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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.83B | $2.73B | $2.23B | $2.02B | $1.84B | $2.45B | $1.99B | $1.74B |
| Cost of revenue | $675.00M | $967.00M | $1.39B | $555.00M | $727.00M | $763.00M | $1.19B | $394.00M |
| Gross profit | $1.15B | $1.76B | $848.00M | $1.47B | $1.11B | $1.68B | $795.00M | $1.35B |
| Gross margin | 63.1% | 64.6% | 38.0% | 72.5% | 60.4% | 68.8% | 40.0% | 77.4% |
| Selling, general and administrative | $0 | $0 | −$573.00M | $174.00M | $0 | $0 | −$502.00M | $198.00M |
| Operating expenses | $890.00M | $1.27B | $413.00M | $985.00M | $794.00M | $1.19B | $370.00M | $982.00M |
| Operating income | $264.00M | $490.00M | $435.00M | $481.00M | $317.00M | $494.00M | $425.00M | $367.00M |
| Operating margin | 14.4% | 17.9% | 19.5% | 23.8% | 17.2% | 20.2% | 21.4% | 21.1% |
| EBITDA | $572.00M | $902.00M | $777.00M | $1.45B | $605.00M | $882.00M | $751.00M | $1.28B |
| Interest expense | −$219.00M | −$211.00M | −$201.00M | −$203.00M | −$202.00M | −$189.00M | −$180.00M | −$178.00M |
| Income before taxes | $129.00M | $362.00M | $295.00M | $340.00M | $255.00M | $358.00M | $306.00M | $273.00M |
| Income taxes | $33.00M | $85.00M | $53.00M | $68.00M | $62.00M | $63.00M | $51.00M | $26.00M |
| Net income | $96.00M | $277.00M | $242.00M | $272.00M | $193.00M | $295.00M | $255.00M | $247.00M |
| Net margin | 5.2% | 10.1% | 10.8% | 13.5% | 10.5% | 12.1% | 12.8% | 14.2% |
| EPS, basic | $0.38 | $1.10 | $0.94 | $0.92 | $0.67 | $1.01 | $0.88 | $0.84 |
| EPS, diluted | $0.37 | $1.10 | $0.94 | $0.92 | $0.66 | $1.01 | $0.88 | $0.84 |
| Diluted shares | 310.80M | 307.10M | 305.40M | 300.40M | 299.10M | 299.10M | 298.70M | 298.80M |
Figures describe CMS Energy shares, not any token. As of Jul 28, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.