Research · Sep 3, 2026
[CMS] CMS Energy Thesis 2026: Data Center Load and Rate Base Growth Anchor Earnings Compounding
CMS Energy Corp FY25 revenue $8.54B (+14%); op income $1.73B (+16%); NI $1.07B (+7%); EPS $3.53; Adj EPS $3.61 (above guide). Large load tariff approved November 2025 — providing certainty for data centers + benefits for existing customers. 20-year renewable energy plan approved (~$14B customer investment opportunity by 2040). $24B 5-year utility customer investment plan (+$4B vs prior). North Star Clean Energy: FY26 EPS contribution $0.25-$0.30 incl normalized DIG operations. Gas business >$1B investment in storage + delivery. FY26 guide: adj EPS $3.83-$3.90 (+6-8% from FY25); LT 6-8% growth toward high end through 2030; 10.5% rate base growth; ~55% dividend payout target.