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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Julien Dumoulin-Smith | Jefferies | 15 (7%) |
| Andrew Weisel | Scotiabank | 14 (0%) |
| Nick Campanella | Barclays | 12 (8%) |
| Michael Sullivan | Wolfe Research | 11 (0%) |
| Jeremy Tonet | JPMorgan | 9 (0%) |
| Shar Pourreza | Wells Fargo | 8 (25%) |
| Travis Miller | Morningstar | 6 (0%) |
| David Arcaro | Morgan Stanley | 6 (0%) |
| Durgesh Chopra | Evercore ISI | 5 (0%) |
| Sophie Karp | KeyBanc Capital Markets | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jefferies | 1 | 15 (7%) |
| Scotiabank | 1 | 14 (0%) |
| Barclays | 1 | 12 (8%) |
| Wolfe Research | 1 |
| 11 (0%) |
| JPMorgan | 2 | 11 (0%) |
| Wells Fargo | 2 | 9 (22%) |
| Morningstar | 1 | 6 (0%) |
| Morgan Stanley | 1 | 6 (0%) |
CMS Energy delivered adjusted Q1 EPS of $1.13, supported by rate relief driving a $0.11 per share positive variance, partially offset by $0.05 from a sizable March ice storm. An electric rate case order approved 65% of the ask with 9.9% ROE maintained, and data center contracts progressed toward final terms with 110 MW of new load signed in Q1 alone, already exceeding full-year 2025 signings. Full-year guidance was reaffirmed at $3.83-$3.90 with confidence toward the high end, though Moody's moved the utility to negative outlook.
Regulation Policy | Demand | Capital Allocation | Capex Investment | Margin | Subscriber Growth | Revenue Growth | Cost Pressure | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 3 | 3 | 4 | 2 | 1 | 2 | 1 |
| 2025Q1 | 9 | 4 | 2 | 2 | 4 | 1 | 5 | |
| 2025Q2 | 2 | 3 | 1 | 1 | 1 | |||
| 2025Q3 | 3 | 5 | 2 | 6 | 2 | 3 | 1 | |
| 2025Q4 | 7 | 5 | 2 | 2 | 2 | 1 | 1 | |
| 2026Q1 | 9 | 9 | 7 | 2 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Regulation Policy | 5 | 9 | 2 | 3 | 7 | 9 |
| Demand | 3 | 4 | 3 | 5 | 5 | 9 |
| Capital Allocation | 3 | 2 | 1 | 2 | 2 | 7 |
| Capex Investment | 4 | 2 | 1 | 6 | 2 | 2 |
| Margin | 2 | 4 | 2 | |||
| Subscriber Growth | 1 | 1 | 1 | 2 | 1 | 2 |
| Revenue Growth | 2 | 3 | 1 | 1 | ||
| Cost Pressure | 1 | 5 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.99B | +2.0% | $0.88 | -15.4% | 21.4% | 13.3% | $-515M |
| FY2025 Q1 | $2.45B | +12.5% | $1.01 | +5.2% | 20.2% | 12.4% | $112M |
| FY2025 Q2 | $1.84B | +14.4% | $0.66 | +1.5% | 17.2% |
| 10.9% |
| $-470M |
| FY2025 Q3 | $2.02B | +15.9% | $0.92 | +9.5% | 23.8% | 13.7% | $-635M |
| FY2025 Q4 | $2.23B | +12.3% | $0.94 | +6.8% | 19.5% | 12.9% | $-596M |
| FY2026 Q1 | $2.73B | +11.6% | $1.13 | +11.9% | 17.9% | 12.5% | $-334M |
| FY2026 Q2 | $1.83B | -0.5% | $0.39 | -40.9% | 14.4% | 6.6% | $-345M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What CMS and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“what specific color can you give us on what is going on with Gaines Township and the Microsoft data center—status there and how we should be thinking about public pushback?”
An analyst references a Microsoft data center in Gaines Township within CMS's service territory; management discussed zoning progress without confirming the customer name.
“both Moody’s and Fitch reaffirmed our credit ratings in March as indicated at the bottom of the table on slide 12.”
Fitch reaffirmed CMS's credit ratings in March.
“Moody’s did move the utility to a negative outlook largely due to the size of our five-year capital investment plan relative to the timing of cost recovery”
Moody's moved the CMS utility to a negative outlook, citing the size of its five-year capital plan relative to cost-recovery timing.
“One of our larger recently signed contracts is with Michigan Potash and Salt Company, a strategic and critical mineral manufacturer and the only established and sustainable potash reserve in the U.S., expanding in our service territory, bringing with it 130 jobs and over $1.3 billion of investment in Michigan.”
Michigan Potash and Salt Company signed a large load contract with CMS, expanding in its service territory with 130 jobs and over $1.3 billion of investment.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CMS CMS Energy | 6 | +11.6% | |
| AEE Ameren | 7 | +3.8% | |
| AEP American Electric Power | 5 | +6.8% | |
| CNP CenterPoint Energy | 5 | +1.9% | |
| D Dominion Energy | 7 | +26.2% | |
| DTE DTE Energy | 7 | +15.8% | |
| DUK Duke Energy | 8 | +11.3% | |
| ED Consolidated Edison | 6 | +6.2% | |
| EIX Edison International | 6 | +7.7% | |
| ES Eversource Energy | 6 | +9.4% | |
| ETR Entergy | 8 | +12.0% | |
| EVRG Evergy | 7 | +5.5% | |
| EXC Exelon | 6 | +7.9% | |
| FE FirstEnergy | 7 | +11.6% | |
| LNT Alliant Energy | 5 | +5.0% | |
| NEE NextEra Energy | 6 | +7.3% | |
| PCG PG&E Corporation | 8 | +15.0% | |
| PEG Public Service Enterprise Group | 9 | +19.4% | |
| PNW Pinnacle West | 8 | +11.4% | |
| PPL PPL Corporation | 7 | +10.8% | |
| SO Southern Company | 6 | +8.0% | |
| WEC WEC Energy Group | 7 | +9.0% | |
| XEL Xcel Energy | 6 | +2.9% |