CMS (CMS) Q1 2026 Earnings Call Transcript
CMS Energy reported Q1 2026 adjusted earnings of $1.13 per share, reaffirming its full-year guidance of $3.83 to $3.90 and long-term EPS growth target of 6% to 8%. The company highlighted constructive regulatory outcomes, including approval of over 65% of its electric rate case ask and expected approval of 75% of its gas rate case request. Customer affordability remains a focus, with Michigan electric bills ranking among the lowest nationally, supported by load growth from new industrial and data center demand. Strategic investments in grid reliability, renewables, and major customer expansions like Michigan Potash are driving growth and efficiency.
- ▪CMS Energy reported Q1 2026 adjusted EPS of $1.13 and reaffirmed its full-year EPS guidance of $3.83 to $3.90.
- ▪The Michigan Public Service Commission approved over 65% of CMS's electric rate case request and maintained a 9.9% ROE, with staff recommending over 75% approval in the pending gas rate case.
- ▪Michigan electric bills remain the 14th lowest in the U.S., with bill growth among the lowest nationally despite $24 billion in planned infrastructure investments.
- ▪New customer load signings totaled approximately 110 megawatts in Q1 2026, including a major contract with Michigan Potash and Salt Company representing $1.3 billion in investment.
- ▪Each gigawatt of new data center load is expected to reduce average customer rates by 2% annually over five years, with such investments not borne by existing customers.
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CMS (CMS) Q1 2026 Earnings Call Transcript Motley Fool Transcribing, The Motley Fool Tue, April 28, 2026 at 8:42 AM PDT 37 min read Image source: The Motley Fool. DATE Tuesday, April 28, 2026 at 10 a.m. ET CALL PARTICIPANTS President and CEO — Garrick J. Rochow Executive Vice President and CFO — Rejji P. Hayes Operator Full Conference Call Transcript Garrick J. Rochow: Thank you, Jason, and thank you, everyone, for joining us today. Our investment thesis, which you see on slide three, continues to stand the test of time. Whether it is our long capital runway, Michigan’s top-tier regulatory jurisdiction, our ability to keep bills affordable for customers, or the strong economic growth across the state, this model works. And it works consistently.
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