CMS ENERGY CORP 8-K Report, Financial Results (Jul 31, 2025)

CMS Energy reported second-quarter 2025 diluted GAAP EPS of $0.66^a, up from $0.65 a year earlier, and adjusted EPS of $0.71 versus $0.66.

For the first six months, GAAP EPS was $1.67^b (vs. $1.61) and adjusted EPS was $1.73 (vs. $1.63). Management attributes the year-to-date improvement to constructive regulatory outcomes, cost-reduction initiatives and favorable weather. Q2 GAAP net income available to common stockholders rose to $198 million from $195 million, and operating revenue grew about 14% to $1,838 million.

The company reaffirmed its 2025 adjusted EPS guidance of $3.54 to $3.60^c, with management signaling confidence toward the high end, and reiterated long-term adjusted EPS growth of 6% to 8%. The accompanying presentation shows a utility capital plan raised to $20 billion for 2025-2029, up $3 billion from the prior plan, and a dividend payout ratio target of about 60% over time. Balance sheet metrics show total assets of $37.7 billion and debt and finance leases (excluding securitization) rising to $17.4 billion from $15.9 billion at year-end 2024, reflecting heavier borrowing to fund capital investment, though liquidity was about $2.7 billion.

CEO Garrick Rochow also announced an agreement with a new data center expected to add up to 1 gigawatt of load in Consumers Energy's service territory, which management frames as a source of economic development and future load growth. Investors should note that the Q2 adjusted EPS of $0.71^d benefited from a $0.04 state tax policy change that is excluded from adjusted results, and that the company's 2025 guidance has not been updated beyond reaffirmation. Key items to monitor include regulatory orders from the Michigan Public Service Commission expected by September and October 2025, data center contract details, and the pace of capital deployment and financing.