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

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What the 10-K filed 2026-02-10 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-11.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

No specific sentence about this in the 10-K.

Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Lawsuits and legal claims

1 new

Pending cases, settlements and what the company has set aside for them.

“ABATE and the other intervenor filed a claim of appeal of the Eastern District Court’s decision with the U.S.”
Read it in the 10-K ↗

“In January 2025, Consumers filed a petition for rehearing and en banc review with the Sixth Circuit Court of Appeals, requesting the Court to reconsider and reverse the panel’s opinion.”
Read it in the 10-K ↗

“The court denied the motion to dismiss filed by TAES and Toshiba.”
Read it in the 10-K ↗

New “The jury found that TAES breached the parties’ contract and awarded damages of $383 million.”
Read it in the 10-K ↗

“Consumers currently estimates that its share of repair, replacement, and other damages resulting from TAES’ defective work is approximately $350 million, which is expected to be offset in part or entirely by future litigation proceeds received from TAES or Toshiba.”
Read it in the 10-K ↗

Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

“Guarantee Description Issue Date Expiration Date Maximum Obligation Carrying Amount”
Read it in the 10-K ↗

Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“At December 31, 2025, no default had occurred with respect to any of the financial covenants contained in these credit agreements.”
Read it in the 10-K ↗

“Each of the entities was in compliance with the covenants contained in their respective credit agreements as of December 31, 2025, as presented in the following table:”
Read it in the 10-K ↗

Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“CMS Energy’s 2026 contractual commitments comprise $2.4 billion of purchase obligations and $1.8 billion of principal and interest payments on long-term debt.”
Read it in the 10-K ↗

“Consumers’ 2026 contractual commitments comprise $2.1 billion of purchase obligations and $1.1 billion of principal and interest payments on long-term debt.”
Read it in the 10-K ↗

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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.