CMS ENERGY CORP (CMS) closed fiscal year 2025 with a gross margin of 41.5 % and a net margin of 12.5 %.
CMS ENERGY CORP (CMS) closed fiscal year 2025 with a gross margin of 41.5 % and a net margin of 12.5 %. The same year shows an EBITDA margin of 35.5 % and an EBIT margin of 20.2 %. The free cash flow margin was -21.1 %. Against the previous year the gross margin moved −1.2 pp and the net margin −0.8 pp. Across the period the gross margin ranges between 32.1 % in 2022 and 42.7 % in 2024. The series covers 18 fiscal years, from 2008 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 32.13 % | 38.35 % | 42.70 % | 41.53 % |
| EBITDA margin (%) | 20.32 % | 20.44 % | 24.16 % | 23.82 % | 25.60 % | 26.96 % | 25.59 % | 29.86 % | 32.30 % | 33.71 % | 30.48 % | 31.76 % | 35.42 % | 30.84 % | 27.34 % | 32.36 % | 36.29 % | 35.52 % |
| EBIT margin (%) | 11.66 % | 11.25 % | 15.21 % | 15.42 % | 16.04 % | 17.39 % | 16.05 % | 18.25 % | 19.63 % | 20.33 % | 16.91 % | 16.83 % | 19.16 % | 15.64 % | 14.24 % | 16.55 % | 19.79 % | 20.22 % |
| Net margin (%) | 4.33 % | 3.69 % | 5.29 % | 6.38 % | 6.11 % | 6.88 % | 6.64 % | 8.10 % | 8.61 % | 6.99 % | 9.56 % | 10.27 % | 11.76 % | 18.46 % | 9.74 % | 11.89 % | 13.35 % | 12.54 % |
| FCF margin (%) | -3.45 % | 0.48 % | 2.15 % | 4.41 % | 0.22 % | 1.46 % | -1.34 % | 1.18 % | -0.67 % | 0.61 % | -5.40 % | -4.63 % | -16.13 % | -3.51 % | -17.67 % | -14.43 % | -10.75 % | -21.11 % |
