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Side-by-side financial comparison of CMS Energy (CMS) and Quest Diagnostics (DGX). Click either name above to swap in a different company.
Quest Diagnostics is the larger business by last-quarter revenue ($2.9B vs $2.1B, roughly 1.4× CMS Energy). CMS Energy runs the higher net margin — 13.5% vs 9.7%, a 3.8% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 9.2%). Over the past eight quarters, Quest Diagnostics's revenue compounded faster (9.9% CAGR vs -0.2%).
CMS Energy Corporation is an American energy company based in Jackson, Michigan, that is focused principally on utility operations in Michigan. Its principal business is Consumers Energy, a public utility that provides electricity and natural gas to more than 6 million of Michigan's 10 million residents. Its non-utility businesses are focused primarily on domestic independent power production. Consumers Energy has operated since 1886.
Quest Diagnostics Incorporated is an American clinical laboratory. A Fortune 500 company, Quest operates in the United States, Puerto Rico, Mexico, and Brazil. Quest also maintains collaborative agreements with various hospitals and clinics across the globe.
CMS vs DGX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.9B |
| Net Profit | $289.0M | $281.0M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 15.4% |
| Net Margin | 13.5% | 9.7% |
| Revenue YoY | 13.0% | 9.2% |
| Net Profit YoY | 9.1% | 12.0% |
| EPS (diluted) | $0.94 | $2.24 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $2.9B | ||
| Q4 25 | $2.1B | $2.8B | ||
| Q3 25 | $2.0B | $2.8B | ||
| Q2 25 | $1.8B | $2.8B | ||
| Q1 25 | $2.4B | $2.7B | ||
| Q4 24 | $1.9B | $2.6B | ||
| Q3 24 | $1.7B | $2.5B | ||
| Q2 24 | $1.6B | $2.4B |
| Q1 26 | — | $281.0M | ||
| Q4 25 | $289.0M | $245.0M | ||
| Q3 25 | $277.0M | $245.0M | ||
| Q2 25 | $201.0M | $282.0M | ||
| Q1 25 | $304.0M | $220.0M | ||
| Q4 24 | $265.0M | $222.0M | ||
| Q3 24 | $253.0M | $226.0M | ||
| Q2 24 | $198.0M | $229.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 32.4% | ||
| Q3 25 | — | 33.7% | ||
| Q2 25 | — | 34.2% | ||
| Q1 25 | — | 32.5% | ||
| Q4 24 | — | 32.7% | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 33.5% |
| Q1 26 | — | 15.4% | ||
| Q4 25 | 20.4% | 13.8% | ||
| Q3 25 | 24.4% | 13.7% | ||
| Q2 25 | 17.6% | 15.9% | ||
| Q1 25 | 20.6% | 13.0% | ||
| Q4 24 | 22.5% | 13.8% | ||
| Q3 24 | 21.4% | 13.3% | ||
| Q2 24 | 18.0% | 14.8% |
| Q1 26 | — | 9.7% | ||
| Q4 25 | 13.5% | 8.7% | ||
| Q3 25 | 14.0% | 8.7% | ||
| Q2 25 | 11.2% | 10.2% | ||
| Q1 25 | 12.7% | 8.3% | ||
| Q4 24 | 14.0% | 8.5% | ||
| Q3 24 | 14.8% | 9.1% | ||
| Q2 24 | 12.6% | 9.6% |
| Q1 26 | — | $2.24 | ||
| Q4 25 | $0.94 | $2.18 | ||
| Q3 25 | $0.92 | $2.16 | ||
| Q2 25 | $0.66 | $2.47 | ||
| Q1 25 | $1.01 | $1.94 | ||
| Q4 24 | $0.88 | $1.95 | ||
| Q3 24 | $0.84 | $1.99 | ||
| Q2 24 | $0.65 | $2.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $509.0M | $393.0M |
| Total DebtLower is stronger | — | $5.7B |
| Stockholders' EquityBook value | $9.1B | $7.7B |
| Total Assets | $39.9B | $16.7B |
| Debt / EquityLower = less leverage | — | 0.74× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $393.0M | ||
| Q4 25 | $509.0M | $420.0M | ||
| Q3 25 | $362.0M | $432.0M | ||
| Q2 25 | $844.0M | $319.0M | ||
| Q1 25 | $465.0M | $188.0M | ||
| Q4 24 | $103.0M | $549.0M | ||
| Q3 24 | $412.0M | $764.0M | ||
| Q2 24 | $699.0M | $271.0M |
| Q1 26 | — | $5.7B | ||
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $5.2B | ||
| Q2 25 | — | $5.2B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | — | $5.6B | ||
| Q3 24 | — | $5.6B | ||
| Q2 24 | — | $3.8B |
| Q1 26 | — | $7.7B | ||
| Q4 25 | $9.1B | $7.2B | ||
| Q3 25 | $8.9B | $7.3B | ||
| Q2 25 | $8.4B | $7.2B | ||
| Q1 25 | $8.3B | $6.9B | ||
| Q4 24 | $8.2B | $6.8B | ||
| Q3 24 | $8.1B | $6.8B | ||
| Q2 24 | $8.0B | $6.6B |
| Q1 26 | — | $16.7B | ||
| Q4 25 | $39.9B | $16.2B | ||
| Q3 25 | $38.0B | $16.2B | ||
| Q2 25 | $37.7B | $16.0B | ||
| Q1 25 | $36.3B | $15.8B | ||
| Q4 24 | $35.9B | $16.2B | ||
| Q3 24 | $34.8B | $16.1B | ||
| Q2 24 | $34.4B | $13.9B |
| Q1 26 | — | 0.74× | ||
| Q4 25 | — | 0.72× | ||
| Q3 25 | — | 0.71× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.85× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.83× | ||
| Q2 24 | — | 0.58× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $478.0M | $278.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 3.9% |
| Cash ConversionOCF / Net Profit | 1.65× | 0.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $278.0M | ||
| Q4 25 | $478.0M | $465.0M | ||
| Q3 25 | $343.0M | $563.0M | ||
| Q2 25 | $414.0M | $544.0M | ||
| Q1 25 | $1.0B | $314.0M | ||
| Q4 24 | $403.0M | $464.0M | ||
| Q3 24 | $304.0M | $356.0M | ||
| Q2 24 | $707.0M | $360.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $307.0M | ||
| Q3 25 | $-635.0M | $419.0M | ||
| Q2 25 | $-470.0M | $436.0M | ||
| Q1 25 | $112.0M | $197.0M | ||
| Q4 24 | — | $341.0M | ||
| Q3 24 | $-502.0M | $250.0M | ||
| Q2 24 | $26.0M | $268.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 10.9% | ||
| Q3 25 | -32.2% | 14.9% | ||
| Q2 25 | -26.1% | 15.8% | ||
| Q1 25 | 4.7% | 7.4% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | -29.3% | 10.0% | ||
| Q2 24 | 1.6% | 11.2% |
| Q1 26 | — | 3.9% | ||
| Q4 25 | — | 5.6% | ||
| Q3 25 | 49.5% | 5.1% | ||
| Q2 25 | 49.2% | 3.9% | ||
| Q1 25 | 37.0% | 4.4% | ||
| Q4 24 | — | 4.7% | ||
| Q3 24 | 47.1% | 4.3% | ||
| Q2 24 | 43.2% | 3.8% |
| Q1 26 | — | 0.99× | ||
| Q4 25 | 1.65× | 1.90× | ||
| Q3 25 | 1.24× | 2.30× | ||
| Q2 25 | 2.06× | 1.93× | ||
| Q1 25 | 3.29× | 1.43× | ||
| Q4 24 | 1.52× | 2.09× | ||
| Q3 24 | 1.20× | 1.58× | ||
| Q2 24 | 3.57× | 1.57× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CMS
| Electric Utility | $1.3B | 59% |
| Gas Utility | $803.0M | 38% |
| North Star Clean Energy | $77.0M | 4% |
DGX
Segment breakdown not available.
