CMS Energy Corporation (CMS) Revenue by Segment

CMS Energy revenue by segment at a glance

In Q2 fiscal 2026 (the quarter ended June 30, 2026), CMS Energy's largest business segment was Electric Utility, with $1.34 billion or 73% of revenue, down 1.5% from a year earlier. Next: Gas Utility (21%) and NorthStar Clean Energy (6%).

The fastest-growing business segment from a year earlier was NorthStar Clean Energy (+12.0%).

From company filings, in USD; latest quarter ended June 30, 2026; quarterly data from Q3 fiscal 2017.

CMS Energy Corporation

CMSUtilities

United States

Utilities

Revenue breakdown

Fiscal quarters, from company filings

Segments by quarter (USD)

Click a bar to see that period below. Striped bars are calculated fourth quarters; an empty slot means it could not be calculated on the same basis i

Electric UtilityGas UtilityNorthStar Clean EnergyEnterprisesCorporate and Reconciling ItemsEner Bank

Q2 FY26 breakdown

Fiscal quarter ended Jun 30, 2026

Item	Revenue	Share	vs year before
Electric Utility	USD 1.34B	73.2%	-1.5%
Gas Utility	USD 388.00M	21.2%	+0.3%
NorthStar Clean Energy	USD 103.00M	5.6%	+12.0%

Sum of items USD 1.83B. Shares are of the items shown. Click an item with › to see its parts.

Also reported by:

All periods

Every item and period in one grid. Purple = calculated; "–" = not available.

Item	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24	Q1 FY24	Q4 FY23	Q3 FY23	Q2 FY23	Q1 FY23	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q4 FY19	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY18	Q3 FY18	Q2 FY18	Q1 FY18	Q4 FY17	Q3 FY17
Electric Utility	1.3B	1.4B	1.3B	1.7B	1.4B	1.3B	1.3B	1.4B	1.2B	1.1B	1.2B	1.4B	1.1B	1.1B	1.3B	1.6B	1.3B	1.2B	1.2B	1.4B	1.2B	1.1B	1.1B	1.3B	1.0B	1.0B	1.0B	1.3B	1.0B	1.1B	1.1B	1.3B	1.1B	1.1B	–	1.2B
Gas Utility	388.0M	1.2B	823.0M	234.0M	387.0M	1.0B	653.0M	213.0M	307.0M	965.0M	700.0M	244.0M	357.0M	1.1B	921.0M	292.0M	477.0M	1.0B	702.0M	225.0M	333.0M	803.0M	600.0M	193.0M	308.0M	716.0M	601.0M	179.0M	307.0M	840.0M	631.0M	189.0M	306.0M	777.0M	–	190.0M
NorthStar Clean Energy	103.0M	118.0M	109.0M	108.0M	92.0M	99.0M	81.0M	82.0M	74.0M	79.0M	75.0M	78.0M	70.0M	74.0M	98.0M	138.0M	118.0M	91.0M	–	81.0M	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Enterprises	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	86.0M	–	65.0M	76.0M	62.0M	57.0M	52.0M	58.0M	22.0M	59.0M	58.0M	67.0M	71.0M	57.0M	61.0M	63.0M	–	58.0M
Corporate and Reconciling Items	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	46.0M	40.0M	36.0M	35.0M	–	32.0M
Ener Bank	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	58.0M	53.0M	49.0M	–	–	–	–	–	–

CMS Energy revenue by business segment, last 4 quarters

Business segment	Q2 FY26	Q1 FY26	Q3 FY25	Q2 FY25	Share
Electric Utility	$1.3B	$1.4B	$1.7B	$1.4B	73%
Gas Utility	$388.0M	$1.2B	$234.0M	$387.0M	21%
NorthStar Clean Energy	$103.0M	$118.0M	$108.0M	$92.0M	6%

In USD, fiscal quarters as reported; share = part of Q2 FY26 revenue.

Questions and answers

What are CMS Energy's business segments?

Electric Utility, Gas Utility and NorthStar Clean Energy (as reported for Q2 fiscal 2026).

Which business segment makes the most money for CMS Energy?

Electric Utility: $1.34 billion, or 73% of revenue, in Q2 fiscal 2026.

MoreCMS Energy stock overview CMS Energy financials CMS Energy executive team CMS Energy shareholders

Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.