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CMS Energy (CMS) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 28, 2026
CMS Energy (CMS) reported revenue of $2.7B for the first quarter 2026 (Q1 2026), +12% from a year earlier and +22% from the quarter before. Operating margin was 17.9%, net earnings $340M (12.5% of revenue).
CMS Energy, Q1 2026: revenue $2.7B (+12% year over year), operating margin 17.9%, net earnings $340M, operating cash flow $705M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.7B | +22% | +12% |
| Operating profit | $490M | +13% | -0.8% |
| Net earnings | $340M | +18% | +12% |
| Operating cash flow | $705M | +47% | -30% |
What changed
Revenue was $2.7B in Q1 2026, up 12% year over year and up 22% from the previous quarter.
Operating profit was $0.49B, a 17.9% margin (down 2.2 points year over year). Operating profit fell $4.0M even though revenue rose $0.28B versus Q1 2025, so costs grew faster than sales. Total costs grew 15% against revenue growth of 12%. Net earnings were $0.34B, up 12% year over year ($0.28B including minority interests, which bore $0.06B of losses). The effective tax rate was 23.5%.
Operating cash flow was $0.70B (down 30% year over year), 255% of net income including minority interests. Non-cash charges added back $0.41B of depreciation and amortization. Capital expenditures of $1.0B exceeded it, leaving free cash flow of −$0.33B.
Questions
What was CMS Energy's revenue in the first quarter 2026?
CMS Energy (CMS) reported revenue of $2.7B for the first quarter 2026 (Q1 2026), +12% from a year earlier and +22% from the quarter before.
Was CMS Energy profitable in the first quarter 2026?
Operating profit was $490M (17.9% of revenue) and net earnings $340M.
Source: CMS Energy 10-Q on SEC EDGAR.