Filing Flows › CMS Energy (CMS) › Q4 2025
CMS Energy (CMS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 10, 2026
CMS Energy (CMS) reported revenue of $2.2B for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +10% from the quarter before. Operating margin was 19.5%, net earnings $289M (12.9% of revenue).
CMS Energy, Q4 2025: revenue $2.2B (+12% year over year), operating margin 19.5%, net earnings $289M, operating cash flow $478M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.2B | +10% | +12% |
| Operating profit | $435M | -10% | +2% |
| Net earnings | $289M | +4% | +9% |
| Operating cash flow | $478M | +39% | +19% |
What changed
Revenue was $2.2B in Q4 2025, up 12% year over year and up 10% from the previous quarter.
Operating profit was $0.43B, a 19.5% margin (down 1.9 points year over year). Of the extra revenue versus a year earlier, 4% reached operating profit, below the 21% margin then. Total costs grew 15% against revenue growth of 12%. Net earnings were $0.29B, up 9% year over year ($0.24B including minority interests, which bore $0.05B of losses). The effective tax rate was 18.0%.
Operating cash flow was $0.48B (up 19% year over year), 198% of net income including minority interests. Non-cash charges added back $0.34B of depreciation and amortization. Working capital and other items used $0.11B.
Questions
What was CMS Energy's revenue in the fourth quarter 2025?
CMS Energy (CMS) reported revenue of $2.2B for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +10% from the quarter before.
Was CMS Energy profitable in the fourth quarter 2025?
Operating profit was $435M (19.5% of revenue) and net earnings $289M.
Source: CMS Energy 10-K on SEC EDGAR.