CMS ENERGY CORP 8-K

What Happened

• On February 5, 2026, CMS Energy Corporation (CMS) issued a news release announcing its 2025 results. The news release is furnished as Exhibit 99.1 to the Form 8‑K, and a related presentation is furnished as Exhibit 99.2.
• The release includes non‑GAAP financial measures (referred to as “adjusted earnings”) and provides a reconciliation of those adjusted measures to GAAP results for the reported period. Management states it uses adjusted earnings as a key measure for internal performance measurement and external communications with analysts and investors.
• The filing notes CMS did not provide a reconciled GAAP equivalent for any forward‑looking adjusted earnings guidance for a comparable future period, because it cannot reasonably estimate the impact of potential items that could materially affect reported results.

Key Details

• Filing date: February 5, 2026; Exhibits: 99.1 (News Release), 99.2 (Presentation), 104 (Inline XBRL cover page tags).
• The news release contains non‑GAAP adjusted earnings and a reconciliation to the most directly comparable GAAP measures for the reported period.
• Examples of possible adjustments called out include discontinued operations, asset sales, impairments, restructuring costs, major ERP implementations, voluntary separation programs, tax policy changes, prior‑year regulatory items, mark‑to‑market gains/losses, and interest expense recognized related to NorthStar Clean Energy.
• CMS emphasizes adjusted earnings are supplemental to, not a substitute for, GAAP net income (net income available to common stockholders; EPS on a diluted basis).

Why It Matters

• For investors, CMS’s release provides the company’s 2025 financial results and shows how management presents performance using adjusted (non‑GAAP) earnings alongside GAAP reconciliations — useful when assessing underlying operations versus one‑time or special items.
• The absence of a reconciled GAAP equivalent for any forward‑looking adjusted guidance means analysts and investors should be careful comparing the company’s forward‑looking adjusted metrics to future reported GAAP results. Adjusted earnings should be treated as supplemental information when evaluating earnings, revenue trends and overall financial health.