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CMS Energy vs Evergy: CMS and EVRG compared
CMS Energy is the larger company: $2.2B of revenue in its latest quarter (Q3 2026) against $2.1B for Evergy (Q3 2026). Evergy is growing faster (+16% against +8% a year earlier). Evergy is more profitable, with an operating margin of 38.6% against 2.2%.
Where the money goes: CMS and EVRG
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.
Evergy (EVRG) · Q3 2026
Evergy, Q3 2026: revenue $2.1B (+16% year over year), operating margin 38.6%, net earnings $613M, operating cash flow $988M. The chart follows the revenue to costs, profit and cash.
| CMS Energy (CMS) | Evergy (EVRG) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $2.2B | $2.1B |
| Revenue growth, Y/Y | +8% | +16% |
| Operating margin | 2.2% | 38.6% |
| Net earnings | −$91.0M | $613M |
| Net margin | -4.2% | 29.2% |
| Operating cash flow | $471M | $988M |
| Free cash flow | — | $85.3M |
| Market value | $21.7B | $20.5B |
| P/E | 41.5× | 23.1× |
| Analysts’ mean target | $73.85 | $91.50 |
Where the revenue comes from
CMS Energy
- Utility Revenue: $2.0B (93%)
- Other: $138M (6%)
- Other revenues: $13.0M (1%)
Questions
Which is bigger, CMS Energy or Evergy?
CMS Energy is the larger company: $2.2B of revenue in its latest quarter (Q3 2026) against $2.1B for Evergy (Q3 2026).
Is CMS Energy or Evergy growing faster?
Evergy is growing faster (+16% against +8% a year earlier).
Which is more profitable, CMS Energy or Evergy?
Evergy is more profitable, with an operating margin of 38.6% against 2.2%.
More: CMS Energy earnings · how CMS Energy makes money · Evergy earnings · how Evergy makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 27, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.