CMS Energy's Q4 2025 Earnings: What to Expect

Company Overview - CMS Energy Corporation has a market cap of $21.3 billion and operates through Electric Utility, Gas Utility, and NorthStar Clean Energy segments, providing services to approximately 1.9 million electric and 1.8 million gas customers in Michigan [1] Financial Performance - Analysts forecast CMS to report an adjusted EPS of $0.96 for fiscal Q4 2025, representing a 10.3% increase from $0.87 in the same quarter last year [2] - For fiscal 2025, the expected adjusted EPS is $3.59, which is a 7.5% rise from $3.34 in fiscal 2024 [3] - CMS Energy reported a stronger-than-expected Q3 2025 adjusted EPS of $0.93 and revenue of $2.02 billion, leading to an increase in its 2025 adjusted EPS guidance to $3.56 - $3.60 and initiating 2026 guidance at $3.80 - $3.87 [5] Stock Performance - Over the past 52 weeks, CMS shares have returned 5.6%, underperforming the S&P 500 Index's 17.7% increase and the State Street Utilities Select Sector SPDR ETF's 11.9% gain [4] - The consensus view among analysts is cautiously optimistic, with a "Moderate Buy" rating; eight out of 16 analysts recommend "Strong Buy" while the other eight suggest "Hold" [6] - The average analyst price target for CMS Energy is $79.15, indicating a potential upside of 13.1% from current levels [6]