CMS Energy filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $9.0 billion, which rose 8.2% on the year before. That growth rate was down 1.7 percentage points on the rate a quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | 0.7% | 19.8% | 15.0% |
| FY25 Q1 | 5.9% | 20.2% | 14.8% |
| FY25 Q2 | 8.3% | 20.0% | 10.6% |
| FY25 Q3 | 11.0% | 20.7% | 10.5% |
| FY25 Q4 | 13.6% | 20.2% | 10.9% |
| FY26 Q1 | 13.3% | 19.5% | 6.9% |
| FY26 Q2 | 9.9% | 18.9% | 9.1% |
| FY26 Q3 | 8.2% | 13.8% | 10.2% |
What stands out in the filings
Net income fell 16.7% over the year while free cash flow rose 5.3%, indicating that reported profit and cash are moving at different speeds. Revenue grew 8.2% but the operating margin fell 6.9 percentage points, showing that sales are rising faster than profit.
What the company earns
The company is selling more but keeping less of each sale. The trailing operating margin was 13.8%, down 6.9 percentage points from a year earlier. The trailing net margin was 9.7%. Net income over the twelve months was $872.0 million, which fell 16.7% on the year before.
The cash picture
More cash came in than a year earlier. Operating cash flow over the twelve months was $2.3 billion, up 5.4% on the year before. Capital spending, estimated from depreciation because the company no longer reports it in a standard form, was about $1.4 billion. At the same time, free cash flow, operating cash flow less that estimate, was about $916.0 million.
The share base
The share count is rising, so each share claims a smaller slice of the profit. The average diluted share count rose 3.3% over the year.
How today compares
In the context of past results: today’s free-cash-flow margin of 10.2% is higher than 85% of the company’s own past quarterly readings, which have ranged from −17.7% to 15.4%. Today’s operating margin of 13.8% is higher than 6% of past readings (12.0% to 20.7%). Today’s twelve-month revenue growth rate of 8.2% is higher than 74% of past readings (−13.5% to 18.9%).
Guidance
The company kept its 2026 guidance for adjusted earnings per share at $3.83 to $3.90. The company kept its 2027 guidance for adjusted earnings per share at $4.08 to $4.17.
What it means for value
For valuation, the figures matter through our model. In our model, growth 5 percentage points lower would lower the value by 55.2%, and 5 percentage points higher would raise it by 71.9%. A free-cash-flow margin 1 percentage point lower would lower it by 12.7%.
Next to watch
The next filing will show whether the trends above continue, slow or reverse.
