# CMS Energy Corp: overview

CMS · NYSE · CIK 811156 · [Utilities](/sectors/utilities.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/cms.md) · [Financials](/companies/cms/financials.md) · [Filings](/companies/cms/filings.md) · [Insiders](/companies/cms/insiders.md)

Latest reported revenue: [$1.81bn](/filings/0000811156-26-000028.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Jul 28, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0000811156-26-000028).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [1,711](/filings/0000811156-25-000077.md) | [1,889 d](/filings/0000811156-26-000004.md) | [2,398](/filings/0000811156-26-000024.md) | [1,798](/filings/0000811156-26-000028.md) | [1,975](/filings/0000811156-25-000077.md) | [2,134 d](/filings/0000811156-26-000004.md) | [2,675](/filings/0000811156-26-000024.md) | [1,808](/filings/0000811156-26-000028.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [21.4%](/filings/0000811156-25-000077.md) | [22.5% d](/filings/0000811156-26-000004.md) | [20.6%](/filings/0000811156-26-000024.md) | [17.6%](/filings/0000811156-26-000028.md) | [24.4%](/filings/0000811156-25-000077.md) | [20.4% d](/filings/0000811156-26-000004.md) | [18.3%](/filings/0000811156-26-000024.md) | [14.6%](/filings/0000811156-26-000028.md) |
| Net margin | % | [14.8%](/filings/0000811156-25-000077.md) | [14.0% d](/filings/0000811156-26-000004.md) | [12.7%](/filings/0000811156-26-000024.md) | [11.2%](/filings/0000811156-26-000028.md) | [14.0%](/filings/0000811156-25-000077.md) | [13.5% d](/filings/0000811156-26-000004.md) | [12.7%](/filings/0000811156-26-000024.md) | [6.6%](/filings/0000811156-26-000028.md) |
| Diluted EPS | $ per share | [0.84](/filings/0000811156-25-000077.md) | not reported | [1.01](/filings/0000811156-26-000024.md) | [0.66](/filings/0000811156-26-000028.md) | [0.92](/filings/0000811156-25-000077.md) | not reported | [1.10](/filings/0000811156-26-000024.md) | [0.37](/filings/0000811156-26-000028.md) |
| Free cash flow | $m | [(502) d](/filings/0000811156-25-000077.md) | not reported | [112](/filings/0000811156-26-000024.md) | [(470) d](/filings/0000811156-26-000028.md) | [(635) d](/filings/0000811156-25-000077.md) | not reported | [(334)](/filings/0000811156-26-000024.md) | [(345) d](/filings/0000811156-26-000028.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [7,075](/filings/0000811156-24-000044.md) | [8,320](/filings/0000811156-25-000036.md) | [7,261](/filings/0000811156-26-000004.md) | [7,320](/filings/0000811156-26-000004.md) | [8,305](/filings/0000811156-26-000004.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [16.2%](/filings/0000811156-24-000044.md) | [14.7%](/filings/0000811156-25-000036.md) | [17.0%](/filings/0000811156-26-000004.md) | [20.3%](/filings/0000811156-26-000004.md) | [20.8%](/filings/0000811156-26-000004.md) |
| Net margin | % | [19.1%](/filings/0000811156-24-000044.md) | [10.1%](/filings/0000811156-25-000036.md) | [12.2%](/filings/0000811156-26-000004.md) | [13.7%](/filings/0000811156-26-000004.md) | [12.9%](/filings/0000811156-26-000004.md) |
| Diluted EPS | $ per share | [4.66](/filings/0000811156-24-000044.md) | [2.85](/filings/0000811156-25-000036.md) | [3.01](/filings/0000811156-26-000004.md) | [3.33](/filings/0000811156-26-000004.md) | [3.53](/filings/0000811156-26-000004.md) |
| Free cash flow | $m | [(257)](/filings/0000811156-24-000044.md) | [(1,519)](/filings/0000811156-25-000036.md) | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/cms/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $2.53bn | 33,068,880 |  | Reduced −494,694 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $1.54bn | 20,166,948 |  | Added +289,651 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $1.46bn | 19,050,893 |  | Added +257,548 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $1.35bn | 17,705,946 |  | Reduced −393,087 |
| [JPMORGAN CHASE & CO](/funds/19617.md) | 2026-06-30 | $1.28bn | 16,409,389 |  | Added +569,705 |
| [WELLINGTON MANAGEMENT GROUP LLP](/funds/902219.md) | 2026-06-30 | $930.1m | 12,158,296 |  | Added +5,502,352 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $666.1m | 8,740,533 |  | Added +212,380 |
| [DEUTSCHE BANK AG\\](/funds/948046.md) | 2026-06-30 | $618.3m | 8,082,021 |  | Added +336,707 |
| [DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main](/funds/1694217.md) | 2026-06-30 | $603.0m | 7,882,550 |  | Reduced −252,677 |
| [Invesco Ltd.](/funds/914208.md) | 2026-06-30 | $582.7m | 7,616,465 |  | Reduced −28,732 |

## Recent filings

[All 1,115 filings](/companies/cms/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-27 | 06:39 ET | [8-K](/filings/0001104659-26-118972.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001104659-26-118972 |
| 2026-05-13 | 16:43 ET | [8-K](/filings/0001104659-26-060321.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-060321 |
| 2026-03-26 | 09:10 ET | [DEF 14A](/filings/0000811156-26-000015.md) | Proxy statement, period 2026-05-08 | 0000811156-26-000015 |
| 2026-02-11 | 17:18 ET | [8-K](/filings/0001104659-26-013521.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-013521 |
| 2025-11-06 | 11:23 ET | [8-K](/filings/0001104659-25-107549.md) | 2.03 New direct financial obligation; 3.02 Unregistered sale of equity; 9.01 Financial statements and exhibits | 0001104659-25-107549 |
| 2025-11-04 | 06:38 ET | [8-K](/filings/0001104659-25-105878.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-25-105878 |
| 2025-11-03 | 07:09 ET | [8-K](/filings/0001104659-25-105224.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-25-105224 |
| 2025-06-18 | 17:20 ET | [8-K](/filings/0001104659-25-060708.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-25-060708 |
| 2025-06-04 | 16:10 ET | [8-K](/filings/0001104659-25-056392.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-25-056392 |
| 2025-03-20 | 16:46 ET | [DEF 14A](/filings/0001140361-25-009708.md) | Proxy statement, period 2025-05-02 | 0001140361-25-009708 |

## Latest annual report

No annual report is in coverage.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, locked when the 8-K was accepted. It is scored when the 10-Q or 10-K is ingested. [See the target](/leagues/2026q3/targets/64c85091-edca-4319-a13d-66799169ee23)

## About the filer

- CIK: 811156
- Tickers: CMS, CMSA, CMSC, CMSD, CMS-PC
- Exchange: NYSE
- SIC code: 4931 Electric & Other Services Combined
- State of incorporation: MI
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 29, 2026, 16:18 ET. No prices; not investment advice.