CMS Energy Corporation (CMS) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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CMS Revenue Growth
Revenue Breakdown (FY 2025)
CMS's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
CMS Revenue Analysis (2014–2025)
As of May 8, 2026, CMS Energy Corporation (CMS) generated trailing twelve-month (TTM) revenue of $8.82 billion, reflecting strong growth of +11.6% year-over-year. The most recent quarter (Q1 2026) recorded $2.73 billion in revenue, up 22.3% 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 WEC (+11.2% YoY), EVRG (+2.4% YoY), and NWE (+9.1% YoY), CMS has outperformed the peer group in terms of revenue growth. Compare CMS vs WEC →
CMS Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| CMSCurrent | $8.8B | +11.6% | +5.9% | 20.2% | |
 WEC | $9.8B | +11.2% | +6.2% | 24.2% | |
 EVRG | $5.9B | +2.4% | +3.8% | 25.2% | |
 NWE | $1.6B | +9.1% | +6.1% | 20.2% | |
 OTTR | $1.3B | -0.5% | +7.9% | 26.5% | |
 AVA | $2.0B | -1.5% | +8.2% | 18.0% |
CMS Historical Revenue Data (2014–2025)
| 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% |
Full CMS Stock Analysis
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Start ComparisonCMS — Frequently Asked Questions
Quick answers to the most common questions about buying CMS stock.
Is CMS's revenue growth accelerating or slowing?
CMS maintains +11.6% revenue growth, in line with its 5-year CAGR of +5.9%. TTM revenue stands at $8.8B. Growth rate remains consistent with historical average.
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 +11.6% is near 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.