CMS Energy CEO Says 'Nothing You Should Read Into' Slimmer Deck That Dropped Data Center Funnel
Garrick Rochow said the shorter slide deck was about efficiency and that the full funnel will return at the EEI conference.
CMS Energy CEO Garrick Rochow told analysts on the company's third-quarter earnings call Tuesday that a trimmed slide deck, which left out the large-load data center funnel, was only about efficiency. "There should be nothing you should read into this," Rochow said, after a KeyBank analyst asked whether the cuts to rate-base and data center references meant something more.
Two questions about missing slides
A JPMorgan analyst asked first about the large-load pipeline, noting the funnel had appeared in earlier decks. Rochow said the company heard that feedback that morning: "We didn't include the slide," he said, adding that CMS could provide it.
Later, a KeyBank analyst asked what drove the decision to trim disclosure, citing removed references to rate base and large-load progression. CFO Sri Maddipati said she would not read much into it, noting this was a third-quarter call with a brief format. Rochow added that the shortened deck was "just being efficient with the number of slides," and that the fuller deck at the EEI conference in November "will certainly include the funnel and some other components that people are used to seeing."
Maddipati also confirmed the company's rate-base compound annual growth target of 10.5% is still supported by its capital plan, and excludes any growth from the financial compensation mechanism, the earnings it can collect on power purchase agreements.
745 megawatts, but not the big data center
CMS Energy, whose main subsidiary Consumers is an electric and gas utility serving customers in Michigan, said it has added about 745 megawatts of new contracts in its service territory. About 450 megawatts is already energized, mostly in manufacturing and semiconductors, Rochow said.
That figure leaves out the large data center agreement signed earlier this year. Rochow said the project continues to move through zoning in multiple locations and that he expects further movement after the elections.
Maddipati said the current capital plan contains no data center, because conditions such as siting must be met before that capital is included. She said the customer would not energize until the back half of the plan. She also said the earlier rule of thumb still holds: each gigawatt of data center load could drive $2 billion to $5 billion of capital spending.
Results and the road to year-end
Year to date, the company reported adjusted earnings of $2.95 a share, and it reaffirmed 2026 guidance of $3.83 to $3.90 a share, with continued confidence toward the high end. It also reaffirmed 2027 guidance of $4.08 to $4.17.
The company's market value was $21.8 billion in Tuesday morning trading. The full roll-forward of the five-year utility capital plan will come on the year-end call, Rochow said.
The EEI conference in November is where analysts expect the full deck, funnel included.
Sources
- CMS Energy Corporation (CMS) Stock Price, News, Quote & History - Yahoo Finance — Yahoo Finance
- CMS Energy (CMS) Surpasses Q3 Earnings and Revenue Estimates — Yahoo Finance
- CMS Energy Non-GAAP EPS of $1.44 beats by $0.09, revenue of $2.18B in-line (CMS:NYSE) | Seeking Alpha — seekingalpha.com
- What Is Drawing Attention To CMS Energy (CMS)? — Yahoo Finance
- CMS Energy Announces Third Quarter Results, Reaffirms 2026 and 2027 Adjusted EPS Guidance — Yahoo Finance
