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

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	$509.0M
Short Term Investments	$0
Accounts Receivable	$27.0M
Prepaid Expenses	$160.0M
Other Current Assets	$160.0M
Total Current Assets	$3.5B
Property,Plant and Equipment	$30.7B
Intangible Assets	$0
Other Noncurrent Assets	$398.0M
Total Assets	$39.9B
Liabilities
Accrued Liabilities	$185.0M
Current Portion of Long Term Debt	$950.0M
Other Current Liabilities	$185.0M
Total Current Liabilities	$3.5B
Long Term Debt	$17.8B
Operating Lease Liabilities Noncurrent	$135.0M
Deferred Tax Liabilities	$3.3B
Other Noncurrent Liabilities	$392.0M
Total Liabilities	$3.5B
Equity
Preferred Stock	$224.0M
Common Stock	$3.0M
Additional Paid In Capital	$6.5B
Retained Earnings	$2.4B
Accumulated Other Comprehensive Income	$-36.0M
Noncontrolling Interest	$567.0M
Total Stockholders Equity	$9.1B
Total Liabilitiesand Equity	$39.9B

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	$8.5B
Expenses Cost of Revenue	$6.8B
Expenses Depreciation and Amortization	$1.3B
Expenses Operating Expenses	$6.8B
Other Income Expense Operating Income	$1.7B
Other Income Expense Interest Expense	$789.0M
Other Income Expense Other Income/expense	$27.0M
Other Income Expense Income Before Tax	$1.2B
Income Tax Income Tax Expense	$246.0M
net Income net Income	$1.1B
net Income Comprehensive Income	$1.1B
Earnings Per Share Basic Eps	$4
Earnings Per Share Diluted Eps	$4
Earnings Per Share Weighted Average Shares Basic	$300.4M
Earnings Per Share Weighted Average Shares Diluted	$301.0M

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	$1.1B
Operating Activities Depreciation and Amortization	$1.3B
Operating Activities Deferred Income Taxes	$207.0M
Operating Activities Changes In Operating Assets and Liabilities	$28.0M
Operating Activities net Cash From Operating Activities	$2.2B
Investing Activities Other Investing Activities	$214.0M
Investing Activities net Cash From Investing Activities	$-4.0B
Financing Activities Proceeds From Debt	$3.6B
Financing Activities Repayment of Debt	$1.1B
Financing Activities Proceeds From Stock Issuance	$525.0M
Financing Activities Other Financing Activities	$-65.0M
Financing Activities net Cash From Financing Activities	$2.2B
Cash Reconciliation Effect of Exchange Rate On Cash	$615.0M
Cash Reconciliation net Change In Cash	$437.0M
Cash Reconciliation Cash At Beginning of Period	$615.0M
Cash Reconciliation Cash At End of Period	$615.0M

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

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FY2025 fundamentals · no price

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CMS Energy

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