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CMS Energy vs NiSource: CMS and NI compared
CMS Energy is the larger company: $2.2B of revenue in its latest quarter (Q3 2026) against $1.3B for NiSource (Q3 2026). CMS Energy is growing faster (+8% against +5% a year earlier). NiSource is more profitable, with an operating margin of 26.2% against 2.2%.
Where the money goes: CMS and NI
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.
NiSource (NI) · Q3 2026
NiSource, Q3 2026: revenue $1.3B (+5% year over year), operating margin 26.2%, net earnings $130M, operating cash flow $547M. The chart follows the revenue to costs, profit and cash.
| CMS Energy (CMS) | NiSource (NI) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $2.2B | $1.3B |
| Revenue growth, Y/Y | +8% | +5% |
| Operating margin | 2.2% | 26.2% |
| Net earnings | −$91.0M | $130M |
| Net margin | -4.2% | 10.0% |
| Operating cash flow | $471M | $547M |
| Market value | $21.7B | $21.3B |
| P/E | 41.5× | 22.7× |
| Analysts’ mean target | $73.85 | $48.22 |
Where the revenue comes from
CMS Energy
- Utility Revenue: $2.0B (93%)
- Other: $138M (6%)
- Other revenues: $13.0M (1%)
NiSource
- NIPSCO Operations: $796M (61%)
- Columbia Operations: $493M (38%)
- Corporate Segment: $10.5M (1%)
- NIPSCO: $1.6M (0%)
Questions
Which is bigger, CMS Energy or NiSource?
CMS Energy is the larger company: $2.2B of revenue in its latest quarter (Q3 2026) against $1.3B for NiSource (Q3 2026).
Is CMS Energy or NiSource growing faster?
CMS Energy is growing faster (+8% against +5% a year earlier).
Which is more profitable, CMS Energy or NiSource?
NiSource is more profitable, with an operating margin of 26.2% against 2.2%.
More: CMS Energy earnings · how CMS Energy makes money · NiSource earnings · how NiSource makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 27, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.