Utilities
CMS Energy's Q2 FY2026 10-Q shows revenue roughly flat year-over-year at $1.829B (-0.5%), but net income fell sharply to $120M (-40.3%) and diluted EPS dropped to $0.37 (-43.9%), driven by higher operating costs, increased depreciation, and a substantial rise in long-term debt supporting continued capital investment.
Key risk: Declining Profitability Despite Stable Revenue
Net income fell 40.3% and diluted EPS fell 43.9% year-over-year even though revenue was nearly flat, indicating rising costs or expenses are compressing margins. Operating margin also declined from 17.2% to 14.4%, a meaningful contraction for a regulated utility.
Other Multi-Utilities companies