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

Balance Sheet

Assets, liabilities, and equity

27 accounts · 5 years

Total assets $39.9B

Total liabilities $3.5B

Shareholders equity $9.1B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$509.0M 394.2%	$103.0M -54.6%	$227.0M 38.4%	$164.0M -63.7%	$452.0M
Short Term Investments	$0	$0	$0	$0	$0
Accounts Receivable	$27.0M 17.4%	$23.0M 9.5%	$21.0M -98.7%	$1.6B 68.0%	$931.0M
Prepaid Expenses	$160.0M 55.3%	$103.0M 28.7%	$80.0M -29.2%	$113.0M -5.8%	$120.0M
Other Current Assets	$160.0M 55.3%	$103.0M 28.7%	$80.0M -29.2%	$113.0M -5.8%	$120.0M
Total Current Assets	$3.5B 24.4%	$2.8B -1.7%	$2.8B -17.3%	$3.4B 30.7%	$2.6B
Property,Plant and Equipment	$30.7B 11.7%	$27.5B 9.5%	$25.1B 10.4%	$22.7B 1.6%	$22.4B
Intangible Assets	$0	$0	$0	$0	$0
Other Noncurrent Assets	$398.0M 3.6%	$384.0M 7.6%	$357.0M 15.2%	$310.0M -78.1%	$1.4B
Total Assets	$39.9B 11.2%	$35.9B 7.2%	$33.5B 6.9%	$31.4B 9.0%	$28.8B
Liabilities
Accrued Liabilities	$185.0M -11.5%	$209.0M 40.3%	$149.0M -10.2%	$166.0M 6.4%	$156.0M
Current Portion of Long Term Debt	$950.0M -20.3%	$1.2B 22.3%	$975.0M -10.6%	$1.1B 192.2%	$373.0M
Other Current Liabilities	$185.0M -11.5%	$209.0M 40.3%	$149.0M -10.2%	$166.0M 6.4%	$156.0M
Total Current Liabilities	$3.5B 0.8%	$3.5B 21.6%	$2.9B -3.0%	$3.0B 35.4%	$2.2B
Long Term Debt	$17.8B 17.2%	$15.2B 4.7%	$14.5B 10.6%	$13.1B 8.9%	$12.0B
Operating Lease Liabilities Noncurrent	$135.0M 542.9%	$21.0M -4.5%	$22.0M -18.5%	$27.0M 17.4%	$23.0M
Deferred Tax Liabilities	$3.3B 11.2%	$2.9B 11.9%	$2.6B 8.6%	$2.4B 8.9%	$2.2B
Other Noncurrent Liabilities	$392.0M -3.7%	$407.0M -1.9%	$415.0M 4.5%	$397.0M 5.9%	$375.0M
Total Liabilities	$3.5B 0.8%	$3.5B 21.6%	$2.9B -3.0%	$3.0B 35.4%	$2.2B
Equity
Preferred Stock	$224.0M 0.0%	$224.0M 0.0%	$224.0M 0.0%	$224.0M 0.0%	$224.0M
Common Stock	$3.0M 0.0%	$3.0M 0.0%	$3.0M 0.0%	$3.0M 0.0%	$3.0M
Additional Paid In Capital	$6.5B 8.3%	$6.0B 5.3%	$5.7B 3.9%	$5.5B 1.6%	$5.4B
Retained Earnings	$2.4B 20.0%	$2.0B 22.7%	$1.7B 22.8%	$1.4B 27.7%	$1.1B
Accumulated Other Comprehensive Income	$-36.0M 12.2%	$-41.0M 10.9%	$-46.0M 11.5%	$-52.0M 11.9%	$-59.0M
Noncontrolling Interest	$567.0M 9.5%	$518.0M -10.8%	$581.0M 0.2%	$580.0M 4.1%	$557.0M
Total Stockholders Equity	$9.1B 11.1%	$8.2B 9.1%	$7.5B 7.5%	$7.0B 5.8%	$6.6B
Total Liabilitiesand Equity	$39.9B 11.2%	$35.9B 7.2%	$33.5B 6.9%	$31.4B 9.0%	$28.8B

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $8.5B

Operating income $1.7B

Net income $1.1B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$8.5B 13.6%	$7.5B 0.7%	$7.5B -13.2%	$8.6B 17.3%	$7.3B
Expenses Cost of Revenue	$6.8B 13.0%	$6.0B -3.2%	$6.2B -15.5%	$7.4B 19.2%	$6.2B
Expenses Depreciation and Amortization	$1.3B 5.3%	$1.2B 5.1%	$1.2B 4.8%	$1.1B 1.1%	$1.1B
Expenses Operating Expenses	$6.8B 13.0%	$6.0B -3.2%	$6.2B -15.5%	$7.4B 19.2%	$6.2B
Other Income Expense Operating Income	$1.7B 16.1%	$1.5B 20.4%	$1.2B 0.9%	$1.2B 6.8%	$1.1B
Other Income Expense Interest Expense	$789.0M 11.4%	$708.0M 10.1%	$643.0M 23.9%	$519.0M 3.8%	$500.0M
Other Income Expense Other Income/expense	$27.0M -15.6%	$32.0M 146.2%	$13.0M -51.9%	$27.0M 50.0%	$18.0M
Other Income Expense Income Before Tax	$1.2B 11.1%	$1.1B 17.7%	$954.0M 5.8%	$902.0M 9.6%	$823.0M
Income Tax Income Tax Expense	$246.0M 39.8%	$176.0M 19.7%	$147.0M 58.1%	$93.0M -2.1%	$95.0M
net Income net Income	$1.1B 6.8%	$1.0B 13.1%	$887.0M 6.0%	$837.0M -38.1%	$1.4B
net Income Comprehensive Income	$1.1B 6.7%	$1.0B 12.9%	$893.0M 5.8%	$844.0M -38.8%	$1.4B
Earnings Per Share Basic Eps	$4 5.7%	$3 11.0%	$3 5.6%	$3 -38.8%	$5
Earnings Per Share Diluted Eps	$4 6.0%	$3 10.6%	$3 5.6%	$3 -38.8%	$5
Earnings Per Share Weighted Average Shares Basic	$300.4M 0.9%	$297.6M 2.2%	$291.2M 0.6%	$289.5M 0.2%	$289.0M
Earnings Per Share Weighted Average Shares Diluted	$301.0M 0.9%	$298.3M 2.3%	$291.7M 0.6%	$290.0M 0.2%	$289.5M

Cash Flow Statement

Operating, investing, and financing flows

16 accounts · 5 years

Operating cash flow $2.2B

Investing cash flow $-4.0B

Financing cash flow $2.2B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$1.1B 6.8%	$1.0B 13.1%	$887.0M 6.0%	$837.0M -38.1%	$1.4B
Operating Activities Depreciation and Amortization	$1.3B 5.3%	$1.2B 5.1%	$1.2B 4.8%	$1.1B 1.1%	$1.1B
Operating Activities Deferred Income Taxes	$207.0M 41.8%	$146.0M 0.7%	$145.0M 110.1%	$69.0M -29.6%	$98.0M
Operating Activities Changes In Operating Assets and Liabilities	$28.0M 117.1%	$-164.0M 11.4%	$-185.0M -141.1%	$450.0M 383.9%	$93.0M
Operating Activities net Cash From Operating Activities	$2.2B -5.7%	$2.4B 2.6%	$2.3B 170.1%	$855.0M -53.0%	$1.8B
Investing Activities Other Investing Activities	$214.0M 33.8%	$160.0M -4.2%	$167.0M 56.1%	$107.0M -19.5%	$133.0M
Investing Activities net Cash From Investing Activities	$-4.0B -32.2%	$-3.1B 9.8%	$-3.4B -36.8%	$-2.5B -100.8%	$-1.2B
Financing Activities Proceeds From Debt	$3.6B 83.9%	$2.0B -44.7%	$3.6B 87.0%	$1.9B 466.9%	$335.0M
Financing Activities Repayment of Debt	$1.1B 20.8%	$952.0M -55.3%	$2.1B 1911.3%	$106.0M -54.9%	$235.0M
Financing Activities Proceeds From Stock Issuance	$525.0M 83.6%	$286.0M 49.0%	$192.0M 178.3%	$69.0M 165.4%	$26.0M
Financing Activities Other Financing Activities	$-65.0M -209.5%	$-21.0M 50.0%	$-42.0M 27.6%	$-58.0M -7.4%	$-54.0M
Financing Activities net Cash From Financing Activities	$2.2B 264.8%	$614.0M -46.3%	$1.1B -13.9%	$1.3B 549.8%	$-295.0M
Cash Reconciliation Effect of Exchange Rate On Cash	$615.0M 245.5%	$178.0M -28.2%	$248.0M 36.3%	$182.0M -61.8%	$476.0M
Cash Reconciliation net Change In Cash	$437.0M 724.3%	$-70.0M -206.1%	$66.0M 122.4%	$-294.0M -201.0%	$291.0M
Cash Reconciliation Cash At Beginning of Period	$615.0M 245.5%	$178.0M -28.2%	$248.0M 36.3%	$182.0M -61.8%	$476.0M
Cash Reconciliation Cash At End of Period	$615.0M 245.5%	$178.0M -28.2%	$248.0M 36.3%	$182.0M -61.8%	$476.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+20.2%	+19.8%	+16.6%	+14.2%	+15.6%
Operating margin	+20.2%	+19.8%	+16.6%	+14.2%	+15.6%
Net margin	+12.5%	+13.3%	+11.9%	+9.7%	+18.5%
FCF margin	—	—	—	-17.7%	-3.5%
Growth
Revenue CAGR (3y)	-0.2%	+0.8%	+5.2%	+9.1%	+2.2%
Returns
ROE	+11.7%	+12.2%	+11.8%	+11.9%	+20.4%
ROA	+2.7%	+2.8%	+2.6%	+2.7%	+4.7%
ROIC	+5.1%	+5.1%	+4.6%	+5.2%	+5.5%
Liquidity
Current ratio	0.98x	0.79x	0.98x	1.15x	1.19x
Quick ratio	0.15x	0.04x	0.09x	0.58x	0.63x
Leverage
D/E	0.39x	0.43x	0.38x	0.43x	0.33x
Interest coverage	2.19x	2.10x	1.92x	2.36x	2.29x
Efficiency
Asset turnover	0.21x	0.21x	0.22x	0.27x	0.25x
Cash conversion cycle	—	—	—	—	—

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CMS Energy

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