CMS Energy (NYSE:CMS) reported third-quarter adjusted earnings and revenue above analyst expectations on Tuesday, while reaffirming its financial guidance for 2026 and 2027.
The Michigan-based energy provider recorded adjusted earnings per share of $1.44, exceeding the analyst consensus estimate of $1.23. Revenue increased 8% year over year to $2.18 billion, slightly above market expectations of $2.17 billion.
Despite the earnings and revenue results, CMS Energy shares declined approximately 1.65% in premarket trading. The company’s maintained 2027 earnings guidance remained slightly below the analyst consensus estimate.
CMS Energy also reported lower GAAP earnings following impairment and restructuring activities associated with its NorthStar Clean Energy business.
CMS Energy posted adjusted earnings of $1.44 per share for the third quarter of 2026, exceeding the analyst consensus forecast of $1.23 by $0.21.
Revenue reached $2.18 billion, compared with $2.02 billion in the corresponding quarter of 2025, representing an increase of approximately 8%.
The revenue figure was also above analysts’ expectations of $2.17 billion.
The results showed higher revenue and adjusted earnings above market forecasts, although reported earnings under generally accepted accounting principles were affected by restructuring-related charges.
CMS Energy reported third-quarter GAAP earnings of $0.39 per share, compared with $0.92 per share in the corresponding period of 2025.
The decline reflected asset impairment and restructuring activities associated with NorthStar Clean Energy.
The company reported charges related to these activities totaling $1.08 per share.
These items contributed to the difference between the company’s GAAP earnings and adjusted earnings for the quarter.
The restructuring forms part of CMS Energy’s efforts to concentrate its operations on its regulated utility business.
CMS Energy maintained its adjusted earnings per share forecast for fiscal 2026 at between $3.83 and $3.90.
The midpoint of the guidance range is approximately $3.87, matching the analyst consensus estimate of $3.87.
The company did not announce an increase to its annual earnings guidance despite reporting third-quarter adjusted earnings above expectations.
The maintained outlook reflects management’s current expectations for financial performance during the remainder of 2026.
For fiscal 2027, CMS Energy reaffirmed its adjusted earnings per share guidance of between $4.08 and $4.17.
The midpoint of the range is approximately $4.13, compared with the analyst consensus estimate of $4.15.
The difference places the midpoint of the company’s forecast $0.02 below market expectations.
CMS Energy also reaffirmed its long-term adjusted earnings per share growth target of 6% to 8%.
Management indicated that it remains confident in performance toward the upper end of that long-term growth range.
Garrick Rochow, President and Chief Executive Officer of CMS Energy and Consumers Energy, commented on the company’s restructuring activities.
“I’m pleased with the progress in the restructuring of NorthStar Clean Energy,” Rochow said.
He added:
“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.”
The comments reflected management’s assessment of the restructuring and its expected contribution to the company’s utility-focused operating strategy.
CMS Energy’s primary business is Consumers Energy, which provides utility services in Michigan. The group also owns and operates independent power generation businesses.
For the first nine months of 2026, CMS Energy reported adjusted earnings per share of $2.95.
The figure compared with $2.66 per share during the corresponding period of 2025.
The increase represented approximately 10.9% year-over-year growth in adjusted earnings per share.
The nine-month performance accompanied the company’s decision to maintain its full-year 2026 earnings guidance of $3.83 to $3.90 per share.
CMS Energy shares fell approximately 1.65% during Tuesday’s premarket trading following the publication of its third-quarter results.
The movement occurred despite adjusted earnings per share and revenue exceeding analyst expectations.
The company maintained its 2026 earnings guidance in line with consensus estimates, while the midpoint of its 2027 forecast remained slightly below market expectations.
The supplied information does not establish a single cause for the share price decline.
CMS Energy’s third-quarter results showed higher revenue and adjusted earnings, alongside lower GAAP earnings reflecting charges associated with NorthStar Clean Energy.
The company maintained adjusted earnings per share guidance of $3.83 to $3.90 for 2026 and $4.08 to $4.17 for 2027.
Management also reaffirmed its long-term adjusted earnings growth target of 6% to 8%, with expectations toward the upper end of the range.
Subsequent financial reports will provide further information about the NorthStar restructuring, the performance of Consumers Energy and progress against the company’s earnings forecasts.
The company’s planned long-term utility investments will also remain relevant to its financial and operating outlook.
CMS Energy stock price
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