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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$22.5B
P/E Ratio20.33
ROE12.44%

Products & Services

Revenue recognized from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Residential$970M$1.3B$895M$981M$1.2B$1.6B
Commercial$524M$657M$563M$622M$584M$723M
Industrial$184M$203M$209M$210M$202M$235M
Other$158M$156M$73M$95M$110M$96M

Cost of goods and services sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cost of gas sold$191M$383M$124M$42M$260M$516M
Purchased and interchange power$308M$380M$439M$513M$374M$451M

Business Segments

Alternative-revenue programs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$51M$2M$2M$2M$44M$1M
Gas Utility$19M$0$0$0$19M$0

CapEx

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$467.8M$602M$602M$602M$602M—
Gas Utility$285.3M$266M$266M$266M$266M—
NorthStar Clean Energy$72M$124.5M$124.5M$124.5M$124.5M—

Cost of gas sold

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Utility$190M$382M$123M$40M$258M$514M
Electric Utility$0$0$0$0$0$0

Costs and Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$1B$1.1B$1.1B$1.2B$1.1B$1.2B
Gas Utility$444M$738M$322M$201M$561M$911M
NorthStar Clean Energy$86M$116M$100M$107M$113M$138M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$214M$221M$222M$239M$221M$233M
Gas Utility$99M$154M$54M$35M$107M$167M
NorthStar Clean Energy$13M$13M$12M$14M$13M$12M

Financing income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$2M$3M$2M$2M$3M$2M
Gas Utility$0$2M$2M$1M$1M$2M

General taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Utility$56M$86M$33M$23M$59M$91M
Electric Utility$67M$73M$73M$81M$70M$79M
NorthStar Clean Energy$2M$3M$3M$3M$5M$3M

Income from Continuing Ops

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Utility$134M$213M$25M$0$172M$220M
Electric Utility$141M$124M$168M$326M$102M$110M
NorthStar Clean Energy—-$27M$13M$6M$8M-$22M

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

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Utility$176M$282M$37M$2M$227M$300M
Electric Utility$169M$147M$210M$392M$121M$139M
NorthStar Clean Energy-$3M-$16M-$5M$6M—-$15M

Income Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Utility$42M$69M$12M$2M$55M$80M
Electric Utility$28M$23M$42M$66M$19M$29M
NorthStar Clean Energy-$2M$11M-$18M$0—$7M

Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$0———$0—
Gas Utility$0———$0—
NorthStar Clean Energy$64M———$61M—

Maintenance and other operating expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$285M$257M$264M$285M$340M$277M
Gas Utility$99M$116M$112M$103M$137M$139M
NorthStar Clean Energy$28M$30M$18M$25M$27M$30M

Net Income (Loss) Available to Common Stockholders, Basic

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Utility$133M$213M$25M$0$171M$220M
Electric Utility$141M$124M$167M$326M$102M$110M
NorthStar Clean Energy$10M-$18M$22M$11M$56M$41M

Operating Income (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gas Utility$209M$311M$65M$33M$262M$333M
Electric Utility$230M$202M$263M$450M$184M$179M
NorthStar Clean Energy-$5M-$17M-$8M$1M-$4M-$20M

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$1M———$3M—

Power supply cost

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$459M$546M$537M$624M$486M$600M
NorthStar Clean Energy$42M$69M$66M$63M$66M$91M
Gas Utility$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$653M$1B$387M$234M$823M$1.2B
NorthStar Clean Energy$81M$99M$92M$108M$109M$118M

Segment Reporting, Other Segment Item, Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NorthStar Clean Energy-$11M-$9M-$9M-$5M-$48M-$63M
Electric Utility$0$0$1M$0$0$0
Gas Utility$1M$0$0$0$1M$0

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$20.8B$20.9B$22B$22B$22.8B$23.5B
Gas Utility$13.3B$13.1B$13.4B$13.8B$14.2B$14B
NorthStar Clean Energy$1.9B$2B$2.1B$2.2B$2.5B$2.7B

Total interest charges

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$82M$82M$89M$92M$90M$83M
Gas Utility$49M$48M$51M$53M$54M$56M
NorthStar Clean Energy$1M$0-$1M-$1M-$5M$2M

Total other income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$21M$27M$36M$34M$27M$43M
Gas Utility$16M$19M$23M$22M$19M$23M
NorthStar Clean Energy$3M$1M$2M$4M$10M$7M

Utilities Operating Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$1B$1.1B$1.1B$1.2B$1.1B$1.2B
Gas Utility$444M$738M$322M$201M$561M$911M

Utilities Operating Expense Depreciation And Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Utility$214M$221M$222M$239M$221M$233M
Gas Utility$99M$154M$54M$35M$107M$167M

Assets under finance leases

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NorthStar Clean Energy$45M———$55M—

Lease Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NorthStar Clean Energy$28M$42M$34M$41M$32M$50M

Variable lease income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NorthStar Clean Energy—$31M$23M$28M—$37M