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CMS ENERGY CORP 8-K Report, Financial Results (Feb 5, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 5, 2026
Period End
February 5, 2026
In the 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. Leadership change8-K · Jun ’17Jun ’17
  2. Leadership change8-K · Nov ’19Nov ’19
  3. Material agreement8-K · Nov ’21Nov ’21
  4. Material agreement8-K · Nov ’23Nov ’23

01—Abstract

Summary

Summary of the 8-K filed February 5, 2026. Cited figures are marked; the original filing is the authoritative source.

CMS Energy reported full-year 2025 diluted GAAP EPS of $3.53a, up from $3.33 in 2024, and adjusted EPS of $3.61, up from $3.34, beating its prior guidance range.

The company attributed the outperformance largely to NorthStar Clean Energy, its independent power generation business. Net income available to common stockholders rose to $1,061 millionb from $993 million, and operating revenue grew about 14% to $8,539 million, with operating income up to $1,727 million from $1,487 million. Management raised 2026 adjusted EPS guidance to $3.83–$3.90 from $3.80–$3.87, and reaffirmed long-term adjusted EPS growth of 6–8% with continued confidence toward the high end.

The board increased the annual dividend by 11 cents to $2.28c per share for 2026, the 20th consecutive annual increase. CEO Garrick Rochow cited constructive regulatory outcomes, solid cost performance at the utility, and strong NorthStar results, while stressing reliability and affordability as priorities. The balance sheet grew meaningfully as capital spending expanded.

Plant, property and equipment rose to $30,680 milliond from $27,461 million, and total debt and finance leases (excluding securitization) increased to $18,313 million from $15,866 million. Operating cash flow was $2,235 million, versus $4,038 million of investing outflows, requiring substantial financing inflows of $2,240 million. Investors should weigh the earnings momentum against rising leverage and the capital-intensive growth plan.

02—Key points

Key Highlights

  1. Full-year 2025 diluted GAAP EPS of $3.53 (up 6% from $3.33) and adjusted EPS of $3.61 (up 8% from $3.34), exceeding guidance largely due to NorthStar Clean Energy.
  2. Q4 2025 adjusted EPS of $0.95 versus $0.87 in Q4 2024; Q4 GAAP EPS of $0.94.
  3. 2026 adjusted EPS guidance raised to $3.83–$3.90 from $3.80–$3.87, with 6–8% long-term adjusted EPS growth reaffirmed and confidence toward the high end.
  4. Annual dividend increased 11 cents to $2.28 per share for 2026, marking the 20th consecutive annual increase.
  5. Operating revenue rose 14% to $8,539 million and operating income rose 16% to $1,727 million for 2025.
  6. Total debt and finance leases (excluding securitization) increased to $18.3 billion from $15.9 billion, reflecting heavy capital investment; net PP&E rose to $30.7 billion.
  7. Adjusted net income of $1,087 million for 2025 excludes a $12 million state tax policy change and other items totaling $19 million pre-tax, mainly business optimization, ERP implementation, and mark-to-market effects at NorthStar.

03—Questions

Frequently Asked Questions

  1. Did CMS Energy beat its 2025 earnings expectations?

    Yes. Adjusted EPS of $3.61 exceeded the company's guidance range, which management attributed largely to outperformance at NorthStar Clean Energy. GAAP diluted EPS was $3.53.

  2. What is the new 2026 earnings outlook?

    CMS raised its 2026 adjusted EPS guidance to $3.83–$3.90, up from $3.80–$3.87, and reaffirmed long-term adjusted EPS growth of 6–8% with continued confidence toward the high end of that range.

  3. How is the dividend changing?

    The annual dividend increases by 11 cents to $2.28 per share for 2026, the 20th straight year of increases.

  4. What are the main risks investors should watch?

    Debt and finance leases rose about $2.4 billion in 2025 to $18.3 billion, and investing outflows of $4.0 billion exceeded operating cash flow of $2.2 billion, requiring external financing. Continued reliance on capital markets and NorthStar's contribution to earnings are key sensitivities. The filing also notes adjusted earnings exclude certain items that could affect reported results in future periods.

  5. What drove the earnings improvement?

    Management cited constructive regulatory outcomes, solid cost performance at Consumers Energy, and strong results at NorthStar Clean Energy. Operating income rose $240 million year over year, while interest charges increased to $789 million from $708 million.

04—Continue

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