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CMS ENERGY CORPCMS

Sector
Energy
Industry
Electric & Other Services Combined
Exchange
NYSE

Stock Price $CMS

Latest filings

You are here#21 of 21 in Utilities by market cap

Filing record · 2016–202610-K1110-Q328-K151

CMS filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 151 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Aug ’17Aug ’17
  2. Restructuring8-K · Oct ’19Oct ’19
  3. Material agreement8-K · Jul ’21Jul ’21
  4. Leadership change8-K · Jun ’25Jun ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $8.54B
YoY changeLargest recent move+17.3%in FY22Latest +13.6%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All CMS Financial Metrics50 metrics

Income Statement11

Balance Sheet22

Cash Flow12

Per Share5

02—Overview

CMS ENERGY CORP Financial Overview 2021–2025

Updated Aug 15, 2026

CMS Energy is aggressively rewiring its operational foundation, committing a massive $25.8 billiona to capital expenditures over the five years starting in FY2025 to replace coal generation and harden its grid. This capital-intensive transition, backed by reliable rate recoveries, positions the company to consistently grow its core profitability despite fluctuating weather patterns.

Operating revenue expanded from $7.3 billion in FY2021 to $8.5 billionb by FY2025, anchored by $5.6 billion from the core electric segment in the latest full year. While headline net income initially spiked to $1.35 billion in FY2021 due to a $657 million bank divestiture gain, operational net income marched steadily upward from $827 million in FY2022 to $1.1 billion in FY2025. Consequently, diluted earnings climbed from $2.85 to $3.53 per share over that same period. This momentum persisted, with Q1 2026 net income reaching $338 million driven by newly approved electric and gas rate hikes.

The market rewarded this regulated stability. At the close of FY2025, CMS Energy achieved a $21.4 billionc market capitalization, with the stock priced at $69.93 and trading at a 19.8x earnings multiple. To sustain its rate-base growth and fund a continuous $24.1 billion infrastructure pipeline through 2030, the utility has actively bolstered its balance sheet, issuing $1.15 billion in convertible senior notes in late 2025 and initiating a $3 billion equity offering program in 2026.

Recent Developments (Q1 and Q2 2026)

First-half profitability softened, with net income for the first six months of 2026 dropping to $455 milliond from $500 million a year earlier. Earnings per share fell to $1.47, pressured by elevated service restoration costs and higher depreciation. However, the NorthStar Clean Energy unit delivered a remarkable turnaround, contributing a $41 million profit in Q1 2026 compared to a prior-year loss of $18 million.

In June 2026, Sri Maddipati was appointed Chief Financial Officer. Operationally, the utility plans to divest its non-Michigan renewable projects, and shareholders doubled authorized stock to 700 million shares. Bulls will appreciate the fresh $217 millione annual rate increase effective May 2026, which should structurally boost utility margins. Conversely, bears might worry the stock is richly valued at 21.1x earnings as of July 28, 2026, especially after first-half operating cash flows dipped to $1.33 billion.

What to watch: progress on the non-Michigan renewables divestiture; operating margin impacts from the newly implemented rate hikes.

03—Filings

Recent SEC Filings

  1. 8-KCMS ENERGY CORP 8-K Report, Financial Results (Jul 28, 2026)CMS Energy reported second-quarter 2026 diluted EPS of $0.37, down from $0.66 in the prior-year quarter, while adjusted EPS also came in at $0.37 versus $0.71 a year earlier. The year-to-date picture is less severe: reported EPS of $1.47 (vs. $1.67) and adjusted EPS of $1.50 (vs. $1.73). Net income available to common stockholders fell to $117 million from $198 million, driven by lower operating income ($264 million vs. $317 million), lower other income ($75 million vs. $137 million), and higher interest charges ($210 million vs. $199 million). The prior-year quarter also included a $12 million state tax policy adjustment, which is absent in 2026. The most consequential news is the completion of a strategic review at NorthStar Clean Energy. With Board approval, CMS is exiting non-utility renewables development and retaining Michigan assets including Dearborn Industrial Generation (DIG), gas peakers, and roughly 0.5 GW of solar projects. Management says this simplifies the business, reduces parent-level funding needs (more than $500 million through 2030 within the current plan), and moves the company toward nearly 100% utility-based earnings after 2027. Restructuring is targeted for completion by year-end 2026. Management reaffirmed 2026 adjusted EPS guidance of $3.83 to $3.90, with confidence toward the high end, and reaffirmed long-term adjusted EPS growth of 6% to 8%. It introduced 2027 adjusted EPS guidance of $4.08 to $4.17. The company also highlighted a $24 billion 2026–2030 utility capital plan supporting roughly 10.5% rate base growth, a pending Michigan electric rate case order expected by October 16, 2026, and a data center and industrial pipeline of about 9 GW. Investors should weigh the sharp Q2 earnings decline against the reaffirmed full-year outlook, the portfolio simplification, and the dependence on regulatory outcomes and load growth.
  2. 8-KCMS ENERGY CORP 8-K Report, Executive Changes (Jun 3, 2026)CMS Energy announced on June 3, 2026 that Chief Financial Officer Rejji P. Hayes retired effective immediately, and named Srikanth (Sri) Maddipati, 43, as his successor as EVP and CFO of CMS Energy and Consumers Energy, also effective June 3, 2026. Maddipati has been with the company for 12 years, previously serving as treasurer (2016-2023), where he managed budgeting, liquidity, financing, and investor, bank, and rating agency relationships, and most recently as senior vice president and president of the electric supply business unit. His compensation was set at a $775,000 base salary, an increase in his incentive target to 80% of base salary, and a $750,000 tenure-based restricted stock award that cliff vests on his third service anniversary. Investor-relations, treasury, tax, accounting, and financial planning now report to him. The leadership change is largely an internal succession with a finance-experienced executive taking the CFO seat, which tends to reduce transition risk. Chris Fultz, previously vice president of low voltage distribution, moves into the senior vice president and president role for electric supply, so operational leadership also changes hands. The filing gives no reason for Hayes's retirement beyond the announcement itself, and no indication of a disagreement. Importantly, CMS Energy reaffirmed in this filing, as of June 3, 2026, the financial guidance it issued on April 28, 2026. For investors, the key takeaways are continuity of guidance and a finance chief with deep treasury and capital markets background, though the filing itself contains no new financial results or guidance changes.
  3. 8-KCMS ENERGY CORP 8-K Report, Corporate Update (May 13, 2026)CMS Energy Corporation has announced the commencement of an equity offering program with the potential to raise up to $3 billion in aggregate sales price for its common stock. This program, detailed in a prospectus supplement filed on May 13, 2026, allows CMS Energy to offer and sell shares over time as determined by market conditions, stock price, and funding needs. The company has entered into an equity distribution agreement with a consortium of prominent financial institutions acting as agents and forward purchasers. While CMS Energy has the flexibility to sell shares to raise capital, it is important to note that the company is not obligated to sell any shares and actual sales will depend on various factors. The structure of the offering involves forward sale agreements, where initial proceeds from borrowed shares will not go directly to CMS Energy. The company expects to receive cash proceeds upon physically settling these forward sale agreements, but may elect to cash or net share settle, potentially resulting in no cash proceeds or even an obligation to deliver cash or shares.
  4. 8-KCMS ENERGY CORP 8-K Report, Bylaw Amendment (May 13, 2026)CMS Energy Corporation (CMS) filed an 8-K on May 13, 2026, reporting the outcomes of its 2026 annual shareholder meeting held on May 8, 2026. The most significant outcomes for investors revolve around governance and capital structure. Shareholders approved amendments to the Restated Articles of Incorporation, notably increasing the authorized shares of common stock from 350 million to 700 million and granting shareholders the ability to call a special meeting. These changes provide the company with increased flexibility for future capital raising and strategic initiatives. Additionally, all incumbent directors for both CMS Energy and its subsidiary Consumers Energy were re-elected. The company's executive compensation plan received advisory approval from shareholders, and PricewaterhouseCoopers LLP was ratified as the independent auditor for both entities for the fiscal year ending December 31, 2026. A shareholder proposal to allow for action by written consent did not pass.
  5. 8-KCMS ENERGY CORP 8-K Report, Financial Results (Apr 28, 2026)CMS Energy reported first-quarter 2026 diluted GAAP EPS of $1.10, up from $1.01 a year earlier, and adjusted EPS of $1.13 versus $1.02 in Q1 2025, an 11-cent improvement. GAAP net income available to common stockholders rose to $338 million from $302 million, and diluted shares grew to 307.1 million from 299.1 million, reflecting ongoing equity issuance. Operating revenue increased about 12% to $2.73 billion, though operating income was roughly flat at $490 million versus $494 million as operating expenses rose faster than revenue. Other income more than doubled to $75 million, which helped offset higher interest charges of $203 million. Management reaffirmed full-year 2026 adjusted EPS guidance of $3.83 to $3.90 and long-term adjusted EPS growth of 6% to 8%, now signaling confidence toward the high end. The company cited a Michigan Public Service Commission electric rate order of $217 million at a 9.90% ROE, which supports roughly 66% of the company's requested increase, along with a $24 billion utility capital plan for 2026 to 2030, up $4 billion from the prior plan. Management also highlighted a pipeline of about 9 GW of economic development load, including data centers, and a dividend payout target of roughly 55% over time. Balance sheet activity points to continued external funding needs. Cash fell to $175 million from $509 million at year-end, and total debt rose modestly. Management stated it has about $2.4 billion of net liquidity and has completed or planned financings of about $495 million, including a $142 million item, priced favorably to plan. Investors should watch the pace of equity dilution, the outcome of the next electric rate case expected to be filed by October 16, and the realization of large-load growth.
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04—See also

Related Companies

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