CMS Energy (CMS) financial statements
CMS Energy reported revenue of $8.5B in fiscal 2025, up 3.3% a year over 9 years.
Net income was $1.1B and the operating margin 20.2%, against 19.6% in 2016.
The diluted share count rose 8% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from CMS Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $435M | $438M | $458M | $460M | $505M | $500M | $519M | $643M | $708M | $789M |
| Pre-tax income | $826M | $886M | $774M | $764M | $809M | $823M | $902M | $954M | $1.1B | $1.2B |
| Income tax | $273M | $424M | $115M | $131M | $115M | $95M | $93M | $147M | $176M | $246M |
| Net income | $551M | $460M | $657M | $680M | $755M | $1.4B | $837M | $887M | $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 | 279M | 281M | 283M | 284M | 286M | 290M | 290M | 292M | 298M | 301M |
| 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% |
Balance sheet
Fiscal years, from CMS Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $235M | $182M | $153M | $140M | $32M | $452M | $164M | $227M | $103M | $509M |
| Receivables | $821M | $1.0B | $964M | $886M | $853M | $931M | $1.6B | — | — | — |
| Total current assets | $2.3B | $2.5B | $2.5B | $2.3B | $2.4B | $2.6B | $3.4B | $2.8B | $2.8B | $3.5B |
| Property, plant and 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 |
| Total current liabilities | $2.7B | $2.8B | $2.6B | $2.7B | $3.1B | $2.2B | $3.0B | $2.9B | $3.5B | $3.5B |
| Long-term debt | $8.6B | $9.1B | $10.6B | $12.0B | $11.7B | $12.0B | $13.1B | $14.5B | $15.2B | $17.8B |
| Total liabilities | $17.3B | $18.6B | $19.7B | $21.8B | $23.6B | $21.6B | $23.8B | $25.4B | $27.2B | $30.2B |
| Shareholders' equity | $4.3B | $4.4B | $4.8B | $5.0B | $5.5B | $6.6B | $7.0B | $7.5B | $8.2B | $9.1B |
| Net debt | $9.3B | $10.0B | $11.5B | $12.9B | $12.3B | $12.0B | $14.0B | $15.3B | $16.3B | $18.2B |
Cash flow
Fiscal years, from CMS Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.6B | $1.7B | $1.7B | $1.8B | $1.3B | $1.8B | $855M | $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 | -$43M | $40M | -$371M | -$307M | -$1.0B | -$257M | -$1.5B | — | — | — |
| Net borrowing | $470M | $425M | $897M | $866M | $1.2B | $100M | $1.8B | $1.5B | $982M | $2.4B |
| Free cash flow margin | -0.7% | 0.6% | -5.4% | -4.6% | -16.1% | -3.5% | -17.7% | — | — | — |
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What was CMS Energy's revenue in 2025?
$8.5B in fiscal 2025, from its 10-K filing.
From CMS Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.