CMS Energy (CMS) · Q3 2026 results and valuation

The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.

1. Guidance

   CMS reaffirmed its full-year 2026 guidance of $3.83 to $3.90 per share with confidence toward the high end.

2. Figure

   The company reported year-to-date adjusted net income of $915 million, or $2.95 per share, which is $0.29 favorable to last year and excludes restructuring activities at Northstar.

   Source quote

   “Year-to-date, the company delivered adjusted net income of $915 million, or $2.95 per share, which you'll note excludes the restructuring activities at Northstar, and is $0.29 favorable to last year.”

3. Figure

   The IRP provides a capital investment opportunity of roughly $27 billion in new clean energy resources, battery storage, and gas generation.

   Source quote

   “In summary, our IRP provides significant capital investment opportunity of roughly $27 billion in new clean energy resources, battery storage, and gas generation.”

4. Figure

   The commission approved a gas rate case order of $139 million, a 9.8% ROE, and a 50% equity ratio for the regulatory calendar.

   Source quote

   “As we turn to the regulatory calendar, I'll highlight the constructive order from the commission in our gas rate case approving $139 million or approximately 60% of our final ask, a 9.8% ROE, and 50% equity ratio.”

5. Figure

   New rates, net of investment costs, resulted in a positive variance of 34 cents, with the benefits of last year's gas rate order, new electric rates from earlier this year, and continued investments in renewable…

   Source quote

   “New rates, net of investment costs, resulted in a positive variance of 34 cents, with the benefits of last year's gas rate order, new electric rates from earlier this year, and continued investments in renewable projects at the utility.”

3 more

1. Guidance

   The company stated that the restructure is on target to be complete by year on.

2. Guidance

   North Star is overperforming its planned guidance for the year.

3. Key theme

   CMS expects some options to be pulled forward and will continue to have those options throughout the year.

   Source quote

   “Some of that will be pulled forward and we'll continue to have those options as we go through the year.”

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“I continue to be proud with what the CMS Energy team has delivered and know that the benefit of growth flows to our customers as we spread fixed costs across...”

“For our investors, it delivers a premium total shareholder return made up of 6% to 8% adjusted EPS growth toward the high end, which reflects 7% or better, compounded annually,...”

“If I pull up from the details and reflect on the entire electric rate case, staff's position is constructive, a good starting point, and there are opportunities we'll pursue in...”

Q3 2026 figures are not available yet: the company files its quarterly report (10-Q) a few weeks after the call. This page compares what management said; the figures are added when the report is filed.