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CMS Energy CMS Commercial — Revenue recognized from contracts with customers

Other product segments

Residential
$1.55B+17.2%
Industrial
$235M+15.8%
Other
$96M-38.5%

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TDSCommercial Revenue — Revenue from Contract with Customer, Excluding Assessed Tax
$32.8M-5.3%
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AEPCommercial Revenues — Revenue
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Other financials

Income statement

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Revenue$2.7B+11.6%
Operating income$490.0M-0.8%
Net income$340.0M+11.8%
EPS (diluted)$1.10+8.9%

Balance sheet

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Cash & equivalents$263.0M-50.0%
Total debt$19.1B+12.7%
Total equity$9.5B+13.6%
Total assets$40.3B+11.0%

Cash flow

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Operating cash flow$705.0M-29.5%
CapEx$1.0B+17.0%
Free cash flow-$334.0M-398%

Valuation

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Market cap$23.63B+16.1%
Enterprise value$42.49B+13.5%
P/E21.4×+1.4×
P/S2.7×+0.1×

Profitability

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Operating margin19.5%-0.6pp
Net margin12.5%-0.6pp
FCF margin12.8%-8.1pp

Returns & leverage

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Return on equity12.4%-0.1pp
Debt / equity2×0.0×
Current ratio0.8×-0.2×

Where this comes from

Reported directly by CMS Energy in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: CMS Energy’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is CMS Energy's commercial — revenue recognized from contracts with customers?
CMS Energy (CMS) reported commercial — revenue recognized from contracts with customers of $723M in Q1 2026.
How has CMS Energy's commercial — revenue recognized from contracts with customers changed year-over-year?
CMS Energy's commercial — revenue recognized from contracts with customers increased by 10.0% year-over-year, from $657M to $723M.
What is the long-term trend for CMS Energy's commercial — revenue recognized from contracts with customers?
Over 4 years (2021 to 2025), CMS Energy's commercial — revenue recognized from contracts with customers has grown at a 5.4% compound annual growth rate (CAGR), from $1.97B to $2.43B.
What does commercial — revenue recognized from contracts with customers mean?
This metric represents the total revenue generated from the sale of utility services, specifically electricity and natural gas, to commercial business customers. It reflects the economic value derived from serving non-residential accounts within the company's regulated service territory. This figure is a primary indicator of commercial economic activity and the company's ability to capture demand from business-sector energy consumption.