CMS Energy reports third-quarter adjusted earnings of $1.44 per share, reaffirms 2026 guidance

CMS Energy Corporation (CMS) said Tuesday that third-quarter adjusted earnings rose to $1.44 per share from 93 cents a year earlier, while GAAP earnings fell to 39 cents per share from 92 cents. The company said it reaffirmed its 2026 and 2027 adjusted earnings guidance.

The results were disclosed in a news release attached to a current report filed with the Securities and Exchange Commission on Tuesday.

Here's how the company did:

• Adjusted earnings per share: $1.44 vs. $0.93 a year earlier
• GAAP earnings per share: $0.39 vs. $0.92 a year earlier
• Revenue: $2,183 million vs. $2,021 million a year earlier
• Net income available to common stockholders: $121 million vs. $275 million a year earlier

For the first nine months of 2026, GAAP earnings were $1.86 per share, compared with $2.59 a year earlier. Adjusted earnings were $2.95 per share, up from $2.66.

Operating income fell to $47 million in the quarter from $481 million a year earlier. Operating expenses rose to $2,136 million from $1,540 million.

The company reported a net loss of $91 million in the quarter, compared with net income of $272 million in the third quarter of 2025.

The gap between GAAP and adjusted earnings reflects asset impairment and restructuring activities associated with NorthStar Clean Energy. The release lists those activities at $1.08 per share for the quarter and $1.09 per share for the first nine months.

The income statement also shows a $102 million impairment within losses attributable to noncontrolling interests. Interest charges were $214 million in the quarter, up from $203 million.

The company said it does not provide reported earnings guidance, because it cannot determine the effect of specific items on future reported results. Its guidance is given on an adjusted basis.

CMS reaffirmed its 2026 adjusted earnings guidance of $3.83 to $3.90 per share. It also reaffirmed 2027 adjusted earnings guidance of $4.08 to $4.17.

The company also reaffirmed long-term adjusted EPS growth of 6% to 8%, with continued confidence toward the high end, the company said.

The presentation said 2026 results are expected toward the high end of the adjusted guidance range, and that the 2027 guidance includes the NorthStar restructuring.

“I’m pleased with the progress in the restructuring of NorthStar Clean Energy,” said Garrick Rochow, President and CEO of CMS Energy and Consumers Energy.

“This restructuring further strengthens our utility-focused business model, enhances earnings quality, provides greater financial flexibility, and positions us to make the long-term utility investments needed to serve our customers and grow our communities.”

The presentation said more than 35% of NorthStar’s assets were at a signed agreement or had closed. It also said a majority of the remaining assets were in an exclusivity period with buyers.

The company said it has exited renewables development and expects to complete the restructuring by year-end. It expects nearly 100% of its earnings to come from utility operations after 2027.

According to the presentation, the restructuring reallocates capital to the parent company, with future redeployment into the utility. The company said that shift reduces parent funding needs, including debt and equity, by more than $500 million through 2030 within the current plan.

The presentation lists a utility capital plan of $24 billion for 2026 through 2030. It shows planned equity of about $700 million, with actual equity of about $495 million, and about $2.6 billion of net liquidity.

The balance sheet shows total assets of $41,683 million at Sept. 30, compared with $39,941 million at Dec. 31, 2025. Debt and finance leases, excluding securitization debt, were $19,728 million, up from $18,313 million.

Cash from operating activities was $1,798 million for the first nine months, compared with $1,757 million a year earlier.

The presentation shows an annual dividend of $2.28 per share, up 11 cents. It also cites a dividend payout ratio of about 55% over time.

The presentation lists a $57 million storm deferral approved for 2026, related to first-quarter storms. It also shows that the company filed its 2026 integrated resource plan on Sept. 3.

The company said it will hold a webcast on Tuesday at 10:00 a.m. ET to discuss the third-quarter results and its outlook. The presentation is attached to the filing as an exhibit.