CMS Energy Corporation
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of CMS Energy Corporation (CMS). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Electric Utility | $4.35B 69.7% | $4.92B 69.5% · +13.0% | $5.40B 64.8% · +9.8% | $4.69B 64.5% · -13.1% | $5.00B 68.2% · +6.6% | $5.58B 67.2% · +11.7% |
| Gas Utility | $1.81B 29.0% | $2.05B 28.9% · +13.1% | $2.72B 32.7% · +32.9% | $2.39B 33.0% · -12.0% | $2.11B 28.9% · -11.7% | $2.47B 29.7% · +16.7% |
| NorthStar Clean Energy | $81.0M 1.3% | $114.0M 1.6% · +40.7% | $205.0M 2.5% · +79.8% | $181.0M 2.5% · -11.7% | $211.0M 2.9% · +16.6% | $259.0M 3.1% · +22.7% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Electric Utility | – | – | $789.0M 14.6% | $772.0M 16.5% | $982.0M 19.7% | $1.10B 19.7% |
| Gas Utility | – | – | $446.0M 16.4% | $498.0M 20.8% | $534.0M 25.3% | $671.0M 27.2% |
| NorthStar Clean Energy | – | – | $2.0M 1.0% | -$19.0M -10.5% | -$10.0M -4.7% | -$28.0M -10.8% |
Large figure: segment operating income. Below it the margin, that is operating income measured against the revenue of the same segment.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 10, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.