What were CMS Energy’s third-quarter 2026 earnings per share?

CMS Energy reported diluted EPS of $0.39 and adjusted EPS of $1.44 for the third quarter of 2026. The comparable 2025 figures were $0.92 and $0.93, respectively. Reported results reflected NorthStar Clean Energy asset impairment and restructuring activities.

CMS Energy Announces Third Quarter Results, Reaffirms 2026 and 2027 Adjusted EPS Guidance

Q: What is CMS Energy’s adjusted EPS guidance for 2026 and 2027?

CMS Energy reaffirmed adjusted EPS guidance of $3.83 to $3.90 for 2026 and $4.08 to $4.17 for 2027. The company also reaffirmed its long-term adjusted EPS growth outlook of 6 to 8 percent, with continued confidence toward the high end.

Nine-month operating cash flow rose to $1.798 billion, while cash used in investing activities increased to $3.111 billion.

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Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

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Rhea-AI Summary

CMS Energy (CMS) reported third-quarter 2026 diluted earnings of $0.39 per share as NorthStar Clean Energy restructuring weighed on results. Reported earnings fell from $0.92 per share a year earlier, while adjusted earnings, which exclude specified items, rose to $1.44 from $0.93. NorthStar asset impairment and restructuring activities generated a $456 million pretax adjustment.

For the first nine months, reported EPS fell to $1.86 from $2.59, while adjusted EPS rose to $2.95 from $2.66. Quarterly revenue increased to $2.183 billion from $2.021 billion, but operating income declined to $47 million from $481 million. CMS reaffirmed adjusted EPS guidance of $3.83–$3.90 for 2026 and $4.08–$4.17 for 2027, alongside its long-term adjusted EPS growth outlook of 6 to 8 percent, with continued confidence toward the high end.

10 points · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 14 points

Hollow bars mark forward-looking points. How the balance works

Positive

Moderate point. Forward-looking: it has not happened yet and may not happen.CMS reaffirmed 2026 adjusted EPS guidance of $3.83 to $3.90.
Moderate point. Forward-looking: it has not happened yet and may not happen.CMS reaffirmed 2027 adjusted EPS guidance of $4.08 to $4.17.
Moderate point. Forward-looking: it has not happened yet and may not happen.CMS reaffirmed 6 to 8 percent long-term adjusted EPS growth, with continued confidence toward the high end.
Moderate pointThird-quarter adjusted EPS rose to $1.44 in 2026 from $0.93 in 2025.
Moderate pointThird-quarter revenue increased to $2,183 million in 2026 from $2,021 million in 2025.

5 minor points

Minor pointNine-month adjusted EPS rose to $2.95 in 2026 from $2.66 in 2025.
Minor pointNine-month revenue increased to $6,742 million in 2026 from $6,306 million in 2025.
Minor pointNine-month operating cash flow increased to $1,798 million in 2026 from $1,757 million in 2025.
Minor pointSecuritization debt declined to $479 million at September 30, 2026, from $585 million at December 31, 2025.
Minor pointCommon stockholders’ equity increased to $9,502 million at September 30, 2026, from $8,920 million at December 31, 2025.

Negative

Moderate pointThird-quarter reported EPS fell to $0.39 in 2026 from $0.92 in 2025.
Moderate pointNorthStar impairment and restructuring generated a $456 million pretax adjustment, with a $117 million tax benefit. 2.1% of market cap
Moderate pointThird-quarter operating income declined to $47 million in 2026 from $481 million in 2025.
Moderate pointDebt and finance leases, excluding securitization debt, rose to $19,728 million at September 30, 2026, from $18,313 million at December 31, 2025.
Moderate pointThird-quarter diluted average shares increased to 313.2 million in 2026 from 300.4 million in 2025.

9 minor points

Minor pointNine-month reported EPS fell to $1.86 in 2026 from $2.59 in 2025.
Minor pointNine-month operating income declined to $801 million in 2026 from $1,292 million in 2025.
Minor pointThird-quarter interest charges increased to $214 million in 2026 from $203 million in 2025.
Minor pointNine-month interest charges increased to $627 million in 2026 from $588 million in 2025.
Minor pointThird-quarter other income declined to $54 million in 2026 from $62 million in 2025.
Minor pointNine-month other income declined to $204 million in 2026 from $249 million in 2025.
Minor pointNine-month cash used in investing activities increased to $3,111 million in 2026 from $2,926 million in 2025.
Minor pointCash and cash equivalents fell to $451 million at September 30, 2026, from $509 million at December 31, 2025.
Minor pointNine-month diluted average shares increased to 310.4 million in 2026 from 299.4 million in 2025.

Key Figures

Q3 reported EPS: $0.39 vs. $0.92 per share Q3 adjusted EPS: $1.44 vs. $0.93 per share YTD reported EPS: $1.86 vs. $2.59 per share +4 more

Q3 reported EPS: $0.39 vs. $0.92 per share; Q3 2026 vs. Q3 2025
Q3 adjusted EPS: $1.44 vs. $0.93 per share; Q3 2026 vs. Q3 2025
YTD reported EPS: $1.86 vs. $2.59 per share; First nine months of 2026 vs. 2025
YTD adjusted EPS: $2.95 vs. $2.66 per share; First nine months of 2026 vs. 2025
2026 adjusted EPS guidance: $3.83–$3.90 per share; Reaffirmed
2027 adjusted EPS guidance: $4.08–$4.17 per share; Reaffirmed
Long-term adjusted EPS growth: 6 to 8 percent; Reaffirmed outlook

Previous Earnings Reports

2 past events · Latest: Jul 28

Same Type 2 events

Jul 28
Q2 earnings

24h Move

+0.1%

Reported and adjusted EPS declined year over year; CMS reaffirmed 2026 and introduced 2027 guidance.
Apr 28
Q1 earnings

24h Move

-0.2%

Q1 reported and adjusted EPS increased year over year; CMS reaffirmed 2026 guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap, diluted earnings per share, asset impairment

3 terms

non-gaap financial

"This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

asset impairment financial

"asset impairment and restructuring activities associated with NorthStar Clean Energy"

Asset impairment occurs when the value of a company’s asset drops below its recorded value on the books, indicating the asset is worth less than previously thought. This often happens due to changes in the market or the asset’s usefulness, similar to realizing a stored item is damaged or less valuable than expected. It matters to investors because it can signal potential losses and affect the company's overall financial health.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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10/27/2026 - 06:30 AM EDT

JACKSON, Mich., Oct. 27, 2026 /PRNewswire/ -- CMS Energy announced today reported earnings per share of $0.39 for the third quarter of 2026, compared to $0.92 per share for 2025. The company's adjusted earnings per share for the third quarter were $1.44, compared to $0.93 per share for 2025. Both the quarter and year-to-date GAAP results reflect asset impairment and restructuring activities associated with NorthStar Clean Energy. For the first nine months of the year, the company reported $1.86 per share, compared to $2.59 per share for the same timeframe in 2025. On an adjusted earnings per share basis year to date, the company reported $2.95 per share in 2026, compared to $2.66 per share in 2025.

2026 Financial Results**
Financial Results	Q3	YTD
Reported Total EPS (GAAP)	$0.39	$1.86
Asset impairment and restructuring activities	1.08	1.09
Other	(0.03)	(0.00)
Adjusted EPS (non-GAAP)	$1.44	$2.95

"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."

CMS Energy reaffirmed its 2026 adjusted earnings guidance of $3.83 to $3.90 per share*, (*See below for important information about non-GAAP measures) 2027 adjusted earnings guidance of $4.08 to $4.17, and long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end.

CMS Energy (NYSE: CMS) is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses.

CMS Energy will hold a webcast to discuss its 2026 third quarter results and provide a business and financial outlook on Tuesday, October 27 at 10:00 a.m. (EDT). To participate in the webcast, go to CMS Energy's homepage (cmsenergy.com) and select "Events and Presentations."

Important information for investors about non-GAAP measures and other disclosures.

This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation program, changes in federal and state tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. Management views adjusted earnings as a key measure of the company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The company's adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings.  

**Per-share impacts are calculated independently for each reporting period in accordance with ASC 260 and may not be additive due to differences in weighted-average shares outstanding between periods.

This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy's and Consumers Energy's results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings.

Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor-relations, a channel of distribution.

CMS ENERGY CORPORATION Consolidated Statements of Income (Unaudited)
	*In Millions, Except Per Share Amounts*
	Three Months Ended				Nine Months Ended
	9/30/26		9/30/25		9/30/26		9/30/25

Operating revenue	$	2,183	$	2,021	$	6,742	$	6,306

Operating expenses		2,136		1,540		5,941		5,014

Operating Income		47		481		801		1,292

Other income		54		62		204		249

Interest charges		214		203		627		588

Income (Loss) Before Income Taxes		(113)		340		378		953

Income tax expense (benefit)		(22)		68		96		193

Net Income (Loss)		(91)		272		282		760

Loss attributable to noncontrolling interests, including impairment $(102), $—, $(102), and $—		(214)		(5)		(301)		(22)

Net Income Attributable to CMS Energy		123		277		583		782

Preferred stock dividends		2		2		7		7

Net Income Available to Common Stockholders	$	121	$	275	$	576	$	775

Diluted Earnings Per Average Common Share	$	0.39	$	0.92	$	1.86	$	2.59

CMS ENERGY CORPORATION Summarized Consolidated Balance Sheets (Unaudited)
		*In Millions*
		As of
		9/30/26			12/31/25
Assets
Current assets
Cash and cash equivalents			$	451		$	509
Restricted cash and cash equivalents				102			106
	Assets held for sale			43			-
Other current assets				2,610			2,857
Total current assets				3,206			3,472
Non-current assets
Plant, property, and equipment				31,940			30,680
	Assets held for sale			783			-
Other non-current assets				5,754			5,789
Total Assets			$	41,683		$	39,941

Liabilities and Equity
Current liabilities ⁽¹⁾
	Liabilities held for sale		$	14		$	-
	Other current liabilities			2,116			2,592
Total current liabilities				2,130			2,592
Non-current liabilities ⁽¹⁾
	Liabilities held for sale			87			-
	Other non-current liabilities			8,964			8,740
Total non-current liabilities				9,051			8,740
Capitalization
Debt and finance leases (excluding securitization debt) ⁽²⁾				19,728			18,313
Preferred stock and securities				224			224
Noncontrolling interests				569			567
Common stockholders' equity				9,502			8,920
Total capitalization (excluding securitization debt)				30,023			28,024
Securitization debt ⁽²⁾				479			585
Total Liabilities and Equity			$	41,683		$	39,941

⁽¹⁾	Excludes debt and finance leases.

⁽²⁾	Includes current and non-current portions.

CMS ENERGY CORPORATION
Summarized Consolidated Statements of Cash Flows
(Unaudited)

		*In Millions*
		Nine Months Ended
		9/30/26			9/30/25

Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts			$	615		$	178

Net cash provided by operating activities				1,798			1,757
Net cash used in investing activities				(3,111)			(2,926)
Cash flows from operating and investing activities				(1,313)			(1,169)
Net cash provided by financing activities				1,277			1,423

Total Cash Flows			$	(36)		$	254

End of Period Cash and Cash Equivalents, Including Restricted Amounts ⁽³⁾			$	579		$	432

⁽³⁾	Includes cash and cash equivalents classified as current assets held for sale.

CMS ENERGY CORPORATION Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income (Unaudited)
	*In Millions, Except Per Share Amounts*
	Three Months Ended				Nine Months Ended
	9/30/26		9/30/25		9/30/26		9/30/25

Net Income Available to Common Stockholders	$	121	$	275	$	576	$	775
Reconciling items:
Other exclusions from adjusted earnings ⁽¹⁾		(13)		6		*		14
Tax impact		4		(2)		(*)		(4)
Asset impairment and restructuring activities		456		-		456		-
Tax impact		(117)		-		(117)		-
State tax policy change		-		-		-		12

Adjusted net income – non-GAAP	$	451	$	279	$	915	$	797

Average Common Shares Outstanding - Diluted		313.2		300.4		310.4		299.4

Diluted Earnings Per Average Common Share
Reported net income per share	$	0.39	$	0.92	$	1.86	$	2.59
Reconciling items:
Other exclusions from adjusted earnings ⁽¹⁾		(0.04)		0.02		*		0.04
Tax impact		0.01		(0.01)		(*)		(0.01)
Asset impairment and restructuring activities		1.45		-		1.47		-
Tax impact		(0.37)		-		(0.38)		-
State tax policy change		-		-		-		0.04

Adjusted net income per share – non-GAAP	$	1.44	$	0.93	$	2.95	$	2.66

Less than $0.5 million or $0.01 per share.

Per-share impacts are calculated independently for each reporting period in accordance with ASC 260 and may not be additive due to differences in weighted-average shares outstanding between periods.

⁽¹⁾

Includes major enterprise resource planning software implementations and unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense.

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the Company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, major enterprise resource planning software implementations, changes in accounting principles, voluntary separation program, changes in federal and state tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, recognized in net income related to NorthStar Clean Energy's interest expense, or other items. The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.

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SOURCE CMS Energy

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is CMS Energy’s adjusted EPS guidance for 2026 and 2027?

CMS Energy reaffirmed adjusted EPS guidance of $3.83 to $3.90 for 2026 and $4.08 to $4.17 for 2027. The company also reaffirmed its long-term adjusted EPS growth outlook of 6 to 8 percent, with continued confidence toward the high end.

CMS Energy Announces Third Quarter Results, Reaffirms 2026 and 2027 Adjusted EPS Guidance