CMS ENERGY CORPORATION

CMSC ·Utilities, Utilities - Regulated Electric, United States

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Profit Margins

Gross Margin Operating Margin Net Margin

Period	Gross Margin	Operating Margin	Net Margin
Jun 2009	—	12.2%	6.4%
Sep 2009	—	18.2%	5.5%
Mar 2010	—	12.2%	4.5%
Jun 2010	—	19.6%	6.1%
Sep 2010	—	22.1%	10.0%
Dec 2010	—	9.4%	1.5%
Mar 2011	—	14.9%	6.6%
Jun 2011	—	15.2%	7.3%
Sep 2011	—	21.6%	9.5%
Dec 2011	—	10.7%	2.5%
Mar 2012	—	10.8%	3.8%
Jun 2012	—	19.5%	7.5%
Sep 2012	—	22.8%	9.8%
Dec 2012	—	12.7%	4.0%
Mar 2013	—	16.6%	7.3%
Jun 2013	—	16.5%	5.7%
Sep 2013	—	21.9%	8.7%
Dec 2013	—	15.2%	5.9%
Mar 2014	—	16.2%	8.1%
Jun 2014	—	16.0%	5.7%
Sep 2014	—	16.5%	6.6%
Dec 2014	—	15.5%	5.5%
Mar 2015	—	18.8%	9.6%
Jun 2015	—	15.1%	5.0%
Sep 2015	—	21.3%	10.0%
Dec 2015	—	16.2%	7.0%
Mar 2016	—	18.1%	9.1%
Jun 2016	—	20.1%	9.0%
Sep 2016	—	23.6%	11.7%
Dec 2016	—	17.1%	4.7%
Mar 2017	—	21.2%	10.9%
Jun 2017	—	16.6%	6.3%
Sep 2017	—	21.6%	11.3%
Dec 2017	—	21.3%	-0.2%
Mar 2018	—	18.6%	12.3%
Jun 2018	—	17.1%	9.3%
Sep 2018	—	18.4%	10.6%
Dec 2018	—	13.7%	5.9%
Mar 2019	—	17.4%	10.3%
Jun 2019	—	15.1%	6.4%
Sep 2019	—	22.7%	13.4%
Dec 2019	—	17.3%	9.3%
Mar 2020	—	18.6%	13.5%
Jun 2020	—	17.9%	9.8%
Sep 2020	—	22.6%	14.5%
Dec 2020	—	17.8%	9.1%
Mar 2021	—	21.4%	17.3%
Jun 2021	—	16.2%	11.3%
Sep 2021	—	15.1%	11.0%
Dec 2021	—	10.0%	31.4%
Mar 2022	—	19.2%	14.9%
Jun 2022	—	12.4%	7.7%
Sep 2022	—	12.7%	8.2%
Dec 2022	—	11.9%	7.5%
Mar 2023	—	13.7%	8.9%
Jun 2023	—	15.7%	12.7%
Sep 2023	—	16.2%	10.5%
Dec 2023	—	20.8%	15.8%
Mar 2024	—	18.9%	13.2%
Jun 2024	—	17.6%	12.3%
Sep 2024	—	21.1%	14.5%
Dec 2024	—	21.4%	13.3%
Mar 2025	—	20.2%	12.4%
Jun 2025	—	17.2%	10.9%
Sep 2025	—	23.8%	13.7%
Dec 2025	—	19.5%	12.9%
Mar 2026	—	17.9%	12.5%
Jun 2026	—	14.4%	6.6%