Research · Sep 3, 2026
[EVRG] Evergy Thesis 2026: Kansas Data Center Wins Drive Industrial Load Growth
Evergy, Inc. (NASDAQ: EVRG) FY2025 revenue ~$5.7-6B (+0-5%) with adj. EPS ~$3.85-4.50 reflecting continued post-2018 merger integration + selected post-2024 major industrial customer wins (Panasonic EV battery plant DeSoto Kansas $4B+ + Meta data center Kansas City $1B+ + Google data center Kansas City $1B + ~10+ additional industrial customers) driving electric load growth ~3-5%/year + selected $20B+ FY2025-2030 capex plan deployment + selected ~20-year continuous dividend track post-2018 merger under continued CEO David Campbell (~5-year tenure since January 2021). Leading Kansas + Missouri regulated electric utility focused on dual-state electric distribution + transmission + generation. Formed June 4, 2018 via merger of Westar Energy + Great Plains Energy/KCP&L creating Evergy (~$30B aggregate enterprise value at merger; ~$5B+ revenue baseline). Selected post-2018 merger integration of Westar + KCP&L legacy operations + ~$160-220M annualized cost synergies achieved by FY2022. Headquartered in Kansas City Missouri; ~5,000+ employees globally with ~$5.7-6B revenue. Two reporting segments: Evergy Kansas Central + South ~50% revenue ($3B — Westar Energy legacy; ~825K+ Kansas electric customers), Evergy Missouri West + Metro ~50% ($2.7-3B — KCP&L legacy; ~875K+ Missouri + Kansas electric customers; Kansas City metropolitan area); ~$13B+ aggregate rate base. Industrial load growth: post-2024 major industrial customer wins including Panasonic Energy of North America EV battery plant (DeSoto Kansas; ~$4B+ aggregate investment; ~250 MW load at peak; production ramp 2024-2027 supporting Toyota + EV manufacturers) + Meta data center (Kansas City; ~$1B+ aggregate investment; ~150-200 MW load) + Google data center (Kansas City; ~$1B aggregate investment; ~100-150 MW load) + ~10+ additional industrial customers (manufacturing + data center + crypto mining); aggregate ~$10B+ industrial customer investments + ~700-1,000 MW combined incremental load; industrial load growth drivers Kansas + Missouri industrial-friendly regulatory + tax environment + ~50%+ wind/renewable resource availability + continued data center hyperscaler buildout + AI compute demand + post-2022 IRA Section 45X manufacturing tax credit benefits. $20B+ FY2025-2030 capex plan: ~$5-7B Kansas + Missouri renewable transition + ~$8B grid modernization + ~$5B distribution upgrades; rate base growth ~6-8% CAGR. CEO David Campbell since January 2021 (succeeded Terry Bassham CEO 2018-January 2021 retired who led 2018 merger; Campbell ex-NRG Energy president of generation 2017-2020 + ~25-year career). Capital return: ~$2.62-2.78 annual dividend FY2025 (~20+ year continuous track post-2018 merger inheriting Westar/KCP&L legacy); modest buybacks; investment-grade Baa2/BBB credit ratings; FCF -$1B (post-capex investment). FY2026 thesis: industrial customer onboarding continued + capex deployment + ~21-year dividend track + Kansas + Missouri rate case approvals. Risks: industrial customer attrition above 200 MW, Kansas Corporation Commission disallowance, interest rate severe, major capital project cost overruns.