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Screener / SEC EDGAR /CIK 0000811156 /10-K filed Feb 10, 2026, compared with Feb 11, 2025 /Numbers from the XBRL of the 10-Ks
Utilities peers:
NICNPWECPPLCMSAEE
NYSE Utilities · Electric & Gas Utilities

CMS Energy CMS

CMS quote by TradingView

CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan. 10-K, Item 1

Headquarters
Jackson, MI
Next results
around Feb 4, 2027
Compare with peers Embed

CMS among Utilities peers

Six ratios from the latest 10-K. Each corner is the share of 30 peers the company is above, not a score.

Compare
Revenue growth: 13.6%, above 77% of 30 peers (their median 9.7%) REVENUE GROWTH 13.6% · above 77% Operating margin: 18.9%, above 18% of 28 peers (their median 23.1%) OPERATING MARGIN 18.9% · above 18% Net margin: 11.6%, above 27% of 30 peers (their median 14.1%) NET MARGIN 11.6% · above 27% Return on capital: 4.8%, above 18% of 28 peers (their median 5.3%) RETURN ON CAPITAL 4.8% · above 18%
CMS Peer median Below the median

What changed

5 new risk paragraphs. 10-K filed Feb 10, 2026 against Feb 11, 2025.

Risk factors
5 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Accounting checks
9 other checks clear
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
4 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

9 checks on the latest 10-K. Checks, not verdicts.

How it works

0facts worth reading about all 9 checks found nothing to note

  • Cash from operations $2.2B vs net income $1.1B (FY ending Dec 31, 2025)
  • Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
  • No statement of substantial doubt about going concern
6 more checks with nothing to note
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Accounting for the Effects of New Regulatory Matters
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

5 paragraphs in Risk Factors that were not in the 10-K filed Feb 11, 2025. Quoted as filed.

All 5 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 11, 2025 10-K, ITEM 1A
    FERC issued an advance notice of proposed rulemaking in response to the Secretary of the DOE’s direction to FERC to consider the advance notice of proposed rulemaking as a means to standardize and expedite interconnection procedures and agreements for large electric loads. If FERC asserts jurisdiction over the distribution components of…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 11, 2025 10-K, ITEM 1A
    Consumers also faces regulatory uncertainty resulting from the U.S. Secretary of Energy’s emergency orders issued under the Federal Power Act and associated DOE regulations, which direct continued operation of the J.H. Campbell, as well as similar prior or future executive actions, including the January 2025 and April 2025 executive…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 11, 2025 10-K, ITEM 1A
    Alternatively, this rapid expansion of data centers and resulting increase in demand for electric power in MISO and in Consumers’ service territory may not develop as anticipated. Efforts to attract data center developers could be unsuccessful as other utilities and regions compete for these projects, which may limit future load growth.…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 11, 2025 10-K, ITEM 1A
    A work interruption or other union actions could adversely affect CMS Energy and Consumers.

New risk paragraphs, against peers

Latest 10-K of each, Utilities companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$8.6B$7.5B$7.5B$8.5B
Net income$837.0M$887.0M$1.0B$1.1B
Operating cash flow$855.0M$2.3B$2.4B$2.2B
Free cash flow−$1.5B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$8.5B ▲ 13.6% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

4 filings in the last 30 days · SEC EDGAR

All filings

About the company

CMS Energy, Jackson, MI · from the 10-K filed Feb 10, 2026

CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan. It is the parent holding company of several subsidiaries, including Consumers, an electric and gas utility, and NorthStar Clean Energy, primarily a domestic independent power producer and marketer. Consumers’ customer base consists of a mix of primarily residential, commercial, and diversified industrial customers. NorthStar Clean Energy, through its subsidiaries and equity investments, is engaged in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production.

Headquarters
Jackson, MI
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 27, 2026
Incorporated in
MI

Email alerts

Sources

The 10-K filed Feb 10, 2026 (open at SEC), compared with the 10-K filed Feb 11, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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