Financials

CMS Energy Corporation financials

CMS Multi-Utilities

CMS Energy Corporation is a diversified utility company founded in 1911 and headquartered in Jackson, Michigan, primarily serving through its subsidiary Consumers Energy. It derives steady revenue from regulated electric and natural gas services alongside growing renewable energy initiatives. Under CEO Gregory Giroux, the company is modernizing its grid and expanding clean energy projects. With a strong market presence in Michigan, CMS Energy is well-positioned to tackle regulatory challenges and pursue sustainable growth.

Snapshot

CMS Energy Corporation reported $8.54B in revenue in fiscal 2025, up 13.6% year over year, with an operating margin of 20.2%.

Revenue (FY2025): $8.54B
YoY growth: +13.6%
Operating margin: 20.2%
Direction: Expanding

Financial statements

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	8,539,000	7,515,000	7,462,000	8,596,000
Fuel and Purchased Power Expense	3,266,000	2,668,000	2,913,000	4,165,000
Operations and Maintenance Expenses	1,727,000	1,638,000	1,687,000	1,669,000
Gross Profit	3,546,000	3,209,000	2,862,000	2,762,000
Depreciation & Amortization Expenses	1,306,000	1,240,000	1,180,000	1,126,000
Taxes Other than Income Tax	513,000	482,000	447,000	412,000
Operating Profit	1,727,000	1,487,000	1,235,000	1,224,000
Interest Expense	(789,000)	(720,000)	(625,000)	(499,000)
Non-Operating Income	310,000	344,000	362,000	197,000
Total Non-Operating Income	(479,000)	(364,000)	(281,000)	(322,000)
Income Before Provision for Income Taxes	1,248,000	1,123,000	954,000	902,000
Provision for Income Taxes	246,000	176,000	147,000	93,000
Consolidated Net Income	1,002,000	947,000	807,000	809,000
Net Income Attributable to Minority Interests and Other	(69,000)	(56,000)	(79,000)	(24,000)
Net Income Attributable to Preferred Dividends	10,000	10,000	10,000	10,000
Net Income Attributable to Discontinued Operations	—	—	1,000	4,000
Net Income Attributable to Common Shareholders	1,061,000	993,000	877,000	827,000
Basic EPS	3.53	3.34	3.01	2.84
Diluted EPS	3.53	3.33	3.01	2.84
Basic Weighted Average Shares Outstanding	300,400	297,600	291,200	289,500
Diluted Weighted Average Shares Outstanding	301,000	298,300	291,700	290,000
Shares Outstanding	306,400	298,790	294,440	291,268

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	612,000	181,000	248,000	182,000
Total Cash and Cash Equivalents	612,000	181,000	248,000	182,000
Accounts Receivable	1,323,000	1,063,000	944,000	1,580,000
Total Trade Receivables	1,323,000	1,063,000	944,000	1,580,000
Inventories	791,000	769,000	938,000	1,117,000
Short-Term Regulatory Assets	104,000	229,000	203,000	57,000
Other Current Assets	639,000	551,000	506,000	497,000
Total Current Assets	3,472,000	2,790,000	2,839,000	3,433,000
Net Property, Plant & Equipment	30,680,000	27,461,000	25,072,000	22,713,000
Long-Term Investments	61,000	69,000	76,000	71,000
Long-Term Regulatory Assets	3,355,000	3,569,000	3,683,000	3,595,000
Other Long-Term Assets	2,373,000	2,031,000	1,847,000	1,541,000
Total Assets	39,941,000	35,920,000	33,517,000	31,353,000
Accounts Payable	1,404,000	1,093,000	809,000	936,000
Accrued Expenses	918,000	848,000	808,000	660,000
Short-Term Debt	—	65,000	93,000	20,000
Current Portion of Long-Term Debt	956,000	1,195,000	980,000	1,099,000
Short-Term Regulatory Liabilities	85,000	111,000	56,000	104,000
Other Current Liabilities	185,000	209,000	149,000	166,000
Total Current Liabilities	3,548,000	3,521,000	2,895,000	2,985,000
Long-Term Debt	17,807,000	15,194,000	14,508,000	13,122,000
Leases	135,000	112,000	62,000	68,000
Long-Term Regulatory Liabilities	4,091,000	4,067,000	3,894,000	3,796,000
Other Long-Term Liabilities	4,649,000	4,278,000	4,033,000	3,787,000
Total Long-Term Liabilities	26,682,000	23,651,000	22,497,000	20,773,000
Total Liabilities	30,230,000	27,172,000	25,392,000	23,758,000
Common Stock	3,000	3,000	3,000	3,000
Additional Paid-in Capital	6,510,000	6,009,000	5,705,000	5,490,000
Accumulated Other Comprehensive Income	(36,000)	(41,000)	(46,000)	(52,000)
Retained Earnings	2,443,000	2,035,000	1,658,000	1,350,000
Total Common Shareholders' Equity	8,920,000	8,006,000	7,320,000	6,791,000
Minority Interests and Other	791,000	742,000	805,000	804,000
Total Shareholders' Equity	9,711,000	8,748,000	8,125,000	7,595,000
Total Liabilities and Shareholders' Equity	39,941,000	35,920,000	33,517,000	31,353,000

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	1,002,000	947,000	808,000	813,000
Depreciation & Amortization	1,306,000	1,240,000	1,180,000	1,126,000
Other Adjustments	(12,000)	(79,000)	(95,000)	29,000
Changes in Trade Receivables	(251,000)	(155,000)	241,000	(677,000)
Changes in Inventories	(28,000)	164,000	185,000	(450,000)
Changes in Accounts Payable	196,000	15,000	(136,000)	4,000
Changes in Other Operating Activities	22,000	238,000	126,000	10,000
Cash from Operating Activities	2,235,000	2,370,000	2,309,000	855,000
Capital Expenditure	(3,824,000)	(3,018,000)	(2,407,000)	(2,374,000)
Payments for Business Acquisitions	—	—	(812,000)	—
Proceeds from Business Divestments	—	124,000	—	5,000
Other Investing Activities	(214,000)	(160,000)	(167,000)	(107,000)
Cash from Investing Activities	(4,038,000)	(3,054,000)	(3,386,000)	(2,476,000)
Net Issuance / (Repayments) of Short-Term Debt	(65,000)	(28,000)	73,000	20,000
Issuance of Long-Term Debt	3,609,000	1,962,000	3,551,000	1,899,000
Repayments of Long-Term Debt	(1,150,000)	(952,000)	(2,132,000)	(106,000)
Net Issuance / (Repayments) of Long-Term Debt	2,459,000	1,010,000	1,419,000	1,793,000
Issuance of Common Shares	525,000	286,000	192,000	69,000
Net Issuance / (Repurchases) of Common Shares	525,000	286,000	192,000	69,000
Common Share Dividends Paid	(663,000)	(626,000)	(579,000)	(544,000)
Other Financing Activities	(16,000)	(28,000)	38,000	(11,000)
Cash from Financing Activities	2,240,000	614,000	1,143,000	1,327,000
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	437,000	(70,000)	66,000	(294,000)

Key metrics

$21.43B

Market Cap

19.81x

P/E

2.51x

P/S

13.35x

EV/EBITDA

10.9%

Return on Equity

3.8%

Return on Invested Capital

0.98x

Current Ratio

3.2%

Dividend Yield

-18.6%

Free Cash Flow Margin

Quarterly trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$2.73B	+11.6%	17.9%	$490M
Q4 2025	$2.23B	+12.3%	19.5%	$435M
Q3 2025	$2.02B	+15.9%	23.8%	$481M
Q2 2025	$1.84B	+14.4%	17.2%	$317M
Q1 2025	$2.45B	—	20.2%	$494M
Q4 2024	$1.99B	—	21.4%	$425M
Q3 2024	$1.74B	—	21.1%	$367M
Q2 2024	$1.61B	—	17.6%	$283M

Margins

41.5%

Gross margin

20.2%

Operating margin

11.7%

Net margin

SourceCompany financial filings (income statement, balance sheet, cash flow) Last updated2026-06-19

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

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