Commercial was Cms Energy’s largest product and service line in fiscal 2025, bringing in $30.20B of $53.21B (57%).
| Product and Service | FY 2018 | FY 2019 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|
| Commercial | $28.18B | $25.12B | $17.88B | $30.20B | ||
| Residential | $13.15B | $11.33B | $16.23B | $11.91B | ||
| Industrial | $5.54B | $4.62B | $9.73B | $6.20B | ||
| Other | $6.31B | $4.94B | $6.03B | $4.91B | ||
| Total | $53.18B | $46.02B | $49.86B | $53.21B |
Cms Energy brought in $53.21B from its four product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 6.7% from $49.86B in fiscal 2024. Commercial was the largest at $30.20B (56.7%), ahead of Residential at $11.91B (22.4%) and Industrial at $6.20B (11.7%). The remaining line, Other, brought in $4.91B.
Compared with fiscal 2024, Commercial grew fastest, up 68.9% to $30.20B, while Industrial fell the most, down 36.3% to $6.20B. From fiscal 2022 to 2025, combined revenue from these lines grew from $53.18B to $53.21B, a compound annual growth rate of 0.0%. Commercial's share of the total rose from 53.0% to 56.7%.
Electric Utility was Cms Energy’s largest segment in fiscal 2025, bringing in $18.63B of $37.72B (49%).
| Statement Business Segments | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Electric Utility | $12.13B | $10.85B | $16.23B | $18.63B | ||||
| Gas Utility | $19.04B | $16.76B | $14.80B | $17.28B | ||||
| Northstar Clean Energy | $1.44B | $1.27B | — | $1.81B | ||||
| Enterprises | — | — | — | — | ||||
| Enerbank | — | — | — | — | ||||
| Total | $32.61B | $28.88B | $31.02B | $37.72B |
Cms Energy brought in $37.72B from its three segments in fiscal 2025, the year ended December 31, 2025. That is less than the $53.21B it reports by product and service, so these segments do not cover all of its revenue. Electric Utility was the largest at $18.63B (49.4%), ahead of Gas Utility at $17.28B (45.8%) and Northstar Clean Energy at $1.81B (4.8%).
Compared with fiscal 2024, Gas Utility grew 16.7% to $17.28B and Electric Utility grew 14.8% to $18.63B. Some of that change comes from Cms Energy regrouping its segments.
Electric Utility was Cms Energy’s largest segment in fiscal 2015, bringing in $29.74B of $45.19B (66%).
| Statement, Operating Activities Segment | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 |
|---|---|---|---|---|---|---|---|
| Electric Utility | $28.22B | $29.21B | $31.05B | $29.74B | |||
| Gas Utility | $13.87B | $15.04B | $16.54B | $13.41B | |||
| Enterprises | $1.28B | $1.27B | $2.09B | $1.33B | |||
| Other Reconciling Items | — | — | — | $707.00M | |||
| Other | $399.00M | $448.00M | $567.00M | — | |||
| Total | $43.77B | $45.96B | $50.25B | $45.19B |
Cms Energy brought in $45.19B from its four segments in fiscal 2015, the year ended December 31, 2015. Cms Energy regrouped these segments after fiscal 2014, so the total does not compare directly with that year's $50.25B. Electric Utility was the largest at $29.74B (65.8%), ahead of Gas Utility at $13.41B (29.7%) and Enterprises at $1.33B (2.9%). The remaining segment, Other Reconciling Items, brought in $707.00M.
Compared with fiscal 2014, every segment above 2% of revenue shrank. Electric Utility held up best, down 4.2% to $29.74B, and Enterprises fell the most, down 36.5% to $1.33B.
Cms Energy began breaking out Other Reconciling Items in fiscal 2015, when it brought in $707.00M. Cms Energy stopped reporting Other as a separate segment after fiscal 2014, when it brought in $567.00M.
Cms Energy (CMS) reports its revenue by product and service, by statement business segments and by statement, operating activities segment. In fiscal 2025, Commercial was its largest product and service line, bringing in $30.20B (56.7% of the total), followed by Residential at $11.91B (22.4%).
Commercial was Cms Energy's largest product and service line in fiscal 2025, bringing in $30.20B, or 56.7% of the $53.21B total across its four product and service lines.
Electric Utility was Cms Energy's largest segment in fiscal 2025, bringing in $18.63B, or 49.4% of the $37.72B total across its three segments.
Among Cms Energy's product and service lines that make up at least 2% of revenue, Commercial grew fastest in fiscal 2025, up 68.9% from $17.88B to $30.20B.
Every figure comes from Cms Energy's annual financial filings, as reported. Each line keeps the name Cms Energy gives it, and years follow its fiscal calendar.
Cms Energy's revenue by product and service goes back to fiscal 2018, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.