C
CMS
CMSReviewed3 segments tracked|8 years of data|Annual (10-K)
Total Revenue
$8.5B13.6%
FY2025
Operating Segments
3Active segments
Blended Margin
20.4%Operating margin
Highest Margin
26.9%Gas Utility
Segment Shift
Gas Utility has grown from 29.4% to 29.2% of total revenue since FY2018, with 26.9% operating margins. Meanwhile, North Star Clean Energy is the fastest growing at +29.1% YoY.
Segment Revenue Over Time
Revenue Mix
Segment Breakdown — FY2025
| Segment | Revenue | Op. Income | Margin | % of Total | YoY |
|---|---|---|---|---|---|
| Electric Utility | $5.6B | $1.1B | 19.5% | 66.0% | +11.4% |
| Gas Utility | $2.5B | $671M | 26.9% | 29.2% | +16.6% |
| North Star Clean Energy | $408M | $-28M | -6.9% | 4.8% | +29.1% |
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