CMS Energy Corporation (CMS) Earnings
CMS Energy Corporation is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $0.78. CMS has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +3.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $1.11 | $1.13 | +1.8% | $2.7B | +11.1% |
| Feb 5, 2026 | $0.94 | $0.95 | +1.1% | $2.2B | -11.6% |
| Oct 30, 2025 | $0.86 | $0.93 | +8.1% | $2.0B | +9.5% |
| Jul 31, 2025 | $0.68 | $0.71 | +4.4% | $1.8B | +5.8% |
| Apr 24, 2025 | $1.01 | $1.02 | +1.0% | $2.4B | +9.3% |
| Feb 6, 2025 | $0.87 | $0.87 | +0.0% | $2.0B | -8.2% |
| Oct 31, 2024 | $0.78 | $0.84 | +7.7% | $1.7B | -7.3% |
| Jul 25, 2024 | $0.63 | $0.66 | +4.8% | $1.6B | -6.9% |
| Apr 25, 2024 | $0.94 | $0.97 | +3.2% | $2.2B | -6.3% |
| Feb 1, 2024 | $1.05 | $1.05 | +0.0% | $1.9B | -29.0% |
| Oct 26, 2023 | $0.61 | $0.61 | +0.0% | $1.7B | -21.7% |
| Jul 27, 2023 | $0.70 | $0.75 | +7.1% | $1.6B | -23.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Jason Shore introduced Garrick J. Rochow and Rejji P. Hayes. Garrick discussed the investment thesis, recent electric rate case outcomes with commission approval of over 65% of the ask and support for customer investments, upcoming regulatory agenda including gas rate case staff recommendation and 20-year renewable energy plan filing with growth scenario. Highlighted customer affordability with Michigan electric bills being 14th lowest in the nation and efforts to bring down costs. Talked about growth pipeline with Michigan Potash signed contract and progress in data center negotiations. Rejji discussed financial waterfall chart drivers, funding needs in 2026, credit quality with Moody's and Fitch reaffirming ratings but Moody's negative outlook due to capital plan timing, and plans to address concerns.
Guidance
In the first quarter, adjusted earnings per share were $1.13. Reaffirmed full-year guidance of $3.83 to $3.90 per share with confidence toward the high end. Long-term guidance remains toward the high end of the 6% to 8% adjusted EPS growth range.
Segment performance
In the first quarter, adjusted earnings per share were $1.13. The electric business had a regulatory outcome where the commission approved over 65% of the ask and maintained a 9.9% ROE. NorthStar outperformed a soft comp in the prior year's first quarter, and there were rate relief and renewable project earnings. Cost trends included an uptick in storm activity with an ice storm in March, and a catch-all category had positive variance from renewable project milestones and a DIG outage reversal offset by higher parent financing costs. The utility's top-line was impacted by normal weather with a $0.01 per share favorable variance, rate relief net of investments gave $0.11 per share positive variance, storm activity led to $0.05 per share negative variance, and the catch-all had $0.04 per share positive variance. Outlook includes normal weather expected to cause $0.23 per share negative variance, regulatory assumed $0.24 per share positive variance, lower O&M expense expected $0.04 per share positive variance, and an estimated $0.06 to $0.13 per share positive variance from NorthStar and parent financing.
Risks & headwinds
Moody’s moved the utility to a negative outlook largely due to the size of the five-year capital investment plan relative to the timing of cost recovery, particularly for large projects with protracted construction cycles. There are also risks related to regulatory proceedings not going as expected and potential challenges in executing on the growth pipeline including data center zoning and contract negotiations.
Analyst Q&A
Q: There has been a lot of attention on data centers, and there is a lot to dig into here. You talked about confidence in what you are seeing. I am curious about the opportunities as it stands now relative to last quarter, and in particular, if you see both of these data centers come through, what is the potential to defer or delay your electric rate case filing cadence on the back of that?
A: I am very pleased with the progress. The pipeline is strong and larger than historically shared. Data centers are making good progress with contractual pieces and zoning. I have not seen DTE's filing, but we have a good tariff in place. There is significant capital runway and focus on affordability.
Q: Following up on case cadence, are there any specific triggers that would increase the time between cases?
A: In terms of settlement, we have stayed out of cases before. It is not abnormal. It is about bringing affordability to customers.
Q: Given the Gaines Township tabling on April 15, can you reaffirm the “as early as 2028” online date for your final-stages prospect, or has that timeline softened?
A: The project timelines are the same. 2028 is the timeline within the contracts.
Q: Without naming the customer, is the prospect you have reached commercial agreement with the same one tied to the Gaines process or a different site in your territory?
A: There are at least two hyperscalers in advanced negotiation, one we are finalizing contract with, many in pipeline.
Q: Since you have executed on the bulk of 2026 equity needs—still a little outstanding—how are you thinking about being proactive to de-risk 2027 and 2028?
A: We plan $700 million this year, average $750 million for next four years but front-end loaded. We have used equity forward product and will consider more if stock trades well.
Q: How are you thinking about affordability going into the elections? What is the level of understanding from the candidates over the possibility that utilities could lower rates with new data center load, and any thoughts there?
A: We are an honest broker focused on Michigan and customers. Meet with gubernatorial candidates, supportive of data centers. Affordability is defined by end user, work on internal tools and external solutions.
Q: On the data center pipeline, you talked to incremental CapEx upside that is not in the plan. As we think about your earnings trajectory, is this something that can contribute in the next five years if you bring these over the finish line?
A: Load ramps start in 2028, material ramp in next decade. It is premature to say it will immediately increase EPS growth, job one is to convert opportunities.
Q: State legislation update—does anything get done in an election year? Any impact on your cadence of regulatory filings?
A: Most focus on state budget, likely little policy movement. We are engaged and will find right solutions.
Q: Any change in your rate case cadence—electric in spring and gas in fall?
A: No, electric rate case filed in June, gas case PFD in August, final order September-October.
Q: On the demand side, you signed 110 megawatts of new load year to date versus 100 megawatts signed last year and 450 megawatts connected last year. Of the 110 new, when do you expect that to connect and ramp?
A: Varies, some expansions underway, will share specifics when can.
Q: You highlighted increasing diversity within your development pipeline. Is it fair to think about deemphasizing data centers in that pipeline? Any change in attractiveness of your service territory for hyperscalers?
A: No deemphasis, Michigan has diverse growth including data centers, manufacturing, agriculture, defense, and data centers are making progress with attractiveness remaining.