CMS Energy Corp (CMS) Financial Statements
Industry: Electric & Other Services Combined
In fiscal 2025, CMS Energy reported revenue of $8.54B, up 13.6% from $7.51B the year before. Net income was $1.07B (a 12.5% net margin), or $3.53 per diluted share. Gross margin was 20.2% and operating margin was 20.2%. Operating activities generated $2.23B of cash. At fiscal year end, CMS Energy held $39.94B in total assets against $30.80B in total liabilities, including $509.0M of cash and equivalents.
Open the full interactive CMS Energy financials → Quarterly statements, key ratios, valuation history and price charts.
CMS Energy Key Stats
| Share Price | $66.30 |
|---|---|
| Market Cap | $20.61B |
| P/E Ratio | 18.8 |
| Revenue YoY Growth | +13.6% |
| 52-Week Range | $62.60 – $78.69 |
| Shares Outstanding | 310.2 million (basic, 2026 Q2) |
CMS Energy Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $6.68B | $7.33B | $8.60B | $7.46B | $7.51B | $8.54B |
| Cost of Goods Sold | $5.32B | $6.18B | $7.37B | $6.23B | $6.03B | $6.81B |
| Gross Profit | $1.36B | $1.15B | $1.22B | $1.24B | $1.49B | $1.73B |
| Operating Income | $1.36B | $1.15B | $1.22B | $1.24B | $1.49B | $1.73B |
| Pre-Tax Income | $885.0M | $823.0M | $902.0M | $954.0M | $1.12B | $1.25B |
| Income Tax | $133.0M | $95.0M | $93.0M | $147.0M | $176.0M | $246.0M |
| Net Income | $755.0M | $1.35B | $837.0M | $887.0M | $1.00B | $1.07B |
| Diluted EPS | $2.64 | $4.66 | $2.85 | $3.01 | $3.33 | $3.53 |
CMS Energy Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $2.02B | $2.23B | $2.73B | $1.83B |
| Net Income | $277.0M | $289.0M | $340.0M | $120.0M |
| Diluted EPS | $0.92 | $0.96 | $1.10 | $0.37 |
CMS Energy Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $168.0M | $452.0M | $164.0M | $227.0M | $103.0M | $509.0M |
| Current Assets | $2.40B | $2.63B | $3.43B | $2.84B | $2.79B | $3.47B |
| Total Assets | $29.67B | $28.75B | $31.35B | $33.52B | $35.92B | $39.94B |
| Current Liabilities | $3.07B | $2.20B | $2.98B | $2.90B | $3.52B | $3.55B |
| Total Long-Term Debt | $15.13B | $12.42B | $14.21B | $15.48B | $16.39B | $18.76B |
| Total Liabilities | $24.17B | $22.12B | $24.34B | $25.97B | $27.69B | $30.80B |
| Shareholders' Equity | $5.50B | $6.63B | $7.01B | $7.54B | $8.23B | $9.14B |
CMS Energy Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $1.28B | $1.82B | $855.0M | $2.31B | $2.37B | $2.23B |
| Cash From Investing | -$2.87B | -$1.23B | -$2.48B | -$3.39B | -$3.05B | -$4.04B |
| Cash From Financing | $1.62B | -$295.0M | $1.33B | $1.14B | $614.0M | $2.24B |
| Free Cash Flow | -$1.04B | -$257.0M | -$1.52B | — | — | — |
Figures from CMS Energy's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full CMS Energy financials page for every line item.
CMS Energy Company Profile
| Ticker | CMS |
|---|---|
| Exchange | NYSE |
| Industry | Electric & Other Services Combined |
| Headquarters | Jackson, Michigan |
| Incorporated in | Michigan |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000811156 |
Frequently Asked Questions
What was CMS Energy's revenue in fiscal 2025?
CMS Energy (CMS) reported revenue of $8.54B for fiscal 2025.
What is CMS Energy's annual revenue history?
CMS Energy's annual revenue by fiscal year: 2020: $6.68B; 2021: $7.33B; 2022: $8.60B; 2023: $7.46B; 2024: $7.51B; 2025: $8.54B.
What was CMS Energy's net income in fiscal 2025?
CMS Energy reported net income of $1.07B for fiscal 2025.
What was CMS Energy's earnings per share (EPS) in fiscal 2025?
CMS Energy's diluted EPS was $3.53 for fiscal 2025 (adjusted for any later stock splits).
What was CMS Energy's revenue last quarter?
In its most recent reported quarter (2026 Q2), CMS Energy reported revenue of $1.83B.
How much debt does CMS Energy have?
CMS Energy reported $18.76B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of CMS Energy are outstanding?
CMS Energy reported a weighted average of 310.2 million basic shares outstanding in 2026 Q2.
What is CMS Energy's market cap?
Based on its latest closing price, CMS Energy (CMS) has a market capitalization of about $20.61B.
When does CMS Energy's fiscal year end?
CMS Energy's fiscal year end, as registered with the SEC, is December 31.
Where is CMS Energy headquartered?
CMS Energy lists its business address in Jackson, Michigan in its SEC filings.