Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Evergy's free cash flow remained negative in the second quarter, as capital expenditure exceeded operating cash flow. The deficit narrowed compared to the same quarter last year but widened from the prior quarter.
- Operating cash flow was lower than capital expenditure, resulting in a negative free cash flow margin, while revenue was stable compared to the prior year but higher than the previous quarter. The company's liquidity discussion notes that it relies on cash from operations and other sources to meet capital requirements.
- Compared to the prior quarter, free cash flow weakened as operating cash flow decreased and capital expenditure increased. Versus the same quarter a year ago, free cash flow improved due to lower capital expenditure and slightly higher operating cash flow.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$138.2M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$303.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$323.9M
Cash generated by operations before capital spending.
CapEx
$627.3M
Capital spending and related asset purchases.
FCF margin
-22.4%
The share of revenue converted into free cash flow.
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2024-09-30 | $1.8B | $953.3M | $526.3M | $427.0M | 23.9% |
| 2024-12-31 | $1.2B | $395.6M | $514.2M | -$118.6M | -9.7% |
| 2025-03-31 | $1.3B | $449.6M | $592.8M | -$143.2M | -11.1% |
| 2025-06-30 | $1.4B | $323.9M | $627.3M | -$303.4M | -22.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | -177.1% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 46.3% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$13.0B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Capital Expenditure
Capital expenditure exceeded operating cash flow in the current quarter, driving negative free cash flow. Compared to the prior quarter, capital expenditure increased while operating cash flow declined.
The elevated capital expenditure level continues to pressure free cash flow, though it decreased from the year-ago period.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was lower than capital expenditure, resulting in a negative free cash flow margin, while revenue was stable compared to the prior year but higher than the previous quarter. The company's liquidity discussion notes that it relies on cash from operations and other sources to meet capital requirements.
Compared to the prior quarter, free cash flow weakened as operating cash flow decreased and capital expenditure increased. Versus the same quarter a year ago, free cash flow improved due to lower capital expenditure and slightly higher operating cash flow.
Monitor the trajectory of capital expenditure, as it remains the primary use of cash and significantly influences free cash flow.