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Side-by-side financial comparison of CMS Energy (CMS) and RXO, Inc. (RXO). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.5B, roughly 1.5× RXO, Inc.). CMS Energy runs the higher net margin — 13.5% vs -3.1%, a 16.7% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs -11.9%). Over the past eight quarters, RXO, Inc.'s revenue compounded faster (26.8% 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.
RXO, Inc. is a leading transportation and logistics solutions provider headquartered in the United States. Its core service portfolio includes freight brokerage, last-mile delivery for heavy and bulky goods, managed transportation services, and end-to-end supply chain optimization support, primarily catering to clients across the North American manufacturing, retail, and e-commerce segments.
CMS vs RXO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.5B |
| Net Profit | $289.0M | $-46.0M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | -2.9% |
| Net Margin | 13.5% | -3.1% |
| Revenue YoY | 13.0% | -11.9% |
| Net Profit YoY | 9.1% | -84.0% |
| EPS (diluted) | $0.94 | $-0.28 |
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.
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.0B | $1.4B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $2.4B | $1.4B | ||
| Q4 24 | $1.9B | $1.7B | ||
| Q3 24 | $1.7B | $1.0B | ||
| Q2 24 | $1.6B | $930.0M | ||
| Q1 24 | $2.1B | $913.0M |
| Q4 25 | $289.0M | $-46.0M | ||
| Q3 25 | $277.0M | $-14.0M | ||
| Q2 25 | $201.0M | $-9.0M | ||
| Q1 25 | $304.0M | $-31.0M | ||
| Q4 24 | $265.0M | $-25.0M | ||
| Q3 24 | $253.0M | $-243.0M | ||
| Q2 24 | $198.0M | $-7.0M | ||
| Q1 24 | $287.0M | $-15.0M |
| Q4 25 | 20.4% | -2.9% | ||
| Q3 25 | 24.4% | -0.5% | ||
| Q2 25 | 17.6% | — | ||
| Q1 25 | 20.6% | -2.1% | ||
| Q4 24 | 22.5% | -1.4% | ||
| Q3 24 | 21.4% | -1.9% | ||
| Q2 24 | 18.0% | — | ||
| Q1 24 | 19.2% | -1.3% |
| Q4 25 | 13.5% | -3.1% | ||
| Q3 25 | 14.0% | -1.0% | ||
| Q2 25 | 11.2% | -0.6% | ||
| Q1 25 | 12.7% | -2.2% | ||
| Q4 24 | 14.0% | -1.5% | ||
| Q3 24 | 14.8% | -23.4% | ||
| Q2 24 | 12.6% | -0.8% | ||
| Q1 24 | 13.4% | -1.6% |
| Q4 25 | $0.94 | $-0.28 | ||
| Q3 25 | $0.92 | $-0.08 | ||
| Q2 25 | $0.66 | $-0.05 | ||
| Q1 25 | $1.01 | $-0.18 | ||
| Q4 24 | $0.88 | $-0.17 | ||
| Q3 24 | $0.84 | $-1.81 | ||
| Q2 24 | $0.65 | $-0.06 | ||
| Q1 24 | $0.96 | $-0.13 |
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 | $17.0M |
| Total DebtLower is stronger | — | $387.0M |
| Stockholders' EquityBook value | $9.1B | $1.5B |
| Total Assets | $39.9B | $3.3B |
| Debt / EquityLower = less leverage | — | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $17.0M | ||
| Q3 25 | $362.0M | $25.0M | ||
| Q2 25 | $844.0M | $18.0M | ||
| Q1 25 | $465.0M | $16.0M | ||
| Q4 24 | $103.0M | $35.0M | ||
| Q3 24 | $412.0M | $55.0M | ||
| Q2 24 | $699.0M | $7.0M | ||
| Q1 24 | $802.0M | $7.0M |
| Q4 25 | — | $387.0M | ||
| Q3 25 | — | $387.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | — | $387.0M | ||
| Q4 24 | — | $351.0M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $351.0M |
| Q4 25 | $9.1B | $1.5B | ||
| Q3 25 | $8.9B | $1.6B | ||
| Q2 25 | $8.4B | $1.6B | ||
| Q1 25 | $8.3B | $1.6B | ||
| Q4 24 | $8.2B | $1.6B | ||
| Q3 24 | $8.1B | $1.7B | ||
| Q2 24 | $8.0B | $579.0M | ||
| Q1 24 | $7.9B | $582.0M |
| Q4 25 | $39.9B | $3.3B | ||
| Q3 25 | $38.0B | $3.2B | ||
| Q2 25 | $37.7B | $3.2B | ||
| Q1 25 | $36.3B | $3.3B | ||
| Q4 24 | $35.9B | $3.4B | ||
| Q3 24 | $34.8B | $3.4B | ||
| Q2 24 | $34.4B | $1.8B | ||
| Q1 24 | $33.9B | $1.8B |
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $7.0M |
| Free Cash FlowOCF − Capex | — | $-9.0M |
| FCF MarginFCF / Revenue | — | -0.6% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | 1.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-8.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $7.0M | ||
| Q3 25 | $343.0M | $23.0M | ||
| Q2 25 | $414.0M | $23.0M | ||
| Q1 25 | $1.0B | $-2.0M | ||
| Q4 24 | $403.0M | $-7.0M | ||
| Q3 24 | $304.0M | $-7.0M | ||
| Q2 24 | $707.0M | $-5.0M | ||
| Q1 24 | $956.0M | $7.0M |
| Q4 25 | — | $-9.0M | ||
| Q3 25 | $-635.0M | $9.0M | ||
| Q2 25 | $-470.0M | $9.0M | ||
| Q1 25 | $112.0M | $-17.0M | ||
| Q4 24 | — | $-19.0M | ||
| Q3 24 | $-502.0M | $-18.0M | ||
| Q2 24 | $26.0M | $-16.0M | ||
| Q1 24 | $343.0M | $-4.0M |
| Q4 25 | — | -0.6% | ||
| Q3 25 | -32.2% | 0.6% | ||
| Q2 25 | -26.1% | 0.6% | ||
| Q1 25 | 4.7% | -1.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | -29.3% | -1.7% | ||
| Q2 24 | 1.6% | -1.7% | ||
| Q1 24 | 16.0% | -0.4% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | 49.5% | 1.0% | ||
| Q2 25 | 49.2% | 1.0% | ||
| Q1 25 | 37.0% | 1.0% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | 47.1% | 1.1% | ||
| Q2 24 | 43.2% | 1.2% | ||
| Q1 24 | 28.6% | 1.2% |
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | — | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | 3.29× | — | ||
| Q4 24 | 1.52× | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 3.57× | — | ||
| Q1 24 | 3.33× | — |
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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
