CMS Energy Announces Third Quarter Results, Reaffirms 2026 and 2027 Adjusted EPS Guidance

Financial Results

Q3

YTD

Reported Total EPS (GAAP)

$0.39

$1.86

Asset impairment and restructuring activities

1.08

1.09

Other

(0.03)

(0.00)

Adjusted EPS
(non-GAAP)

$1.44

$2.95

CMS ENERGY CORPORATION
Consolidated Statements of Income
(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

Nine Months Ended

9/30/26

9/30/25

9/30/26

9/30/25

Operating revenue

$

2,183

$

2,021

$

6,742

$

6,306

Operating expenses

2,136

1,540

5,941

5,014

Operating Income

47

481

801

1,292

Other income

54

62

204

249

Interest charges

214

203

627

588

Income (Loss) Before Income Taxes

(113)

340

378

953

Income tax expense (benefit)

(22)

68

96

193

Net Income (Loss)

(91)

272

282

760

Loss attributable to noncontrolling interests, including
    impairment $(102), $—, $(102), and $—

(214)

(5)

(301)

(22)

Net Income Attributable to CMS Energy

123

277

583

782

Preferred stock dividends

2

2

7

7

Net Income Available to Common Stockholders

$

121

$

275

$

576

$

775

Diluted Earnings Per Average Common Share

$

0.39

$

0.92

$

1.86

$

2.59

CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited)

In Millions

As of

9/30/26

12/31/25

Assets

Current assets

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 securitization debt) ⁽²⁾

19,728

18,313

Preferred stock and securities

224

224

Noncontrolling interests

569

567

Common stockholders' equity

9,502

8,920

Total capitalization (excluding securitization debt)

30,023

28,024

Securitization debt ⁽²⁾

479

585

Total Liabilities and Equity

$

41,683

$

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

Nine Months Ended

9/30/26

9/30/25

Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts

$

615

$

178

Net cash provided by operating activities 

1,798

1,757

Net cash used in investing activities

(3,111)

(2,926)

Cash flows from operating and investing activities

(1,313)

(1,169)

Net cash provided by financing activities

1,277

1,423

Total Cash Flows

$

(36)

$

254

End of Period Cash and Cash Equivalents, Including Restricted Amounts ⁽³⁾

$

579

$

432

⁽³⁾

Includes cash and cash equivalents classified as current assets held for sale.

CMS ENERGY CORPORATION
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

Nine Months Ended

9/30/26

9/30/25

9/30/26

9/30/25

Net Income Available to Common Stockholders

$

121

$

275

$

576

$

775

Reconciling items:

Other exclusions from adjusted earnings ⁽¹⁾

(13)

6

 *  

14

Tax impact

4

(2)

 (*) 

(4)

Asset impairment and restructuring activities

456

-

456

-

Tax impact

(117)

-

(117)

-

State tax policy change

-

-

-

12

Adjusted net income – non-GAAP

$

451

$

279

$

915

$

797

Average Common Shares Outstanding - Diluted

313.2

300.4

310.4

299.4

Diluted Earnings Per Average Common Share

Reported net income per share

$

0.39

$

0.92

$

1.86

$

2.59

Reconciling items:

Other exclusions from adjusted earnings ⁽¹⁾

(0.04)

0.02

 *  

0.04

Tax impact

0.01

(0.01)

 (*) 

(0.01)

Asset impairment and restructuring activities

1.45

-

1.47

-

Tax impact

(0.37)

-

(0.38)

-

State tax policy change

-

-

-

0.04

Adjusted net income per share – non-GAAP

$

1.44

$

0.93

$

2.95

$

2.66

*

**

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.

⁽¹⁾

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.