vs
Side-by-side financial comparison of CMS Energy (CMS) and Digital Realty (DLR). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.6B, roughly 1.3× Digital Realty). CMS Energy runs the higher net margin — 13.5% vs 6.0%, a 7.5% gap on every dollar of revenue. On growth, Digital Realty posted the faster year-over-year revenue change (16.1% vs 13.0%). Over the past eight quarters, Digital Realty's revenue compounded faster (9.8% 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.
Digital Realty is a real estate investment trust that owns, operates and invests in carrier-neutral data centers across the world. The company offers data center, colocation, and interconnection services.
CMS vs DLR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.6B |
| Net Profit | $289.0M | $98.6M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 6.9% |
| Net Margin | 13.5% | 6.0% |
| Revenue YoY | 13.0% | 16.1% |
| Net Profit YoY | 9.1% | -10.3% |
| EPS (diluted) | $0.94 | $0.22 |
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 | — | $1.6B | ||
| Q4 25 | $2.1B | $1.6B | ||
| Q3 25 | $2.0B | $1.6B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $2.4B | $1.4B | ||
| Q4 24 | $1.9B | $1.4B | ||
| Q3 24 | $1.7B | $1.4B | ||
| Q2 24 | $1.6B | $1.4B |
| Q1 26 | — | $98.6M | ||
| Q4 25 | $289.0M | $98.6M | ||
| Q3 25 | $277.0M | $67.8M | ||
| Q2 25 | $201.0M | $1.0B | ||
| Q1 25 | $304.0M | $110.0M | ||
| Q4 24 | $265.0M | $189.6M | ||
| Q3 24 | $253.0M | $51.2M | ||
| Q2 24 | $198.0M | $80.2M |
| Q1 26 | — | 6.9% | ||
| Q4 25 | 20.4% | 6.9% | ||
| Q3 25 | 24.4% | 8.8% | ||
| Q2 25 | 17.6% | 14.2% | ||
| Q1 25 | 20.6% | 13.9% | ||
| Q4 24 | 22.5% | 10.1% | ||
| Q3 24 | 21.4% | 11.8% | ||
| Q2 24 | 18.0% | 0.7% |
| Q1 26 | — | 6.0% | ||
| Q4 25 | 13.5% | 6.0% | ||
| Q3 25 | 14.0% | 4.3% | ||
| Q2 25 | 11.2% | 69.1% | ||
| Q1 25 | 12.7% | 7.8% | ||
| Q4 24 | 14.0% | 13.2% | ||
| Q3 24 | 14.8% | 3.6% | ||
| Q2 24 | 12.6% | 5.9% |
| Q1 26 | — | $0.22 | ||
| Q4 25 | $0.94 | $0.22 | ||
| Q3 25 | $0.92 | $0.15 | ||
| Q2 25 | $0.66 | $2.94 | ||
| Q1 25 | $1.01 | $0.27 | ||
| Q4 24 | $0.88 | $0.50 | ||
| Q3 24 | $0.84 | $0.09 | ||
| Q2 24 | $0.65 | $0.20 |
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 | $3.5B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.1B | $22.9B |
| Total Assets | $39.9B | $49.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.5B | ||
| Q4 25 | $509.0M | $3.5B | ||
| Q3 25 | $362.0M | $3.3B | ||
| Q2 25 | $844.0M | $3.6B | ||
| Q1 25 | $465.0M | $2.3B | ||
| Q4 24 | $103.0M | $3.9B | ||
| Q3 24 | $412.0M | $2.2B | ||
| Q2 24 | $699.0M | $2.3B |
| Q1 26 | — | $22.9B | ||
| Q4 25 | $9.1B | $22.9B | ||
| Q3 25 | $8.9B | $23.0B | ||
| Q2 25 | $8.4B | $22.9B | ||
| Q1 25 | $8.3B | $21.3B | ||
| Q4 24 | $8.2B | $21.3B | ||
| Q3 24 | $8.1B | $21.2B | ||
| Q2 24 | $8.0B | $20.5B |
| Q1 26 | — | $49.4B | ||
| Q4 25 | $39.9B | $49.4B | ||
| Q3 25 | $38.0B | $48.7B | ||
| Q2 25 | $37.7B | $48.7B | ||
| Q1 25 | $36.3B | $45.1B | ||
| Q4 24 | $35.9B | $45.3B | ||
| Q3 24 | $34.8B | $45.3B | ||
| Q2 24 | $34.4B | $43.6B |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $478.0M | $719.0M | ||
| Q3 25 | $343.0M | $652.9M | ||
| Q2 25 | $414.0M | $641.2M | ||
| Q1 25 | $1.0B | $399.1M | ||
| Q4 24 | $403.0M | $769.5M | ||
| Q3 24 | $304.0M | $566.5M | ||
| Q2 24 | $707.0M | $573.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $-635.0M | — | ||
| Q2 25 | $-470.0M | — | ||
| Q1 25 | $112.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-502.0M | — | ||
| Q2 24 | $26.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | -32.2% | — | ||
| Q2 25 | -26.1% | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -29.3% | — | ||
| Q2 24 | 1.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 49.5% | — | ||
| Q2 25 | 49.2% | — | ||
| Q1 25 | 37.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 47.1% | — | ||
| Q2 24 | 43.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | 7.29× | ||
| Q3 25 | 1.24× | 9.63× | ||
| Q2 25 | 2.06× | 0.62× | ||
| Q1 25 | 3.29× | 3.63× | ||
| Q4 24 | 1.52× | 4.06× | ||
| Q3 24 | 1.20× | 11.07× | ||
| Q2 24 | 3.57× | 7.15× |
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% |
DLR
Segment breakdown not available.
