EVRG · 10-K filed 19 Feb 2026 · year to 31 Dec 2025

Evergy

30 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Data centers and large load customers

earns fromnamed as a risk

If these increased demands for electricity do not occur as projected or are not sustained as projected, for any reason, it could have a material adverse effect on the Evergy Companies' financial results.Risk factors (Item 1A)

Also named by AEP, PPL, SO

Suppliers

Railroads (coal transportation)

depends on · 70%, 25% and 25%

The transportation services to be provided under these contracts are expected to satisfy 70%, 25% and 25% of the projected transportation requirements for 2026, 2027 and 2028, respectively.Business (Item 1)

Also named by CHRW, MLM, SON

Renewable power purchase agreements (wind)

depends on · approximately 3,747 MWs

About 60% of Evergy's purchased power was purchased under long-term renewable purchased power contracts over the last three years.Business (Item 1)

Wolf Creek sole nuclear fuel assembly fabrication supplier

depends onnamed as a risk

In addition, Wolf Creek is reliant on a sole supplier for nuclear fuel assembly fabrication and related services.Risk factors (Item 1A)

Single vendor for natural gas plant power island equipment

depends onnamed as a risk

The Evergy Companies have selected a single vendor to supply the power island equipment to its new natural gas plants.Risk factors (Item 1A)

Partners and platforms

Southwest Power Pool (SPP)

operates in · 16%named as a risk

If Evergy Kansas Central's, Evergy Metro's or Evergy Missouri West's generating resources are not dispatched, each could experience decreased levels of wholesale electricity sales.Risk factors (Item 1A)

Also named by AEP, OGE

Other companies

International Brotherhood of Electrical Workers (IBEW)

depends on · 2,479 representednamed as a risk

A failure to successfully negotiate these collective bargaining agreements could result in a labor disruption and have an adverse impact on the Evergy Companies' operations and results of operations.Risk factors (Item 1A)

Also named by AEE, EIX, ES, FE, MYRG, NEE, PNW, SO and 2 more

Wolf Creek Generating Station

operates in · 94%named as a risk

An extended outage of Wolf Creek, whether resulting from NRC action, an incident at the plant or otherwise, could have a material adverse effect on the results of operations, financial position and cash flows of the Evergy Companies in the event replacement power, damages, and other costs exceed or are not recovered through rates, insurance or decommissioning trust assets.Risk factors (Item 1A)

Transource Energy, LLC

13.5%named as a risk

In addition, Transource, of which Evergy owns a 13.5% interest, is focused on the development of competitive electric transmission projects across the United States and faces similar risks with respect to projects located in regulatory jurisdictions outside of Kansas and Missouri.Risk factors (Item 1A)

Prairie Wind Transmission, LLC

50%

Evergy Kansas Central also owns a 50% interest in Prairie Wind Transmission, LLC (Prairie Wind), which is a joint venture between Evergy Kansas Central and subsidiaries of AEP and Berkshire Hathaway Energy Company.Business (Item 1)

Places

Missouri

concentrated in · approximately 40%named as a risk

Evergy expects its 2026 Kansas and Missouri jurisdictional retail revenues to be approximately 60% and 40%, respectively, based on historical averages of Evergy Kansas Central's, Evergy Metro's and Evergy Missouri West's total retail revenues.Business (Item 1)

Also named by AEE, AWK, CASY

Kansas

concentrated in · approximately 60%named as a risk

Also named by FSUN

Powder River Basin (PRB)

depends on · approximately 75%, 55% and 40%

The coal to be provided under these contracts is expected to satisfy approximately 75%, 55% and 40% of the projected coal requirements for 2026, 2027 and 2028, respectively.Business (Item 1)

Also named by BKH, BTU, DVN, OKE, UNP, WES

Hazards

Wildfire

operates innamed as a risk

Wildfires have the potential to negatively affect communities within the Evergy Companies' service territories and the surrounding areas, as well as its network of electric transmission and distribution lines and facilities.Risk factors (Item 1A)

Also named by A, AEP, ARE, BKH, CB, CRC, MDU, PNW and 2 more

Severe weather (tornados, ice storms, flooding, drought)

operates innamed as a risk

In addition, severe weather and events, including tornados, snow, fire, rain, flooding, drought and ice storms, can be destructive and cause outages and property damage that can result in increased expenses, lower revenues and additional restoration costs.Risk factors (Item 1A)

Also named by BALL, DAL, DTE, EXP, FE, NSC, OGE, WPC

Commodities and inputs

Natural gas

exposed to its price · 27%named as a risk

Evergy purchases natural gas for use in its generating units primarily through spot market purchases.Business (Item 1)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Coal

exposed to its price · 37%named as a risk

During 2026, Evergy's generating units, including jointly-owned units, are projected to use approximately 16 million tons of coal.Business (Item 1)

Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more

Uranium

depends on · 7%

The owners of Wolf Creek have on hand or under contract all the uranium, uranium enrichment and conversion services needed to operate Wolf Creek through 2030.Business (Item 1)

Also named by AEE, AEP, CEG, DTE, DUK, ETR, LEU, PNW and 2 more

Steel, copper and aluminum tariffs

exposed to its pricenamed as a risk

The risks of any capital project include: actual costs may exceed estimated costs; regulators may disallow, limit or delay the recovery of all or part of the cost of, or a return on, a capital project; increased inflation or the imposition of tariffs on imported goods may render previously estimated costs to be inaccurate; delays due to regulatory or judicial action; risks associated with the capital and credit markets to fund projects; delays in receiving, or failure to receive, necessary permits, approvals and other regulatory authorizations; unforeseen engineering problems or changes in project design or scope; the failure of suppliers and contractors to perform as required under their contracts; inadequate availability or increased cost of labor or materials, including commodities such as steel, copper and aluminum that may be subject to uncertain or increased tariffs; inclement weather; new or changed laws, regulations and requirements, including environmental and health and safety laws, regulations and requirements; and other events beyond the Evergy Companies' control may occur that may materially affect the schedule, cost and performance of these projects.Risk factors (Item 1A)

Regulators

Kansas Corporation Commission (KCC)

subject to · 9.7%named as a risk

The prices that the FERC, KCC and MPSC authorize the utility subsidiaries of Evergy to charge significantly influence the Evergy Companies' results of operations, financial position and cash flows.Risk factors (Item 1A)

Also named by ATO

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

The Evergy Companies are also subject to regulation by the Federal Energy Regulatory Commission (FERC) with respect to transmission, wholesale sales and rates, the issuance of securities in certain cases and other matters.Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Environmental Protection Agency (EPA)

subject tonamed as a risk

The Environmental Protection Agency (EPA), the Kansas Department of Health and Environment (KDHE) and the Missouri Department of Natural Resources (MDNR) regulate emissions under the Clean Air Act (CAA), water under the Clean Water Act and waste management under the Resource Conservation and Recovery Act, among other laws and regulations.Business (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Nuclear Regulatory Commission (NRC)

subject tonamed as a risk

In the event of non-compliance, the NRC has the authority to impose fines, shut down the facilities, or both, depending upon its assessment of the severity of the situation, until compliance is achieved.Risk factors (Item 1A)

Also named by AEE, AEP, BRK/B, BWXT, CAH, CDRE, CEG, CW and 20 more

North American Electric Reliability Corporation (NERC)

subject tonamed as a risk

FERC, the North American Electric Reliability Corporation (NERC) and SPP have implemented and enforce an extensive set of transmission system reliability, cybersecurity and critical infrastructure protection standards that apply to public utilities.Risk factors (Item 1A)

Also named by BKH, DUK, EIX, EXC, FE, HASI, MDU, NEE and 5 more

Missouri Public Service Commission (MPSC)

subject tonamed as a risk

Also named by AEE

Laws and programs

Missouri plant-in-service accounting (PISA)

subject to · 2.5% annual limitnamed as a risk

Similarly, Evergy Metro and Evergy Missouri West elected into a PISA provision permitted by Missouri law that establishes a 2.5% annual limit on increases to the revenue requirement due to the inclusion of the incremental regulatory asset created by PISA.Risk factors (Item 1A)

Also named by AEE

Kansas plant-in-service accounting (PISA)

subject to · 1.5% per yearnamed as a risk

However, Evergy Kansas Central and Evergy Metro will be unable to recover deferred amounts to the extent that inclusion of the incremental regulatory asset created by PISA causes base rates to increase more than 1.5% per year.Risk factors (Item 1A)

One Big Beautiful Bill Act (OBBBA)

subject tonamed as a risk

The OBBBA, among other things, changed most of the federal renewable energy initiatives.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

Missouri Energy Efficiency Investment Act (MEEIA)

subject to

The MPSC has approved a portfolio of MEEIA programs that run through 2027.Business (Item 1)

Also named by AEE

Kansas Energy Efficiency Investment Act (KEEIA)

subject to

The KCC has approved a portfolio of KEEIA programs that run through February 2028.Business (Item 1)