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Sep 30, 2025
CMS Energy Q3 2025 Earnings Report
CMS Energy reported improved earnings in Q3 2025, with higher net income and increased operating revenue compared to the same quarter last year.
Key Takeaways
CMS Energy delivered strong third-quarter results, driven by constructive regulatory outcomes and favorable operating conditions. Both GAAP and adjusted earnings per share improved, and the company raised its full-year guidance while initiating 2026 targets.
Operating revenue for Q3 2025 was $2.02 billion, up from $1.74 billion in Q3 2024.
Net income available to common stockholders increased to $275 million from $251 million last year.
Adjusted EPS rose to $0.93 from $0.84 in the prior year quarter.
The company raised its 2025 adjusted EPS guidance and issued 2026 guidance.
Forward Guidance
CMS Energy raised its 2025 adjusted EPS guidance to a range of $3.56–$3.60 and introduced a 2026 guidance range of $3.80–$3.87, reaffirming confidence in long-term growth.
Positive Outlook
- Raised 2025 adjusted EPS guidance midpoint.
- Initiated 2026 EPS guidance with continued growth outlook.
- Positive regulatory outcomes in gas and renewable energy.
- Strong Q3 performance with increased revenue and earnings.
- Maintained long-term EPS growth target of 6–8%.
Challenges Ahead
- Interest charges increased to $203 million, up from $178 million.
- Operating expenses rose to $1.54 billion, driven by inflation and investment.
- Net cash used in investing activities totaled $2.93 billion YTD.
- Reduced cash position from beginning of year due to heavy capital spend.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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