Earnings Preview: What To Expect From CMS Energy's Report

Jackson, Michigan-based CMS Energy Corporation (CMS) is an energy company primarily operating in Michigan. Valued at a market capitalization of $23.8 billion, the company operates through Electric Utility, Gas Utility, and NorthStar Clean Energy segments. CMS generates electricity from coal, wind, gas, oil, and nuclear sources and serves 1.9 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. 

CMS is expected to release its Q2 2026 earnings soon.  Ahead of the event, analysts expect the company’s EPS to be $0.70 on a diluted basis, down 1.4% from $0.71 in the year-ago quarter. The company has exceeded Wall Street’s EPS estimates in each of its last four quarters.

For fiscal 2026, analysts project the company’s EPS to be $3.87, up 7.2% from $3.61 in fiscal 2025. Moreover, its EPS is expected to rise by roughly 7.5% year over year (YoY) to $4.16 in fiscal 2027.  

CMS stock has grown 10.6% over the past 52 weeks, underperforming the S&P 500 Index’s ($SPX) 20.5% rise and the State Street Utilities Select Sector SPDR ETF’s (XLU) 11.5% return during the same time frame.  

On Apr. 28, CMS stock declined marginally following the release of its Q1 2026 earnings. The company’s revenue for the quarter amounted to $2.7 billion, exceeding the Street’s estimates. Moreover, its adjusted EPS for the period came in at $1.13, beating Wall Street’s forecasts. CMS Energy expects full-year earnings in the range of $3.83 to $3.90 per share. 

Analysts are somewhat bullish on CMS, with the stock having a “Moderate Buy” rating overall. Among the 17 analysts covering the stock, eight are recommending a “Strong Buy,” and nine recommend “Hold” for the stock. CMS’ average analyst price target is $80.80, indicating an upside of 4.9% from the current levels.