CMS Energy Announces Strong Second Quarter Results, Reaffirms 2025 Adjusted EPS Guidance

CMS Energy announced today reported earnings per share of $0.66 for the second quarter of 2025, compared to $0.65 per share for 2024. The company's adjusted earnings per share for the second quarter were $0.71, compared to $0.66 per share for the same quarter in 2024. For the first six months of the year, the company reported $1.67 per share compared to $1.61 per share for the same timeframe in 2024. On an adjusted earnings per share basis year to date, the company reported $1.73 per share in 2025, compared to $1.63 per share in 2024, driven by constructive regulatory outcomes, cost-reduction initiatives and favorable weather.

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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.

“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 Michigan.”

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 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 CORPORATIONConsolidated Statements of Income(Unaudited) In Millions, Except Per Share Amounts Three Months Ended Six Months Ended 6/30/25 6/30/24 6/30/25 6/30/24Operating revenue $ 1,838 $ 1,607 $ 4,285 $ 3,783Operating expenses 1,521 1,324 3,474 3,088Operating Income 317 283 811 695Other income 137 113 187 199Interest charges 199 173 385 350Income Before Income Taxes 255 223 613 544Income tax expense 62 41 125 99Net Income 193 182 488 445Loss attributable to noncontrolling interests (8) (16) (17) (40)Net Income Attributable to CMS Energy 201 198 505 485Preferred stock dividends 3 3 5 5Net Income Available to Common Stockholders $ 198 $ 195 $ 500 $ 480Diluted Earnings Per Average Common Share $ 0.66 $ 0.65 $ 1.67 $ 1.61CMS ENERGY CORPORATIONSummarized Consolidated Balance Sheets(Unaudited) In Millions As of 6/30/25 12/31/24AssetsCurrent assetsCash and cash equivalents $ 844 $ 103Restricted cash and cash equivalents 81 75Other current assets 2,268 2,612Total current assets 3,193 2,790Non-current assetsPlant, property, and equipment 28,847 27,461Other non-current assets 5,659 5,669Total Assets $ 37,699 $ 35,920Liabilities and EquityCurrent liabilities (1) $ 2,071 $ 2,261Non-current liabilities (1) 8,612 8,345CapitalizationDebt and finance leases (excluding securitization debt) (2) 17,402 15,866Preferred stock and securities 224 224Noncontrolling interests 577 518Common stockholders' equity 8,170 8,006Total capitalization (excluding securitization debt) 26,373 24,614Securitization debt (2) 643 700Total Liabilities and Equity $ 37,699 $ 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 Six Months Ended 6/30/25 6/30/24Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts $ 178 $ 248Net cash provided by operating activities 1,414 1,663Net cash used in investing activities (1,880) (1,246)Cash flows from operating and investing activities (466) 417Net cash provided by financing activities 1,213 124Total Cash Flows $ 747 $ 541End of Period Cash and Cash Equivalents, Including Restricted Amounts $ 925 $ 789CMS ENERGY CORPORATIONReconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income(Unaudited) In Millions, Except Per Share Amounts Three Months Ended Six Months Ended 6/30/25 6/30/24 6/30/25 6/30/24Net Income Available to Common Stockholders $ 198 $ 195 $ 500 $ 480Reconciling items:Other exclusions from adjusted earnings** 5 2 8 6Tax impact (1) (*) (2) (1)State tax policy change 12 – 12 -Voluntary separation program – – – *Tax impact – – – (*)Adjusted net income – non-GAAP $ 214 $ 197 $ 518 $ 485Average Common Shares Outstanding – Diluted 299.1 298.5 299.0 297.9Diluted Earnings Per Average Common ShareReported net income per share $ 0.66 $ 0.65 $ 1.67 $ 1.61Reconciling items:Other exclusions from adjusted earnings** 0.01 0.01 0.02 0.02Tax 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 $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, 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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