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Ameren vs CMS Energy: AEE and CMS compared
Ameren is the larger company: $2.9B of revenue in its latest quarter (Q3 2026) against $2.2B for CMS Energy (Q3 2026). CMS Energy is growing faster (+8% against +7% a year earlier). Ameren is more profitable, with an operating margin of 31.2% against 2.2%.
Where the money goes: AEE and CMS
Ameren (AEE) · Q3 2026
Ameren, Q3 2026: revenue $2.9B (+7% year over year), operating margin 31.2%, net earnings $677M, operating cash flow $1.0B. The chart follows the revenue to costs, profit and cash.
CMS Energy (CMS) · Q3 2026
CMS Energy, Q3 2026: revenue $2.2B (+8% year over year), operating margin 2.2%, net loss $91.0M, operating cash flow $471M. The chart follows the revenue to costs, profit and cash.
| Ameren (AEE) | CMS Energy (CMS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $2.9B | $2.2B |
| Revenue growth, Y/Y | +7% | +8% |
| Operating margin | 31.2% | 2.2% |
| Net earnings | $677M | −$91.0M |
| Net margin | 23.5% | -4.2% |
| Operating cash flow | $1.0B | $471M |
| Market value | $31.5B | $21.7B |
| P/E | 19.6× | 41.5× |
| Analysts’ mean target | $116.28 | $73.85 |
Where the revenue comes from
Ameren
- Electric: $2.7B (94%)
- Natural gas: $160M (6%)
CMS Energy
- Utility Revenue: $2.0B (93%)
- Other: $138M (6%)
- Other revenues: $13.0M (1%)
Questions
Which is bigger, Ameren or CMS Energy?
Ameren is the larger company: $2.9B of revenue in its latest quarter (Q3 2026) against $2.2B for CMS Energy (Q3 2026).
Is Ameren or CMS Energy growing faster?
CMS Energy is growing faster (+8% against +7% a year earlier).
Which is more profitable, Ameren or CMS Energy?
Ameren is more profitable, with an operating margin of 31.2% against 2.2%.
More: Ameren earnings · how Ameren makes money · CMS Energy earnings · how CMS Energy makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Oct 27, 2026). Fiscal quarters can end on different dates. Not investment advice.