How does CMS Energy (CMS) make money?

CMS Energy (CMS) generates revenue primarily from Residential Utility Services, which accounted for 57.8% of total revenue in TTM through Q1 2026. The company reported $8.82B in revenue and converted 12.5% of it into net profit, equivalent to roughly $1.11B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of CMS Energy (CMS)?

CMS Energy (CMS) reported a gross profit margin of 64.6% in TTM through Q1 2026, equivalent to $5.70B in gross profit on $8.82B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of CMS Energy (CMS)?

CMS Energy (CMS) reported an operating profit margin of 19.5% in TTM through Q1 2026, equivalent to $1.72B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of CMS Energy (CMS)?

CMS Energy (CMS) reported a net profit margin of 12.5% in TTM through Q1 2026, equivalent to $1.11B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is CMS Energy (CMS) profitable?

Yes. CMS Energy (CMS) reported $1.11B in net income for TTM through Q1 2026, with a net profit margin of 12.5%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does CMS Energy (CMS) spend on capital expenditures?

CMS Energy (CMS) spent $3.98B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 45.1% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does CMS Energy (CMS) generate?

CMS Energy (CMS) generated −$2.04B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of -23.1%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of CMS Energy (CMS)?

CMS Energy (CMS) had an effective tax rate of 21.4% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of CMS Energy (CMS)?

CMS Energy (CMS) reports revenue across 3 reportable product segments, led by Residential Utility Services at 57.8% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How CMS Energy Makes Money: 2026 Visual Revenue Map

CMS Energy (CMS) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 28, 2026).

CMS Energy discloses geographic revenue only in annual filings. to view the full breakdown.

CMS Energy (CMS) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for CMS Energy (CMS) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Residential Utility Services	$5.10B	57.8%
Commercial Utility Service	$2.77B	31.4%
Industrial Utility Service	$951.33M	10.8%
Total	$8.82B	100%

Residential Utility Services$5.10B
Commercial Utility Service$2.77B
Industrial Utility Service$951.33M
Total$8.82B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, CMS Energy (CMS) reports revenue across 3 operating segments; the largest segment was Residential Utility Services at 57.8%, followed by Commercial Utility Service (31.4%) and Industrial Utility Service (10.8%).

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