The reaffirmed guidance and strong Q1 beat support the stock, but the sharp operating cash flow decline (-29.5% YoY) warrants monitoring. Watch the upcoming electric rate case filing (Q2) and the June IRP filing for capital plan clarity. The ~9 GW economic development pipeline is a multi-year catalyst but not immediate.
Price Chart
Executive Summary
CMS Energy reported Q1 2026 adjusted EPS of $1.13, up 10.8% YoY from $1.02, and reaffirmed full-year 2026 adjusted EPS guidance of $3.83-$3.90 with long-term 6-8% growth. Revenue grew 11.6% YoY to $2.73B, but operating income slipped slightly and operating cash flow declined sharply to $705M from $1.0B. The reaffirmed guidance and constructive Michigan regulatory backdrop support the outlook, but the cash flow decline tempers the positive read.
Key Financial Metrics
Key Facts
- Q1 2026 adjusted EPS $1.13 vs $1.02 YoY (+10.8%)
- Q1 2026 GAAP EPS $1.10 vs $1.01 YoY
- Q1 2026 operating revenue $2.73B vs $2.447B YoY (+11.6%)
- Operating income $490M vs $494M YoY (-0.8%)
- Net cash from operations $705M vs $1.0B YoY (-29.5%)
- 2026 adjusted EPS guidance reaffirmed at $3.83-$3.90
- Long-term adjusted EPS growth target 6-8% reaffirmed
- Utility capital plan increased to $24B (2026-2030), up $4B from prior plan
- Recent electric rate order approved $217M with 9.90% ROE
- Economic development pipeline ~9 GW of new load potential
Financial Impact
Q1 adjusted EPS beat prior year by $0.11 (+10.8%); revenue beat consensus by ~$220M; operating cash flow declined $295M YoY
Risk Factors
- Operating cash flow declined materially YoY ($705M vs $1.0B), which could pressure dividend growth or require additional financing
- Interest charges rose to $203M from $186M YoY (+9.1%), reflecting higher debt levels
- Michigan gubernatorial election in 2026 could shift regulatory dynamics
- Execution risk on $24B capital plan and large load interconnection
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-049718 |
| Document: tm2612873d1_8k.htm | 0001104659-26-049718 |
| Document: tm2612873d1_ex99-2.htm | 0001104659-26-049718 |
| Document: 0001104659-26-049718-index-headers.html | 0001104659-26-049718 |
| Document: 0001104659-26-049718-index.html | 0001104659-26-049718 |
| Document: 0001104659-26-049718.txt | 0001104659-26-049718 |
| 8-K Data (Synthetic) | 0001104659-26-049718 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 28, 2026 9w ago | 8-K | $74.37 $68.74 | ▼ −7.57% | ▼ −10.95% | $63.83 (−14.17%) |
Jun 3, 2026 17w ago | 8-K | $16.95 $16.90 | ▼ −0.30% | ▲ +0.70% | $63.83 (+276.69%) |
May 13, 2026 20w ago | 8-K | $17.20 $16.95 | ▼ −1.48% | ▼ −0.62% | $63.83 (+271.10%) |
May 13, 2026 20w ago | 424B5 | $17.20 $16.95 | ▲ +1.48% | ▲ +0.62% | $63.83 (−271.10%) |
Apr 28, 2026 22w ago | 8-K | $17.21 $17.03 | ▼ −1.07% | ▼ −6.53% | $63.83 (+270.89%) |
Apr 1, 2026 26w ago | DEFA14A | $16.59 $16.97 | ▲ +2.29% | ▼ −7.43% | $63.83 (+284.75%) |
Feb 25, 2026 31w ago | Insider Cluster | $76.00 $75.44 | ▼ −0.74% | ▲ +4.50% | $63.83 (−16.01%) |
Feb 25, 2026 31w ago | Insider Cluster | $76.00 $75.44 | ▼ −0.74% | ▲ +4.50% | $63.83 (−16.01%) |
US Market Status
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