CMS Energy Corporation (CMS) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
Loading revenue history...
Revenue Growth Metrics
Revenue Breakdown (FY 2024)
CMS's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
CMS Revenue Analysis (2014–2025)
As of February 28, 2026, CMS Energy Corporation (CMS) generated trailing twelve-month (TTM) revenue of $8.29 billion, reflecting strong growth of +15.9% year-over-year. The most recent quarter (Q3 2025) recorded $2.02 billion in revenue, up 10.0% sequentially.
Looking at the longer-term picture, CMS's 5-year compound annual growth rate (CAGR) stands at +5.9%, indicating steady revenue expansion. The company achieved its highest annual revenue of $8.60 billion in 2022.
Revenue diversification analysis shows CMS's business is primarily driven by Residential Utility Services (57%), Commercial Utility Service (32%), and Industrial Utility Service (11%). With over half of revenue concentrated in Residential Utility Services, the company maintains significant focus in this area while developing other growth vectors.
When compared to Utilities sector peers including DUK (+5.2% YoY), XEL (+3.4% YoY), and ETR (+9.0% YoY), CMS has underperformed the peer group in terms of revenue growth. Compare CMS vs DUK →
Peer Comparison
Compare CMS's revenue metrics with industry peers
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| CMSCurrent | $8.3B | +15.9% | +5.9% | 20.2% | |
| DUK | $32.2B | +5.2% | +6.6% | 26.6% | |
| XEL | $13.4B | +3.4% | +3.1% | 17.8% | |
| ETR | $12.9B | +9.0% | +5.1% | 23.6% | |
| PEG | $12.2B | +18.3% | +4.8% | 24.5% | |
| WEC | $9.8B | +14.0% | +6.2% | 24.2% |
Historical Revenue Data
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $8.54B | +13.6% | $5.20B | 60.9% | $1.73B | 20.2% |
| 2024 | $7.51B | +0.7% | $3.21B | 42.7% | $1.49B | 19.8% |
| 2023 | $7.46B | -13.2% | $2.86B | 38.4% | $1.24B | 16.6% |
| 2022 | $8.60B | +17.3% | $2.76B | 32.1% | $1.22B | 14.2% |
| 2021 | $7.33B | +14.2% | $2.65B | 36.1% | $1.15B | 15.6% |
| 2020 | $6.42B | -3.1% | $2.63B | 41.0% | $1.23B | 19.2% |
| 2019 | $6.62B | -3.6% | $2.44B | 36.8% | $1.11B | 16.8% |
| 2018 | $6.87B | +4.4% | $2.40B | 34.9% | $1.16B | 16.9% |
| 2017 | $6.58B | +2.9% | $2.50B | 38.0% | $1.34B | 20.3% |
| 2016 | $6.40B | -0.9% | $2.35B | 36.7% | $1.26B | 19.6% |
See CMS's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs CMS Undervalued?
See our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationCompare CMS vs GEV
See how CMS stacks up against sector leader GE Vernova Inc..
Start ComparisonFrequently Asked Questions
Is CMS's revenue growth accelerating or slowing?
CMS revenue is accelerating at +15.9% year-over-year, exceeding the 5-year CAGR of +5.9%. TTM revenue reached $8.3B. Growth momentum has increased versus prior periods.
What is CMS's long-term revenue growth rate?
CMS Energy Corporation's 5-year revenue CAGR of +5.9% reflects the sustained expansion pattern. Current YoY growth of +15.9% is above this long-term average.
How is CMS's revenue distributed by segment?
CMS reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.