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How CMS Energy (CMS) makes money
CMS Energy (CMS) made $2.2B of revenue in the third quarter 2026 (Q3 2026), +8% from a year earlier. Utility Revenue brought in $2.0B (93%); Other brought in $138M (6%); Other revenues brought in $13.0M (1%).
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Utility Revenue | $2.0B | 93.1% | — | +6% |
| Other | $138M | 6.3% | — | +106% |
| Other revenues | $13.0M | 0.6% | — | -72% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $2.2B | 100.0% |
| Operating cash flow | $471M | 21.6% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $2.2B | +8% |
| Q2 2026 | $1.8B | -0.5% |
| Q1 2026 | $2.7B | +12% |
| Q4 2025 | $2.2B | +12% |
| Q3 2025 | $2.0B | +16% |
| Q2 2025 | $1.8B | +14% |
| Q1 2025 | $2.4B | +12% |
From CMS Energy's 10-Q filed Oct 27, 2026 (on EDGAR).
Questions
How does CMS Energy make money?
CMS Energy (CMS) made $2.2B of revenue in the third quarter 2026 (Q3 2026), +8% from a year earlier. Utility Revenue brought in $2.0B (93%); Other brought in $138M (6%); Other revenues brought in $13.0M (1%).
What is CMS Energy's biggest business?
Utility Revenue: $2.0B in the third quarter 2026, 93% of revenue, +6% from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.