CMS Energy
Parent of Consumers Energy, serving Michigan electricity and natural gas customers.
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Profile
Owns Consumers Energy, which earns primarily regulated revenue from electricity and natural gas service across Michigan's Lower Peninsula, alongside a smaller independent-power operation. The group is exiting non-utility renewables development and plans to divest primarily out-of-state renewable projects while retaining Michigan-based NorthStar assets.
Runs Michigan's regulated electric and natural gas businesses through Consumers Energy, which generates or purchases electricity and distributes power and gas across the Lower Peninsula. The electric utility and gas utility segments supply the substantial majority of the group's business, while NorthStar Clean Energy operates and markets independent power generation.
Operations center on maintaining and expanding generation, electric distribution, gas transmission, storage, and distribution infrastructure under state and federal oversight. A board-approved transition is ending non-utility renewables development and seeking buyers for primarily out-of-state renewable projects, while retaining Michigan-based NorthStar assets including Dearborn Industrial Generation. Results depend on Michigan rate regulation, federal energy rules, weather, energy commodity prices, interest rates, credit access, and reliable operation of utility infrastructure.
Company facts
Key statistics
Year to date −3.2% · Average volume (30d) 3.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Morgan Stanley | Reiterate | Equal Weight | $77 | $79 | |
| Aug 4, 2026 | Truist Financial | Target | $83 | $81 | ||
| Jul 29, 2026 | UBS | Reiterate | Neutral | $81 | $84 | |
| Jul 23, 2026 | KeyBanc | Downgrade | Overweight | Sector Weight | ||
| Jul 20, 2026 | BMO Capital | Reiterate | Outperform | $81 | $86 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $0.36 | $0.37 | +3.1% | $1.87B | $1.83B | −2.4% | −0.01% |
| Apr 28, 2026Q1 FY26 | $1.11 | $1.13 | +1.8% | $2.46B | $2.73B | +11.1% | −1.57% |
| Feb 5, 2026Q4 FY25 | $0.93 | $0.95 | +1.8% | $1.88B | $2.23B | +18.6% | −0.03% |
| Oct 30, 2025Q3 FY25 | $0.86 | $0.93 | +8.1% | $1.85B | $2.02B | +9.5% | +0.46% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.45B | $1.84B | $2.02B | $2.23B | $2.73B | $1.83B | |
| Gross profit | $1.04B | $714.0M | $588.0M | $2.86B | $1.54B | $1.15B | |
| Operating income | $494.0M | $317.0M | $481.0M | $435.0M | $490.0M | $264.0M | |
| Net income | $304.0M | $201.0M | $277.0M | $289.0M | $340.0M | $120.0M | |
| Diluted EPS | $1.01 | $0.66 | $0.92 | $0.94 | $1.13 | $0.39 | |
| Gross margin | 42.7% | 38.8% | 29.1% | 127.9% | 56.5% | 63.1% | |
| Operating margin | 20.2% | 17.2% | 23.8% | 19.5% | 17.9% | 14.4% |
Fiscal years (4-quarter sums)FY21 $7.33B · FY22 $8.60B · FY23 $7.46B · FY24 $7.52B · FY25 $8.54B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $241.0M · Total debt $19.30B · Total assets $41.10B · Shareholders' equity $9.77B
Dividends
Raised for 18 straight years — most recently to $0.57 from $0.5425 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 7, 2026 | Aug 7 | Sep 1 | $0.57 | |
| May 8, 2026 | May 8 | May 29 | $0.57 | |
| Feb 17, 2026 | Feb 17 | Feb 27 | $0.57 | raised from $0.5425 |
| Nov 7, 2025 | Nov 7 | Nov 26 | $0.5425 | |
| Aug 8, 2025 | Aug 8 | Aug 29 | $0.5425 | |
| May 9, 2025 | May 9 | May 30 | $0.5425 | |
| Feb 14, 2025 | Feb 17 | Feb 28 | $0.5425 | raised from $0.515 |
| Nov 13, 2024 | Nov 13 | Nov 27 | $0.515 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 313.58M · Float 99.91M · 31.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 33.07M | 10.55% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 20.17M | 6.43% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 19.05M | 6.08% | 13F | Aug 13, 2026 |
| State Street Corp | 17.71M | 5.65% | 13F | Aug 7, 2026 |
| JPMorgan Chase & Co | 16.41M | 5.23% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 31, 2026 | Srikanth Maddipati | officer: EVP/CFO | +200 | $72.46 |
| May 26, 2026 | Brandon J. Hofmeister | officer: Senior Vice President | −3,000 | $74.31 |
| Mar 2, 2026 | Scott B. McIntosh | officer: VP, Controller, CAO | −1,750 | $78.21 |
| Feb 27, 2026 | Brandon J. Hofmeister | officer: Senior Vice President | −4,000 | $78.24 |
| Feb 25, 2026 | Diane Leopold | director | +2,000 | $76.70 |
Peers
- DTE Energy
Michigan electric and gas utility peer
- WEC Energy Group
Midwest electric and gas utility benchmark
- NiSource
Gas-heavy Midwest regulated utility peer
- Ameren
MISO-region electric, gas, and transmission peer
- Alliant Energy
Upper Midwest electric and gas utility peer
- Xcel Energy
Multistate electric-gas utility and decarbonization peer
- NextEra Energy
Clean-energy developer and IPP overlap for NorthStar
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| CMS Energy | $68.78 | +0.84% | $21.39B | 20.2 | 16.4 | 2.4 | −0.5% |
| DTE Energy | $135.86 | +0.03% | $28.27B | 21.3 | 16.6 | 1.7 | −1.5% |
| WEC Energy Group | $106.22 | +0.01% | $34.60B | 20.6 | 19.9 | 3.4 | +2.6% |
| NiSource | $42.21 | +4.07% | $19.45B | 21.6 | 18.6 | 2.8 | +4.6% |
| Ameren | $105.85 | −0.25% | $29.37B | 18.7 | 19.3 | 3.4 | −5.8% |
| Alliant Energy | $68.03 | +0.01% | $17.57B | 21.5 | 19.4 | 4.0 | +1.0% |
| Xcel Energy | $76.26 | −0.25% | $47.75B | 20.8 | 18.0 | 3.3 | −5.1% |
| NextEra Energy | $81.84 | +0.02% | $170.72B | 18.3 | 19.9 | 5.9 | +12.5% |
| Median | 20.8 | 19.3 | 3.4 | +1.0% |