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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported) February 5, 2026

 

Commission   Registrant; State of Incorporation;   IRS Employer
File Number   Address; and Telephone Number   Identification No.
         
1-9513  

CMS ENERGY CORPORATION

(A Michigan Corporation)
One Energy Plaza
Jackson, Michigan 49201
(517) 788-0550

   38-2726431
         
1-5611  

CONSUMERS ENERGY COMPANY

(A Michigan Corporation)
One Energy Plaza
Jackson, Michigan 49201
(517) 788-0550

   38-0442310

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class   Trading Symbol(s)   Name of each exchange 
on which registered
CMS Energy Corporation Common Stock, $0.01 par value   CMS   New York Stock Exchange
CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078   CMSA   New York Stock Exchange
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078   CMSC   New York Stock Exchange
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079   CMSD   New York Stock Exchange
CMS Energy Corporation, Depositary Shares, each representing a 1/1,000th interest in a share of 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C   CMS PRC   New York Stock Exchange
Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series   CMS-PB   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).  Emerging growth company:  CMS Energy Corporation ¨        Consumers Energy Company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  CMS Energy Corporation ¨  Consumers Energy Company ¨

 

 

 

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Co-Registrant Form Type 8-K
Co-Registrant DocumentPeriodEndDate 2026-02-05
Co-Registrant Written Communications false
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Co-Registrant PreCommencement Tender Offer false
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Item 2.02. Results of Operations and Financial Condition.

 

On February 5, 2026, CMS Energy Corporation (“CMS Energy”) issued a News Release, in which it announced its 2025 results. Attached as Exhibit 99.1 to this report and incorporated herein by reference is a copy of the CMS Energy News Release, furnished as a part of this report.

 

Exhibit 99.1 contains certain financial measures that are considered “non-GAAP financial measures” as defined in Securities and Exchange Commission rules. Other than forward-looking earnings guidance, Exhibit 99.1 contains a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation program, changes in federal and state tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. Management views adjusted earnings as a key measure of CMS Energy’s present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, CMS Energy uses adjusted earnings to measure and assess performance. Because CMS Energy is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, reported earnings in future periods, Exhibit 99.1 does not contain reported earnings guidance nor a reconciliation for the comparable future period earnings. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis.

 

Item 7.01. Regulation FD Disclosure.

 

The information set forth in the CMS Energy News Release dated February 5, 2026, attached as Exhibit 99.1, is incorporated by reference in response to this Item 7.01.

 

CMS Energy will hold a webcast to discuss its 2025 results and provide a business and financial outlook on February 5 at 10:00 a.m. (ET). A copy of the CMS Energy presentation is furnished as Exhibit 99.2 to this report. A webcast of the presentation will be available on the CMS Energy website, www.cmsenergy.com.

 

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

 

Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

  Exhibit Index
99.1   CMS Energy News Release dated February 5, 2026
99.2     CMS Energy presentation dated February 5, 2026
104   Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

 

  CMS ENERGY CORPORATION
    
Dated: February 5, 2026 By: /s/ Rejji P. Hayes
    Rejji P. Hayes
    Executive Vice President and Chief Financial Officer
     
  CONSUMERS ENERGY COMPANY
    
Dated: February 5, 2026 By: /s/ Rejji P. Hayes
    Rejji P. Hayes
    Executive Vice President and Chief Financial Officer

 

 

 

 

Exhibit 99.1

 

 

CMS Energy Exceeds Earnings Guidance in 2025, Raises 2026 Adjusted EPS Guidance

 

JACKSON, Mich., Feb. 5, 2026 – CMS Energy announced today reported earnings per share of $3.53 for 2025, compared to $3.33 per share for 2024. The company’s adjusted earnings per share for 2025 were $3.61, compared to $3.34 per share for 2024, exceeding the guidance range largely due to outperformance at NorthStar Clean Energy. CMS Energy also increased its annual dividend by 11 cents per share to $2.28 for 2026, the 20th increase in as many years.

 

CMS Energy raised its 2026 adjusted earnings guidance to $3.83 to $3.90 from $3.80 to $3.87 per share (*See below for important information about non-GAAP measures) and reaffirmed long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end.

 

“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.”

 

CMS Energy (NYSE: CMS) is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses.

 

# # #

 

CMS Energy will hold a webcast to discuss its 2025 year-end results and provide a business and financial outlook on Thursday, February 5, 2026 at 10:00 a.m. (EST). To participate in the webcast, go to CMS Energy’s homepage (cmsenergy.com) and select “Events and Presentations.”

 

 

 

 

Important information for investors about non-GAAP measures and other disclosures.

 

This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, changes in accounting principles, voluntary separation program, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, or other items. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The company's adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings.  

 

This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy's and Consumers Energy's results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings.

 

Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.

 

Media Contacts: Katie Carey, 517/740-1739

 

Investment Analyst Contact: Travis Uphaus, 517/817-9241

 

2

 

 

Page 1 of 3

 

CMS ENERGY CORPORATION

Consolidated Statements of Income

(Unaudited)

 

   In Millions, Except Per Share Amounts 
   Three Months Ended   Twelve Months Ended 
   12/31/25   12/31/24   12/31/25   12/31/24 
Operating revenue  $2,233   $1,989   $8,539   $7,515 
                     
Operating expenses   1,798    1,564    6,812    6,028 
                     
Operating Income   435    425    1,727    1,487 
                     
Other income   61    61    310    344 
                     
Interest charges   201    180    789    708 
                     
Income Before Income Taxes   295    306    1,248    1,123 
                     
Income tax expense   53    51    246    176 
                     
Net Income   242    255    1,002    947 
                     
Loss attributable to noncontrolling interests   (47)   (10)   (69)   (56)
                     
Net Income Attributable to CMS Energy   289    265    1,071    1,003 
                     
Preferred stock dividends   3    3    10    10 
                     
Net Income Available to Common Stockholders  $286   $262   $1,061   $993 
                     
Diluted Earnings Per Average Common Share  $0.94   $0.87   $3.53   $3.33 

 

 

 

 

Page 2 of 3

 

CMS ENERGY CORPORATION

Summarized Consolidated Balance Sheets

(Unaudited)

 

   In Millions 
   As of 
   12/31/25  

12/31/24

 
Assets          
Current assets          
Cash and cash equivalents  $509   $103 
Restricted cash and cash equivalents   106    75 
Other current assets   2,857    2,612 
Total current assets   3,472    2,790 
Non-current assets          
Plant, property, and equipment   30,680    27,461 
Other non-current assets   5,789    5,669 
Total Assets  $39,941   $35,920 
           
Liabilities and Equity          
Current liabilities (1)  $2,592   $2,261 
Non-current liabilities (1)   8,740    8,345 
Capitalization          
Debt and finance leases (excluding securitization debt) (2)   18,313    15,866 
Preferred stock and securities   224    224 
Noncontrolling interests   567    518 
Common stockholders' equity   8,920    8,006 
Total capitalization (excluding securitization debt)   28,024    24,614 
Securitization debt (2)   585    700 
Total Liabilities and Equity  $39,941   $35,920 

 

(1)   Excludes debt and finance leases.

 

(2)  Includes current and non-current portions.

 

CMS ENERGY CORPORATION

Summarized Consolidated Statements of Cash Flows

(Unaudited)

 

   In Millions 
   Twelve Months Ended 
   12/31/25   12/31/24 
Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts  $178   $248 
           
Net cash provided by operating activities   2,235    2,370 
Net cash used in investing activities   (4,038)   (3,054)
Cash flows from operating and investing activities   (1,803)   (684)
Net cash provided by financing activities   2,240    614 
           
Total Cash Flows  $437   $(70)
           
End of Period Cash and Cash Equivalents, Including Restricted Amounts  $615   $178 

 

 

 

 

Page 3 of 3

 

CMS ENERGY CORPORATION

Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income

(Unaudited)

 

   In Millions, Except Per Share Amounts 
   Three Months Ended   Twelve Months Ended 
   12/31/25   12/31/24   12/31/25   12/31/24 
Net Income Available to Common Stockholders  $286   $262   $1,061   $993 
Reconciling items:                    
Disposal of discontinued operations (gain) loss   -    *     -    *  
Tax impact   -    (*)    -    (*) 
Other exclusions from adjusted earnings**   5    *     19    6 
Tax impact   (1)   (*)    (5)   (1)
State tax policy change   (*)    -    12    - 
Voluntary separation program   -    -    -    *  
Tax impact   -    -    -    (*) 
                     
Adjusted net income – non-GAAP  $290   $262   $1,087   $998 
                     
Average Common Shares Outstanding - Diluted   305.8    298.7    301.0    298.3 
                     
Diluted Earnings Per Average Common Share                    
Reported net income per share  $0.94   $0.87   $3.53   $3.33 
Reconciling items:                    
Disposal of discontinued operations (gain) loss   -    *     -    *  
Tax impact   -    (*)    -    (*) 
Other exclusions from adjusted earnings**   0.01    *     0.05    0.01 
Tax impact    (*)     (*)    (0.01)   (*) 
State tax policy change   (*)     -    0.04    - 
Voluntary separation program   -    -    -    *  
Tax impact   -    -    -    (*) 
                     
Adjusted net income per share – non-GAAP  $0.95   $0.87   $3.61   $3.34 

 

*Less than $0.5 million or $0.01 per share.

 

**Includes business optimization initiative, major enterprise resource planning software implementations, and unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense.

 

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the Company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation program, changes in federal and state tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.

 

 

 

 

Exhibit 99.2