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%
                    
                    P40
                    
                    +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 8 filed · 1 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

21 accounts · 3 years

Total assets $39.9B

Total liabilities ~$30.8B

Shareholders equity $9.1B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	6.0%	1.4%	3.0%
Other Current Assets	16.1%	19.2%	21.0%
Total Current Assets	40.7%	37.1%	38.0%
Property,Plant and Equipment	359.3%	365.4%	336.0%
Regulatory Assets	39.3%	47.5%	49.4%
Other Noncurrent Assets	31.6%	30.3%	27.1%
Total Assets	467.7%	478.0%	449.2%
Liabilities
Current Portion of Long Term Debt	11.2%	15.9%	13.1%
Other Current Liabilities	13.9%	16.4%	14.8%
Total Current Liabilities	41.6%	46.9%	38.8%
Long Term Debt	208.5%	202.2%	194.4%
Regulatory Liabilities	47.9%	54.1%	52.2%
Other Noncurrent Liabilities	56.0%	58.4%	54.9%
Equity
Total Stockholders Equity	107.1%	109.5%	101.1%
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 Liabilitiesand Equity	467.7%	478.0%	449.2%

Income Statement

Revenue, expense, and profitability

14 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	7.7%	8.3%	7.5%
Expenses Selling,General and Administrative	20.2%	21.8%	22.6%
Expenses Depreciation and Amortization	15.3%	16.5%	15.8%
Expenses Other Operating Expenses	7.1%	7.4%	7.0%
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	3.6%	4.6%	4.9%
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 Other Items Below Tax	0.7%	0.6%	0.9%
net Income net Income	12.5%	13.3%	11.9%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%

Cash Flow Statement

Operating, investing, and financing flows

12 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 Cash From Operating Activities	26.2%	31.5%	30.9%
Operating Activities net Income	11.7%	12.6%	10.8%
Operating Activities Depreciation and Amortization	15.3%	16.5%	15.8%
Operating Activities Other Non Cash Items	-0.9%	2.4%	4.3%
Investing Activities Other Investing Activities	-2.5%	-0.5%	-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	-14.2%	-13.0%	-27.6%
Financing Activities Dividends Paid	-7.8%	-8.3%	-7.8%
Financing Activities Other Financing Activities	5.3%	3.4%	3.1%
Financing Activities net Cash From Financing Activities	26.2%	8.2%	15.3%
Cash Reconciliation net Change In Cash	5.1%	-0.9%	0.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+92.3%	+91.7%	+92.5%
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	—	—	—
Leverage
D/E	3.37x	3.36x	3.44x
Interest coverage	2.19x	2.10x	1.92x
Efficiency
Asset turnover	0.21x	0.21x	0.22x
Cash conversion cycle	—	—	—

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CMS Energy

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