Strong Regulatory Outcomes
CMS Energy received a final order in their renewable energy plan approving an additional 8 gigawatts of solar and 2.8 gigawatts of wind through 2035. They also received constructive orders in their gas and electric rate cases.
Economic Growth and Load Expansion
Year-to-date, CMS Energy has connected approximately 450 megawatts of industrial growth and added 100 megawatts of signed contracts, with a robust pipeline including data centers and manufacturing projects.
Financial Performance and Guidance
Adjusted earnings per share for the first 9 months of 2025 were $2.66, up $0.19 from the same period in 2024. CMS Energy raised the bottom end of their 2025 guidance and initiated 2026 guidance reflecting 6% to 8% growth.
Balance Sheet and Funding Strategy
CMS Energy has completed all planned financings for 2025 and is considering pull-ahead opportunities for 2026, focusing on maintaining a strong financial position with mid-teens FFO to debt.