Share count +0.9% in a year
Dilution: new shares, stock pay and buybacks
New Oct 19, 2026: Shelf registration: shares and other securities, amount not fixed (S-3ASR) Email me when CMS files the next one
Shares offered
Since Nov 12, 2023: 3 at-the-market programs, 2 shelf registrations. Latest at-the-market program for common stock: May 13, 2026, up to $3.0B.
- Oct 19, 2026 Shelf registration: shares and other securities, amount not fixed S-3ASR
- May 13, 2026 At-the-market program: up to $3.0B of common stock 424B5
- Feb 11, 2026 At-the-market program: up to $1.0B of common stock 424B5
- Feb 11, 2026 Shelf registration: shares and other securities, amount not fixed S-3ASR
- Dec 7, 2023 At-the-market program: up to $1.0B of common stock 424B5
Every offering filing →“Under this shelf registration process, we may, from time to time, sell CMS Energy Common Stock pursuant to the Plan.”
S-3ASR, Oct 19, 2026 ↗
Paid in stock
-
no stock-based pay line in the 10-K XBRL, year to Dec 31, 2025; shares sold for $525.0M in cash
Bought back
-
no buyback line in the 10-K XBRL, year to Dec 31, 2025
Diluted shares: 301.00M in the year to Dec 31, 2025 2025 +0.9%2024 +2.3%2023 +0.6%2022 +0.2%
Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. Cash & buybacks, year by year → · How
Where the cash came from and where it went
FY2021 to FY2025, from the cash flow statements in the 10-Ks, added up.
Came from
| Operating cash flow NetCashProvidedByUsedInOperatingActivities, 0000811156-24-000044; NetCashProvidedByUsedInOperatingActivities, 0000811156-25-000036; NetCashProvidedByUsedInOperatingActivities, 0000811156-26-000004 |
$9.6B |
| Debt raised ProceedsFromIssuanceOfLongTermDebt, 0000811156-24-000044; ProceedsFromIssuanceOfLongTermDebt, 0000811156-25-000036; ProceedsFromIssuanceOfLongTermDebt, 0000811156-26-000004 |
$11.4B |
| Shares sold ProceedsFromIssuanceOfCommonStock, 0000811156-24-000044; ProceedsFromIssuanceOfCommonStock, 0000811156-25-000036; ProceedsFromIssuanceOfCommonStock, 0000811156-26-000004 |
$1.1B |
Went to
| Capital spending | $4.5B |
| Debt repaid RepaymentsOfLongTermDebt, 0000811156-24-000044; RepaymentsOfLongTermDebt, 0000811156-25-000036; RepaymentsOfLongTermDebt, 0000811156-26-000004 |
$4.6B |
| Added to cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000811156-24-000044; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000811156-25-000036; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000811156-26-000004 |
$430.0M |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$12.6B |
Each number is a line of the cash flow statement as the company tagged it. "Other, net" is what those lines do not cover (investments bought and sold, other financing and investing lines, and exchange rates); Tickdelta does not estimate it.
What the 10-Ks show for each CEO's years
The CEO of each fiscal year as named in the proxy's pay versus performance table, and what the 10-Ks show for those years.
Rochow
- Operating cash flow
- $9.6B
- Capital spending
- $4.5B
- Diluted shares since FY2020
- +5.1%
- Revenue since FY2020
- +33%
- Debt since FY2020
- +$6.4B
- CEO pay (reported)
- $46.1M
Buybacks, dividends and share count
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | - | - | - | $525.0M | 301.00M |
| 2024-12-31 | - | - | - | $286.0M | 298.30M |
| 2023-12-31 | - | - | - | $192.0M | 291.70M |
| 2022-12-31 | - | $546.0M | - | $69.0M | 290.00M |
| 2021-12-31 | - | $509.0M | - | $26.0M | 289.50M |
From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: issuance = ProceedsFromIssuanceOfCommonStock; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.