CMS Energy

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

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

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

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Year-over-year change per cell; first column has no prior.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 1 year

Total assets $39.9B

Total liabilities $3.5B

Shareholders equity $9.1B

Account	2025	Trend
Assets
Cash and Cash Equivalents	—
Short Term Investments	—
Accounts Receivable	—
Prepaid Expenses	—
Other Current Assets	—
Total Current Assets	—
Property,Plant and Equipment	—
Intangible Assets	—
Other Noncurrent Assets	—
Total Assets	—
Liabilities
Accrued Liabilities	—
Current Portion of Long Term Debt	—
Other Current Liabilities	—
Total Current Liabilities	—
Long Term Debt	—
Operating Lease Liabilities Noncurrent	—
Deferred Tax Liabilities	—
Other Noncurrent Liabilities	—
Total Liabilities	—
Equity
Preferred Stock	—
Common Stock	—
Additional Paid In Capital	—
Retained Earnings	—
Accumulated Other Comprehensive Income	—
Noncontrolling Interest	—
Total Stockholders Equity	—
Total Liabilitiesand Equity	—

Income Statement

Revenue, expense, and profitability

15 accounts · 1 year

Revenue $8.5B

Operating income $1.7B

Net income $1.1B

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	—
Expenses Cost of Revenue	—
Expenses Depreciation and Amortization	—
Expenses Operating Expenses	—
Other Income Expense Operating Income	—
Other Income Expense Interest Expense	—
Other Income Expense Other Income/expense	—
Other Income Expense Income Before Tax	—
Income Tax Income Tax Expense	—
net Income net Income	—
net Income Comprehensive Income	—
Earnings Per Share Basic Eps	—
Earnings Per Share Diluted Eps	—
Earnings Per Share Weighted Average Shares Basic	—
Earnings Per Share Weighted Average Shares Diluted	—

Cash Flow Statement

Operating, investing, and financing flows

16 accounts · 1 year

Operating cash flow $2.2B

Investing cash flow $-4.0B

Financing cash flow $2.2B

Account	2025	Trend
CashFlow
Operating Activities net Income	—
Operating Activities Depreciation and Amortization	—
Operating Activities Deferred Income Taxes	—
Operating Activities Changes In Operating Assets and Liabilities	—
Operating Activities net Cash From Operating Activities	—
Investing Activities Other Investing Activities	—
Investing Activities net Cash From Investing Activities	—
Financing Activities Proceeds From Debt	—
Financing Activities Repayment of Debt	—
Financing Activities Proceeds From Stock Issuance	—
Financing Activities Other Financing Activities	—
Financing Activities net Cash From Financing Activities	—
Cash Reconciliation Effect of Exchange Rate On Cash	—
Cash Reconciliation net Change In Cash	—
Cash Reconciliation Cash At Beginning of Period	—
Cash Reconciliation Cash At End of Period	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	+20.2%
Operating margin	+20.2%
Net margin	+12.5%
FCF margin	—
Growth
Revenue CAGR (3y)	-0.2%
Returns
ROE	+11.7%
ROA	+2.7%
ROIC	+5.1%
Liquidity
Current ratio	0.98x
Quick ratio	0.15x
Leverage
D/E	0.39x
Interest coverage	2.19x
Efficiency
Asset turnover	0.21x
Cash conversion cycle	—

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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CMS Energy

Assets, liabilities, and equity

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Operating, investing, and financing flows

Margins, returns, liquidity, leverage, efficiency

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