What is CMS Energy's latest dividend and current dividend yield?

What were the key takeaways from CMS Energy's earnings call?

What is the revenue and EPS growth rate for CMS Energy year over year?

Did CMS Energy beat or miss consensus estimates last quarter?

What guidance did CMS Energy's management provide for the next earnings period?

What is CMS Energy's gross profit margin?

What is the market's earnings forecast for CMS Energy next quarter?

What factors drove the changes in CMS Energy's revenue and profit?

- **Regulatory Wins Drive Growth**: Approvals for $8 billion solar, $2.8 billion wind, and gas infrastructure investments support 5-year $20 billion capital plan.
- **Data Center Boom**: Up to 2 GW of new load expected in 2026, with tariff approval in November enabling contract signings.
- **Financial Strength**: Adjusted EPS up 7% YoY to $2.66, with 2025 guidance raised to $3.56-$3.60 and 2026 outlook of 6-8% growth.
- **Affordability & Efficiency**: 9% returns on PPAs, cost management maintaining bills below national average, and 0.40 equity per $1 CapEx.
- **Long-Term Vision**: IRP to detail battery and gas capacity needs, with Michigan's 50% renewable target by 2030 accelerating investments.

**【CEO Opening Remarks】**
- CMS Energy delivered strong operational and financial performance in Q3 2025, with key regulatory approvals supporting long-term growth.
- Michigan's renewable energy plan approved 8 GW of solar and 2.8 GW of wind through 2035, aligning with the Integrated Resource Plan (IRP) to be filed mid-2026.
- Gas rate case approved 75% of the final ask, supporting infrastructure investments for safety and efficiency.
- Economic growth pipeline includes 450 MW of industrial load connected year-to-date, with 100 MW of new contracts signed, driven by data centers, manufacturing, and food processing.
- 5-year capital plan of $20 billion is supported by $25 billion+ of additional investment opportunities, including battery storage and natural gas generation.

**【CFO Financial Commentary】**
- Adjusted EPS for first 9 months: $2.66 (up $0.19 vs. 2024), driven by rate case outcomes and favorable weather.
- Q3 2025 adjusted net income: $797 million, with constructive regulatory outcomes and cost management offsetting weather-related volatility.
- 2025 EPS guidance raised to $3.56-$3.60 (from $3.54-$3.60), with confidence in high-end of 2026 guidance ($3.80-$3.87).
- Balance sheet remains strong with reaffirmed credit ratings, targeting mid-teens FFO to debt ratio.

**【Q&A Highlights】**
- **Data Center Pipeline**: 3 large projects (up to 2 GW) in final stages, with tariff approval expected in November. First contracts likely signed shortly thereafter, with others following in 2026.
- **Capital Allocation**: $25+ billion of potential investments, including electric reliability, renewables, and IRP-related capacity. CFO estimates $0.40 equity per $1 CapEx, with PPAs and tax credits reducing equity needs.
- **Campbell Plant**: Operating costs treated as regulatory assets, with FERC-approved cost recovery from MISO customers. Michigan customers will be refunded their share of costs.
- **Economic Growth**: 2% to 3% annual sales growth over 5 years, supported by manufacturing, food processing, and data centers.
- **Regulatory Environment**: Constructive MPSC engagement on rate cases and reliability initiatives, with Chair Scripps affirming ROE floor.


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