CMS CMS ENERGY CORP
Price Chart
Executive Summary
CMS Energy reported Q1 2026 adjusted EPS of $1.13, up 10.8% YoY from $1.02, and reaffirmed full-year 2026 adjusted EPS guidance of $3.83-$3.90 with long-term 6-8% growth. Revenue grew 11.6% YoY to $2.73B, but operating income slipped slightly and operating cash flow declined sharply to $705M from $1.0B. The reaffirmed guidance and constructive Michigan regulatory backdrop support the outlook, but the cash flow decline tempers the positive read.
Key Financial Metrics
Actionable Insight
The reaffirmed guidance and strong Q1 beat support the stock, but the sharp operating cash flow decline (-29.5% YoY) warrants monitoring. Watch the upcoming electric rate case filing (Q2) and the June IRP filing for capital plan clarity. The ~9 GW economic development pipeline is a multi-year catalyst but not immediate.
Key Facts
- Q1 2026 adjusted EPS $1.13 vs $1.02 YoY (+10.8%)
- Q1 2026 GAAP EPS $1.10 vs $1.01 YoY
- Q1 2026 operating revenue $2.73B vs $2.447B YoY (+11.6%)
- Operating income $490M vs $494M YoY (-0.8%)
- Net cash from operations $705M vs $1.0B YoY (-29.5%)
- 2026 adjusted EPS guidance reaffirmed at $3.83-$3.90
- Long-term adjusted EPS growth target 6-8% reaffirmed
- Utility capital plan increased to $24B (2026-2030), up $4B from prior plan
- Recent electric rate order approved $217M with 9.90% ROE
- Economic development pipeline ~9 GW of new load potential
Financial Impact
Q1 adjusted EPS beat prior year by $0.11 (+10.8%); revenue beat consensus by ~$220M; operating cash flow declined $295M YoY
Risk Factors
- Operating cash flow declined materially YoY ($705M vs $1.0B), which could pressure dividend growth or require additional financing
- Interest charges rose to $203M from $186M YoY (+9.1%), reflecting higher debt levels
- Michigan gubernatorial election in 2026 could shift regulatory dynamics
- Execution risk on $24B capital plan and large load interconnection
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-049718 |
| Document: tm2612873d1_8k.htm | 0001104659-26-049718 |
| Document: tm2612873d1_ex99-2.htm | 0001104659-26-049718 |
| Document: 0001104659-26-049718-index-headers.html | 0001104659-26-049718 |
| Document: 0001104659-26-049718-index.html | 0001104659-26-049718 |
| Document: 0001104659-26-049718.txt | 0001104659-26-049718 |
| 8-K Data (Synthetic) | 0001104659-26-049718 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 3, 2026
11d ago
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8-K
| $16.95 $16.91 | ▼ −0.24% | ▼ −0.64% | $73.57 (+334.17%) |
|
May 13, 2026
4w ago
|
8-K
| $17.20 $16.84 | ▼ −2.09% | ▼ −0.87% | $73.57 (+327.73%) |
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May 13, 2026
4w ago
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424B5
| $17.20 $16.84 | ▲ +2.09% | ▲ +0.87% | $73.57 (−327.73%) |
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Apr 28, 2026
6w ago
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8-K
| $17.21 $16.97 | ▼ −1.39% | ▼ −1.38% | $73.57 (+327.48%) |
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Apr 1, 2026
10w ago
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DEFA14A
| $16.59 $16.71 | ▲ +0.72% | ▲ +0.64% | $73.57 (+343.46%) |
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Feb 25, 2026
15w ago
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Insider Cluster
| $76.00 $77.05 | ▲ +1.38% | ▲ +1.93% | $73.57 (−3.20%) |
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Feb 25, 2026
15w ago
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Insider Cluster
| $76.00 $77.05 | ▲ +1.38% | ▲ +1.93% | $73.57 (−3.20%) |
US Market Status
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