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Side-by-side financial comparison of CMS Energy (CMS) and Workday, Inc. (WDAY). Click either name above to swap in a different company.
Workday, Inc. is the larger business by last-quarter revenue ($2.4B vs $2.1B, roughly 1.1× CMS Energy). CMS Energy runs the higher net margin — 13.5% vs 10.4%, a 3.2% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 12.6%). Over the past eight quarters, Workday, Inc.'s revenue compounded faster (12.5% 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.
Workday, Inc. is a leading global enterprise cloud software provider that develops and distributes human capital management, financial management, and enterprise resource planning solutions. It caters primarily to mid-sized and large organizations across sectors including education, healthcare, finance, and technology, with operations spanning North America, Europe, and Asia Pacific.
CMS vs WDAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.4B |
| Net Profit | $289.0M | $252.0M |
| Gross Margin | — | — |
| Operating Margin | 20.4% | 10.6% |
| Net Margin | 13.5% | 10.4% |
| Revenue YoY | 13.0% | 12.6% |
| Net Profit YoY | 9.1% | 30.6% |
| EPS (diluted) | $0.94 | $0.94 |
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 | $2.4B | ||
| Q3 25 | $2.0B | $2.3B | ||
| Q2 25 | $1.8B | $2.2B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $1.9B | $2.2B | ||
| Q3 24 | $1.7B | $2.1B | ||
| Q2 24 | $1.6B | $2.0B | ||
| Q1 24 | $2.1B | $1.9B |
| Q4 25 | $289.0M | $252.0M | ||
| Q3 25 | $277.0M | $228.0M | ||
| Q2 25 | $201.0M | $68.0M | ||
| Q1 25 | $304.0M | $94.0M | ||
| Q4 24 | $265.0M | $193.0M | ||
| Q3 24 | $253.0M | $132.0M | ||
| Q2 24 | $198.0M | $107.0M | ||
| Q1 24 | $287.0M | $1.2B |
| Q4 25 | 20.4% | 10.6% | ||
| Q3 25 | 24.4% | 10.6% | ||
| Q2 25 | 17.6% | 1.7% | ||
| Q1 25 | 20.6% | 3.4% | ||
| Q4 24 | 22.5% | 7.6% | ||
| Q3 24 | 21.4% | 5.3% | ||
| Q2 24 | 18.0% | 3.2% | ||
| Q1 24 | 19.2% | 4.1% |
| Q4 25 | 13.5% | 10.4% | ||
| Q3 25 | 14.0% | 9.7% | ||
| Q2 25 | 11.2% | 3.0% | ||
| Q1 25 | 12.7% | 4.3% | ||
| Q4 24 | 14.0% | 8.9% | ||
| Q3 24 | 14.8% | 6.3% | ||
| Q2 24 | 12.6% | 5.4% | ||
| Q1 24 | 13.4% | 61.8% |
| Q4 25 | $0.94 | $0.94 | ||
| Q3 25 | $0.92 | $0.84 | ||
| Q2 25 | $0.66 | $0.25 | ||
| Q1 25 | $1.01 | $0.34 | ||
| Q4 24 | $0.88 | $0.72 | ||
| Q3 24 | $0.84 | $0.49 | ||
| Q2 24 | $0.65 | $0.40 | ||
| Q1 24 | $0.96 | $4.48 |
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 | $6.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.1B | $8.9B |
| Total Assets | $39.9B | $17.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $509.0M | $6.8B | ||
| Q3 25 | $362.0M | $8.2B | ||
| Q2 25 | $844.0M | $8.0B | ||
| Q1 25 | $465.0M | $8.0B | ||
| Q4 24 | $103.0M | $7.2B | ||
| Q3 24 | $412.0M | $7.4B | ||
| Q2 24 | $699.0M | $7.2B | ||
| Q1 24 | $802.0M | $7.8B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
| Q4 25 | $9.1B | $8.9B | ||
| Q3 25 | $8.9B | $9.2B | ||
| Q2 25 | $8.4B | $8.9B | ||
| Q1 25 | $8.3B | $9.0B | ||
| Q4 24 | $8.2B | $8.6B | ||
| Q3 24 | $8.1B | $8.3B | ||
| Q2 24 | $8.0B | $8.2B | ||
| Q1 24 | $7.9B | $8.1B |
| Q4 25 | $39.9B | $17.8B | ||
| Q3 25 | $38.0B | $18.0B | ||
| Q2 25 | $37.7B | $17.2B | ||
| Q1 25 | $36.3B | $18.0B | ||
| Q4 24 | $35.9B | $16.4B | ||
| Q3 24 | $34.8B | $16.2B | ||
| Q2 24 | $34.4B | $15.9B | ||
| Q1 24 | $33.9B | $16.5B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.37× |
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 | $588.0M |
| Free Cash FlowOCF − Capex | — | $550.0M |
| FCF MarginFCF / Revenue | — | 22.6% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | 1.65× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $478.0M | $588.0M | ||
| Q3 25 | $343.0M | $616.0M | ||
| Q2 25 | $414.0M | $457.0M | ||
| Q1 25 | $1.0B | $1.1B | ||
| Q4 24 | $403.0M | $406.0M | ||
| Q3 24 | $304.0M | $571.0M | ||
| Q2 24 | $707.0M | $372.0M | ||
| Q1 24 | $956.0M | $995.6M |
| Q4 25 | — | $550.0M | ||
| Q3 25 | $-635.0M | $588.0M | ||
| Q2 25 | $-470.0M | $421.0M | ||
| Q1 25 | $112.0M | $1.0B | ||
| Q4 24 | — | $359.0M | ||
| Q3 24 | $-502.0M | $516.0M | ||
| Q2 24 | $26.0M | $291.0M | ||
| Q1 24 | $343.0M | $947.6M |
| Q4 25 | — | 22.6% | ||
| Q3 25 | -32.2% | 25.0% | ||
| Q2 25 | -26.1% | 18.8% | ||
| Q1 25 | 4.7% | 46.4% | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | -29.3% | 24.7% | ||
| Q2 24 | 1.6% | 14.6% | ||
| Q1 24 | 16.0% | 49.3% |
| Q4 25 | — | 1.6% | ||
| Q3 25 | 49.5% | 1.2% | ||
| Q2 25 | 49.2% | 1.6% | ||
| Q1 25 | 37.0% | 3.9% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | 47.1% | 2.6% | ||
| Q2 24 | 43.2% | 4.1% | ||
| Q1 24 | 28.6% | 2.5% |
| Q4 25 | 1.65× | 2.33× | ||
| Q3 25 | 1.24× | 2.70× | ||
| Q2 25 | 2.06× | 6.72× | ||
| Q1 25 | 3.29× | 11.83× | ||
| Q4 24 | 1.52× | 2.10× | ||
| Q3 24 | 1.20× | 4.33× | ||
| Q2 24 | 3.57× | 3.48× | ||
| Q1 24 | 3.33× | 0.84× |
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% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
