Company Reports

CMS Energy reported $1.44 adjusted earnings per share for the third quarter of 2026, up from $0.93 during the same quarter in 2025, in part due to timing items. Year-to-date $2.95 EPS is up 11% from the first nine months of 2025.

CMS Energy filed its 25-year integrated resource plan on Sept. 3, detailing plans to add large amounts of renewable energy, battery storage, and natural gas generation to replace retiring units and meet demand growth.

CMS Energy reported $0.37 adjusted earnings per share for the second quarter of 2026, down from $0.71 during the same quarter in 2025. Management announced plans to exit Northstar's renewable energy development outside Michigan.

CMS Energy's decade-long transformation into a high-quality regulated utility positions it for a long runway of growth as long as Michigan regulators continue to support energy infrastructure investment.

CMS Energy reported earning $1.13 per share on an adjusted basis during the first quarter of 2026, up from $1.02 during the same quarter in 2024. Results are on track to meet our full-year forecast and management's guidance.

CMS Energy reported earning $3.61 per share on an adjusted basis in 2025, up from $3.34 in 2024 and slightly topping both management's guidance and our forecast.

CMS Energy's decade-long transformation into a high-quality regulated utility positions it for a long runway of growth as long as Michigan regulators continue to support energy infrastructure investment.

CMS Energy reported earning $0.93 per share on an adjusted basis in the third quarter of 2025, up from $0.84 in the third quarter of 2024. Year-to-date earnings are up 8% and on track to meet our full-year outlook.

CMS Energy's decade-long transformation into a high-quality regulated utility positions it for a long runway of growth as long as Michigan regulators continue to support energy infrastructure investment.

CMS Energy reported earning $0.71 per share on an adjusted basis for the second quarter of 2025, up from $0.66 in the second quarter of 2024. Year-to-date earnings are up 6% and on track to meet our full-year outlook.

CMS Energy reported earning $1.02 per share on an adjusted basis for the first quarter of 2025, up from $0.97 in the first quarter of 2024 and on track to meet our full-year outlook.

Utilities have limited direct exposure to tariffs announced by the Donald Trump administration, but falling energy demand or regulatory pushback to utilities' investment plans could slow earnings growth if economic conditions deteriorate.

Michigan regulators approved a $153.8 million annualized electric rate increase for CMS Energy on March 21. The decision keeps most of the core ratemaking structures in place.

CMS Energy's decade-long transformation into a high-quality regulated utility positions it for a long runway of growth as long as Michigan regulators continue to support energy infrastructure investment.

CMS Energy reported earning $3.34 per share on an adjusted basis for full-year 2024, in line with management's $3.29-$3.35 EPS guidance range and our outlook.

CMS Energy's decade-long transformation into a high-quality regulated utility positions it for a long runway of growth as long as Michigan regulators continue to support energy infrastructure investment.

CMS Energy's decade-long transformation into a high-quality regulated utility positions it for a long runway of growth as long as Michigan regulators continue to support energy infrastructure investment.

CMS Energy is on track to meet our full-year 2024 earnings outlook and management's $3.29-$3.35 EPS guidance range after reporting $0.84 per share of earnings during the third quarter, up from $0.61 during the third quarter of 2023.

We are reaffirming our $58 fair value estimate for CMS Energy after the company reported earning $1.63 per share in the first half of 2024 on an adjusted basis, up from $1.45 during the first half last year. We also reaffirm our narrow moat rating.

CMS Energy's decade-long transformation into a high-quality regulated utility positions it for a long runway of growth as long as Michigan regulators continue to support energy infrastructure investment. State clean energy legislation passed in 2023 should keep that investment growth going into the next decade.