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CMS Energy Q3 Earnings Top Estimates, Revenues Increase Y/Y

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Key Takeaways

  • CMS Energy's Q3 adjusted EPS jumped 54.8% to $1.44, beating estimates by 7.5%, as revenues climbed 8%.
  • CMS' electric and gas revenues rose 5.7% and 12.8%, respectively, while operating expenses surged 38.7%.
  • CMS reaffirmed its 2026 EPS outlook of $3.83-$3.90 and 2027 guidance of $4.08-$4.17 per share.

CMS Energy Corporation (CMS - Free Report) reported third-quarter 2026 adjusted earnings of $1.44 per share, which surpassed the Zacks Consensus Estimate of $1.34 by 7.5%. The bottom line increased 54.8% from 93 cents in the year-ago quarter.

CMS' Revenues

Operating revenues totaled $2.183 billion, which beat the Zacks Consensus Estimate of $2.178 billion by 0.2%. The top line also increased 8% from $2.02 billion in the prior-year quarter.

CMS Energy Corporation Price, Consensus and EPS Surprise

CMS Energy Corporation Price, Consensus and EPS Surprise

CMS Energy Corporation price-consensus-eps-surprise-chart | CMS Energy Corporation Quote

CMS' Revenue Breakdown

Electric utility revenues amounted to $1.77 billion, up 5.7% from $1.68 billion in the year-ago quarter. Higher residential and industrial revenues contributed to the improvement.

Gas utility revenues totaled $264 million, increasing 12.8% from $234 million in the prior-year period. NorthStar Clean Energy revenues rose 34.3% to $145 million from $108 million a year ago.

Operational Performance of CMS

CMS Energy's operating expenses totaled $2.14 billion, increasing 38.7% from $1.54 billion in the prior-year quarter. 

Operating income declined to $47 million from $481 million in the year-ago period. 

Interest on long-term debt increased to $225 million from $204 million a year ago.

Financial Condition of CMS

CMS Energy had cash and cash equivalents of $451 million as of Sept. 30, 2026 compared with $509 million as of Dec. 31, 2025.

As of Sept. 30, 2026, total debt and finance leases, excluding securitization debt, stood at $19.73 billion compared with $18.31 billion at 2025-end.

Net cash provided by operating activities totaled $1.8 billion during the first nine months of 2026 compared with $1.76 billion in the corresponding prior-year period.

CMS Energy's 2026 and 2027 Outlook

CMS Energy reaffirmed its 2026 adjusted earnings guidance of $3.83-$3.90 per share. The Zacks Consensus Estimate for 2026 earnings is currently pegged at $3.87, higher than the midpoint of the company’s guided range.

The company also maintained its 2027 adjusted earnings guidance of $4.08-$4.17 per share. The Zacks Consensus Estimate for 2027 earnings is currently pegged at $4.16, which is at the high end of the company’s guided range.

CMS also reaffirmed its long-term adjusted EPS growth in the band of 6-8%.

CMS’ Zacks Rank

CMS Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Utility Releases

Alliant Energy Corporation (LNT - Free Report) is slated to report third-quarter 2026 results on Oct. 29, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.23 per share, which implies a year-over-year rise of 9.8%.

LNT’s long-term (three to five years) earnings growth rate is 6.93%. The Zacks Consensus Estimate for third-quarter sales stands at $1.21 billion.

Public Service Enterprise Group (PEG - Free Report) is slated to report third-quarter 2026 results on Nov. 2, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.22 per share, which suggests a year-over-year increase of 8%.

PEG’s long-term earnings growth rate is 6.09%. The Zacks Consensus Estimate for third-quarter sales stands at $3.29 billion, which implies a year-over-year decline of 2%.

Ameren Corporation (AEE - Free Report) is scheduled to report its third-quarter 2026 results on Nov. 5, after market close. The Zacks Consensus Estimate for earnings is pegged at $2.30 per share, which calls for a year-over-year jump of 6%.

AEE’s long-term earnings growth rate is 6.34%. The Zacks Consensus Estimate for third-quarter sales is pinned at $2.88 billion, which implies a year-over-year rise of 6.8%.

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