CMS Energy Reaffirms Outlook as Adjusted EPS Rises and GAAP EPS Falls

CMS Energy reaffirmed its adjusted earnings per share outlook for 2026 and 2027 after reporting higher adjusted diluted EPS but lower diluted GAAP EPS for the third quarter. The results cover the three months ended Sept. 30, 2026, with year-over-year comparisons against the same period in 2025.

Adjusted diluted EPS was $1.44, up from $0.93 a year earlier. Diluted GAAP EPS was $0.39, compared with $0.92 in the third quarter of 2025. The two figures present adjusted and GAAP measures of the company’s per-share earnings.

Operating revenue totaled $2.183 billion, compared with $2.021 billion a year earlier. Operating income was $47 million, down from $481 million. The GAAP results reflected activities associated with NorthStar Clean Energy.

The reconciliation to adjusted earnings included $456 million in asset impairment and restructuring activities, along with a $117 million tax impact. Adjusted earnings are supplemental information and should not replace reported earnings.

CMS Energy kept its 2026 adjusted EPS guidance at $3.83 to $3.90. Its 2027 range remains $4.08 to $4.17, and its long-term adjusted EPS growth target remains 6% to 8%.

“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.

Consumers Energy is CMS Energy’s primary business. The company also owns and operates independent power generation businesses.