Subtext

CMS Energy Corporation CMS

SectorUtilities
Transcripts61
Date range2009-05-04 – 2025-04-24
Calls charted61

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-23-11+0+11+232009 Q12011 Q42014 Q12016 Q12018 Q12020 Q12022 Q12024 Q12009 Q1 · Overall: -9.42009 Q2 · Overall: -1.82009 Q3 · Overall: -2.62009 Q4 · Overall: +6.02010 Q1 · Overall: +1.52010 Q4 · Overall: +6.72011 Q2 · Overall: +4.72011 Q3 · Overall: +4.22011 Q4 · Overall: +7.92012 Q1 · Overall: -0.82012 Q2 · Overall: +5.12012 Q3 · Overall: +7.02012 Q4 · Overall: +10.62013 Q1 · Overall: +7.82013 Q2 · Overall: +9.62013 Q4 · Overall: +5.92014 Q1 · Overall: +12.22014 Q2 · Overall: +11.22014 Q3 · Overall: +11.92014 Q4 · Overall: +9.82015 Q1 · Overall: +6.52015 Q2 · Overall: +9.62015 Q3 · Overall: +10.72015 Q4 · Overall: +17.62016 Q1 · Overall: +10.92016 Q2 · Overall: +13.22016 Q3 · Overall: +7.92016 Q4 · Overall: +12.42017 Q1 · Overall: +19.82017 Q2 · Overall: +13.82017 Q3 · Overall: +17.72017 Q4 · Overall: +10.22018 Q1 · Overall: +17.42018 Q2 · Overall: +9.02018 Q3 · Overall: +8.72018 Q4 · Overall: +9.32019 Q1 · Overall: +10.42019 Q2 · Overall: +12.12019 Q3 · Overall: +8.92019 Q4 · Overall: +11.92020 Q1 · Overall: +0.32020 Q2 · Overall: +8.92020 Q3 · Overall: +8.52020 Q4 · Overall: +11.02021 Q1 · Overall: +12.22021 Q2 · Overall: +15.12021 Q3 · Overall: +12.72021 Q4 · Overall: +12.82022 Q1 · Overall: +11.62022 Q2 · Overall: +11.42022 Q3 · Overall: +12.12022 Q4 · Overall: +11.72023 Q1 · Overall: +10.32023 Q2 · Overall: +10.32023 Q3 · Overall: +8.72023 Q4 · Overall: +11.92024 Q1 · Overall: +12.82024 Q2 · Overall: +11.02024 Q3 · Overall: +11.62024 Q4 · Overall: +9.92025 Q1 · Overall: +9.7
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-28-14+0+14+282009 Q12011 Q42014 Q12016 Q12018 Q12020 Q12022 Q12024 Q12009 Q1 · CEO: -5.62009 Q3 · CEO: -7.02009 Q4 · CEO: +6.12010 Q1 · CEO: +4.12010 Q4 · CEO: +11.62011 Q2 · CEO: +3.52011 Q3 · CEO: +7.52011 Q4 · CEO: +17.42012 Q1 · CEO: +3.72012 Q2 · CEO: +9.22012 Q3 · CEO: +3.52012 Q4 · CEO: +9.62013 Q1 · CEO: +7.02013 Q2 · CEO: +14.72013 Q4 · CEO: +5.82014 Q1 · CEO: +14.42014 Q2 · CEO: +16.82014 Q3 · CEO: +17.62014 Q4 · CEO: +14.42015 Q1 · CEO: +10.52015 Q3 · CEO: +10.72016 Q1 · CEO: +12.32016 Q2 · CEO: +20.32016 Q3 · CEO: +9.82016 Q4 · CEO: +18.62017 Q1 · CEO: +19.12017 Q2 · CEO: +17.52017 Q3 · CEO: +23.82017 Q4 · CEO: +20.82018 Q1 · CEO: +19.62018 Q2 · CEO: +13.82018 Q3 · CEO: +12.72018 Q4 · CEO: +14.82019 Q1 · CEO: +19.02019 Q2 · CEO: +12.02019 Q3 · CEO: +13.32019 Q4 · CEO: +18.82020 Q1 · CEO: +1.52020 Q2 · CEO: +16.92020 Q3 · CEO: +12.92020 Q4 · CEO: +17.12021 Q1 · CEO: +13.12021 Q2 · CEO: +24.12021 Q3 · CEO: +19.92021 Q4 · CEO: +20.52022 Q1 · CEO: +18.92022 Q2 · CEO: +23.92022 Q3 · CEO: +13.32022 Q4 · CEO: +19.72023 Q1 · CEO: +15.62023 Q2 · CEO: +16.52023 Q3 · CEO: +15.02023 Q4 · CEO: +20.12024 Q1 · CEO: +22.12024 Q2 · CEO: +19.32024 Q3 · CEO: +17.92024 Q4 · CEO: +18.92025 Q1 · CEO: +20.82009 Q1 · CFO: -12.72009 Q3 · CFO: +2.82009 Q4 · CFO: +6.92010 Q1 · CFO: +5.12010 Q4 · CFO: +8.72011 Q2 · CFO: +7.92011 Q3 · CFO: +2.92011 Q4 · CFO: +7.72012 Q1 · CFO: -0.32012 Q2 · CFO: +10.32012 Q3 · CFO: +13.52012 Q4 · CFO: +16.92013 Q1 · CFO: +12.92013 Q2 · CFO: +12.82013 Q4 · CFO: +9.92014 Q1 · CFO: +15.12014 Q2 · CFO: +13.72014 Q3 · CFO: +10.52014 Q4 · CFO: +12.12015 Q1 · CFO: +7.02015 Q2 · CFO: +11.32015 Q3 · CFO: +17.72016 Q1 · CFO: +16.52016 Q2 · CFO: +16.52016 Q3 · CFO: +12.22016 Q4 · CFO: +13.82017 Q1 · CFO: +0.02017 Q2 · CFO: +16.92017 Q3 · CFO: +19.02017 Q4 · CFO: +6.82018 Q1 · CFO: +21.12018 Q2 · CFO: +12.52018 Q3 · CFO: +8.52018 Q4 · CFO: +9.92019 Q1 · CFO: +10.22019 Q2 · CFO: +13.02019 Q3 · CFO: +8.72019 Q4 · CFO: +7.52020 Q1 · CFO: +2.92020 Q2 · CFO: +2.72020 Q3 · CFO: +5.72020 Q4 · CFO: +7.72021 Q1 · CFO: +17.82021 Q2 · CFO: +15.32021 Q3 · CFO: +10.42021 Q4 · CFO: +10.72022 Q1 · CFO: +10.12022 Q2 · CFO: +8.62022 Q3 · CFO: +17.52022 Q4 · CFO: +8.22023 Q1 · CFO: +12.12023 Q2 · CFO: +8.92023 Q3 · CFO: +7.32023 Q4 · CFO: +13.42024 Q1 · CFO: +7.32024 Q2 · CFO: +8.62024 Q3 · CFO: +11.62024 Q4 · CFO: +7.12025 Q1 · CFO: +2.3
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-33-17+0+17+332009 Q12011 Q42014 Q12016 Q12018 Q12020 Q12022 Q12024 Q12009 Q1 · Prepared remarks: -8.42009 Q2 · Prepared remarks: +0.42009 Q3 · Prepared remarks: -5.32009 Q4 · Prepared remarks: +6.02010 Q1 · Prepared remarks: +1.52010 Q4 · Prepared remarks: +17.52011 Q2 · Prepared remarks: +4.12011 Q3 · Prepared remarks: +5.82011 Q4 · Prepared remarks: +12.62012 Q1 · Prepared remarks: -2.82012 Q2 · Prepared remarks: +11.32012 Q3 · Prepared remarks: +10.22012 Q4 · Prepared remarks: +21.92013 Q1 · Prepared remarks: +17.22013 Q2 · Prepared remarks: +16.52013 Q4 · Prepared remarks: +9.12014 Q1 · Prepared remarks: +21.72014 Q2 · Prepared remarks: +16.82014 Q3 · Prepared remarks: +17.12014 Q4 · Prepared remarks: +24.42015 Q1 · Prepared remarks: +15.82015 Q2 · Prepared remarks: +13.82015 Q3 · Prepared remarks: +17.42015 Q4 · Prepared remarks: +24.42016 Q1 · Prepared remarks: +20.42016 Q2 · Prepared remarks: +28.82016 Q3 · Prepared remarks: +22.52016 Q4 · Prepared remarks: +20.92017 Q1 · Prepared remarks: +25.12017 Q2 · Prepared remarks: +19.22017 Q3 · Prepared remarks: +21.32017 Q4 · Prepared remarks: +18.22018 Q1 · Prepared remarks: +21.52018 Q2 · Prepared remarks: +21.62018 Q3 · Prepared remarks: +13.62018 Q4 · Prepared remarks: +13.02019 Q1 · Prepared remarks: +17.92019 Q2 · Prepared remarks: +14.02019 Q3 · Prepared remarks: +11.72019 Q4 · Prepared remarks: +17.12020 Q1 · Prepared remarks: +4.52020 Q2 · Prepared remarks: +9.62020 Q3 · Prepared remarks: +14.62020 Q4 · Prepared remarks: +25.52021 Q1 · Prepared remarks: +17.42021 Q2 · Prepared remarks: +20.02021 Q3 · Prepared remarks: +16.42021 Q4 · Prepared remarks: +21.72022 Q1 · Prepared remarks: +18.82022 Q2 · Prepared remarks: +25.22022 Q3 · Prepared remarks: +18.42022 Q4 · Prepared remarks: +17.42023 Q1 · Prepared remarks: +8.72023 Q2 · Prepared remarks: +18.12023 Q3 · Prepared remarks: +12.92023 Q4 · Prepared remarks: +13.62024 Q1 · Prepared remarks: +19.32024 Q2 · Prepared remarks: +16.72024 Q3 · Prepared remarks: +23.92024 Q4 · Prepared remarks: +16.42025 Q1 · Prepared remarks: +12.82009 Q1 · Q&A responses: -7.42009 Q2 · Q&A responses: +2.22009 Q3 · Q&A responses: +1.92010 Q1 · Q&A responses: +5.92010 Q4 · Q&A responses: +6.32011 Q2 · Q&A responses: +7.02011 Q3 · Q&A responses: +5.52011 Q4 · Q&A responses: +8.12012 Q1 · Q&A responses: +4.52012 Q2 · Q&A responses: +8.22012 Q3 · Q&A responses: +9.02012 Q4 · Q&A responses: +6.52013 Q1 · Q&A responses: +7.02013 Q2 · Q&A responses: +8.42013 Q4 · Q&A responses: +5.82014 Q1 · Q&A responses: +10.82014 Q2 · Q&A responses: +13.82014 Q3 · Q&A responses: +7.52014 Q4 · Q&A responses: +7.32015 Q1 · Q&A responses: +4.22015 Q2 · Q&A responses: +9.22015 Q3 · Q&A responses: +11.92015 Q4 · Q&A responses: +17.32016 Q1 · Q&A responses: +3.22016 Q2 · Q&A responses: +8.92016 Q3 · Q&A responses: +4.22016 Q4 · Q&A responses: +11.22017 Q1 · Q&A responses: +19.42017 Q2 · Q&A responses: +14.72017 Q3 · Q&A responses: +20.72017 Q4 · Q&A responses: +6.52018 Q1 · Q&A responses: +19.42018 Q2 · Q&A responses: +6.92018 Q3 · Q&A responses: +8.32018 Q4 · Q&A responses: +11.52019 Q1 · Q&A responses: +11.52019 Q2 · Q&A responses: +11.92019 Q3 · Q&A responses: +11.42019 Q4 · Q&A responses: +12.92020 Q1 · Q&A responses: +0.42020 Q2 · Q&A responses: +9.62020 Q3 · Q&A responses: +8.02020 Q4 · Q&A responses: +8.02021 Q1 · Q&A responses: +12.92021 Q2 · Q&A responses: +19.92021 Q3 · Q&A responses: +15.82021 Q4 · Q&A responses: +13.02022 Q1 · Q&A responses: +14.02022 Q2 · Q&A responses: +9.62022 Q3 · Q&A responses: +11.02022 Q4 · Q&A responses: +9.92023 Q1 · Q&A responses: +16.12023 Q2 · Q&A responses: +0.72023 Q3 · Q&A responses: +11.52023 Q4 · Q&A responses: +18.62024 Q1 · Q&A responses: +16.52024 Q2 · Q&A responses: +14.02024 Q3 · Q&A responses: +10.62024 Q4 · Q&A responses: +11.02025 Q1 · Q&A responses: +12.5
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$1.65$2.66$3.662009 Q12011 Q42014 Q12016 Q12018 Q12020 Q12022 Q12024 Q12014 Q1: $1.782014 Q2: $1.822014 Q3: $1.852014 Q4: $1.882015 Q1: $1.912015 Q2: $1.952015 Q3: $1.972015 Q4: $2.012016 Q1: $2.062016 Q2: $2.102016 Q3: $2.142016 Q4: $2.172017 Q1: $2.212017 Q2: $2.252017 Q3: $2.292017 Q4: $2.332018 Q1: $2.372018 Q2: $2.422018 Q3: $2.462018 Q4: $2.502019 Q1: $2.542019 Q2: $2.592019 Q3: $2.632019 Q4: $2.672020 Q1: $2.722020 Q2: $2.742020 Q3: $2.802020 Q4: $2.852021 Q1: $2.902021 Q2: $2.882021 Q3: $2.852021 Q4: $2.872022 Q1: $2.942022 Q2: $3.002022 Q3: $3.072022 Q4: $3.112023 Q1: $3.172023 Q2: $3.232023 Q3: $3.302023 Q4: $3.342024 Q1: $3.412024 Q2: $3.472024 Q3: $3.52

Forward P/E

15.3219.8624.402009 Q12011 Q42014 Q12016 Q12018 Q12020 Q12022 Q12024 Q12014 Q1: 15.952014 Q2: 16.742014 Q3: 16.072014 Q4: 18.052015 Q1: 18.562015 Q2: 16.632015 Q3: 16.872015 Q4: 18.022016 Q1: 20.122016 Q2: 20.682016 Q3: 19.482016 Q4: 18.812017 Q1: 20.362017 Q2: 21.222017 Q3: 20.742017 Q4: 21.142018 Q1: 18.262018 Q2: 17.772018 Q3: 19.872018 Q4: 20.452019 Q1: 21.732019 Q2: 22.742019 Q3: 23.772019 Q4: 23.352020 Q1: 22.292020 Q2: 21.582020 Q3: 22.102020 Q4: 20.792021 Q1: 19.942021 Q2: 20.752021 Q3: 22.072021 Q4: 22.612022 Q1: 22.652022 Q2: 20.892022 Q3: 22.372022 Q4: 20.502023 Q1: 19.472023 Q2: 18.732023 Q3: 17.222023 Q4: 17.942024 Q1: 17.262024 Q2: 16.992024 Q3: 19.86

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q4 tone ↓ -2.1 fwd EPS ↑ +0.03 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q1 tone ↓ -3.2 fwd EPS ↑ +0.03 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q1 tone ↓ -6.7 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q3 tone ↓ -5.3 fwd EPS ↑ +0.04 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q2 tone ↓ -6.0 fwd EPS ↑ +0.04 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q4 tone ↓ -7.5 fwd EPS ↑ +0.04 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q2 tone ↓ -8.4 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↓ -3.2 fwd EPS ↑ +0.04 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q1 tone ↓ -11.6 fwd EPS ↑ +0.05 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-24+9.7——View →
2024 Q42025-02-06+9.9——View →
2024 Q32024-10-31+11.6$3.5219.9View →
2024 Q22024-07-25+11.0$3.4717.0View →
2024 Q12024-04-25+12.8$3.4117.3View →
2023 Q42024-02-01+11.9$3.3417.9View →
2023 Q32023-10-26+8.7$3.3017.2View →
2023 Q22023-07-27+10.3$3.2318.7View →