Strong Revenue Growth
Revenue increased 11.6% year-over-year to $2.73B in Q1 FY2026 from $2.45B in the prior-year period, reflecting solid top-line momentum likely driven by rate adjustments and utility demand growth.
来源: 10-Q Income Statement
该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
CMS Energy delivered solid Q1 FY2026 revenue growth of 11.6% to $2.73B and net income growth of 11.8% to $340M, though operating margin compressed by ~2.2 percentage points and operating cash flow declined 29.5% year-over-year.
营收
27.3亿美元
同比 +11.57%
每股收益（稀释）
1.10美元
同比 +8.91%
营业利润
4.9亿美元
同比 -0.81%
SEC XBRL 原值
Cms Energy (CMS) Q1 FY2026 营收 27.3亿美元，同比增长 11.6%。 营业利润率 17.9%，较去年同期的 20.2% 收窄 2.3 个百分点。 经营活动现金流 7.05亿美元，同比下降 29.5%。 CMS 的财年 Q1 FY2026 对应日历 Q1 2026。
近 4 个季度：3 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 0.37 | 0.36 | 超预期 +1.6% |
| 2026年3月本次财报 | 1.13 | 1.11 | 超预期 +1.9% |
| 2025年12月 | 0.94 | 0.95 | 不及预期 -1.2% |
| 2025年9月 | 0.93 | 0.85 | 超预期 +8.9% |
2026年3月 调整后（非 GAAP） EPS 1.13美元，分析师一致预期 1.11美元，超预期 +1.9%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 1.10美元。
由 AI 基于本次 SEC 报告整理
Revenue increased 11.6% year-over-year to $2.73B in Q1 FY2026 from $2.45B in the prior-year period, reflecting solid top-line momentum likely driven by rate adjustments and utility demand growth.
来源: 10-Q Income Statement
Despite revenue growth, operating income declined slightly by 0.8% to $490M, causing operating margin to compress from approximately 20.2% to 17.9%, suggesting rising operating costs are outpacing revenue gains.
来源: 10-Q Income Statement
Net income grew 11.8% to $340M and basic EPS rose 8.9% to $1.10, demonstrating that bottom-line profitability improved even as operating-level margins faced pressure.
来源: 10-Q Income Statement
Operating cash flow fell 29.5% year-over-year to $705M from $1.0B, while investing outflows increased to -$1.07B, reflecting continued capital-intensive infrastructure investment and working capital changes.
来源: 10-Q Cash Flow Statement
Total assets grew 11.0% to $40.3B, but long-term debt increased 8.1% to $17.5B and current liabilities surged 36.7% to $3.59B, pushing the current ratio below 1.0 at 0.84, indicating tighter near-term liquidity.
来源: 10-Q Balance Sheet
由 AI 基于本次 SEC 报告整理 · 高 3 中 2 低 0
Current liabilities surged 36.7% year-over-year to $3.59B while current assets grew only 8.7% to $3.03B, resulting in a current ratio of 0.84, below the 1.0 threshold. Cash and equivalents dropped sharply by 62.4% to $175M, raising near-term liquidity concerns.
来源: 10-Q Balance Sheet
Long-term debt stands at $17.46B, representing a significant portion of the $40.3B total asset base, and grew 8.1% year-over-year. In a rising or sustained high interest rate environment, refinancing costs could pressure future earnings and cash flows.
来源: 10-Q Balance Sheet
Operating cash flow declined 29.5% to $705M while capital expenditures (investing outflows) increased to $1.07B, resulting in negative free cash flow of approximately -$368M. This gap may require additional external financing to fund ongoing infrastructure investment.
来源: 10-Q Cash Flow Statement
Operating margin declined approximately 2.2 percentage points to 17.9% despite strong revenue growth, suggesting cost inflation or higher depreciation and amortization (D&A up 6.2% to $412M) are compressing profitability at the operating level.
来源: 10-Q Income Statement
As a regulated utility, CMS Energy's ability to recover costs and earn returns depends on regulatory approvals for rate increases. Delays or unfavorable rate decisions could limit revenue recovery and pressure margins given the company's heavy capital investment program.
来源: 10-Q Balance Sheet & Cash Flow Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 27.30 亿美元 | 24.47 亿美元 | +11.57% |
营业利润 亿美元 | 4.90 亿美元 | 4.94 亿美元 | -0.81% |
净利润 亿美元 | 3.40 亿美元 | 3.04 亿美元 | +11.84% |
每股收益（基本） 美元 | 1.10 美元 | 1.01 美元 | +8.91% |
每股收益（稀释） 美元 | 1.10 美元 | 1.01 美元 | +8.91% |
答案基于本次 SEC 报告与本页数据