CMS Energy : First Quarter 2026 Earnings Call (Release & Digest)

Published: 2026-04-28 06:42:24 ET CMS

Published on 04/28/2026 at 06:42 am EDT

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."

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

News Release

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.

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

Media Contacts: Katie Carey, 517/740-1739

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

2

In Millions, Except Per Share Amounts

Three Months Ended

3/31/26

3/31/25

Change

Operating Revenue

Electric utility

Gas utility

NorthStar Clean Energy

Total operating revenue

Operating Expenses

Fuel for electric generation

Purchased and interchange power

Purchased power - related parties

Cost of gas sold

Maintenance and other operating expenses

Depreciation and amortization

General taxes

Total operating expenses

Operating Income (Loss)

Electric utility

Gas utility

NorthStar Clean Energy

Other

Total operating income

Other Income (Expense)

Nonoperating retirement benefits, net

Other income

Other expense

Total other income

Earnings Before Interest, Taxes, and Other Charges

Interest on long-term debt

Interest expense - related parties

Other interest expense

Allowance for borrowed funds used during construction

Income tax expense

Net Income

Loss attributable to noncontrolling interests

Net Income Attributable to CMS Energy

Preferred stock dividends

Net Income Available to Common Stockholders

Reconciling items:

Other exclusions from adjusted earnings

Tax impact

Adjusted Net Income - Non-GAAP

$

1,368

1,244

118

2,730

Average Common Shares Outstanding - Diluted

Diluted Earnings Per Average Common Share

Reconciling items:

Other exclusions from adjusted earnings

Tax impact

Adjusted Diluted Earnings Per Average Common Share - Non-GAAP

307.1

$

1.10

*

Less than $0.5 million or $0.01 per share.

$

1,299

1,049

99

2,447

$

69

195

19

283

220

451

20

516

448

412

173

2,240

217

380

18

383

405

388

162

1,953

3

71

2

133

43

24

11

287

179

333

(20)

(2)

490

202

311

(17)

(2)

494

(23)

22

(3)

-

(4)

51

28

(4)

75

565

209

3

(1)

(8)

85

277

(63)

340

2

$

338

42

14

(6)

50

544

187

3

(1)

(3)

63

295

(9)

304

2

$

302

9

14

2

25

21

22

-

-

(5)

22

(18)

(54)

36

-

$

36

11

(3)

$ 346

3

(1)

304

8

(2)

$ 42

299.1

$

1.01

8.0

$

0.09

0.04

(0.01)

$ 1.13

0.01

(*)

$ 1.02

0.03

(0.01)

$ 0.11

In Millions

As of

3/31/26

12/31/25

Assets

Current assets

Cash and cash equivalents

Restricted cash and cash equivalents

Other current assets

Total current assets

Non-current assets

Plant, property, and equipment

Other non-current assets

Total Assets

31,533

5,727

$ 40,285

30,680

5,789

$ 39,941

Liabilities and Equity

Current liabilities (1)

Non-current liabilities (1)

Capitalization

Debt and finance leases (excluding securitization debt) (2)

Preferred stock and securities

Noncontrolling interests

Common stockholders' equity

Total capitalization (excluding securitization debt)

Securitization debt (2)

Total Liabilities and Equity

18,538

224

585

9,242

28,589

540

$ 40,285

(1)

Excludes debt and finance leases.

(2)

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

$

175

88

2,762

3,025

$

509

106

2,857

3,472

$

2,232

8,924

$

2,592

8,740

18,313

224

567

8,920

28,024

585

$ 39,941

$

615

$

178

Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts

Net cash provided by operating activities

Net cash used in investing activities

Cash flows from operating and investing activities

Net cash provided by financing activities

705

(1,073)

(368)

16

1,000

(918)

82

266

$

(352)

$

348

Total Cash Flows

$

263

$

526

End of Period Cash and Cash Equivalents, Including Restricted Amounts

EBIT - Non-GAAP (1)

Consolidated

Consumers Energy

Depreciation and Amortization

Consolidated

Consumers Energy

EBITDA - Non-GAAP (1)

Consolidated

Consumers Energy

Dividends and Other Distributions From Subsidiaries

Interest Expense, Net

Consolidated

Energy parent

Consumers Energy

$

2,085

2,023

$

2,056

1,993

$

1,882

1,820

$

1,330

1,279

$

1,306

1,254

$

1,260

1,210

$

3,415

3,302

$

935

$

3,362

3,247

$

898

$

3,142

3,030

$

906

$

203

$

789

$

717

73

266

217

128

530

496

In Millions

As of

3/31/26

12/31/25

3/31/25

$

29.92

308.9

$

29.11

306.4

$

27.11

299.1

306.4

307.1

300.4

301.0

298.2

299.1

$

5,202

632

12,704

18,538

540

$

19,078

$

5,201

508

12,604

18,313

585

$

18,898

$

4,643

198

11,467

16,308

658

$

16,966

$

429

25

17

38

$

509

$

323

61

54

27

$

465

In Millions

Twelve Months Ended

3/31/26

12/31/25

3/31/25

Book Value Per Share

Common Shares Outstanding - End of Period

Average Common Shares Outstanding

Basic

Diluted

Debt (2)

Energy parent

NorthStar Clean Energy

Consumers Energy (excluding securitization bonds)

Consolidated (excluding securitization bonds)

Securitization bonds

Consolidated

Unrestricted Cash and Cash Equivalents

Energy parent

Consumers Energy

CMS Treasury Services

Other

Consolidated

$

67

9

-

99

$

175

(1)

EBIT (non-GAAP) equals net income available to common stockholders + income taxes + interest charges + noncontrolling interests + discontinued operations + writedowns + impairments + losses (gains) on asset sales + accounting changes. EBITDA (non-GAAP) equals EBIT + depreciation and amortization.

(2)

Includes current maturities, leases and notes payable.

Net Income Available to Common Stockholders

Reconciling items:

Income tax expense

Interest on long-term debt

Interest expense - related parties

Other interest expense

Allowance for borrowed funds used during construction

Loss attributable to noncontrolling interests

Preferred stock dividends

Other exclusions from adjusted earnings

State tax policy change

In Millions

Twelve Months Ended

3/31/26

12/31/25

3/31/25

$

1,097

$

1,061

$

1,010

256

820

11

(9)

(16)

(123)

10

27

12

234

798

11

(9)

(11)

(69)

10

19

12

181

715

12

11

(21)

(41)

10

5

-

EBIT - Non-GAAP

Additional reconciling items:

Depreciation and amortization

2,085 2,056 1,882

1,330 1,306 1,260

$

3,415

$

3,362

$

3,142

EBITDA - Non-GAAP

CONSUMERS ENERGY COMPANY

Reconciliations of GAAP Net Income to Non-GAAP EBIT and EBITDA

(Unaudited)

In Millions

Twelve Months Ended

3/31/26

12/31/25

3/31/25

Net Income Available to Common Stockholder

$

1,127

$

1,127

$

1,078

Reconciling items:

Income tax expense

286

276

219

Interest on long-term debt

532

521

489

Interest expense - related parties

45

41

35

Other interest expense

8

8

10

Allowance for borrowed funds used during construction

(16)

(10)

(15)

Preferred stock dividends

2

2

2

Other exclusions from adjusted earnings

27

16

2

State tax policy change

12

12

-

EBIT - Non-GAAP

Additional reconciling items:

Depreciation and amortization

2,023 1,993 1,820

1,279 1,254 1,210

$

3,302

$

3,247

$

3,030

EBITDA - Non-GAAP

Three Months Ended March 31

3/31/26 3/31/25

Adjusted EPS - Non-GAAP

Electric utility $ 0.39 $ 0.42

Gas utility 0.72 0.71

NorthStar Clean Energy 0.13 (0.05) Energy parent (0.11) (0.06)

Consolidated $ 1.13 $ 1.02

Variance

$ (0.03)

0.01

0.18

(0.05)

$ 0.11

Variance Explanations:

ELECTRIC UTILITY

Deliveries of 9,136 GWh, up 109 GWh (weather-driven impact, up 12 GWh)

Electric rate relief and renewables

Higher operating & maintenance expenses, including service restoration

Higher investment costs (depreciation, property taxes, fixed costs & AFUDC)

Other, including taxes

Change in shares outstanding

GAS UTILITY

Deliveries, including transportation to end-use customers, of

134.7 bcf, up 0.1 bcf (weather-driven impact, up 1.0 bcf)

Gas rate relief

Higher operating & maintenance expenses

Higher investment costs (depreciation, property taxes & fixed costs)

Other, including taxes

Change in shares outstanding

$ (0.01)

0.06

(0.03)

(0.01)

(0.03)

(0.01)

$ (0.03)

$ 0.01

0.12

(0.02)

(0.06)

(0.02)

(0.02)

$ 0.01

NORTHSTAR CLEAN ENERGY AND ENERGY PARENT

- NorthStar Clean Energy $ 0.18

- Energy parent (0.05)

- Change in shares outstanding *

$ 0.13

WEATHER IMPACTS

3/31/26 3/31/25

Weather

- Warmer (colder) than normal using 15-

year average temperatures (1.6) % 1.5 %

Electric Utility

- Increase (decrease) from normal in:

Electric sales (GWh) 3 (9) EPS $ - $ -

Gas Utility

- Increase (decrease) from normal in:

Gas sales (bcf) 0.1 (0.9)

EPS $ - $ (0.01)

Total EPS Weather Impacts $ - $ (0.01)

*

Less than $0.01 per share.

$

0.42

0.04

(0.01)

$ 0.39

*

(*)

$ 0.42

$

0.71

*

(*)

$ 0.72

*

(*)

$ 0.71

$

(0.06)

In Millions, Except Per Share Amounts

Three Months Ended

3/31/26

3/31/25

Electric Utility

Reported net income per share

Reconciling items:

Other exclusions from adjusted earnings

Tax impact

Adjusted net income per share - non-GAAP

$

0.36

Gas Utility

Reported net income per share

Reconciling items:

Other exclusions from adjusted earnings

Tax impact

Adjusted net income per share - non-GAAP

$

0.72

NorthStar Clean Energy

Reported net income (loss) per share

Reconciling items:

Other exclusions from adjusted earnings

Tax impact

Adjusted net income (loss) per share - non-GAAP

$

0.13

Corporate Interest and Other

Reported net loss per share

Reconciling items:

Other exclusions from adjusted earnings

Tax impact

Adjusted net loss per share - non-GAAP

$

(0.11)

Consolidated

Reported net income per share

Reconciling items:

Other exclusions from adjusted earnings

Tax impact

Adjusted net income per share - non-GAAP

$

1.10

(*)

*

$ 0.13

0.01

(*)

$ (0.05)

$

(0.06)

-

-

$ (0.11)

-

-

$ (0.06)

$

1.01

0.04

(0.01)

$ 1.13

0.01

(*)

$ 1.02

Average Common Shares Outstanding - Diluted 307.1 299.1

*

Less than $0.01 per share.

$

302

In Millions, Except Per Share Amounts

Three Months Ended

3/31/26

3/31/25

Net Income Available to Common Stockholders

Reconciling items:

Other exclusions from adjusted earnings**

Tax impact

$

338

11

(3)

3

(1)

$

346

$

304

Adjusted net income - non-GAAP

$

1.01

Average Common Shares Outstanding - Diluted 307.1 299.1

Diluted Earnings Per Average Common Share

Reported net income per share

Reconciling items:

Other exclusions from adjusted earnings**

Tax impact

$

1.10

0.04

(0.01)

0.01

(*)

$

1.13

$

1.02

Adjusted net income per share - non-GAAP

*

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.

Net Income Available to Common Stockholders

Reconciling items:

Electric utility and gas utility

Tax impact

NorthStar Clean Energy

Tax impact

Corporate interest and other

Tax impact

Adjusted Net Income - Non-GAAP

In Millions, Except Per Share Amounts

2026

1Q

$

338

11

(3)

(*)

*

-

-

346

$

Diluted Earnings Per Average Common Share

Reconciling items:

Electric utility and gas utility

Tax impact

NorthStar Clean Energy

Tax impact

Corporate interest and other

Tax impact

Adjusted Diluted Earnings Per Average Common Share - Non-GAAP

0.04

(0.01)

(*)

*

-

-

1.13

Average Common Shares Outstanding - Diluted 307.1

$

1.10

$

198

$

275

$

286

$

In Millions, Except Per Share Amounts

2025

1Q

2Q

3Q

4Q

Net Income Available to Common Stockholders

Reconciling items:

Electric utility and gas utility

Tax impact

NorthStar Clean Energy

Tax impact

Corporate interest and other

Tax impact

Adjusted Net Income - Non-GAAP

$

302

*

(*)

3

(1)

-

-

$ 304

4

11

1

(*)

-

(*)

$ 214

6

(2)

*

(*)

-

-

$ 279

6

(1)

(1)

(*)

-

-

$ 290

$

0.66

$

0.92

$

0.94

*

(*)

0.01

(*)

-

-

$ 1.02

0.01

0.04

*

(*)

-

(*)

$ 0.71

0.02

(0.01)

*

(*)

-

-

$ 0.93

0.02

(*)

(0.01)

*

-

-

$ 0.95

Average Common Shares Outstanding - Diluted 299.1 299.1 300.4 305.8

Diluted Earnings Per Average Common Share

Reconciling items:

Electric utility and gas utility

Tax impact

NorthStar Clean Energy

Tax impact

Corporate interest and other

Tax impact

Adjusted Diluted Earnings Per Average Common Share - Non-GAAP

$

1.01

*

Less than $0.5 million or $0.01 per share.

$

1,299

1,049

2,348

$

69

195

264

161

419

20

514

416

400

170

2,100

193

335

18

382

373

375

159

1,835

(32)

84

2

132

43

25

11

265

179

333

512

202

311

513

(23)

22

(1)

48

21

(3)

66

39

10

(3)

46

9

11

-

20

133

14

(8)

139

439

93

122

10

(2)

130

429

83

11

4

(6)

9

10

10

110

220

16

$ 346

124

213

9

$ 346

(14)

7

7

$ -

In Millions

Three Months Ended

3/31/26

3/31/25

Change

Operating Revenue

Electric utility

Gas utility

Total operating revenue

Operating Expenses

Fuel for electric generation

Purchased and interchange power

Purchased power - related parties

Cost of gas sold

Maintenance and other operating expenses

Depreciation and amortization

General taxes

Total operating expenses

Operating Income

Electric utility

Gas utility

Total operating income

Other Income (Expense)

Nonoperating retirement benefits, net

Other income

Other expense

Total other income

Interest Charges

Interest on long-term debt

Interest expense - related parties

Allowance for borrowed funds used during construction

Total interest charges

Income Before Income Taxes

Income Tax Expense

Net Income Available to Common Stockholder

Electric utility

Gas utility

Other

Total net income available to common stockholder

$

1,368

1,244

2,612

3,220

2,844

2,219

34

-

819

9,136

1,361

10,497

3,205

2,911

2,041

35

1

834

9,027

1,940

10,967

$

663

447

202

11

1,323

13

19

13

$

1,368

In Millions, Except as Noted

Three Months Ended

3/31/26

3/31/25

% Change

In Millions of kWh, Except as Noted

Three Months Ended

3/31/26

3/31/25

% Change

Electric Deliveries

Residential

Commercial

Industrial

Other

Wholesale

Retail open access

Total customer deliveries

Intersystem

Total electric deliveries

0.5

(2.3)

8.7

(2.9)

(100.0)

(1.8)

1.2

(29.8)

(4.3)

Weather-Normalized Electric Deliveries (1)

Residential

Commercial

Industrial

Other

Wholesale

Retail open access

Total weather-normalized electric deliveries

3,201

2,859

2,219

35

-

819

9,133

3,215

2,911

2,040

35

1

834

9,036

(0.4)

(1.8)

8.8

-

(100.0)

(1.8)

1.1

Weather-Normalized Electric Deliveries (1)

(By Class, Including Retail Open Access)

Residential

Commercial

Industrial

Other

Wholesale

Total weather-normalized electric deliveries

3,201

3,097

2,800

35

-

9,133

3,215

3,141

2,644

35

1

9,036

(0.4)

(1.4)

5.9

-

(100.0)

1.1

(1)

Excludes intersystem deliveries.

Electric Utility Revenue

Residential

Commercial

Industrial

Other

Total sales revenue

Retail open access

Intersystem

Miscellaneous

Total electric utility revenue

$

594

11.6

418

6.9

173

16.8

10

10.0

1,195

10.7

12

8.3

77

(75.3)

15

(13.3)

$

1,299

5.3

In Thousands of mcf, Except as Noted

Three Months Ended

3/31/26

3/31/25

% Change

Gas Deliveries

Residential

Commercial

Industrial

Other

Transportation

Total customer deliveries

Off-system transportation

MCV

Other

Total gas deliveries

16,781

4,194

155,668

15,848

3,304

153,713

1.3

2.2

(3.7)

12.5

(4.4)

0.1

Weather-Normalized Gas Deliveries (1)

Residential

Commercial

Industrial

Other

Transportation

Total weather-normalized gas deliveries

73,561

28,561

3,790

52

28,614

134,578

73,349

27,924

4,028

49

30,148

135,498

0.3

2.3

(5.9)

6.1

(5.1)

(0.7)

Weather-Normalized Gas Deliveries (1)

(By Class, Including Transportation)

Residential

Commercial

Industrial

Other

Total weather-normalized gas deliveries

74,134

38,956

21,431

57

134,578

73,923

38,827

22,699

49

135,498

0.3

0.3

(5.6)

16.3

(0.7)

(1)

Excludes off-system transportation deliveries.

Gas Utility Revenue

Residential

Commercial

Industrial

Total sales revenue

Transportation

Miscellaneous

Total gas utility revenue

$

731

21.8

239

15.1

30

10.0

1,000

19.8

41

12.2

8

(100.0)

$

1,049

18.6

73,553

28,781

3,846

54

28,459

134,693

72,597

28,150

3,994

48

29,772

134,561

5.9

26.9

1.3

$

890

275

33

1,198

46

-

$

1,244

In Millions, Except as Noted

Three Months Ended

3/31/26

3/31/25

% Change

Disclaimer

CMS Energy Corporation published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 10:41 UTC.