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CMS Energy (CMS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
CMS Energy (CMS) reported revenue of $1.8B for the second quarter 2025 (Q2 2025), +14% from a year earlier and -25% from the quarter before. Operating margin was 17.2%, net earnings $201M (10.9% of revenue).
CMS Energy, Q2 2025: revenue $1.8B (+14% year over year), operating margin 17.2%, net earnings $201M, operating cash flow $414M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | -25% | +14% |
| Operating profit | $317M | -36% | +12% |
| Net earnings | $201M | -34% | +2% |
| Operating cash flow | $414M | -59% | -41% |
What changed
Revenue was $1.8B in Q2 2025, up 14% year over year and down 25% from the previous quarter.
Operating profit was $0.32B, a 17.2% margin (down 0.4 points year over year). Of the extra revenue versus a year earlier, 15% reached operating profit, below the 18% margin then. Total costs grew 15% against revenue growth of 14%. Net earnings were $0.20B, up 2% year over year ($0.19B including minority interests, which bore $0.01B of losses). The effective tax rate was 24.3%.
Operating cash flow was $0.41B (down 41% year over year), 215% of net income including minority interests. Non-cash charges added back $0.29B of depreciation and amortization. Working capital and other items used $0.07B. Capital expenditures of $0.88B exceeded it, leaving free cash flow of −$0.47B.
Questions
What was CMS Energy's revenue in the second quarter 2025?
CMS Energy (CMS) reported revenue of $1.8B for the second quarter 2025 (Q2 2025), +14% from a year earlier and -25% from the quarter before.
Was CMS Energy profitable in the second quarter 2025?
Operating profit was $317M (17.2% of revenue) and net earnings $201M.
Source: CMS Energy 10-Q on SEC EDGAR.