Recent CMS Energy shows a gross margin of 40.8%, an operating margin of 19.8%, an EBITDA margin of 41.7%, and a net margin of 9.7%. Operating margin headed the decline across the available margins, falling by 7 percentage points.
CMS margin history
Over the last 3 years, CMS Energy's margins averaged 41.28% gross, 24.98% operating, 46.17% EBITDA, and 12.53% net. Each of the four current margins is below its three-year average.
CMS margin expansion
All available margins contracted year over year, led by operating margin with a decline of 7 percentage points.
CMS Gross margin
The average gross margin for CMS Energy was 41.28% over the last 3 years. CMS Energy's current gross margin is 40.8% and is 0.5 percentage points below its three-year average. The gross margin for CMS Energy moved between 38.4% in Dec 2023 and 42.7% in Dec 2024.
CMS Operating margin
CMS Energy's operating margin averaged 24.98% over the last 3 years. CMS Energy currently reports an operating margin of 19.8%, 5.2 percentage points below its three-year average. Over the last 3 years, CMS Energy's operating margin peaked at 26.8% in Sep 2025 and reached a low of 19.8% in Sep 2026.
CMS EBITDA margin
Across the last 3 years, CMS Energy recorded an average EBITDA margin of 46.17%. CMS Energy's current EBITDA margin is 41.7% and is 4.5 percentage points below its three-year average. The highest EBITDA margin for CMS Energy was 48.6% in Sep 2024, while the lowest was 41.7% in Sep 2026.
CMS Net margin
Looking back over the last 3 years, CMS Energy recorded an average net margin of 12.53%. The latest net margin for CMS Energy is 9.7%, 2.8 percentage points below its three-year average. The highest net margin for CMS Energy was 14% in Sep 2024, while the lowest was 9.7% in Sep 2026.
CMS margin group comparison
With a gross margin of 40.8%, CMS ranks higher than its peers average but lower than the Utilities sector and the industry average. In comparison with the Utilities sector average of 43.2%, CMS Energy's gross margin is 6% lower.
CMS margin peer comparison
Frequently asked questions
What is CMS Energy's gross margin?
As of Sep 30, 2026, CMS has a gross margin of 40.8%.
What is CMS Energy's operating margin?
For the period ending Sep 30, 2026, CMS recorded an operating margin of 19.8%.
What is CMS Energy's EBITDA margin?
For the period ending Sep 30, 2026, CMS recorded an EBITDA margin of 41.7%.
What is CMS Energy's net margin?
As of Sep 30, 2026, CMS has a net margin of 9.7%.
What are the average margins of CMS?
Over the past 3 years, CMS reported average margins of 41.3% gross, 25.0% operating, 46.2% EBITDA, and 12.5% net.
What are the highest historical margins of CMS?
Over the last 5 years, CMS Energy's highest margins were 42.7% gross in Dec 2024, 26.8% operating in Sep 2025, 48.6% EBITDA in Sep 2024, and 18.5% net in Dec 2021.
What are the lowest historical margins of CMS?
In the last 5 years, the lowest margins reported by CMS were 31% gross in Mar 2023, 17.7% operating in Mar 2023, 33.7% EBITDA in Mar 2023, and 8.1% net in Mar 2023.