CMS Energy

Revenue and earnings are predominantly regulated and recurring.

The company reaffirmed a long‑term 6 to 8 percent adjusted EPS growth algorithm and raised 2025 guidance to 3.56 to 3.60 per share after reporting first‑nine‑months 2025 adjusted EPS of 2.66. TTM adjusted EPS through Q3‑25 is about 3.53 using Q4‑24 plus Q1‑Q3‑25. Rate‑base investment, reliability spending, and incentive constructs (e.g., FCM and EWR) add visibility.

Risks to predictability include weather volatility, storm costs, and timing of regulatory rulings, partly mitigated by deferrals and trackers.