CMS Energy

CMS · Utilities · Market cap $22.7B

Q2 FY26 Jun 30, 2026 reported Jul 28, 2026

Revenue$1.8B +0% year over year

Gross profit–

Operating profit$0.3B

Net profit$0.1B 7% margin

Numbers and detail

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	1.8	100%	+0%
Electric Utility	1.3	72%	−2%
Gas Utility	0.4	22%	+0%
North Star Clean Energy	0.1	6%	+12%
Maintenance and other operating	−1.1	25%	+0pp
Depreciation and amortization	−0.3	17%	+0pp
General taxes	−0.1	6%	+0pp
Fuel for electric generation	−0.1	6%	+0pp
Operating profit	0.3	14% margin	−3pp
Interest & other costs	−0.2
Net profit	0.1	7%	−4pp

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	2.7	100%	+12%
Electric Utility	1.4	52%	+5%
Gas Utility	1.2	44%	+19%
North Star Clean Energy	0.1	4%	+19%
Maintenance and other operating	−1.4	16%	+0pp
Depreciation and amortization	−0.4	15%	+0pp
Fuel for electric generation	−0.2	8%	+0pp
General taxes	−0.2	6%	+0pp
Operating profit	0.5	18% margin	−2pp
Tax	−0.1
Interest & other costs	−0.1
Net profit	0.3	12%	+0pp

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	100%	+16%
Electric Utility	1.7	85%	+16%
Gas Utility	0.2	10%	+10%
North Star Clean Energy	0.1	5%	+32%
Maintenance and other operating	−0.9	21%	+0pp
Depreciation and amortization	−0.3	14%	+0pp
Fuel for electric generation	−0.2	8%	+0pp
General taxes	−0.1	5%	+0pp
Operating profit	0.5	24% margin	+3pp
Tax	−0.1
Interest & other costs	−0.1
Net profit	0.3	14%	−1pp

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	2.4	100%	+12%
Electric Utility	1.3	54%	+15%
Gas Utility	1	42%	+9%
North Star Clean Energy	0.1	4%	+25%
Maintenance and other operating	−1.2	17%	+0pp
Depreciation and amortization	−0.4	16%	+0pp
Fuel for electric generation	−0.2	9%	+0pp
General taxes	−0.2	7%	+0pp
Operating profit	0.5	20% margin	+1pp
Tax	−0.1
Interest & other costs	−0.1
Net profit	0.3	12%	−1pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q2 FY26	Jun 30, 2026	Jul 28, 2026	$1.8B	+0%	17%	$0.1B	7%
Q1 FY26	Jan 1 – Mar 31, 2026	Apr 28, 2026	$2.7B	+12%	19%	$0.3B	12%
Q3 FY25	Jul 1 – Sep 30, 2025	Oct 30, 2025	$2B	+16%	25%	$0.3B	14%
Q1 FY25	Jan 1 – Mar 31, 2025	Apr 24, 2025	$2.4B	+12%	21%	$0.3B	12%