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CMS Energy (CMS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
CMS Energy (CMS) reported revenue of $2.0B for the third quarter 2025 (Q3 2025), +16% from a year earlier and +10% from the quarter before. Operating margin was 23.8%, net earnings $277M (13.7% of revenue).
CMS Energy, Q3 2025: revenue $2.0B (+16% year over year), operating margin 23.8%, net earnings $277M, operating cash flow $343M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0B | +10% | +16% |
| Operating profit | $481M | +52% | +31% |
| Net earnings | $277M | +38% | +9% |
| Operating cash flow | $343M | -17% | +13% |
What changed
Revenue was $2.0B in Q3 2025, up 16% year over year and up 10% from the previous quarter.
Operating profit was $0.48B, a 23.8% margin (up 2.7 points year over year). Of the extra revenue versus a year earlier, 41% reached operating profit, above the 21% margin then. Total costs grew 12% against revenue growth of 16%. Net earnings were $0.28B, up 9% year over year ($0.27B including minority interests, which bore $0.01B of losses). The effective tax rate was 20.0%.
Operating cash flow was $0.34B (up 13% year over year), 126% of net earnings. Non-cash charges added back $0.29B of depreciation and amortization. Working capital and other items used $0.22B. Capital expenditures of $1.0B exceeded it, leaving free cash flow of −$0.64B.
Questions
What was CMS Energy's revenue in the third quarter 2025?
CMS Energy (CMS) reported revenue of $2.0B for the third quarter 2025 (Q3 2025), +16% from a year earlier and +10% from the quarter before.
Was CMS Energy profitable in the third quarter 2025?
Operating profit was $481M (23.8% of revenue) and net earnings $277M.
Source: CMS Energy 10-Q on SEC EDGAR.