M | 190.18M | -66.16M | 14.46M | -62.24M | 200.52M | 241.43M | -54.59M | 97.22M | 648.71M | 502.8M | 12.77M | -127.93M | -323.17M | -876M | -203.62M | 24.51M | -202.38M | 113M | 828.3M | -634.9M | 933.3M |
| Dividends Paid | -617.1M | -613.1M | -596.7M | -569.6M | -534.8M | -497.9M | -465M | -462.5M | -475M | -223.12M | -204.34M | -186.12M | -171.51M | -162.9M | -158.18M | -138.23M | -129.15M | -122.94M | -109.58M | -89.47M | -80.89M | -74.59M | -56.19M | -57.73M | -86.7M | -85.55M | -98.83M | -145M | -144.1M | -141.7M | -147M |
| Dividend Payout Ratio % | - | 71.66% | 68.31% | 77.89% | 71.05% | 56.6% | 75.21% | 69.04% | 88.65% | 68.88% | 58.96% | 63.76% | 54.75% | 55.69% | 57.49% | 60.04% | 62.86% | 69.67% | 60.97% | 52.57% | 48.35% | 54.59% | 30.87% | 67.91% | - | - | 72.41% | 1169.62% | 301.46% | 28.68% | 86.98% |
| Debt Issuance (Net) | 2M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 200K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K |
| Stock Issued | 1.5M | 1.1M | 0 | 0 | 0 | 112.5M | 0 | 0 | 0 | 659K | 2.44M | 258M | 87.67M | 32.91M | 7M | 294.94M | 54.65M | 4.59M | 293.62M | 195.42M | 2.39M | 5.58M | 247.06M | 7.26M | 20.91M | 26.61M | 59.96M | 43.24M | 17.3M | 25M | 153.2M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.63B | -1.04B | 259.98M | 0 | 0 | 0 | 0 | -22.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -21.09M | -1.41M | -9.19M | -15.79M | -50M | 0 | -100M |
| Other Financing | 3.5M | 5.5M | -15.7M | -6.2M | -11.1M | -9.3M | -13.6M | 316.8M | -21.3M | -15.68M | -7.53M | -3.05M | -2.25M | -4.56M | -1.6M | -737K | -1.45M | 448K | 561K | 1.06M | 854K | 45.01M | 0 | -65.78M | -147.91M | 0 | 115M | 19.65M | 0 | 0 | 40.9M |
| Net Change in Cash | -18.5M | -2.8M | 2.2M | 2.5M | -1M | -118.7M | 121.7M | -39.3M | 156.8M | 366K | -165K | -1.32M | 69K | -1.34M | 2.29M | 2.61M | -2.93M | -19.05M | 17.16M | -12.44M | -20.34M | 13.93M | -54.95M | -33.49M | 26.62M | 87.93M | -2.28M | -600K | -60.2M | 72.9M | 1.3M |
| Exchange Rate Effect | 100K | 100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.96M | 0 | 0 | 0 | 100K | 0 | 0 |
| Cash at Beginning | 27M | 28.2M | 27.7M | 25.2M | 26.2M | 144.9M | 23.2M | 44.5M | 3.5M | 3.07M | 3.23M | 4.56M | 4.49M | 5.83M | 3.54M | 928K | 3.86M | 22.91M | 5.75M | 18.2M | 38.54M | 24.61M | 79.56M | 113.05M | 96.39M | 8.76M | 11.04M | 16.4M | 76.6M | 3.7M | 2.4M |
| Cash at End | 33.6M | 25.4M | 29.9M | 27.7M | 25.2M | 26.2M | 144.9M | 5.2M | 160.3M | 3.43M | 3.07M | 3.23M | 4.56M | 4.49M | 5.83M | 3.54M | 928K | 3.86M | 22.91M | 5.75M | 18.2M | 38.54M | 24.61M | 79.56M | 123.01M | 96.69M | 8.76M | 15.8M | 16.4M | 76.6M | 3.7M |
| Free Cash Flow | -1.1B | -751.7M | -352.9M | -353.8M | -364.6M | -620.8M | 193.5M | 226.7M | 428.1M | 147.79M | -264.55M | 14.31M | -27.7M | -77.3M | -211.1M | -234.75M | 67.63M | -76.73M | -662.35M | -501.34M | -88.87M | 141.08M | 164.59M | 842.51M | 237.38M | -11.62M | -21.93M | -113.6M | -888.6M | 707.8M | -932M |
| FCF Growth % | -463.6% | -113.01% | 0.25% | 2.96% | 41.27% | -420.83% | -14.64% | -47.05% | 189.66% | 155.87% | -1948.06% | 151.68% | 64.17% | 63.39% | 10.08% | -447.14% | 188.13% | 88.42% | -32.12% | -464.1% | -163% | -14.29% | -80.46% | 254.92% | 2142.83% | 47.01% | 80.7% | 87.22% | -225.54% | 175.94% | -1429.53% |
| FCF Margin % | -18.31% | -12.7% | -6.06% | -6.45% | -6.22% | -11.11% | 3.94% | 4.4% | 10.01% | 5.75% | -10.33% | 0.58% | -1.06% | -3.26% | -9.33% | -10.82% | 3.29% | -4.13% | -36.02% | -29.03% | -5.53% | 8.91% | 11.24% | 57.66% | 16.68% | -0.89% | -0.93% | -5.6% | -43.69% | 32.89% | -45.53% |
| FCF / Net Income % | -124.46% | -87.86% | -40.4% | -48.38% | -48.44% | -70.57% | 31.3% | 33.84% | 79.9% | 45.63% | -76.33% | 4.9% | -8.84% | -26.42% | -76.72% | -101.96% | 33.17% | -43.83% | -371.82% | -297.79% | -53.76% | 104.6% | 92.02% | 991.07% | -29.93% | 55.66% | -16.07% | -916.13% | -1859% | 143.25% | -551.48% |
Regulatory and Liquidity Constraints
As reported in the quarterly cash flow data, Evergy consistently maintains high capital expenditure levels, with quarterly outlays frequently exceeding $600 million, which reflects a strategic commitment to grid modernization and renewable energy integration that is essential for long-term rate base expansion in the Midwest.
The persistent gap between operating cash flow and capital expenditures confirms that Evergy is in a heavy investment phase. This capital intensity is typical for regulated utilities, but the magnitude of these outlays suggests that the company is heavily reliant on timely regulatory recovery to justify the ongoing deployment of capital.
Based on the provided financial statements, Evergy frequently records negative free cash flow, with deficits reaching as high as $530.5 million in 2025Q4, necessitating a consistent reliance on external debt markets to fund the company's extensive infrastructure development and maintain its operational liquidity requirements.
The recurring need for external financing highlights the company's sensitivity to interest rate environments and credit market conditions. Investors should monitor whether the company's access to capital remains cost-effective, as any tightening in financing terms could directly impact the viability of its planned capital expenditure program.
According to the historical cash flow data, Evergy maintains dividend payments of approximately $150 million per quarter, with OCF-to-dividend coverage ratios fluctuating between 2.1x and 6.4x, suggesting that while the dividend is currently supported by operating cash, it remains secondary to essential infrastructure funding requirements.
The variability in dividend coverage ratios indicates that cash flow is prioritized toward capital projects rather than shareholder distributions. While the current coverage appears adequate, the sustainability of these payments may be pressured if regulatory outcomes in Kansas or Missouri result in prolonged delays in rate recovery.
As indicated by the quarterly cash flow statements, Evergy's operating cash flow exhibits significant volatility, ranging from $317 million to over $950 million, which appears to be driven by seasonal load fluctuations and the timing of regulatory fuel cost recoveries across its diverse service territories.
The inconsistency in operating cash flow suggests that the company's core business is subject to external factors that can temporarily strain liquidity. This volatility warrants further investigation into the effectiveness of the company's fuel adjustment clauses and the predictability of cash inflows from its regulated electric operations.
Quick answers to the most common questions about buying EVRG stock.
Evergy, Inc. (EVRG) generated $2.05B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Evergy, Inc. (EVRG) reported negative free cash flow of $751.7M in 2025, indicating capital requirements exceeded cash from operations.
Evergy, Inc. (EVRG) spent $2.80B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Evergy, Inc. (EVRG) returned $613.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.