CMS - NYSE
CMS Energy Corporation
$70.38
+0.23%CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and Enterprises. The Electric Utility segment is involved in the generation, purchase, transmission, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 208 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,428 miles of high-voltage distribution overhead lines; 19 miles of high-voltage distribution underground lines; 82,474 miles of electric distribution overhead lines; 9,395 miles of underground distribution lines; 1,093 substations; and 3 battery facilities. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,392 miles of transmission lines; 15 gas storage fields; 28,065 miles of distribution mains; and 8 compressor stations. The Enterprises segment is involved in the independent power production and marketing, including the development and operation of renewable generation. It serves 1.9 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. The company was incorporated in 1987 and is headquartered in Jackson, Michigan.
At a Glance
Live SnapshotCMS Energy Corporation Profit Bridge
Profitability Analysis
Gross Margin
Exceptional pricing power and cost management. The company retains over half of revenue after direct costs.
Operating Margin
Healthy operating margins demonstrate effective cost control and strong business fundamentals.
Net Profit Margin
Strong net margins indicate efficient operations and favorable tax/interest management.
Effective Tax Rate
Moderate tax rate typical for most corporations. Represents standard tax burden on profits.
Profitability Insight
High margin compression: Large gap between gross and net margins suggests operational inefficiencies or heavy debt burden. Focus on expense management and deleveraging.
CMS Energy Corporation Income Statement
CMS • NYSE
| CMS Energy Corporation Income Statement | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 | Dec 2015 | Dec 2014 | Dec 2013 | Dec 2012 | Dec 2011 | Dec 2010 | Dec 2009 | Dec 2008 | Dec 2007 | Dec 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
REVENUE | ||||||||||||||||||||
8.5B | 7.5B | 7.5B | 8.6B | 7.3B | 6.4B | 6.6B | 6.9B | 6.6B | 6.4B | 6.5B | 7.2B | 6.6B | 6.3B | 6.5B | 6.4B | 6.2B | 6.8B | 6.5B | 6.1B | |
GROSS PROFIT | ||||||||||||||||||||
(3.3B) | (4.3B) | (4.6B) | (5.8B) | (4.7B) | (3.8B) | (4.2B) | (4.5B) | (4.1B) | (4.1B) | (4.3B) | (5.1B) | (4.6B) | (4.4B) | (4.7B) | (4.7B) | (3.6B) | (4.2B) | (4.1B) | (3.8B) | |
5.2B | 3.2B | 2.9B | 2.8B | 2.6B | 2.6B | 2.4B | 2.4B | 2.5B | 2.3B | 2.2B | 2.1B | 2B | 1.8B | 1.8B | 1.7B | 2.6B | 2.6B | 2.4B | 2.4B | |
OPERATING INCOME | ||||||||||||||||||||
(3.5B) | (1.7B) | (1.6B) | (1.5B) | (1.5B) | (1.4B) | (1.3B) | (1.2B) | (1.2B) | (1.1B) | (1B) | (937M) | (862M) | (827M) | (751M) | (730M) | (1.9B) | (1.8B) | (2.5B) | (2.6B) | |
(3.5B) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | (0.0) | -50M | (0.0) | (0.0) | (0.0) | (0.0) | |
1.7B | 1.5B | 1.2B | 1.2B | 1.1B | 1.2B | 1.1B | 1.2B | 1.3B | 1.3B | 1.2B | 1.2B | 1.1B | 1B | 1B | 978M | 698M | 799M | -88M | -222M | |
PRE-TAX INCOME | ||||||||||||||||||||
(789M) | (708M) | (643M) | (519M) | (500M) | (505M) | (460M) | (458M) | (438M) | (435M) | (396M) | (407M) | (398M) | (389M) | (415M) | (431M) | (435M) | (400M) | (0.0) | (0.0) | |
-789M | -708M | -643M | -519M | -497M | -494M | -453M | -447M | -426M | -429M | -384M | -402M | -395M | -384M | -406M | -412M | -417M | -370M | 0.0 | 0.0 | |
(0.0) | (1.7B) | (1.6B) | (1.5B) | (1.5B) | (1.4B) | (1.3B) | (1.2B) | (1.2B) | (1.1B) | (1B) | (937M) | (862M) | (827M) | (751M) | (780M) | (1.9B) | (1.8B) | (2.5B) | (2.6B) | |
-479M | -364M | -281M | -322M | -323M | -421M | -351M | -388M | -452M | -430M | -382M | -423M | -386M | -381M | -397M | -388M | -363M | -359M | -233M | -99M | |
1.2B | 1.1B | 954M | 902M | 823M | 809M | 764M | 774M | 886M | 826M | 796M | 729M | 756M | 622M | 606M | 590M | 335M | 440M | -321M | -321M | |
NET INCOME | ||||||||||||||||||||
(246M) | (176M) | (147M) | (93M) | (95M) | (115M) | (131M) | (115M) | (424M) | (273M) | (271M) | (250M) | (302M) | (245M) | (191M) | (224M) | (115M) | (139M) | -195M | -188M | |
1.1B | 1B | 887M | 837M | 1.4B | 755M | 680M | 657M | 460M | 551M | 523M | 477M | 452M | 382M | 415M | 340M | 229M | 295M | -215M | -79M |
SEC Filings
CMS - Filing history and reports
| Filing Type | Filing Date | Period Ending | Fiscal Year | Actions |
|---|---|---|---|---|
8-K 8-K 2026 N/A | June 03, 2026 | June 01, 2026 | 2026 | |
8-K 8-K 2026 N/A | May 13, 2026 | May 13, 2026 | 2026 | |
8-K 8-K 2026 N/A | May 13, 2026 | May 08, 2026 | 2026 | |
10-Q 10-Q 2026 Q1 Q1 | April 28, 2026 | March 31, 2026 | 2026 | |
8-K 8-K 2026 N/A | April 28, 2026 | April 28, 2026 | 2026 | |
DEF 14A DEF 14A 2026 N/A | March 26, 2026 | May 08, 2026 | 2026 | |
8-K 8-K 2026 N/A | February 20, 2026 | February 20, 2026 | 2026 | |
8-K 8-K 2026 N/A | February 11, 2026 | February 11, 2026 | 2026 | |
10-K 10-K 2025 FY FY | February 10, 2026 | December 31, 2025 | 2025 | |
8-K 8-K 2026 N/A | February 05, 2026 | February 05, 2026 | 2026 |
Related Guides
Continue your CMS research with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.