10-Q · April 28, 2026
CMS Energy reported operating revenue of $2,730.0 million and diluted EPS of $1.10 for Q1. Revenue beat consensus ($2,513.6M) and rose versus Q1 2025 ($2,450.0M); the 10‑Q otherwise contains limited line‑item…
Earnings analysis · 10-Q
CMS earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
CMS Energy reported Q2 revenue of $1.829 billion, essentially flat but down 0.6% year over year, while reported EPS fell 43.9% to $0.37. Segment revenue, margin, balance-sheet, operating-cash-flow, and capex figures…
Read full summary
CMS Energy reported Q2 revenue of $1.829 billion, essentially flat but down 0.6% year over year, while reported EPS fell 43.9% to $0.37. Segment revenue, margin, balance-sheet, operating-cash-flow, and capex figures were not included in the supplied filing extract and therefore cannot be reliably quantified. The principal new filing-specific issue is the planned exit from non-utility renewables, which could result in a material Q3 2026 impairment and is targeted for completion within 12 months.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.37
What stood out
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Revenue modestly below prior year
Q2 revenue was $1.829 billion, down $11 million, or 0.6%, from $1.840 billion in Q2 2025 and down $901 million, or 33.0%, from $2.730 billion in Q1 2026.
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EPS declined sharply year over year
Reported diluted EPS was $0.37, down $0.29, or 43.9%, from $0.66 in Q2 2025 and down $0.73, or 66.4%, from $1.10 in Q1 2026.
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Strategic exit from non-utility renewables
On July 22, 2026, the board approved a plan to divest certain NorthStar Clean Energy renewable projects and exit non-utility renewables development. CMS expects to complete the divestment within 12 months, subject to third-party terms, regulatory approvals, and customary closing conditions.
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Held-for-sale classification expected in Q3
CMS expects the renewable-project disposal group to be classified as held for sale in Q3 2026; the criteria had not been met as of June 30, 2026.
What to watch
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Potential Q3 impairment on renewable divestiture
Once the renewable assets are classified as held for sale in Q3 2026, CMS must measure the disposal group at the lower of carrying value or fair value less costs to sell; management states that a material impairment charge could be recorded in Q3 2026.
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Execution and valuation risk in asset sale
CMS expects the divestment to close within 12 months, but warns that a delay, changed terms, failure to close, or weaker renewable-asset market conditions could require additional impairment charges, valuation adjustments, or disposition losses.
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Material earnings contraction
Reported EPS of $0.37 was $0.29 below Q2 2025's $0.66 and $0.73 below Q1 2026's $1.10, demonstrating substantial earnings pressure in the reported quarter.
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No formal risk-factor update
The filing states there were no material changes to the risk factors disclosed in the 2025 Form 10-K and no material changes to market risk disclosures versus the 2025 Form 10-K.
Management's outlook
The supplied 10-Q extract contains no quantitative MD&A outlook. The separately supplied July 28 earnings-release analysis states that 2026 adjusted EPS guidance of $3.83-$3.90 was reaffirmed and 2027 adjusted EPS guidance of $4.08-$4.17 was introduced, but those figures are not in the provided 10-Q text.
Earlier filings 4
10-Q · October 30, 2025
CMS Energy reported a Q3 revenue beat with reported revenue of $2,021,000,000 (vs. consensus $1,816,590,638) and reported EPS of $0.93 (vs. consensus $0.86). Gross margin expanded to 72.5% and operating margin widened…
10-Q · April 24, 2025
CMS Energy posted Q1 revenue of $2,447,000,000 and diluted EPS of $1.02. Revenue materially beat the consensus estimate of $2,230,000,000 while EPS was essentially in line with a $0.01 miss versus the $1.03 estimate.…
10-K · February 11, 2025
CMS Energy reports consolidated operating revenue of $7.5 billion in 2024 (the same as 2023) after $8.6 billion in 2022, with Consumers remaining the dominant subsidiary. The company emphasizes a regulated utility…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.