“...pleasure and pain, they come and go and don't last... bear them patiently”
—Gita
Pathos InvestmentsEquity Research
Research  ›  Fact Sheets  ›  CMS

CMS ENERGY CORP

LISTEDNYSE
SYMBOLCMS
SIC4931
STATE OF INC.MI
FISCAL YEAR ENDSDecember 31
CIK811156

ELECTRIC & OTHER SERVICES COMBINED · LARGE ACCELERATED FILER · 10 FISCAL YEARS OF SEC XBRL DATA, 2016–2025

REVENUES, NET INCOME AND FREE CASH FLOW BY FISCAL YEAR$ billions-20258102016201720182019202020212022202320242025RevenuesNet incomeFree cash flowEARNINGS AND DIVIDENDS PER SHARE$ per share0.002.004.006.002016201720182019202020212022202320242025EPS dilutedDividends per share

Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.

CAPITALIZATION 12/31/25

($ millions)Amount%
Total debt18,75767.2
Stockholders' equity9,14432.8
Total capitalization27,901100.0

313,577,136 shares outstanding at 13 July 2026 (cover page of the 10-Q filed 28 July 2026).

LONG-TERM DEBT 12/31/25

($ millions)Amount
Long-term debt, noncurrent17,807
Current maturities950

CAPITAL STOCK 12/31/25

Common shares authorized350,000,000
Par or stated value per share ($)0.01
Preferred stock ($ millions)224
Outstanding at 7/13/26313,577,136

DIVIDENDS DECLARED/PAID

Fiscal yearPer share $Payout %
20252.1761.5
20242.0661.9
20231.9564.8
20221.8464.6
20211.7437.3

HISTORY AND BUSINESS

HISTORY: Incorporated in Michigan.

BUSINESS: Classified by the SEC under Standard Industrial Classification 4931, Electric & Other Services Combined. Large accelerated filer. Principal executive office: One Energy Plaza, Jackson, MI 49201. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.

CONSOLIDATED INCOME ACCOUNT, YEARS ENDED

($ millions)12/31/2512/31/2412/31/23
Operating revenues8,3057,3207,261
Fuel and purchased power657624561
Operation and maintenance1,7271,6381,687
Depreciation and amortization1,3061,2401,180
Taxes other than income taxes513482447
Total operating expenses6,8126,0286,227
Operating income1,7271,4871,235
Interest charges789708643
Income before income taxes1,2481,123954
Income taxes246176147
Net income1,0711,003887
Earned per share, diluted ($)3.533.333.01
Dividends per share ($)2.172.061.95

CONSOLIDATED BALANCE SHEET

($ millions)12/31/2512/31/24
Utility plant, net30,68027,461
Cash and equivalents509103
Total current assets3,4722,790
Regulatory assets3,3553,569
Total assets39,94135,920
Total current liabilities3,5483,521
Long-term debt17,80715,194
Regulatory liabilities4,0914,067
Common stockholders' equity9,1448,230
Total capitalization and liabilities39,94135,920

TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)

Fiscal year endedRevenuesOper. incomeNet incomeNet margin %EPS diluted $Div. per share $Oper. cash flowCapital expend.Free cash flowTotal assetsTotal liabilitiesTotal debtStockholders' equityROE %Debt / equity
12/31/258,5391,7271,07112.53.532.172,235––39,94130,230d18,7579,14411.72.05
12/31/247,5151,4871,00313.33.332.062,370––35,92027,172d16,3868,23012.21.99
12/31/237,4621,23588711.93.011.952,309––33,51725,392d15,4837,54411.82.05
12/31/228,5961,2248379.72.851.848552,374(1,519)31,35323,758d14,2127,01511.92.03
12/31/217,3291,1461,35318.54.661.741,8192,076(257)28,75321,565d12,4196,63120.41.87
12/31/206,4181,23075511.82.641.631,2762,311(1,035)29,66623,589d12,3155,49613.72.24
12/31/196,6241,11568010.32.391.531,7902,097(307)26,83721,782d13,0625,01813.62.60
12/31/186,8731,1626579.62.321.431,7032,074(371)24,52919,737d11,5894,75513.82.44
12/31/176,5831,3384607.01.641.331,7051,6654023,05018,572d10,2044,44110.42.30
12/31/166,3991,2565518.61.981.241,6291,672(43)21,62217,332d9,5044,25313.02.23

Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.

REGISTRANT:

CMS ENERGY CORP
CIK 811156 · EIN 38-2726431

PRINCIPAL OFFICE:

One Energy Plaza, Jackson, MI 49201
Tel.: 5177880550

INCORPORATED:

Michigan

INDUSTRY (SEC SIC CODE):

4931 · Electric & Other Services Combined

FILER STATUS:

Large accelerated filer

LATEST ANNUAL REPORT:

10-K for period ended 12/31/25, filed 10 February 2026

RECENT FILINGS (ANNUAL REPORT REFERENCES BELOW):

7/28/2610-Qperiod 6/30/26
7/28/268-Kperiod 7/28/26
6/3/268-Kperiod 6/1/26
5/13/268-Kperiod 5/13/26
5/13/268-Kperiod 5/8/26
4/28/2610-Qperiod 3/31/26
4/28/268-Kperiod 4/28/26
3/26/26DEF 14Aperiod 5/8/26

Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/10/26) · 10-K FY2024 (filed 2/11/25) · 10-K FY2023 (filed 2/8/24) · 10-K FY2022 (filed 2/9/23) · 10-K FY2021 (filed 2/10/22) · 10-K FY2020 (filed 2/11/21) · 10-K FY2019 (filed 2/6/20) · 10-K FY2018 (filed 2/5/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.

Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.

Data from SEC filings  ·  Educational only  ·  Not investment advice