What is CMS Energy's electric utility — cost of gas sold?

CMS Energy (CMS) reported electric utility — cost of gas sold of $0 in Q1 2026.

What does electric utility — cost of gas sold mean?

The direct costs associated with the purchase of natural gas used by the electric utility segment for power generation or resale. This metric is highly sensitive to commodity market prices and fuel procurement strategies. It represents a significant variable cost component for utilities with gas-fired generation assets.

CMS Energy CMS Electric Utility — Cost of gas sold

Other segment segments

Gas Utility

$514M+34.6%

Similar metrics at other companies

BKH

BKHGas Utilities — Fuel Purchased Power And Cost Of Gas Sold

$271.2M-7.3%

BKH

BKHElectric Utilities — Fuel Purchased Power And Cost Of Gas Sold

$66.8M-0.6%

MGEEUtilities Operating Expense Cost Of Gas Sold

$70.82M+31.2%

WECUtility operations — Cost of natural gas sold

$949.9M+21.1%

NFGUtility — Purchased Gas

$244.86M+42.5%

BKH

BKHFuel Purchased Power And Cost Of Gas Sold

$337.9M-6.1%

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:UtilitiesOperatingExpenseGasAndPetroleumPurchased.

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

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What is CMS Energy's electric utility — cost of gas sold?: CMS Energy (CMS) reported electric utility — cost of gas sold of $0 in Q1 2026.
What does electric utility — cost of gas sold mean?: The direct costs associated with the purchase of natural gas used by the electric utility segment for power generation or resale. This metric is highly sensitive to commodity market prices and fuel procurement strategies. It represents a significant variable cost component for utilities with gas-fired generation assets.