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CMS Energy vs Alliant Energy: CMS and LNT compared
CMS Energy is the larger company: $2.2B of revenue in its latest quarter (Q3 2026) against $1.3B for Alliant Energy (Q3 2026). CMS Energy is growing faster (+8% against +6% a year earlier). Alliant Energy is more profitable, with an operating margin of 30.3% against 2.2%.
Where the money goes: CMS and LNT
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.
Alliant Energy (LNT) · Q3 2026
Alliant Energy, Q3 2026: revenue $1.3B (+6% year over year), operating margin 30.3%, net earnings $398M, operating cash flow $428M. The chart follows the revenue to costs, profit and cash.
| CMS Energy (CMS) | Alliant Energy (LNT) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $2.2B | $1.3B |
| Revenue growth, Y/Y | +8% | +6% |
| Operating margin | 2.2% | 30.3% |
| Net earnings | −$91.0M | $398M |
| Net margin | -4.2% | 31.0% |
| Operating cash flow | $471M | $428M |
| Market value | $21.7B | $18.8B |
| P/E | 41.5× | 22.9× |
| Analysts’ mean target | $73.85 | $76.65 |
Where the revenue comes from
CMS Energy
- Utility Revenue: $2.0B (93%)
- Other: $138M (6%)
- Other revenues: $13.0M (1%)
Alliant Energy
- IPL: $664M (52%)
- WPL: $595M (46%)
- Non-Utility and Other: $26.0M (2%)
Questions
Which is bigger, CMS Energy or Alliant Energy?
CMS Energy is the larger company: $2.2B of revenue in its latest quarter (Q3 2026) against $1.3B for Alliant Energy (Q3 2026).
Is CMS Energy or Alliant Energy growing faster?
CMS Energy is growing faster (+8% against +6% a year earlier).
Which is more profitable, CMS Energy or Alliant Energy?
Alliant Energy is more profitable, with an operating margin of 30.3% against 2.2%.
More: CMS Energy earnings · how CMS Energy makes money · Alliant Energy earnings · how Alliant Energy makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 27, 2026; 10-Q filed Oct 30, 2026). Fiscal quarters can end on different dates. Not investment advice.