CMS

MKT CAP:$23B

CMS Energy Corporation

Market Cap

$23B

Utilities·Regulated Electric·🇺🇸 United States·NYSE

Utilities·Regulated Electric·🇺🇸·NYSE

Stock Price

$74.98+$4.56 (+6.48%)

Apr 22, 2026

Company Details

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, t...

CEO

Garrick J. Rochow

IPO Date

May 1, 1987

Website

www.cmsenergy.com

Key Metrics TTM

Revenue

$8.0B

+8.3% YoY

Net Income

$1.0B

EPS (Diluted)

$3.39

Free Cash Flow

-$1.4B

Revenue / Share

$26.80

Gross Margin

42.1%

Operating Margin

20.0%

Net Margin

12.8%

FCF Margin

-17.2%

P/S

2.9x

P/E

22.9x

Earnings Reports

Q3 2025

Apr 28, 2026

PENDING

FY 2025

Feb 10, 2026

$8.5B+13.6%EPS $3.53

Q2 2025

Jul 31, 2025

$1.8B+14.4%EPS $0.66

Q1 2025

Apr 24, 2025

$2.4B+12.5%EPS $1.01

FY 2024

Feb 11, 2025

$7.5B+0.7%EPS $3.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 19	$1.4B	$505M	$218M
Q3 19	$1.5B	$636M	$351M
Q4 19	$1.8B	$660M	$311M
Q1 20	$1.9B	$798M	$368M
Q2 22	$1.9B	$570M	$239M
Q3 22	$2.0B	$588M	$258M
Q4 22	$2.3B	$671M	$271M
Q1 23	$2.3B	$809M	$314M
Q3 23	$1.7B	$624M	$271M
Q4 23	$1.9B	$833M	$406M
Q1 24	$2.2B	$935M	$412M
Q2 24	$1.6B	$658M	$283M
Q3 24	$1.7B	$739M	$367M
Q4 24	$2.0B	$877M	$425M
Q1 25	$2.4B	$1.0B	$494M
Q2 25	$1.8B	$714M	$317M

Valuation

Quarter	P/S	P/E
Q2 19	3.4x	40.3x
Q3 19	3.4x	37.8x
Q4 19	3.4x	34.5x
Q1 20	3.5x	33.1x
Q2 22	3.3x	30.7x
Q3 22	3.1x	32.5x
Q4 22	2.9x	32.3x
Q1 23	2.8x	34.1x
Q3 23	2.8x	32.8x
Q4 23	2.9x	27.3x
Q1 24	2.9x	24.0x
Q2 24	3.2x	24.2x
Q3 24	3.1x	22.4x
Q4 24	3.1x	23.4x
Q1 25	3.0x	23.0x
Q2 25	2.9x	22.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 19	$568M	$76M
Q3 19	$210M	-$387M
Q4 19	$395M	-$139M
Q1 20	$201M	-$322M
Q2 22	$352M	-$216M
Q3 22	-$392M	-$1.0B
Q4 22	$188M	-$448M
Q1 23	$1.0B	$423M
Q3 23	$199M	-$415M
Q4 23	$405M	-$203M
Q1 24	$956M	$343M
Q2 24	$707M	$26M
Q3 24	$304M	-$502M
Q4 24	$403M	-$515M
Q1 25	$1.0B	$112M
Q2 25	$414M	-$470M

Capital Expenditures

Quarter	CapEx
Q2 19	$492M
Q3 19	$597M
Q4 19	$534M
Q1 20	$523M
Q2 22	$568M
Q3 22	$650M
Q4 22	$636M
Q1 23	$617M
Q3 23	$614M
Q4 23	$608M
Q1 24	$613M
Q2 24	$681M
Q3 24	$806M
Q4 24	$918M
Q1 25	$888M
Q2 25	$884M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 19	-3.2%	-0.8%
Q3 19	-3.3%	-8.4%
Q4 19	-1.9%	-6.0%
Q1 20	-9.5%	-12.0%
Q2 22	+32.9%	+37.0%
Q3 22	+30.9%	+47.8%
Q4 22	+26.9%	+35.2%
Q1 23	+22.5%	+31.7%
Q3 23	-12.9%	-16.6%
Q4 23	-3.7%	-12.6%
Q1 24	-4.5%	-12.1%
Q2 24	-29.6%	-32.8%
Q3 24	+4.2%	-1.9%
Q4 24	+2.0%	+1.3%
Q1 25	+12.5%	+10.7%
Q2 25	+14.4%	+14.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 19	$0	0.0%
Q3 19	$0	0.0%
Q4 19	$0	0.0%
Q1 20	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q4 24	$43M

Revenue Segments

Quarter	Commercial Utility Service	Industrial Utility Service	Other Utility Service	Residential Utility Services
Q3 23	$481M	$180M	$109M	$821M
Q4 23	$503M	$181M	$357M	$988M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$446M	$0	$446M
Q2 22	$77M	$0	$77M
Q3 22	$168M	$0	$168M
Q4 22	$164M	$0	$164M
Q1 23	$571M	$0	$571M
Q2 23	$389M	$0	$389M
Q3 23	$157M	$0	$157M
Q4 23	$227M	$0	$227M
Q1 24	$802M	$0	$802M
Q2 24	$699M	$0	$699M
Q3 24	$412M	$0	$412M
Q4 24	$103M	$0	$103M
Q1 25	$465M	$0	$465M
Q2 25	$844M	$0	$844M
Q3 25	$362M	$0	$362M
Q4 25	$615M	$0	$615M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 19	284M	+0.1%	+0.5%
Q3 19	285M	+0.2%	+0.5%
Q4 19	285M	+0.1%	+0.5%
Q1 20	285M	+0.1%	+0.6%
Q2 22	290M	+1.7%	+2.1%
Q3 22	290M	0.0%	+1.9%
Q4 22	291M	+0.4%	+2.3%
Q1 23	291M	-0.0%	+2.1%
Q3 23	291M	+0.1%	+0.4%
Q4 23	294M	+1.0%	+1.5%
Q1 24	297M	+1.0%	+2.0%
Q2 24	299M	+0.4%	+2.5%
Q3 24	299M	+0.1%	+2.5%
Q4 24	299M	-0.0%	+1.5%
Q1 25	299M	+0.1%	+0.6%
Q2 25	299M	0.0%	+0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 19	$167.5K	9K
Q3 19	$179.2K	9K
Q4 19	$204.2K	9K
Q1 20	$212.1K	9K
Q2 22	$225.8K	9K
Q3 22	$238.0K	9K
Q4 22	$249.7K	9K
Q1 23	$250.4K	9K
Q3 23	$183.4K	9K
Q4 23	$233.4K	8K
Q1 24	$260.4K	8K
Q2 24	$192.3K	8K
Q3 24	$208.6K	8K
Q4 24	$238.0K	8K
Q1 25	$292.8K	8K
Q2 25	$220.0K	8K

Revenue / Employee