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CMS Energy (CMS) investor relations material
CMS Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
Announced agreement with a new data center, expected to add up to 1 GW of incremental load and drive economic benefits, supporting a 9 GW pipeline of growth projects.
Michigan's economic environment is strong, with Grand Rapids ranked as the top city on the rise and the state in the top 10 for business, supporting long-term sales growth.
Clean energy leadership and major investments in data centers, manufacturing, and renewables underpin diversified growth and customer rate reductions.
Integrated Resource Plan (IRP) filing in mid-2026 will address capacity needs, with early estimates of $5B in additional investment opportunities outside the current five-year plan.
Regulatory environment remains constructive, with approvals for storm deferral, rate increases, and supportive outcomes in recent cases.
Financial highlights
Adjusted net income for the first half of 2025 was $518M ($1.73/share), up from the prior year, driven by favorable weather, regulatory outcomes, and higher gas sales.
Q2 2025 adjusted EPS was $0.71, up from $0.66 year-over-year; Q2 adjusted net income was $214M, up from $197M.
Operating revenue for the first half of 2025 was $4.29B, up from $3.78B year-over-year.
Annual dividend per share stands at $2.17, with a long-term payout ratio target of ~60%.
Utility capital plan increased to $20B for 2025–2029, up $3B from the prior plan.
Outlook and guidance
Full-year 2025 adjusted EPS guidance reaffirmed at $3.54–$3.60, with confidence toward the high end.
Long-term adjusted EPS growth targeted at 6–8% annually, supported by constructive regulation and robust capital investment.
Weather outlook remains favorable for the rest of the summer, and regulatory outcomes are expected to remain constructive.
Annual rate-base growth projected at over 8% due to infrastructure and clean energy investments.
Pending regulatory approvals for $460M electric and $217M gas rate increases, with decisions expected by April and October 2026.
Explain the nature of the new data center agreement.
What drove the increase in adjusted EPS?
Detail 'other exclusions' from adjusted earnings.
How will the new data center impact IRP CapEx?
Assess the 9 GW data center pipeline evolution.
Evaluate pulling ahead '26 equity into '25.
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Next CMS Energy earnings date
Q3 202530 Oct, 2025
Next CMS Energy earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
CMS Energy Corporation is an energy company that provides electricity and natural gas to residential, commercial, and industrial customers. The company operates through its principal subsidiary, Consumers Energy, serving customers in Michigan. It is also involved in independent power generation and energy services. CMS Energy Corporation is headquartered in Jackson, Michigan, and its shares are listed on the NYSE.
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