Company file · CMS
CMS Energy
NorthStar Clean Energy was CMS Energy's fastest-growing segment in FY2025, up 29.1%
Revenue rose 13.6% to $8.5B in FY2025, from $7.5B in FY2024. Net income rose 6.8% to $1.1B. Electric Utility was the largest segment, at 66% of revenue.
Key facts
CMS Energy (NYSE: CMS) closed fiscal 2025 on Dec 31, 2025 with revenue of $8.5B, up 13.6% from a year before; net income came to $1.1B, up 6.8%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $2.2B, up 8.0% on the same stretch of the prior year, and net income of $123M. Broken down by segment, Electric Utility led with 66% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 10, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 27, 2026).
Source: 10-K FY2025, filed Feb 10, 2026
Source: 10-Q filed Apr 28, 2026 · 10-Q filed Jul 28, 2026 · 10-Q filed Oct 27, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- Electric Utility$5.6B66%+11.4%
- Gas Utility$2.5B29%+16.6%
- NorthStar Clean Energy$408M5%+29.1%
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Electric Utility (66%), Gas Utility (29%) and NorthStar Clean Energy (5%), as shares of total revenue. Total revenue was $8.5B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: CMS Energy 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026
By segment
Source: CMS Energy 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026
The bull case and the bear case
The bull case
- Revenue rose 13.6% in FY2025 to $8.5B, from $7.5B a year earlier. 10-K, FY2025
- Net income rose 6.8% in FY2025 to $1.1B, from $1.0B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $2.2B, up 8.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- NorthStar Clean Energy revenue grew 29.1% in FY2025 to $408M. 10-K, FY2025
The bear case
- Operating cash flow fell 5.7% in FY2025 to $2.2B. 10-K, FY2025
- Total debt rose 14.5% in FY2025 to $18.8B. 10-K, FY2025
- Net income in the quarter ended Sep 30, 2026 was $123M, down 55.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
CMS Energy is in the Multi-Utilities industry, part of the utilities sector. The SEC files it under Electric & Other Services Combined.
CMS Energy reports 3 segments: Electric Utility, Gas Utility and NorthStar Clean Energy.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the Multi-Utilities industry. They are not a summary of CMS Energy’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Rates and regulatorsRegulators set much of what it can charge, so decisions can limit earnings.
- Capital spendingBuilding and upgrading networks needs large investment financed with debt.
- Weather and operationsStorms, wildfires and outages can cause costs and liability.
- Fuel and power costsFuel and purchased-power costs can change faster than rates.
- Interest ratesHigher borrowing costs raise the cost of funding projects.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $7.5B | $7.5B | $8.5B |
| Net income | $887M | $1.0B | $1.1B |
| Operating cash flow | $2.3B | $2.4B | $2.2B |
| Cash & equivalents (year end) | $227M | $103M | $509M |
| Total debt (year end) | $15.5B | $16.4B | $18.8B |
| Diluted shares | 292M | 298M | 301M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: The current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Equity-method investments
- Cybersecurity disclosures (Item 1C)
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 27, 2026 | Sep 30, 2026 |
| 10-Q | Jul 28, 2026 | Jun 30, 2026 |
| 10-Q | Apr 28, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 26, 2026 | May 8, 2026 |
| 10-K | Feb 10, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about CMS Energy
How does CMS Energy make money?
Fiscal 2025 revenue: $8.5B. By segment in FY2025: Electric Utility (66%), Gas Utility (29%) and NorthStar Clean Energy (5%), as shares of total revenue. Total revenue was $8.5B. Source: 10-K for fiscal 2025, filed Feb 10, 2026.
What was CMS Energy's revenue in fiscal 2025?
$8.5B, up 13.6% from fiscal 2024 ($7.5B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $7.5B. Source: 10-K for fiscal 2025, filed Feb 10, 2026.
Is CMS Energy profitable?
Net income was $1.1B in fiscal 2025 (up 6.8%; fiscal 2024 was $1.0B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $123M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 10, 2026.
What did CMS Energy report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $2.2B (up 8.0% from $2.0B) and net income $123M (down 55.6% from $277M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 27, 2026.
How much cash and debt does CMS Energy have?
As of Sep 30, 2026: $451M of cash and cash equivalents, $20.0B of total debt. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 27, 2026.
What are the main risks CMS Energy faces?
CMS Energy's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 10, 2026. Risks that are common among companies in the Multi-Utilities industry include Rates and regulators; capital spending; weather and operations; fuel and power costs; interest rates. The first: Regulators set much of what it can charge, so decisions can limit earnings. Source: 10-K, Item 1A Risk Factors.
Where do these CMS Energy numbers come from?
The 10-K filed Feb 10, 2026 (fiscal 2025) and the 10-Q filed Oct 27, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning CMS Energy
- GQG Partners: 4,750,161 shares, reported value $363.4M at Jun 30, 2026 (+7.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 12, 2026.
- Soros Fund Management: 970,362 shares, reported value $74.2M at Jun 30, 2026 (−6.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 133,234 shares, reported value $10.2M at Jun 30, 2026 (+55.7% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 33,846 shares, reported value $2.6M at Jun 30, 2026 (−63.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 26,905 shares, reported value $2.1M at Jun 30, 2026 (−90.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in CMS
- The editor holds no position in CMS Energy (CMS). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell CMS from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold CMS, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| CMS EnergyCMS | FY2025 | $8.5B | +13.6% | $1.1B |
| NextEra EnergyNEE | FY2025 | $27.4B | +10.7% | $6.8B |
| Dominion EnergyD | FY2025 | $16.5B | +16.5% | $3.0B |
| SempraSRE | FY2025 | $12.4B | +5.1% | $1.8B |
| Xcel EnergyXEL | FY2025 | $14.7B | +9.1% | $2.0B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.