CMS
CMS Energy Corporation69.91
-0.85-1.2%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Data center pipeline grows, details emerge
Q&A expanded on data centers, noting a grown pipeline with two new entrants and advanced talks for a second public site, all outside the $24B CapEx plan that assumes 3% load growth. Management detailed bridging 10.5% rate base CAGR plus NorthStar/FCM to 7.5-8% EPS via 3.5% equity dilution and parent refinancing drag. They brushed off the electric rate case ALJ's 8.2% ROE as an outlier, eyeing 9.9% or better matching staff's constructive stance. Zoning's no barrier. Pipeline fattens fast. Investors watch data center conversions for rate base upside.
Key Stats
Market Cap
21.27BP/E (TTM)
20.15Basic EPS (TTM)
3.47Dividend Yield
0.03%Recent Filings
8-K
Two new directors elected
CMS Energy and Consumers Energy expanded their boards from nine to eleven members, electing Diane Leopold, retired Dominion Energy COO with 30 years in utilities, and Richard Keyes, Meijer CEO with 35 years in operations. Effective February 20, 2026, Leopold joins Compensation and Finance Committees; Keyes takes Audit and Governance roles. New directors bring deep expertise. No prior company ties disclosed.
8-K
Equity program updated
CMS Energy updated its prospectus on February 11, 2026, for an ongoing equity offering program with $492.3 million remaining available after selling $507.7 million since the December 7, 2023 agreement. Forward sales via agents like Barclays let CMS settle later in cash or shares. No proceeds from borrowed share sales. Flexibility rules.
10-K
FY2025 results
CMS Energy posted $8.5 billion revenue in FY2025 ended December 31, up 14% y/y from $7.5 billion, driven by electric utility topline of $5.6 billion (up 10% y/y) and gas utility $2.5 billion (up 19% y/y on 311 Bcf deliveries, +16% y/y). Net income available to common stockholders hit $1.1 billion with diluted EPS $3.53, up from $993 million/$3.33; electric utility earned $719 million (up $38 million), gas $409 million (up $81 million), boosted by rate hikes yet offset by higher depreciation from capex surge to $4 billion. Q4 momentum shone via Muskegon Solar (250 MW) startup, data center deal for 1 GW load, and storm-hardened grid cutting outages 100% in pilots. Liquidity solid with $615 million cash; $24.1 billion capex eyed through 2030. J.H. Campbell coal plant runs extended by DOE emergencies through February 2026, risking cost recovery snags.
8-K
CMS beats 2025 EPS guidance
CMS Energy beat 2025 adjusted EPS guidance at $3.61, up from $3.34, fueled by NorthStar Clean Energy strength while reported EPS hit $3.53. It hiked the 2026 dividend to $2.28 and lifted adjusted EPS outlook to $3.83-$3.90. Strong cash flows swelled ending cash to $615M. Risks lurk in forward-looking adjustments.
8-K
Revolvers upsized, extended
CMS Energy upsized its unsecured revolver to $750M (from $550M) expiring 2030, while Consumers amended its $1.1B secured revolver (same maturity) and added a $300M secured three-year facility, all replacing 2027 maturities. Banks unchanged. New liquidity bolsters working capital amid steady SOFR terms.
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