Earnings Per Share - CMS Energy (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Summary of Basic and Diluted EPS Computations

Presented in the following table are CMS Energy’s basic and diluted EPS computations based on income from continuing operations:

In Millions, Except Per Share Amounts
	Three Months Ended						Nine Months Ended
September 30	2025			2024			2025			2024
Income available to common stockholders
Income from continuing operations		$	272		$	247		$	760		$	692
Less loss attributable to noncontrolling interests		(5)			(6)			(22)			(46)
Less preferred stock dividends		2			2			7			7
Income from continuing operations available to common stockholders – basic and diluted		$	275		$	251		$	775		$	731
Average common shares outstanding
Weighted-average shares – basic		299.7			298.0			298.8			297.5
Add dilutive nonvested stock awards		0.6			0.8			0.6			0.7
Add dilutive forward equity sale contracts		0.1			—			—			—
Weighted-average shares – diluted		300.4			298.8			299.4			298.2
Income from continuing operations per average common share available to common stockholders
Basic		$	0.92		$	0.84		$	2.59		$	2.45
Diluted		0.92			0.84			2.59			2.45