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 revenue.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 10 years

Total assets $39.9B

Total liabilities $3.5B

Shareholders equity $9.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	6.0%	1.4%	3.0%	1.9%	6.2%	2.6%	2.1%	2.2%	2.8%	3.7%
Short Term Investments	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.4%	0.3%	0.2%	0.2%
Accounts Receivable	0.3%	0.3%	0.3%	18.2%	12.7%	13.4%	13.4%	14.0%	15.7%	12.8%
Prepaid Expenses	1.9%	1.4%	1.1%	1.3%	1.6%	1.7%	1.3%	1.5%	1.3%	1.3%
Other Current Assets	1.9%	1.4%	1.1%	1.3%	1.6%	1.7%	1.3%	1.5%	1.3%	1.3%
Total Current Assets	40.7%	37.1%	38.0%	39.9%	35.8%	37.5%	35.2%	35.9%	37.6%	35.6%
Property,Plant and Equipment	359.3%	365.4%	336.0%	264.2%	305.0%	327.8%	285.7%	263.7%	254.6%	245.6%
Intangible Assets	0.0%	0.0%	0.0%	0.0%	0.0%	28.1%	26.1%	28.1%	26.1%	23.4%
Other Noncurrent Assets	4.7%	5.1%	4.8%	3.6%	19.3%	13.5%	11.2%	7.0%	12.1%	5.5%
Total Assets	467.7%	478.0%	449.2%	364.7%	392.3%	462.2%	405.1%	356.9%	350.1%	337.9%
Liabilities
Accrued Liabilities	2.2%	2.8%	2.0%	1.9%	2.1%	2.4%	2.8%	2.1%	3.0%	3.1%
Current Portion of Long Term Debt	11.1%	15.9%	13.1%	12.7%	5.1%	23.2%	16.8%	14.2%	16.4%	13.5%
Other Current Liabilities	2.2%	2.8%	2.0%	1.9%	2.1%	2.4%	2.8%	2.1%	3.0%	3.1%
Total Current Liabilities	41.6%	46.9%	38.8%	34.7%	30.1%	47.9%	40.8%	38.2%	42.3%	41.5%
Long Term Debt	208.5%	202.2%	194.4%	152.7%	164.4%	212.4%	180.4%	154.4%	138.6%	135.0%
Operating Lease Liabilities Noncurrent	1.6%	0.3%	0.3%	0.3%	0.3%	0.4%	0.6%	—	—	—
Deferred Tax Liabilities	38.1%	38.9%	35.0%	28.0%	30.2%	29.0%	25.0%	21.6%	32.8%	50.8%
Other Noncurrent Liabilities	4.6%	5.4%	5.6%	4.6%	5.1%	6.2%	5.8%	4.3%	4.7%	4.5%
Total Liabilities	41.6%	46.9%	38.8%	34.7%	30.1%	47.9%	40.8%	38.2%	42.3%	41.5%
Equity
Preferred Stock	2.6%	3.0%	3.0%	2.6%	3.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	76.2%	80.0%	76.5%	63.9%	73.8%	83.6%	77.2%	74.0%	76.2%	76.8%
Retained Earnings	28.6%	27.1%	22.2%	15.7%	14.4%	3.3%	-0.4%	-3.9%	-8.1%	-9.6%
Accumulated Other Comprehensive Income	-0.4%	-0.5%	-0.6%	-0.6%	-0.8%	-1.3%	-1.1%	-0.9%	-0.8%	-0.8%
Noncontrolling Interest	6.6%	6.9%	7.8%	6.7%	7.6%	9.1%	0.6%	0.5%	0.6%	0.6%
Total Stockholders Equity	107.1%	109.5%	101.1%	81.6%	90.5%	85.6%	75.8%	69.2%	67.5%	66.5%
Total Liabilitiesand Equity	467.7%	478.0%	449.2%	364.7%	392.3%	462.2%	405.1%	356.9%	350.1%	337.9%

Income Statement

Revenue, expense, and profitability

15 accounts · 10 years

Revenue $8.5B

Operating income $1.7B

Net income $1.1B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	79.8%	80.2%	83.4%	85.8%	84.4%	80.8%	83.2%	83.1%	79.7%	80.4%
Expenses Depreciation and Amortization	15.3%	16.5%	15.8%	13.1%	15.2%	16.3%	14.9%	13.6%	13.4%	12.7%
Expenses Operating Expenses	79.8%	80.2%	83.4%	85.8%	84.4%	80.8%	83.2%	83.1%	79.7%	80.4%
Other Income Expense Operating Income	20.2%	19.8%	16.6%	14.2%	15.6%	19.2%	16.8%	16.9%	20.3%	19.6%
Other Income Expense Interest Expense	9.2%	9.4%	8.6%	6.0%	6.8%	7.9%	6.9%	6.7%	6.7%	6.8%
Other Income Expense Other Income/expense	0.3%	0.4%	0.2%	0.3%	0.2%	1.0%	0.2%	0.7%	1.2%	1.2%
Other Income Expense Income Before Tax	14.6%	14.9%	12.8%	10.5%	11.2%	12.6%	11.5%	11.3%	13.5%	12.9%
Income Tax Income Tax Expense	2.9%	2.3%	2.0%	1.1%	1.3%	1.8%	2.0%	1.7%	6.4%	4.3%
net Income net Income	12.5%	13.3%	11.9%	9.7%	18.5%	11.8%	10.3%	9.6%	7.0%	8.6%
net Income Comprehensive Income	12.6%	13.4%	12.0%	9.8%	18.8%	11.6%	10.1%	9.5%	7.0%	8.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	3.5%	4.0%	3.9%	3.4%	3.9%	4.4%	4.3%	—	—	—
Earnings Per Share Weighted Average Shares Diluted	3.5%	4.0%	3.9%	3.4%	4.0%	4.5%	4.3%	4.1%	4.3%	4.4%

Cash Flow Statement

Operating, investing, and financing flows

16 accounts · 10 years

Operating cash flow $2.2B

Investing cash flow $-4.0B

Financing cash flow $2.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	12.5%	13.3%	11.9%	9.7%	18.5%	11.8%	10.3%	9.6%	7.0%	8.6%
Operating Activities Depreciation and Amortization	15.3%	16.5%	15.8%	13.1%	15.2%	16.3%	14.9%	13.6%	13.4%	12.7%
Operating Activities Deferred Income Taxes	2.4%	1.9%	1.9%	0.8%	1.3%	2.4%	1.7%	2.5%	6.1%	3.9%
Operating Activities Changes In Operating Assets and Liabilities	0.3%	-2.2%	-2.5%	5.2%	1.3%	-0.4%	-0.7%	-0.2%	0.7%	-2.3%
Operating Activities net Cash From Operating Activities	26.2%	31.5%	30.9%	9.9%	24.8%	19.9%	27.0%	24.8%	25.9%	25.5%
Investing Activities Other Investing Activities	2.5%	2.1%	2.2%	1.2%	1.8%	2.0%	1.9%	2.1%	1.7%	1.7%
Investing Activities net Cash From Investing Activities	-47.3%	-40.6%	-45.4%	-28.8%	-16.8%	-44.7%	-42.5%	-37.9%	-28.4%	-29.9%
Financing Activities Proceeds From Debt	42.3%	26.1%	47.6%	22.1%	4.6%	49.5%	32.5%	40.3%	24.8%	16.4%
Financing Activities Repayment of Debt	13.5%	12.7%	28.6%	1.2%	3.2%	31.3%	19.4%	27.2%	14.9%	11.4%
Financing Activities Proceeds From Stock Issuance	6.1%	3.8%	2.6%	0.8%	0.4%	3.9%	0.2%	0.6%	1.3%	1.1%
Financing Activities Other Financing Activities	-0.8%	-0.3%	-0.6%	-0.7%	-0.7%	-0.8%	-0.8%	-0.9%	-0.7%	-0.3%
Financing Activities net Cash From Financing Activities	26.2%	8.2%	15.3%	15.4%	-4.0%	25.2%	15.2%	12.7%	1.7%	4.0%
Cash Reconciliation Effect of Exchange Rate On Cash	7.2%	2.4%	3.3%	2.1%	6.5%	2.9%	2.4%	2.5%	3.1%	4.0%
Cash Reconciliation net Change In Cash	5.1%	-0.9%	0.9%	-3.4%	4.0%	0.4%	-0.3%	-0.4%	-0.8%	-0.5%
Cash Reconciliation Cash At Beginning of Period	7.2%	2.4%	3.3%	2.1%	6.5%	2.9%	2.4%	2.5%	3.1%	4.0%
Cash Reconciliation Cash At End of Period	7.2%	2.4%	3.3%	2.1%	6.5%	2.9%	2.4%	2.5%	3.1%	4.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+20.2%	+19.8%	+16.6%	+14.2%	+15.6%	+19.2%	+16.8%	+16.9%	+20.3%	+19.6%
Operating margin	+20.2%	+19.8%	+16.6%	+14.2%	+15.6%	+19.2%	+16.8%	+16.9%	+20.3%	+19.6%
Net margin	+12.5%	+13.3%	+11.9%	+9.7%	+18.5%	+11.8%	+10.3%	+9.6%	+7.0%	+8.6%
FCF margin	—	—	—	-17.7%	-3.5%	-16.1%	-4.6%	-5.4%	+0.6%	-0.7%
Growth
Revenue CAGR (3y)	-0.2%	+0.8%	+5.2%	+9.1%	+2.2%	-0.8%	+1.2%	+2.1%	-2.8%	-0.9%
Returns
ROE	+11.7%	+12.2%	+11.8%	+11.9%	+20.4%	+13.7%	+13.6%	+13.8%	+10.4%	+13.0%
ROA	+2.7%	+2.8%	+2.6%	+2.7%	+4.7%	+2.5%	+2.5%	+2.7%	+2.0%	+2.5%
ROIC	+5.1%	+5.1%	+4.6%	+5.2%	+5.5%	+5.2%	+5.1%	+6.1%	+4.8%	+6.2%
Liquidity
Current ratio	0.98x	0.79x	0.98x	1.15x	1.19x	0.78x	0.86x	0.94x	0.89x	0.86x
Quick ratio	0.15x	0.04x	0.09x	0.58x	0.63x	0.34x	0.38x	0.43x	0.44x	0.40x
Leverage
D/E	0.39x	0.43x	0.38x	0.43x	0.33x	0.56x	0.54x	0.55x	0.63x	0.62x
Interest coverage	2.19x	2.10x	1.92x	2.36x	2.29x	2.44x	2.42x	2.54x	3.05x	2.89x
Efficiency
Asset turnover	0.21x	0.21x	0.22x	0.27x	0.25x	0.22x	0.25x	0.28x	0.29x	0.30x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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CMS Energy

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