CMS Energy Announces First Quarter Results for 2026, Reaffirms 2026 Adjusted EPS Guidance

Rhea-AI Summary

CMS Energy (NYSE: CMS) reported Q1 2026 diluted EPS of $1.10 versus $1.01 in Q1 2025 and adjusted EPS $1.13 versus $1.02 a year earlier. The company reaffirmed 2026 adjusted EPS guidance of $3.83–$3.90 and long-term adjusted EPS growth of 6–8%, citing confidence toward the high end. A webcast to discuss results is scheduled for April 28, 2026 at 10:00 a.m. EDT. The release discloses extensive use of non-GAAP adjusted earnings and notes management will not provide GAAP reported-earnings guidance or a reconciliation for future periods.

Positive

• Adjusted EPS increased to $1.13 from $1.02 (+10.8% YoY)
• 2026 adjusted EPS guidance reaffirmed at $3.83–$3.90
• Long-term adjusted EPS growth target of 6–8% reaffirmed

Negative

• Company will not provide reported (GAAP) earnings guidance or a future-period reconciliation
• Adjusted measures exclude many potential items that could materially affect reported earnings

News Market Reaction – CMS

-0.17%

-0.17% Session close to close

In the Apr 28 session, CMS declined 0.17%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement delivered higher Q1 2026 EPS versus the prior year and reaffirmed adjusted EPS gui...

Analysis

This announcement delivered higher Q1 2026 EPS versus the prior year and reaffirmed adjusted EPS guidance of $3.83–$3.90, along with a long-term 6–8% adjusted EPS growth target. Historically, similar earnings updates with reaffirmed guidance have produced modestly positive moves. Investors may track future quarters for consistency with this trajectory, while also monitoring equity issuance flexibility under the effective S-3ASR shelf and overall regulatory and capital plans.

Key Figures

Q1 2026 EPS (reported): $1.10 per share Q1 2026 EPS (adjusted): $1.13 per share 2026 adj. EPS guidance: $3.83–$3.90 per share +2 more

5 metrics

Q1 2026 EPS (reported) $1.10 per share First quarter 2026 reported earnings per diluted share vs $1.01 in 2025

Q1 2026 EPS (adjusted) $1.13 per share First quarter 2026 adjusted EPS vs $1.02 in 2025

2026 adj. EPS guidance $3.83–$3.90 per share Reaffirmed 2026 adjusted earnings guidance range

Long-term EPS growth 6–8 percent Long-term adjusted EPS growth target with confidence toward high end

Webcast time 10:00 a.m. EDT Q1 2026 results webcast on April 28, 2026

Previous Earnings Reports

5 past events · Latest: Jul 31 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 31	Q2 2025 earnings	Positive	+2.3%	Adjusted EPS growth, reaffirmed 2025 guidance, and new data center load.
Apr 24	Q1 2025 earnings	Positive	+0.9%	Higher EPS, revenue growth, and reaffirmed 2025 adjusted EPS guidance.
Feb 06	2024 full-year earnings	Positive	+1.8%	EPS growth, raised 2025 guidance, and dividend increase for 2025.
Oct 31	Q3 2024 earnings	Positive	-0.7%	EPS growth and reaffirmed 2024 guidance with 2025 outlook introduced.
Jul 25	Q2 2024 earnings	Positive	+1.2%	Reaffirmed 2024 guidance and continued long-term 6–8% EPS growth target.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases with reaffirmed or raised guidance have often seen modestly positive price reactions, with one notable negative reaction despite positive fundamentals.

Recent Company History

Recent earnings history for CMS shows a consistent pattern of increasing or stable earnings per share, reaffirmed guidance, and a long-term adjusted EPS growth target of 6–8%. Prior quarters included raised or reaffirmed guidance for 2024, 2025, and now 2026, along with steady dividend increases and operational investments. Price reactions to these earnings events were usually mildly positive, though one strong Q3 2024 report saw a small decline, showing that sentiment sometimes diverged from the fundamentals.

Key Terms

non-gaap, adjusted earnings, diluted basis, discontinued operations, +3 more

7 terms

non-gaap financial

"This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

adjusted earnings financial

"such as adjusted earnings. All references to net income refer to net income"

Adjusted earnings are a company’s profit figure that has been altered to remove one-time, unusual or non-operational items so it better reflects the business’s regular performance. Think of it like looking at a household budget but ignoring a big, unusual expense or windfall to see what normal monthly cash flow looks like; investors use adjusted earnings to compare companies and trends, but should watch what is excluded because choices can change the picture.

diluted basis financial

"and references to earnings per share are on a diluted basis."

A diluted basis shows a per-share figure—such as earnings or ownership—after assuming all potential shares from options, warrants or convertible securities are issued, so it spreads the same total value across more shares. Investors use it like slicing the same pie into more pieces to see the smallest likely piece size; it reveals how much a shareholder’s claim or a company’s profit per share could shrink if those instruments are converted.

discontinued operations financial

"Adjustments could include items such as discontinued operations, asset sales, impairments"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

impairments financial

"include items such as discontinued operations, asset sales, impairments, restructuring costs"

Impairments are charges a company records when the value shown in its accounts for an asset—like equipment, a patent, inventory, or goodwill—must be reduced because that asset is now worth less than before. They matter to investors because impairments lower reported profits and the company’s net worth, similar to marking down the resale value of a used car, and can signal operational problems, overpayment for past deals, or changing market conditions.

mark-to-market adjustments financial

"unrealized gains or losses from mark-to-market adjustments, recognized in net income"

Mark-to-market adjustments are updates companies make to the value of assets or liabilities to reflect their current market price, like re-pricing items in a garage sale to match what buyers would pay today. For investors, these adjustments matter because they can change reported profits and the size of a company’s balance sheet quickly, revealing real-time gains, losses and the true risk exposure of holdings.

federal tax policy financial

"changes in accounting principles, voluntary separation program, changes in federal tax policy"

Rules and decisions set by the national government about how much tax individuals, businesses, and investment income must pay, and which activities qualify for breaks or penalties. It matters to investors because those rules change how much profit companies and portfolios keep after taxes, influence corporate choices like hiring or investment, and can shift market values; think of it as the road rules that change how fast and where money can move.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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JACKSON, Mich., April 28, 2026 /PRNewswire/ -- 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."

Important information for investors about non-GAAP measures and other disclosures.

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 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.   

This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy's and Consumers Energy's results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings. 

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

CMS ENERGY CORPORATION Consolidated Statements of Income (Unaudited)
		In Millions, Except Per Share Amounts
								Three Months Ended
								3/31/26			3/31/25
Operating revenue								$	2,730		$	2,447
Operating expenses									2,240			1,953
Operating Income									490			494
Other income									75			50
Interest charges									203			186
Income Before Income Taxes									362			358
Income tax expense									85			63
Net Income									277			295
Loss attributable to noncontrolling interests									(63)			(9)
Net Income Attributable to CMS Energy									340			304
Preferred stock dividends									2			2
Net Income Available to Common Stockholders								$	338		$	302
Diluted Earnings Per Average Common Share								$	1.10		$	1.01

 

CMS ENERGY CORPORATION Summarized Consolidated Balance Sheets (Unaudited)
		In Millions
		As of
		3/31/26				12/31/25
Assets
Current assets
Cash and cash equivalents			$	175			$	509
Restricted cash and cash equivalents				88				106
Other current assets				2,762				2,857
Total current assets				3,025				3,472
Non-current assets
Plant, property, and equipment				31,533				30,680
Other non-current assets				5,727				5,789
Total Assets			$	40,285			$	39,941
Liabilities and Equity
Current liabilities (1)			$	2,232			$	2,592
Non-current liabilities (1)				8,924				8,740
Capitalization
Debt and finance leases (excluding securitization debt) (2)				18,538				18,313
Preferred stock and securities				224				224
Noncontrolling interests				585				567
Common stockholders' equity				9,242				8,920
Total capitalization (excluding securitization debt)				28,589				28,024
Securitization debt (2)				540				585
Total Liabilities and Equity			$	40,285			$	39,941

(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
Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts			$	615			$	178
Net cash provided by operating activities				705				1,000
Net cash used in investing activities				(1,073)				(918)
Cash flows from operating and investing activities				(368)				82
Net cash provided by financing activities				16				266
Total Cash Flows			$	(352)			$	348
End of Period Cash and Cash Equivalents, Including Restricted Amounts			$	263			$	526

 

CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income (Unaudited)
		In Millions, Except Per Share Amounts
								Three Months Ended
								3/31/26			3/31/25
Net Income Available to Common Stockholders								$	338		$	302
Reconciling items:
Other exclusions from adjusted earnings**									11			3
Tax impact									(3)			(1)
Adjusted net income – non-GAAP								$	346		$	304
Average Common Shares Outstanding - Diluted									307.1			299.1
Diluted Earnings Per Average Common Share
Reported net income per share								$	1.10		$	1.01
Reconciling items:
Other exclusions from adjusted earnings**									0.04			0.01
Tax impact									(0.01)			(*)
Adjusted net income per share – non-GAAP								$	1.13		$	1.02

*

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.

 

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SOURCE CMS Energy

FAQ

What were CMS Energy's Q1 2026 EPS and adjusted EPS (CMS)?

CMS reported diluted EPS of $1.10 and adjusted EPS of $1.13 for Q1 2026. According to the company, adjusted EPS excludes certain items to show operating performance.

What is CMS Energy's 2026 adjusted EPS guidance and growth outlook (CMS)?

CMS reaffirmed 2026 adjusted EPS guidance of $3.83–$3.90 and long-term adjusted EPS growth of 6–8%. According to the company, management expects results toward the high end.

When is CMS Energy's webcast for Q1 2026 results and how to join (CMS)?

The company will host a webcast on April 28, 2026 at 10:00 a.m. EDT. According to the company, investors can join via the Events and Presentations link on cmsenergy.com.

Why does CMS Energy report adjusted EPS and what does it exclude (CMS)?

CMS uses adjusted EPS to measure operating performance and external communications. According to the company, adjustments may include items like impairments, asset sales, restructuring, and mark-to-market gains or losses.

Does CMS Energy provide GAAP guidance or reconciliations for 2026 (CMS)?

No. According to the company, it is not providing reported (GAAP) earnings guidance or a reconciliation for comparable future-period earnings due to inability to estimate certain line-item impacts.