CMS Energy (NYSE:CMS) announced fourth-quarter results on Thursday that met profit expectations and exceeded revenue forecasts, while raising its earnings outlook for 2026 following stronger-than-expected performance in 2025.
The company posted adjusted earnings per share of $0.95 for the quarter, in line with analyst projections. Revenue, however, came in ahead of expectations at $2.23 billion, compared with consensus estimates of $1.99 billion. CMS Energy shares were little changed in after-hours trading following the release.
The Michigan-based utility reported full-year 2025 adjusted EPS of $3.61, exceeding its prior guidance range, driven largely by robust contributions from its NorthStar Clean Energy division. Building on this momentum, the company increased its 2026 adjusted EPS forecast to a range of $3.83 to $3.90, up from its earlier outlook of $3.80 to $3.87. The midpoint of the updated guidance sits slightly above the analyst consensus estimate of $3.85. CMS also reiterated its long-term target of delivering annual adjusted EPS growth of 6% to 8%, expressing confidence toward the upper end of that range.
“CMS Energy had a successful year delivering for all stakeholders in 2025. Our accomplishments include constructive regulatory outcomes, solid cost performance at the Utility and strong results at NorthStar,” said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy. “Our customers remain our top priority as the CMS Energy team works every day to improve reliability and affordability.”
Within its business segments, the company’s gas utility division delivered particularly strong results, generating earnings of $0.56 per share in the fourth quarter, up from $0.44 in the same period last year. The 27% increase was largely attributed to approved gas rate adjustments and higher demand during colder weather.
Meanwhile, the electric utility segment reported earnings of $0.35 per share, down from $0.47 a year earlier, reflecting increased operating and maintenance costs, including expenses related to service restoration.
For the full year, CMS Energy recorded revenue of $8.54 billion, representing a 13.6% increase from $7.52 billion in 2024. The company also announced an 11-cent increase to its annual dividend, raising the payout to $2.28 per share for 2026 and marking its 20th consecutive year of dividend growth.