Filing Flows › CMS Energy (CMS) › Q2 2026 › vs Q2 2025
CMS Energy (CMS) Q2 2026 vs Q2 2025 (year over year)
CMS Energy's revenue fell $9.0M (-0.5%) from $1.8B in Q2 2025 to $1.8B in Q2 2026. Operating margin 14.4% against 17.2% (-2.8 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 14.4% | 17.2% | -2.8 pts |
| Net margin | 6.6% | 10.9% | -4.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $1.8B | $1.8B | −$9.0M | -0.5% |
| Operating profit | $264M | $317M | −$53.0M | -17% |
| Costs & expenses | $1.6B | $1.5B | $44.0M | +3% |
| Pre-tax earnings | $129M | $255M | −$126M | -49% |
| Other expense, net | $135M | $62.0M | $73.0M | +118% |
| Loss borne by minority interests | $24.0M | $8.0M | $16.0M | +200% |
| Net earnings | $120M | $201M | −$81.0M | -40% |
| Income tax | $33.0M | $62.0M | −$29.0M | -47% |
| Depreciation & amortization | $308M | $288M | $20.0M | +7% |
| Working capital & other | $194M | −$75.0M | $269M | — |
| Operating cash flow | $622M | $414M | $208M | +50% |
| Capital expenditures | $967M | $884M | $83.0M | +9% |
| Negative free cash flow (OCF − capex) | $345M | $470M | −$125M | -27% |
Questions
How much did CMS Energy's revenue grow year over year in Q2 2026?
CMS Energy's revenue fell $9.0M (-0.5%) from $1.8B in Q2 2025 to $1.8B in Q2 2026. Operating margin 14.4% against 17.2% (-2.8 pts).