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CMS Energy
CMS Energy (CMS) investor relations material
CMS Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
2025 adjusted EPS reached $3.61, up over 8% year-over-year, exceeding guidance, driven by strong utility and NorthStar Clean Energy performance and constructive regulatory outcomes.
Annual dividend per share increased to $2.28 for 2026, marking the 20th consecutive annual increase.
Approved a 20-year renewable energy plan, unlocking $14 billion in customer investment opportunities and adding 8 GW of solar and 2.8 GW of wind.
Large Load Tariff approved, supporting data center growth and protecting existing customers from cost impacts.
Delivered over $100M in cost savings through operational efficiencies.
Financial highlights
2025 adjusted EPS of $3.61, up from $3.34 in 2024, and total operating revenue of $8.54B, up from $7.52B.
Net income available to common stockholders was $1.06B, up from $993M year-over-year.
Utility capital plan increased to $24B for 2026–2030, up $4B from the prior plan.
Maintained solid investment-grade credit ratings, affirmed by all major agencies.
Dividend payout ratio targeted at approximately 55% over time, with continued annual growth.
Outlook and guidance
2026 adjusted EPS guidance raised to $3.83–$3.90, implying 6%–8% growth off 2025 actuals, with confidence toward the high end.
Long-term adjusted EPS growth guidance reaffirmed at 6%–8% annually, compounding off actuals.
Five-year plan supports 10.5% rate base CAGR through 2030, with rate base expected to grow from $28.4B in 2025 to $46.8B in 2030.
Planned equity issuance of ~$700M in 2026 and ~$750M per year through 2030.
Expecting 3% weather-normalized load growth in 2026, with 2%–3% run rate in subsequent years.
Quantify NorthStar's 2025 EPS contribution
Identify 2025 investing cash flow increase drivers
Determine total 2025 EPS impact from weather
Data center CapEx impact on 5-year plan
Basis for 9.9% ROE confidence despite PFD
How to balance funding growth with affordability
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Next CMS Energy earnings date
Q1 202623 Apr, 2026
CMS Energy
Next CMS Energy earnings date
Q1 202623 Apr, 2026
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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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