Revenue growth accelerated to 11.6% in 2026Q1, supported by effective regulatory cost-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 and operational execution risk elevated by aggressive coal retirement schedule.
According to recent financial disclosures, CMSA achieved a 11.6% revenue growth in 2026Q1, signaling that the utility's aggressive capital deployment strategy is successfully translating into higher top-line figures through authorized rate base expansion within the Michigan regulatory framework.
The recent acceleration in revenue growth appears to be a direct consequence of the company's Integrated Resource Plan and ongoing grid modernization efforts. Investors should monitor whether this trajectory remains sustainable or if it is overly dependent on specific rate case outcomes that may face future political pushback.
As reported in quarterly statements, CMSA maintained an operating margin of 17.9% in 2026Q1, suggesting that the company's regulatory cost-recovery mechanisms are effectively insulating earnings from the volatility of fuel and purchased power expenses.
The consistency in operating margins indicates that the utility is successfully utilizing automatic adjustment clauses to pass through variable costs to the ratepayer. This structure minimizes the impact of commodity price fluctuations on the core earnings power, though it necessitates continued vigilance regarding regulatory willingness to approve these pass-throughs.
Based on the provided income statement data, the company's consistent EPS growth, reaching 1.13 in 2026Q1, reflects a successful conversion of heavy capital expenditure into rate base assets that support long-term earnings accretion.
The transition from coal-fired generation to renewable assets represents a significant shift in the company's asset profile. While this capital-intensive cycle provides a clear runway for growth, the ultimate success depends on the MPSC's continued support for these investments through favorable rate case settlements.
Analysis of the reported figures suggests that while headline EPS growth appears robust, the income statement may obscure the mounting, non-rate-base-growing costs required to harden the distribution grid against increasingly severe weather events in the Michigan region.
Investors should be wary that current earnings may be supported by deferrals that do not fully account for the long-term maintenance burden of an aging infrastructure. The potential for future regulatory friction regarding these reliability-related expenditures warrants further investigation into the sustainability of current profit margins.
Quick answers to the most common questions about buying CMSA stock.
For fiscal year 2025, CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) reported total revenue of $8.54B. This represents a 97.5% increase compared to $4.32B in 1996.
CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) 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 5.6% JRSUB NT 78 (CMSA) 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 5.6% JRSUB NT 78 (CMSA) 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.