CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) Revenue History
Annual and quarterly revenue from 2009 to present
CMSD Revenue Over Time (2009–2025)
CMSD Revenue Growth History
10 of 16 years with positive growth- FY2009 revenue growth
- N/A
- FY2010 revenue growth
- +3.7%
- FY2011 revenue growth
- +1.1%
- FY2012 revenue growth
- -3.8%
- FY2013 revenue growth
- +5.0%
- FY2014 revenue growth
- +9.3%
- FY2015 revenue growth
- -10.1%
- FY2016 revenue growth
- -0.9%
- FY2017 revenue growth
- +2.9%
- FY2018 revenue growth
- +4.4%
- FY2019 revenue growth
- -0.4%
- FY2020 revenue growth
- -6.2%
- FY2021 revenue growth
- +14.2%
- FY2022 revenue growth
- +17.3%
- FY2023 revenue growth
- -13.2%
- FY2024 revenue growth
- +0.7%
- FY2025 revenue growth
- +13.6%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $2.73B | +11.6% |
| Q4 2025 | $2.23B | +12.3% |
| Q3 2025 | $2.02B | +15.9% |
| Q2 2025 | $1.84B | +14.4% |
| Q1 2025 | $2.45B | +12.5% |
| Q4 2024 | $1.99B | +2.0% |
| Q3 2024 | $1.74B | +4.2% |
| Q2 2024 | $1.61B | +3.3% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
CMSD's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
CMSD Revenue Analysis (2009–2025)
Current Revenue & Growth
As of June 28, 2026, CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) 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.
Historical Growth Trajectory
CMSD's 5-year compound annual growth rate (CAGR) stands at +5.9%, indicating steady revenue expansion. The 3-year CAGR of -0.2% is below the 5-year average, signalling a growth deceleration in recent years. CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's highest annual revenue of $8.60 billion was recorded in 2022.
Revenue by Segment
CMSD's revenue 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 has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Utilities sector peers — including CMS (+13.3% YoY), NI (+15.0% YoY), and WEC (+11.2% YoY) — CMSD has outperformed the peer group in revenue growth. Compare CMSD vs CMS →
CMSD Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| CMSDCurrent | $8.8B | +11.6% | +5.9% | 20.2% | |
 CMS | $8.5B | +13.3% | +5.9% | 20.2% | |
 NI | $6.6B | +15.0% | +7.2% | 27.6% | |
 WEC | $9.8B | +11.2% | +6.2% | 24.2% | |
 EVRG | $5.9B | +2.4% | +3.8% | 25.2% | |
 PNW | $5.3B | +4.8% | +8.3% | 20.9% |
CMSD Historical Revenue Data (2009–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $8.54B | +13.6% | $2.24B | 26.2% | $1.73B | 20.2% |
| 2024 | $7.51B | +0.7% | $1.97B | 26.2% | $1.49B | 19.8% |
| 2023 | $7.46B | -13.2% | $1.68B | 22.5% | $1.24B | 16.6% |
| 2022 | $8.60B | +17.3% | $1.64B | 19.0% | $1.22B | 14.2% |
| 2021 | $7.33B | +14.2% | $1.53B | 20.9% | $1.15B | 15.6% |
| 2020 | $6.42B | -6.2% | $1.59B | 24.7% | $1.23B | 19.2% |
| 2019 | $6.84B | -0.4% | $1.57B | 23.0% | $1.24B | 18.1% |
| 2018 | $6.87B | +4.4% | $1.47B | 21.3% | $1.16B | 16.9% |
| 2017 | $6.58B | +2.9% | $1.62B | 24.6% | $1.34B | 20.3% |
| 2016 | $6.40B | -0.9% | $2.36B | 36.8% | $1.26B | 19.6% |
| 2015 | $6.46B | -10.1% | $2.19B | 33.9% | $1.18B | 18.2% |
| 2014 | $7.18B | +9.3% | $2.09B | 29.1% | $1.15B | 16.0% |
| 2013 | $6.57B | +5.0% | $2.00B | 30.5% | $1.14B | 17.4% |
| 2012 | $6.25B | -3.8% | $1.83B | 29.3% | $1.00B | 16.0% |
| 2011 | $6.50B | +1.1% | $1.21B | 18.6% | $1.00B | 15.4% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
17+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
CMSD — Frequently Asked Questions
Quick answers to the most common questions about buying CMSD stock.
Is CMSD's revenue growth accelerating or slowing?
CMSD revenue growth is holding steady at +11.6% year-over-year. TTM revenue is $8.8B. The current growth rate closely tracks the 5-year CAGR of +5.9%, signalling consistent execution.
What is CMSD's revenue history from 2009 to 2026?
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) revenue history spans 2009 to 2026. TTM revenue as of 2026 is $8.8B, growing at +11.6% YoY. The 5-year CAGR is +5.9%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is CMSD's long-term revenue growth rate (CAGR)?
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's 5-year revenue CAGR of +5.9% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +11.6% is in line with this long-term average. CAGR is the most reliable measure of sustained revenue momentum for CMSD.
Why does CMSD's quarterly revenue fluctuate?
CMSD quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's revenue data from 2009 to 2026 shows full historical quarterly detail on this page.
How is CMSD's revenue distributed by segment?
CMSD reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does CMSD's revenue compare to industry peers?
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) with TTM revenue of $8.8B and +11.6% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.