CMS ENERGY CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CMS ENERGY CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,399	6,583	6,873	6,624	6,418	7,329	8,596	7,462	7,515	8,539
Operating income	1,256	1,338	1,162	1,115	1,230	1,146	1,224	1,235	1,487	1,727
Interest expense	435	438	458	460	505	500	519	643	708	789
Interest income	6	12	11	7	4	3	5
Other non-operating income	5	-14	70	109	84	177	197	362	344	310
Pre-tax income	826	886	774	764	809	823	902	954	1,123	1,248
Income tax	273	424	115	131	115	95	93	147	176	246
Income from continuing operations				631	697	746	823	876	993	1,061
Net income to minority interests	2	2	2	2	-3	-23	-24	-79	-56	-69
Net income	551	460	657	680	755	1,353	837	887	1,003	1,071
EBITDA	2,067	2,219	2,095	2,104	2,273	2,260	2,350	2,415	2,727	3,033
EPS, basic	1.99	1.64	2.33	2.40	2.65	4.66	2.85	3.01	3.34	3.53
EPS, diluted	1.98	1.64	2.32	2.39	2.64	4.66	2.85	3.01	3.33	3.53
Shares, basic (weighted)				283	285	289	290	291	298	300
Shares, diluted (weighted)	279	281	283	284	286	290	290	292	298	301
Dividend per share	1.24	1.33	1.43	1.53	1.63	1.74	1.84	1.95	2.06	2.17

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	235	182	153	140	32	452	164	227	103	509
Receivables	821	1,032	964	886	853	931	1,564
Other current assets	81	83	101	86	104	139	113	80	103	160
Total current assets	2,280	2,475	2,468	2,331	2,404	2,627	3,433	2,839	2,790	3,472
Property, plant and equipment	15,715	16,761	18,126	18,926	21,017	22,352	22,713	25,072	27,461	30,680
Lease right-of-use assets				47	32	26	31	26	24	22
Other non-current assets	353	799	478	739	823	264	310	357	384	398
Total assets	21,622	23,050	24,529	26,837	29,666	28,753	31,353	33,517	35,920	39,941
Accounts payable	598	725	723	622	661	875	928
Short-term debt	886	1,103	996	1,111	571	373	1,090	975	1,192	950
Total current liabilities	2,655	2,784	2,624	2,704	3,074	2,204	2,985	2,895	3,521	3,548
Long-term debt	8,640	9,123	10,615	11,951	11,744	12,046	13,122	14,508	15,194	17,807
Lease liabilities				37	25	25	27	22	21	19
Other non-current liabilities	290	307	294	383	394	375	397	415	407	392
Total liabilities	17,332	18,572	19,737	21,782	23,589	21,565	23,758	25,392	27,172	30,230
Total debt	9,504	10,204	11,589	13,062	12,315	12,419	14,212	15,483	16,386	18,757
Paid-in capital	4,916	5,019	5,088	5,113	5,365	5,406	5,490	5,705	6,009	6,510
Retained earnings	-616	-531	-271	-25	214	1,057	1,350	1,658	2,035	2,443
Other comprehensive income	-50	-50	-65	-73	-86	-59	-52	-46	-41	-36
Shareholders' equity	4,253	4,441	4,755	5,018	5,496	6,631	7,015	7,544	8,230	9,144
Minority interests	37	37	37	37	581	557	580	581	518	567
Total equity	4,290	4,478	4,792	5,055	6,077	7,188	7,595	8,125	8,748	9,711
Total liabilities and equity	21,622	23,050	24,529	26,837	29,666	28,753	31,353	33,517	35,920	39,941
Shares outstanding	279	282	283	284	289	290	291	294	299	306

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	553	462	659	682	752	1,330	813	808	947	1,002
Depreciation and amortization	811	881	933	989	1,043	1,114	1,126	1,180	1,240	1,306
Deferred income tax	247	404	170	113	157	98	69	145	146	207
Change in inventory	146	-46	14	44	28	-93	-450	185	164	-28
Change in payables	59	49	22	-71	56	153	4	-136	15	196
Cash from operations	1,629	1,705	1,703	1,790	1,276	1,819	855	2,309	2,370	2,235
Capital expenditures	-1,672	-1,665	-2,074	-2,097	-2,311	-2,076	-2,374
Sales and maturities of investments	0	0	146	0	0
Cash from investing	-1,915	-1,868	-2,606	-2,816	-2,867	-1,233	-2,476	-3,386	-3,054	-4,038
Debt issued	1,049	1,633	2,767	2,151	3,179	335	1,899	3,551	1,962	3,609
Debt repaid	-728	-980	-1,870	-1,285	-2,010	-235	-106	-2,132	-952	-1,150
Stock issued	72	83	41	12	253	26	69	192	286	525
Dividends paid	-347	-377	-407	-436	-467	-509	-546
Cash from financing	255	110	874	1,008	1,619	-295	1,327	1,143	614	2,240
Net change in cash	-31	-53	-29	-18	28	291	-294	66	-70	437
Free cash flow	-43	40	-371	-307	-1,035	-257	-1,519
Interest paid	427	418	458	498	549	489	490	607	677	741
Income taxes paid	32	5	-123	-58	-58	16	1	15	-69	-20

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $62.95 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	18.9%	Operating income / revenue.
EBITDA margin	34.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.8%	Pre-tax income / revenue.
Net margin	11.6%	Net income / revenue.
Operating cash flow margin	24.4%	Cash from operations / revenue.
Effective tax rate	21.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.5%	Net income / average total assets.
Return on invested capital (ROIC)	4.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
D&A / revenue	15.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	16.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	12.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	6.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	7.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	6.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	7.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-5.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	37.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.94x	Current assets / current liabilities.
Quick ratio	0.08x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.08x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.95x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	46.5%	Total debt / total assets.
Liabilities / assets	74.6%	Total liabilities / total assets.
Net debt	$18.80B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.22x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.04x	Operating income / interest expense.
Working capital	-$197.0M	Current assets - current liabilities.
Tangible book value	$9.77B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.22x	Revenue / average total assets.
Fixed asset turnover	0.27x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.30	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$28.36	Revenue / diluted weighted shares.
Operating cash flow per share	$6.91	Cash from operations / diluted weighted shares.
Book value per share	$31.17	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$31.17	Tangible book value / shares outstanding.
Cash per share	$0.77	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$19.74B	Share price x shares outstanding.
Enterprise value	$38.53B	Market cap + total debt - cash - short-term investments.
P/E	19.2x	Market cap / net income. Only when net income is positive.
P/S	2.24x	Market cap / revenue.
P/B	2.02x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.02x	Market cap / tangible book value, when positive.
P/OCF	9.19x	Market cap / cash from operations, when positive.
EV/Sales	4.37x	Enterprise value / revenue.
EV/EBIT	23.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.8x	Enterprise value / EBITDA, when both are positive.
Earnings yield	5.2%	Net income / market cap (the inverse of P/E).
PEG	2.60x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CMS ENERGY CORP's revenue in fiscal 2025?

CMS ENERGY CORP reported revenue of $8.54B for fiscal 2025, 13.6% higher than the year before.

Was CMS ENERGY CORP profitable in fiscal 2025?

Yes. Net income was $1.07B, a net margin of 12.5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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