CMS Energy Corporation (CMS) Income Statement
CMS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCMS revenue and net income
Where CMS's revenue goes
2025Each bar shows an amount and its share of revenue. CMS kept 12.5% of revenue as net income.
CMS profit margins
CMS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +13.6% | −0.2% | +5.9% | +2.8% |
| Gross profit | +62.1% | +23.5% | +14.6% | +9.0% |
| Operating income | +16.1% | +12.2% | +7.0% | +3.9% |
| Net income | +6.8% | +8.6% | +7.2% | +7.4% |
| EPS (diluted) | +8.1% | +7.7% | +6.1% | +6.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CMS quarterly EPS vs estimates
CMS Energy beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 27, 2026 (estimate $1.21).
CMS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.54B | $7.51B | $7.46B | $8.60B | $7.33B | $6.42B | $6.62B | $6.87B | $6.58B | $6.40B |
| Cost of revenue | $3.34B | $4.31B | $4.60B | $5.83B | $4.68B | $3.79B | $4.19B | $4.47B | $4.08B | $4.05B |
| Gross profit | $5.20B | $3.21B | $2.86B | $2.76B | $2.65B | $2.63B | $2.44B | $2.40B | $2.50B | $2.35B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $3.47B | — | — | — | — | — | $91.0M | $1.72B | $1.52B | $1.49B |
| Total operating expenses | $3.47B | $1.72B | $1.63B | $1.54B | $1.50B | $1.40B | $1.32B | $1.24B | $1.17B | $1.09B |
| Operating income | $1.73B | $1.49B | $1.24B | $1.22B | $1.15B | $1.23B | $1.11B | $1.16B | $1.34B | $1.26B |
| Interest income | $47.0M | $651.0M | $599.0M | $519.0M | $500.0M | $561.0M | $502.0M | $11.0M | $12.0M | $6.0M |
| Interest expense | $789.0M | $708.0M | $643.0M | $519.0M | $500.0M | $505.0M | $460.0M | $458.0M | $438.0M | $435.0M |
| Income before taxes | $1.25B | $1.12B | $954.0M | $902.0M | $823.0M | $809.0M | $764.0M | $774.0M | $886.0M | $826.0M |
| Income taxes | $246.0M | $176.0M | $147.0M | $93.0M | $95.0M | $115.0M | $131.0M | $115.0M | $424.0M | $273.0M |
| Net income | $1.07B | $1.00B | $887.0M | $837.0M | $1.35B | $755.0M | $680.0M | $657.0M | $460.0M | $551.0M |
| EBITDA | $3.34B | $3.07B | $2.78B | $2.55B | $2.44B | $2.36B | $2.21B | $2.17B | $2.21B | $2.07B |
| EPS (diluted) | $3.61 | $3.34 | $3.11 | $2.89 | $2.77 | $2.69 | $2.49 | $2.33 | $2.17 | $2.03 |
| Gross margin | 60.9% | 42.7% | 38.4% | 32.1% | 36.1% | 41.0% | 36.8% | 34.9% | 38.0% | 36.7% |
| Operating margin | 20.2% | 19.8% | 16.6% | 14.2% | 15.6% | 19.2% | 16.8% | 16.9% | 20.3% | 19.6% |
| Net margin | 12.5% | 13.3% | 11.9% | 9.7% | 18.5% | 11.8% | 10.3% | 9.6% | 7.0% | 8.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.83B | $2.73B | $2.23B | $2.02B | $1.84B | $2.45B | $1.99B | $1.74B | $1.61B | $2.18B | $1.95B | $1.67B |
| Cost of revenue | $675.0M | $1.19B | $1.48B | $1.43B | $1.12B | $1.40B | $1.11B | $1.00B | $949.0M | $1.24B | $1.12B | $1.05B |
| Gross profit | $1.15B | $1.54B | $754.1M | $588.0M | $714.0M | $1.04B | $877.0M | $739.0M | $658.0M | $935.0M | $833.0M | $624.0M |
| Sales, general & admin | — | — | $3.47B | — | — | — | $85.0M | — | $41.0M | $44.0M | — | — |
| Total operating expenses | $890.0M | $1.05B | $2.42B | $107.0M | $397.0M | $550.0M | $452.0M | $372.0M | $375.0M | $523.0M | $427.0M | $353.0M |
| Operating income | $264.0M | $490.0M | $435.0M | $481.0M | $317.0M | $494.0M | $425.0M | $367.0M | $283.0M | $412.0M | $406.0M | $271.0M |
| Interest income | — | $1.0M | $46.0M | $203.0M | $199.0M | $1.0M | $180.0M | $178.0M | — | — | — | $164.0M |
| Interest expense | $210.0M | $203.0M | $200.0M | $203.0M | $199.0M | $187.0M | $180.0M | $178.0M | $173.0M | $177.0M | $172.0M | $164.0M |
| Income before taxes | $129.0M | $362.0M | $295.0M | $340.0M | $255.0M | $358.0M | $306.0M | $273.0M | $223.0M | $321.0M | $317.0M | $184.0M |
| Income taxes | $33.0M | $85.0M | $53.0M | $68.0M | $62.0M | $63.0M | $51.0M | $26.0M | $41.0M | $58.0M | $66.0M | $11.0M |
| Net income | $120.0M | $340.0M | $289.0M | $277.0M | $201.0M | $304.0M | $265.0M | $253.0M | $198.0M | $287.0M | $309.0M | $176.0M |
| EBITDA | $647.0M | $977.0M | $668.0M | $831.0M | $755.0M | $933.0M | $812.0M | $724.0M | $681.0M | $866.0M | $799.0M | $610.0M |
| EPS (diluted) | $0.37 | $1.13 | $0.95 | $0.93 | $0.71 | $1.02 | $0.87 | $0.84 | $0.66 | $0.97 | $1.05 | $0.61 |
| Gross margin | 63.1% | 56.5% | 33.8% | 29.1% | 38.8% | 42.7% | 44.1% | 42.4% | 40.9% | 43.0% | 42.7% | 37.3% |
| Operating margin | 14.4% | 17.9% | 19.5% | 23.8% | 17.2% | 20.2% | 21.4% | 21.1% | 17.6% | 18.9% | 20.8% | 16.2% |
| Net margin | 6.6% | 12.5% | 12.9% | 13.7% | 10.9% | 12.4% | 13.3% | 14.5% | 12.3% | 13.2% | 15.8% | 10.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CMS's financial statements (latest annual report filed February 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CMS financial results
In fiscal year 2025 (ended December 31, 2025), CMS Energy reported revenue of $8.5 billion, up 13.6% from the year before. It had net income of $1.1 billion (up 6.8%), a net profit margin of 12.5%. Diluted earnings per share came to $3.61. Over five years revenue grew at an average rate of 5.9% a year.
See the CMS stock overview for the latest quote and news, or the CMS chart for price history and technical indicators.
CMS income statement FAQ
What is CMS Energy's annual revenue?
CMS Energy reported total revenue of $8.5 billion for fiscal year 2025, which ended on December 31, 2025. That was up 13.6% from $7.5 billion the previous year.
Is CMS Energy profitable?
Yes. CMS Energy reported net income of $1.1 billion in fiscal 2025, a net profit margin of 12.5%; its operating margin was 20.2%.
What is CMS Energy's gross margin?
CMS Energy's gross margin was 60.9% in fiscal 2025: for every $100 of revenue, CMS Energy kept $61 after the direct cost of its products and services.
How fast is CMS Energy growing?
Revenue grew 5.9% a year on average over the last five fiscal years, from $6.4 billion to $8.5 billion.
What are CMS Energy's earnings per share?
CMS Energy earned $3.61 per diluted share in fiscal 2025, compared with $3.34 a year earlier.
When will CMS Energy report its next earnings?
CMS Energy is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does CMS Energy's fiscal year end?
CMS Energy's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 10, 2026.
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