[Earnings Release Summary](index=1&type=section&id=Earnings%20Release%20Summary) [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) CMS Energy reported strong second quarter 2025 results, with adjusted earnings per share (EPS) increasing to $0.71 from $0.66 in the same period of 2024, driven by regulatory outcomes, cost reductions, and favorable weather Q2 & YTD Earnings Per Share (EPS) Comparison | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Reported EPS** | $0.66 | $0.65 | $1.67 | $1.61 | | **Adjusted EPS** | $0.71 | $0.66 | $1.73 | $1.63 | - The increase in year-to-date adjusted earnings was driven by constructive regulatory outcomes, cost-reduction initiatives, and favorable weather[1](index=1&type=chunk) [2025 Guidance and Outlook](index=1&type=section&id=2025%20Guidance%20and%20Outlook) The company reaffirmed its full-year 2025 adjusted earnings guidance and long-term growth targets, expressing confidence in achieving the upper end of its long-term growth forecast - Reaffirmed 2025 adjusted earnings guidance of **$3.54 to $3.60 per share**[2](index=2&type=chunk) - Maintained long-term adjusted EPS growth forecast of **6% to 8%**, with continued confidence toward the high end of this range[2](index=2&type=chunk) [Business and Strategic Updates](index=1&type=section&id=Business%20and%20Strategic%20Updates) Management confirmed the company is on track to meet its 2025 objectives, with a new data center agreement anticipated to create substantial load growth and economic benefits for Michigan - The company is on track to deliver on its 2025 earnings guidance and key operational objectives[3](index=3&type=chunk) - Announced a new agreement with a data center, which is expected to add up to **1 gigawatt** of load growth in its service territory[3](index=3&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) [Consolidated Statements of Income](index=3&type=section&id=Consolidated%20Statements%20of%20Income) For Q2 2025, operating revenue grew to $1.84 billion from $1.61 billion year-over-year, increasing Net Income Available to Common Stockholders to $198 million ($0.66 per diluted share) from $195 million ($0.65 per share) in Q2 2024 Q2 2025 Statement of Income Highlights (In Millions) | Metric | Q2 2025 | Q2 2024 | Change YoY | | :--- | :--- | :--- | :--- | | **Operating Revenue** | $1,838 | $1,607 | +14.4% | | **Operating Income** | $317 | $283 | +12.0% | | **Net Income Available to Common Stockholders** | $198 | $195 | +1.5% | [Summarized Consolidated Balance Sheets](index=4&type=section&id=Summarized%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $37.7 billion from $35.9 billion at year-end 2024, primarily due to an increase in plant, property, and equipment, with common stockholders' equity rising to $8.17 billion Balance Sheet Summary (In Millions) | Metric | 6/30/2025 | 12/31/2024 | | :--- | :--- | :--- | | **Total Current Assets** | $3,193 | $2,790 | | **Plant, property, and equipment** | $28,847 | $27,461 | | **Total Assets** | $37,699 | $35,920 | | **Total Liabilities and Equity** | $37,699 | $35,920 | | **Common stockholders' equity** | $8,170 | $8,006 | [Summarized Consolidated Statements of Cash Flows](index=4&type=section&id=Summarized%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, net cash from operating activities decreased to $1.41 billion, while net cash used in investing activities increased to $1.88 billion, and net cash provided by financing activities rose to $1.21 billion, ending the period with $925 million in cash Six Months Ended Cash Flow Summary (In Millions) | Metric | 6/30/2025 | 6/30/2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,414 | $1,663 | | **Net cash used in investing activities** | $(1,880) | $(1,246) | | **Net cash provided by financing activities** | $1,213 | $124 | | **End of Period Cash and Cash Equivalents** | $925 | $789 | [Non-GAAP Financial Measures](index=5&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation of GAAP to Non-GAAP Earnings](index=5&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Earnings) The company reconciled GAAP to non-GAAP adjusted earnings, with Q2 2025 reported net income of $198 million ($0.66 per share) adjusted to $214 million ($0.71 per share) due to items like a state tax policy change Q2 2025 GAAP to Non-GAAP EPS Reconciliation | Metric | Per Share Amount | | :--- | :--- | | **Reported net income per share (GAAP)** | $0.66 | | Other exclusions from adjusted earnings | $0.01 | | State tax policy change | $0.04 | | **Adjusted net income per share (non-GAAP)** | $0.71 | - Adjustments for the quarter primarily consisted of a state tax policy change and other items like restructuring and business optimization costs[18](index=18&type=chunk)[19](index=19&type=chunk)

Core Insights - CMS Energy reported earnings per share of $0.66 for Q2 2025, a slight increase from $0.65 in Q2 2024, with adjusted earnings per share rising to $0.71 from $0.66 year-over-year [1][10] - For the first half of 2025, the company reported $1.67 per share compared to $1.61 in the same period of 2024, with adjusted earnings per share at $1.73 versus $1.63, attributed to favorable regulatory outcomes, cost-reduction initiatives, and weather conditions [1][2] Financial Performance - Operating revenue for Q2 2025 was $1.838 billion, up from $1.607 billion in Q2 2024, while operating expenses increased to $1.521 billion from $1.324 billion [8] - Net income attributable to CMS Energy for Q2 2025 was $201 million, compared to $198 million in Q2 2024, with diluted earnings per share at $0.66 versus $0.65 [8][10] - For the first six months of 2025, net income available to common stockholders was $500 million, up from $480 million in the same period of 2024 [8] Guidance and Outlook - CMS Energy reaffirmed its adjusted earnings guidance for 2025 at $3.54 to $3.60 per share, with a long-term adjusted EPS growth target of 6 to 8 percent [2][3] - The company expressed confidence in achieving its earnings guidance and operational objectives, focusing on investments in electric and gas businesses [3] Strategic Developments - CMS Energy announced an agreement with a new data center expected to contribute up to 1 gigawatt of load growth in its service territory, providing additional economic benefits for Michigan [3]

Core Points - eHealth Exchange supports the newly announced CMS Interoperability Framework, aiming to enhance health data access and interoperability across the healthcare ecosystem [1][2][3] - The CMS Digital Health Ecosystem is a voluntary initiative that encourages collaboration among various stakeholders in healthcare to improve data sharing and access [2][4] - eHealth Exchange is committed to meeting the criteria to become a CMS-Aligned Network, which aligns with its long-standing collaboration with federal agencies [3][5] Company Overview - eHealth Exchange is the oldest and largest health information network in the U.S., facilitating secure patient record exchanges for over 300 million patients and processing approximately 25 billion data exchanges annually [6] - The network connects more than 30 electronic health record systems, 75% of U.S. hospitals, and 90% of dialysis centers, among others, and is active in all 50 states [6] - Five federal agencies participate in eHealth Exchange, sharing patient information with both private-sector partners and other federal entities [6]

Core Viewpoint - The upcoming earnings report for CMS Energy is anticipated to show a quarterly earnings per share (EPS) of $0.67, reflecting a 1.5% increase year-over-year, with revenues expected to reach $1.69 billion, indicating a 5% growth compared to the previous year [1]. Earnings Projections - There has been a downward revision of 2.2% in the consensus EPS estimate over the last 30 days, indicating a collective reassessment by analysts of their initial forecasts [2]. - Changes in earnings projections are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate trends and short-term stock price movements [3]. Revenue Estimates - Analysts project 'Operating revenue- NorthStar Clean Energy' to be $89.91 million, representing a 21.5% increase from the year-ago quarter [5]. - The forecast for 'Operating revenue- Gas utility' is $353.40 million, indicating a 15.1% increase year-over-year [5]. - The consensus estimate for 'Operating revenue- Electric utility' is $1.23 billion, reflecting a 0.7% increase from the previous year [5]. Net Income Projections - The projected 'Net income (loss)- NorthStar Clean Energy' is expected to reach $17.01 million, compared to $16.00 million from the year-ago period [6]. Stock Performance - CMS Energy shares have shown a return of +3.1% over the past month, slightly underperforming compared to the Zacks S&P 500 composite's +3.4% change [6].

Core Viewpoint - CMS Energy Corp. is set to release its second-quarter 2025 results on July 31, with expectations of moderate revenue growth and potential earnings challenges due to weather-related costs and operational expenses [1][9]. Factors Influencing Q2 Results - Cooler-than-normal temperatures in April and May, followed by above-average temperatures in June, are expected to have a moderate impact on the company's top-line performance [2]. - Recent favorable rate hikes are likely to have positively influenced overall revenues for the quarter [2]. - Anticipated solid sales growth, cost reduction efforts, favorable returns from prior capital investments, and benefits from renewable projects are expected to boost second-quarter earnings [3]. Potential Challenges - Severe weather conditions, including heavy rainfall and tornadoes, may have caused infrastructure damage, increasing service restoration expenses and negatively impacting earnings [4]. - Higher operating and maintenance costs from the execution of the electric reliability roadmap may also exert downward pressure on quarterly earnings [4]. Q2 Financial Expectations - The Zacks Consensus Estimate for sales is projected at $1.69 billion, reflecting a year-over-year growth of 5.1% [5]. - The consensus estimate for earnings is set at 67 cents per share, indicating a year-over-year increase of 1.5% [5]. Earnings Prediction Model - The earnings prediction model suggests a potential earnings beat for CMS, supported by a positive Earnings ESP of +4.10% and a Zacks Rank of 3 (Hold) [6][7]. Industry Comparisons - Other industry players, such as American Electric Power, IDACORP Inc., and Xcel Energy Inc., are also expected to report earnings with positive growth indicators, showcasing a competitive landscape within the sector [10][11][12].

JACKSON, Mich., July 10, 2025 /PRNewswire/ -- CMS Energy announced today it will provide 2025 second quarter results along with a business and financial outlook at 9:30 a.m. EDT on Thursday, July 31, 2025.A webcast of the presentation will be available on CMS Energy's website, cmsenergy.com. An audio replay will be available approximately three hours after the webcast and will be archived for 30 days on CMS Energy's website in the "Investors" section.CMS Energy (NYSE: CMS) is a Michigan-based energy company ...

Core Insights - CMS Energy Corporation is enhancing operations through planned investments while expanding its renewable energy portfolio and phasing out coal-generating units [1][4] - The company is facing risks related to costs associated with the shutdown of solid waste disposal facilities for coal ash [1][5] Investment Plans - CMS Energy plans to invest $20 billion in capital expenditures from 2025 to 2029 to improve customer satisfaction and operational resiliency [2][8] - The company intends to add 9 gigawatts (GW) of solar and 2.8 GW of wind to its renewable generation portfolio between 2025 and 2045 [3][8] - CMS Energy will invest $5.2 billion in renewable energy resources, including wind, solar, and hydroelectric generation, between 2025 and 2029 [3][8] Coal Phase-Out Strategy - CMS Energy is reducing coal-generating capacity to minimize emissions, planning to retire the J.H. Cambell coal-fired unit in 2025 and the D.E. Karn oil and gas-fueled unit in 2031 [4][8] - The company aims to terminate the use of coal-fueled generation by 2025 [4] Financial Considerations - As of March 31, 2025, CMS Energy had $0.53 billion in cash and equivalents, $16.26 billion in long-term debt, and $0.71 billion in current debt, indicating a weak solvency position [6] - The company expects to spend $237 million between 2025 and 2029 to comply with coal ash disposal regulations [5][8] Stock Performance - Over the past year, CMS shares have risen 18.3%, compared to the industry's growth of 17.8% [7]

Core Viewpoint - CMS Energy Corporation announced the pricing terms for a cash tender offer for up to $147.095 million aggregate principal amount of bonds issued by Consumers Energy Company, with the terms remaining largely unchanged from the previous announcement [1][5]. Tender Offer Details - The Total Consideration offered per $1,000 principal amount of the Bonds validly tendered is based on the reference yield plus a fixed spread, with an early tender payment of $30 included [2][4]. - The early tender date was set for June 17, 2025, and the tender offer is scheduled to expire on July 3, 2025 [7][8]. - CMS Energy intends to pay for the accepted Bonds using cash on hand, and the purchase will be subject to the satisfaction of all conditions outlined in the Offer to Purchase [5][6]. Bond Information - The Bonds involved in the tender offer include a 2.500% First Mortgage Bonds due in 2060, with a total consideration of $565.15 per $1,000 principal amount [3][4]. - The offer is subject to an Aggregate Tender Cap of $147.095 million, and no other series of bonds issued by Consumers will be purchased under this tender offer [3][6]. Payment and Settlement - Payments for Bonds purchased will include accrued and unpaid interest up to the early settlement date, currently scheduled for June 23, 2025 [7]. - The withdrawal deadline for the tendered Bonds was also set for June 17, 2025, after which no further withdrawals are allowed except under specific legal circumstances [7][8].

Core Viewpoint - CMS Energy Corporation has announced an upsized cash tender offer for its outstanding bonds, increasing the Aggregate Tender Cap from $125 million to $147.095 million, with a focus on the 2.500% First Mortgage Bonds due 2060 [1][2]. Summary by Sections Tender Offer Details - The Tender Offer is for up to $147.095 million of the 2.500% First Mortgage Bonds due 2060, with this amount being validly tendered and not withdrawn by the Early Tender Date of June 17, 2025 [1][2]. - The Series Tender Cap for the 2060 Bonds has been set at $147.095 million, which is the maximum amount that may be purchased in the Tender Offer [2]. Acceptance and Payment - The acceptance of the 2060 Bonds will depend on the Aggregate Tender Cap and the Series Tender Cap, meaning some bonds may be returned to holders based on overall participation [3]. - Holders of validly tendered 2060 Bonds will receive a Total Consideration, including an early tender payment of $30 per $1,000 principal amount, with accrued interest paid in cash [4]. Timeline and Conditions - The Tender Offer is set to expire on July 3, 2025, and CMS Energy does not expect to accept any bonds tendered after the Early Tender Date due to the exceeded Aggregate Tender Cap [5]. - Acceptance of the bonds is subject to certain conditions outlined in the Offer to Purchase, which CMS Energy may choose to waive at its discretion [6]. Management and Contact Information - U.S. Bancorp Investments, Inc. is the sole lead dealer manager for the Tender Offer, with D.F. King & Co. Inc. acting as the information and tender agent [6].

Core Viewpoint - CMS Energy Corporation has initiated a cash tender offer for up to $125 million of outstanding bonds issued by Consumers Energy Company, with specific terms and conditions outlined in the Offer to Purchase [1][6]. Summary by Relevant Sections Tender Offer Details - The tender offer is for an aggregate principal amount of $125 million of the bonds, subject to acceptance priority levels and series tender caps [4][10]. - The tender offer will expire at 5:00 p.m. New York City time on July 3, 2025, with an early tender date of June 17, 2025, for holders to receive total consideration [6][11]. Bonds Information - The bonds involved include various series with different interest rates and maturity dates, such as: - 2.500% First Mortgage Bonds due 2060 with an outstanding amount of $525 million [3]. - 2.650% First Mortgage Bonds due 2052 with an outstanding amount of $300 million [3]. - 3.100% First Mortgage Bonds due 2050 with an outstanding amount of $550 million [3]. - 3.250% First Mortgage Bonds due 2046 with an outstanding amount of $450 million [3]. - 3.500% First Mortgage Bonds due 2051 with an outstanding amount of $575 million [3]. Consideration and Payments - Total consideration for bonds validly tendered before the early tender date will include an early tender payment, calculated based on fixed spreads and U.S. Treasury reference yields [5][8]. - Holders of bonds accepted for purchase will receive accrued and unpaid interest from the last interest payment date up to the settlement date [7]. Acceptance Priority Levels - Bonds will be accepted based on their acceptance priority levels, with the highest priority given to those tendered before the early tender date [10]. - If the aggregate principal amount of any series exceeds the aggregate tender cap, proration may occur [10]. Additional Information - U.S. Bancorp Investments, Inc. is acting as the dealer manager for the tender offer, and D.F. King & Co. Inc. is the information and tender agent [15]. - The company reserves the right to amend the tender offer, including increasing or decreasing the aggregate tender cap [4][14].