Revenue growth reached 11.6% in 2026Q1, supported by effective rate recovery mechanisms that maintained an operating margin of 17.9%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 8.82B | 8.54B | 7.51B | 7.46B | 8.6B | 7.33B | 6.42B | 6.62B | 6.87B | 6.58B | 6.4B | 6.46B | 7.18B | 6.57B | 6.25B | 6.5B | 6.43B | 6.21B | 6.81B | 6.46B | 6.13B | 5.88B | 5.47B | 5.51B | 8.67B | 8.01B | 8.74B | 5.93B | 5.14B | 4.78B | 4.32B |
| Revenue Growth % | 13.31% | 13.63% | 0.71% | -13.19% | 17.29% | 14.19% | -3.11% | -3.62% | 4.41% | 2.88% | -0.88% | -10.07% | 9.34% | 5.01% | -3.84% | 1.1% | 3.66% | -8.84% | 5.31% | 5.52% | 4.2% | 7.44% | -0.74% | -36.43% | 8.33% | -8.39% | 47.47% | 15.27% | 7.53% | 10.57% | 11.16% |
| Cost of Revenue | 3.12B | 3.34B | 4.31B | 4.6B | 5.83B | 4.68B | 3.79B | 4.19B | 4.47B | 4.08B | 4.05B | 4.27B | 5.09B | 4.56B | 4.42B | 4.75B | 4.72B | 3.57B | 4.21B | 4.1B | 3.75B | 3.18B | 1.14B | 1.4B | 3.58B | 2.69B | 2.85B | 1.39B | 1.52B | 3.21B | 2.84B |
| Gross Profit | 5.7B | 5.2B | 3.21B | 2.86B | 2.76B | 2.65B | 2.63B | 2.44B | 2.4B | 2.5B | 2.35B | 2.19B | 2.09B | 2B | 1.83B | 1.75B | 1.71B | 2.63B | 2.6B | 2.36B | 2.37B | 2.7B | 4.33B | 4.11B | 5.09B | 5.32B | 5.89B | 4.53B | 3.63B | 1.57B | 1.48B |
| Gross Margin % | 64.61% | 60.91% | 42.7% | 38.35% | 32.13% | 36.14% | 40.98% | 36.76% | 34.89% | 38.02% | 36.69% | 33.92% | 29.1% | 30.52% | 29.27% | 26.97% | 26.55% | 42.47% | 38.12% | 36.54% | 38.7% | 45.89% | 79.22% | 74.61% | 58.7% | 66.45% | 67.41% | 76.49% | 70.51% | 32.8% | 34.27% |
| Gross Profit Growth % | - | 62.08% | 12.12% | 3.62% | 4.27% | 0.72% | 8.01% | 1.54% | -4.2% | 6.6% | 7.21% | 4.83% | 4.24% | 9.51% | 4.33% | 2.69% | -35.18% | 1.54% | 9.86% | -0.38% | -12.12% | -37.76% | 5.4% | -19.21% | -4.3% | -9.69% | 29.96% | 25.05% | 131.19% | 5.8% | 4.59% |
| Operating Expenses | 3.98B | 3.47B | 1.72B | 1.63B | 1.54B | 1.5B | 1.4B | 1.32B | 1.24B | 1.17B | 1.09B | 1.01B | 937M | 862M | 827M | 751M | 730M | 1.94B | 1.8B | 2.45B | 2.59B | 3.2B | 3.74B | 3.68B | 5.11B | 5.34B | 5.19B | 3.64B | 2.9B | 852M | 806M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 2.9B | 2.88B | 2.73B | 2.42B | 2.35B | 2.26B | 2.27B | 2.1B | 2.1B | 2.22B | 2.07B | 1.93B | 1.84B | 1.77B | 1.6B | 1.55B | 1.55B | 1.27B | 1.39B | 457M | 354M | 24M | 1.02B | 893M | 468M | 503M | 1.34B | 1.49B | 1.26B | 1.23B | 1.14B |
| EBITDA Margin % | 32.84% | 33.69% | 36.29% | 32.36% | 27.34% | 30.84% | 35.42% | 31.76% | 30.48% | 33.71% | 32.3% | 29.86% | 25.59% | 26.96% | 25.6% | 23.82% | 24.16% | 20.44% | 20.39% | 7.07% | 5.78% | 0.41% | 18.68% | 16.2% | 5.4% | 6.28% | 15.33% | 25.08% | 24.49% | 25.66% | 26.46% |
| EBITDA Growth % | 1.97% | 5.5% | 12.92% | 2.77% | 3.98% | -0.57% | 8.03% | 0.43% | -5.59% | 7.35% | 7.21% | 4.95% | 3.79% | 10.56% | 3.36% | -0.32% | 22.56% | -8.65% | 203.72% | 29.1% | 1375% | -97.65% | 14.45% | 90.81% | -6.96% | -62.46% | -9.83% | 18.03% | 2.61% | 7.26% | 4.38% |
| Depreciation & Amortization | 1.17B | 1.15B | 1.24B | 1.18B | 1.13B | 1.11B | 1.04B | 989M | 933M | 881M | 811M | 750M | 685M | 628M | 598M | 546M | 576M | 570M | 589M | 545M | 576M | 525M | 431M | 462M | 485M | 524M | 637M | 595M | 535M | 0 | 0 |
| D&A / Revenue % | 13.31% | 13.47% | 16.5% | 15.81% | 13.1% | 15.2% | 16.25% | 14.93% | 13.57% | 13.38% | 12.67% | 11.62% | 9.54% | 9.56% | 9.56% | 8.4% | 8.96% | 9.19% | 8.65% | 8.43% | 9.4% | 8.93% | 7.88% | 8.38% | 5.59% | 6.55% | 7.29% | 10.04% | 10.41% | 0% | 0% |
| Operating Income (EBIT) | 1.72B | 1.73B | 1.49B | 1.24B | 1.22B | 1.15B | 1.23B | 1.11B | 1.16B | 1.34B | 1.26B | 1.18B | 1.15B | 1.14B | 1B | 1B | 978M | 698M | 799M | -88M | -222M | -501M | 591M | 431M | -17M | -21M | 703M | 891M | 724M | 716M | 676M |
| Operating Margin % | 19.53% | 20.22% | 19.79% | 16.55% | 14.24% | 15.64% | 19.16% | 16.83% | 16.91% | 20.33% | 19.63% | 18.25% | 16.05% | 17.39% | 16.04% | 15.42% | 15.21% | 11.25% | 11.74% | -1.36% | -3.62% | -8.52% | 10.8% | 7.82% | -0.2% | -0.26% | 8.04% | 15.04% | 14.08% | 14.98% | 15.63% |
| Operating Income Growth % | - | 16.14% | 20.4% | 0.9% | 6.81% | -6.83% | 10.31% | -4.04% | -13.15% | 6.53% | 6.62% | 2.26% | 0.88% | 13.86% | 0% | 2.56% | 40.11% | -12.64% | 1007.95% | 60.36% | 55.69% | -184.77% | 37.12% | 2635.29% | 19.05% | -102.99% | -21.1% | 23.07% | 1.12% | 5.92% | 9.21% |
| Interest Expense | 4M | 789M | 708M | 643M | 519M | 500M | 505M | 460M | 458M | 438M | 435M | 396M | 407M | 398M | 389M | 415M | 431M | 435M | 400M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.58x | 2.59x | 2.48x | 2.74x | 2.65x | 2.60x | 2.66x | 2.69x | 3.02x | 2.90x | 3.01x | 2.79x | 2.90x | 2.60x | 2.46x | 2.37x | 1.77x | 2.10x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.05% | 9.24% | 9.42% | 8.62% | 6.04% | 6.82% | 7.87% | 6.94% | 6.66% | 6.65% | 6.8% | 6.13% | 5.67% | 6.06% | 6.22% | 6.38% | 6.7% | 7.01% | 5.88% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 1.25B | 1.25B | 1.12B | 954M | 902M | 823M | 809M | 764M | 774M | 886M | 826M | 796M | 729M | 756M | 622M | 606M | 590M | 335M | 440M | -321M | -321M | -321M | 122M | 15M | -435M | -421M | 88M | 354M | 342M | 352M | 361M |
| Pretax Margin % | 14.19% | 14.62% | 14.94% | 12.78% | 10.49% | 11.23% | 12.61% | 11.53% | 11.26% | 13.46% | 12.91% | 12.33% | 10.15% | 11.51% | 9.95% | 9.32% | 9.17% | 5.4% | 6.46% | -4.97% | -5.24% | -5.46% | 2.23% | 0.27% | -5.02% | -5.26% | 1.01% | 5.97% | 6.65% | 7.36% | 8.35% |
| Income Tax | 268M | 246M | 176M | 147M | 93M | 95M | 115M | 131M | 115M | 424M | 273M | 271M | 250M | 302M | 245M | 191M | 224M | 115M | 139M | -195M | -188M | -180M | -5M | 58M | -41M | -94M | 50M | 63M | 100M | 108M | 137M |
| Effective Tax Rate % | 21.41% | 19.71% | 15.67% | 15.41% | 10.31% | 11.54% | 14.22% | 17.15% | 14.86% | 47.86% | 33.05% | 34.05% | 34.29% | 39.95% | 39.39% | 31.52% | 37.97% | 34.33% | 31.59% | 60.75% | 58.57% | 56.07% | -4.1% | 386.67% | 9.43% | 22.33% | 56.82% | 17.8% | 29.24% | 30.68% | 37.95% |
| Net Income | 1.11B | 1.07B | 1B | 887M | 837M | 1.35B | 755M | 680M | 657M | 460M | 551M | 523M | 477M | 452M | 382M | 415M | 340M | 229M | 295M | -215M | -79M | -84M | 121M | -45M | -650M | -459M | 36M | 277M | 285M | 244M | 224M |
| Net Margin % | 12.55% | 12.54% | 13.35% | 11.89% | 9.74% | 18.46% | 11.76% | 10.27% | 9.56% | 6.99% | 8.61% | 8.1% | 6.64% | 6.88% | 6.11% | 6.38% | 5.29% | 3.69% | 4.33% | -3.33% | -1.29% | -1.43% | 2.21% | -0.82% | -7.49% | -5.73% | 0.41% | 4.67% | 5.54% | 5.1% | 5.18% |
| Net Income Growth % | 8.53% | 6.78% | 13.08% | 5.97% | -38.14% | 79.21% | 11.03% | 3.5% | 42.83% | -16.52% | 5.35% | 9.64% | 5.53% | 18.32% | -7.95% | 22.06% | 48.47% | -22.37% | 237.21% | -172.15% | 5.95% | -169.42% | 368.89% | 93.08% | -41.61% | -1375% | -87% | -2.81% | 16.8% | 8.93% | 9.8% |
| EPS (Diluted) | 3.68 | 3.53 | 3.33 | 3.01 | 2.85 | 4.66 | 2.64 | 2.39 | 2.32 | 1.64 | 1.98 | 1.89 | 1.74 | 1.66 | 1.39 | 1.57 | 1.28 | 0.91 | 1.20 | -0.97 | -0.36 | -0.39 | 0.64 | -0.29 | -4.46 | -4.17 | 0.04 | 2.17 | 2.45 | 2.61 | 2.44 |
| EPS Growth % | 7.99% | 6.01% | 10.63% | 5.61% | -38.84% | 76.52% | 10.46% | 3.02% | 41.46% | -17.17% | 4.76% | 8.62% | 4.82% | 19.42% | -11.46% | 22.66% | 40.66% | -24.17% | 223.71% | -169.44% | 7.69% | -160.94% | 320.69% | 93.5% | -6.95% | -10525% | -98.16% | -11.43% | -6.13% | 6.97% | 7.96% |
| EPS (Basic) | - | 3.53 | 3.34 | 3.01 | 2.84 | 4.66 | 2.65 | 2.40 | 2.33 | 1.64 | 1.99 | 1.90 | 1.76 | 1.71 | 1.43 | 1.65 | 1.40 | 0.96 | 1.25 | -0.97 | -0.36 | -0.39 | 0.65 | -0.29 | -4.46 | -4.19 | 0.04 | 2.18 | 2.45 | 2.63 | 2.45 |
| Diluted Shares Outstanding | 300.57M | 300.57M | 298.3M | 291.7M | 290M | 289.5M | 286.3M | 284.3M | 282.9M | 280.8M | 279M | 276M | 275M | 272M | 268.6M | 263.4M | 252.9M | 237.9M | 236.2M | 222.55M | 219.51M | 213.64M | 171.88M | 153.33M | 138.89M | 130.77M | 111.92M | 114.7M | 108.78M | 93.49M | 91.8M |
Regulatory concentration risk remains elevated due to Michigan-only exposure.
According to the provided financial data, CMS Energy reported a 11.6% year-over-year revenue increase in 2026Q1, reflecting the company's ongoing capital investment cycle and successful rate recovery mechanisms within the Michigan regulatory framework, which continue to support top-line growth despite inherent seasonal volatility in utility demand.
The revenue trajectory appears heavily influenced by the company's aggressive grid modernization and renewable energy investments, which are systematically incorporated into the rate base. Investors should monitor whether this growth remains sustainable as the company balances necessary infrastructure spending with the political sensitivity of customer rate increases in a single-state jurisdiction.
As reported in recent financial statements, CMS maintained an operating margin of 17.9% in 2026Q1, suggesting that the utility is effectively managing its regulatory compact to preserve profitability despite the inflationary pressures that often challenge the gap between authorized and earned returns on equity.
The consistency of these margins implies a constructive relationship with the MPSC, allowing for the timely recovery of prudently incurred costs. However, the stability of these margins warrants further investigation into whether future rate cases will continue to provide sufficient headroom to offset rising operational and capital costs.
Based on the company's reported figures, fuel and purchased power costs continue to function as pass-through items, which protects the core earnings power from commodity price volatility while simultaneously inflating headline revenue figures that may not accurately reflect the underlying operational efficiency of the regulated utility business.
This regulatory structure effectively isolates the bottom line from fuel price spikes, though it does not eliminate the political risk associated with higher customer bills. The reliance on these mechanisms suggests that management's primary operational focus remains on controlling non-fuel O&M expenses to maintain earnings growth.
Analysis of the income statement reveals that EPS growth reached 11.9% in 2026Q1, though investors should note that reported earnings are frequently impacted by weather-normalization adjustments and regulatory accounting practices that can mask the true, sustainable earnings power of the underlying regulated electric and gas utility segments.
The volatility in quarterly EPS growth, ranging from -15.4% to 79.3% over the last ten quarters, suggests that headline figures are highly sensitive to non-recurring items and seasonal demand patterns. A deeper look at weather-normalized performance is essential to determine if the current earnings trajectory is truly durable.
As indicated by the financial data, the company's sustained capital expenditure cycle is directly translating into rate base growth, which appears to be the primary driver of long-term earnings appreciation as CMS executes its transition toward a cleaner energy portfolio within the Michigan service territory.
The conversion of construction work in progress into rate-base assets is critical for future earnings, yet this strategy requires continuous regulatory approval to ensure that incremental investments earn an adequate return. The current cycle appears to be a step-change in investment, which may pressure customer affordability over the long term.
While the income statement reflects steady performance, it potentially obscures the long-term liability risks associated with coal plant decommissioning and the structural decline in industrial load, which may eventually compress earned ROE if the MPSC adopts a more adversarial stance toward future rate recovery requests.
The reliance on a single-state regulatory environment creates a concentrated risk profile that is not fully captured in current earnings metrics. Investors should remain skeptical of the long-term sustainability of current O&M cost-cutting strategies, as there is a physical limit to maintenance reductions before grid reliability and regulatory goodwill are compromised.
Quick answers to the most common questions about buying CMS stock.
For fiscal year 2025, CMS Energy Corporation (CMS) reported total revenue of $8.54B. This represents a 97.5% increase compared to $4.32B in 1996.
CMS Energy Corporation (CMS) is profitable, generating $1.07B in net income for the fiscal year ending 2025 with a net profit margin of 12.5%.
CMS Energy Corporation (CMS) reported an operating income of $1.73B, resulting in an operating profit margin of 20.2%. This margin reflects the operational efficiency of the business before interest and taxes.
CMS Energy Corporation (CMS) generated $5.20B in gross profit for the year, representing a gross profit margin of 60.9%. This demonstrates the company's core pricing power and production efficiency.