CMS
CMS Energy CorporationStock · UtilitiesS&P 500 Equal Weight 0.2% · S&P 500 0.04% · Russell 1000 0.03% · US Stock Market 0.03% · Russell 3000 0.03% · MSCI ACWI 0.02% · MSCI World 0.02%$65.34-1.30%
as of market close, Sep 18, 2026
☾ AH — —
CMS financial statements
The full income statement, balance sheet, and cash-flow statement for CMS Energy Corporation (CMS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 298.7M2024-09 298.8M2024-12 298.8M2025-03 299.1M2025-06 299.3M2025-09 304.3M2025-12 306.4M2026-03 308.9M2026-06 313.6M+5.0% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 8.54B+16.7% | 7.32B+0.8% | 7.26B-15.5% | 8.60B+17.3% | 7.33B+14.2% | |
| Provision for credit losses | 40.0M+21.2% | 33.0M-2.9% | 34.0M-32.0% | 50.0M+127.3% | 22.0M-26.7% | |
| Operating income | 1.73B+16.1% | 1.49B+20.4% | 1.24B+0.9% | 1.22B+6.8% | 1.15B-6.8% | |
| Interest expense | 789M+11.4% | 708M+10.1% | 643M+23.9% | 519M+3.8% | 500M-1.0% | |
| Other non-operating income | 310M-9.9% | 344M-5.0% | 362M+83.8% | 197M+11.3% | 177M+110.7% | |
| Equity-method income | 5.00M-28.6% | 7.00M+0.0% | 7.00M+133.3% | 3.00M-70.0% | 10.0M+100.0% | |
| Pre-tax income | 1.25B+11.1% | 1.12B+17.7% | 954M+5.8% | 902M+9.6% | 823M+1.7% | |
| Income tax | 246M+39.8% | 176M+19.7% | 147M+58.1% | 93.0M-2.1% | 95.0M-17.4% | |
| 1.07B+6.8% | 1.00B+13.1% | 887M+6.0% | 837M-38.1% | 1.35B+79.2% | ||
| Income from continuing operations | 1.06B+6.8% | 993M+13.4% | 876M+6.4% | 823M+10.3% | 746M+7.0% | |
| Discontinued operations | 0.00 | 0.00-100.0% | 1.00M-75.0% | 4.00M-99.3% | 602M+937.9% | |
| Net income to non-controlling interest | -69.0M-23.2% | -56.0M+29.1% | -79.0M-229.2% | -24.0M-4.3% | -23.0M-666.7% | |
| Preferred dividends | 10.0M+0.0% | 10.0M+0.0% | 10.0M+0.0% | 10.0M+100.0% | 5.00M | |
| Net income to common | 1.06B+6.8% | 993M+13.2% | 877M+6.0% | 827M-38.6% | 1.35B+78.5% | |
| $3.53+6.0% | $3.33+10.6% | $3.01+5.6% | $2.85-38.8% | $4.66+76.5% | ||
| EPS (basic) | $3.53+5.7% | $3.34+11.0% | $3.01+5.6% | $2.85-38.8% | $4.66+75.8% | |
| Weighted-avg shares (basic) | 300M+0.9% | 298M+2.2% | 291M+0.6% | 290M+0.2% | 289M+1.4% | |
| Weighted-avg shares (diluted) | 301M+0.9% | 298M+2.3% | 292M+0.6% | 290M+0.2% | 290M+1.1% | |
| Dividends per share | $2.17+5.3% | $2.06+5.6% | $1.95+6.0% | $1.84+5.7% | $1.74+6.7% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 3.47B+24.4% | 2.79B-1.7% | 2.84B-17.3% | 3.43B+30.7% | 2.63B+9.3% | ||
| Cash & equivalents | 509M+394.2% | 103M-54.6% | 227M+38.4% | 164M-63.7% | 452M+1312.5% | |
| Accounts receivable | — | — | — | 1.56B+68.0% | 931M+9.1% | |
| Other current assets | 160M+55.3% | 103M+28.7% | 80.0M-29.2% | 113M-18.7% | 139M+33.7% | |
| 39.9B+11.2% | 35.9B+7.2% | 33.5B+6.9% | 31.4B+9.0% | 28.8B-3.1% | ||
| Property, plant & equipment | 30.7B+11.7% | 27.5B+9.5% | 25.1B+10.4% | 22.7B+1.6% | 22.4B+6.4% | |
| Operating lease right-of-use | 22.0M-8.3% | 24.0M-7.7% | 26.0M-16.1% | 31.0M+19.2% | 26.0M-18.8% | |
| Other non-current assets | 398M+3.6% | 384M+7.6% | 357M+15.2% | 310M+17.4% | 264M-67.9% | |
| 3.55B+0.8% | 3.52B+21.6% | 2.90B-3.0% | 2.98B+35.4% | 2.20B-28.3% | ||
| Accounts payable | — | — | — | 928M+6.1% | 875M+32.4% | |
| Short-term & current debt | 950M-20.3% | 1.19B+22.3% | 975M-10.6% | 1.09B+192.2% | 373M-34.7% | |
| Current lease liability | 3.00M+0.0% | 3.00M-25.0% | 4.00M+0.0% | 4.00M+33.3% | 3.00M-57.1% | |
| Other current liabilities | 185M-11.5% | 209M+40.3% | 149M-10.2% | 166M+6.4% | 156M+17.3% | |
| Finance lease liability (current) | 6.00M+50.0% | 4.00M-20.0% | 5.00M-44.4% | 9.00M+50.0% | 6.00M-14.3% | |
| Long-term debt | 17.8B+17.2% | 15.2B+4.7% | 14.5B+10.6% | 13.1B+8.9% | 12.0B+2.6% | |
| Non-current lease liability | 19.0M-9.5% | 21.0M-4.5% | 22.0M-18.5% | 27.0M+8.0% | 25.0M+0.0% | |
| Operating lease liability (total) | 22.0M-8.3% | 24.0M-7.7% | 26.0M-16.1% | 31.0M+19.2% | 26.0M-23.5% | |
| Finance lease liability (total) | 141M+21.6% | 116M+73.1% | 67.0M-13.0% | 77.0M+48.1% | 52.0M-13.3% | |
| Finance lease liability | 135M+20.5% | 112M+80.6% | 62.0M-8.8% | 68.0M+47.8% | 46.0M-13.2% | |
| Deferred tax liabilities | 3.25B+11.2% | 2.92B+11.9% | 2.62B+8.6% | 2.41B+8.9% | 2.21B+18.6% | |
| Other non-current liabilities | 392M-3.7% | 407M-1.9% | 415M+4.5% | 397M+5.9% | 375M-4.8% | |
| Total non-current liabilities | 26.7B+12.8% | 23.7B+5.1% | 22.5B+8.3% | 20.8B+7.3% | 19.4B-5.6% | |
| 9.14B+11.1% | 8.23B+9.1% | 7.54B+7.5% | 7.01B+5.8% | 6.63B+20.7% | ||
| Preferred stock | 224M+0.0% | 224M+0.0% | 224M+0.0% | 224M+0.0% | 224M | |
| Common stock | 3.00M+0.0% | 3.00M+0.0% | 3.00M+0.0% | 3.00M+0.0% | 3.00M+0.0% | |
| Additional paid-in capital | 6.51B+8.3% | 6.01B+5.3% | 5.71B+3.9% | 5.49B+1.6% | 5.41B+0.8% | |
| Retained earnings | 2.44B+20.0% | 2.04B+22.7% | 1.66B+22.8% | 1.35B+27.7% | 1.06B+393.9% | |
| Accumulated other comprehensive income | -36.0M+12.2% | -41.0M+10.9% | -46.0M+11.5% | -52.0M+11.9% | -59.0M+31.4% | |
| Non-controlling interest | 567M+9.5% | 518M-10.8% | 581M+0.2% | 580M+4.1% | 557M-4.1% | |
| Total equity incl. non-controlling | 9.71B+11.0% | 8.75B+7.7% | 8.13B+7.0% | 7.59B+5.7% | 7.19B+18.3% | |
| Total liabilities & equity | 39.9B+11.2% | 35.9B+7.2% | 33.5B+6.9% | 31.4B+9.0% | 28.8B-3.1% | |
| Common shares outstanding | 306M+2.5% | 299M+1.5% | 294M+1.1% | 291M+0.5% | 290M+0.3% | |
| Shares outstanding (cover) | 306M+2.6% | 299M+1.5% | 294M+1.1% | 291M+0.5% | 290M+0.3% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 2.23B-5.7% | 2.37B+2.6% | 2.31B+170.1% | 855M-53.0% | 1.82B+42.6% | ||
| Depreciation & amortization | 1.31B+5.3% | 1.24B+5.1% | 1.18B+4.8% | 1.13B+1.1% | 1.11B+6.8% | |
| Deferred income taxes | 207M+41.8% | 146M+0.7% | 145M+110.1% | 69.0M-29.6% | 98.0M-37.6% | |
| Change in inventory | 28.0M+117.1% | -164M+11.4% | -185M-141.1% | 450M+383.9% | 93.0M+432.1% | |
| -4.04B-32.2% | -3.05B+9.8% | -3.39B-36.8% | -2.48B-100.8% | -1.23B+57.0% | ||
| Capital expenditure | — | — | — | 2.37B+14.4% | 2.08B-10.2% | |
| Free cash flow | — | — | — | -1.52B-491.1% | -257M+75.2% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other investing activities | 214M+33.8% | 160M-4.2% | 167M+56.1% | 107M-19.5% | 133M+3.1% | |
| 2.24B+264.8% | 614M-46.3% | 1.14B-13.9% | 1.33B+549.8% | -295M-118.2% | ||
| Long-term debt issued | 3.61B+83.9% | 1.96B-44.7% | 3.55B+87.0% | 1.90B+466.9% | 335M-89.5% | |
| Long-term debt repaid | 1.15B+20.8% | 952M-55.3% | 2.13B+1911.3% | 106M-54.9% | 235M-88.3% | |
| Net short-term debt | -65.0M-132.1% | -28.0M-138.4% | 73.0M+265.0% | 20.0M | 0.00 | |
| Common stock issued | 525M+83.6% | 286M+49.0% | 192M+178.3% | 69.0M+165.4% | 26.0M-89.7% | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | — | — | — | 546M+7.3% | 509M+9.0% | |
| Other financing activities | -65.0M-209.5% | -21.0M+50.0% | -42.0M+27.6% | -58.0M-7.4% | -54.0M-5.9% | |
| Net change in cash | 437M+724.3% | -70.0M-206.1% | 66.0M+122.4% | -294M-201.0% | 291M+939.3% | |
| Interest paid | 741M+9.5% | 677M+11.5% | 607M+23.9% | 490M+0.2% | 489M-10.9% | |
| Income taxes paid | -20.0M+71.0% | -69.0M-560.0% | 15.0M+1400.0% | 1.00M-93.8% | 16.0M+127.6% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 21.4B+7.6% | 19.9B+17.5% | 16.9B-7.8% | 18.4B-2.5% | 18.8B+6.9% | |
| P/E | 20.0×+0.8% | 19.9×-12.2% | 22.6×+60.6% | 14.1×+1.1% | 13.9×-40.3% | |
| P/S | 2.5×-7.8% | 2.7×+38.0% | 2.0×-10.5% | 2.2×-14.4% | 2.6×-6.4% | |
| P/B | 2.3×-3.2% | 2.4×+2.6% | 2.4×-11.3% | 2.7×-6.5% | 2.8×-11.4% | |
| Earnings yield | 5.0%-0.8% | 5.0%+13.9% | 4.4%-37.7% | 7.1%-1.1% | 7.2%+67.6% | |
| Dividend yield | 3.1%+0.4% | 3.1%-8.0% | 3.4%+15.6% | 2.9%+8.6% | 2.7%+0.1% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: CMS’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CMS filings on SEC EDGAR → Not investment advice.