Friday 6 November 2026 Export CMS’s income statement to Excel — free account

CMS Energy Corporation

CMS Utilities Utilities Regulated Electric

CMS Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $8.5 billion, up 13.6% from fiscal 2024.

Revenue: +8.02%
EPS: −131.6%
Free cash flow: +26.3%
Total debt: +11.8%

Quarter to September 2026, against a year earlier

70.50 0.48 −0.68%

Follow CMS

Alert me

Market cap: $22.2B
P/E: 33.3×
Fwd P/E: 19.2×
Dividend yield: 4.00%
F-score: 5/9
Altman Z: 0.86
Beneish M: −2.41
Dividend safety: 27/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

CMS Energy Corporation (CMS) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2017: revenue by segment, and margins
Electric Utility	4,448	67.57%
Gas Utility	1,774	26.95%
Enterprises	229	3.48%
Ener Bank	132	2.01%
Gross margin		56.80%
Operating margin		20.33%
Pre-tax margin		13.46%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Electric Utility	5,578 67.16%	4,995 68.24%	4,686 64.54%	5,395 64.84%	4,915 69.47%	4,348 69.70%	4,407 68.83%	4,528 69.64%	4,448 67.57%	4,379 68.43%
Gas Utility	2,468 29.72%	2,114 28.88%	2,394 32.97%	2,720 32.69%	2,046 28.92%	1,809 29.00%	1,922 30.02%	1,882 28.94%	1,774 26.95%	1,685 26.33%
NorthStar Clean Energy	259 3.12%	211 2.88%	181 2.49%	205 2.46%	114 1.61%	81 1.30%	—	—	—	—
Enterprises	—	—	—	—	—	—	74 1.16%	92 1.41%	229 3.48%	215 3.36%
Ener Bank	—	—	—	—	—	—	—	157 2.41%	132 2.01%	—
Other, not broken out	—	—	—	—	—	—	—	—	—	120 1.88%
Eliminations	—	—	—	—	—	—	—	(157) (2.41%)	—	—
Revenue	8,305	7,320	7,261	8,320	7,075	6,238	6,403	6,502	6,583	6,399

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Electric Utility	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gas Utility	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
NorthStar Clean Energy	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.