Evergy, Inc. (EVRG) Cash Flow Statement
Where EVRG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.05B +3.1% vs 2024
- Capital expenditures
- $2.80B 47.2% of revenue
- Free cash flow
- −$751.7M −12.7% margin
- Returned to shareholders
- $613.1M
- Change in cash
- −$2.8M cash at year-end $25.4M
Cash from operations
$2.05B
Capital expenditures
−$2.80B
Investments (net)
−$43.3M
Acquisitions & other
+$270.1M
Dividends
−$613.1M
Net borrowing (repayment)
+$1.13B
Change in cash
−$2.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
EVRG operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
EVRG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $822.4M2016 | $2.05B2025 | +10.7%/yr | |
| Capital expenditures | $1.09B2016 | $2.80B2025 | +11.1%/yr | |
| Free cash flow | −$264.6M2016 | −$751.7M2025 | — | |
| Free cash flow margin | −10.3%2016 | −12.7%2025 | −2.4 pts | |
| Operating cash flow / net income | 2.282016 | 2.392025 | +0.11 | |
| Stock-based compensation | $9.4M2016 | $20.7M2025 | +9.2%/yr | |
| Dividends paid | $204.3M2016 | $613.1M2025 | +13.0%/yr | |
| Share buybacks (net) | $02016 | $02021 | — | |
| Capex / revenue | 42.4%2016 | 47.2%2025 | +4.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EVRG cash flow by activity
OperatingInvestingFinancingChange in cash
EVRG net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
EVRG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $855.6M | $885.8M | $731.3M | $765.0M | $891.9M | $630.0M | $359.1M | $546.0M | $336.6M | $361.2M |
| Depreciation & amortization | $1.16B | $1.17B | $1.14B | $984.9M | $947.8M | $938.4M | $469.4M | $662.4M | $403.9M | $365.2M |
| Stock-based compensation | $20.7M | $15.2M | $17.7M | $18.8M | $15.6M | $16.0M | −$4.6M | $29.9M | $9.0M | $9.4M |
| Change in working capital | −$119.3M | −$62.2M | $121.8M | −$8.6M | −$566.8M | $48.3M | $4.0M | $129.9M | $19.8M | −$99.5M |
| Other non-cash items | $125.3M | −$25.6M | −$29.5M | $41.8M | $63.2M | $121.1M | −$5.1M | $129.6M | $143.2M | $186.1M |
| Cash from operating activities | $2.05B | $1.98B | $1.98B | $1.80B | $1.35B | $1.75B | $822.8M | $1.50B | $912.4M | $822.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$2.80B | −$2.34B | −$2.33B | −$2.17B | −$1.97B | −$1.56B | −$596.1M | −$1.07B | −$764.6M | −$1.09B |
| Investments (net) | −$43.3M | −$2.26B | −$2.47B | −$23.2M | −$42.5M | −$9.1M | −$8.5M | $140.8M | −$780.4M | −$1.01B |
| Acquisitions & other investing | $270.1M | $2.34B | $2.33B | $37.5M | $101.2M | $35.7M | −$475.7M | $1.13B | $764.6M | $1.09B |
| Cash from investing activities | −$2.57B | −$2.26B | −$2.47B | −$2.15B | −$1.91B | −$1.53B | −$1.08B | $197.4M | −$780.4M | −$1.01B |
| Financing activities | ||||||||||
| Dividends paid | −$613.1M | −$596.7M | −$569.6M | −$534.8M | −$497.9M | −$465.0M | −$110.0M | −$475.0M | −$223.1M | −$204.3M |
| Share repurchases & issuance (net) | — | — | — | — | $1.35B | $0 | −$1.63B | −$1.04B | $260.0M | $732.4M |
| Net borrowing (repayment) | $1.13B | $892.7M | $1.07B | $329.7M | $905.8M | $390.8M | $1.43B | −$208.9M | $107.2M | $402.6M |
| Shares issued | $1.1M | $0 | $0 | $0 | $112.5M | $0 | $0 | $0 | $0 | $0 |
| Other financing | $5.5M | −$15.7M | −$6.2M | $554.4M | −$1.43B | −$24.2M | −$90.3M | $187.8M | −$275.7M | −$740.4M |
| Cash from financing activities | $522.0M | $280.3M | $494.0M | $349.3M | $443.4M | −$98.4M | −$403.9M | −$1.54B | −$131.6M | $190.2M |
| Summary | ||||||||||
| Net change in cash | −$2.8M | $2.2M | $2.5M | −$1.0M | −$118.7M | $121.7M | −$39.3M | $156.8M | $366,000 | −$165,000 |
| Cash at end of period | $25.4M | $29.9M | $27.7M | $25.2M | $26.2M | $144.9M | $5.2M | $160.3M | $3.4M | $3.1M |
| Free cash flow | −$751.7M | −$352.9M | −$353.8M | −$364.6M | −$620.8M | $193.5M | $226.7M | $428.1M | $147.8M | −$264.6M |
| Free cash flow margin | −12.7% | −6.1% | −6.4% | −6.2% | −11.1% | 3.9% | 4.4% | 10.0% | 5.7% | −10.3% |
| Capex / revenue | 47.2% | 40.1% | 42.6% | 37.0% | 35.3% | 31.8% | 11.6% | 25.0% | 29.7% | 42.4% |
| Operating cash flow / net income | 2.39 | 2.24 | 2.71 | 2.36 | 1.52 | 2.78 | 2.29 | 2.74 | 2.71 | 2.28 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $218.1M | $154.6M | $84.3M | $478.0M | $174.4M | $128.1M | $78.2M | $468.6M | $207.0M | $122.7M | $58.0M | $354.6M |
| Depreciation & amortization | $321.3M | $305.3M | $304.5M | $304.7M | $304.6M | $304.3M | $291.9M | $298.0M | $288.8M | $291.8M | $286.0M | $289.5M |
| Stock-based compensation | $7.6M | $5.6M | $4.1M | $5.3M | $6.8M | $4.5M | $3.7M | $3.4M | $4.2M | $3.9M | $3.7M | $2.5M |
| Change in working capital | −$186.6M | −$117.2M | −$37.7M | $85.0M | −$186.0M | $19.4M | $54.0M | $150.6M | −$178.1M | −$88.7M | $124.7M | $185.6M |
| Other non-cash items | −$11.8M | $14.2M | −$21.2M | $64.7M | $24.1M | −$6.7M | −$32.2M | $32.7M | −$4.4M | −$12.4M | −$43.9M | $4.3M |
| Cash from operating activities | $348.6M | $362.5M | $334.0M | $937.7M | $323.9M | $449.6M | $395.6M | $953.3M | $317.5M | $317.3M | $428.5M | $836.5M |
| Investing activities | ||||||||||||
| Capital expenditures | −$959.9M | −$851.9M | −$864.5M | −$712.3M | −$627.3M | −$592.8M | −$514.2M | −$526.3M | −$677.5M | −$618.6M | −$676.1M | −$553.7M |
| Investments (net) | $11.8M | −$4.0M | −$38.6M | −$666.6M | −$636.5M | −$598.9M | −$471.5M | −$520.2M | −$686.9M | −$583.2M | −$679.8M | −$484.5M |
| Acquisitions & other investing | $76.2M | $99.3M | $235.0M | $712.3M | $627.3M | $592.8M | $514.2M | $526.3M | $677.5M | $618.6M | $676.1M | $553.7M |
| Cash from investing activities | −$871.9M | −$756.6M | −$668.1M | −$666.6M | −$636.5M | −$598.9M | −$471.5M | −$520.2M | −$686.9M | −$583.2M | −$679.8M | −$484.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$157.7M | −$157.6M | −$157.4M | −$151.1M | −$151.0M | −$153.6M | −$153.5M | −$147.8M | −$147.7M | −$147.7M | −$147.6M | −$140.7M |
| Net borrowing (repayment) | $657.3M | $565.6M | $482.7M | −$135.0M | $449.9M | $330.9M | $205.6M | −$258.0M | — | — | — | — |
| Shares issued | $300,000 | $400,000 | $300,000 | $400,000 | $400,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $17.1M | −$7.7M | −$8.1M | $23.2M | −$3.9M | −$5.7M | −$3.0M | −$6.1M | $487.2M | $451.3M | $385.6M | −$201.7M |
| Cash from financing activities | $517.0M | $400.7M | $317.5M | −$262.5M | $295.4M | $171.6M | $49.1M | −$411.9M | $339.5M | $303.6M | $238.0M | −$342.4M |
| Summary | ||||||||||||
| Net change in cash | −$6.3M | $6.6M | −$16.5M | $8.6M | −$17.2M | $22.3M | −$26.8M | $21.2M | −$29.9M | $36.0M | −$13.3M | $9.6M |
| Cash at end of period | $27.3M | $33.6M | $25.4M | $43.6M | $35.0M | $52.2M | $29.9M | $56.7M | $33.8M | $63.7M | $27.7M | $41.0M |
| Free cash flow | −$611.3M | −$489.4M | −$530.5M | $225.4M | −$303.4M | −$143.2M | −$118.6M | $427.0M | −$360.0M | −$301.3M | −$247.6M | $282.8M |
| Free cash flow margin | −40.8% | −33.9% | −39.9% | 12.6% | −21.3% | −10.5% | −9.8% | 23.4% | −24.8% | −22.5% | −20.8% | 16.9% |
| Capex / revenue | 64.0% | 59.0% | 65.1% | 39.7% | 44.0% | 43.3% | 42.4% | 28.9% | 46.7% | 46.3% | 56.9% | 33.2% |
| Operating cash flow / net income | 1.60 | 2.34 | 3.96 | 1.96 | 1.86 | 3.51 | 5.06 | 2.03 | 1.53 | 2.59 | 7.39 | 2.36 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
EVRG cash generation
In fiscal 2025 (ended December 31, 2025), Evergy generated $2.0 billion of cash from operations (up 3.1%) and spent $2.8 billion on capital expenditures, leaving free cash flow of -$751.7 million, −12.7% of revenue. It returned $613.1 million to shareholders through dividends ($613.1 million) and net share buybacks ($0). Cash and equivalents fell by $2.8 million over the year.
Related: EVRG income statement, EVRG balance sheet, EVRG dividend history. See the EVRG stock overview for the latest quote and news.
EVRG cash flow FAQ
What is Evergy's free cash flow?
Evergy's free cash flow was -$751.7 million in fiscal 2025: $2.0 billion of operating cash flow minus $2.8 billion of capital expenditures It was -$352.9 million a year earlier..
How much cash does Evergy generate from operations?
Evergy generated $2.0 billion of cash from operating activities in fiscal 2025, 2.39 times its net income of $855.6 million.
How much does Evergy spend on capital expenditures?
Evergy spent $2.8 billion on capital expenditures in fiscal 2025, 47.2% of revenue, compared with $2.3 billion the year before.
How much does Evergy pay in dividends?
Evergy paid $613.1 million in dividends in fiscal 2025.
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