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CMS ENERGY CORP 8-K Report, Financial Results (Oct 30, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed October 30, 2025
Period End
October 30, 2025
In the record · 2016–202610-K1110-Q328-K151

CMS filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 151 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jun ’17Jun ’17
  2. Leadership change8-K · Nov ’19Nov ’19
  3. Material agreement8-K · Nov ’21Nov ’21
  4. Material agreement8-K · Nov ’23Nov ’23

01—Abstract

Summary

Summary of the 8-K filed October 30, 2025. Cited figures are marked; the original filing is the authoritative source.

CMS Energy reported third-quarter 2025 diluted GAAP EPS of $0.92a versus $0.84 a year earlier, and adjusted EPS of $0.93 versus $0.84.

Net income available to common stockholders was $275 millionb in Q3 2025 compared with $251 million in Q3 2024. For the first nine months, reported EPS was $2.59 (vs. $2.45) and adjusted EPS was $2.66 (vs. $2.47), which management attributes largely to constructive regulatory outcomes and favorable weather. Year-to-date adjusted EPS excludes a $12 million state tax policy change and smaller restructuring and other items.

Management raised its 2025 adjusted EPS guidance to $3.56c–$3.60 from $3.54–$3.60, with the company now signaling a position toward the high end of that range. It also initiated 2026 adjusted EPS guidance of $3.80–$3.87, toward the high end, and reaffirmed a 6% to 8% long-term adjusted EPS growth target and a dividend payout ratio of about 60% over time. The presentation highlights a $20 billion utility capital plan for 2025–2029, up $3 billion from the prior plan, and a broader customer investment opportunity of roughly $25 billion or more through 2035 that is not yet in the plan.

Regulatory momentum was a central theme. Recent orders included a $157.5 milliond natural gas rate case order with a 9.8% ROE (Sept. 30), a Renewable Energy Plan order approving an additional 8 GW of solar and 2.8 GW of wind (Sept.

11), and an earlier electric rate order at a 9.9% ROE. Investors should note that the quarter's results benefited from weather and regulatory outcomes, and that the 2026 guidance and capital plan depend on continued constructive regulation and execution on large data center and manufacturing load pipelines.

02—Key points

Key Highlights

  1. Q3 2025 diluted GAAP EPS of $0.92 and adjusted EPS of $0.93, up from $0.84 in Q3 2024 (about 11% growth on an adjusted basis).
  2. Year-to-date adjusted EPS of $2.66 vs. $2.47 in 2024; net income available to common stockholders rose to $775 million from $731 million.
  3. 2025 adjusted EPS guidance raised to $3.56–$3.60 (low end lifted from $3.54), with the company now positioned toward the high end.
  4. Initial 2026 adjusted EPS guidance of $3.80–$3.87, toward the high end; long-term adjusted EPS growth of 6%–8% reaffirmed.
  5. Utility capital plan for 2025–2029 raised to $20 billion (up $3 billion), with roughly $25 billion-plus of additional customer investment opportunity through 2035 not yet in plan.
  6. Constructive regulatory outcomes, including a 9.8% ROE gas rate order ($157.5 million) and an REP order for 8 GW solar and 2.8 GW wind, support earnings visibility.
  7. Liquidity of about $2.1 billion and investment-grade ratings (Consumers Energy A/A2-type ratings reaffirmed in 2025) support the financing plan for customer investments.

03—Questions

Frequently Asked Questions

  1. Did CMS Energy beat expectations and what drove the quarter?

    Q3 2025 adjusted EPS of $0.93 was up from $0.84 a year earlier. Management attributed year-to-date strength mainly to constructive regulatory outcomes and favorable weather. The filing does not include consensus estimates, so a comparison to analyst expectations cannot be made from this document alone.

  2. What is the new guidance and how does it change?

    The 2025 adjusted EPS guidance was narrowed and lifted to $3.56–$3.60 from $3.54–$3.60, with the company expecting results toward the high end. The company also initiated 2026 adjusted EPS guidance of $3.80–$3.87, toward the high end, and reaffirmed its 6%–8% long-term adjusted EPS growth target.

  3. Why are the adjusted and reported EPS different, and how material are the adjustments?

    Adjustments are small in Q3 2025: $0.02 of other exclusions (restructuring and business optimization costs) less a $0.01 tax impact, for a net $0.01. Year-to-date, the largest item is a $12 million ($0.04 per share) state tax policy change, which is excluded from adjusted results. Management notes adjusted EPS is a non-GAAP supplemental measure and does not provide reported-earnings guidance.

  4. What are the main growth drivers and funding plans behind the capital plan?

    The $20 billion 2025–2029 utility capital plan covers electric reliability and undergrounding, the Renewable Energy Plan (8 GW solar and 2.8 GW wind), and gas infrastructure replacement. Management cites a pipeline of about 9 GW of potential large loads, including data centers and manufacturing, that could add further investment. Planned financings for 2025 include about $1.1 billion of first mortgage bonds at Consumers Energy and up to $500 million of CMS Energy new debt, with roughly $2.1 billion of net liquidity.

04—Continue

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