Evergy

TTM operating cash flow was roughly 2.05 billion and capex ~2.80 billion, producing negative free cash flow of about 0.75 billion in 2025 as the build cycle ramps. Normalized owner FCF (OCF minus D&A) was ~0.79 billion, which supports the dividend and part of growth, but external funding remains material.

S&P rates Evergy BBB+ with a stable outlook; management targets FFO/debt around 14 percent.

Financing plans for 2026–2030 include substantial debt and hybrid issuance and ~3.3 billion of equity, with 1.7 million ATM forward shares already outstanding at year‑end 2025. Dividend coverage improves on 2026 EPS guidance, but leverage and rate‑case cadence must remain well managed during the surge in capex.