CMS Energy showed little relationship between MD&A tone and quarterly net income.
Does not remain notable after adjusting for hundreds of tests. Why?
The analysis measures a same-filing relationship, not a forecast. Limitations
Each dot represents one 10-Q filing. Points farther right have more positive MD&A tone. Points higher on the chart had stronger year-over-year net income growth, after extreme percent changes are capped. Upper-right and lower-left points indicate tone and earnings moving in the same direction. How to read this chart
| Spearman ρ (exact) | -0.121 (p=0.668) |
|---|---|
| Pearson r | -0.262 (p=0.346) |
| 95% CI (Pearson) | [-0.68, 0.29] |
| FDR q | 0.605 |
| Sample size (n) | 15 · More established sample |
| Agreement | n/a (0 / 0) |
Secondary to net income because revenue concepts are less comparable across some industries.
Annual samples are shorter and are not mixed into the default quarterly board.
Tone shown to three decimals so small nonzero values stay visible.
| Date | Form | Tone | Net income YoY | Revenue YoY |
|---|---|---|---|---|
| Jul 28, 2026 | 10-Q | +0.043 | -40.3% | +0.6% |
| Apr 28, 2026 | 10-Q | +0.043 | +11.8% | +11.6% |
| Oct 30, 2025 | 10-Q | -0.008 | +9.5% | +15.4% |
| Jul 31, 2025 | 10-Q | -0.008 | +1.5% | +14.1% |
| Apr 24, 2025 | 10-Q | -0.008 | +5.9% | +11.8% |
| Oct 31, 2024 | 10-Q | -0.008 | +43.8% | +4.4% |
| Jul 25, 2024 | 10-Q | -0.008 | 0.0% | +4.1% |
| Apr 25, 2024 | 10-Q | -0.008 | +40.7% | -4.6% |
| Oct 26, 2023 | 10-Q | -0.008 | +6.7% | -16.2% |
| Jul 27, 2023 | 10-Q | -0.008 | +33.8% | -17.8% |
| Apr 27, 2023 | 10-Q | -0.008 | -42.2% | -3.0% |
| Oct 27, 2022 | 10-Q | -0.008 | -12.7% | +17.0% |
| Jul 28, 2022 | 10-Q | -0.008 | -15.9% | +21.6% |
| May 3, 2022 | 10-Q | -0.008 | +1.1% | +18.1% |
| Oct 28, 2021 | 10-Q | -0.008 | -13.3% | +13.8% |
| Date | Form | Tone | Net income YoY | Revenue YoY |
|---|---|---|---|---|
| Feb 10, 2026 | 10-K | -0.043 | +6.8% | +13.5% |
| Feb 11, 2025 | 10-K | +0.012 | +13.1% | +0.8% |
| Feb 8, 2024 | 10-K | +0.014 | +6.0% | -12.7% |
| Feb 9, 2023 | 10-K | -0.018 | -38.1% | +17.6% |
| Feb 10, 2022 | 10-K | +0.005 | +79.2% | +13.4% |