CMS Energy Reports Q1 EPS of $1.13, $346M Net Income and Maintains $3.83–$3.90 Guidance
CMS Energy posted adjusted Q1 EPS of $1.13 and net income of $346 million, maintaining full-year EPS guidance of $3.83–$3.90. A March ice storm trimmed EPS by $0.05 per share, offset by $0.11 per share rate relief, while Moody’s assigned a negative outlook despite $495 million in equity forwards.
1. Quarter One Financial Results
CMS Energy recorded adjusted EPS of $1.13 and net income of $346 million in Q1 2026, supported by a 9.9% return on equity and over 65% approval of its electric rate case ask. The growth pipeline remains robust with contracts for 110 megawatts of new load signed year-to-date.
2. Storm Costs and Rate Relief
A severe March ice storm imposed a $0.05 per share negative variance, partially offset by $0.11 per share of rate relief net of investments, demonstrating the effectiveness of the company’s regulatory cost recovery mechanisms.
3. Guidance, Equity Forwards and Credit Rating
CMS Energy reaffirmed full-year EPS guidance at $3.83–$3.90 and executed approximately $495 million in equity forward contracts, settling $142 million in Q1. Moody’s moved the utility to a negative outlook despite Fitch’s stable rating, highlighting capital plan recovery concerns.