CMS Energy

CMS Utilities Market cap $21.0B as of Sep 14, 2026 16:00 ET S&P 500

Q2 FY26 Apr 1 – Jun 30, 2026 reported Jul 28, 2026

Revenue$1.83B +0% year over year

Operating profit$0.13B 7% margin

Net profit$0.12B 7% margin

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jun 30, 2026).
Item	Value	Share of revenue	Year over year
Revenue	1.83	100%	+0%
Electric utility	1.34	73%	−2%
Gas utility	0.39	21%	+0%
North star clean energy	0.10	6%	+12%
Operating expenses	−1.70	93%
Other	−0.71	39%	+0pp
Maintenance and other operating	−0.46	25%	+0pp
Depreciation and amortization	−0.31	17%	+0pp
General taxes	−0.12	6%	+0pp
Fuel for electric generation	−0.10	6%	+0pp
Operating profit	0.13	7% margin	−7pp
Other income, net	0.02
Tax	−0.03
Net profit	0.12	7% margin	−4pp

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share of revenue	Year over year
Revenue	2.73	100%	+12%
Electric utility	1.37	50%	+5%
Gas utility	1.24	46%	+19%
North star clean energy	0.12	4%	+19%
Operating expenses	−2.37	87%
Other	−1.12	41%
Maintenance and other operating	−0.45	17%	+0pp
Depreciation and amortization	−0.41	15%	+0pp
Fuel for electric generation	−0.22	8%	+0pp
General taxes	−0.17	6%	+0pp
Operating profit	0.36	13% margin	−1pp
Other income, net	0.06
Tax	−0.09
Net profit	0.34	12% margin	+0pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	2.23	100%	+12%
Electric utility	1.30	58%	+4%
Gas utility	0.82	37%	+26%
North star clean energy	0.11	5%	+35%
Operating expenses	−1.94	87%
D&A	−0.34	15%	−1pp
Interest	−0.20	9%	+0pp
Underwriting	−0.51	23%	+2pp
Other	−0.89	40%	+0pp
Operating profit	0.30	13% margin	−2pp
Other income, net	0.05
Tax	−0.05
Net profit	0.29	13% margin	+0pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	2.02	100%	+16%
Electric utility	1.68	83%	+16%
Gas utility	0.23	12%	+10%
North star clean energy	0.11	5%	+32%
Operating expenses	−1.68	83%
Other	−0.72	35%	+0pp
Maintenance and other operating	−0.42	21%	+0pp
Depreciation and amortization	−0.29	14%	+0pp
Fuel for electric generation	−0.15	8%	+0pp
General taxes	−0.11	5%	+0pp
Operating profit	0.34	17% margin	+1pp
Tax	−0.06
Net profit	0.28	14% margin	−1pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	2.45	100%	+12%
Electric utility	1.30	53%	+15%
Gas utility	1.05	43%	+9%
North star clean energy	0.10	4%	+25%
Operating expenses	−2.09	85%
Other	−0.92	37%	+0pp
Maintenance and other operating	−0.41	16%	+0pp
Depreciation and amortization	−0.39	16%	+0pp
Fuel for electric generation	−0.22	9%	+0pp
General taxes	−0.16	7%	+0pp
Operating profit	0.36	15% margin	+0pp
Tax	−0.05
Net profit	0.30	12% margin	−1pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

Financial health

The balance sheet, the quarter's capital flow, the debt schedule and the capital structure of the quarter shown above.

Every set of results we hold, newest first. Open one on its own page.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q2 FY26 Apr 1 – Jun 30, 2026 reported Jul 28, 2026 Operating margin 7% Net profit $0.12B	Apr 1 – Jun 30, 2026	Jul 28, 2026	$1.8B	+0%	7%	$0.12B	7%
Q1 FY26 Jan 1 – Mar 31, 2026 reported Apr 28, 2026 Operating margin 13% Net profit $0.34B	Jan 1 – Mar 31, 2026	Apr 28, 2026	$2.7B	+12%	13%	$0.34B	12%
Q4 FY25 Oct 1 – Dec 31, 2025 reported Feb 10, 2026 Operating margin 13% Net profit $0.29B	Oct 1 – Dec 31, 2025	Feb 10, 2026	$2.2B	+12%	13%	$0.29B	13%
Q3 FY25 Jul 1 – Sep 30, 2025 reported Oct 30, 2025 Operating margin 17% Net profit $0.28B	Jul 1 – Sep 30, 2025	Oct 30, 2025	$2.0B	+16%	17%	$0.28B	14%
Q1 FY25 Jan 1 – Mar 31, 2025 reported Apr 24, 2025 Operating margin 15% Net profit $0.30B	Jan 1 – Mar 31, 2025	Apr 24, 2025	$2.4B	+12%	15%	$0.30B	12%