CMS Energy Reports Q3 2026 Results, Reaffirms FY2026 & FY2027 Guidance

Executive Summary

On October 27, 2026, CMS Energy Corporation filed a Form 8-K under Items 2.02 and 7.01 disclosing its third-quarter 2026 financial results and reaffirming its forward-looking earnings outlook.

Key Financial Highlights

• GAAP Diluted EPS: $0.39 for Q3 2026 compared to $0.92 for Q3 2025. Nine-month GAAP EPS stood at $1.86 compared to $2.59 in the prior-year period.
• Adjusted Diluted EPS (Non-GAAP): $1.44 for Q3 2026 versus $0.93 for Q3 2025. Year-to-date adjusted EPS reached $2.95 compared to $2.66 in 2025.
• Operating Revenue: Increased to $2,183 million for Q3 2026 compared to $2,021 million for Q3 2025.
• Operating Expenses: Rose to $2,136 million from $1,540 million in Q3 2025, impacted by NorthStar Clean Energy asset impairments and restructuring activities.

Business & Strategic Updates

• NorthStar Clean Energy Restructuring: Results reflect non-GAAP adjustments of $1.08 per share for Q3 2026 relating to asset impairment and restructuring activities associated with NorthStar Clean Energy. Management noted that the restructuring strengthens the core utility-focused model, enhances earnings quality, and provides financial flexibility.

Guidance & Outlook

• Full-Year 2026 Guidance: Reaffirmed adjusted EPS guidance of $3.83 to $3.90.
• Full-Year 2027 Guidance: Reaffirmed adjusted EPS guidance of $4.08 to $4.17.
• Long-Term Target: Reaffirmed long-term adjusted EPS growth target of 6% to 8%, with continued confidence toward the upper end of the range.