CMS Energy Corp.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 28 April 2026: press release. Guidance figures: 2 kept. The quarter’s numbers.

Key takeaways

Adjusted EPS rose to $1.13: Adjusted earnings per share for the first quarter of 2026 were $1.13, against $1.02 in the first quarter of 2025. Source
2026 adjusted EPS guidance reaffirmed: The 2026 adjusted EPS range of $3.83 to $3.90 per share is unchanged from the range set in February. Source
Long-term growth held at 6 to 8 percent: Long-term adjusted EPS growth of 6 to 8 percent was reaffirmed, with continued confidence toward the high end. Source
Operating revenue rose to $2,730 million: Operating revenue was $2,730 million, up from $2,447 million in the first quarter of 2025. Source
Operating cash flow fell to $705 million: Net cash provided by operating activities was $705 million in the first quarter of 2026, against $1,000 million a year earlier. Net cash used in investing was $1,073 million, against $918 million. Source
CEO cites first-quarter execution: CEO Garrick Rochow said first-quarter execution positioned the company well for the year ahead. Source

“Strong execution in the first quarter has positioned us well for the year ahead,”
Garrick Rochow, President and CEO of CMS Energy and Consumers Energy

Guidance

Area	Period	Figure	Against last quarter
2026 adjusted EPS Source	full year 2026	$3.83 to $3.90 per share	Kept
Long-term adjusted EPS growth Source	long-term	6 to 8 percent	Kept

What changed from last quarter

Guidance kept: The 2026 adjusted EPS range of $3.83 to $3.90 is unchanged from the range raised in the February release, which had moved it from $3.80 to $3.87. Source

Earnings and growth drivers

Adjusted EPS rose to $1.13: Adjusted earnings per share for the first quarter of 2026 were $1.13, against $1.02 in the first quarter of 2025. Source
Reported EPS rose to $1.10: Reported diluted EPS was $1.10, against $1.01 a year earlier. Net income available to common stockholders was $338 million, against $302 million. Source
Adjusted net income reached $346 million: Adjusted net income was $346 million, against $304 million a year earlier. Source
Adjustments tied to NorthStar and ERP: Adjusted earnings exclude major enterprise resource planning software implementations and unrealized mark-to-market gains or losses at NorthStar Clean Energy's interest expense. Source

Guidance and long-term growth

2026 adjusted EPS guidance reaffirmed: The 2026 adjusted EPS range of $3.83 to $3.90 per share is unchanged from the range set in February. Source
Long-term growth held at 6 to 8 percent: Long-term adjusted EPS growth of 6 to 8 percent was reaffirmed, with continued confidence toward the high end. Source
No reported earnings guidance given: The company is not providing reported earnings guidance, and it is not providing a reconciliation for future-period earnings. Source

“We’re building momentum across our triple bottom line in support of customers, communities and investors.”
Garrick Rochow, President and CEO of CMS Energy and Consumers Energy

Revenue, costs and income

Operating revenue rose to $2,730 million: Operating revenue was $2,730 million, up from $2,447 million in the first quarter of 2025. Source
Operating expenses and operating income: Operating expenses were $2,240 million, against $1,953 million, and operating income was $490 million, against $494 million. Source
Other income and interest both rose: Other income was $75 million, against $50 million, and interest charges were $203 million, against $186 million. Source
Income tax expense rose to $85 million: Income tax expense was $85 million, against $63 million, and net income was $277 million, against $295 million. Source
Noncontrolling loss widened to $63 million: Loss attributable to noncontrolling interests was $63 million, against $9 million. Net income attributable to CMS Energy was $340 million, against $304 million. Source

Balance sheet and capital base

Plant and equipment rose to $31,533 million: Plant, property and equipment was $31,533 million at March 31, 2026, against $30,680 million at December 31, 2025. Source
Debt and finance leases were $18,538 million: Debt and finance leases, excluding securitization debt, were $18,538 million, against $18,313 million at December 31, 2025. Source
Common equity rose to $9,242 million: Common stockholders' equity was $9,242 million, against $8,920 million at December 31, 2025. Total capitalization excluding securitization debt was $28,589 million. Source
Total assets reached $40,285 million: Total assets were $40,285 million, against $39,941 million. Securitization debt was $540 million, against $585 million. Source

Cash flow and liquidity

Operating cash flow fell to $705 million: Net cash provided by operating activities was $705 million in the first quarter of 2026, against $1,000 million a year earlier. Net cash used in investing was $1,073 million, against $918 million. Source
Financing inflow was $16 million: Net cash provided by financing activities was $16 million, against $266 million. Total cash flows were negative $352 million, against positive $348 million. Source
Cash and equivalents fell to $175 million: Cash and cash equivalents were $175 million at March 31, 2026, against $509 million at December 31, 2025. Restricted cash was $88 million, against $106 million. Source

Leadership and strategy

Michigan-based energy provider profile: CMS Energy describes itself as a Michigan-based energy provider with Consumers Energy as its primary business, and it owns independent power generation businesses. Source
CEO cites first-quarter execution: CEO Garrick Rochow said first-quarter execution positioned the company well for the year ahead. Source
Media and investor contacts listed: Katie Carey is the media contact and Travis Uphaus is the investment analyst contact. Source

Figures management reported

Figure	Reported
EPS growth target Source	6 to 8 percent long-term adjusted EPS growth

Earlier plans management reported on

Not stated: Management reaffirmed a 2026 range that was set earlier, without stating progress against it. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

CMS Energy Announces First Quarter Results for 2026, Reaffirms 2026 Adjusted EPS Guidance

JACKSON, Mich., April 28, 2026 - CMS Energy announced today reported earnings per share of $1.10 for the first quarter of 2026, compared to $1.01 per share for 2025. The company’s adjusted earnings per share for the first quarter were $1.13, compared to $1.02 per share for 2025.

CMS Energy reaffirmed its 2026 adjusted earnings guidance of $3.83 to $3.90 per share (*See below for important information about non-GAAP measures) and long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end.

“Strong execution in the first quarter has positioned us well for the year ahead,” said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy. “We’re building momentum across our triple bottom line in support of customers, communities and investors.”

CMS Energy (NYSE: CMS) is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses.

CMS Energy will hold a webcast to discuss its 2026 first quarter results and provide a business and financial outlook on Tuesday, April 28 at 10:00 a.m. (EDT). To participate in the webcast, go to CMS Energy’s homepage (cmsenergy.com) and select “Events and Presentations.”

Important information for investors about non-GAAP measures and other disclosures.

This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation program, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The company's adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings.

This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy's and Consumers Energy's results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings.

Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.

Media Contacts: Katie Carey, 517/740-1739

Investment Analyst Contact: Travis Uphaus, 517/817-9241

CMS ENERGY CORPORATION

Consolidated Statements of Income

(Unaudited)

	In Millions, Except Per Share Amounts
	Three Months Ended
	3/31/26	3/31/25
Operating revenue	$2,730	$2,447
Operating expenses	2,240	1,953
Operating Income	490	494
Other income	75	50
Interest charges	203	186
Income Before Income Taxes	362	358
Income tax expense	85	63
Net Income	277	295
Loss attributable to noncontrolling interests	(63)	(9)
Net Income Attributable to CMS Energy	340	304
Preferred stock dividends	2	2
Net Income Available to Common Stockholders	$338	$302
Diluted Earnings Per Average Common Share	$1.10	$1.01

CMS ENERGY CORPORATION

Summarized Consolidated Balance Sheets

(Unaudited)

	In Millions
	As of
	3/31/26	12/31/25
Assets
Current assets
Cash and cash equivalents	$175	$509
Restricted cash and cash equivalents	88	106
Other current assets	2,762	2,857
Total current assets	3,025	3,472
Non-current assets
Plant, property, and equipment	31,533	30,680
Other non-current assets	5,727	5,789
Total Assets	$40,285	$39,941
Liabilities and Equity
Current liabilities	$2,232	$2,592
Non-current liabilities	8,924	8,740
Capitalization
Debt and finance leases (excluding securitization debt)	18,538	18,313
Preferred stock and securities	224	224
Noncontrolling interests	585	567
Common stockholders' equity	9,242	8,920
Total capitalization (excluding securitization debt)	28,589	28,024
Securitization debt	540	585
Total Liabilities and Equity	$40,285	$39,941

Excludes debt and finance leases.

Includes current and non-current portions.

CMS ENERGY CORPORATION

Summarized Consolidated Statements of Cash Flows

(Unaudited)

	In Millions
	Three Months Ended
	3/31/26	3/31/25
Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts	$615	$178
Net cash provided by operating activities	705	1,000
Net cash used in investing activities	(1,073)	(918)
Cash flows from operating and investing activities	(368)	82
Net cash provided by financing activities	16	266
Total Cash Flows	$(352)	$348
End of Period Cash and Cash Equivalents, Including Restricted Amounts	$263	$526

CMS ENERGY CORPORATION

Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income

(Unaudited)

	In Millions, Except Per Share Amounts
	Three Months Ended
	3/31/26	3/31/25
Net Income Available to Common Stockholders	$338	$302
Reconciling items:
Other exclusions from adjusted earnings**	11	3
Tax impact	(3)	(1)
Adjusted net income - non-GAAP	$346	$304
Average Common Shares Outstanding - Diluted	307.1	299.1
Diluted Earnings Per Average Common Share
Reported net income per share	$1.10	$1.01
Reconciling items:
Other exclusions from adjusted earnings**	0.04	0.01
Tax impact	(0.01)	(*)
Adjusted net income per share - non-GAAP	$1.13	$1.02

* Less than $0.5 million or $0.01 per share.

** Includes major enterprise resource planning software implementations and unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense.

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the Company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation program, changes in federal and state tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.