Jun 2026 (Q2 FY26) — Jul 28, 2026
CMS Energy Q2 FY26 — Strategic Repositioning and Strong Utility Growth
Read the full callCMS Energy (CMS) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
CMS Energy earnings: last reported Tue, 28 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,829 | −0.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 14.4 | −2.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 120 | −40.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
6 of 6 judged targets kept · 7 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Integrated Resource Plan (IRP) filing | File IRP | Mar 2025 | As I previously highlighted, we have moved our IRP filing to September to reflect the recent data center agreement and ensure we are putting the best plan forward for Michigan. | Delayed |
| Adjusted EPS | $3.80 to $3.87 per share | Sep 2025 | We are reaffirming our full year 2026 guidance of $3.83 to $3.90 per share with continued confidence toward the high end. | On Track |
7 of CMS ENERGY CORP's 13 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 11 more targets are in the full ledger.
Claimed
- Reaffirmed full-year 2026 adjusted EPS guidance of $3.83 to $3.90 per share, with confidence towards the high end.
- Introduced full-year 2027 adjusted EPS guidance of $4.08 to $4.17, maintaining 6% to 8% long-term growth.
- Secured a large load tariff agreement with a data center customer, projected to provide approximately $7.50 per month of bill benefit for average residential electric customers per gigawatt of new load.
- Utility investment plan drives 10.5% compounded rate base growth.
- Repositioning of NorthStar to exit nonutility renewables development is expected to reduce external funding needs by over $500 million through 2030.
Qualified
- First half 2026 adjusted EPS of $1.50, a $0.23 year-over-year unfavorable variance primarily due to 2025 liability management benefits.
- Unfavorable weather comparison from last year and slightly lower cooling/heating degree days in Q2 resulted in an $0.08 unfavorable variance year-to-date.
- Storm activity drove a $0.19 unfavorable O&M variance in the first half of 2026.
- The company plans for an $0.18 unfavorable variance in the remaining 6 months due to the absence of weather upside in 2025.
Price
$67.37 −1.94% · −$1.33
Performance −9.9% 1Y
1Y: $74.78 on 17 Oct 2025 → $67.37. High $79.94 (9 Apr 2026), low $62.6 (28 Sept 2026).
- Previous close
- $68.7
- 52-week range
- $62.6 – $79.94
- One year
- −10.28%
Overview
- Symbol
- CMS
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
6 of 6 judged targets kept · 7 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Integrated Resource Plan (IRP) filing | File IRP | Mar 2025 | As I previously highlighted, we have moved our IRP filing to September to reflect the recent data center agreement and ensure we are putting the best plan forward for Michigan. | Delayed |
| Adjusted EPS | $3.80 to $3.87 per share | Sep 2025 | We are reaffirming our full year 2026 guidance of $3.83 to $3.90 per share with continued confidence toward the high end. | On Track |
Claimed
- Reaffirmed full-year 2026 adjusted EPS guidance of $3.83 to $3.90 per share, with confidence towards the high end.
- Introduced full-year 2027 adjusted EPS guidance of $4.08 to $4.17, maintaining 6% to 8% long-term growth.
- Secured a large load tariff agreement with a data center customer, projected to provide approximately $7.50 per month of bill benefit for average residential electric customers per gigawatt of new load.
- Utility investment plan drives 10.5% compounded rate base growth.
- Repositioning of NorthStar to exit nonutility renewables development is expected to reduce external funding needs by over $500 million through 2030.
Qualified
- First half 2026 adjusted EPS of $1.50, a $0.23 year-over-year unfavorable variance primarily due to 2025 liability management benefits.
- Unfavorable weather comparison from last year and slightly lower cooling/heating degree days in Q2 resulted in an $0.08 unfavorable variance year-to-date.
- Storm activity drove a $0.19 unfavorable O&M variance in the first half of 2026.
- The company plans for an $0.18 unfavorable variance in the remaining 6 months due to the absence of weather upside in 2025.
The full ledger
Open CMS ENERGY CORP’s full ledger
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Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
CMS Energy Q1 FY26 — Strong Start with Reaffirmed Guidance and Growing Economic Development
Read the full callEvery analysed call
CMS Energy earnings calls (CMS)
Financials
What the filings say
Net profit, year on year: −40% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,743 | 1,989 | 2,447 | 1,838 | 2,021 | 2,233 | 2,730 | 1,829 |
| Expenses | 1,376 | 1,564 | 1,953 | 1,521 | 1,540 | 1,798 | 2,240 | 1,565 |
| Operating profit | 367 | 425 | 494 | 317 | 481 | 435 | 490 | 264 |
| Operating margin | 21.1% | 21.4% | 20.2% | 17.3% | 23.8% | 19.5% | 17.9% | 14.4% |
| Other income | 84 | 61 | 50 | 137 | 62 | 61 | 75 | 75 |
| Interest | 178 | 180 | 186 | 199 | 203 | 201 | 203 | 210 |
| Profit before tax | 273 | 306 | 358 | 255 | 340 | 295 | 362 | 129 |
| Tax rate | 9.5% | 16.7% | 17.6% | 24.3% | 20.0% | 18.0% | 23.5% | 25.6% |
| Net profit | 253 | 265 | 304 | 201 | 277 | 289 | 340 | 120 |
| EPS ($ per share) | 0.84 | — | 1.01 | 0.67 | 0.92 | — | 1.10 | 0.38 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | -271 | -25 | 214 | 1,057 | 1,350 | 1,658 | 2,035 | 2,443 |
| Total liabilities | 19,737 | 21,782 | 23,589 | 21,565 | 23,758 | 25,392 | 27,172 | 30,230 |
| Fixed assets | 18,126 | 18,926 | 21,017 | 22,352 | 22,713 | 25,072 | 27,461 | 30,680 |
| Total assets | 24,529 | 26,837 | 29,666 | 28,753 | 31,353 | 33,517 | 35,920 | 39,941 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,703 | 1,790 | 1,276 | 1,819 | 855 | 2,309 | 2,370 | 2,235 |
| Cash from investing | -2,606 | -2,816 | -2,867 | -1,233 | -2,476 | -3,386 | -3,054 | -4,038 |
| Cash from financing | 874 | 1,008 | 1,619 | -295 | 1,327 | 1,143 | 614 | 2,240 |
| Net cash flow | -29 | -18 | 28 | 291 | -294 | 66 | -70 | 437 |
| Capital expenditure | -2,074 | -2,097 | -2,311 | -2,076 | -2,374 | — | — | — |
| Free cash flow | -371 | -307 | -1,035 | -257 | -1,519 | — | — | — |
CMS revenue by segment
Electric Utility shrank from 84% to 74% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Electric Utility | 84% | 64% | 54% | 75% | 85% | 59% | 51% | 74% | -1.6% |
| Gas Utility | 12% | 34% | 44% | 21% | 12% | 38% | 46% | 21% | +0.3% |
| North Star Clean Energy | 3% | 3% | 2% | 3% | 3% | 4% | 3% | 5% | +53.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
59 filings between Nov 3, 2025 and Jul 31, 2026.
Open market
decisions to buy or sellPurchases
$167.9K
2 purchases by 2 insiders
Sales
$2.09M
6 sales by 3 insiders
Compensation
not trading decisions- 35
- Award — granted as compensation
- 14
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| RUSSELL JOHN G | — | $1.13M | Feb 20, 2026 |
| Hofmeister Brandon J. | — | $825.8K | May 26, 2026 |
| Leopold Diane | $153.4K | — | Feb 25, 2026 |
| McIntosh Scott B | — | $136.9K | Mar 2, 2026 |
| MADDIPATI SRIKANTH | $14.5K | — | Jul 31, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jul 31, 2026 | MADDIPATI SRIKANTH EVP/CFO | Purchase | 200 | $14.5K |
| Jun 15, 2026 | MADDIPATI SRIKANTH EVP/CFO | Award | 10,184 | $0 |
| May 26, 2026 | Hofmeister Brandon J. Senior Vice President | Sale | 3,000 | $222.9K |
| May 8, 2026 | Butler Deborah H Director | Award | 2,411 | $0 |
| May 8, 2026 | RUSSELL JOHN G Director | Award | 2,411 | $0 |
| May 8, 2026 | IZZO RALPH Director | Award | 2,411 | $0 |
| May 8, 2026 | SHANK SUZANNE F. Director | Award | 2,411 | $0 |
| May 8, 2026 | Keyes Richard Patrick Director | Award | 2,411 | $0 |
| May 8, 2026 | Leopold Diane Director | Award | 2,411 | $0 |
| May 8, 2026 | TANSKI RONALD J Director | Award | 2,411 | $0 |
| May 8, 2026 | Sznewajs John G Director | Award | 2,411 | $0 |
| May 8, 2026 | Wright Laura Director | Award | 2,411 | $0 |
| May 8, 2026 | Soto Myrna Director | Award | 2,411 | $0 |
| Mar 26, 2026 | Hayes Rejji P EVP/CFO | Award | 6,316 | $0 |
| Mar 26, 2026 | Hayes Rejji P EVP/CFO | Tax withheld | 8,290 | $632.8K |
| Mar 26, 2026 | Snyder Lauren Y Senior Vice President | Award | 674 | $0 |
| Mar 26, 2026 | McIntosh Scott B VP, Controller, CAO | Tax withheld | 1,197 | $91.4K |
| Mar 26, 2026 | Berry Tonya L Executive Vice President & COO | Award | 2,021 | $0 |
| Mar 26, 2026 | McIntosh Scott B VP, Controller, CAO | Award | 1,028 | $0 |
| Mar 26, 2026 | Berry Tonya L Executive Vice President & COO | Tax withheld | 2,642 | $201.7K |
| Mar 26, 2026 | Johnson Shaun M Executive Vice President & CLO | Tax withheld | 4,311 | $329.1K |
| Mar 26, 2026 | Johnson Shaun M Executive Vice President & CLO | Award | 3,284 | $0 |
| Mar 26, 2026 | Hofmeister Brandon J. Senior Vice President | Tax withheld | 3,759 | $286.9K |
| Mar 26, 2026 | Hofmeister Brandon J. Senior Vice President | Award | 2,863 | $0 |
| Mar 26, 2026 | Rochow Garrick J President and CEO | Award | 19,681 | $0 |
| Mar 26, 2026 | Snyder Lauren Y Senior Vice President | Tax withheld | 574 | $43.8K |
| Mar 26, 2026 | Rochow Garrick J President and CEO | Tax withheld | 25,833 | $1.97M |
| Mar 2, 2026 | McIntosh Scott B VP, Controller, CAO | Sale | 1,750 | $136.9K |
| Feb 27, 2026 | Hofmeister Brandon J. Senior Vice President | Gift | 2 | $0 |
| Feb 27, 2026 | Hofmeister Brandon J. Senior Vice President | Gift | 2 | $0 |
| Feb 27, 2026 | Hofmeister Brandon J. Senior Vice President | Sale | 4,000 | $312.9K |
| Feb 25, 2026 | Leopold Diane Director | Purchase | 2,000 | $153.4K |
| Feb 20, 2026 | RUSSELL JOHN G Director | Sale | 14,914 | $1.13M |
| Feb 20, 2026 | Keyes Richard Patrick Director | Award | 769 | $0 |
| Feb 20, 2026 | Leopold Diane Director | Award | 769 | $0 |
| Jan 29, 2026 | Rochow Garrick J President and CEO | Award | 123,413 | $0 |
| Jan 29, 2026 | Hayes Rejji P EVP/CFO | Award | 33,144 | $0 |
| Jan 29, 2026 | McIntosh Scott B VP, Controller, CAO | Award | 5,008 | $0 |
| Jan 29, 2026 | Thomas Shannon Senior Vice President | Award | 7,757 | $0 |
| Jan 29, 2026 | Snyder Lauren Y Senior Vice President | Award | 3,526 | $0 |
| Jan 29, 2026 | Berry Tonya L Executive Vice President & COO | Award | 20,451 | $0 |
| Jan 29, 2026 | Johnson Shaun M Executive Vice President & CLO | Award | 19,747 | $0 |
| Jan 29, 2026 | Hofmeister Brandon J. Senior Vice President | Award | 13,752 | $0 |
| Jan 26, 2026 | Johnson Shaun M Executive Vice President & CLO | Award | 374 | $0 |
| Jan 26, 2026 | Hofmeister Brandon J. Senior Vice President | Tax withheld | 4,221 | $301.9K |
| Jan 26, 2026 | Hofmeister Brandon J. Senior Vice President | Award | 326 | $0 |
| Jan 26, 2026 | Rochow Garrick J President and CEO | Tax withheld | 28,390 | $2.03M |
| Jan 26, 2026 | Rochow Garrick J President and CEO | Award | 2,240 | $0 |
| Jan 26, 2026 | Hayes Rejji P EVP/CFO | Tax withheld | 9,174 | $656.2K |
| Jan 26, 2026 | Hayes Rejji P EVP/CFO | Award | 719 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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