Direct Answer
CMS Energy reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Electric Utility is the largest, with $5.6 billion of revenue (66% of the total), followed by Gas Utility at $2.5 billion (29%).
How Does CMS Energy Make Money?
Electric Utility supplies 66% of revenue, so CMS Energy's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, North Star Clean Energy grew fastest (+29.1%) and Electric Utility slowest (+11.4%), so the revenue mix tilts toward North Star Clean Energy while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Electric Utility | $5.6 billion | $5.1 billion | 66.0% | 11.4% |
| Gas Utility | $2.5 billion | $2.1 billion | 29.2% | 16.6% |
| North Star Clean Energy | $408 million | $316 million | 4.8% | 29.1% |
Which CMS Energy Segments Earn the Most?
| Segment | FY2025 segment operating income | Segment margin |
|---|---|---|
| Electric Utility | $1.1 billion | 19.5% |
| Gas Utility | $671 million | 26.9% |
| North Star Clean Energy | -$28 million | -6.9% |
Segment operating income is the profit measure CMS Energy reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within CMS Energy more safely than against another company.
What the Segment Figures Do Not Show
The rows above add up to 100% of CMS Energy's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value CMS Energy reported in the segment note and revenue disclosures of its Form 10-K filed February 10, 2026 (accession 0000811156-26-000004), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are CMS Energy's business segments?
In its fiscal 2025 Form 10-K, CMS Energy reports revenue for Electric Utility, Gas Utility and North Star Clean Energy.
Which part of CMS Energy brings in the most revenue?
Electric Utility, with $5.6 billion of revenue in fiscal 2025, or 66% of the total.
Where does CMS Energy report its segment results?
In the segment note to the financial statements in its Form 10-K, most recently filed February 10, 2026, alongside management's discussion of each segment's results.