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Side-by-side financial comparison of CMS Energy (CMS) and Snowflake Inc. (SNOW). Click either name above to swap in a different company.
CMS Energy is the larger business by last-quarter revenue ($2.1B vs $1.2B, roughly 1.8× Snowflake Inc.). CMS Energy runs the higher net margin — 13.5% vs -24.2%, a 37.8% gap on every dollar of revenue. On growth, Snowflake Inc. posted the faster year-over-year revenue change (28.7% vs 13.0%). Over the past eight quarters, Snowflake Inc.'s revenue compounded faster (25.1% 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.
Snowflake Inc. is an American cloud-based data platform company founded in San Mateo, California, and headquartered in Bozeman, Montana. It operates a platform that supports data analysis and simultaneous access to data sets with minimal latency. It operates on Amazon Web Services, Microsoft Azure, and Google Cloud Platform.
CMS vs SNOW — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.2B |
| Net Profit | $289.0M | $-294.0M |
| Gross Margin | — | 67.8% |
| Operating Margin | 20.4% | -27.2% |
| Net Margin | 13.5% | -24.2% |
| Revenue YoY | 13.0% | 28.7% |
| Net Profit YoY | 9.1% | 9.4% |
| EPS (diluted) | $0.94 | $-0.87 |
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 | $1.2B | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $1.8B | $1.0B | ||
| Q1 25 | $2.4B | $986.8M | ||
| Q4 24 | $1.9B | $942.1M | ||
| Q3 24 | $1.7B | $868.8M | ||
| Q2 24 | $1.6B | $828.7M | ||
| Q1 24 | $2.1B | $774.7M |
| Q4 25 | $289.0M | $-294.0M | ||
| Q3 25 | $277.0M | $-298.0M | ||
| Q2 25 | $201.0M | $-430.1M | ||
| Q1 25 | $304.0M | $-327.5M | ||
| Q4 24 | $265.0M | $-324.3M | ||
| Q3 24 | $253.0M | $-316.9M | ||
| Q2 24 | $198.0M | $-317.0M | ||
| Q1 24 | $287.0M | $-169.4M |
| Q4 25 | — | 67.8% | ||
| Q3 25 | — | 67.5% | ||
| Q2 25 | — | 66.5% | ||
| Q1 25 | — | 66.2% | ||
| Q4 24 | — | 65.9% | ||
| Q3 24 | — | 66.8% | ||
| Q2 24 | — | 67.1% | ||
| Q1 24 | — | 68.8% |
| Q4 25 | 20.4% | -27.2% | ||
| Q3 25 | 24.4% | -29.7% | ||
| Q2 25 | 17.6% | -42.9% | ||
| Q1 25 | 20.6% | -39.2% | ||
| Q4 24 | 22.5% | -38.8% | ||
| Q3 24 | 21.4% | -40.9% | ||
| Q2 24 | 18.0% | -42.1% | ||
| Q1 24 | 19.2% | -35.6% |
| Q4 25 | 13.5% | -24.2% | ||
| Q3 25 | 14.0% | -26.0% | ||
| Q2 25 | 11.2% | -41.3% | ||
| Q1 25 | 12.7% | -33.2% | ||
| Q4 24 | 14.0% | -34.4% | ||
| Q3 24 | 14.8% | -36.5% | ||
| Q2 24 | 12.6% | -38.3% | ||
| Q1 24 | 13.4% | -21.9% |
| Q4 25 | $0.94 | $-0.87 | ||
| Q3 25 | $0.92 | $-0.89 | ||
| Q2 25 | $0.66 | $-1.29 | ||
| Q1 25 | $1.01 | $-0.98 | ||
| Q4 24 | $0.88 | $-0.98 | ||
| Q3 24 | $0.84 | $-0.95 | ||
| Q2 24 | $0.65 | $-0.95 | ||
| Q1 24 | $0.96 | $-0.51 |
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 | $1.9B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.1B | $2.1B |
| Total Assets | $39.9B | $8.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $1.9B | ||
| Q3 25 | $362.0M | $1.9B | ||
| Q2 25 | $844.0M | $2.2B | ||
| Q1 25 | $465.0M | $2.6B | ||
| Q4 24 | $103.0M | $2.1B | ||
| Q3 24 | $412.0M | $1.3B | ||
| Q2 24 | $699.0M | $1.3B | ||
| Q1 24 | $802.0M | $1.8B |
| Q4 25 | $9.1B | $2.1B | ||
| Q3 25 | $8.9B | $2.4B | ||
| Q2 25 | $8.4B | $2.4B | ||
| Q1 25 | $8.3B | $3.0B | ||
| Q4 24 | $8.2B | $2.9B | ||
| Q3 24 | $8.1B | $4.1B | ||
| Q2 24 | $8.0B | $4.6B | ||
| Q1 24 | $7.9B | $5.2B |
| Q4 25 | $39.9B | $8.2B | ||
| Q3 25 | $38.0B | $8.2B | ||
| Q2 25 | $37.7B | $8.2B | ||
| Q1 25 | $36.3B | $9.0B | ||
| Q4 24 | $35.9B | $8.2B | ||
| Q3 24 | $34.8B | $6.9B | ||
| Q2 24 | $34.4B | $7.3B | ||
| Q1 24 | $33.9B | $8.2B |
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 | $137.5M |
| Free Cash FlowOCF − Capex | — | $113.6M |
| FCF MarginFCF / Revenue | — | 9.4% |
| Capex IntensityCapex / Revenue | — | 2.0% |
| Cash ConversionOCF / Net Profit | 1.65× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $776.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $137.5M | ||
| Q3 25 | $343.0M | $74.9M | ||
| Q2 25 | $414.0M | $228.4M | ||
| Q1 25 | $1.0B | $432.7M | ||
| Q4 24 | $403.0M | $101.7M | ||
| Q3 24 | $304.0M | $69.9M | ||
| Q2 24 | $707.0M | $355.5M | ||
| Q1 24 | $956.0M | $344.6M |
| Q4 25 | — | $113.6M | ||
| Q3 25 | $-635.0M | $58.2M | ||
| Q2 25 | $-470.0M | $183.4M | ||
| Q1 25 | $112.0M | $421.4M | ||
| Q4 24 | — | $88.3M | ||
| Q3 24 | $-502.0M | $64.8M | ||
| Q2 24 | $26.0M | $338.9M | ||
| Q1 24 | $343.0M | $331.5M |
| Q4 25 | — | 9.4% | ||
| Q3 25 | -32.2% | 5.1% | ||
| Q2 25 | -26.1% | 17.6% | ||
| Q1 25 | 4.7% | 42.7% | ||
| Q4 24 | — | 9.4% | ||
| Q3 24 | -29.3% | 7.5% | ||
| Q2 24 | 1.6% | 40.9% | ||
| Q1 24 | 16.0% | 42.8% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | 49.5% | 1.5% | ||
| Q2 25 | 49.2% | 4.3% | ||
| Q1 25 | 37.0% | 1.1% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | 47.1% | 0.6% | ||
| Q2 24 | 43.2% | 2.0% | ||
| Q1 24 | 28.6% | 1.7% |
| 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% |
SNOW
| Products | $1.2B | 96% |
| Professional Services And Other | $54.5M | 4% |
| Related Party | $6.7M | 1% |
