Get started

Financials · CMS

CMS Energy Corporation (CMS) financials

For the twelve months ended Jun 30, 2026, CMS Energy Corporation reported $8.81B of revenue and $1.03B of net income.

Revenue, TTM
$8.81B
Revenue growth, YoY
+9.9%
Net income, TTM
$1.03B
Net income growth, YoY
+0.3%
Net margin
11.6%
EPS, diluted, TTM
$3.33
EPS growth, YoY
-1.8%
Cash
$241.00M
Total debt
$19.04B
P/E
21.15
P/S
2.46
Market cap
$21.70B
Annual revenue$8.54B
FY2016FY2025
Annual net income$1.07B
FY2016FY2025
Annual free cash flow-$1.52B
FY2016FY2022

CMS revenue and earnings growth

CMS revenueQ2 2026$1.83B

Quarter YoY
-0.5%
QoQ
-33.0%
FY YoY
+13.6%
5Y CAGR
+5.9%
10Y CAGR
+2.8%

CMS revenue was $1.83B in fiscal Q2 2026 (ended Jun 30, 2026), down 0.5% from a year earlier and down 33.0% from the prior quarter. For the full fiscal 2025 it was $8.54B, up 13.6% from fiscal 2024. Compound annual growth was +5.9% over 5 years and +2.8% over 10 years. It rose in 6 of the last 10 fiscal years.

CMS net incomeQ2 2026$120.00M

Quarter YoY
-40.3%
QoQ
-64.7%
FY YoY
+6.8%
5Y CAGR
+7.2%
10Y CAGR
+7.4%

CMS net income was $120.00M in fiscal Q2 2026 (ended Jun 30, 2026), down 40.3% from a year earlier and down 64.7% from the prior quarter. For the full fiscal 2025 it was $1.07B, up 6.8% from fiscal 2024. Compound annual growth was +7.2% over 5 years and +7.4% over 10 years. It rose in 8 of the last 10 fiscal years.

CMS EPSQ2 2026$0.37

Quarter YoY
-43.9%
QoQ
-66.4%
FY YoY
+6.0%
5Y CAGR
+6.0%
10Y CAGR
+6.4%

CMS diluted EPS was $0.37 in fiscal Q2 2026 (ended Jun 30, 2026), down 43.9% from a year earlier and down 66.4% from the prior quarter. For the full fiscal 2025 it was $3.53, up 6.0% from fiscal 2024. Compound annual growth was +6.0% over 5 years and +6.4% over 10 years.

CMS free cash flowQ2 2026-$345.00M

CMS free cash flow was -$345.00M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$470.00M a year earlier. For the full fiscal 2022 it was -$1.52B, compared with -$257.00M in fiscal 2021.

Export CSV

Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$8.54B$7.51B$7.46B$8.60B$7.33B$6.42B$6.62B$6.87B$6.58B$6.40B
Operating income$1.73B$1.49B$1.24B$1.22B$1.15B$1.23B$1.11B$1.16B$1.34B$1.26B
Interest expense$789.00M$708.00M$643.00M$519.00M$500.00M$505.00M$460.00M$458.00M$438.00M$435.00M
Pre-tax income$1.25B$1.12B$954.00M$902.00M$823.00M$809.00M$764.00M$774.00M$886.00M$826.00M
Income tax$246.00M$176.00M$147.00M$93.00M$95.00M$115.00M$131.00M$115.00M$424.00M$273.00M
Net income$1.07B$1.00B$887.00M$837.00M$1.35B$755.00M$680.00M$657.00M$460.00M$551.00M
EPS, basic$3.53$3.34$3.01$2.85$4.66$2.65$2.40$2.33$1.64$1.99
EPS, diluted$3.53$3.33$3.01$2.85$4.66$2.64$2.39$2.32$1.64$1.98
Diluted shares301.0M298.3M291.7M290.0M289.5M286.3M284.3M282.9M280.8M278.9M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$509.00M$178.00M$248.00M$182.00M$476.00M$185.00M$157.00M$175.00M$204.00M$257.00M
Receivables---$1.56B$931.00M$853.00M$886.00M$964.00M$1.03B$821.00M
Current assets$3.47B$2.79B$2.84B$3.43B$2.63B$2.40B$2.33B$2.47B$2.48B$2.28B
Total assets$39.94B$35.92B$33.52B$31.35B$28.75B$29.67B$26.84B$24.53B$23.05B$21.62B
Current liabilities$3.55B$3.52B$2.90B$2.98B$2.20B$3.07B$2.70B$2.62B$2.78B$2.65B
Short-term debt$950.00M$1.19B$975.00M$1.09B$373.00M$571.00M$1.11B$974.00M$1.10B$886.00M
Long-term debt$17.81B$15.19B$14.51B$13.12B$12.05B$11.74B$11.95B$10.62B$9.12B$8.64B
Total debt$18.76B$16.39B$15.48B$14.21B$12.42B$12.31B$13.06B$11.59B$10.23B$9.53B
Total liabilities$30.23B$27.17B$25.39B$23.76B$21.57B$23.59B$21.78B$19.74B$18.57B$17.33B
Shareholders' equity$9.14B$8.75B$8.13B$7.59B$7.19B$6.08B$5.05B$4.79B$4.48B$4.29B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$2.23B$2.37B$2.31B$855.00M$1.82B$1.28B$1.79B$1.70B$1.71B$1.63B
Capital expenditures---$2.37B$2.08B$2.31B$2.10B$2.07B$1.67B$1.67B
Free cash flow----$1.52B-$257.00M-$1.03B-$307.00M-$371.00M$40.00M-$43.00M
Investing cash flow-$4.04B-$3.05B-$3.39B-$2.48B-$1.23B-$2.87B-$2.82B-$2.61B-$1.87B-$1.92B
Financing cash flow$2.24B$614.00M$1.14B$1.33B-$295.00M$1.62B$1.01B$874.00M$110.00M$255.00M
Depreciation and amortization$1.31B$1.24B$1.18B$1.13B$1.11B$1.04B$989.00M$933.00M$881.00M$811.00M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY13.6%0.7%-13.2%17.3%14.2%-3.1%-3.6%4.4%2.9%-0.9%
Net income growth, YoY6.8%13.1%6.0%-38.1%79.2%11.0%3.5%42.8%-16.5%5.4%
EPS growth, YoY6.0%10.6%5.6%-38.8%76.5%10.5%3.0%41.5%-17.2%4.8%
Operating margin20.2%19.8%16.6%14.2%15.6%19.2%16.8%16.9%20.3%19.6%
Net margin12.5%13.3%11.9%9.7%18.5%11.8%10.3%9.6%7.0%8.6%
Free cash flow margin----17.7%-3.5%-16.1%-4.6%-5.4%0.6%-0.7%
Return on equity11.7%11.5%10.9%11.0%18.8%12.4%13.5%13.7%10.3%12.8%
Return on assets2.7%2.8%2.6%2.7%4.7%2.5%2.5%2.7%2.0%2.5%
Current ratio0.980.790.981.151.190.780.860.940.890.86
Debt to equity2.051.871.911.871.732.032.582.422.282.22

Source: XBRL data CMS Energy Corporation files with the SEC, latest filing dated Jul 28, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

CMS peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
CMS$8.81B+9.9%$1.03B11.6%$21.70B
DUK$33.17B+7.2%$5.14B15.5%$99.63B
XEL$14.87B+4.5%$2.67B17.9%$51.13B
EXC$24.79B+4.6%$2.78B11.2%$47.21B
ED$18.23B+8.7%$2.29B12.6%$43.85B
WEC$10.32B+8.1%$1.81B17.5%$38.12B
PEG$13.03B+15.3%$2.01B15.4%$36.20B
PCG$25.84B+5.7%$3.08B11.9%$34.75B
AEE$8.75B+3.8%$1.56B17.9%$31.24B

CMS FAQ

7 questions
  • What is CMS revenue?
    CMS Energy Corporation (CMS) reported $8.81B of revenue for the twelve months ended Jun 30, 2026. That is up 9.9% from the year before. Revenue for fiscal 2025 was $8.54B.
  • Is CMS profitable?
    Yes. CMS Energy Corporation earned $1.03B in net income for the twelve months ended Jun 30, 2026, a net margin of 11.6%.
  • How much cash and debt does CMS have?
    CMS Energy Corporation reported $241.00M in cash and cash equivalents and $19.04B of debt on its most recent balance sheet in SEC filings.
  • How fast is CMS revenue growing?
    CMS Energy Corporation's revenue changed +13.6% in fiscal 2025, to $8.54B. Its compound annual growth rate was +5.9% over 5 years and +2.8% over 10 years.
  • What is CMS earnings per share?
    Diluted earnings per share were $3.33 for the twelve months ended Jun 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did CMS last report financial results?
    The latest statements here come from CMS Energy Corporation's 10-Q filed on Jul 28, 2026, covering the period ended Jun 30, 2026.
  • Where does this CMS financial data come from?
    Quantisnow builds these statements from the structured XBRL data CMS Energy Corporation files with the SEC. It is provided for information only and is not investment advice.