CMS Energy | 10-Q: FY2025 Q3 Revenue Beats Estimate at USD 2.021 B

LB filings
2025.10.30 14:46
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Revenue: As of FY2025 Q3, the actual value is USD 2.021 B, beating the estimate of USD 1.814 B.

EPS: As of FY2025 Q3, the actual value is USD 0.92, beating the estimate of USD 0.855.

EBIT: As of FY2025 Q3, the actual value is USD 684 M.

Electric Utility Segment

  • Net Income: $326 million for Q3 2025, up from $273 million in Q3 2024. For the nine months ended September 30, 2025, net income was $617 million, up from $540 million in the same period in 2024.
  • Revenue: Increased due to higher electric sales and rate increases.
  • Operating Expenses: Increased due to higher depreciation and amortization, higher property taxes, and higher other maintenance and operating expenses.

Gas Utility Segment

  • Net Income: $238 million for the nine months ended September 30, 2025, up from $195 million in the same period in 2024.
  • Revenue: Increased due to higher gas sales and rate increases.
  • Operating Expenses: Increased due to higher IT expenses, higher energy waste reduction program costs, and higher maintenance and other operating expenses.

NorthStar Clean Energy Segment

  • Net Income: $11 million for Q3 2025, up from $6 million in Q3 2024. For the nine months ended September 30, 2025, net income was $15 million, down from $53 million in the same period in 2024.
  • Revenue: Decreased due to lower earnings from renewable projects and higher operating expenses.

Corporate Interest and Other

  • Net Expense: - $62 million for Q3 2025, down from - $39 million in Q3 2024. For the nine months ended September 30, 2025, net expense was - $95 million, down from - $57 million in the same period in 2024.

Cash Flow

  • Operating Cash Flow: $1,757 million for the nine months ended September 30, 2025, down from $1,967 million in the same period in 2024.
  • Investing Cash Flow: - $2,926 million for the nine months ended September 30, 2025, down from - $2,101 million in the same period in 2024.
  • Financing Cash Flow: $1,423 million for the nine months ended September 30, 2025, up from $353 million in the same period in 2024.

Future Outlook and Strategy

  • Electric Utility Segment: Focus on improving electric distribution system reliability and grid modernization through the Reliability Roadmap, with planned investments through 2029.
  • Gas Utility Segment: Continued investment in gas infrastructure to enhance safety and reliability, with a focus on reducing methane emissions.
  • NorthStar Clean Energy Segment: Expansion of renewable energy projects, including solar and wind energy resources, to meet clean energy standards.
  • Corporate Strategy: Emphasis on cost control measures, maintaining solid investment-grade credit ratings, and reinvesting in the communities served.

Outlook

  • Electric Deliveries: Expected to increase over the next five years, driven by strong growth in electric demand and offset by energy waste reduction programs.
  • Gas Deliveries: Expected to remain stable over the next five years, with modest growth in gas demand offset by energy waste reduction programs.
  • Regulatory Environment: Continued focus on obtaining fair and timely regulatory treatment to support customer-driven investment plans.
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