Recent CMS Energy shows a gross margin of 40.3%, an operating margin of 25%, an EBITDA margin of 45%, and a net margin of 11.6%. Gross margin headed the decline across the available margins, falling by 1.8 percentage points.
CMS margin history
Over the last 3 years, CMS Energy's margins averaged 40.77% gross, 24.98% operating, 45.97% EBITDA, and 12.52% net. For CMS Energy, operating margin is above its three-year average, while gross, EBITDA, and net margins are below their three-year averages.
CMS margin expansion
All available margins contracted year over year, led by gross margin with a decline of 1.8 percentage points.
CMS Gross margin
The average gross margin for CMS Energy was 40.77% over the last 3 years. CMS Energy's current gross margin is 40.3% and is 0.5 percentage points below its three-year average. The gross margin for CMS Energy moved between 34.7% in Sep 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 25%, 0 percentage points above 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 19.7% in Sep 2023.
CMS EBITDA margin
Across the last 3 years, CMS Energy recorded an average EBITDA margin of 45.97%. CMS Energy's current EBITDA margin is 45% and is 1 percentage points below its three-year average. The highest EBITDA margin for CMS Energy was 48.6% in Sep 2024, while the lowest was 39.3% in Sep 2023.
CMS Net margin
Looking back over the last 3 years, CMS Energy recorded an average net margin of 12.52%. The latest net margin for CMS Energy is 11.6%, 0.9 percentage points below its three-year average. The highest net margin for CMS Energy was 14% in Sep 2024, while the lowest was 9.6% in Sep 2023.
CMS margin group comparison
With a gross margin of 40.3%, CMS ranks lower than the Utilities sector, the industry and its peers average. In comparison with the Utilities sector average of 42.8%, CMS Energy's gross margin is 6% lower.
CMS margin peer comparison
Frequently asked questions
What is CMS Energy's gross margin?
As of Jun 30, 2026, CMS has a gross margin of 40.3%.
What is CMS Energy's operating margin?
For the period ending Jun 30, 2026, CMS recorded an operating margin of 25%.
What is CMS Energy's EBITDA margin?
For the period ending Jun 30, 2026, CMS recorded an EBITDA margin of 45%.
What is CMS Energy's net margin?
As of Jun 30, 2026, CMS has a net margin of 11.6%.
What are the average margins of CMS?
Over the past 3 years, CMS reported average margins of 40.8% gross, 25.0% operating, 46.0% 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.