CMS · Cms Energy Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.73B | - | $2.02B | $1.84B | $2.45B | - | $1.74B | $1.61B | $2.18B | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | $2.24B | - | $1.54B | $1.52B | $1.95B | - | $1.38B | $1.32B | $1.76B | - |
| D&A | $412.00M | - | $288.00M | $288.00M | $388.00M | - | $273.00M | $273.00M | $368.00M | - |
| Operating Income | $490.00M | - | $481.00M | $317.00M | $494.00M | - | $367.00M | $283.00M | $412.00M | - |
| Interest Expense | $209.00M | - | $204.00M | $199.00M | $187.00M | - | $176.00M | $171.00M | $177.00M | - |
| Income Tax | $85.00M | - | $68.00M | $62.00M | $63.00M | - | $26.00M | $41.00M | $58.00M | - |
| Net Income | $340.00M | - | $277.00M | $201.00M | $304.00M | - | $253.00M | $198.00M | $287.00M | - |
| EPS - Basic | $1.10 | - | $0.92 | $0.67 | $1.01 | - | $0.84 | $0.65 | $0.96 | - |
| EPS - Diluted | $1.10 | - | $0.92 | $0.66 | $1.01 | - | $0.84 | $0.65 | $0.96 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $175.00M | $509.00M | $362.00M | $844.00M | $465.00M | $103.00M | $412.00M | $699.00M | $802.00M | $227.00M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $3.02B | $3.47B | $2.75B | $3.19B | $2.78B | $2.79B | $2.70B | $2.98B | $3.09B | $2.84B |
| Total Assets | $40.28B | $39.94B | $38.01B | $37.70B | $36.30B | $35.92B | $34.82B | $34.35B | $33.90B | $33.52B |
| Current Liabilities | $3.59B | $3.55B | $3.05B | $3.20B | $2.63B | $3.52B | $2.19B | $2.53B | $2.29B | $2.90B |
| Long-term Debt | $17.46B | $17.81B | $16.77B | $16.78B | $16.15B | $15.19B | $15.55B | $14.92B | $14.97B | $14.51B |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - |
| Stockholders' Equity | $9.47B | $9.14B | $8.86B | $8.39B | $8.34B | $8.23B | $8.11B | $8.00B | $7.95B | $7.54B |
| Retained Earnings | $2.60B | $2.44B | $2.32B | $2.21B | $2.17B | $2.04B | $1.93B | $1.83B | $1.79B | $1.66B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $705.00M | - | - | - | $1.00B | - | - | - | $956.00M | - |
| Investing Cash Flow | ($1.07B) | - | - | - | ($918.00M) | - | - | - | ($637.00M) | - |
| Financing Cash Flow | $16.00M | - | - | - | $266.00M | - | - | - | $294.00M | - |
| CapEx | $1.04B | - | - | - | $613.00M | - | - | - | - | - |
| Free Cash Flow | ($334.00M) | - | - | - | $387.00M | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 17.9% | - | 23.8% | 17.2% | 20.2% | - | 21.1% | 17.6% | 18.9% | - |
| EBITDA margin | 33.0% | - | 38.1% | 32.9% | 36.0% | - | 36.7% | 34.6% | 35.8% | - |
| Net margin | 12.5% | - | 13.7% | 10.9% | 12.4% | - | 14.5% | 12.3% | 13.2% | - |
| Free cash flow margin | -12.2% | - | - | - | 15.8% | - | - | - | - | - |
| FCF / Net income | -0.98 | - | - | - | 1.27 | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 20.0% | - | 19.7% | 23.6% | 17.2% | - | 9.3% | 17.2% | 16.8% | - |
| Return on assets | 0.8% | - | 0.7% | 0.5% | 0.8% | - | 0.7% | 0.6% | 0.8% | - |
| Return on equity | 3.6% | - | 3.1% | 2.4% | 3.6% | - | 3.1% | 2.5% | 3.6% | - |
| Return on invested capital | 1.5% | - | 1.5% | 1.0% | 1.7% | - | 1.4% | 1.0% | 1.5% | - |
| Liquidity | ||||||||||
| Current ratio | 0.84 | 0.98 | 0.90 | 1.00 | 1.06 | 0.79 | 1.23 | 1.18 | 1.35 | 0.98 |
| Quick ratio | 0.84 | 0.98 | 0.90 | 1.00 | 1.06 | 0.79 | 1.23 | 1.18 | 1.35 | 0.98 |
| Cash ratio | 0.05 | 0.14 | 0.12 | 0.26 | 0.18 | 0.03 | 0.19 | 0.28 | 0.35 | 0.08 |
| Leverage | ||||||||||
| Debt / Equity | 1.84 | 1.95 | 1.89 | 2.00 | 1.94 | 1.85 | 1.92 | 1.86 | 1.88 | 1.92 |
| Debt / Assets | 0.43 | 0.45 | 0.44 | 0.45 | 0.44 | 0.42 | 0.45 | 0.43 | 0.44 | 0.43 |
| Debt / EBITDA | 19.35 | - | 21.81 | 27.74 | 18.31 | - | 24.29 | 26.83 | 19.20 | - |
| Interest coverage | 2.3x | - | 2.4x | 1.6x | 2.6x | - | 2.1x | 1.7x | 2.3x | - |
| Equity multiplier | 4.26 | 4.37 | 4.29 | 4.49 | 4.35 | 4.36 | 4.29 | 4.29 | 4.27 | 4.44 |
| Liabilities / Assets | - | - | - | - | - | - | - | - | - | - |
| Efficiency | ||||||||||
| Asset turnover | 0.07 | - | 0.05 | 0.05 | 0.07 | - | 0.05 | 0.05 | 0.06 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 70.5x | - | 79.6x | 105.0x | 74.4x | - | 84.1x | 91.6x | 62.9x | - |
| P / B | 2.5x | - | 2.5x | 2.5x | 2.7x | - | 2.6x | 2.2x | 2.3x | - |
| P / S | 8.7x | - | 10.9x | 11.3x | 9.2x | - | 12.1x | 11.1x | 8.2x | - |
| EV / EBITDA | 45.6x | - | 50.0x | 60.6x | 43.3x | - | 56.6x | 57.5x | 41.2x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 11.6% | - | 15.9% | 14.4% | 12.5% | - | 4.2% | 3.3% | -4.7% | - |
| Revenue CAGR (3y) | 6.1% | - | -0.0% | -1.4% | 1.0% | - | 0.3% | 1.0% | 1.5% | - |
| Revenue CAGR (5y) | 5.6% | - | 5.1% | 5.0% | 5.6% | - | 2.4% | 2.1% | 1.1% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -0.8% | - | 31.1% | 12.0% | 19.9% | - | 35.4% | 16.0% | 31.2% | - |
| Net income growth (YoY) | 11.8% | - | 9.5% | 1.5% | 5.9% | - | 43.8% | 0.0% | 40.7% | - |
| EPS growth (YoY) | 8.9% | - | 9.5% | 1.5% | 5.2% | - | 40.0% | -3.0% | 39.1% | - |
| EPS CAGR (3y) | 16.8% | - | 18.0% | 9.7% | -5.8% | - | 9.5% | 2.1% | -7.4% | - |
| EPS CAGR (5y) | -1.9% | - | 3.9% | 6.6% | 3.5% | - | 2.8% | 14.5% | 5.1% | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 13.6% | 11.1% | 9.3% | 4.9% | 4.9% | 9.1% | 12.9% | 12.0% | 12.2% | 7.5% |
Peer comparison
Same SIC group: Electric & Other Services Combined
Comparing CMS ENERGY CORP against the 5 most active filers in the same SIC group.
Dividends
$2.23/share trailing 12 months · +5.2% YoY
| Ex-date | Per share |
|---|---|
| May 8, 2026 | $0.5700 |
| Feb 17, 2026 | $0.5700 |
| Nov 7, 2025 | $0.5430 |
| Aug 8, 2025 | $0.5430 |
| May 9, 2025 | $0.5430 |
| Feb 14, 2025 | $0.5430 |
| Nov 13, 2024 | $0.5150 |
| Aug 2, 2024 | $0.5150 |
| May 14, 2024 | $0.5150 |
| Feb 9, 2024 | $0.5150 |
| Nov 2, 2023 | $0.4880 |
| Aug 3, 2023 | $0.4880 |
| May 4, 2023 | $0.4880 |
| Feb 10, 2023 | $0.4880 |
| Nov 3, 2022 | $0.4600 |
| Aug 4, 2022 | $0.4600 |
| May 5, 2022 | $0.4600 |
| Feb 10, 2022 | $0.4600 |
| Nov 4, 2021 | $0.4350 |
| Aug 5, 2021 | $0.4350 |
| May 6, 2021 | $0.4350 |
| Feb 4, 2021 | $0.4350 |
| Nov 5, 2020 | $0.4080 |
| Aug 6, 2020 | $0.4080 |