Filing Flows › CMS Energy (CMS) › Q2 2026 › vs Q1 2026
CMS Energy (CMS) Q2 2026 vs Q1 2026 (quarter over quarter)
CMS Energy's revenue fell $901M (-33%) from $2.7B in Q1 2026 to $1.8B in Q2 2026. Operating margin 14.4% against 17.9% (-3.5 pts).
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 draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 14.4% | 17.9% | -3.5 pts |
| Net margin | 6.6% | 12.5% | -5.9 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $1.8B | $2.7B | −$901M | -33% |
| Operating profit | $264M | $490M | −$226M | -46% |
| Costs & expenses | $1.6B | $2.2B | −$675M | -30% |
| Pre-tax earnings | $129M | $362M | −$233M | -64% |
| Other expense, net | $135M | $128M | $7.0M | +5% |
| Loss borne by minority interests | $24.0M | $63.0M | −$39.0M | -62% |
| Net earnings | $120M | $340M | −$220M | -65% |
| Income tax | $33.0M | $85.0M | −$52.0M | -61% |
| Depreciation & amortization | $308M | $412M | −$104M | -25% |
| Working capital & other | $194M | −$47.0M | $241M | — |
| Operating cash flow | $622M | $705M | −$83.0M | -12% |
| Capital expenditures | $967M | $1.0B | −$72.0M | -7% |
| Negative free cash flow (OCF − capex) | $345M | $334M | $11.0M | +3% |
Questions
How much did CMS Energy's revenue grow quarter over quarter in Q2 2026?
CMS Energy's revenue fell $901M (-33%) from $2.7B in Q1 2026 to $1.8B in Q2 2026. Operating margin 14.4% against 17.9% (-3.5 pts).