AI-extracted from the 10-Q filed 2026-07-28 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
CMS Energy Q2 revenue of $1,808M down slightly YoY; net income $117M vs $198M prior year, pressured by service restoration costs and higher depreciation offsetting electric rate increases.
Biggest Revenue Drivers
Electric Utility$1,338M-2% YoY
Lower electric deliveries and weather-normalized sales offset by electric rate increase from 2025 and 2026 rate cases
Gas Utility$388M+1% YoY
Gas rate increase offset by lower weather-normalized gas deliveries
Biggest Revenue Drivers
Total revenue: $1,808M-1% YoY
Electric Utility$1,338M-2% YoY
Lower electric deliveries and weather-normalized sales offset by electric rate increase from 2025 and 2026 rate cases
Gas Utility$388M+1% YoY
Gas rate increase offset by lower weather-normalized gas deliveries
NorthStar Clean Energy$103M+12% YoY
Higher independent power production and energy commodity sales
Largest Expense Items
Maintenance and other operating expenses$464M+17% YoY
Higher service restoration costs of $40M, higher vegetation management costs, and higher IT expenses including early-phase ERP implementation costs
Depreciation and amortization$308M+7% YoY
Increased plant in service reflecting higher capital spending, particularly related to renewable energy projects
Purchased and interchange power$469M+4% YoY
Higher purchased power costs
General taxes$118M+8% YoY
Higher property taxes reflecting higher capital spending
Watch Items from the Filing
J.H. Campbell emergency orders: Net financial impact of $259M (after $239M MISO revenues) through June 2026; recovery through FERC remains pending with uncertain ultimate impact and ongoing litigation from third parties challenging orders.
Service restoration costs: Catastrophic March 2026 storms generated estimated $57M in deferred costs pending MPSC approval for recovery; final amounts and timing uncertain.
NorthStar Clean Energy divestment: July 2026 board approval to divest non-Michigan renewable projects could result in material impairment charge in Q3 2026 if fair value is below carrying value.
State income tax claim: Michigan Tax Tribunal and Court of Appeals ruled against CMS Energy on MISO sales apportionment; Supreme Court review pending; $19M reserve increase in 2026; potential material impact if unsuccessful.
Capital intensity: Planned $24.1B spending through 2030 on generation, distribution, and gas infrastructure; rate base growth >10% annually; regulatory recovery uncertain.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
7 transactions in CMS reported by 2 members of Congress under the STOCK Act, most recent trade Dec 18, 2025. Reported transactions, not recommendations.
About CMS ENERGY CORP (CMS): stock profile, AI score and financials
CMS ENERGY CORP (CMS) stock profile, AI quality score, and SEC EDGAR financial data, a Utilities sector company. 13F Pro's AI-powered ranking engine scores CMS at 54.9/100 on a composite quality score built from its SEC filings, placing it at rank #1,290 of 2,925 stocks — the top half of the AI-ranked universe. CMS scores in the top quartile across revenue scale (84.9). Areas of concern include free cash flow (13.7) and earnings quality (39.3), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), CMS ENERGY CORP reports quarterly revenue of $1.8B, net income of $120.0M, an operating margin of 14.4%. Top institutional holders of CMS by reported 13-F value include BlackRock, VANGUARD CAPITAL MANAGEMENT, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. CMS trades on the NYSE exchange and files with the SEC under CIK 811156. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate CMS daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for CMS ENERGY CORP directly from SEC EDGAR.