CMS Energy Announces Strong Second Quarter Results, Reaffirms 2025 Adjusted EPS Guidance
Rhea-AI Summary
CMS Energy (NYSE: CMS) reported strong Q2 2025 results with adjusted earnings per share of $0.71, up from $0.66 in Q2 2024. The company's reported EPS was $0.66, compared to $0.65 in the previous year. Year-to-date adjusted EPS reached $1.73, up from $1.63 in 2024, driven by favorable regulatory outcomes, cost reductions, and weather conditions.
The company reaffirmed its 2025 adjusted earnings guidance of $3.54-$3.60 per share and maintained its long-term adjusted EPS growth target of 6-8%. Notably, CMS Energy announced an agreement with a new data center expected to add up to 1 gigawatt of load growth in their service territory.
[ "Q2 2025 adjusted EPS increased 7.6% to $0.71 from $0.66 year-over-year", "YTD adjusted EPS grew 6.1% to $1.73 from $1.63", "Operating revenue increased 14.4% to $1.838B in Q2 2025", "New data center agreement to add up to 1 gigawatt of load growth", "Operating income improved 12% to $317M in Q2 2025", "Strong cash position with $844M in cash and equivalents, up from $103M at year-end 2024" ]Positive
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- Operating expenses increased 14.9% to $1.521B in Q2
- Interest charges rose 15% to $199M in Q2 2025
- Total debt and finance leases increased to $18.045B from $16.566B at year-end 2024
News Market Reaction 1 Alert
On the day this news was published, CMS gained 2.26%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
CMS Energy reaffirmed its 2025 adjusted earnings guidance of
"Given the team's strong performance in the second quarter, we are on track to deliver on our earnings guidance and key operational objectives for the year, prioritizing investments in our electric and gas businesses to the benefit of our customers, investors and the communities we serve," said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy. "I am also pleased to announce we have reached an agreement with a new data center, which is expected to add up to 1 gigawatt of load growth in our service territory, along with additional economic benefits for
CMS Energy (NYSE: CMS) is a
CMS Energy will hold a webcast to discuss its 2025 second quarter results and provide a business and financial outlook on Thursday, July 31 at 9:30 a.m. (EDT). To participate in the webcast, go to CMS Energy's homepage (cmsenergy.com) and select "Events and Presentations."
Important information for investors about non-GAAP measures and other disclosures.
This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation program, changes in federal and state tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The company's adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings.
This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy's and Consumers Energy's results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings.
Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.
CMS ENERGY CORPORATION | ||||||||||||
In Millions, Except Per Share Amounts | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
6/30/25 | 6/30/24 | 6/30/25 | 6/30/24 | |||||||||
Operating revenue | $ | 1,838 | $ | 1,607 | $ | 4,285 | $ | 3,783 | ||||
Operating expenses | 1,521 | 1,324 | 3,474 | 3,088 | ||||||||
Operating Income | 317 | 283 | 811 | 695 | ||||||||
Other income | 137 | 113 | 187 | 199 | ||||||||
Interest charges | 199 | 173 | 385 | 350 | ||||||||
Income Before Income Taxes | 255 | 223 | 613 | 544 | ||||||||
Income tax expense | 62 | 41 | 125 | 99 | ||||||||
Net Income | 193 | 182 | 488 | 445 | ||||||||
Loss attributable to noncontrolling interests | (8) | (16) | (17) | (40) | ||||||||
Net Income Attributable to CMS Energy | 201 | 198 | 505 | 485 | ||||||||
Preferred stock dividends | 3 | 3 | 5 | 5 | ||||||||
Net Income Available to Common Stockholders | $ | 198 | $ | 195 | $ | 500 | $ | 480 | ||||
Diluted Earnings Per Average Common Share | $ | 0.66 | $ | 0.65 | $ | 1.67 | $ | 1.61 | ||||
CMS ENERGY CORPORATION | ||||||||
In Millions | ||||||||
As of | ||||||||
6/30/25 | 12/31/24 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 844 | $ | 103 | ||||
Restricted cash and cash equivalents | 81 | 75 | ||||||
Other current assets | 2,268 | 2,612 | ||||||
Total current assets | 3,193 | 2,790 | ||||||
Non-current assets | ||||||||
Plant, property, and equipment | 28,847 | 27,461 | ||||||
Other non-current assets | 5,659 | 5,669 | ||||||
Total Assets | $ | 37,699 | $ | 35,920 | ||||
Liabilities and Equity | ||||||||
Current liabilities (1) | $ | 2,071 | $ | 2,261 | ||||
Non-current liabilities (1) | 8,612 | 8,345 | ||||||
Capitalization | ||||||||
Debt and finance leases (excluding securitization debt) (2) | 17,402 | 15,866 | ||||||
Preferred stock and securities | 224 | 224 | ||||||
Noncontrolling interests | 577 | 518 | ||||||
Common stockholders' equity | 8,170 | 8,006 | ||||||
Total capitalization (excluding securitization debt) | 26,373 | 24,614 | ||||||
Securitization debt (2) | 643 | 700 | ||||||
Total Liabilities and Equity | $ | 37,699 | $ | 35,920 | ||||
(1) Excludes debt and finance leases. | ||||||||
(2) Includes current and non-current portions. | ||||||||
CMS ENERGY CORPORATION | ||||||||
Summarized Consolidated Statements of Cash Flows | ||||||||
(Unaudited) | ||||||||
In Millions | ||||||||
Six Months Ended | ||||||||
6/30/25 | 6/30/24 | |||||||
Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts | $ | 178 | $ | 248 | ||||
Net cash provided by operating activities | 1,414 | 1,663 | ||||||
Net cash used in investing activities | (1,880) | (1,246) | ||||||
Cash flows from operating and investing activities | (466) | 417 | ||||||
Net cash provided by financing activities | 1,213 | 124 | ||||||
Total Cash Flows | $ | 747 | $ | 541 | ||||
End of Period Cash and Cash Equivalents, Including Restricted Amounts | $ | 925 | $ | 789 | ||||
CMS ENERGY CORPORATION | ||||||||||||
In Millions, Except Per Share Amounts | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
6/30/25 | 6/30/24 | 6/30/25 | 6/30/24 | |||||||||
Net Income Available to Common Stockholders | $ | 198 | $ | 195 | $ | 500 | $ | 480 | ||||
Reconciling items: | ||||||||||||
Other exclusions from adjusted earnings** | 5 | 2 | 8 | 6 | ||||||||
Tax impact | (1) | (*) | (2) | (1) | ||||||||
State tax policy change | 12 | - | 12 | - | ||||||||
Voluntary separation program | - | - | - | * | ||||||||
Tax impact | - | - | - | (*) | ||||||||
Adjusted net income – non-GAAP | $ | 214 | $ | 197 | $ | 518 | $ | 485 | ||||
Average Common Shares Outstanding - Diluted | 299.1 | 298.5 | 299.0 | 297.9 | ||||||||
Diluted Earnings Per Average Common Share | ||||||||||||
Reported net income per share | $ | 0.66 | $ | 0.65 | $ | 1.67 | $ | 1.61 | ||||
Reconciling items: | ||||||||||||
Other exclusions from adjusted earnings** | 0.01 | 0.01 | 0.02 | 0.02 | ||||||||
Tax impact | (*) | (*) | (*) | (*) | ||||||||
State tax policy change | 0.04 | - | 0.04 | - | ||||||||
Voluntary separation program | - | - | - | * | ||||||||
Tax impact | - | - | - | (*) | ||||||||
Adjusted net income per share – non-GAAP | $ | 0.71 | $ | 0.66 | $ | 1.73 | $ | 1.63 | ||||
* | Less than | |||||||||||
** | Includes restructuring costs and business optimization initiative. | |||||||||||
Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the Company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation program, changes in federal and state tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings. |
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SOURCE CMS Energy
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