CMS Energy reported fourth-quarter diluted earnings per share of $0.95, surpassing last year’s $0.87 and topping the consensus estimate of $0.94. Operating revenue rose 12.3% year-over-year to $2.23 billion from $1.99 billion, driven by stronger power demand across residential, commercial and data center customers. Operating income increased to $435 million from $425 million a year ago, while net income attributable to the company climbed to $289 million, up from $265 million in the prior period.

For the full year, CMS Energy delivered diluted earnings per share of $3.53, a 6.0% gain over $3.33 in 2024, and adjusted EPS of $3.61 versus $3.34 a year earlier. Annual operating revenue grew 13.6% to $8.54 billion from $7.52 billion, reflecting robust contributions from NorthStar Clean Energy and consistent utility performance. Full-year net income available to common shareholders reached $1.06 billion, compared with $993 million in 2024, driven by constructive regulatory outcomes and solid cost management.

Building on 2025 results, the company raised its 2026 adjusted earnings guidance to a range of $3.83–$3.90 per share, up from a prior range of $3.80–$3.87. Management reaffirmed a long-term adjusted EPS growth target of 6–8%, expressing confidence in achieving results toward the high end of that range. The stronger forecast reflects continued power demand growth, ongoing clean energy project deployments and expected regulatory approvals for key infrastructure investments.

CMS Energy’s board approved a quarterly dividend increase to $0.57 per share from $0.5425, marking the twentieth consecutive annual increase. The new annualized dividend of $2.28 per share yields approximately 3.2% based on recent share prices. The first-quarter payment is scheduled for February 27, 2026, to shareholders of record as of February 17, reinforcing the company’s commitment to delivering reliable income to investors.