financial statements

The full income statement, balance sheet, and cash-flow statement for CMS Energy Corporation (CMS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	8.30B YoY+13.5%	7.32B YoY+0.8%	7.26B YoY-12.7%	8.32B YoY+17.6%	7.08B YoY+13.4%
Provision for credit losses	40.0M YoY+21.2%	33.0M YoY-2.9%	34.0M YoY-32.0%	50.0M YoY+127.3%	22.0M YoY-26.7%
Operating income	1.73B YoY+16.1%	1.49B YoY+20.4%	1.24B YoY+0.9%	1.22B YoY+6.8%	1.15B YoY-6.8%
Interest expense	789M YoY+11.4%	708M YoY+10.1%	643M YoY+23.9%	519M YoY+3.8%	500M YoY-1.0%
Other non-operating income	310M YoY-9.9%	344M YoY-5.0%	362M YoY+83.8%	197M YoY+11.3%	177M YoY+110.7%
Equity-method income	5.00M YoY-28.6%	7.00M YoY+0.0%	7.00M YoY+133.3%	3.00M YoY-70.0%	10.0M YoY+100.0%
Pre-tax income	1.25B YoY+11.1%	1.12B YoY+17.7%	954M YoY+5.8%	902M YoY+9.6%	823M YoY+1.7%
Income tax	246M YoY+39.8%	176M YoY+19.7%	147M YoY+58.1%	93.0M YoY-2.1%	95.0M YoY-17.4%
	1.07B YoY+6.8%	1.00B YoY+13.1%	887M YoY+6.0%	837M YoY-38.1%	1.35B YoY+79.2%
Income from continuing operations	1.06B YoY+6.8%	993M YoY+13.4%	876M YoY+6.4%	823M YoY+10.3%	746M YoY+7.0%
Discontinued operations	0.00	0.00 YoY-100.0%	1.00M YoY-75.0%	4.00M YoY-99.3%	602M YoY+937.9%
Net income to non-controlling interest	-69.0M YoY-23.2%	-56.0M YoY+29.1%	-79.0M YoY-229.2%	-24.0M YoY-4.3%	-23.0M YoY-666.7%
Preferred dividends	10.0M YoY+0.0%	10.0M YoY+0.0%	10.0M YoY+0.0%	10.0M YoY+100.0%	5.00M
Net income to common	1.06B YoY+6.8%	993M YoY+13.2%	877M YoY+6.0%	827M YoY-38.6%	1.35B YoY+78.5%
	$3.53 YoY+6.0%	$3.33 YoY+10.6%	$3.01 YoY+5.6%	$2.85 YoY-38.8%	$4.66 YoY+76.5%
EPS (basic)	$3.53 YoY+5.7%	$3.34 YoY+11.0%	$3.01 YoY+5.6%	$2.85 YoY-38.8%	$4.66 YoY+75.8%
Weighted-avg shares (basic)	300M YoY+0.9%	298M YoY+2.2%	291M YoY+0.6%	290M YoY+0.2%	289M YoY+1.4%
Weighted-avg shares (diluted)	301M YoY+0.9%	298M YoY+2.3%	292M YoY+0.6%	290M YoY+0.2%	290M YoY+1.1%
Dividends per share	$2.17 YoY+5.3%	$2.06 YoY+5.6%	$1.95 YoY+6.0%	$1.84 YoY+5.7%	$1.74 YoY+6.7%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.47B YoY+24.4%	2.79B YoY-1.7%	2.84B YoY-17.3%	3.43B YoY+30.7%	2.63B YoY+9.3%
Cash & equivalents	509M YoY+394.2%	103M YoY-54.6%	227M YoY+38.4%	164M YoY-63.7%	452M YoY+1312.5%
Accounts receivable	1.01B YoY+0.0%	1.01B YoY+0.0%	1.01B YoY-35.5%	1.56B YoY+68.0%	931M YoY+9.1%
Other current assets	160M YoY+55.3%	103M YoY+28.7%	80.0M YoY-29.2%	113M YoY-18.7%	139M YoY+33.7%
	39.9B YoY+11.2%	35.9B YoY+7.2%	33.5B YoY+6.9%	31.4B YoY+9.0%	28.8B YoY-3.1%
Property, plant & equipment	30.7B YoY+11.7%	27.5B YoY+9.5%	25.1B YoY+10.4%	22.7B YoY+1.6%	22.4B YoY+6.4%
Operating lease right-of-use	22.0M YoY-8.3%	24.0M YoY-7.7%	26.0M YoY-16.1%	31.0M YoY+19.2%	26.0M YoY-18.8%
Other non-current assets	398M YoY+3.6%	384M YoY+7.6%	357M YoY+15.2%	310M YoY+17.4%	264M YoY-67.9%
Total non-current assets	3.17B YoY+0.0%	3.17B YoY+0.0%	3.17B YoY+0.0%	3.17B YoY+0.0%	3.17B YoY+0.0%
	3.55B YoY+0.8%	3.52B YoY+21.6%	2.90B YoY-3.0%	2.98B YoY+35.4%	2.20B YoY-28.3%
Accounts payable	679M YoY+0.0%	679M YoY+0.0%	679M YoY-26.8%	928M YoY+6.1%	875M YoY+32.4%
Accrued liabilities	12.0M YoY+0.0%	12.0M YoY+0.0%	12.0M YoY+0.0%	12.0M YoY+0.0%	12.0M YoY+0.0%
Short-term & current debt	950M YoY-20.3%	1.19B YoY+22.3%	975M YoY-10.6%	1.09B YoY+192.2%	373M YoY-34.7%
Current lease liability	3.00M YoY+0.0%	3.00M YoY-25.0%	4.00M YoY+0.0%	4.00M YoY+33.3%	3.00M YoY-57.1%
Other current liabilities	185M YoY-11.5%	209M YoY+40.3%	149M YoY-10.2%	166M YoY+6.4%	156M YoY+17.3%
Long-term debt	17.8B YoY+17.2%	15.2B YoY+4.7%	14.5B YoY+10.6%	13.1B YoY+8.9%	12.0B YoY+2.6%
Non-current lease liability	19.0M YoY-9.5%	21.0M YoY-4.5%	22.0M YoY-18.5%	27.0M YoY+8.0%	25.0M YoY+0.0%
Deferred tax liabilities	3.25B YoY+11.2%	2.92B YoY+11.9%	2.62B YoY+8.6%	2.41B YoY+8.9%	2.21B YoY+18.6%
Other non-current liabilities	392M YoY-3.7%	407M YoY-1.9%	415M YoY+4.5%	397M YoY+5.9%	375M YoY-4.8%
Total non-current liabilities	26.7B YoY+12.8%	23.7B YoY+5.1%	22.5B YoY+8.3%	20.8B YoY+7.3%	19.4B YoY-5.6%
	9.14B YoY+11.1%	8.23B YoY+9.1%	7.54B YoY+7.5%	7.01B YoY+5.8%	6.63B YoY+20.7%
Preferred stock	224M YoY+0.0%	224M YoY+0.0%	224M YoY+0.0%	224M YoY+0.0%	224M
Common stock	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%	3.00M YoY+0.0%
Additional paid-in capital	6.51B YoY+8.3%	6.01B YoY+5.3%	5.71B YoY+3.9%	5.49B YoY+1.6%	5.41B YoY+0.8%
Retained earnings	2.44B YoY+20.0%	2.04B YoY+22.7%	1.66B YoY+22.8%	1.35B YoY+27.7%	1.06B YoY+393.9%
Accumulated other comprehensive income	-36.0M YoY+12.2%	-41.0M YoY+10.9%	-46.0M YoY+11.5%	-52.0M YoY+11.9%	-59.0M YoY+31.4%
Non-controlling interest	567M YoY+9.5%	518M YoY-10.8%	581M YoY+0.2%	580M YoY+4.1%	557M YoY-4.1%
Total equity incl. non-controlling	9.71B YoY+11.0%	8.75B YoY+7.7%	8.13B YoY+7.0%	7.59B YoY+5.7%	7.19B YoY+18.3%
Total liabilities & equity	39.9B YoY+11.2%	35.9B YoY+7.2%	33.5B YoY+6.9%	31.4B YoY+9.0%	28.8B YoY-3.1%
Common shares outstanding	306M YoY+2.5%	299M YoY+1.5%	294M YoY+1.1%	291M YoY+0.5%	290M YoY+0.3%
Shares outstanding (cover)	304M YoY+1.9%	299M YoY+2.4%	292M YoY+0.5%	290M YoY+0.2%	290M YoY+1.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.23B YoY-5.7%	2.37B YoY+2.6%	2.31B YoY+170.1%	855M YoY-53.0%	1.82B YoY+42.6%
Depreciation & amortization	1.31B YoY+5.3%	1.24B YoY+5.1%	1.18B YoY+4.8%	1.13B YoY+1.1%	1.11B YoY+6.8%
Deferred income taxes	207M YoY+41.8%	146M YoY+0.7%	145M YoY+110.1%	69.0M YoY-29.6%	98.0M YoY-37.6%
Change in inventory	28.0M YoY+117.1%	-164M YoY+11.4%	-185M YoY-141.1%	450M YoY+383.9%	93.0M YoY+432.1%
	-4.04B YoY-32.2%	-3.05B YoY+9.8%	-3.39B YoY-36.8%	-2.48B YoY-100.8%	-1.23B YoY+57.0%
Capital expenditure	—	—	—	2.37B YoY+14.4%	2.08B YoY-10.2%
Other investing activities	214M YoY+33.8%	160M YoY-4.2%	167M YoY+56.1%	107M YoY-19.5%	133M YoY+3.1%
	2.24B YoY+264.8%	614M YoY-46.3%	1.14B YoY-13.9%	1.33B YoY+549.8%	-295M YoY-118.2%
Long-term debt issued	3.61B YoY+83.9%	1.96B YoY-44.7%	3.55B YoY+87.0%	1.90B YoY+466.9%	335M YoY-89.5%
Long-term debt repaid	1.15B YoY+20.8%	952M YoY-55.3%	2.13B YoY+1911.3%	106M YoY-54.9%	235M YoY-88.3%
Net short-term debt	-65.0M YoY-132.1%	-28.0M YoY-138.4%	73.0M YoY+265.0%	20.0M	0.00
Common stock issued	525M YoY+83.6%	286M YoY+49.0%	192M YoY+178.3%	69.0M YoY+165.4%	26.0M YoY-89.7%
Other financing activities	-65.0M YoY-209.5%	-21.0M YoY+50.0%	-42.0M YoY+27.6%	-58.0M YoY-7.4%	-54.0M YoY-5.9%
Net change in cash	437M YoY+724.3%	-70.0M YoY-206.1%	66.0M YoY+122.4%	-294M YoY-201.0%	291M YoY+939.3%
Interest paid	741M YoY+9.5%	677M YoY+11.5%	607M YoY+23.9%	490M YoY+0.2%	489M YoY-10.9%
Income taxes paid	-20.0M YoY+71.0%	-69.0M YoY-560.0%	15.0M YoY+1400.0%	1.00M YoY-93.8%	16.0M YoY+127.6%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	21.3B YoY+6.9%	19.9B YoY+17.5%	16.9B YoY-7.8%	18.4B YoY-2.5%	18.8B YoY+7.9%
P/E	19.9× YoY+0.1%	19.9× YoY-12.2%	22.6× YoY+60.6%	14.1× YoY+1.1%	13.9× YoY-39.8%
P/S	2.6× YoY-5.8%	2.7× YoY+22.1%	2.2× YoY-1.3%	2.3× YoY-14.1%	2.6× YoY-5.4%
P/B	2.3× YoY-3.8%	2.4× YoY+2.6%	2.4× YoY-11.3%	2.7× YoY-6.5%	2.8× YoY-10.6%
P/FCF	—	73.8× YoY+265.3%	20.2×	—	—
Earnings yield	5.0% YoY-0.1%	5.0% YoY+13.9%	4.4% YoY-37.7%	7.1% YoY-1.1%	7.2% YoY+66.1%
FCF yield	—	1.4% YoY-72.6%	5.0%	—	—
Dividend yield	3.1% YoY+0.4%	3.1% YoY-8.0%	3.4% YoY+15.6%	2.9% YoY+8.6%	2.7% YoY+0.1%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: CMS's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CMS filings on SEC EDGAR → Not investment advice.

CMS▼ financial statements

About this data

financial statements