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# CMS Energy Adjusted Earnings Climb To $1.44 A Share While NorthStar Charges Cut Reported Profit To $0.39
- URL: https://www.bullished.co/cms-energy-adjusted-earnings-climb-to-1-44-a-share-while-northstar-charges-cut-reported-ee5ba3b5/
- Published: 2026-10-27T10:51:18.000Z
- Updated: 2026-10-28T16:23:08.000Z
- Description: The Michigan utility parent held its 2026 and 2027 adjusted earnings guidance as restructuring charges hit reported results.
- Author: Matteo Parrino
- Tags: Earnings, CMS, Industry: Utilities

[CMS Energy](https://www.bullished.co/tag/cms/), the Michigan utility parent of Consumers Energy, said Tuesday that its third-quarter adjusted earnings rose to [$1.44 a share](https://www.prnewswire.com/news-releases/cms-energy-announces-third-quarter-results-reaffirms-2026-and-2027-adjusted-eps-guidance-302920059.html?ref=bullished.co), from $0.93 a year earlier, while reported earnings fell to $0.39 from $0.92\. The gap comes from asset impairment and restructuring charges tied to its NorthStar Clean Energy unit, according to an [8-K filing](https://www.sec.gov/Archives/edgar/data/0000811156/000110465926118972/tm2628313d1%5F8k.htm?ref=bullished.co).

## A $456 million charge splits the results

Asset impairment and restructuring activities came to $456 million before tax in the quarter, or $117 million lower after tax. The company's reconciliation puts the effect at [$1.08 a share](https://www.prnewswire.com/news-releases/cms-energy-announces-third-quarter-results-reaffirms-2026-and-2027-adjusted-eps-guidance-302920059.html?ref=bullished.co), which accounts for most of the distance between reported and adjusted results.

Reported net income available to common stockholders fell to $121 million from $275 million. Adjusted net income rose to $451 million from $279 million.

Operating revenue rose to $2,183 million from $2,021 million, but operating income dropped to $47 million from $481 million as operating expenses jumped to $2,136 million from $1,540 million.

For the first nine months, adjusted earnings reached $2.95 a share against $2.66 a year earlier. Reported nine-month earnings fell to $1.86 from $2.59.

## Unwinding the independent power unit

CMS Energy is an energy company operating mainly in Michigan. Consumers, its main subsidiary, is an electric and gas utility serving 1.9 million electric and 1.8 million gas customers as of 2025\. NorthStar Clean Energy is its independent power producer and energy marketer.

According to the company's [investor presentation](https://www.sec.gov/Archives/edgar/data/0000811156/000110465926118972/tm2628313d1%5Fex99-2.htm?ref=bullished.co), more than 35% of NorthStar's assets are under signed agreements or already sold, and most of the rest are in exclusivity periods with buyers. The company has exited renewables development.

CEO Garrick Rochow said he is "pleased with the progress in the restructuring of NorthStar Clean Energy." The company says the shift cuts parent-level funding needs by more than $500 million within its plan through 2030, and it expects nearly 100% utility-based earnings after 2027.

## Guidance holds, capital plan update due

CMS Energy reaffirmed 2026 adjusted earnings guidance of $3.83 to $3.90 a share and 2027 guidance of $4.08 to $4.17\. It kept its long-term adjusted growth target at 6% to 8%, with continued confidence toward the high end.

The company expects to finish the NorthStar restructuring by year-end. Its utility capital plan, now $24 billion, will be updated on the fourth-quarter call.

The company's webcast on the quarter ran Tuesday at 10:00 a.m. ET, and the next update to its utility capital plan comes on the fourth-quarter call.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — CMS ENERGY CORP (CMS)](https://www.sec.gov/Archives/edgar/data/0000811156/000110465926118972/tm2628313d1%5F8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit tm2628313d1\_ex99-1.htm — CMS ENERGY CORP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000811156/000110465926118972/tm2628313d1%5Fex99-1.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit tm2628313d1\_ex99-2.htm — CMS ENERGY CORP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000811156/000110465926118972/tm2628313d1%5Fex99-2.htm?ref=bullished.co) — SEC EDGAR
- [CMS Energy Corporation (CMS) Stock Price, News, Quote & History - Yahoo Finance](https://ca.finance.yahoo.com/quote/CMS/?ref=bullished.co) — Yahoo Finance
- [CenterPoint Energy to Report Q3 Earnings: What's in the Cards?](https://finance.yahoo.com/markets/stocks/articles/centerpoint-energy-report-q3-earnings-122000373.html?ref=bullished.co) — Yahoo Finance
- [CMS Energy Announces Third Quarter Results, Reaffirms 2026 and 2027 Adjusted EPS Guidance](https://www.prnewswire.com/news-releases/cms-energy-announces-third-quarter-results-reaffirms-2026-and-2027-adjusted-eps-guidance-302920059.html?ref=bullished.co) — prnewswire.com

### More on CMS Energy

- [CMS Energy CEO Says 'Nothing You Should Read Into' Slimmer Deck That Dropped Data Center Funnel](https://www.bullished.co/cms-energy-ceo-says-nothing-you-should-read-into-slimmer-deck-that-dropped-data-center-93f72296/)
- [CMS Energy CEO On Michigan's Election Risk: 'We Don't See The FCM Going Away'](https://www.bullished.co/cms-energy-ceo-on-michigans-election-risk-we-dont-see-the-fcm-going-away-d199065e/)

[All CMS Energy (CMS) coverage →](https://www.bullished.co/tag/cms/)