EarningsQ2 2026 Earnings Report
MX:CMS1 Q2 2026 EPS Results
Actual EPS$6.25
Consensus EPS$6.07
Beat/MissBeat by +$0.19
One Year Ago EPS$12.00
MX:CMS1 Q2 2026 Revenue Results
Actual Revenue$30.92B
Expected Revenue$31.69B
Beat/MissMissed by -$770.39M
YoY Revenue Growth-0.49%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeBefore Open
Conference CallTuesday, July 28, 2026
MX:CMS1 Upcoming Earnings
CMS Energy's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:CMS1 Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents several meaningful strategic positives: reaffirmed 2026 guidance and introduced 2027 guidance, a clear simplification to a utility-focused model, a large $24B utility capital plan with 10.5% rate base growth, improved parent financing and tangible cash-flow retention from Michigan assets. Near-term challenges include storm-related costs, weather variability, remaining equity financing needs (~$3.0B) and timing/ execution risk around NorthStar asset sales and local zoning for data center projects. On balance, the strategic actions and strong utility fundamentals are presented as outweighing near-term operational and execution risks.Company Guidance
Reaffirmed 2026 Guidance and New 2027 Guidance
Reported adjusted EPS of $1.50 for H1 2026 (adjusted net income $464M). Reaffirmed full-year 2026 guidance of $3.83–$3.90 per share with confidence toward the high end and introduced 2027 guidance of $4.08–$4.17, maintaining long-term adjusted EPS growth guidance of 6%–8%.
Strategic Simplification — Exit Nonutility Renewables Development
Announced plan to exit nonutility renewables development at NorthStar while retaining Michigan-based assets (Dearborn Industrial Generation, two small gas peakers, four commercial solar projects). Reallocation reduces current 5-year capital (~$1.7B previously dedicated to nonutility renewables) and is expected to reduce parent funding needs by over $500M through 2030.
Utility-Focused Growth and Large Capital Plan
Utility investment plan of $24B driving 10.5% compounded rate base growth. Highlighted $2B opportunity for utility renewables (approved REP) and $1B of electric distribution reliability opportunity — reinforcing utility-driven, rate-based earnings and durable growth.
Improved Parent Financing and Equity Plan
Current 5-year plan assumed $3.75B new equity; plan to issue $700M in 2026 with nearly $500M already issued. Following NorthStar repositioning, expect to reduce at least $350M of equity from the current plan, improving parent financing flexibility.
Data Center Progress and Customer Affordability Benefit
Reached agreement under the large load tariff (extraordinary facilities and rate agreement) for data center growth; company estimates ~ $7.50/month bill benefit for the average residential electric customer per gigawatt of new large load. YTD contracted ~135 MW of manufacturing and industrial load.
Regulatory Actions to Support Growth and Reliability
Filed electric rate case requesting $456M revenue increase, 10.25% ROE and 51.75% equity ratio and requested a 2‑year IRM. Revised gas rate case revenue request to $232M and aligned equity ratio to 51.75% to support affordability and financing.
Operational Performance and Reliability Improvement
Noted reliability progress: 92% of customers restored within 24 hours in the first half of the year, moving performance from fourth quartile to solidly third quartile and approaching second quartile; five-year tree-trimming cycle initiated to improve storm resilience.
Retained Assets Provide Cash Flow and Lower Capital Needs
Retained Michigan assets (DIG and peakers) expected to generate strong cash flow with limited incremental capex needs, supporting parent liquidity and offsetting financing drag previously associated with renewables development.
MX:CMS1 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed