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Side-by-side financial comparison of CMS Energy (CMS) and Royal Caribbean Group (RCL). Click either name above to swap in a different company.
Royal Caribbean Group is the larger business by last-quarter revenue ($4.5B vs $2.1B, roughly 2.1× CMS Energy). Royal Caribbean Group runs the higher net margin — 21.3% vs 13.5%, a 7.8% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 11.3%). Over the past eight quarters, Royal Caribbean Group's revenue compounded faster (4.1% 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.
Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd ...
CMS vs RCL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $4.5B |
| Net Profit | $289.0M | $950.0M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 26.1% |
| Net Margin | 13.5% | 21.3% |
| Revenue YoY | 13.0% | 11.3% |
| Net Profit YoY | 9.1% | 29.1% |
| EPS (diluted) | $0.94 | $3.48 |
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 | — | $4.5B | ||
| Q4 25 | $2.1B | $4.3B | ||
| Q3 25 | $2.0B | $5.1B | ||
| Q2 25 | $1.8B | $4.5B | ||
| Q1 25 | $2.4B | $4.0B | ||
| Q4 24 | $1.9B | $3.8B | ||
| Q3 24 | $1.7B | $4.9B | ||
| Q2 24 | $1.6B | $4.1B |
| Q1 26 | — | $950.0M | ||
| Q4 25 | $289.0M | $753.0M | ||
| Q3 25 | $277.0M | $1.6B | ||
| Q2 25 | $201.0M | $1.2B | ||
| Q1 25 | $304.0M | $730.0M | ||
| Q4 24 | $265.0M | $552.0M | ||
| Q3 24 | $253.0M | $1.1B | ||
| Q2 24 | $198.0M | $854.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
| Q1 26 | — | 26.1% | ||
| Q4 25 | 20.4% | 21.9% | ||
| Q3 25 | 24.4% | 33.1% | ||
| Q2 25 | 17.6% | 29.3% | ||
| Q1 25 | 20.6% | 23.6% | ||
| Q4 24 | 22.5% | 16.6% | ||
| Q3 24 | 21.4% | 33.4% | ||
| Q2 24 | 18.0% | 26.7% |
| Q1 26 | — | 21.3% | ||
| Q4 25 | 13.5% | 17.7% | ||
| Q3 25 | 14.0% | 30.6% | ||
| Q2 25 | 11.2% | 26.7% | ||
| Q1 25 | 12.7% | 18.3% | ||
| Q4 24 | 14.0% | 14.7% | ||
| Q3 24 | 14.8% | 22.7% | ||
| Q2 24 | 12.6% | 20.8% |
| Q1 26 | — | $3.48 | ||
| Q4 25 | $0.94 | $2.76 | ||
| Q3 25 | $0.92 | $5.74 | ||
| Q2 25 | $0.66 | $4.41 | ||
| Q1 25 | $1.01 | $2.70 | ||
| Q4 24 | $0.88 | $2.27 | ||
| Q3 24 | $0.84 | $4.21 | ||
| Q2 24 | $0.65 | $3.11 |
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 | $512.0M |
| Total DebtLower is stronger | — | $21.1B |
| Stockholders' EquityBook value | $9.1B | $10.0B |
| Total Assets | $39.9B | $42.0B |
| Debt / EquityLower = less leverage | — | 2.11× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $512.0M | ||
| Q4 25 | $509.0M | $825.0M | ||
| Q3 25 | $362.0M | $432.0M | ||
| Q2 25 | $844.0M | $735.0M | ||
| Q1 25 | $465.0M | $386.0M | ||
| Q4 24 | $103.0M | $388.0M | ||
| Q3 24 | $412.0M | $418.0M | ||
| Q2 24 | $699.0M | $391.0M |
| Q1 26 | — | $21.1B | ||
| Q4 25 | — | $18.2B | ||
| Q3 25 | — | $17.2B | ||
| Q2 25 | — | $17.6B | ||
| Q1 25 | — | $18.0B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | — | $19.0B | ||
| Q2 24 | — | $19.8B |
| Q1 26 | — | $10.0B | ||
| Q4 25 | $9.1B | $10.0B | ||
| Q3 25 | $8.9B | $10.1B | ||
| Q2 25 | $8.4B | $9.2B | ||
| Q1 25 | $8.3B | $8.0B | ||
| Q4 24 | $8.2B | $7.6B | ||
| Q3 24 | $8.1B | $7.0B | ||
| Q2 24 | $8.0B | $6.0B |
| Q1 26 | — | $42.0B | ||
| Q4 25 | $39.9B | $41.6B | ||
| Q3 25 | $38.0B | $40.1B | ||
| Q2 25 | $37.7B | $38.5B | ||
| Q1 25 | $36.3B | $37.5B | ||
| Q4 24 | $35.9B | $37.1B | ||
| Q3 24 | $34.8B | $37.1B | ||
| Q2 24 | $34.4B | $37.0B |
| Q1 26 | — | 2.11× | ||
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 3.29× |
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 | $1.8B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.65× | 1.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.8B | ||
| Q4 25 | $478.0M | $1.6B | ||
| Q3 25 | $343.0M | $1.5B | ||
| Q2 25 | $414.0M | $1.7B | ||
| Q1 25 | $1.0B | $1.6B | ||
| Q4 24 | $403.0M | $1.5B | ||
| Q3 24 | $304.0M | $897.0M | ||
| Q2 24 | $707.0M | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $116.0M | ||
| Q3 25 | $-635.0M | $-989.0M | ||
| Q2 25 | $-470.0M | $910.0M | ||
| Q1 25 | $112.0M | $1.2B | ||
| Q4 24 | — | $915.0M | ||
| Q3 24 | $-502.0M | $563.0M | ||
| Q2 24 | $26.0M | $-567.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | -32.2% | -19.2% | ||
| Q2 25 | -26.1% | 20.1% | ||
| Q1 25 | 4.7% | 30.0% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | -29.3% | 11.5% | ||
| Q2 24 | 1.6% | -13.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 35.4% | ||
| Q3 25 | 49.5% | 47.8% | ||
| Q2 25 | 49.2% | 18.4% | ||
| Q1 25 | 37.0% | 10.7% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | 47.1% | 6.8% | ||
| Q2 24 | 43.2% | 52.1% |
| Q1 26 | — | 1.93× | ||
| Q4 25 | 1.65× | 2.16× | ||
| Q3 25 | 1.24× | 0.93× | ||
| Q2 25 | 2.06× | 1.44× | ||
| Q1 25 | 3.29× | 2.23× | ||
| Q4 24 | 1.52× | 2.66× | ||
| Q3 24 | 1.20× | 0.81× | ||
| Q2 24 | 3.57× | 1.84× |
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% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
