Electric Utility was Cms Energy’s largest segment in fiscal 2025, bringing in $5.64B of $8.54B (66%).
| Segment | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Electric Utility | $5.42B | $4.75B | $5.06B | $5.64B | ||||||
| Gas Utility | $2.73B | $2.42B | $2.14B | $2.49B | ||||||
| Northstar Clean Energy | $445.00M | $297.00M | $316.00M | $408.00M | ||||||
| Enterprises | — | — | — | — | ||||||
| Enerbank | — | — | — | — | ||||||
| Other Reconciling Items | — | — | — | — | ||||||
| Total | $8.60B | $7.46B | $7.52B | $8.54B |
Cms Energy brought in $8.54B from its three segments in fiscal 2025, the year ended December 31, 2025. That was up 13.6% from $7.52B in fiscal 2024. Electric Utility was the largest at $5.64B (66.0%), ahead of Gas Utility at $2.49B (29.2%) and Northstar Clean Energy at $408.00M (4.8%).
Compared with fiscal 2024, Northstar Clean Energy grew fastest, up 29.1% to $408.00M. Every segment above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these segments fell from $8.60B to $8.54B, a compound annual decline of 0.2%. Electric Utility's share of the total rose from 63.0% to 66.0%.
Electric Utility was Cms Energy’s largest segment in fiscal 2015, bringing in $4.25B of $6.46B (66%).
| Statement, Operating Activities Segment | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 |
|---|---|---|---|---|---|---|---|
| Electric Utility | $4.03B | $4.17B | $4.44B | $4.25B | |||
| Gas Utility | $1.98B | $2.15B | $2.36B | $1.92B | |||
| Enterprises | $183.00M | $181.00M | $299.00M | $190.00M | |||
| Other Reconciling Items | — | — | — | $101.00M | |||
| Other | $57.00M | $64.00M | $81.00M | — | |||
| Total | $6.25B | $6.57B | $7.18B | $6.46B |
Cms Energy brought in $6.46B 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 $7.18B. Electric Utility was the largest at $4.25B (65.8%), ahead of Gas Utility at $1.92B (29.7%) and Enterprises at $190.00M (2.9%). The remaining segment, Other Reconciling Items, brought in $101.00M.
Compared with fiscal 2014, every segment above 2% of revenue shrank. Electric Utility held up best, down 4.2% to $4.25B, and Enterprises fell the most, down 36.5% to $190.00M.
Cms Energy began breaking out Other Reconciling Items in fiscal 2015, when it brought in $101.00M. Cms Energy stopped reporting Other as a separate segment after fiscal 2014, when it brought in $81.00M.
Cms Energy (CMS) reports its revenue by segment and by statement, operating activities segment. In fiscal 2025, Electric Utility was its largest segment, bringing in $5.64B (66.0% of the total), followed by Gas Utility at $2.49B (29.2%).
Electric Utility was Cms Energy's largest segment in fiscal 2025, bringing in $5.64B, or 66.0% of the $8.54B total across its three segments.
Among Cms Energy's segments that make up at least 2% of revenue, Northstar Clean Energy grew fastest in fiscal 2025, up 29.1% from $316.00M to $408.00M.
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 segment goes back to fiscal 2016, 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.