CMS ENERGY CORP

Listed Company

CMSACIK 0000811156NYSELarge AcceleratedElectric & Other Services CombinedMichiganFY ends Dec 31

Period

FY 2025

Revenue

$8.54B

Net Income

$1.07B

Total Assets

$39.94B

Equity

$9.14B

Shares Out

308.92M

Op. Cash Flow

$2.23B

Business

CMS ENERGY CORP is an energy holding company that operates primarily in Michigan and owns regulated and non‑regulated subsidiaries. It provides electric and natural gas utility services, develops and operates renewable and conventional generation, markets independent power, and engages in energy commodity trading and transmission and storage activities. The company organizes its operations into three principal segments: electric utility, gas utility, and NorthStar Clean Energy (non‑utility operations and investments). It serves primarily customers in Michigan’s Lower Peninsula through regulated retail distribution, participation in wholesale markets (MISO), long‑term PPAs, and regional independent power projects.

Summary from filing dated 2025-02-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating Revenue	8,539	7,515	7,462	8,596	7,329
Fuel for electric generation	657	624	561	905	593
Purchased power related parties	94	71	75	76	77
Maintenance and other operating expenses	1,727	1,638	1,687	1,669	1,610
Depreciation and amortization	1,306	1,240	1,180	1,126	1,114
General taxes	513	482	447	412	389
Total operating expenses	6,812	6,028	6,227	7,372	6,183
Operating Income	1,727	1,487	1,235	1,224	1,146
Non-operating retirement benefits, net	186	169	180	205	165
Other income	151	207	195	19	30
Other expense	−27	−32	−13	−27	−18
Total other income	310	344	362	197	177
Interest on long-term debt	798	700	616	509	481
Allowance for borrowed funds used during construction	−11	−18	−3	−2	−3
Total interest charges	789	708	643	519	—
Income (Loss) Before Income Taxes	1,248	1,123	954	902	823
Income Tax Expense	246	176	147	93	95
Income (Loss) From Continuing Operations	1,002	947	807	809	728
Income From Discontinued Operations, Net of Tax of $ for all periods	0	0	1	4	602
Net Income	1,002	947	808	813	1,330
Loss Attributable to Noncontrolling Interests	−69	−56	−79	−24	−23
Net Income	1,071	1,003	887	837	1,353
Preferred Stock Dividends	10	10	10	10	5
Net Income (Loss) Available to Common Stockholders	1,061	993	877	827	1,348
Basic Earnings Per Average Common Share (in dollars per share)	3.53	3.34	3.01	2.85	4.66
Diluted Earnings Per Average Common Share (in dollars per share)	3.53	3.33	3.01	2.85	4.66

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	509	103	227	164	452
Restricted cash and cash equivalents	106	75	21	18	24
Gas in underground storage	427	435	587	840	462
Materials and supplies	329	299	267	212	168
Generating plant fuel stock	35	35	84	65	37
Deferred property taxes	479	448	426	384	356
Regulatory assets	104	229	203	57	46
Prepayments and other current assets	160	103	80	113	139
Total current assets	3,472	2,790	2,839	3,433	2,627
Plant, property, and equipment, gross	37,763	34,932	33,135	30,491	29,893
Less accumulated depreciation and amortization	10,135	9,569	9,007	8,960	8,502
Plant, property, and equipment, net	27,628	25,363	24,128	21,531	21,391
Construction work in progress	3,052	2,098	944	1,182	961
Total plant, property, and equipment	30,680	27,461	25,072	22,713	22,352
Regulatory assets	3,355	3,569	3,683	3,595	2,259
Accounts receivable	18	20	22	23	30
Investments	61	69	76	—	—
Postretirement benefits	1,957	1,627	1,468	1,208	1,150
Other	398	384	357	310	264
Total other non-current assets	5,789	5,669	5,606	5,207	3,774
Total Assets	39,941	35,920	33,517	31,353	28,753
Current portion of long-term debt and finance leases	956	1,195	980	1,099	382
Notes payable	0	65	93	20	0
Accrued rate refunds	28	38	54	0	12
Accrued interest	182	156	142	122	107
Accrued taxes	708	654	612	538	515
Regulatory liabilities	85	111	56	104	146
Other current liabilities	185	209	149	166	156
Total current liabilities	3,548	3,521	2,895	2,985	2,204
Long-term debt	17,807	15,194	14,508	13,122	12,046
Non-current portion of finance leases	135	112	62	68	46
Regulatory liabilities	4,091	4,067	3,894	3,796	3,802
Postretirement benefits	95	96	106	108	142
AROs	792	728	771	746	628
Deferred investment tax credit	118	122	126	129	112
Deferred income taxes	3,252	2,925	2,615	2,407	2,210
Other non-current liabilities	392	407	415	397	375
Total non-current liabilities	26,682	23,651	22,497	20,773	19,361
Commitments and Contingencies	—	—	—	—	—
Common stock	3	3	3	3	3
Other paid-in capital	6,510	6,009	5,705	5,490	5,406
Accumulated other comprehensive loss	−36	−41	−46	−52	−59
Retained earnings	2,443	2,035	1,658	1,350	1,057
Total common stockholders equity	8,920	8,006	7,320	6,791	6,407
Cumulative redeemable perpetual preferred stock	224	224	224	224	224
Total stockholders equity	9,144	8,230	7,544	7,015	6,631
Noncontrolling interests	567	518	581	580	557
Total equity	9,711	8,748	8,125	7,595	7,188
Total Liabilities and Equity	39,941	35,920	33,517	31,353	28,753

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes and investment tax credits	202	142	157	89	249
Bad debt expense	40	33	34	50	22
Postretirement benefits contributions	−16	−13	−12	−12	−12
Other non-cash operating activities and reconciling adjustments	−238	−241	−274	−93	−70
Accounts receivable and accrued revenue	−251	−155	241	−677	−103
Inventories	−28	164	185	−450	−93
Accounts payable and accrued rate refunds	196	15	−136	4	153
Other current assets and liabilities	78	42	−21	14	13
Other non-current assets and liabilities	−56	196	147	−4	−16
Net cash provided by operating activities	2,235	2,370	2,309	855	1,819
Proceeds from sale of ASP business	0	124	0	—	—
Cost to retire property and other investing activities	−214	−160	−167	−107	−133
Net cash used in investing activities	−4,038	−3,054	−3,386	−2,476	−1,233
Proceeds from issuance of debt	3,609	1,962	3,551	1,899	335
Retirement of debt	−1,150	−952	−2,132	−106	−235
Increase (decrease) in notes payable	−65	−28	73	20	0
Issuance of common stock	525	286	192	69	26
Payment of dividends on common and preferred stock	−663	−626	−579	−544	−508
Contributions from noncontrolling interests	4	5	6	2	1
Distributions to noncontrolling interests	−14	−12	−12	−4	—
Other financing costs	−65	−21	−42	−58	−54
Net cash provided by financing activities	2,240	614	1,143	1,327	−295
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts	437	−70	66	−294	291
Interest paid (net of amounts capitalized)	741	677	607	490	489
Income taxes paid (proceeds from sale of renewable energy tax credits), net	−20	−69	15	1	16
Capital expenditures not paid	662	517	265	228	196
Deemed contribution from sale of membership interest	35	0	0	—	—

Filings

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Frequently asked questions

What is CMS ENERGY CORP's CIK number?

CMS ENERGY CORP's SEC CIK number is 0000811156 (811156). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find CMS ENERGY CORP's SEC filings?

All of CMS ENERGY CORP's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did CMS ENERGY CORP last report earnings?

CMS ENERGY CORP (CMSA) most recently filed an earnings 8-K with the SEC on Apr 28, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-26-049718). This is CMS ENERGY CORP's most recent earnings filing of record — not a forecast of its next earnings date.

What is CMS ENERGY CORP's most recent earnings 8-K?

CMS ENERGY CORP's latest earnings 8-K (Item 2.02) was filed Apr 28, 2026 under accession 0001104659-26-049718. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View CMS ENERGY CORP's latest earnings 8-K →
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