CMS Energy Q4 Earnings Surpass Estimates, Revenues Increase Y/Y

CMS Energy Corporation CMS 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.

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 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 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 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%.

 

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research