What is CMS Energy's operating income?

CMS Energy (CMS) reported operating income of $490M in Q1 2026.

How has CMS Energy's operating income changed year-over-year?

CMS Energy's operating income decreased by 0.8% year-over-year, from $494M to $490M.

What is the long-term trend for CMS Energy's operating income?

Over 4 years (2021 to 2025), CMS Energy's operating income has grown at a 10.8% compound annual growth rate (CAGR), from $1.15B to $1.73B.

What does operating income mean?

Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.

CMS Energy CMS Operating Income

Operating Income at other companies

Nextra EnergyNEE

$2.21B-2.1%

PG&EPCG

$1.47B+20.5%

Xcel EnergyXEL

$754M+11.4%

Duke EnergyDUK

$1.83B+7.2%

NorthWestern Energy Group, Inc.NWE

$114.11M-8.5%

BKH

Black HillsBKH

$201.9M-1.5%

Segments

By segment

See full

Gas Utility$333M+7.1%

Electric Utility$179M-11.4%

NorthStar Clean Energy-$20M-17.6%

Other financials

Income statement

See full

Revenue$2.7B+11.6%

Net income$340.0M+11.8%

EPS (diluted)$1.10+8.9%

Balance sheet

See full

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

See full

Operating cash flow$705.0M-29.5%

CapEx$1.0B+17.0%

Free cash flow-$334.0M-398%

Valuation

See full

Market cap$23.63B+16.1%

Enterprise value$42.49B+13.5%

P/E21.4×+1.4×

P/S2.7×+0.1×

Profitability

See full

Operating margin19.5%-0.6pp

Net margin12.5%-0.6pp

FCF margin12.8%-8.1pp

Returns & leverage

See full

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:OperatingIncomeLoss.

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 operating income?: CMS Energy (CMS) reported operating income of $490M in Q1 2026.
How has CMS Energy's operating income changed year-over-year?: CMS Energy's operating income decreased by 0.8% year-over-year, from $494M to $490M.
What is the long-term trend for CMS Energy's operating income?: Over 4 years (2021 to 2025), CMS Energy's operating income has grown at a 10.8% compound annual growth rate (CAGR), from $1.15B to $1.73B.
What does operating income mean?: Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.