CMSCMS Energy

Utilities · Electric & Gas Utilities · NYSE

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

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	3.33	Sales (ttm)	8.8B	Net income (ttm)	1.0B	Sales growth	+13.6%	EPS growth	+6.0%	Sales Q/Q	-0.5%
Free cash flow	-	Gross margin	-	Oper. margin	18.9%	Net margin	11.6%	FCF margin	-	ROE	10.5%
ROA	2.5%	R&D / sales	-	Dividend	2.17	Debt/Eq	1.95	Curr. ratio	0.94	Cash	241.0M
Op. cash flow (ttm)	2.1B	EBITDA	3.0B	EBITDA margin	35.5%	Net debt	18.8B	Quick ratio	0.94	Interest cover	2.19
ROIC	4.8%	Payout ratio	61.5%	Tax rate	19.7%	Shares out.	313.6M	Shares Y/Y	+0.9%	Book / share	31.17
Cash / share	0.77	Sales / share	28.10	Asset turnover	0.22	Days sales out.	67	Sales 3Y CAGR	-0.2%	Sales 5Y CAGR	+5.9%
EPS 3Y CAGR	+7.4%	EPS 5Y CAGR	+6.0%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Revenue growth sped up to +13.6%+0.7% → +13.6% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗

What management wrote about it → · Every company →

CMS against Utilities peers

Ten years, side by side → · All 31 →

CMSPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 31 companies, the better end on the right. Hover a dot for the company.

Sales growth

+13.6%8th of 31 · median +9.7%

Net margin

11.6%23rd of 31 · median 13.8%

Return on equity

10.5%13th of 31 · median 10.3%

Debt / equity (less is better)

1.9523rd of 30 · median 1.70

CMS and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
CMS CMS Energy	$8.8B	+13.6%	-	11.6%	10.5%	-	1.95
WEC WEC Energy Group	$10.3B	+14.0%	65.9%	17.5%	12.1%	-	1.52
CNP CenterPoint Energy	$9.4B	+8.3%	99.4%	11.4%	9.4%	-28.4%	1.96
PPL PPL Corporation	$9.4B	+8.6%	-	13.0%	8.1%	-17.2%	1.35
AEE Ameren	$8.7B	+15.4%	-	17.9%	11.4%	-16.0%	1.59
NI NiSource	$6.8B	+23.5%	-	13.8%	9.8%	-23.0%	1.91

Profitability

1 of 3

!
Net margin below the peer median11.6% vs 13.8%
!
Return on equity below 15%10.5%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 8.6% → 12.5%

Balance sheet

0 of 3

!
Interest covered less than 5 timesOperating income is 2.2× interest expense
!
Debt larger than equityDebt / equity 1.95 on the latest balance sheet (peer median 1.70)
!
Current ratio below 1Current ratio 0.94

Debt / equity at each year end, FY2016 to FY2025: 2.24 → 2.05

What the debt is made of ↓

Cash and shareholders

2 of 4

!
Free cash flow positive in 1 of 7 years−$1.5B last year
!
Share count up over 5 years+5.1%
✓
Dividend per share up over 5 years$1.63 → $2.17
✓
Cash from operations above net income$2.2B vs $1.1B

Free cash flow, FY2016 to FY2025: -43.0M → -1.5B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Jun 30, 2026 · schedule of Dec 31, 2025

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. This company's debt note has no tagged lines yet, so fixed or floating rate is not shown. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 8.5B Net income 1.1B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $8.3B of revenue came from

by segment, year to Dec 31, 2025

Electric Utility $5.6B · 67%
Gas Utility $2.5B · 30%
North Star Clean Energy $259.0M · 3%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

CMS's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue8.5B

Net income1.1B

Free cash flow-1.5B

EPS (diluted)3.53

Dividend per share2.17

Diluted shares301.0M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Electric Utility	5.6B	65.3%	+11.7%
Gas Utility	2.5B	28.9%	+16.7%
North Star Clean Energy	259.0M	3.0%	+22.7%

10-K 0000811156-26-000004, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6.4B	6.6B	6.9B	6.6B	6.4B	7.3B	8.6B	7.5B	7.5B	8.5B
Operating income	1.3B	1.3B	1.2B	1.1B	1.2B	1.1B	1.2B	1.2B	1.5B	1.7B
Interest expense	435.0M	438.0M	458.0M	460.0M	505.0M	500.0M	519.0M	643.0M	708.0M	789.0M
Pretax income	826.0M	886.0M	774.0M	764.0M	809.0M	823.0M	902.0M	954.0M	1.1B	1.2B
Income tax	273.0M	424.0M	115.0M	131.0M	115.0M	95.0M	93.0M	147.0M	176.0M	246.0M
Net income	551.0M	460.0M	657.0M	680.0M	755.0M	1.4B	837.0M	887.0M	1.0B	1.1B
EPS (diluted)	1.98	1.64	2.32	2.39	2.64	4.66	2.85	3.01	3.33	3.53
Diluted shares	278.9M	280.8M	282.9M	284.3M	286.3M	289.5M	290.0M	291.7M	298.3M	301.0M
Depreciation & amortization	811.0M	881.0M	933.0M	989.0M	1.0B	1.1B	1.1B	1.2B	1.2B	1.3B
EBITDA	2.1B	2.2B	2.1B	2.1B	2.3B	2.3B	2.4B	2.4B	2.7B	3.0B
Operating margin	19.6%	20.3%	16.9%	16.8%	19.2%	15.6%	14.2%	16.6%	19.8%	20.2%
Net margin	8.6%	7.0%	9.6%	10.3%	11.8%	18.5%	9.7%	11.9%	13.3%	12.5%
Revenue growth	-	+2.9%	+4.4%	-3.6%	-3.1%	+14.2%	+17.3%	-13.2%	+0.7%	+13.6%
EPS growth	-	-17.2%	+41.5%	+3.0%	+10.5%	+76.5%	-38.8%	+5.6%	+10.6%	+6.0%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	235.0M	182.0M	153.0M	140.0M	32.0M	452.0M	164.0M	227.0M	103.0M	509.0M
Receivables	821.0M	1.0B	964.0M	886.0M	853.0M	931.0M	1.6B	-	-	-
Current assets	2.3B	2.5B	2.5B	2.3B	2.4B	2.6B	3.4B	2.8B	2.8B	3.5B
Property & equipment	15.7B	16.8B	18.1B	18.9B	21.0B	22.4B	22.7B	25.1B	27.5B	30.7B
Total assets	21.6B	23.1B	24.5B	26.8B	29.7B	28.8B	31.4B	33.5B	35.9B	39.9B
Accounts payable	598.0M	725.0M	723.0M	622.0M	661.0M	875.0M	928.0M	-	-	-
Current liabilities	2.7B	2.8B	2.6B	2.7B	3.1B	2.2B	3.0B	2.9B	3.5B	3.5B
Total debt	9.5B	10.2B	11.6B	13.1B	12.3B	12.4B	14.2B	15.5B	16.4B	18.8B
Shareholders' equity	4.3B	4.4B	4.8B	5.0B	5.5B	6.6B	7.0B	7.5B	8.2B	9.1B
Retained earnings	-616.0M	-531.0M	-271.0M	-25.0M	214.0M	1.1B	1.4B	1.7B	2.0B	2.4B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	1.6B	1.7B	1.7B	1.8B	1.3B	1.8B	855.0M	2.3B	2.4B	2.2B
Capital spending	1.7B	1.7B	2.1B	2.1B	2.3B	2.1B	2.4B	-	-	-
Free cash flow	-43.0M	40.0M	-371.0M	-307.0M	-1.0B	-257.0M	-1.5B	-	-	-
Debt raised	1.0B	1.6B	2.8B	2.2B	3.2B	335.0M	1.9B	3.6B	2.0B	3.6B
Debt repaid	728.0M	980.0M	1.9B	1.3B	2.0B	235.0M	106.0M	2.1B	952.0M	1.1B
Investing cash flow	-1.9B	-1.9B	-2.6B	-2.8B	-2.9B	-1.2B	-2.5B	-3.4B	-3.1B	-4.0B
Financing cash flow	255.0M	110.0M	874.0M	1.0B	1.6B	-295.0M	1.3B	1.1B	614.0M	2.2B
Dividend per share	1.24	1.33	1.43	1.53	1.63	1.74	1.84	1.95	2.06	2.17

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating lease cost	-	-	-	11.0M	9.0M	8.0M	6.0M	6.0M	6.0M	4.0M
Operating lease cash paid	-	-	-	11.0M	11.0M	8.0M	6.0M	6.0M	6.0M	4.0M
Finance lease principal paid	-	-	-	7.0M	6.0M	7.0M	13.0M	8.0M	6.0M	5.0M
Right-of-use assets	-	-	-	47.0M	32.0M	26.0M	31.0M	26.0M	24.0M	22.0M
Operating lease liabilities	-	-	-	46.0M	34.0M	26.0M	31.0M	26.0M	24.0M	22.0M
Finance lease liabilities	-	-	-	66.0M	60.0M	52.0M	77.0M	67.0M	116.0M	141.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on CMS in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/CMS/export.csv") into a cell.