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 · 3 years

Total assets $39.9B

Total liabilities $3.5B

Shareholders equity $9.1B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	6.0%	1.4%	3.0%
Short Term Investments	0.0%	0.0%	0.0%
Accounts Receivable	0.3%	0.3%	0.3%
Prepaid Expenses	1.9%	1.4%	1.1%
Other Current Assets	1.9%	1.4%	1.1%
Total Current Assets	40.7%	37.1%	38.0%
Property,Plant and Equipment	359.3%	365.4%	336.0%
Intangible Assets	0.0%	0.0%	0.0%
Other Noncurrent Assets	4.7%	5.1%	4.8%
Total Assets	467.7%	478.0%	449.2%
Liabilities
Accrued Liabilities	2.2%	2.8%	2.0%
Current Portion of Long Term Debt	11.1%	15.9%	13.1%
Other Current Liabilities	2.2%	2.8%	2.0%
Total Current Liabilities	41.6%	46.9%	38.8%
Long Term Debt	208.5%	202.2%	194.4%
Operating Lease Liabilities Noncurrent	1.6%	0.3%	0.3%
Deferred Tax Liabilities	38.1%	38.9%	35.0%
Other Noncurrent Liabilities	4.6%	5.4%	5.6%
Total Liabilities	41.6%	46.9%	38.8%
Equity
Preferred Stock	2.6%	3.0%	3.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	76.2%	80.0%	76.5%
Retained Earnings	28.6%	27.1%	22.2%
Accumulated Other Comprehensive Income	-0.4%	-0.5%	-0.6%
Noncontrolling Interest	6.6%	6.9%	7.8%
Total Stockholders Equity	107.1%	109.5%	101.1%
Total Liabilitiesand Equity	467.7%	478.0%	449.2%

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	100.0%	100.0%	100.0%
Expenses Cost of Revenue	79.8%	80.2%	83.4%
Expenses Depreciation and Amortization	15.3%	16.5%	15.8%
Expenses Operating Expenses	79.8%	80.2%	83.4%
Other Income Expense Operating Income	20.2%	19.8%	16.6%
Other Income Expense Interest Expense	9.2%	9.4%	8.6%
Other Income Expense Other Income/expense	0.3%	0.4%	0.2%
Other Income Expense Income Before Tax	14.6%	14.9%	12.8%
Income Tax Income Tax Expense	2.9%	2.3%	2.0%
net Income net Income	12.5%	13.3%	11.9%
net Income Comprehensive Income	12.6%	13.4%	12.0%
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	3.5%	4.0%	3.9%
Earnings Per Share Weighted Average Shares Diluted	3.5%	4.0%	3.9%

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	12.5%	13.3%	11.9%
Operating Activities Depreciation and Amortization	15.3%	16.5%	15.8%
Operating Activities Deferred Income Taxes	2.4%	1.9%	1.9%
Operating Activities Changes In Operating Assets and Liabilities	0.3%	-2.2%	-2.5%
Operating Activities net Cash From Operating Activities	26.2%	31.5%	30.9%
Investing Activities Other Investing Activities	2.5%	2.1%	2.2%
Investing Activities net Cash From Investing Activities	-47.3%	-40.6%	-45.4%
Financing Activities Proceeds From Debt	42.3%	26.1%	47.6%
Financing Activities Repayment of Debt	13.5%	12.7%	28.6%
Financing Activities Proceeds From Stock Issuance	6.1%	3.8%	2.6%
Financing Activities Other Financing Activities	-0.8%	-0.3%	-0.6%
Financing Activities net Cash From Financing Activities	26.2%	8.2%	15.3%
Cash Reconciliation Effect of Exchange Rate On Cash	7.2%	2.4%	3.3%
Cash Reconciliation net Change In Cash	5.1%	-0.9%	0.9%
Cash Reconciliation Cash At Beginning of Period	7.2%	2.4%	3.3%
Cash Reconciliation Cash At End of Period	7.2%	2.4%	3.3%

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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