CMS Energy Corporation filed an earnings release on October 27, 2026, reporting third-quarter 2026 results that reflect significant asset impairment and restructuring charges tied to NorthStar Clean Energy, alongside reaffirmed full-year adjusted earnings guidance.

Key Highlights

  • Q3 2026 reported EPS: $0.39 per diluted share, down from $0.92 in Q3 2025, according to the filing.
  • Q3 2026 adjusted EPS (non-GAAP): $1.44, compared to $0.93 in the prior-year quarter, with the difference driven by $1.45 per share in asset impairment and restructuring activities related to NorthStar Clean Energy.
  • Year-to-date reported EPS: $1.86 for the nine months ended September 30, 2026, versus $2.59 for the same period in 2025.
  • Year-to-date adjusted EPS (non-GAAP): $2.95 through September 30, 2026, compared to $2.66 for the same period in 2025.
  • Full-year 2026 adjusted guidance reaffirmed: $3.83 to $3.90 per share, with 2027 adjusted earnings guidance of $4.08 to $4.17 per share and long-term adjusted EPS growth of 6 to 8 percent.
  • Total assets: $41,683 million as of September 30, 2026, up from $39,941 million at December 31, 2025.

NorthStar Restructuring Drives Gap Between Reported and Adjusted Results

CMS Energy (NYSE:CMS) reported third-quarter 2026 net income available to common stockholders of $121 million, or $0.39 per diluted share, compared to $275 million, or $0.92 per diluted share, in Q3 2025. The filing attributes the year-over-year decline in reported earnings primarily to asset impairment and restructuring activities associated with NorthStar Clean Energy, which contributed $456 million in pre-tax charges for both the quarter and the nine-month period ended September 30, 2026.

On an adjusted (non-GAAP) basis, Q3 2026 earnings were $451 million, or $1.44 per diluted share, against $279 million, or $0.93 per diluted share, in Q3 2025. For the nine months ended September 30, 2026, adjusted net income was $915 million, or $2.95 per share, compared to $797 million, or $2.66 per share, for the same period in 2025. Diluted average common shares outstanding were 313.2 million for Q3 2026, compared to 300.4 million in Q3 2025. The filing notes that per-share impacts are calculated independently for each reporting period in accordance with ASC 260 and may not be additive.

Operating revenue for Q3 2026 was $2,183 million, up from $2,021 million in Q3 2025. Operating expenses rose to $2,136 million from $1,540 million, resulting in operating income of $47 million versus $481 million a year earlier. Net cash provided by operating activities for the nine months ended September 30, 2026, was $1,798 million, compared to $1,757 million for the same period in 2025. Loss attributable to noncontrolling interests, including a $102 million impairment, was $(214) million for Q3 2026. Garrick Rochow, President and CEO, stated in the filing that the restructuring "further strengthens our utility-focused business model, enhances earnings quality, provides greater financial flexibility."

What Was Disclosed

CMS Energy disclosed Q3 2026 and year-to-date financial results including income statements, a summarized balance sheet, cash flow data, and a GAAP-to-non-GAAP reconciliation, along with reaffirmed 2026 and 2027 adjusted earnings guidance and a long-term EPS growth target.