CMS Energy (CMS) Q1 2026 earnings summary

Executive summary

• Q1 2026 adjusted EPS was $1.13, up from $1.02 year-over-year, with reported EPS at $1.10 versus $1.01, reflecting strong operational execution and strategic plan delivery.

• Net income available to common stockholders for Q1 2026 was $338 million, up from $302 million in Q1 2025.

• Full-year 2026 adjusted EPS guidance reaffirmed at $3.83–$3.90, with confidence toward the high end.

• Focus on clean energy leadership, diversified growth, and maintaining affordability for customers.

• Significant load growth driven by new contracts, including data centers and major industrial expansions, supporting 2%–3% annual sales growth.

Financial highlights

• Q1 2026 adjusted net income was $346 million or $1.13 per share, up from $304 million or $1.02 per share in Q1 2025.

• Operating revenue for Q1 2026 was $2.73 billion, up from $2.45 billion in Q1 2025.

• Annual dividend per share increased to $2.28, up 11%.

• Rate relief and renewable project milestones contributed positively, while storm costs and higher parent financing costs were headwinds.

• Capital expenditures increased to $1.04 billion from $888 million year-over-year.

Outlook and guidance

• 2026 adjusted EPS guidance reaffirmed at $3.83–$3.90, with confidence toward the high end.

• Long-term adjusted EPS growth target remains at 6%–8% annually.

• Five-year plan includes over $24B in investments, with additional upside from new large load opportunities.

• IRP filing in June to include 1.5 GW new gas capacity and 13 GW renewables, with growth scenarios for additional capacity.

• Annual rate-base growth is expected to exceed 8%, supporting continued investment and customer affordability.