CMS ENERGY CORP SEC 10-Q Report

CMS Energy Corp, a leading energy company operating primarily in Michigan, has released its Form 10-Q report for the second quarter of 2025. The report highlights significant financial growth and operational advancements, underscoring the company's commitment to enhancing grid reliability, expanding renewable energy, and achieving long-term environmental goals.

Financial Highlights

• Operating Revenue: $1,838 million, reflecting an increase from $1,607 million in the prior year period, driven by higher electric and gas sales.
• Operating Income: $317 million, up from $283 million, indicating improved operational efficiency and cost management.
• Net Income Available to Common Stockholders: $198 million, compared to $195 million, with growth supported by higher gas sales and electric rate increases.
• Basic Earnings Per Average Common Share: $0.67, up from $0.65, reflecting the company's ability to maintain profitability amidst increased capital spending.
• Diluted Earnings Per Average Common Share: $0.66, compared to $0.65, showing a slight improvement in earnings performance.

Business Highlights

• Revenue Segments: CMS Energy operates in three business segments: electric utility, gas utility, and NorthStar Clean Energy. Consumers Energy, a subsidiary, operates in two segments: electric utility and gas utility.
• Geographical Performance: CMS Energy primarily operates in Michigan, with its electric and gas utility services provided by Consumers Energy. The company is focused on improving grid reliability and expanding renewable energy generation within the state.
• Sales Units: For the six months ended June 30, 2025, electric deliveries to end-use customers were 18.0 billion kWh, compared to 17.9 billion kWh in 2024. Gas deliveries were 184 Bcf in 2025, up from 158 Bcf in 2024.
• New Product Launches: CMS Energy announced the launch of the 'Green Giving' program, enabling public contributions to renewable energy and financial benefits for low-income customers, along with a new Residential Renewable Energy Program.
• New Production Launches: Consumers Energy plans to invest $14.8 billion over the next five years to maintain and upgrade electric distribution systems and gas infrastructure, including $5.2 billion on clean generation projects such as wind, solar, and hydroelectric resources.
• Future Outlook: CMS Energy and Consumers Energy are committed to achieving 60% renewable energy by 2035 and 100% clean energy by 2040. The company plans to retire coal-fueled generation by 2025 and has purchased the Covert Generating Station to ensure controllable electricity sources.
• Operational Initiatives: Consumers Energy is implementing a Reliability Roadmap to improve the electric distribution system and reduce power outages through infrastructure upgrades and vegetation management.
• Environmental Goals: CMS Energy aims for net-zero methane emissions from its natural gas delivery system by 2030 and net-zero greenhouse gas emissions for the entire business by 2050, with interim goals for reducing customer emissions.
• Regulatory Developments: The 2023 Energy Law in Michigan sets new renewable and clean energy standards, which CMS Energy plans to meet through updates to its Clean Energy Plan and renewable energy plan.
• Infrastructure Enhancements: Consumers Energy is enhancing grid reliability by clearing trees along 8,000 miles of power lines and deploying state-of-the-art vehicles to survey its gas distribution system for methane emissions.

SEC Filing: CMS ENERGY CORP [ CMS ] - 10-Q - Jul. 31, 2025