Filing Flows › CMS Energy (CMS) › Operating margin
CMS Energy (CMS) operating margin by quarter
CMS Energy's operating margin was 14.4% in Q2 2026 (second quarter 2026), -3.5 pts from Q1 2026. Over the last 6 quarters it ranged from 14.4% (Q2 2026) to 23.8% (Q3 2025).
| Quarter | Operating margin | Q/Q | Y/Y |
|---|---|---|---|
| Q2 2026 | 14.4% | -3.5 pts | -2.8 pts |
| Q1 2026 | 17.9% | -1.5 pts | -2.2 pts |
| Q4 2025 | 19.5% | -4.3 pts | — |
| Q3 2025 | 23.8% | +6.6 pts | — |
| Q2 2025 | 17.2% | -2.9 pts | — |
| Q1 2025 | 20.2% | — | — |
Q2 2026 at a glance
CMS Energy, Q2 2026: revenue $1.8B (-0.5% year over year), operating margin 14.4%, net earnings $120M, operating cash flow $622M. The chart follows the revenue to costs, profit and cash.
Questions
What is CMS Energy's operating margin?
CMS Energy's operating margin was 14.4% in Q2 2026 (second quarter 2026), -3.5 pts from Q1 2026.
How has CMS Energy's operating margin changed?
Over the last 6 quarters it ranged from 14.4% (Q2 2026) to 23.8% (Q3 2025).