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CMS Energy Q4 Earnings Surpass Estimates, Revenues Increase Y/Y
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Key Takeaways
CMS delivered Q4 EPS of 95 cents, beating estimates and rising 9.2% year over year.
CMS Energy's 2025 adjusted EPS climbed to $3.61, driven by outperformance at NorthStar Clean Energy.
CMS raised 2026 adjusted EPS guidance to $3.83-$3.90 and reaffirmed long-term growth of 6-8%.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2025 earnings per share (EPS) of 95 cents, which beat the Zacks Consensus Estimate of 94 cents by 1.3%. The bottom line also increased 9.2% from 87 cents in the prior-year quarter.
For 2025, CMS reported adjusted earnings of $3.61 per share, which were higher than the last year’s figure of $3.34. This was due to outperformance at NorthStar Clean Energy.
CMS' Revenues
Operating revenues totaled $2.23 billion, which beat the Zacks Consensus Estimate of $2.11 billion by 5.9%. The top line also increased 12.3% from $1.99 billion in the prior-year quarter.
The company reported revenues of $8.54 billion in 2025, which were higher than $7.52 billion in 2024.
CMS Energy Corporation Price, Consensus and EPS Surprise
CMS' operating expenses amounted to $1.8 billion, up 14.4% from the year-ago quarter’s figure.
Operating income was $435 million, higher than the year-ago quarter’s figure of $425 million.
Interest charges totaled $201 million, up 11.7% from that recorded in the year-ago quarter.
Financial Condition of CMS
CMS Energy had cash and cash equivalents of $509 million as of Dec. 31, 2025, compared with $103 million as of Dec. 31, 2024.
As of Dec. 31, 2025, total debt and financial leases (excluding securitization debt) were $18.31 billion compared with $15.87 billion as of Dec. 31, 2024.
The net cash flow from operating activities was $2.24 billion in 2025 compared with $2.37 billion last year.
CMS' 2026 Guidance
The company raised its 2026 adjusted earnings guidance to $3.83-$3.90 per share from $3.80-$3.87 per share. The Zacks Consensus Estimate for 2026 earnings is currently pegged at $3.85, lower than the midpoint of the company’s newly guided range.
CMS also reaffirmed its long-term adjusted EPS growth in the band of 6-8%.
Edison International (EIX - Free Report) is scheduled to report fourth-quarter results on Feb. 18, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.47 per share, which suggests a year-over-year increase of 40%.
EIX’s long-term (three to five years) earnings growth rate is 10.93%. The Zacks Consensus Estimate for fourth-quarter sales is pinned at $4.41 billion, which implies a year-over-year improvement of 10.8%.
Alliant Energy (LNT - Free Report) is slated to report fourth-quarter results on Feb. 19, after market close. The Zacks Consensus Estimate for earnings is pegged at 58 cents per share, which implies a year-over-year decrease of 17.1%.
LNT’s long-term earnings growth rate is 7.15%. The Zacks Consensus Estimate for fourth-quarter sales is pinned at $937.84 million, which implies a year-over-year decline of 3.9%.
The AES Corporation (AES - Free Report) is slated to report fourth-quarter results on Feb. 26, after market close. The Zacks Consensus Estimate for earnings is pegged at 63 cents per share, which implies a year-over-year increase of 16.7%.
AES’ long-term earnings growth rate is 11.17%. The Zacks Consensus Estimate for fourth-quarter sales is pinned at $3.47 billion, which implies year-over-year growth of 17.3%.
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CMS Energy Q4 Earnings Surpass Estimates, Revenues Increase Y/Y
Key Takeaways
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2025 earnings per share (EPS) of 95 cents, which beat the Zacks Consensus Estimate of 94 cents by 1.3%. The bottom line also increased 9.2% from 87 cents in the prior-year quarter.
For 2025, CMS reported adjusted earnings of $3.61 per share, which were higher than the last year’s figure of $3.34. This was due to outperformance at NorthStar Clean Energy.
CMS' Revenues
Operating revenues totaled $2.23 billion, which beat the Zacks Consensus Estimate of $2.11 billion by 5.9%. The top line also increased 12.3% from $1.99 billion in the prior-year quarter.
The company reported revenues of $8.54 billion in 2025, which were higher than $7.52 billion in 2024.
CMS Energy Corporation Price, Consensus and EPS Surprise
CMS Energy Corporation price-consensus-eps-surprise-chart | CMS Energy Corporation Quote
Operational Performance of CMS
CMS' operating expenses amounted to $1.8 billion, up 14.4% from the year-ago quarter’s figure.
Operating income was $435 million, higher than the year-ago quarter’s figure of $425 million.
Interest charges totaled $201 million, up 11.7% from that recorded in the year-ago quarter.
Financial Condition of CMS
CMS Energy had cash and cash equivalents of $509 million as of Dec. 31, 2025, compared with $103 million as of Dec. 31, 2024.
As of Dec. 31, 2025, total debt and financial leases (excluding securitization debt) were $18.31 billion compared with $15.87 billion as of Dec. 31, 2024.
The net cash flow from operating activities was $2.24 billion in 2025 compared with $2.37 billion last year.
CMS' 2026 Guidance
The company raised its 2026 adjusted earnings guidance to $3.83-$3.90 per share from $3.80-$3.87 per share. The Zacks Consensus Estimate for 2026 earnings is currently pegged at $3.85, lower than the midpoint of the company’s newly guided range.
CMS also reaffirmed its long-term adjusted EPS growth in the band of 6-8%.
CMS’ Zacks Rank
CMS Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Utility Releases
Edison International (EIX - Free Report) is scheduled to report fourth-quarter results on Feb. 18, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.47 per share, which suggests a year-over-year increase of 40%.
EIX’s long-term (three to five years) earnings growth rate is 10.93%. The Zacks Consensus Estimate for fourth-quarter sales is pinned at $4.41 billion, which implies a year-over-year improvement of 10.8%.
Alliant Energy (LNT - Free Report) is slated to report fourth-quarter results on Feb. 19, after market close. The Zacks Consensus Estimate for earnings is pegged at 58 cents per share, which implies a year-over-year decrease of 17.1%.
LNT’s long-term earnings growth rate is 7.15%. The Zacks Consensus Estimate for fourth-quarter sales is pinned at $937.84 million, which implies a year-over-year decline of 3.9%.
The AES Corporation (AES - Free Report) is slated to report fourth-quarter results on Feb. 26, after market close. The Zacks Consensus Estimate for earnings is pegged at 63 cents per share, which implies a year-over-year increase of 16.7%.
AES’ long-term earnings growth rate is 11.17%. The Zacks Consensus Estimate for fourth-quarter sales is pinned at $3.47 billion, which implies year-over-year growth of 17.3%.