Filing Flows › CMS Energy (CMS) › Q1 2025
CMS Energy (CMS) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 24, 2025
CMS Energy (CMS) reported revenue of $2.4B for the first quarter 2025 (Q1 2025), +12% from a year earlier and +23% from the quarter before. Operating margin was 20.2%, net earnings $304M (12.4% of revenue).
CMS Energy, Q1 2025: revenue $2.4B (+12% year over year), operating margin 20.2%, net earnings $304M, operating cash flow $1.0B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4B | +23% | +12% |
| Operating profit | $494M | +16% | +20% |
| Net earnings | $304M | +15% | +6% |
| Operating cash flow | $1.0B | +148% | +5% |
| Free cash flow | $112M | — | -67% |
What changed
Revenue was $2.4B in Q1 2025, up 12% year over year and up 23% from the previous quarter.
Operating profit was $0.49B, a 20.2% margin (up 1.3 points year over year). Of the extra revenue versus a year earlier, 30% reached operating profit, above the 19% margin then. Total costs grew 11% against revenue growth of 12%. Net earnings were $0.30B, up 6% year over year ($0.29B including minority interests, which bore $0.01B of losses). The effective tax rate was 17.6%.
Operating cash flow was $1.0B (up 5% year over year), 339% of net income including minority interests. Non-cash charges added back $0.39B of depreciation and amortization. Working capital and other items added $0.32B. Capital expenditures of $0.89B left free cash flow of $0.11B.
Questions
What was CMS Energy's revenue in the first quarter 2025?
CMS Energy (CMS) reported revenue of $2.4B for the first quarter 2025 (Q1 2025), +12% from a year earlier and +23% from the quarter before.
Was CMS Energy profitable in the first quarter 2025?
Operating profit was $494M (20.2% of revenue) and net earnings $304M.
Source: CMS Energy 10-Q on SEC EDGAR.