CMS Energy
CMS · NYSEElectric & Other Services Combined · Fiscal year ends Dec 31
CMS Energy reported revenue of $8.3B in the fiscal year ended Dec 2025, up 13.5% from the year before. Operating income was $1.7B, an operating margin of 20.8%, and net income was $1.1B. Net debt was $18.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $7.1B | $8.3B | $7.3B | $7.3B | $8.3B |
| Operating income | $1.1B | $1.2B | $1.2B | $1.5B | $1.7B |
| Interest expense | $500M | $519M | $643M | $708M | $789M |
| Pre-tax income | $823M | $902M | $954M | $1.1B | $1.2B |
| Income tax | $95M | $93M | $147M | $176M | $246M |
| Net income | $1.4B | $837M | $887M | $1B | $1.1B |
| Diluted EPS | 4.66 | 2.85 | 3.01 | 3.33 | 3.53 |
| Diluted shares | 290M | 290M | 292M | 298M | 301M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $452M | $164M | $227M | $103M | $509M |
| Receivables | $931M | $1.6B | – | – | – |
| Current assets | $2.6B | $3.4B | $2.8B | $2.8B | $3.5B |
| Net PP&E | $22.4B | $22.7B | $25.1B | $27.5B | $30.7B |
| Total assets | $28.8B | $31.4B | $33.5B | $35.9B | $39.9B |
| Payables | $875M | $928M | – | – | – |
| Current liabilities | $2.2B | $3B | $2.9B | $3.5B | $3.5B |
| Short-term debt | $373M | $1.1B | $975M | $1.2B | $950M |
| Long-term debt | $12B | $13.1B | $14.5B | $15.2B | $17.8B |
| Shareholders' equity | $6.6B | $7B | $7.5B | $8.2B | $9.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.8B | $855M | $2.3B | $2.4B | $2.2B |
| Capital expenditure | $2.1B | $2.4B | – | – | – |
| Free cash flow | −$257M | −$1.5B | – | – | – |
| Depreciation & amortisation | $1.1B | $1.1B | $1.2B | $1.2B | $1.3B |
| Dividend per share | 1.74 | 1.84 | 1.95 | 2.06 | 2.17 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.6% | −12.7% | 0.8% | 13.5% |
| Operating income growth (YoY) | – | 6.8% | 0.9% | 20.4% | 16.1% |
| EPS growth (YoY) | – | −38.8% | 5.6% | 10.6% | 6.0% |
| Operating margin | 16.2% | 14.7% | 17.0% | 20.3% | 20.8% |
| Net margin | 19.1% | 10.1% | 12.2% | 13.7% | 12.9% |
| Return on equityBlank when equity is negative | 20.4% | 11.9% | 11.8% | 12.2% | 11.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.3% | 4.3% | 4.0% | 4.6% | 4.7% |
| Free cash flow margin | −3.6% | −18.3% | – | – | – |
| Cash conversion (CFO ÷ net income) | 1.34x | 1.02x | 2.60x | 2.36x | 2.09x |
| Receivable days | 48 | 69 | – | – | – |
| Interest cover | 2.29x | 2.36x | 1.92x | 2.10x | 2.19x |
| Debt ÷ equity | 1.87x | 2.03x | 2.05x | 1.99x | 2.05x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $12B | $14B | $15.3B | $16.3B | $18.2B |
| Current ratio | 1.19x | 1.15x | 0.98x | 0.79x | 0.98x |
Recent filings
More in Electric & Other Services Combined
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.