CMS ENERGY CORP
CMS ENERGY CORP
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Financial Statements
Values in Millions ($) | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | Subscriber-only column | Subscriber-only column | Subscriber-only column | Subscriber-only column | Financial statements beyond 3 years are for subscribers only. Unlock 17+ years of income statements, balance sheets, and cash flow statements Start 7-day free trial |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nonrelated Party | -394 | 1,402 | 1,306 | -2 | -92 | 1,016 | 1,049 | -23 | -72 | 889 | 933 | -27 | |||||
Related Party | -394 | 1,402 | 1,306 | -2 | -92 | 1,016 | 1,049 | -23 | -72 | 889 | 933 | -27 | |||||
Assets | |||||||||||||||||
Cash And Cash Equivalents At Carrying Value | 241 | 175 | 509 | 362 | 844 | 465 | 103 | 412 | 699 | 802 | 227 | 157 | |||||
Restricted Cash And Cash Equivalents At Carrying V… | 104 | 88 | 106 | 70 | 81 | 61 | 75 | 55 | 90 | 59 | 21 | 27 | |||||
Inventory Net | |||||||||||||||||
Assets Current | |||||||||||||||||
Assets Current | 2,866 | 3,025 | 3,472 | 2,745 | 3,193 | 2,782 | 2,790 | 2,703 | 2,985 | 3,091 | 2,839 | 2,449 | |||||
Energy Related Inventory Gas Stored Underground | 414 | 257 | 427 | 566 | 402 | 247 | 435 | 536 | 419 | 326 | 587 | 725 | |||||
Other Inventory Supplies | 345 | 338 | 329 | 307 | 305 | 310 | 299 | 294 | 280 | 273 | 267 | 255 | |||||
Energy Related Inventory Other Fossil Fuel | 65 | 47 | 35 | 30 | 29 | 23 | 35 | 54 | 80 | 78 | 84 | 80 | |||||
Regulatory Assets Current | 81 | 94 | 104 | 84 | 132 | 173 | 229 | 180 | 183 | 201 | 203 | 169 | |||||
Other Assets Current | 243 | 225 | 160 | 98 | 140 | 115 | 103 | 92 | 100 | 110 | 80 | 91 | |||||
Property Plant And Equipm… | |||||||||||||||||
Accumulated Depreciation Depletion And Amortizatio… | 10,496 | 10,384 | 10,135 | 10,051 | 9,865 | 9,798 | 9,569 | 9,312 | 9,160 | 9,006 | 9,007 | 8,929 | |||||
Construction In Progress Gross | 3,598 | 3,594 | 3,052 | 3,158 | 2,750 | 2,420 | 2,098 | 1,827 | 1,357 | 1,050 | 944 | 1,626 | |||||
Property Plant And Equipment Net | 32,329 | 31,533 | 30,680 | 29,690 | 28,847 | 27,903 | 27,461 | 26,671 | 25,877 | 25,280 | 25,072 | 24,694 | |||||
Regulated Entity Other As… | |||||||||||||||||
Regulatory Assets Noncurrent | 3,274 | 3,298 | 3,355 | 3,545 | 3,570 | 3,543 | 3,569 | 3,560 | 3,585 | 3,608 | 3,683 | 3,793 | |||||
Long Term Accounts Notes And Loans Receivable Net … | 18 | 18 | 18 | 18 | 68 | 20 | 20 | 20 | 22 | 22 | 22 | 30 | |||||
Equity Method Investments | - | - | - | - | - | - | - | 74 | 73 | 73 | 76 | 74 | |||||
Investments In Affiliates Subsidiaries Associates … | 63 | 65 | 61 | 64 | 62 | 71 | 69 | - | - | - | 76 | - | |||||
Defined Benefit Plan Assets For Plan Benefits Nonc… | 2,053 | 2,005 | 1,957 | 1,744 | 1,705 | 1,666 | 1,627 | 1,591 | 1,550 | 1,509 | 1,468 | 1,307 | |||||
Other Assets Noncurrent | 302 | 341 | 398 | 202 | 254 | 310 | 384 | 198 | 263 | 318 | 357 | 166 | |||||
Assets | 40,905 | 40,285 | 39,941 | 38,008 | 37,699 | 36,295 | 35,920 | 34,817 | 34,355 | 33,901 | 33,517 | 32,513 | |||||
Liabilities And Stockhold… | |||||||||||||||||
Notes Payable Current | - | - | 0 | 0 | 0 | 0 | 65 | 0 | 0 | 0 | 93 | 247 | |||||
Liabilities Current | |||||||||||||||||
Liabilities Current | 3,063 | 3,592 | 3,548 | 3,052 | 3,196 | 2,627 | 3,521 | 2,191 | 2,528 | 2,295 | 2,895 | 2,719 | |||||
Interest And Dividends Payable Current | 183 | 207 | 182 | 204 | 170 | 168 | 156 | 161 | 155 | 169 | 142 | 157 | |||||
Taxes Payable Current | 498 | 516 | 708 | 200 | 461 | 474 | 654 | 183 | 449 | 455 | 612 | 159 | |||||
Regulatory Liability Current | 96 | 87 | 85 | 89 | 93 | 99 | 111 | 120 | 120 | 72 | 56 | 75 | |||||
Other Liabilities Current | 187 | 184 | 185 | 239 | 197 | 226 | 209 | 213 | 186 | 148 | 149 | 163 | |||||
Long Term Debt Noncurrent | 18,172 | 17,456 | 17,807 | 16,774 | 16,781 | 16,148 | 15,194 | 15,548 | 14,917 | 14,973 | 14,508 | 14,114 | |||||
Finance Lease Liability Noncurrent | 259 | 262 | 135 | 137 | 139 | 111 | 112 | 112 | 79 | 61 | 62 | 63 | |||||
Regulatory Liability Noncurrent | 4,152 | 4,154 | 4,091 | 4,104 | 4,164 | 4,173 | 4,067 | 4,075 | 4,080 | 3,968 | 3,894 | 3,889 | |||||
Liabilities Noncurrent | |||||||||||||||||
Liabilities Noncurrent | 27,443 | 26,642 | 26,682 | 25,525 | 25,532 | 24,745 | 23,651 | 23,985 | 23,286 | 23,100 | 22,497 | 22,036 | |||||
Pension And Other Postretirement Defined Benefit P… | 93 | 94 | 95 | 92 | 93 | 95 | 96 | 102 | 103 | 104 | 106 | 105 | |||||
Asset Retirement Obligations Noncurrent | 808 | 797 | 792 | 731 | 747 | 725 | 728 | 761 | 769 | 777 | 771 | 768 | |||||
Accumulated Deferred Investment Tax Credit | 116 | 117 | 118 | 119 | 120 | 121 | 122 | 123 | 124 | 125 | 126 | 127 | |||||
Deferred Income Tax Liabilities Net | 3,399 | 3,345 | 3,252 | 3,172 | 3,079 | 3,002 | 2,925 | 2,837 | 2,785 | 2,679 | 2,615 | 2,541 | |||||
Other Liabilities Noncurrent | 444 | 417 | 392 | 396 | 409 | 370 | 407 | 427 | 429 | 413 | 415 | 429 | |||||
Stockholders Equity Inclu… | |||||||||||||||||
Common Stock Value | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | |||||
Additional Paid In Capital Common Stock | 7,036 | 6,669 | 6,510 | 6,355 | 5,998 | 5,975 | 6,009 | 6,001 | 5,991 | 5,975 | 5,705 | 5,515 | |||||
Stockholders Equity | |||||||||||||||||
Accumulated Other Comprehensive Income Loss Net Of… | -35 | -35 | -36 | -41 | -41 | -41 | -41 | -45 | -45 | -45 | -46 | -51 | |||||
Stockholders Equity | 10,399 | 10,051 | 9,711 | 9,431 | 8,394 | 8,335 | 8,748 | 8,111 | 8,003 | 7,946 | 7,544 | 7,186 | |||||
Retained Earnings Accumulated Deficit | 2,546 | 2,605 | 2,443 | 2,323 | 2,210 | 2,174 | 2,035 | 1,928 | 1,830 | 1,789 | 1,658 | 1,495 | |||||
Preferred Stock Value | 224 | 224 | 224 | 224 | 224 | 224 | 224 | 224 | 224 | 224 | 224 | 224 | |||||
Minority Interest | 625 | 585 | 567 | 567 | 577 | 588 | 518 | 530 | 538 | 560 | 581 | 572 | |||||
Liabilities And Stockholders Equity | 40,905 | 40,285 | 39,941 | 38,008 | 37,699 | 36,295 | 35,920 | 34,817 | 34,355 | 33,901 | 33,517 | 32,513 | |||||
Common Stock Shares Authorized | 700 | 350 | 350 | 350 | 350 | 350 | 350 | 350 | 350 | 350 | 350 | - | |||||
Series C Preferred Stock Depositary Shares | 0 | 9 | 0 | - | - | 9 | 9 | 0 | 9 | - | 9 | - | |||||
Allowance For Doubtful Accounts Receivable Current | 32 | 32 | 27 | 28 | 30 | 29 | 23 | 22 | 23 | 23 | 21 | 26 | |||||
Shares Outstanding | 314 | 309 | 306 | 304 | 299 | 299 | 299 | 299 | 299 | 299 | 294 | 292 | |||||
Preferred Stock Shares Authorized | - | - | 10 | 9 | 9 | - | 10 | - | - | - | 10 | - | |||||
Preferred Stock Shares Outstanding | - | - | - | 9 | 9 | - | - | - | - | - | - | - | |||||
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Interactive Financial Visualizations
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Earnings Market Reaction
| Fiscal Year | Q1 1 Month | Q1 2 Month | Q1 3 Month | Q2 1 Month | Q2 2 Month | Q2 3 Month | Q3 1 Month | Q3 2 Month | Q3 3 Month | Q4 1 Month | Q4 2 Month | Q4 3 Month |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -1.07% | -2.59% | -2.24% | - | - | - | - | - | - | - | - | - |
| 2025 | -2.87% | -4.15% | -4.40% | -0.19% | -4.29% | 2.07% | 1.90% | -4.80% | -1.35% | 5.41% | 7.35% | 3.86% |
| 2024 | 5.43% | -0.56% | 2.01% | 5.95% | 11.75% | 10.56% | 0.63% | -3.58% | -1.45% | 6.05% | 5.49% | 5.80% |
| 2023 | - | - | - | - | - | - | 4.96% | 6.02% | 6.24% | 4.28% | 8.22% | 6.43% |
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Performance and Valuation Metrics
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Metrics | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | Subscriber-only column | Subscriber-only column | Subscriber-only column | Subscriber-only column | Metric history beyond 3 years is for subscribers only. Unlock 17+ years of history across 90+ calculated metrics Start 7-day free trial |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Liquidity Ratios | |||||||||||||||||
| Current Ratio | 0.94 | 0.84 | 0.98 | 0.90 | 1.00 | 1.06 | 0.79 | 1.23 | 1.18 | 1.35 | 0.98 | 0.90 | |||||
| Quick Ratio | 0.94 | 0.84 | 0.98 | 0.90 | 1.00 | 1.06 | 0.79 | 1.23 | 1.18 | 1.35 | 0.98 | 0.90 | |||||
| Working Capital | -197.00M | -567.00M | -76.00M | -307.00M | -3.00M | 155.00M | -731.00M | 512.00M | 457.00M | 796.00M | -56.00M | -270.00M | |||||
Leverage & Debt | |||||||||||||||||
| Debt to Equity | 2.93 | 3.01 | 3.11 | 3.03 | 3.42 | 3.28 | 3.30 | 3.03 | 3.23 | 3.20 | 3.37 | 3.19 | |||||
| Interest Coverage TTM | 2.01 | 2.10 | 2.16 | 2.23 | 2.16 | 2.19 | 2.11 | 2.11 | 2.01 | 1.98 | 1.92 | 1.80 | |||||
| Debt Ratio | 0.75 | 0.75 | 0.76 | 0.75 | 0.76 | 0.75 | 0.76 | 0.75 | 0.75 | 0.75 | 0.76 | 0.76 | |||||
Efficiency & Turnover | |||||||||||||||||
| Asset Turnover TTM | 0.22 | 0.23 | 0.23 | 0.23 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.23 | 0.23 | 0.25 | |||||
Per Share Metrics | |||||||||||||||||
| Diluted EPS TTM | 3.22 | 3.57 | 3.52 | 3.50 | 3.44 | 3.45 | 3.33 | 3.39 | 3.14 | 3.15 | 3.01 | 2.53 | |||||
| Free Cash Flow Per Share TTM | -8.39 | -7.44 | -6.11 | -5.85 | -2.99 | -0.56 | 0.22 | 3.30 | 10.14 | 14.69 | 15.24 | 12.32 | |||||
| Dividend Per Share TTM | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Margin Metrics | |||||||||||||||||
| Gross Profit Margin TTM | 79.66% | 79.86% | 80.02% | 80.23% | 81.43% | 82.03% | 82.26% | 82.08% | 81.70% | 81.67% | 81.57% | 81.03% | |||||
| Operating Profit Margin TTM | 18.95% | 19.53% | 20.22% | 20.70% | 20.00% | 20.15% | 19.79% | 19.64% | 18.53% | 18.13% | 16.55% | 14.12% | |||||
| Net Profit Margin TTM | 11.35% | 12.43% | 12.43% | 12.67% | 12.85% | 13.25% | 13.21% | 13.55% | 12.64% | 12.73% | 11.75% | 9.45% | |||||
Growth Metrics | |||||||||||||||||
| Net Revenue Growth (1Y) | 9.93% | 13.31% | 13.63% | 10.96% | 8.25% | 5.87% | 0.71% | -4.03% | -9.03% | -13.54% | -13.19% | -6.72% | |||||
| Net Income Growth (1Y) | -2.91% | 6.30% | 6.85% | 3.75% | 10.04% | 10.26% | 13.23% | 37.64% | 28.75% | 37.65% | 6.05% | -42.63% | |||||
| EPS Growth (1Y) | -6.57% | 3.45% | 5.85% | 3.16% | 9.82% | 9.63% | 10.79% | 34.40% | 25.72% | 34.95% | 5.43% | -42.91% | |||||
Valuation Metrics | |||||||||||||||||
| P/E TTM | 23.54 | 21.33 | 19.34 | 20.26 | 19.33 | 20.74 | 18.94 | 19.55 | 17.69 | 17.70 | 17.69 | 19.09 | |||||
| P/B TTM | 2.26 | 2.33 | 2.11 | 2.26 | 2.37 | 2.57 | 2.28 | 2.29 | 2.07 | 2.08 | 2.06 | 1.81 | |||||
| P/S TTM | 2.67 | 2.65 | 2.40 | 2.57 | 2.48 | 2.75 | 2.50 | 2.65 | 2.24 | 2.25 | 2.08 | 1.80 | |||||
| Market Cap | 23.54B | 23.40B | 20.52B | 21.29B | 19.91B | 21.40B | 18.80B | 19.80B | 16.56B | 16.57B | 15.51B | 14.05B | |||||
| Enterprise Value | 41.47B | 40.59B | 37.72B | 37.70B | 35.84B | 37.08B | 33.88B | 34.94B | 30.68B | 30.74B | 29.87B | 28.23B | |||||
Calculated Values | |||||||||||||||||
| Free Cash Flow TTM | -2.60B | -2.28B | -1.84B | -1.75B | -894.00M | -167.00M | 64.00M | 984.00M | 3.02B | 4.36B | 4.44B | 3.58B | |||||
| Net Debt | 17.93B | 17.19B | 17.19B | 16.41B | 15.94B | 15.68B | 15.08B | 15.14B | 14.13B | 14.17B | 14.35B | 14.18B | |||||
Per-Share and Margin | |||||||||||||||||
| EPS TTM | |||||||||||||||||
| Adjusted EPS TTM | |||||||||||||||||
| Cash Flow Per Share TTM | |||||||||||||||||
| Pretax Margin TTM | |||||||||||||||||
| Stock Comp to Revenue TTM | |||||||||||||||||
Turnover Ratios and Averages | |||||||||||||||||
| Average Assets | |||||||||||||||||
| Average Equity | |||||||||||||||||
| Average Inventory | |||||||||||||||||
| Average Receivables | |||||||||||||||||
| Average Accounts Payables | |||||||||||||||||
| Inventory Turnover TTM | |||||||||||||||||
| Payables Turnover TTM | |||||||||||||||||
| Days Inventory Outstanding TTM | |||||||||||||||||
| Days Payables Outstanding TTM | |||||||||||||||||
| Cash Conversion Cycle TTM | |||||||||||||||||
| Working Capital to Revenue | |||||||||||||||||
| Deferred Revenue to Revenue | |||||||||||||||||
Growth Rates | |||||||||||||||||
| Total Assets Growth (1Y) | |||||||||||||||||
| Total Assets Growth (3Y) | |||||||||||||||||
| Total Assets Growth (5Y) | |||||||||||||||||
| Dividends Paid Growth (1Y) | |||||||||||||||||
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| Dividends Paid Growth (5Y) | |||||||||||||||||
| EPS Growth (3Y) | |||||||||||||||||
| EPS Growth (5Y) | |||||||||||||||||
| Net Income Growth (3Y) | |||||||||||||||||
| Net Income Growth (5Y) | |||||||||||||||||
| Net Profit Margin Growth (1Y) | |||||||||||||||||
| Net Profit Margin Growth (3Y) | |||||||||||||||||
| Net Profit Margin Growth (5Y) | |||||||||||||||||
| Net Revenue Growth (3Y) | |||||||||||||||||
| Net Revenue Growth (5Y) | |||||||||||||||||
| Deferred Revenue Growth (1Y) | |||||||||||||||||
| Retained Earnings Growth (1Y) | |||||||||||||||||
Credit, Liquidity, Returns, Payout | |||||||||||||||||
| Cash Ratio | |||||||||||||||||
| Net Working Capital | |||||||||||||||||
| Debt to EBITDA TTM | |||||||||||||||||
| Net Debt to EBITDA TTM | |||||||||||||||||
| Net Debt to Equity | |||||||||||||||||
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| Altman B | |||||||||||||||||
| Altman C | |||||||||||||||||
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| Altman E | |||||||||||||||||
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| ROA TTM | |||||||||||||||||
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| NOPAT TTM | |||||||||||||||||
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| Effective Tax Rate TTM | |||||||||||||||||
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| Dilution Ratio | |||||||||||||||||
| Retained Earnings to Equity | |||||||||||||||||
| Treasury Stock to Equity | |||||||||||||||||
| Treasury Stock Change (1Y) | |||||||||||||||||
| Accrued to Current Liabilities | |||||||||||||||||
| NCAV | |||||||||||||||||
| NCAV Per Share TTM | |||||||||||||||||
Valuation Ratios | |||||||||||||||||
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| Billings TTM | |||||||||||||||||
| Total Debt | |||||||||||||||||
| Invested Capital | |||||||||||||||||
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Insider Transactions
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Institutional Ownership
CMS ENERGY CORP (CMS) — SEC Financial Statements & Analysis
CMS ENERGY CORP (CMS) is a electric & other services combined company, incorporated in MI. CMS ENERGY CORP trades on NYSE as: CMS, CMSA, CMSC, CMSD, CMS-PC. Based on its latest SEC filing (Form 10-Q, period ending 2026-06-30), CMS ENERGY CORP reported a 9.93% year-over-year revenue growth, a Gross Profit Margin of 79.66% (TTM), a Debt-to-Equity ratio of 2.93x, a Price-to-Sales (P/S) ratio of 2.67x (TTM), a Price-to-Book (P/B) ratio of 2.26x (TTM), at a market cap of $23.54B. Figures below are sourced from SEC EDGAR, as-filed.
- Net Revenue TTM Growth 1Y
- 9.93%
- Gross Profit Margin TTM
- 79.66%
- Debt To Equity
- 2.93x
- P/S TTM
- 2.67x
- P/B TTM
- 2.26x
- Market Cap
- $23.54B
Data as of 2026-06-30 · Source: SEC EDGAR
Frequently Asked Questions
What industry is CMS ENERGY CORP in?
CMS ENERGY CORP (CMS) operates in the Electric & Other Services Combined industry.
What is CMS's market cap?
CMS ENERGY CORP (CMS) has a market capitalization of $23.54B as of 2026-06-30.
What is CMS's P/E ratio?
CMS ENERGY CORP (CMS)'s trailing twelve month P/E ratio is 23.54x as of 2026-06-30.
What exchange does CMS trade on?
CMS ENERGY CORP (CMS) trades on the NYSE.
Where is CMS ENERGY CORP incorporated?
CMS ENERGY CORP is incorporated in MI.