CMS Energy Announces Third Quarter Results,
Exhibit 99.1 CMS Energy Announces Third Quarter Results, Reaffirms 2026 and 2027 Adjusted EPS Guidance JACKSON, Mich., Oct. 27, 2026 – CMS Energy announced today reported earnings per share of $0.39 for the third quarter of 2026, compared to $0.92 per share for 2025. The company’s adjusted earnings per share for the third quarter were $1.44, compared to $0.93 per share for 2025. Both the quarter and year-to-date GAAP results reflect asset impairment and restructuring activities associated with NorthStar Clean Energy. For the first nine months of the year, the company reported $1.86 per share, compared to $2.59 per share for the same timeframe in 2025. On an adjusted earnings per share basis year to date, the company reported $2.95 per share in 2026, compared to $2.66 per share in 2025.
“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. “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.”
CMS Energy reaffirmed its 2026 adjusted earnings guidance of $3.83 to $3.90 per share*, (*See below for important information about non-GAAP measures) 2027 adjusted earnings guidance of $4.08 to $4.17, and long-term adjusted EPS growth of 6 to 8 percent, with continued confidence toward the high end.
CMS Energy (NYSE: CMS) is a Michigan-based energy provider featuring Consumers Energy as its primary business. It also owns and operates independent power generation businesses. # # # CMS Energy will hold a webcast to discuss its 2026 third quarter results and provide a business and financial outlook on Tuesday, October 27 at 10:00 a.m. (EDT). To participate in the webcast, go to CMS Energy’s homepage ( cmsenergy.com) and select “Events and Presentations.”
Important information for investors about non-GAAP measures and other disclosures.
This news release contains non-Generally Accepted Accounting Principles (non-GAAP) measures, such as adjusted earnings. All references to net income refer to net income available to common stockholders and references to earnings per share are on a diluted basis. 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. Management views adjusted 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. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company's reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings. The company's adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for the reported earnings.
**Per-share impacts are calculated independently for each reporting period in accordance with ASC 260 and may not be additive due to differences in weighted-average shares outstanding between periods.
This news release contains "forward-looking statements." The forward-looking statements are subject to risks and uncertainties that could cause CMS Energy's and Consumers Energy's results to differ materially. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energy's and Consumers Energy's Securities and Exchange Commission filings.
Investors and others should note that CMS Energy routinely posts important information on its website and considers the Investor Relations section, , a channel of distribution.
Investment Analyst Contact: Travis Uphaus, 517/768-3114 2 Page 1 of 3 CMS ENERGY CORPORATION Consolidated Statements of Income (Unaudited)
In Millions Assets As of Current assets 9/30/26 12/31/25 ────────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $ 451 $ 509 Restricted cash and cash equivalents 102 106 Assets held for sale 43 - Other current assets 2,610 2,857 Total current assets 3,206 3,472 Non-current assets Plant, property, and equipment 31,940 30,680 Assets held for sale 783 - Other non-current assets 5,754 5,789 Total Assets $ 41,683 $ 39,941 Liabilities and Equity Current liabilities (1) Liabilities held for sale $ 14 $ - Other current liabilities 2,116 2,592 Total current liabilities 2,130 2,592 Non-current liabilities (1) Liabilities held for sale 87 - Other non-current liabilities 8,964 8,740 Total non-current liabilities 9,051 8,740 Capitalization Debt and finance leases (excluding 19,728 18,313 securitization debt) (2) Preferred stock and securities 224 224 Noncontrolling interests 569 567 Common stockholders' equity 9,502 8,920 Total capitalization (excluding securitization 30,023 28,024 debt) Securitization 479 585 debt (2) Total Liabilities and $ 41,683 $ 39,941 Equity
CMS ENERGY CORPORATION Summarized Consolidated Statements of Cash Flows (Unaudited)
In Millions Nine Months Ended 9/30/26 9/30/25 ────────────────────────────────────────────────────────────────────────────── Beginning of Period Cash and Cash $ 615 $ 178 Equivalents, Including Restricted Amounts Net cash provided by operating 1,798 1,757 activities Net cash used in (3,111 ) (2,926 ) investing activities Cash flows from operating and (1,313 ) (1,169 ) investing activities Net cash provided by financing 1,277 1,423 activities Total Cash Flows $ (36 ) $ 254 End of Period Cash and Cash $ 579 $ 432 Equivalents, Including Restricted Amounts (3)
(3)Includes cash and cash equivalents classified as current assets held for sale. Page 3 of 3 CMS ENERGY CORPORATION
* Less than $0.5 million or $0.01 per share. Per-share impacts are calculated independently for each reporting ** period in accordance with ASC 260 and may not be additive due to differences in weighted-average shares outstanding between periods. Includes major enterprise resource planning software implementations (1) 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.
Full text with the tables
Exhibit 99.1
CMS Energy Announces Third Quarter Results,
Reaffirms 2026 and 2027 Adjusted EPS Guidance
JACKSON, Mich., Oct. 27, 2026 – CMS Energy announced today reported earnings per
share of $0.39 for the third quarter of 2026, compared to $0.92 per share for
2025. The company’s adjusted earnings per share for the third quarter were
$1.44, compared to $0.93 per share for 2025. Both the quarter and year-to-date
GAAP results reflect asset impairment and restructuring activities associated
with NorthStar Clean Energy. For the first nine months of the year, the company
reported $1.86 per share, compared to $2.59 per share for the same timeframe in
2025. On an adjusted earnings per share basis year to date, the company reported
$2.95 per share in 2026, compared to $2.66 per share in 2025.
2026 Financial Results**
Financial Results Q3 YTD
─────────────────────────────────────────────────────────────────────
Reported Total EPS (GAAP) $ 0.39 $ 1.86
Asset impairment and restructuring 1.08 1.09
activities
Other (0.03 ) (0.00 )
Adjusted EPS (non-GAAP) $ 1.44 $ 2.95
“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. “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.”
CMS Energy reaffirmed its 2026 adjusted earnings
guidance of $3.83 to $3.90 per share*, (*See below for important information
about non-GAAP measures) 2027 adjusted earnings guidance
of $4.08 to $4.17, and long-term adjusted EPS growth of 6 to 8 percent, with
continued confidence toward the high end.
CMS Energy (NYSE: CMS) is a Michigan-based energy
provider featuring Consumers Energy as its primary business. It also owns and
operates independent power generation businesses.
# # #
CMS Energy will hold a webcast to discuss its 2026 third quarter results and
provide a business and financial outlook on Tuesday, October 27 at 10:00 a.m.
(EDT). To participate in the webcast, go to CMS Energy’s homepage (
cmsenergy.com) and select “Events and Presentations.”
Important information for investors about non-GAAP measures and other
disclosures.
This news release contains non-Generally Accepted Accounting Principles
(non-GAAP) measures, such as adjusted earnings. All references to net income
refer to net income available to common stockholders and
references to earnings per share are on a diluted basis. 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. Management views adjusted 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. Because the company is not able to estimate the impact of specific
line items, which have the potential to significantly
impact, favorably or unfavorably, the company's reported earnings in future
periods, the company is not providing reported earnings guidance
nor is it providing a reconciliation for the comparable future period earnings.
The company's adjusted earnings should be considered
supplemental information to assist in understanding our business results, rather
than as a substitute for the reported earnings.
**Per-share impacts are calculated independently for each reporting
period in accordance with ASC 260 and may not be additive due to differences in
weighted-average shares outstanding between periods.
This news release contains "forward-looking statements." The forward-looking
statements are subject to risks and uncertainties that could cause CMS Energy's
and Consumers Energy's results to differ materially. All forward-looking
statements should be considered in the context of the risk and other factors
detailed from time to time in CMS Energy's and Consumers Energy's Securities and
Exchange Commission filings.
Investors and others should note that CMS
Energy routinely posts important information on its website and considers the
Investor Relations section, ,
a channel of distribution.
Media Contacts: Katie Carey, 517/740-1739
Investment Analyst Contact: Travis Uphaus, 517/768-3114
2
Page 1 of 3
CMS ENERGY CORPORATION
Consolidated Statements of Income
(Unaudited)
In
Mill…
Exce…
Per
Share
Amou…
Three Nine
Mont… Mont…
Ended Ended
9/30… 9/30… 9/30… 9/30…
──────────────────────────────────────────────────────────────────────────────
Ope… $ 2,1… $ 2,0… $ 6,7… $ 6,3…
rev…
Ope… 2,1… 1,5… 5,9… 5,0…
exp…
Ope… 47 481 801 1,2…
Inc…
Oth… 54 62 204 249
inc…
Int… 214 203 627 588
cha…
Inc…
(Lo…
Bef… (113 ) 340 378 953
Inc…
Tax…
Inc…
tax (22 ) 68 96 193
exp…
(be…
Net
Inc… (91 ) 272 282 760
(Lo…
Loss
att…
to
non…
int…
inc… (214 ) (5 ) (301 ) (22 )
imp…
$(1…
$—,
$(1…
and
$—
Net
Inc…
Att… 123 277 583 782
to
CMS
Ene…
Pre…
sto… 2 2 7 7
div…
Net
Inc…
Ava… $ 121 $ 275 $ 576 $ 775
to
Com…
Sto…
Dil…
Ear…
Per $ 0.39 $ 0.92 $ 1.86 $ 2.59
Ave…
Com…
Sha…
Page 2 of 3
CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited)
In
Millions
Assets As of
Current assets 9/30/26 12/31/25
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 451 $ 509
Restricted cash and cash equivalents 102 106
Assets held for sale 43 -
Other current assets 2,610 2,857
Total current assets 3,206 3,472
Non-current assets
Plant, property, and equipment 31,940 30,680
Assets held for sale 783 -
Other non-current assets 5,754 5,789
Total Assets $ 41,683 $ 39,941
Liabilities and Equity
Current liabilities (1)
Liabilities held for sale $ 14 $ -
Other current liabilities 2,116 2,592
Total current liabilities 2,130 2,592
Non-current liabilities (1)
Liabilities held for sale 87 -
Other non-current liabilities 8,964 8,740
Total non-current liabilities 9,051 8,740
Capitalization
Debt and finance leases (excluding 19,728 18,313
securitization debt) (2)
Preferred stock and securities 224 224
Noncontrolling interests 569 567
Common stockholders' equity 9,502 8,920
Total capitalization (excluding
securitization 30,023 28,024
debt)
Securitization 479 585
debt (2)
Total Liabilities and $ 41,683 $ 39,941
Equity
(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
Nine Months Ended
9/30/26 9/30/25
──────────────────────────────────────────────────────────────────────────────
Beginning of Period
Cash and Cash $ 615 $ 178
Equivalents, Including
Restricted Amounts
Net cash provided by
operating 1,798 1,757
activities
Net cash used in (3,111 ) (2,926 )
investing activities
Cash flows from
operating and (1,313 ) (1,169 )
investing
activities
Net cash provided by
financing 1,277 1,423
activities
Total Cash Flows $ (36 ) $ 254
End of Period
Cash and Cash $ 579 $ 432
Equivalents, Including
Restricted Amounts (3)
(3)Includes cash and cash equivalents classified as current assets held for
sale.
Page 3 of 3
CMS ENERGY CORPORATION
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
(Unaudited)
In
Mill…
Exce…
Per
Share
Amou…
Three Nine
Mont… Mont…
Ended Ended
9/30… 9/30… 9/30… 9/30…
──────────────────────────────────────────────────────────────────────────────
Net
Inc…
Ava… $ 121 $ 275 $ 576 $ 775
to
Com…
Sto…
Rec…
ite…
Oth…
exc…
from (13 ) 6 * 14
adj…
ear…
(1)
Tax 4 (2 ) (* ) (4 )
imp…
Ass…
imp…
and 456 - 456 -
res…
act…
Tax (117 ) - (117 ) -
imp…
Sta…
tax - - - 12
pol…
cha…
Adj…
net
inc… $ 451 $ 279 $ 915 $ 797
–
non…
Ave…
Com…
Sha… 313… 300… 310… 299…
Out…
-
Dil…
Dil…
Ear…
Per
Ave…
Com…
Sha…
Rep…
net
inc… $ 0.39 $ 0.92 $ 1.86 $ 2.59
per
sha…
Rec…
ite…
Oth…
exc…
from (0.… ) 0.02 * 0.04
adj…
ear…
(1)
Tax 0.01 (0.… ) (* ) (0.… )
imp…
Ass…
imp…
and 1.45 - 1.47 -
res…
act…
Tax (0.… ) - (0.… ) -
imp…
Sta…
tax - - - 0.04
pol…
cha…
Adj…
net
inc…
per $ 1.44 $ 0.93 $ 2.95 $ 2.66
sha…
–
non…
* Less than $0.5 million or $0.01 per share.
Per-share impacts are calculated independently for each reporting
** period in accordance with ASC 260 and may not be additive due to
differences in weighted-average shares outstanding between periods.
Includes major enterprise resource planning software implementations
(1) 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.