CMS Energy Corporation filed a prospectus supplement on February 11, 2026 that updates the terms of its at‑market equity offering program. The supplement shows that $492.3 million of the program’s capacity remains available for sale.
The program, which can issue up to $1 billion of common stock, has already sold $507.7 million, leaving the $492.3 million shown in the supplement. The proceeds are earmarked for general corporate purposes, including debt reduction, capital expenditures and investments in subsidiaries.
"CMS Energy had a successful year delivering for all stakeholders in 2025. Our accomplishments include constructive regulatory outcomes, solid cost performance at the Utility and strong results at NorthStar," said President and CEO Garrick Rochow. "For 2025, we exceeded our adjusted earnings per share guidance and delivered $3.61 per share. This is up over 8% from 2024’s actual results and delivers that compounding of earnings you have come to expect from CMS Energy." Chief Financial Officer Rejji Hayes added, "We met or exceeded all of our key financial objectives for the year, most notably our adjusted earnings per share. We successfully invested $3.8 billion… to make our electric and gas systems safer, more reliable and cleaner. Our increased 2026 EPS guidance implies 6% to 8% growth with continued confidence toward the high end of the range."
CMS Energy’s 2025 adjusted earnings per share of $3.61 reflected an 8% increase over 2024, and the company has raised its 2026 guidance to $3.83–$3.90 per share, a 6%–8% growth outlook. The higher guidance signals management’s confidence in continued earnings momentum and the ability to support the company’s capital‑intensive plans.
The company’s five‑year utility capital plan has been expanded to $24 billion, up $4 billion from the previous plan. The additional investment is directed toward improving reliability, strengthening distribution, and meeting supply needs, with significant allocations to electric generation—including renewables—and electric distribution. Recent regulatory approvals, such as the Large Load Tariff for data‑center growth and a 20‑year renewable energy plan, provide long‑term certainty for these investments.
The at‑market program gives CMS Energy flexible access to capital, allowing it to raise funds as market conditions and funding needs evolve. By maintaining a sizable remaining balance, the company can support its growth strategy, manage debt, and invest in infrastructure while preserving regulatory compliance and customer service commitments.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.