CMS earnings date and guidance
MyStockButler's October 2026 analysis: CMS's next results are expected on February 4, 2027. Watch whether regulatory and legal decisions make CMS's spending recoverable cash.
What has CMS guided for 2026 and 2027?
CMS Energy’s share price could reach $84.47 by October 2029 if utility investment earns recovery while financing and dilution stay controlled. Management guides adjusted EPS to $3.83–$3.90 for 2026. It guides to $4.08–$4.17 for 2027. Its target is 6%–8% annual adjusted EPS growth. The 2026 dividend is $2.28 per share, with $700 million of planned equity alongside debt.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Adjusted earnings guidance (Year to Dec 2026) | Year to Dec 2026 | 3.83 | 3.90 | Oct 27, 2026 |
| Adjusted earnings guidance (Year to Dec 2027) | Year to Dec 2027 | 4.08 | 4.17 | Oct 27, 2026 |
| Annual Dividend Per Share | Year to Dec 2026 | 2.28 | 2.28 | Oct 27, 2026 |
| Adjusted EPS Growth | 2026 onward | 6.0% | 8.0% | Oct 27, 2026 |
| Planned Equity | Year to Dec 2026 | 700 | 700 | Oct 27, 2026 |
What this means. The earnings figures leave out some costs, and the company did not provide its standard accounting earnings figures for comparison.
Did CMS keep its 2025 earnings promise?
CMS kept its 2025 earnings promise on its chosen measure. Reported earnings per share were $3.53, while adjusted earnings per share were $3.61. In February 2025, CMS set adjusted guidance at $3.54 to $3.60 per share. Its 2025 annual report says it delivered $3.61. NorthStar impairment and restructuring charges were excluded from adjusted results in 2026, so owners should examine reported earnings too.
| What management forecast | Checked | Above | Within | Below |
|---|---|---|---|---|
| Adjusted earnings per share | 4 years | 3 | 1 | 0 |
What has CMS's revenue and profit trend been?
Cash tells a less exceptional story. Capital spending exceeded operating cash in the quarter, and seven of the eight displayed quarters had negative free cash flow. The NorthStar charge was unusual; the need to fund investment is recurring.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,183 | 1,829 | 2,730 | 2,233 | 2,021 | 1,838 | 2,447 | 1,989 |
| Operating income | 47 | 264 | 490 | 435 | 481 | 317 | 494 | 425 |
| Net income | 123 | 120 | 340 | 289 | 277 | 201 | 304 | 265 |
| EPS, diluted | 0.39 | 0.37 | 1.10 | 0.94 | 0.92 | 0.66 | 1.01 | 0.87 |
| = Free cash flow | -468 | -345 | -334 | -596 | -635 | -470 | 112 | -515 |
What should CMS investors watch in the next release?
Regulatory and legal decisions will determine how much CMS’s spending becomes recoverable cash.