01—Abstract
Summary
Summary of the 10-Q filed April 28, 2026. Cited figures are marked; the original filing is the authoritative source.
CMS Energy Corp. (CMS) reported improved financial performance for the first quarter of 2026 compared to the same period in 2025.
Net income available to common stockholders increased to $338 milliona, or $1.10 per diluted share, up from $302 million, or $1.01 per diluted share, in the prior year. This growth was primarily driven by strong performance in the Gas Utility segment and significant positive contributions from NorthStar Clean Energy, which offset a slight decline in the Electric Utility segment. The company continues to advance its "triple bottom line" strategy, focusing on people, planet, and prosperity.
Key investments are being made in infrastructure upgrades for reliability and clean energy initiatives, aligning with Michigan's 2023 Energy Law and sustainability goals. Significant capital expenditures are planned over the next five years to enhance grid reliability, expand renewable energy resources, and upgrade gas infrastructure, demonstrating a commitment to long-term growth and environmental stewardship.
02—Key points
Key Highlights
- CMS Energy reported a year-over-year increase in diluted Earnings Per Share (EPS) to $1.10 for Q1 2026, up from $1.01 in Q1 2025, indicating improved profitability.
- Net income available to common stockholders rose to $338 million in Q1 2026 from $302 million in Q1 2025, signaling robust financial health.
- The Gas Utility segment showed a notable increase in net income, contributing $220 million in Q1 2026.
- NorthStar Clean Energy significantly boosted its performance, generating $41 million in net income for Q1 2026, a substantial improvement from a loss of $18 million in the prior year.
- The company plans substantial capital expenditures of $24.1 billion through 2030, with $8.8 billion allocated to electric generation and $15.3 billion for electric distribution and gas infrastructure upgrades, signaling strong investment in future growth and modernization.
- Consumers Energy received MPSC approval for an annual rate increase of $277 million (later corrected to $217 million for the total revenue requirement) effective May 2026, which is expected to support recovery of infrastructure investments.
- The company is actively transitioning to cleaner energy sources, aiming for 60% renewable energy by 2035 and 100% clean energy by 2040, aligning with regulatory mandates and sustainability goals.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed April 28, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $2.73B$2.45B | +11.6% |
| Operating Expenses | $2.24B$1.95B | +14.7% |
| Operating Income | $490.00M$494.00M | −0.8% |
| Interest Expense | $209.00M$187.00M | +11.8% |
| Net Income | $340.00M$304.00M | +11.8% |
| EPS (Basic) | $1.10$1.01 | +8.9% |
| EPS (Diluted) | $1.10$1.01 | +8.9% |
| Shares Outstanding (Basic) | 306.40M298.20M | +2.7% |
| Shares Outstanding (Diluted) | 307.10M299.10M | +2.7% |
05—Questions
Frequently Asked Questions
What is the overall financial performance of CMS Energy for the first quarter of 2026?
For the three months ended March 31, 2026, CMS Energy reported an increase in net income available to common stockholders to $338 million, or $1.10 per diluted share, compared to $302 million, or $1.01 per diluted share, for the same period in 2025. This represents a positive trend in profitability and earnings per share.
How is CMS Energy investing in its future operations and sustainability goals?
CMS Energy has outlined a significant capital expenditure plan of $24.1 billion through 2030. This investment is directed towards modernizing its electric distribution and gas infrastructure for enhanced safety and reliability, as well as expanding renewable energy resources like solar, wind, and battery storage to meet clean energy targets and regulatory requirements.
What are the key drivers behind the improved financial results in Q1 2026?
The improved performance was largely due to the strong showing of the Gas Utility segment and a significant turnaround in NorthStar Clean Energy, which moved from a net loss in Q1 2025 to a substantial profit in Q1 2026. These gains helped offset a slight decrease in net income from the Electric Utility segment.
What regulatory updates are important for investors to note?
Consumers Energy received MPSC approval for an annual electric rate increase of $277 million (later corrected to $217 million as the total revenue requirement) effective May 2026. This increase is intended to help recover investments in infrastructure and reliability projects. The company is also actively working towards meeting Michigan's 2023 Energy Law mandates for renewable and clean energy.
06—Continue