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EarningsQ3 2026 Earnings Report
CMS Q3 2026 EPS Results
Actual EPS$1.44
Consensus EPS$1.35
Beat/MissBeat by +$0.09
One Year Ago EPS$0.93
CMS Q3 2026 Revenue Results
Actual Revenue$2.18B
Expected Revenue$2.23B
Beat/MissMissed by -$48.28M
YoY Revenue Growth+8.02%
Earnings Announcement Details
QuarterQ3 2026
Date10/27/2026
TimeBefore Open
Conference CallTuesday, October 27, 2026
CMS Upcoming Earnings
CMS Energy's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
CMS Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly constructive, with management reaffirming 2026 and 2027 earnings guidance, reporting year-to-date outperformance, advancing the NorthStar restructuring, highlighting substantial clean energy and load-growth opportunities, and citing constructive regulatory outcomes. The main challenges were storm-related O&M pressure, incomplete NorthStar asset transactions, a gap between the electric rate case request and staff recommendation, upcoming parent debt maturities, and the utility's negative Moody's outlook.Company Guidance
Long-Term Earnings and Shareholder Return Framework
CMS Energy reiterated its investment model targeting 6% to 8% adjusted EPS growth toward the high end, reflecting 7% or better compounded annual growth, paired with an approximately 3% yield.
NorthStar Restructuring Progress
More than 35% of NorthStar Clean Energy assets have signed agreements or closed, with the majority of the remaining assets in exclusivity with buyers. The company remains on track to complete the restructuring by year end.
Improved Regulated Utility Earnings Profile
The NorthStar restructuring is expected to deliver approximately 100% regulated utility earnings growth after 2027, reduce more than $500 million of funding within the current five-year plan, and improve earnings quality.
Retained NorthStar Assets Support Cash Flow
CMS Energy will retain Dearborn Industrial Generation, several small gas peakers, and four commercial solar projects, which management said generate strong cash flows and support its long-term growth strategy.
Expanded Clean Energy and Reliability Plan
The filed integrated resource plan includes 15.8 gigawatts of clean energy resources, up from the already approved 10.8 gigawatts, along with 4.1 gigawatts of battery storage, up from 850 megawatts, and 1.4 gigawatts of new simple-cycle gas generation.
Significant IRP Capital Opportunity
The integrated resource plan represents roughly $27 billion of capital investment in new clean energy resources, battery storage, and gas generation through 2040.
Growth in Financial Compensation Mechanism
The plan assumes financial compensation mechanism revenue of $125 million beginning in 2031, growing to $195 million by 2040, assuming a 50% ownership split. More than 70% of the contracts supporting the 2031 projection are already signed or online.
Large Clean Energy PPA Signed
CMS Energy recently signed a 680-megawatt clean energy power purchase agreement that management said de-risks new renewable development, supports Michigan's clean energy targets, provides needed energy and capacity, and supports the balance sheet.
Industrial and Semiconductor Load Growth
The company has added approximately 745 megawatts of new contracts in its service territory and energized more than half, or approximately 450 megawatts. The growth is primarily from manufacturing and semiconductor industries and supports the company's planned 2% to 3% annual load growth.
Data Center Pipeline Continues to Advance
The large data center signed earlier in the year continues to progress through zoning in multiple locations, while other data centers are acquiring additional land. Management expects further movement after the elections and described the Michigan data center growth environment as strong.
Constructive Gas Regulatory Outcome
The Michigan commission approved $139 million, or approximately 60% of CMS Energy's final gas rate case request, along with a 9.8% ROE and a 50% equity ratio.
Electric Rate Case Staff Position and Storm Recovery
CMS Energy filed a revised electric rate case requesting a $443 million revenue increase, a 10.25% ROE, and a 51.75% equity ratio. Commission staff recommended a $265 million increase, or 60% of the revised ask, with a 9.85% ROE and 50% equity ratio, and supported storm deferral recovery for 25 storms. The commission also approved deferral of 26 first-quarter storms.
2026 Earnings Guidance Reaffirmed
Year-to-date adjusted EPS was $2.95, and CMS Energy reaffirmed full-year 2026 adjusted EPS guidance of $3.83 to $3.90 per share with continued confidence toward the high end.
2027 Earnings Guidance Reaffirmed
The company reaffirmed 2027 adjusted EPS guidance of $4.08 to $4.17 per share, incorporating the NorthStar restructuring.
Year-to-Date Earnings Outperformance
The company delivered adjusted net income of $915 million, or $2.95 per share, for the first nine months of 2026, which was $0.29 favorable to last year and positioned the company well relative to plan.
Positive Rate and Investment Contribution
New rates and investment costs produced a positive $0.34 variance year to date, reflecting last year's gas rate order, new electric rates, and continued investment in renewable projects at the utility.
Strong Fourth-Quarter Positioning
Management expects a positive $0.08 fourth-quarter variance from rates net of investments and $0.10 of favorable O&M variance based on conservative storm planning assumptions, while remaining positioned to deliver toward the high end of 2026 guidance.
Utility Financing Program Largely Complete
CMS Energy raised $900 million of utility first mortgage bonds in the third quarter, within its planning assumptions, and completed $495 million of equity issuance at attractive prices relative to plan.
NorthStar Funding Benefit Trending Above $500 Million
Management said it was trending positively relative to the previously identified $500 million funding benefit from the NorthStar restructuring and was already optimizing those benefits in the current year.
Rate Base Growth Target Maintained
CMS Energy reaffirmed its long-term 10.5% rate base CAGR, supported by its capital plan and including growth from the financial compensation mechanism.
Continued Customer and Productivity Reinvestment
The company is reinvesting favorable performance into electric reliability, gas operations, customer service, digital capabilities, safety, and future productivity, with management stating that these actions are intended to strengthen 2027 and future long-term growth.
Affordability and Regulatory Position
Management highlighted that CMS Energy's electric bills remain the 15th lowest nationally and have stayed below the rate of inflation. The company also cited support for multiyear rate plans, low- to moderate-income customer assistance improvements, and other affordability initiatives.
CMS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed