CMS Energy Q4 FY25: where the revenue came from and where it went
The whole income statement of CMS Energy for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Oct 1 – Dec 31, 2025
- Reported
- Feb 10, 2026
Revenue$2.23B
+12% year over year
Operating profit$0.30B
13% margin
Net profit$0.29B
13% margin
The numbers
| 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 |
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