CMS Energy

Utilities Multi-Utilities Jackson, Michigan Last filing Feb 10, 2026 · FY2025

                    Revenue
                    FY2025
                
$8.5B
                    3y CAGR -0.2%
                    
                    P23
                    
                    +13.6%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +12.5%
                    
                    P39
                    
                    +6.8%
                    
                    Total assets
                    FY2025
                
$39.9B
                    ROA +2.7%
                    
                    P55
                    
                    +11.2%
                    
                    Operating cash flow
                    FY2025
                
$2.2B
                    
                    -5.7%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 3 years

Total assets $39.9B

Total liabilities $3.5B

Shareholders equity $9.1B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	1.3%	0.3%	0.7%
Short Term Investments	0.0%	0.0%	0.0%
Accounts Receivable	0.1%	0.1%	0.1%
Prepaid Expenses	0.4%	0.3%	0.2%
Other Current Assets	0.4%	0.3%	0.2%
Total Current Assets	8.7%	7.8%	8.5%
Property,Plant and Equipment	76.8%	76.5%	74.8%
Intangible Assets	0.0%	0.0%	0.0%
Other Noncurrent Assets	1.0%	1.1%	1.1%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accrued Liabilities	0.5%	0.6%	0.4%
Current Portion of Long Term Debt	2.4%	3.3%	2.9%
Other Current Liabilities	0.5%	0.6%	0.4%
Total Current Liabilities	8.9%	9.8%	8.6%
Long Term Debt	44.6%	42.3%	43.3%
Operating Lease Liabilities Noncurrent	0.3%	0.1%	0.1%
Deferred Tax Liabilities	8.1%	8.1%	7.8%
Other Noncurrent Liabilities	1.0%	1.1%	1.2%
Total Liabilities	8.9%	9.8%	8.6%
Equity
Preferred Stock	0.6%	0.6%	0.7%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	16.3%	16.7%	17.0%
Retained Earnings	6.1%	5.7%	4.9%
Accumulated Other Comprehensive Income	-0.1%	-0.1%	-0.1%
Noncontrolling Interest	1.4%	1.4%	1.7%
Total Stockholders Equity	22.9%	22.9%	22.5%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

15 accounts · 3 years

Revenue $8.5B

Operating income $1.7B

Net income $1.1B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	21.4%	20.9%	22.3%
Expenses Cost of Revenue	17.1%	16.8%	18.6%
Expenses Depreciation and Amortization	3.3%	3.5%	3.5%
Expenses Operating Expenses	17.1%	16.8%	18.6%
Other Income Expense Operating Income	4.3%	4.1%	3.7%
Other Income Expense Interest Expense	2.0%	2.0%	1.9%
Other Income Expense Other Income/expense	0.1%	0.1%	0.0%
Other Income Expense Income Before Tax	3.1%	3.1%	2.8%
Income Tax Income Tax Expense	0.6%	0.5%	0.4%
net Income net Income	2.7%	2.8%	2.6%
net Income Comprehensive Income	2.7%	2.8%	2.7%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.8%	0.8%	0.9%
Earnings Per Share Weighted Average Shares Diluted	0.8%	0.8%	0.9%

Cash Flow Statement

Operating, investing, and financing flows

16 accounts · 3 years

Operating cash flow $2.2B

Investing cash flow $-4.0B

Financing cash flow $2.2B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	2.7%	2.8%	2.6%
Operating Activities Depreciation and Amortization	3.3%	3.5%	3.5%
Operating Activities Deferred Income Taxes	0.5%	0.4%	0.4%
Operating Activities Changes In Operating Assets and Liabilities	0.1%	-0.5%	-0.6%
Operating Activities net Cash From Operating Activities	5.6%	6.6%	6.9%
Investing Activities Other Investing Activities	0.5%	0.4%	0.5%
Investing Activities net Cash From Investing Activities	-10.1%	-8.5%	-10.1%
Financing Activities Proceeds From Debt	9.0%	5.5%	10.6%
Financing Activities Repayment of Debt	2.9%	2.7%	6.4%
Financing Activities Proceeds From Stock Issuance	1.3%	0.8%	0.6%
Financing Activities Other Financing Activities	-0.2%	-0.1%	-0.1%
Financing Activities net Cash From Financing Activities	5.6%	1.7%	3.4%
Cash Reconciliation Effect of Exchange Rate On Cash	1.5%	0.5%	0.7%
Cash Reconciliation net Change In Cash	1.1%	-0.2%	0.2%
Cash Reconciliation Cash At Beginning of Period	1.5%	0.5%	0.7%
Cash Reconciliation Cash At End of Period	1.5%	0.5%	0.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+20.2%	+19.8%	+16.6%
Operating margin	+20.2%	+19.8%	+16.6%
Net margin	+12.5%	+13.3%	+11.9%
FCF margin	—	—	—
Growth
Revenue CAGR (3y)	-0.2%	+0.8%	+5.2%
Returns
ROE	+11.7%	+12.2%	+11.8%
ROA	+2.7%	+2.8%	+2.6%
ROIC	+5.1%	+5.1%	+4.6%
Liquidity
Current ratio	0.98x	0.79x	0.98x
Quick ratio	0.15x	0.04x	0.09x
Leverage
D/E	0.39x	0.43x	0.38x
Interest coverage	2.19x	2.10x	1.92x
Efficiency
Asset turnover	0.21x	0.21x	0.22x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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CMS Energy

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