Income StatementBalance SheetCash FlowSegments
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CMS Energy Business Segments

Business, geographic, and product segment breakdowns

CMS Energy generates $8.8B in annual revenue across 2 key segments: Electric Utility ($49.0M), and Gas Utility ($19.0M). The company-wide operating margin is 19.53%. Based on the Q1 2026 filing.

Electric Utility (TTM)$49.0MGas Utility (TTM)$19.0M
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$22.3B
P/E Ratio20.13
ROE12.44%

Products & Services

Revenue recognized from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Residential$970.0M$1.3B$895.0M$981.0M$1.2B$1.6B
Commercial$524.0M$657.0M$563.0M$622.0M$584.0M$723.0M
Industrial$184.0M$203.0M$209.0M$210.0M$202.0M$235.0M
Other$158.0M$156.0M$73.0M$95.0M$110.0M$96.0M

Cost of goods and services sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cost of gas sold$191.0M$383.0M$124.0M$42.0M$260.0M$516.0M
Purchased and interchange power$308.0M$380.0M$439.0M$513.0M$374.0M$451.0M

Business Segments

Alternative-revenue programs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$51.0M$2.0M$2.0M$2.0M$44.0M$1.0M
Gas Utility$19.0M$0.0$0.0$0.0$19.0M$0.0

CapEx

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$467.8M$602.0M$602.0M$602.0M$602.0M—
Gas Utility$285.3M$266.0M$266.0M$266.0M$266.0M—
NorthStar Clean Energy$72.0M$124.5M$124.5M$124.5M$124.5M—

Cost of gas sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Utility$190.0M$382.0M$123.0M$40.0M$258.0M$514.0M
Electric Utility$0.0$0.0$0.0$0.0$0.0$0.0

Costs and Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$1.0B$1.1B$1.1B$1.2B$1.1B$1.2B
Gas Utility$444.0M$738.0M$322.0M$201.0M$561.0M$911.0M
NorthStar Clean Energy$86.0M$116.0M$100.0M$107.0M$113.0M$138.0M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$214.0M$221.0M$222.0M$239.0M$221.0M$233.0M
Gas Utility$99.0M$154.0M$54.0M$35.0M$107.0M$167.0M
NorthStar Clean Energy$13.0M$13.0M$12.0M$14.0M$13.0M$12.0M

Financing income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$2.0M$3.0M$2.0M$2.0M$3.0M$2.0M
Gas Utility$0.0$2.0M$2.0M$1.0M$1.0M$2.0M

General taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Utility$56.0M$86.0M$33.0M$23.0M$59.0M$91.0M
Electric Utility$67.0M$73.0M$73.0M$81.0M$70.0M$79.0M
NorthStar Clean Energy$2.0M$3.0M$3.0M$3.0M$5.0M$3.0M

Income from Continuing Ops

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Utility$134.0M$213.0M$25.0M$0.0$172.0M$220.0M
Electric Utility$141.0M$124.0M$168.0M$326.0M$102.0M$110.0M
NorthStar Clean Energy—-$27.0M$13.0M$6.0M$8.0M-$22.0M

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Utility$176.0M$282.0M$37.0M$2.0M$227.0M$300.0M
Electric Utility$169.0M$147.0M$210.0M$392.0M$121.0M$139.0M
NorthStar Clean Energy-$3.0M-$16.0M-$5.0M$6.0M—-$15.0M

Income Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Utility$42.0M$69.0M$12.0M$2.0M$55.0M$80.0M
Electric Utility$28.0M$23.0M$42.0M$66.0M$19.0M$29.0M
NorthStar Clean Energy-$2.0M$11.0M-$18.0M$0.0—$7.0M

Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$0.0———$0.0—
Gas Utility$0.0———$0.0—
NorthStar Clean Energy$64.0M———$61.0M—

Maintenance and other operating expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$285.0M$257.0M$264.0M$285.0M$340.0M$277.0M
Gas Utility$99.0M$116.0M$112.0M$103.0M$137.0M$139.0M
NorthStar Clean Energy$28.0M$30.0M$18.0M$25.0M$27.0M$30.0M

Net Income (Loss) Available to Common Stockholders, Basic

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Utility$133.0M$213.0M$25.0M$0.0$171.0M$220.0M
Electric Utility$141.0M$124.0M$167.0M$326.0M$102.0M$110.0M
NorthStar Clean Energy$10.0M-$18.0M$22.0M$11.0M$56.0M$41.0M

Operating Income (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Utility$209.0M$311.0M$65.0M$33.0M$262.0M$333.0M
Electric Utility$230.0M$202.0M$263.0M$450.0M$184.0M$179.0M
NorthStar Clean Energy-$5.0M-$17.0M-$8.0M$1.0M-$4.0M-$20.0M

Plant, property, and equipment, gross

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$20.1B$20.3B$20.8B$21.1B$21.9B$22.3B
Gas Utility$13.3B$13.4B$13.6B$13.9B$14.2B$14.4B
NorthStar Clean Energy$1.5B$1.5B$1.6B$1.6B$1.6B$1.7B
Independent power production$1.5B———$1.6B—
Other$1.0M———$3.0M—

Power supply cost

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$459.0M$546.0M$537.0M$624.0M$486.0M$600.0M
NorthStar Clean Energy$42.0M$69.0M$66.0M$63.0M$66.0M$91.0M
Gas Utility$0.0$0.0$0.0$0.0$0.0$0.0

Property, plant, and equipment, gross

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$20.1B$20.3B$20.8B$21.1B$21.9B$22.3B
Gas Utility$13.3B$13.4B$13.6B$13.9B$14.2B$14.4B

Revenue recognized from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$1.3B$1.3B$1.4B$1.7B$1.3B$1.4B
Gas Utility$653.0M$1.0B$387.0M$234.0M$823.0M$1.2B
NorthStar Clean Energy$81.0M$99.0M$92.0M$108.0M$109.0M$118.0M

Segment Reporting, Other Segment Item, Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NorthStar Clean Energy-$11.0M-$9.0M-$9.0M-$5.0M-$48.0M-$63.0M
Electric Utility$0.0$0.0$1.0M$0.0$0.0$0.0
Gas Utility$1.0M$0.0$0.0$0.0$1.0M$0.0

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$20.8B$20.9B$22.0B$22.0B$22.8B$23.5B
Gas Utility$13.3B$13.1B$13.4B$13.8B$14.2B$14.0B
NorthStar Clean Energy$1.9B$2.0B$2.1B$2.2B$2.5B$2.7B

Total interest charges

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$82.0M$82.0M$89.0M$92.0M$90.0M$83.0M
Gas Utility$49.0M$48.0M$51.0M$53.0M$54.0M$56.0M
NorthStar Clean Energy$1.0M$0.0-$1.0M-$1.0M-$5.0M$2.0M

Total other income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$21.0M$27.0M$36.0M$34.0M$27.0M$43.0M
Gas Utility$16.0M$19.0M$23.0M$22.0M$19.0M$23.0M
NorthStar Clean Energy$3.0M$1.0M$2.0M$4.0M$10.0M$7.0M

Utilities Operating Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$1.0B$1.1B$1.1B$1.2B$1.1B$1.2B
Gas Utility$444.0M$738.0M$322.0M$201.0M$561.0M$911.0M

Utilities Operating Expense Depreciation And Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$214.0M$221.0M$222.0M$239.0M$221.0M$233.0M
Gas Utility$99.0M$154.0M$54.0M$35.0M$107.0M$167.0M

Assets under finance leases

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NorthStar Clean Energy$45.0M———$55.0M—

Lease Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NorthStar Clean Energy$28.0M$42.0M$34.0M$41.0M$32.0M$50.0M

Variable lease income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NorthStar Clean Energy—$31.0M$23.0M$28.0M—$37.0M