CMS Energy(US:CMS)2025-07-31 14:35Part I—Financial Information Item 1. Financial Statements This section presents Management's Discussion and Analysis, unaudited consolidated financial statements, and notes for CMS Energy and Consumers Energy for Q2 2025 Management's Discussion and Analysis of Financial Condition and Results of Operations The MD&A provides an executive overview, detailing results of operations, cash flow, capital resources, liquidity, and outlook for business segments, emphasizing the 'Triple Bottom Line' - CMS Energy operates electric, gas, and NorthStar Clean Energy segments, influenced by regulation, economy, weather, and commodity prices414244 - The company's strategy aligns with the 'Triple Bottom Line' principle, balancing economic, social, and environmental goals, including commitments to safety, reliability, clean energy, and financial strength434752 CMS Energy Financial Performance Summary (Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Income Available to Common Stockholders | $500 million | $480 million | | Diluted EPS | $1.67 | $1.61 | - Consumers Energy plans $20.0 billion in capital expenditures through 2029, allocating $14.8 billion to infrastructure upgrades and $5.2 billion to clean generation73 CMS Energy Consolidated Financial Statements (Unaudited) This subsection presents CMS Energy's unaudited consolidated financial statements, including income, comprehensive income, cash flows, balance sheets, and equity changes for periods ended June 30, 2025 CMS Energy Consolidated Income Statement Highlights (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Operating Revenue | $4,285 | $3,783 | | Operating Income | $811 | $695 | | Net Income Available to Common Stockholders | $500 | $480 | CMS Energy Consolidated Balance Sheet Highlights | Metric | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | | :--- | :--- | :--- | | Total Assets | $37,699 | $35,920 | | Total Liabilities | $28,728 | $27,172 | | Total Equity | $8,971 | $8,748 | Consumers Consolidated Financial Statements (Unaudited) This subsection presents Consumers Energy's unaudited consolidated financial statements, including income, comprehensive income, cash flows, balance sheets, and equity changes for periods ended June 30, 2025 Consumers Energy Consolidated Income Statement Highlights (Six Months Ended June 30) | Metric | 2025 (in millions) | 2024 (in millions) | | :--- | :--- | :--- | | Operating Revenue | $4,094 | $3,630 | | Operating Income | $841 | $698 | | Net Income Available to Common Stockholder | $533 | $452 | Consumers Energy Consolidated Balance Sheet Highlights | Metric | June 30, 2025 (in millions) | Dec 31, 2024 (in millions) | | :--- | :--- | :--- | | Total Assets | $35,467 | $34,088 | | Total Liabilities | $23,769 | $22,657 | | Total Equity | $11,698 | $11,431 | Notes to the Unaudited Consolidated Financial Statements This section provides detailed explanations and supplementary information for financial statement line items, covering regulatory matters, contingencies, financing, fair value, benefits, taxes, revenue, segment reporting, and VIEs - In March 2025, MPSC authorized a $176 million annual electric rate increase for Consumers, effective April 2025, based on a 9.90% authorized return on equity209 - In May 2025, an emergency order required the J.H. Campbell plant to operate 90 days beyond retirement, with Consumers seeking cost recovery at FERC210 - Consumers estimates its share of Ludington overhaul contract dispute damages at approximately $350 million, which it is seeking to recover through litigation and has deferred as a regulatory asset221222224 - The OBBBA was signed into law in July 2025, with the company evaluating its impact but not anticipating a material effect on financial statements185263 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This item formally incorporates by reference the detailed Management's Discussion and Analysis of Financial Condition and Results of Operations from Part I, Item 1 - The MD&A is incorporated by reference from Part I, Item 1 of this Form 10-Q315 Item 3. Quantitative and Qualitative Disclosures About Market Risk No material changes to market risk disclosures have occurred since the Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to market risk have occurred since the 2024 Form 10-K filing316 Item 4. Controls and Procedures Management of CMS Energy and Consumers concluded their disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - Both CMS Energy's and Consumers' management concluded their disclosure controls and procedures were effective as of June 30, 2025317319 - No material changes in internal control over financial reporting occurred during the quarter for either entity318320 Part II—Other Information Item 1. Legal Proceedings This section refers to Notes 1 and 2 of the unaudited consolidated financial statements for information on material legal proceedings - Details on material legal proceedings are provided in Note 1 and Note 2 of the financial statements321 Item 1A. Risk Factors No material changes to risk factors have occurred since the Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to risk factors have occurred since the 2024 Form 10-K filing322 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The company reported no unregistered sales of equity securities, detailing common stock repurchases made to satisfy tax withholding obligations for vested shares - No unregistered sales of equity securities occurred during the period323 CMS Energy Common Stock Repurchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2025 | 126 | $73.63 | | May 2025 | 882 | $72.29 | | June 2025 | 68 | $69.54 | | Total | 1,076 | $72.27 | Item 3. Defaults Upon Senior Securities The company reported no defaults upon senior securities during the period - None325 Item 4. Mine Safety Disclosures This item is not applicable to the company - Not applicable326 Item 5. Other Information The company reported no other information for this item - None327 Item 6. Exhibits This section lists exhibits filed with the Form 10-Q, including supplemental indentures, employee plans, CEO/CFO certifications, and Inline XBRL documents - Exhibits filed include supplemental indentures, an amended employee incentive plan, and required CEO/CFO certifications under Sarbanes-Oxley Act Sections 302 and 906331