CMS Energy Announces First Quarter Results for 2026, Reaffirms 2026 Adjusted EPS Guidance

CMS ENERGY CORPORATION

Consolidated Statements of Income

(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

3/31/26

3/31/25

Operating revenue

$

2,730

$

2,447

Operating expenses

2,240

1,953

Operating Income

490

494

Other income

75

50

Interest charges

203

186

Income Before Income Taxes

362

358

Income tax expense

85

63

Net Income

277

295

Loss attributable to noncontrolling interests

(63)

(9)

Net Income Attributable to CMS Energy

340

304

Preferred stock dividends

2

2

Net Income Available to Common Stockholders

$

338

$

302

Diluted Earnings Per Average Common Share

$

1.10

$

1.01

CMS ENERGY CORPORATION

Summarized Consolidated Balance Sheets

(Unaudited)

In Millions

As of

3/31/26

12/31/25

Assets

Current assets

Cash and cash equivalents

$

175

$

509

Restricted cash and cash equivalents

88

106

Other current assets

2,762

2,857

Total current assets

3,025

3,472

Non-current assets

Plant, property, and equipment

31,533

30,680

Other non-current assets

5,727

5,789

Total Assets

$

40,285

$

39,941

Liabilities and Equity

Current liabilities ⁽¹⁾

$

2,232

$

2,592

Non-current liabilities ⁽¹⁾

8,924

8,740

Capitalization

Debt and finance leases (excluding securitization debt) ⁽²⁾

18,538

18,313

Preferred stock and securities

224

224

Noncontrolling interests

585

567

Common stockholders' equity

9,242

8,920

Total capitalization (excluding securitization debt)

28,589

28,024

Securitization debt ⁽²⁾

540

585

Total Liabilities and Equity

$

40,285

$

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

Three Months Ended

3/31/26

3/31/25

Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts

$

615

$

178

Net cash provided by operating activities

705

1,000

Net cash used in investing activities

(1,073)

(918)

Cash flows from operating and investing activities

(368)

82

Net cash provided by financing activities

16

266

Total Cash Flows

$

(352)

$

348

End of Period Cash and Cash Equivalents, Including Restricted Amounts

$

263

$

526

CMS ENERGY CORPORATION

Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income

(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

3/31/26

3/31/25

Net Income Available to Common Stockholders

$

338

$

302

Reconciling items:

Other exclusions from adjusted earnings**

11

3

Tax impact

(3)

(1)

Adjusted net income – non-GAAP

$

346

$

304

Average Common Shares Outstanding - Diluted

307.1

299.1

Diluted Earnings Per Average Common Share

Reported net income per share

$

1.10

$

1.01

Reconciling items:

Other exclusions from adjusted earnings**

0.04

0.01

Tax impact

(0.01)

(*)

Adjusted net income per share – non-GAAP

$

1.13

$

1.02

*

Less than $0.5 million or $0.01 per share.

**

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.