Analyst Consensus ?
ConsensusBuy27 ratings
Bullish1451.9%
Neutral1348.1%
Bearish00.0%
2 unmapped firm ratings excluded from the percentages.
CMS Energy Corporation · CMS · FY2025 Q2 · Calendar Q3 2025
CMS Energy: Q2 Beat, Guidance Maintained; Data Centers Drive Outlook
CMS’s Q2 results support a constructive outlook, but the thesis depends on data-center load timing, regulatory execution and financing.
Reported Before market openNYSEUtilities
$19.99B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.71
Consensus $0.68
EPS surprise
+4.4%
Reported versus consensus
Reported revenue
$1.84B
Consensus $1.74B
Revenue surprise
+5.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.3%
Event window
SPY move
-0.4%
Same window
Abnormal move
+2.6%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
-3.5%
Up to 20 sessions
CMSSPY benchmark
Ask FN2 about CMS FY2025 Q2
Transcript, numbers and history already loaded
Why did CMS rise 2.3% after beating EPS estimates in FY2025 Q2?What changed in CMS's guidance and outlook in FY2025 Q2?Give me the bull and bear case for CMS after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis adds a new data-center agreement of up to 1 GW, keeps the 9 GW pipeline central to the outlook, and identifies a potential $5 billion IRP capex increase. Regulatory outcomes were favorable, while financing and load-ramp timing remain important watchpoints.
Guidance delta
Management maintained full-year EPS guidance; no change was identified in the supplied analysis.
Key takeaways
- Q2 performance exceeded expectations and full-year EPS guidance remained unchanged.
- A 9 GW customer pipeline and data-center demand are central to the growth outlook.
- Management anticipates roughly $5 billion of additional IRP capex for storage and gas capacity.
- Favorable storm-deferral and rate-case outcomes support continued investment, while financing remains a key watchpoint.
Management priorities
- File the Integrated Resource Plan in mid-2026, emphasizing storage and gas capacity.
- Develop data-center tariffs and convert additional pipeline customers.
- Advance renewable projects supporting Michigan’s 2030 clean-energy law.
- Continue tax-credit monetization and potential 2026 equity financing.
Follow CMS with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$63.74Current
$57Low
$75.31Average
$84High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 4, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 18, 2026 |
| Jefferies | Hold | Hold | Maintain | Sep 15, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Sep 8, 2026 |
| Argus Research | Buy | Buy | Maintain | Aug 26, 2026 |
| Truist Securities | Buy | Buy | Maintain | Aug 4, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jul 29, 2026 |
| Keybanc | Overweight | Downgrade | Jul 23, 2026 | |
| JP Morgan | Overweight | Overweight | Maintain | Jul 16, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 14, 2026 |
| B of A Securities | Buy | Buy | Maintain | Apr 21, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jan 20, 2026 |
| UBS | Neutral | Neutral | Maintain | Dec 17, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jul 7, 2025 |
| Evercore ISI Group | In Line | In Line | Maintain | Apr 28, 2025 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Apr 25, 2025 |
| Guggenheim | Neutral | Neutral | Maintain | Feb 7, 2025 |
| RBC Capital | Outperform | Outperform | Maintain | Mar 4, 2024 |
| Seaport Global | Neutral | Buy | Downgrade | Jan 8, 2024 |
| Credit Suisse | Outperform | Neutral | Upgrade | Nov 21, 2022 |
| Vertical Research | Hold | Buy | Downgrade | Jun 9, 2021 |
| Citigroup | Neutral | Neutral | Maintain | Aug 4, 2020 |
| Goldman Sachs | Buy | Neutral | Upgrade | Jan 16, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Sep 30, 2019 |
| Bank of America | Buy | Neutral | Upgrade | Apr 11, 2019 |
| Argus | Buy | Hold | Upgrade | Sep 10, 2018 |
| Hilliard Lyons | Neutral | Upgrade | Feb 15, 2018 | |
| Macquarie | Neutral | Outperform | Downgrade | Apr 4, 2016 |
| Deutsche Bank | Buy | Buy | Maintain | Feb 5, 2016 |
| Baird | Outperform | Outperform | Maintain | May 23, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $63.74. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Scotiabank | Andrew Weisel | $78 | $63.08 | +22.4% | Oct 1, 2026 |
| BMO Capital | James Thalacker | $77 | $68.46 | +20.8% | Sep 8, 2026 |
| Morgan Stanley | Analyst unavailable | $79 | $69.81 | +23.9% | Aug 21, 2026 |
| Truist Financial | Richard Sunderland | $81 | $71.74 | +27.1% | Aug 4, 2026 |
| UBS | Analyst unavailable | $84 | $74.37 | +31.8% | Jul 29, 2026 |
| BMO Capital | James Thalacker | $86 | $73.65 | +34.9% | Jul 20, 2026 |
| Jefferies | Analyst unavailable | $78 | $74.03 | +22.4% | Jul 16, 2026 |
| Barclays | Analyst unavailable | $81 | $75.75 | +27.1% | Jul 14, 2026 |
| KeyBanc | Sophie Karp | $83 | $71.31 | +30.2% | Jun 8, 2026 |
| BMO Capital | James Thalacker | $81 | $70.22 | +27.1% | Jun 4, 2026 |
| Jefferies | Julien Dumoulin-Smith | $74 | $70.22 | +16.1% | Jun 4, 2026 |
| Morgan Stanley | Analyst unavailable | $77 | $73.46 | +20.8% | May 21, 2026 |
| Truist Financial | Analyst unavailable | $83 | $71.64 | +30.2% | May 18, 2026 |
| BMO Capital | Analyst unavailable | $82 | $72.97 | +28.6% | May 11, 2026 |
| Wells Fargo | Analyst unavailable | $80 | $77.04 | +25.5% | Apr 21, 2026 |
| BMO Capital | Analyst unavailable | $85 | $78.11 | +33.4% | Apr 17, 2026 |
| Barclays | Analyst unavailable | $79 | $75.86 | +23.9% | Feb 23, 2026 |
| Morgan Stanley | Analyst unavailable | $80 | $75.72 | +25.5% | Feb 20, 2026 |
| Williams Trading | Analyst unavailable | $80 | $72.27 | +25.5% | Feb 9, 2026 |
| UBS | Analyst unavailable | $81 | $73.14 | +27.1% | Feb 6, 2026 |
| UBS | Analyst unavailable | $79 | $70.86 | +23.9% | Feb 2, 2026 |
| Morgan Stanley | Analyst unavailable | $75 | $71.22 | +17.7% | Feb 2, 2026 |
| BMO Capital | Analyst unavailable | $79 | $71.49 | +23.9% | Feb 2, 2026 |
| Wolfe Research | Analyst unavailable | $82 | $70.9 | +28.6% | Jan 30, 2026 |
| Barclays | Analyst unavailable | $74 | $70.93 | +16.1% | Jan 14, 2026 |
| UBS | Analyst unavailable | $77 | $69.91 | +20.8% | Dec 17, 2025 |
| Wells Fargo | Analyst unavailable | $77 | $74.59 | +20.8% | Oct 27, 2025 |
| Morgan Stanley | Analyst unavailable | $76 | $75.4 | +19.2% | Oct 22, 2025 |
| Barclays | Nicholas Campanella | $82 | $75.09 | +28.6% | Oct 21, 2025 |
| KeyBanc | Analyst unavailable | $79 | $74.35 | +23.9% | Oct 15, 2025 |
| Morgan Stanley | David Arcaro | $71 | $69.36 | +11.4% | May 22, 2025 |
| Scotiabank | Analyst unavailable | $81 | $72.18 | +27.1% | Apr 25, 2025 |
| Morgan Stanley | David Arcaro | $74 | $73.5 | +16.1% | Apr 23, 2025 |
| Jefferies | Julien Dumoulin-Smith | $83 | $72.1 | +30.2% | Apr 21, 2025 |
| BMO Capital | Analyst unavailable | $80 | $73.14 | +25.5% | Mar 24, 2025 |
| Jefferies | Julien Dumoulin-Smith | $76 | $68.39 | +19.2% | Nov 4, 2024 |
| Mizuho Securities | Anthony Crowdell | $76 | $70.63 | +19.2% | Oct 1, 2024 |
| KeyBanc | Sophie Karp | $73 | $70.09 | +14.5% | Sep 16, 2024 |
| Bank of America Securities | Paul Cole | $73 | $67.55 | +14.5% | Aug 29, 2024 |
| BMO Capital | James Thalacker | $69 | $61.34 | +8.3% | Jul 19, 2024 |
| Morgan Stanley | David Arcaro | $61 | $61.7 | -4.3% | May 28, 2024 |
| KeyBanc | Sophie Karp | $68 | $63.24 | +6.7% | May 20, 2024 |
| BMO Capital | James Thalacker | $71 | $62.91 | +11.4% | May 14, 2024 |
| Barclays | Nicholas Campanella | $59 | $60.2 | -7.4% | Apr 30, 2024 |
| KeyBanc | Sophie Karp | $66 | $58.48 | +3.5% | Apr 19, 2024 |
| BMO Capital | James Thalacker | $64 | $56.89 | +0.4% | Apr 17, 2024 |
| UBS | Ross Fowler | $65 | $59.32 | +2.0% | Apr 4, 2024 |
| Guggenheim | Shahriar Pourreza | $64 | $57.77 | +0.4% | Feb 2, 2024 |
| Wolfe Research | Steve Fleishman | $62 | $58.07 | -2.7% | Jan 16, 2024 |
| Loop Capital Markets | Sophie Karp | $57 | $52.14 | -10.6% | Oct 5, 2023 |
| UBS | Ross Fowler | $68 | $58.99 | +6.7% | Jun 6, 2023 |
| Mizuho Securities | Anthony Crowdell | $68 | $61.27 | +6.7% | Apr 19, 2023 |
| Wells Fargo | Analyst unavailable | $73 | $62.1 | +14.5% | Feb 3, 2023 |
| Mizuho Securities | Anthony Crowdell | $59 | $53.97 | -7.4% | Oct 21, 2022 |
| Morgan Stanley | Analyst unavailable | $67 | $65.54 | +5.1% | Sep 22, 2022 |
| Morgan Stanley | Analyst unavailable | $63 | $63.88 | -1.2% | Jul 21, 2022 |
| Barclays | Analyst unavailable | $72 | $66.2 | +13.0% | Jul 18, 2022 |
| Mizuho Securities | Anthony Crowdell | $73 | $67.24 | +14.5% | Jun 30, 2022 |
| BMO Capital | Analyst unavailable | $71 | $65.19 | +11.4% | Jun 27, 2022 |
| Morgan Stanley | Analyst unavailable | $59 | $62.73 | -7.4% | Jun 23, 2022 |
| Morgan Stanley | Analyst unavailable | $66 | $68.98 | +3.5% | May 23, 2022 |
| Credit Suisse | Analyst unavailable | $70 | $68.56 | +9.8% | May 4, 2022 |
| Credit Suisse | Analyst unavailable | $76 | $70.59 | +19.2% | Apr 26, 2022 |
| Mizuho Securities | Analyst unavailable | $77 | $73.04 | +20.8% | Apr 21, 2022 |
| Morgan Stanley | Analyst unavailable | $69 | $73.02 | +8.3% | Apr 20, 2022 |
| Evercore ISI | Durgesh Chopra | $67 | $64.22 | +5.1% | Feb 4, 2022 |
| Wolfe Research | Steve Fleishman | $69 | $64.22 | +8.3% | Feb 4, 2022 |
| Bank of America Securities | Julien Dumoulin Smith | $67 | $63.72 | +5.1% | Dec 17, 2021 |
| Credit Suisse | Maheep Mandloi | $71 | $58.74 | +11.4% | Jul 13, 2021 |
Track every rating change on CMS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationCMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and NorthStar Clean Energy. The Electric Utility segment is involved in the generation, purchase, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 263 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,619 miles of high-voltage distribution overhead lines; 18 miles of high-voltage distribution underground lines; 82,854 miles of electric distribution overhead…
Historical context
All CMS earningsLatest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the CMS recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-10-04T21:50:43.818917+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-04T21:50:43.815654+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-04. For educational purposes only; not investment advice.