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CMS Energy (CMS) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 28, 2026
CMS Energy (CMS) reported revenue of $1.8B for the second quarter 2026 (Q2 2026), -0.5% from a year earlier and -33% from the quarter before. Operating margin was 14.4%, net earnings $120M (6.6% of revenue).
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.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | -33% | -0.5% |
| Operating profit | $264M | -46% | -17% |
| Net earnings | $120M | -65% | -40% |
| Operating cash flow | $622M | -12% | +50% |
What changed
Revenue was $1.8B in Q2 2026, roughly flat year over year and down 33% from the previous quarter.
Operating profit was $0.26B, a 14.4% margin (down 2.8 points year over year). Total costs grew 3% against flat revenue. Net earnings were $0.12B, down 40% year over year ($0.10B including minority interests, which bore $0.02B of losses). The effective tax rate was 25.6%.
Operating cash flow was $0.62B (up 50% year over year), 648% of net income including minority interests. Non-cash charges added back $0.31B of depreciation and amortization. Working capital and other items added $0.22B. Capital expenditures of $1.0B exceeded it, leaving free cash flow of −$0.34B.
Questions
What was CMS Energy's revenue in the second quarter 2026?
CMS Energy (CMS) reported revenue of $1.8B for the second quarter 2026 (Q2 2026), -0.5% from a year earlier and -33% from the quarter before.
Was CMS Energy profitable in the second quarter 2026?
Operating profit was $264M (14.4% of revenue) and net earnings $120M.
Source: CMS Energy 10-Q on SEC EDGAR.