CMS Energy

CMS Energy Corporation (CMS Energy) is based in Jackson, Michigan. Its main business is Consumers Energy, an electric and gas utility in Michigan. Consumers Energy generates, buys, distributes and sells electricity, and it also runs a natural gas utility. The Michigan Public Service Commission (MPSC) sets its rates.

NorthStar Clean Energy is the non-utility business, and CMS Energy is selling its renewable projects outside Michigan. Operating revenue was $2,183 million in Q3 2026 and $6,742 million for nine months. The common stock trades on the NYSE in US dollars. CMS Energy files 10-K and 10-Q reports.

The price of CMS Energy depends on whether Michigan rate orders let it earn a fair return on a large investment plan without too many new shares. Consumers Energy plans capital spending of $24.1 billion through 2030, and its 2026 integrated resource plan shows about $27 billion of capital opportunity. CMS Energy guides adjusted EPS of $4.08 to $4.17 for 2027 and long-term growth of 6% to 8% a year. Debt and finance leases were $19,728 million at September 30, 2026, and a new program can sell up to $3 billion of common stock.

For the price to hold or rise, three things must be true. The MPSC must give a fair result in the electric rate case, with a final order by April 2027, after it approved $139 million of the $232 million gas increase that Consumers Energy asked for in October 2026. The exit from NorthStar renewables must finish by the end of 2026 with no further large loss. New load from data centers and factories must arrive as planned.

The Q4 2026 report, expected in early February 2027, is the next test. If rate orders are weak or interest rates rise, the price can fall.

1. Feb 4, 2027 · est.Pending

   Q4 2026 results and 2027 outlook2026 adjusted EPS is in the guided range of $3.83 to $3.90 and the 2027 range of $4.08 to $4.17 holds, and this passes; a miss or a lower 2027 range fails.
2. Apr 2027 · est.Pending

   Electric rate case orderThe MPSC approves most of the $468 million request at a return on equity of 9.90% or more, and this passes; a much smaller increase or a lower return fails.

Every passed and failed checkpoint across all picks

• November 3, 2026CMS Energy sold $1,000 million of 6.800% fixed-to-fixed reset rate junior subordinated notes due 2057.
• October 27, 2026CMS Energy reported Q3 2026 results. Reported EPS was $0.39 and adjusted EPS was $1.44, against $0.93. Asset impairment and restructuring at NorthStar Clean Energy cost $1.08 per share. It reaffirmed 2026 adjusted EPS guidance of $3.83 to $3.90 and 2027 guidance of $4.08 to $4.17.
• October 15, 2026The MPSC approved a gas rate increase of $139 million a year for Consumers Energy, based on a return on equity of 9.80%, from November 2026. Consumers Energy had asked for $232 million.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 8-KOther company newsFiled November 3, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 27, 2026 · cms-20260930
• 8-KEarnings release and Investor disclosureFiled October 27, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 28, 2026 · cms-20260630
• 8-KEarnings release and Investor disclosureFiled July 28, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled June 3, 2026 · Read it on sec.gov
• 8-KOther company newsFiled May 13, 2026 · Read it on sec.gov
• 8-KChange to shareholder rights or bylaws and Shareholder vote resultsFiled May 13, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 28, 2026 · cms-20260331
• 8-KEarnings release and Investor disclosureFiled April 28, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 811156)

• Rate orders can be lower than requested. In October 2026 the MPSC approved $139 million of a $232 million gas request, at a return on equity of 9.80%. The electric case asks for $468 million at 10.25%, and the order is due by April 2027.
• The investment plan needs much new capital. Debt and finance leases were $19,728 million at September 30, 2026, and the new equity program can sell up to $3 billion of shares, which dilutes shareholders.
• Higher interest rates raise costs and lower the value of utility shares. Interest charges were $627 million for nine months of 2026, against $588 million.
• The NorthStar exit can bring more losses. Asset impairment and restructuring cost $1.09 per share in the first nine months of 2026, and some project sales are not yet signed.
• Demand from data centers may not arrive as expected. The 10-Q names this as a risk to the plan.

At September 30, 2026, CMS Energy had debt and finance leases of $19,728 million and securitization debt of $479 million, so debt in the figures is $20,207 million. Of this, $1,258 million is the current portion of long-term debt and finance leases. Read more

Yield at the current rate

3.3% (current annual rate, at today’s price)

Dividend yield

3.3% (last 12 months, at today’s price of $69.22)

Paid per share

$2.28 in the last 12 months (4 payments)

Current annual rate

$2.28 ($0.57 × 4 a year)

Payout ratio

62% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

November 6, 2026, $0.57 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 5.9% a year. From 2015 to 2025, the dividend grew by about 6.5% a year.

Source: company filings and market data, read on November 12, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.