Revenue growth accelerated to 11.6% in 2026Q1, supported by effective cost recovery mechanisms that maintained operating margins between 17.9% and 23.8% over recent periods.
| 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 Capital Structure Uncertainty
According to recent financial disclosures, CMSC reported a revenue growth rate of 11.6% in 2026Q1, marking a significant acceleration from the 2.0% growth observed in 2024Q4, which suggests that aggressive infrastructure investment and recent rate case outcomes are successfully expanding the company's top-line utility revenue base.
The recent double-digit revenue expansion appears to be driven by capital-intensive projects entering the rate base rather than organic volumetric demand. Investors should monitor whether this growth trajectory remains sustainable or if it is merely a temporary byproduct of a specific regulatory cycle that may face future political pushback.
As reported in quarterly filings, the company maintains a consistent operating margin of 17.9% to 23.8%, indicating that fuel and purchased power costs are effectively managed through regulatory recovery mechanisms that shield the bottom line from the volatility inherent in commodity price fluctuations and inflationary pressures.
The stability of these margins suggests that the regulatory compact in Michigan provides a reliable framework for cost recovery. However, the reliance on these mechanisms warrants further investigation into whether any potential regulatory lag could create working capital strain during periods of extreme energy price volatility.
Based on the provided income statement data, CMSC's net income reached $340 million in 2026Q1, yet the erratic nature of quarterly EPS growth, which swung from -15.4% in 2024Q4 to 40.0% in 2024Q3, suggests that reported earnings may be heavily influenced by non-recurring items or timing differences.
The underlying regulated earnings power appears obscured by these fluctuations, making it difficult to discern the true core growth rate. Analysts should scrutinize whether these swings are driven by weather-normalized demand adjustments or the lumpy recognition of rate case settlements that do not reflect long-term operational performance.
Financial statements indicate that CMSC is in a period of heavy capital deployment, with depreciation and amortization expenses reaching $412 million in 2026Q1, reflecting the ongoing transition of large-scale infrastructure projects into the rate base to support long-term earnings growth through authorized return on equity.
This capital-intensive strategy appears to be the primary engine for future earnings, provided that the MPSC continues to approve rate increases that allow for a fair return on these investments. The success of this model depends entirely on the company's ability to execute projects on budget and secure timely regulatory approval.
Data provided in the financial summary reveals a reported debt-to-equity ratio of 1.95%, a figure that appears highly anomalous for a regulated utility and warrants immediate investigation to determine if it reflects a massive deleveraging event or a significant misstatement of the company's actual financial leverage.
This discrepancy raises concerns regarding the transparency of the company's capital structure and its true exposure to interest rate risk. Furthermore, the income statement may fail to capture the long-term liabilities associated with future coal plant decommissioning, which could eventually compress margins if regulatory recovery is not fully guaranteed.
Quick answers to the most common questions about buying CMSC stock.
For fiscal year 2025, CMS Energy Corporation 5.875% J (CMSC) reported total revenue of $8.54B. This represents a 97.5% increase compared to $4.32B in 1996.
CMS Energy Corporation 5.875% J (CMSC) 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 5.875% J (CMSC) 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 5.875% J (CMSC) 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.