CMS Energy Announces First Quarter Results for 2025, Reaffirms 2025 Adjusted EPS Guidance

CMS Energy announced today reported earnings per share of $1.01 for the first quarter of 2025, compared to $0.96 per share for 2024. The company's adjusted earnings per share for the first quarter were $1.02, compared to $0.97 per share for 2024.

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CMS Energy reaffirmed its 2025 adjusted earnings guidance of $3.54 to $3.60 per share (*See below for important information about non-GAAP measures) and long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end.

“Results from the first quarter show we are on track to deliver operationally and financially for 2025,” said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy. “A constructive outcome in our electric rate case in March, which supports needed investments in our electric Reliability Roadmap; sustained momentum on the economic development front; and steady progress on a variety of customer investment projects in our electric and gas systems together support our triple bottom line of people, planet and prosperity.”

CMS Energy (NYSE: CMS) is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses.

CMS Energy will hold a webcast to discuss its 2025 first quarter results and provide a business and financial outlook on Thursday, April 24 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, changes in accounting principles, voluntary separation program, changes in federal 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 CORPORATIONConsolidated Statements of Income(Unaudited) In Millions, Except Per Share Amounts Three Months Ended 3/31/25 3/31/24Operating revenue $ 2,447 $ 2,176Operating expenses 1,953 1,764Operating Income 494 412Other income 50 86Interest charges 186 177Income Before Income Taxes 358 321Income tax expense 63 58Net Income 295 263Loss attributable to noncontrolling interests (9) (24)Net Income Attributable toCMS Energy 304 287Preferred stock dividends 2 2Net Income Available to Common Stockholders $ 302 $ 285Diluted Earnings Per Average Common Share $ 1.01 $ 0.96CMS ENERGY CORPORATIONSummarized Consolidated Balance Sheets(Unaudited) In Millions As of 3/31/25 12/31/24AssetsCurrent assetsCash and cash equivalents $ 465 $ 103Restricted cash and cash equivalents 61 75Other current assets 2,256 2,612Total current assets 2,782 2,790Non-current assetsPlant, property, and equipment 27,903 27,461Other non-current assets 5,610 5,669Total Assets $ 36,295 $ 35,920Liabilities and EquityCurrent liabilities (1) $ 1,920 $ 2,261Non-current liabilities (1) 8,486 8,345CapitalizationDebt and finance leases (excluding securitization debt) (2) 16,308 15,866Preferred stock and securities 224 224Noncontrolling interests 588 518Common stockholders' equity 8,111 8,006Total capitalization (excluding securitization debt) 25,231 24,614Securitization debt (2) 658 700Total Liabilities and Equity $ 36,295 $ 35,920(1) Excludes debt and finance leases.(2) Includes current and non-current portions.CMS ENERGY CORPORATIONSummarized Consolidated Statements of Cash Flows(Unaudited) In Millions Three Months Ended 3/31/25 3/31/24Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts $ 178 $ 248Net cash provided by operating activities 1,000 956Net cash used in investing activities (918) (637)Cash flows from operating and investing activities 82 319Net cash provided by financing activities 266 294Total Cash Flows $ 348 $ 613End of Period Cash and Cash Equivalents, Including Restricted Amounts $ 526 $ 861CMS ENERGY CORPORATIONReconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income(Unaudited) In Millions, Except Per Share Amounts Three Months Ended 3/31/25 3/31/24Net Income Available to Common Stockholders $ 302 $ 285Reconciling items:Other exclusions from adjusted earnings** 3 4Tax impact (1) (1)Voluntary separation program – *Tax impact – (*)Adjusted net income – non-GAAP $ 304 $ 288Average Common Shares Outstanding – Diluted 299.1 297.2Diluted Earnings Per Average Common ShareReported net income per share $ 1.01 $ 0.96Reconciling items:Other exclusions from adjusted earnings** 0.01 0.01Tax impact (*) (*)Voluntary separation program – *Tax impact – (*)Adjusted net income per share – non-GAAP $ 1.02 $ 0.97* Less than $0.5 million or $0.01 per share.** 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, changes in accounting principles, voluntary separation program, changes in federal 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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