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Side-by-side financial comparison of CMS Energy (CMS) and WATSCO INC (WSO). 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 1.4× WATSCO INC). CMS Energy runs the higher net margin — 13.5% vs 6.1%, a 7.5% gap on every dollar of revenue. On growth, CMS Energy posted the faster year-over-year revenue change (13.0% vs 0.1%). Over the past eight quarters, CMS Energy's revenue compounded faster (-0.2% CAGR vs -15.3%).
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.
Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry. In 1989, the company shifted from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.
CMS vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $1.5B |
| Net Profit | $289.0M | $92.9M |
| Gross Margin | — | 27.9% |
| Operating Margin | 20.4% | 7.2% |
| Net Margin | 13.5% | 6.1% |
| Revenue YoY | 13.0% | 0.1% |
| Net Profit YoY | 9.1% | -1.7% |
| EPS (diluted) | $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.
| Q1 26 | — | $1.5B | ||
| Q4 25 | $2.1B | $1.6B | ||
| Q3 25 | $2.0B | $2.1B | ||
| Q2 25 | $1.8B | $2.1B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $1.9B | $1.8B | ||
| Q3 24 | $1.7B | $2.2B | ||
| Q2 24 | $1.6B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $289.0M | $71.7M | ||
| Q3 25 | $277.0M | $161.6M | ||
| Q2 25 | $201.0M | $183.6M | ||
| Q1 25 | $304.0M | $80.1M | ||
| Q4 24 | $265.0M | $96.8M | ||
| Q3 24 | $253.0M | $171.0M | ||
| Q2 24 | $198.0M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | — | 27.1% | ||
| Q3 25 | — | 27.5% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 20.4% | 6.4% | ||
| Q3 25 | 24.4% | 11.4% | ||
| Q2 25 | 17.6% | 13.2% | ||
| Q1 25 | 20.6% | 7.3% | ||
| Q4 24 | 22.5% | 7.8% | ||
| Q3 24 | 21.4% | 11.6% | ||
| Q2 24 | 18.0% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 13.5% | 4.5% | ||
| Q3 25 | 14.0% | 7.8% | ||
| Q2 25 | 11.2% | 8.9% | ||
| Q1 25 | 12.7% | 5.2% | ||
| Q4 24 | 14.0% | 5.5% | ||
| Q3 24 | 14.8% | 7.9% | ||
| Q2 24 | 12.6% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $0.94 | $1.82 | ||
| Q3 25 | $0.92 | $3.98 | ||
| Q2 25 | $0.66 | $4.52 | ||
| Q1 25 | $1.01 | $1.93 | ||
| Q4 24 | $0.88 | $2.42 | ||
| Q3 24 | $0.84 | $4.22 | ||
| Q2 24 | $0.65 | $4.49 |
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 | $392.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.1B | $3.2B |
| Total Assets | $39.9B | $4.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $509.0M | $733.3M | ||
| Q3 25 | $362.0M | $524.3M | ||
| Q2 25 | $844.0M | $293.0M | ||
| Q1 25 | $465.0M | $431.8M | ||
| Q4 24 | $103.0M | $781.9M | ||
| Q3 24 | $412.0M | $550.0M | ||
| Q2 24 | $699.0M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | — | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $9.1B | $2.8B | ||
| Q3 25 | $8.9B | $2.8B | ||
| Q2 25 | $8.4B | $2.8B | ||
| Q1 25 | $8.3B | $2.7B | ||
| Q4 24 | $8.2B | $2.7B | ||
| Q3 24 | $8.1B | $2.7B | ||
| Q2 24 | $8.0B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $39.9B | $4.4B | ||
| Q3 25 | $38.0B | $4.6B | ||
| Q2 25 | $37.7B | $4.7B | ||
| Q1 25 | $36.3B | $4.5B | ||
| Q4 24 | $35.9B | $4.5B | ||
| Q3 24 | $34.8B | $4.5B | ||
| Q2 24 | $34.4B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× |
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 | $399.8M | ||
| Q3 25 | $343.0M | $354.9M | ||
| Q2 25 | $414.0M | $-7.4M | ||
| Q1 25 | $1.0B | $-177.6M | ||
| Q4 24 | $403.0M | $378.9M | ||
| Q3 24 | $304.0M | $232.8M | ||
| Q2 24 | $707.0M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $388.5M | ||
| Q3 25 | $-635.0M | $346.1M | ||
| Q2 25 | $-470.0M | $-14.3M | ||
| Q1 25 | $112.0M | $-185.2M | ||
| Q4 24 | — | $370.9M | ||
| Q3 24 | $-502.0M | $223.0M | ||
| Q2 24 | $26.0M | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 24.6% | ||
| Q3 25 | -32.2% | 16.7% | ||
| Q2 25 | -26.1% | -0.7% | ||
| Q1 25 | 4.7% | -12.1% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | -29.3% | 10.3% | ||
| Q2 24 | 1.6% | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.7% | ||
| Q3 25 | 49.5% | 0.4% | ||
| Q2 25 | 49.2% | 0.3% | ||
| Q1 25 | 37.0% | 0.5% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | 47.1% | 0.5% | ||
| Q2 24 | 43.2% | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.65× | 5.57× | ||
| Q3 25 | 1.24× | 2.20× | ||
| Q2 25 | 2.06× | -0.04× | ||
| Q1 25 | 3.29× | -2.22× | ||
| Q4 24 | 1.52× | 3.91× | ||
| Q3 24 | 1.20× | 1.36× | ||
| Q2 24 | 3.57× | 0.32× |
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% |
WSO
Segment breakdown not available.
