CMS Energy Corporation (CMS)

CMS Income Statement

Revenue, expenses, and profitability analysis

CMS Quarterly Income Statement (USD)

Quarterly Report	TTM	03/31/2026	12/31/2025	09/30/2025	06/30/2025	03/31/2025	12/31/2024	09/30/2024	06/30/2024
Revenue	8.822B	2.730B	2.233B	2.021B	1.838B	2.447B	1.989B	1.743B	1.607B
Cost of Goods Sold	3.122B	1.187B	-622.120M	1.433B	1.124B	1.403B	1.112B	1.004B	949.000M
Gross Profit	5.700B	1.543B	2.855B	588.000M	714.000M	1.044B	877.000M	739.000M	658.000M
Gross Profit Margin	56.5%	56.5%	127.9%	29.1%	38.8%	42.7%	44.1%	42.4%	40.9%
Total Operating Expenses	3.977B	1.053B	2.420B	107.000M	397.000M	550.000M	452.000M	372.000M	375.000M
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	3.906B	432.000M	3.474B	0.00	0.00	0.00	43.000M	0.00	-41.000M
Operating Income (EBIT)	1.723B	490.000M	435.000M	481.000M	317.000M	494.000M	425.000M	367.000M	283.000M
Operating Margin	17.9%	17.9%	19.5%	23.8%	17.2%	20.2%	21.4%	21.1%	17.6%
Income Before Tax (EBT)	1.252B	362.000M	295.000M	340.000M	255.000M	358.000M	306.000M	273.000M	223.000M
Interest Income	-1.000M	—	-1.000M	—	—	1.000M	—	—	—
Interest Expense	805.000M	203.000M	200.000M	203.000M	199.000M	187.000M	180.000M	178.000M	173.000M
Other Income/Expense	-471.000M	-128.000M	-140.000M	-141.000M	-62.000M	-136.000M	-119.000M	-94.000M	-60.000M
Net Income	1.107B	340.000M	289.000M	277.000M	201.000M	304.000M	265.000M	253.000M	198.000M
Income Tax Expense	268.000M	85.000M	53.000M	68.000M	62.000M	63.000M	51.000M	26.000M	41.000M
Net Profit Margin	12.5%	12.5%	12.9%	13.7%	10.9%	12.4%	13.3%	14.5%	12.3%
EBITDA	3.231B	977.000M	668.000M	831.000M	755.000M	933.000M	812.000M	724.000M	681.000M
EBITDA Margin	35.8%	35.8%	29.9%	41.1%	41.1%	38.1%	40.8%	41.5%	42.4%
Depreciation & Amortization	1.174B	412.000M	173.000M	288.000M	301.000M	388.000M	326.000M	273.000M	285.000M
EPS Basic	3.65	1.13	0.94	0.92	0.66	1.01	0.88	0.84	0.65
EPS Diluted	3.65	1.13	0.94	0.92	0.66	1.01	0.88	0.84	0.65
Shares Outstanding	300.567M	300.567M	300.567M	298.500M	298.500M	298.200M	298.785M	298.000M	297.900M
Diluted Shares Outstanding	300.567M	300.567M	300.567M	300.400M	299.100M	299.100M	298.785M	298.800M	298.500M

CMS Annual Income Statement (USD)

Annual Report	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018
Revenue	8.539B	7.515B	7.462B	8.596B	7.329B	6.418B	6.624B	6.873B
Cost of Goods Sold	3.338B	4.306B	4.600B	5.834B	4.680B	3.788B	4.189B	4.475B
Gross Profit	5.201B	3.209B	2.862B	2.762B	2.649B	2.630B	2.435B	2.398B
Gross Profit Margin	60.9%	42.7%	38.4%	32.1%	36.1%	41.0%	36.8%	34.9%
Total Operating Expenses	3.474B	1.722B	1.627B	1.538B	1.503B	1.400B	1.320B	1.236B
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	3.474B	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Income (EBIT)	1.727B	1.487B	1.235B	1.224B	1.146B	1.230B	1.115B	1.162B
Operating Margin	20.2%	19.8%	16.6%	14.2%	15.6%	19.2%	16.8%	16.9%
Income Before Tax (EBT)	1.248B	1.123B	954.000M	902.000M	823.000M	809.000M	764.000M	774.000M
Interest Income	—	—	—	—	3.000M	11.000M	7.000M	11.000M
Interest Expense	789.000M	708.000M	643.000M	519.000M	500.000M	505.000M	460.000M	458.000M
Other Income/Expense	-479.000M	-364.000M	-281.000M	-322.000M	-323.000M	-421.000M	-351.000M	-388.000M
Net Income	1.071B	1.003B	887.000M	837.000M	1.353B	755.000M	680.000M	657.000M
Income Tax Expense	246.000M	176.000M	147.000M	93.000M	95.000M	115.000M	131.000M	115.000M
Net Profit Margin	12.5%	13.3%	11.9%	9.7%	18.5%	11.8%	10.3%	9.6%
EBITDA	3.187B	3.071B	2.777B	2.547B	2.437B	2.357B	2.213B	2.165B
EBITDA Margin	37.3%	40.9%	37.2%	29.6%	33.3%	36.7%	33.4%	31.5%
Depreciation & Amortization	1.150B	1.240B	1.180B	1.126B	1.114B	1.043B	989.000M	933.000M
EPS Basic	3.53	3.34	3.01	2.84	4.66	2.65	2.40	2.33
EPS Diluted	3.53	3.33	3.01	2.85	4.66	2.64	2.39	2.32
Shares Outstanding	300.567M	297.600M	291.200M	289.500M	289.000M	285.000M	283.000M	282.200M
Diluted Shares Outstanding	300.567M	298.300M	291.700M	290.000M	289.500M	286.300M	284.300M	282.900M

Values are displayed in USD. Negative numbers shown in red.

Values are displayed in USD. Negative numbers are shown in red.

About CMS Energy Corporation

CMS Energy Corporation (CMS) operates as a significant utility provider with its primary services concentrated in Michigan. The company's business is structured into three main divisions: Electric Utility, Gas Utility, and Enterprises. The Electric Utility segment encompasses the full spectrum of electricity operations, from generating power using a variety of sources—including coal, wind, natural gas, renewable energies, oil, and nuclear—to its subsequent purchase, transmission, distribution, and sale to customers. Its extensive electrical grid is supported by approximately 4,636 miles of high-voltage overhead distribution lines, 23 miles of high-voltage underground distribution lines, an additional 82,474 miles of electric overhead distribution lines, and 9,395 miles of underground distribution lines. This vast network also includes 1,093 substations and 3 battery storage facilities. The Gas Utility division is responsible for procuring, transmitting, storing, distributing, and selling natural gas. This segment's infrastructure features 2,392 miles of transmission pipelines, 15 natural gas storage fields, 28,065 miles of distribution mains, and 8 compressor stations. The Enterprises segment specializes in independent power generation and energy marketing, particularly focusing on the development and operation of renewable energy projects. CMS Energy serves a considerable customer base, providing electricity to 1.9 million clients and natural gas to 1.8 million clients, spanning residential, commercial, and diverse industrial sectors. The company was established in 1987 and its corporate headquarters are situated in Jackson, Michigan.

Jackson, MI

8,324 employees

www.cmsenergy.com

Utilities / Regulated Electric

Sector: Utilities
Industry: Regulated Electric
CEO: Garrick J. Rochow

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