NYSE : CMS
CMS Energy Corporation — Financial statements
Utilities · Utilities - Regulated Electric · United States
Last price 69.52 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 21.80B
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Financial statements
CMS Energy Corporation (CMS) reported revenue of 8.97B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 8.97B | 8.54B | 7.51B | 7.46B | 8.60B | 7.33B |
| Fuel & Purchased Power | 2.58B | 2.46B | 2.03B | 2.01B | 2.91B | 2.33B |
| Operations & Maintenance | 1.82B | 1.73B | 1.64B | 1.69B | 1.67B | 1.61B |
| Depreciation & Amortization | 1.36B | 1.31B | 1.24B | 1.18B | 1.13B | 1.11B |
| Other Operating Expenses | 1.26B | 1.14B | 953.00M | 1.17B | 1.46B | 959.00M |
| Total Operating Expenses | 7.01B | 6.63B | 5.86B | 6.05B | 7.17B | 6.02B |
| Operating Income | 1.96B | 1.91B | 1.66B | 1.42B | 1.43B | 1.31B |
| Interest Expense | -846.00M | -809.00M | -726.00M | -646.00M | -521.00M | -503.00M |
| Interest Income | 38.00M | 38.00M | 50.00M | 37.00M | 5.00M | 3.00M |
| Net Interest Expense | -808.00M | -771.00M | -676.00M | -609.00M | -516.00M | -500.00M |
| Income (Loss) on Equity Investments | 5.00M | 5.00M | 7.00M | 7.00M | 3.00M | 10.00M |
| Allowance for Equity Funds for Construction | 23.00M | 23.00M | 29.00M | 7.00M | 6.00M | 8.00M |
| Allowance for Borrowed Funds for Construction | 29.00M | 11.00M | 18.00M | 3.00M | 2.00M | 3.00M |
| Other Non-Operating Income (Expenses) | -50.00M | -5.00M | -21.00M | -22.00M | -9.00M | |
| EBT Excluding Unusual Items | 1.16B | 1.18B | 1.01B | 823.00M | 902.00M | 823.00M |
| Restructuring Charges | -23.00M | |||||
| Gain (Loss) on Sale of Investments | -33.00M | |||||
| Other Unusual Items | 39.00M | 72.00M | 110.00M | 131.00M | ||
| Pretax Income | 673.00M | 1.25B | 1.12B | 954.00M | 902.00M | 823.00M |
| Income Tax Expense | 149.00M | 246.00M | 176.00M | 147.00M | 93.00M | 95.00M |
| Earnings From Continuing Ops. | 524.00M | 1.00B | 947.00M | 807.00M | 809.00M | 728.00M |
| Earnings From Discontinued Ops. | 1.00M | 4.00M | 602.00M | |||
| Net Income to Company | 524.00M | 1.00B | 947.00M | 808.00M | 813.00M | 1.33B |
| Minority Interest in Earnings | 348.00M | 69.00M | 56.00M | 79.00M | 24.00M | 23.00M |
| Net Income | 872.00M | 1.07B | 1.00B | 887.00M | 837.00M | 1.35B |
| Preferred Dividends & Other Adjustments | 10.00M | 10.00M | 10.00M | 10.00M | 10.00M | 5.00M |
| Net Income to Common | 862.00M | 1.06B | 993.00M | 877.00M | 827.00M | 1.35B |
| Shares Outstanding (Basic) | 308.73M | 300.40M | 297.60M | 291.20M | 289.50M | 289.00M |
| Shares Outstanding (Diluted) | 309.25M | 301.00M | 298.30M | 291.70M | 290.00M | 289.50M |
| EPS (Basic) | 2.79 | 3.53 | 3.34 | 3.01 | 2.86 | 4.66 |
| EPS (Diluted) | 2.79 | 3.53 | 3.33 | 3.01 | 2.85 | 4.66 |
| Free Cash Flow | -1.74B | -1.59B | -648.00M | -910.00M | -1.52B | -257.00M |
| Free Cash Flow Per Share | -5.64 | -5.28 | -2.17 | -3.12 | -5.24 | -0.89 |
| Dividend Per Share | 2.25 | 2.17 | 2.06 | 1.95 | 1.84 | 1.74 |
| Profit Margin | 9.60% | 12.43% | 13.21% | 11.75% | 9.62% | 18.39% |
| Free Cash Flow Margin | -19.42% | -18.61% | -8.62% | -12.20% | -17.67% | -3.51% |
| EBITDA | 3.12B | 3.02B | 2.70B | 2.47B | 2.42B | 2.29B |
| EBITDA Margin | 34.76% | 35.35% | 35.95% | 33.10% | 28.20% | 31.25% |
| D&A For EBITDA | 1.16B | 1.11B | 1.05B | 1.05B | 995.00M | 979.00M |
| EBIT | 1.96B | 1.91B | 1.66B | 1.42B | 1.43B | 1.31B |
| EBIT Margin | 21.84% | 22.40% | 22.04% | 18.96% | 16.62% | 17.89% |
| Effective Tax Rate | 22.14% | 19.71% | 15.67% | 15.41% | 10.31% | 11.54% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 451.00M | 509.00M | 103.00M | 227.00M | 164.00M | 452.00M |
| Accounts Receivable | 1.15B | 1.32B | 1.06B | 944.00M | 1.58B | 943.00M |
| Inventory | 933.00M | 791.00M | 769.00M | 938.00M | 1.12B | 667.00M |
| Prepaid Expenses | 466.00M | 639.00M | 551.00M | 506.00M | 497.00M | 495.00M |
| Restricted Cash | 102.00M | 106.00M | 75.00M | 21.00M | 18.00M | 24.00M |
| Other Current Assets | 102.00M | 104.00M | 229.00M | 203.00M | 57.00M | 46.00M |
| Total Current Assets | 3.21B | 3.47B | 2.79B | 2.84B | 3.43B | 2.63B |
| Property, Plant & Equipment | 31.94B | 30.70B | 27.48B | 25.10B | 22.74B | 22.38B |
| Regulatory Assets | 3.38B | 3.35B | 3.57B | 3.68B | 3.60B | 2.26B |
| Long-Term Investments | 41.00M | 61.00M | 69.00M | 76.00M | 71.00M | 71.00M |
| Other Long-Term Assets | 3.12B | 2.35B | 2.01B | 1.82B | 1.51B | 1.42B |
| Total Assets | 41.68B | 39.94B | 35.92B | 33.52B | 31.35B | 28.75B |
| Accounts Payable | 1.33B | 1.40B | 1.09B | 809.00M | 936.00M | 886.00M |
| Accrued Expenses | 227.00M | 890.00M | 810.00M | 754.00M | 660.00M | 622.00M |
| Short-Term Debt | 65.00M | 93.00M | 20.00M | |||
| Current Portion of Long-Term Debt | 1.26B | 950.00M | 1.19B | 975.00M | 1.09B | 376.00M |
| Current Portion of Leases | 9.00M | 7.00M | 9.00M | 13.00M | 9.00M | |
| Current Income Taxes Payable | 225.00M | 47.00M | 53.00M | 49.00M | 48.00M | 138.00M |
| Other Current Liabilities | 346.00M | 248.00M | 302.00M | 206.00M | 218.00M | 173.00M |
| Total Current Liabilities | 3.39B | 3.55B | 3.52B | 2.90B | 2.98B | 2.20B |
| Long-Term Debt | 18.74B | 17.81B | 15.19B | 14.51B | 13.12B | 12.05B |
| Long-Term Leases | 206.00M | 154.00M | 133.00M | 84.00M | 95.00M | 71.00M |
| Pension & Post-Retirement Benefits | 92.00M | 135.00M | 133.00M | 118.00M | 108.00M | 196.00M |
| Long-Term Deferred Tax Liabilities | 3.47B | 3.37B | 3.05B | 2.74B | 2.54B | 2.32B |
| Other Long-Term Liabilities | 5.49B | 5.21B | 5.14B | 5.05B | 4.91B | 4.73B |
| Total Liabilities | 31.39B | 30.23B | 27.17B | 25.39B | 23.76B | 21.57B |
| Total Preferred Equity | 224.00M | 224.00M | 224.00M | 224.00M | 224.00M | 224.00M |
| Common Stock | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M |
| Additional Paid-In Capital | 7.05B | 6.51B | 6.01B | 5.71B | 5.49B | 5.41B |
| Retained Earnings | 2.49B | 2.44B | 2.04B | 1.66B | 1.35B | 1.06B |
| Comprehensive Income & Other | -35.00M | -36.00M | -41.00M | -46.00M | -52.00M | -59.00M |
| Total Common Equity | 9.50B | 8.92B | 8.01B | 7.32B | 6.79B | 6.41B |
| Minority Interest | 569.00M | 567.00M | 518.00M | 581.00M | 580.00M | 557.00M |
| Shareholders' Equity | 10.29B | 9.71B | 8.75B | 8.12B | 7.59B | 7.19B |
| Total Liabilities & Equity | 41.68B | 39.94B | 35.92B | 33.52B | 31.35B | 28.75B |
| Total Debt | 20.21B | 18.92B | 16.59B | 15.67B | 14.34B | 12.50B |
| Net Cash (Debt) | -19.76B | -18.41B | -16.49B | -15.44B | -14.18B | -12.05B |
| Net Cash Per Share | -63.88 | -61.18 | -55.27 | -52.94 | -48.88 | -41.62 |
| Filing Date Shares Outstanding | 313.63M | 306.42M | 298.79M | 294.44M | 291.26M | 289.76M |
| Total Common Shares Outstanding | 313.60M | 306.41M | 298.79M | 294.44M | 291.27M | 289.76M |
| Working Capital | -182.00M | -76.00M | -731.00M | -56.00M | 448.00M | 423.00M |
| Book Value Per Share | 30.30 | 29.11 | 26.79 | 24.86 | 23.32 | 22.11 |
| Tangible Book Value | 9.50B | 8.92B | 8.01B | 7.32B | 6.79B | 6.41B |
| Tangible Book Value Per Share | 30.30 | 29.11 | 26.79 | 24.86 | 23.32 | 22.11 |
| Machinery | 32.32B | 29.73B | 28.11B | 25.76B | 25.18B | |
| Construction In Progress | 3.11B | 3.05B | 2.10B | 944.00M | 1.18B | 961.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 872.00M | 1.07B | 1.00B | 887.00M | 837.00M | 1.35B |
| Depreciation & Amortization | 1.16B | 1.11B | 1.05B | 1.05B | 995.00M | 979.00M |
| Other Amortization | 200.00M | 200.00M | 194.00M | 125.00M | 131.00M | 135.00M |
| Change in Accounts Receivable | -134.00M | -251.00M | -155.00M | 241.00M | -677.00M | -103.00M |
| Change in Inventory | -36.00M | -28.00M | 164.00M | 185.00M | -450.00M | -93.00M |
| Change in Accounts Payable | 91.00M | 196.00M | 15.00M | -136.00M | 4.00M | 153.00M |
| Change in Other Net Operating Assets | 39.00M | 22.00M | 238.00M | 126.00M | 10.00M | -3.00M |
| Other Operating Activities | -458.00M | -121.00M | -168.00M | -208.00M | -40.00M | 144.00M |
| Net Cash from Discontinued Operations | -5.00M | -768.00M | ||||
| Operating Cash Flow | 2.28B | 2.23B | 2.37B | 2.31B | 855.00M | 1.82B |
| Capital Expenditures | -4.02B | -3.82B | -3.02B | -3.22B | -2.37B | -2.08B |
| Divestitures | 124.00M | |||||
| Contributions to Nuclear Demissioning Trust | -204.00M | -214.00M | -160.00M | -167.00M | -107.00M | -133.00M |
| Other Investing Activities | 5.00M | 976.00M | ||||
| Investing Cash Flow | -4.22B | -4.04B | -3.05B | -3.39B | -2.48B | -1.23B |
| Short-Term Debt Issued | 73.00M | 20.00M | ||||
| Long-Term Debt Issued | 3.61B | 1.96B | 3.55B | 1.90B | 335.00M | |
| Total Debt Issued | 3.27B | 3.61B | 1.96B | 3.62B | 1.92B | 335.00M |
| Short-Term Debt Repaid | -65.00M | -28.00M | ||||
| Long-Term Debt Repaid | -1.15B | -952.00M | -2.13B | -106.00M | -235.00M | |
| Total Debt Repaid | -1.20B | -1.22B | -980.00M | -2.13B | -106.00M | -235.00M |
| Net Debt Issued (Repaid) | 2.08B | 2.39B | 982.00M | 1.49B | 1.81B | 100.00M |
| Issuance of Common Stock | 682.00M | 525.00M | 286.00M | 192.00M | 69.00M | 26.00M |
| Common Dividends Paid | -696.00M | -653.00M | -616.00M | -569.00M | -534.00M | |
| Preferred Dividends Paid | -10.00M | -10.00M | -10.00M | -10.00M | -10.00M | |
| Dividends Paid | -706.00M | -663.00M | -626.00M | -579.00M | -544.00M | -508.00M |
| Other Financing Activities | 42.00M | -16.00M | -28.00M | 38.00M | -11.00M | -137.00M |
| Financing Cash Flow | 2.09B | 2.24B | 614.00M | 1.14B | 1.33B | -295.00M |
| Net Cash Flow | 147.00M | 437.00M | -70.00M | 66.00M | -294.00M | 291.00M |
| Free Cash Flow | -1.74B | -1.59B | -648.00M | -910.00M | -1.52B | -257.00M |
| Free Cash Flow Margin | -19.42% | -18.61% | -8.62% | -12.20% | -17.67% | -3.51% |
| Free Cash Flow Per Share | -5.64 | -5.28 | -2.17 | -3.12 | -5.24 | -0.89 |
| Levered Free Cash Flow | -2.07B | -1.75B | -804.75M | -917.38M | -1.71B | -895.00M |
| Unlevered Free Cash Flow | -1.54B | -1.24B | -351.00M | -513.62M | -1.38B | -580.62M |
| Cash Interest Paid | 741.00M | 741.00M | 677.00M | 607.00M | 490.00M | 489.00M |
| Cash Income Tax Paid | -20.00M | -69.00M | 15.00M | 1.00M | 16.00M | |
| Change in Working Capital | -40.00M | -61.00M | 262.00M | 416.00M | -1.11B | -46.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 22.19B | 21.28B | 19.91B | 16.94B | 18.38B | 18.84B |
| Enterprise Value | 41.95B | 39.79B | 36.42B | 33.05B | 32.78B | 32.19B |
| PE Ratio | 25.34 | 20.06 | 20.05 | 19.32 | 22.23 | 13.98 |
| PS Ratio | 2.47 | 2.49 | 2.65 | 2.27 | 2.14 | 2.57 |
| PB Ratio | 2.34 | 2.19 | 2.28 | 2.08 | 2.42 | 2.62 |
| P/OCF Ratio | 9.75 | 9.52 | 8.40 | 7.34 | 21.50 | 10.36 |
| EV/Sales Ratio | 4.67 | 4.66 | 4.85 | 4.43 | 3.81 | 4.39 |
| EV/EBITDA Ratio | 13.44 | 13.18 | 13.48 | 13.38 | 13.53 | 14.06 |
| EV/EBIT Ratio | 21.40 | 20.80 | 22.00 | 23.36 | 22.94 | 24.55 |
| Debt / Equity Ratio | 1.96 | 1.95 | 1.90 | 1.93 | 1.89 | 1.74 |
| Debt / EBITDA Ratio | 6.19 | 5.98 | 5.87 | 6.03 | 5.63 | 5.19 |
| Net Debt / Equity Ratio | 1.92 | 1.90 | 1.89 | 1.90 | 1.87 | 1.68 |
| Net Debt / EBITDA Ratio | 6.33 | 6.10 | 6.10 | 6.25 | 5.85 | 5.26 |
| Net Debt / FCF Ratio | -11.33 | -11.59 | -25.44 | -16.97 | -9.33 | -46.89 |
| Quick Ratio | 0.47 | 0.52 | 0.33 | 0.40 | 0.58 | 0.63 |
| Current Ratio | 0.95 | 0.98 | 0.79 | 0.98 | 1.15 | 1.19 |
| Asset Turnover | 0.23 | 0.23 | 0.22 | 0.23 | 0.29 | 0.25 |
| Return on Equity (ROE) | 5.31% | 10.86% | 11.22% | 10.27% | 10.95% | 10.98% |
| Return on Assets (ROA) | 3.07% | 3.15% | 2.98% | 2.73% | 2.97% | 2.80% |
| Return on Capital Employed (ROCE) | 5.10% | 5.30% | 5.10% | 4.60% | 5.00% | 4.90% |
| Earnings Yield | 3.95% | 5.03% | 5.04% | 5.24% | 4.55% | 7.18% |
| FCF Yield | -7.85% | -7.47% | -3.25% | -5.37% | -8.26% | -1.36% |
| Dividend Yield | 3.22% | 3.12% | 3.09% | 3.39% | 2.92% | 2.67% |
| Payout Ratio | 81.66% | 61.91% | 62.41% | 65.28% | 64.99% | 37.55% |
| Buyback Yield / Dilution | -3.36% | -0.91% | -2.26% | -0.59% | -0.17% | -1.12% |
| Total Shareholder Return | -0.14% | 2.22% | 0.83% | 2.80% | 2.74% | 1.56% |