Company Announcements

CMS ENERGY CORPORATION
Consolidated Statements of Income
(Unaudited)

 In Millions, Except Per Share Amounts

 Three Months Ended 

 3/31/25

3/31/24 

Operating revenue

$

2,447

$

2,176

Operating expenses

1,953

1,764

 Operating Income

494

412

Other income

50

86

Interest charges

186

177

 Income Before Income Taxes

358

321

Income tax expense

63

58

Net Income

295

263

Loss attributable to noncontrolling interests

(9)

(24)

Net Income Attributable to CMS Energy

304

287

Preferred stock dividends

2

2

Net Income Available to Common Stockholders

$

302

$

285

Diluted Earnings Per Average Common Share

$

1.01

$

0.96

CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited)

In Millions

As of

 3/31/25

 12/31/24

 Assets 

Current assets

Cash and cash equivalents

$

465

$

103

Restricted cash and cash equivalents

61

75

Other current assets

2,256

2,612

Total current assets

2,782

2,790

Non-current assets

Plant, property, and equipment

27,903

27,461

Other non-current assets

5,610

5,669

 Total Assets

$

36,295

$

35,920

 Liabilities and Equity

Current liabilities ⁽¹⁾

$

1,920

$

2,261

Non-current liabilities ⁽¹⁾

8,486

8,345

Capitalization

Debt and finance leases (excluding securitization debt) ⁽²⁾

16,308

15,866

Preferred stock and securities

224

224

Noncontrolling interests

588

518

Common stockholders' equity

8,111

8,006

Total capitalization (excluding securitization debt)

25,231

24,614

Securitization debt ⁽²⁾

658

700

Total Liabilities and Equity

$

36,295

$

35,920

⁽¹⁾  Excludes debt and finance leases.

⁽²⁾  Includes current and non-current portions.

 CMS ENERGY CORPORATION

 Summarized Consolidated Statements of Cash Flows

 (Unaudited)

In Millions

Three Months Ended

 3/31/25

 3/31/24

Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts

$

178

$

248

Net cash provided by operating activities

1,000

956

Net cash used in investing activities

(918)

(637)

Cash flows from operating and investing activities

82

319

Net cash provided by financing activities

266

294

 Total Cash Flows

$

348

$

613

 End of Period Cash and Cash Equivalents, Including Restricted Amounts

$

526

$

861

CMS ENERGY CORPORATION
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
(Unaudited)

 In Millions, Except Per Share Amounts

 Three Months Ended

 3/31/25

 3/31/24 

 Net Income Available to Common Stockholders

$

302

$

285

 Reconciling items: 

Other exclusions from adjusted earnings**

3

4

Tax impact

(1)

(1)

Voluntary separation program

-

* 

Tax impact

-

(*)

Adjusted net income – non-GAAP

$

304

$

288

 Average Common Shares Outstanding - Diluted

299.1

297.2

 Diluted Earnings Per Average Common Share

Reported net income per share

$

1.01

$

0.96

 Reconciling items:

Other exclusions from adjusted earnings**

0.01

0.01

Tax impact

(*)

(*)

Voluntary separation program

-

* 

Tax impact

-

(*)

Adjusted net income per share – non-GAAP

$

1.02

$

0.97

*

Less than $0.5 million or $0.01 per share.

**

Includes restructuring costs and business optimization initiative.

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors.  Internally, the Company uses adjusted earnings to measure and assess performance.  Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, changes in accounting principles, voluntary separation program, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items.  The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.