Earnings Releases·Oct 27, 2026, 6:39 AM ET

CMS Energy — Third Quarter 2026 Earnings Summary

GAAP EPS declined to $0.39 in Q3 2026 from $0.92 in Q3 2025, primarily due to $1.08 in asset impairment and restructuring charges related to NorthStar Clean Energy; however, adjusted non-GAAP EPS rose to $1.44 from $0.93, with YTD adjusted EPS increasing to $2.95 from $2.66.
Operating revenue grew 8% year-over-year to $2,183 million for the quarter, while net cash provided by operating activities for the nine months ended September 30, 2026, reached $1,798 million.
Management reaffirmed 2026 adjusted EPS guidance of $3.83 to $3.90, 2027 guidance of $4.08 to $4.17, and long-term adjusted EPS growth of 6 to 8 percent, while noting they cannot provide reported earnings guidance due to the inability to estimate specific line item impacts.
The company is advancing the restructuring of NorthStar Clean Energy to strengthen its utility-focused business model, resulting in increased total assets to $41,683 million and debt (excluding securitization) rising to $19,728 million as of September 30, 2026.