CMS Energy (CMS) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 23, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

1.1

Last Year’s EPS

1.02

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 9 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 05, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized numerous constructive regulatory approvals, strong operational execution, and clear growth initiatives (renewables plan, $24B five-year investments, data center tariff and pipeline, solid 2025 EPS performance and raised 2026 guidance). Key risks discussed include a recent adverse ALJ preliminary rate decision (low ROE), elevated equity and refinancing needs that dilute headline growth, and weather/municipal zoning timing risks. On balance, highlights substantially outweigh the lowlights, driven by confirmed investment opportunities, strong cost-saving programs, maintained credit profile, and management confidence in constructive final regulatory outcomes.

Company Guidance

CMS reported 2025 adjusted EPS of $3.61 (up >8% vs. 2024) and raised 2026 adjusted EPS guidance to $3.83–$3.90, implying 6%–8% growth off 2025 with confidence toward the high end; management expects the 2026 guide to be driven by utility adjusted earnings of roughly $4.28–$4.33 and a NorthStar contribution of $0.25–$0.30, with a weather normalizing headwind of ~$0.22, rate relief pickup of ~$0.37, productivity/storm normalization benefit of ~$0.12 and other net items of –$0.05 to +$0.02. Capital and funding metrics include a five‑year $24 billion utility customer investment plan (up $4 billion), ~$14 billion of customer investment opportunity from the approved 20‑year renewable plan over the next decade, 10.5% rate base growth through 2030, planned 2026 utility issuances of a little over $1.7 billion, parent equity issuance of ≈$700 million in 2026 (ATM) and average equity needs of ≈$750 million/year (historical $0.40 equity per $1 incremental CapEx), plus >$1 billion of junior subs over the plan and parent refinancings of roughly $1.7 billion. Other notable metrics embedded in the guidance: near‑term load growth ~3% (weather‑normalized) with 2–3% run‑rate thereafter, nearly $50 million of FCM incentives by decade‑end, ~ $65 million/year of energy efficiency incentives, CE Way savings >$100 million in 2025, energy‑waste reduction savings ≈$1.2 billion for customers in 2025, targeted dividend payout ≈60% in 2026 (~55% over the five‑year plan), and the company expects to maintain solid investment‑grade credit metrics.

Record Adjusted EPS and Growth

2025 adjusted EPS of $3.61, up over 8% versus 2024; 2026 guidance raised to $3.83–$3.90 (a $0.03 increase on both ends) implying 6%–8% growth and management guiding toward the high end.

Large Load Tariff Approved

Large load tariff approved in November to support data center growth while protecting existing customers; commercial terms reached for a data center with potential online timing as early as 2028 and an expanding pipeline of prospects.

Twenty-Year Renewable Energy Plan Approved

Approval of a 20-year renewable energy plan providing roughly $14 billion of customer investment opportunity over the next decade and regulatory visibility for long-term solar and wind investments.

Five-Year Customer Investment Plan Increased

Utility five-year customer investment plan increased to $24 billion (up $4 billion from prior plan), supporting ~10.5% rate base growth through 2030 and additional electric generation, distribution reliability, and gas investments.

Affordability and Customer Savings

Residential natural gas rate ~28% below the national average; CE Way delivered over $100 million of savings in 2025; energy waste reduction program expected to save customers approximately $1.2 billion in 2025; customers' utility bills are ~3% of total expenses, down 150 basis points from a decade ago.

Strong Funding and Credit Profile

Invested $3.8 billion in 2025 funded largely via operating cash flow, well-priced bond/equity financings and tax credit transfers; S&P affirmed parent credit; management expects to maintain solid investment-grade ratings.

Additional Growth Drivers Beyond Rate Base

Financial compensation mechanism for PPAs expected to offer nearly $50 million of incentives by decade end; energy efficiency incentives ~ $65 million per year; NorthStar incremental earnings expected (DIG and renewables) with EPS contribution of $0.25–$0.30 in 2026.

Dividend Policy and Capital Return

Commitment to grow dividend (more than 20 years of increases); targeting dividend payout ratio ~60% in 2026 and ~55% over the five-year plan.

Operational Performance and Reliability Outcomes

Constructive regulatory outcomes in 2025 (electric and gas rate orders and first-ever storm deferral mechanism) supporting investments to improve reliability and gas safety; $1+ billion invested in storage/delivery infrastructure in 2025 to ensure winter readiness.

Load Growth Expectations

Expecting select large multiyear economic development projects to yield ~3% weather-normalized load growth in 2026 with a 2%–3% run rate in outer years; 450 MW of connected load in prior year noted.

CMS Energy (CMS) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CMS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 23, 2026	2026 (Q1)	1.10 / -	1.02	―	―	―
Feb 05, 2026	2025 (Q4)	0.93 / 0.95	0.87	9.20% (+0.08)
Oct 30, 2025	2025 (Q3)	0.86 / 0.93	0.84	10.71% (+0.09)
Jul 31, 2025	2025 (Q2)	0.68 / 0.71	0.66	7.58% (+0.05)
Apr 24, 2025	2025 (Q1)	1.01 / 1.02	0.97	5.15% (+0.05)
Feb 06, 2025	2024 (Q4)	0.87 / 0.87	1.05	-17.14% (-0.18)
Oct 31, 2024	2024 (Q3)	0.78 / 0.84	0.61	37.70% (+0.23)
Jul 25, 2024	2024 (Q2)	0.62 / 0.66	0.75	-12.00% (-0.09)
Apr 25, 2024	2024 (Q1)	0.92 / 0.97	0.7	38.57% (+0.27)
Feb 01, 2024	2023 (Q4)	1.04 / 1.05	0.6	75.00% (+0.45)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CMS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 05, 2026	$71.60	$72.86	+1.76%
Oct 30, 2025	$71.75	$72.66	+1.27%
Jul 31, 2025	$71.11	$72.71	+2.26%
Apr 24, 2025	$71.88	$72.50	+0.87%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does CMS Energy (CMS) report earnings?

CMS Energy (CMS) is schdueled to report earning on Apr 23, 2026, Before Open (Confirmed).

What is CMS Energy (CMS) earnings time?

CMS Energy (CMS) earnings time is at Apr 23, 2026, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is CMS EPS forecast?

CMS EPS forecast for the fiscal quarter 2026 (Q1) is 1.1.