CMS Energy Corp (CMS) financial statements: income statement, balance sheet and cash flow
CMS Energy Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), CMS Energy Corp reported revenue of $8.5B (+13.6% year on year) and net income of $1.1B (+6.8% year on year).
Income statement
CMS Energy Corp income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Operating Revenue
$8.5B
$7.5B
$7.5B
$8.6B
Fuel for electric generation
$657.0M
$624.0M
$561.0M
$905.0M
Cost of goods and services sold
$2.5B
$2.0B
$2.3B
$3.2B
Purchased power – related parties
$94.0M
$71.0M
$75.0M
$76.0M
Maintenance and other operating expenses
$1.7B
$1.6B
$1.7B
$1.7B
Depreciation and amortization
$1.3B
$1.2B
$1.2B
$1.1B
General taxes
$513.0M
$482.0M
$447.0M
$412.0M
Total operating expenses
$6.8B
$6.0B
$6.2B
$7.4B
Operating Income
$1.7B
$1.5B
$1.2B
$1.2B
Non-operating retirement benefits, net
$186.0M
$169.0M
$180.0M
$205.0M
Other income
$151.0M
$207.0M
$195.0M
$19.0M
Other expense
($27.0M)
($32.0M)
($13.0M)
($27.0M)
Total other income
$310.0M
$344.0M
$362.0M
$197.0M
Interest on long-term debt
$798.0M
$700.0M
$616.0M
$509.0M
Other interest expense
$11.0M
$26.0M
$30.0M
$0
Other interest expense
($9.0M)
—
—
—
Allowance for borrowed funds used during construction
($11.0M)
($18.0M)
($3.0M)
($2.0M)
Total interest charges
$789.0M
$708.0M
$643.0M
$519.0M
Income (Loss) Before Income Taxes
$1.2B
$1.1B
$954.0M
$902.0M
Income Tax Expense
$246.0M
$176.0M
$147.0M
$93.0M
Income (Loss) From Continuing Operations
$1.0B
$947.0M
$807.0M
$809.0M
Income From Discontinued Operations, Net of Tax of $— for all periods
$0
$0
$1.0M
$4.0M
Net Income
$1.0B
$947.0M
$808.0M
$813.0M
Loss Attributable to Noncontrolling Interests
($69.0M)
($56.0M)
($79.0M)
($24.0M)
Net Income
$1.1B
$1.0B
$887.0M
$837.0M
Preferred Stock Dividends
$10.0M
$10.0M
$10.0M
$10.0M
Net Income (Loss) Available to Common Stockholders
$1.1B
$993.0M
$877.0M
$827.0M
Basic Earnings Per Average Common Share (in dollars per share)
$3.53
$3.34
$3.01
$2.85
Diluted Earnings Per Average Common Share (in dollars per share)
$3.53
$3.33
$3.01
$2.85
CMS Energy Corp income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Operating Revenue
$1.8B
$2.7B
$2.0B
$1.8B
Fuel for electric generation
$104.0M
$220.0M
$153.0M
$134.0M
Cost of goods and services sold
$557.0M
$967.0M
$555.0M
$563.0M
Purchased power – related parties
$14.0M
$20.0M
$21.0M
$30.0M
Maintenance and other operating expenses
$464.0M
$448.0M
$416.0M
$397.0M
Depreciation and amortization
$308.0M
$412.0M
$288.0M
$288.0M
General taxes
$118.0M
$173.0M
$107.0M
$109.0M
Total operating expenses
$1.6B
$2.2B
$1.5B
$1.5B
Operating Income
$264.0M
$490.0M
$481.0M
$317.0M
Non-operating retirement benefits, net
$50.0M
$51.0M
$48.0M
$47.0M
Other income
$29.0M
$28.0M
$19.0M
$95.0M
Other expense
($4.0M)
($4.0M)
($5.0M)
($5.0M)
Total other income
$75.0M
$75.0M
$62.0M
$137.0M
Interest on long-term debt
$211.0M
$209.0M
$204.0M
$199.0M
Interest expense – related parties
$3.0M
$3.0M
$2.0M
$3.0M
Other interest expense
$5.0M
($1.0M)
—
—
Allowance for borrowed funds used during construction
($9.0M)
($8.0M)
($3.0M)
($3.0M)
Total interest charges
$210.0M
$203.0M
$203.0M
$199.0M
Income (Loss) Before Income Taxes
$129.0M
$362.0M
$340.0M
$255.0M
Income tax expense
$33.0M
$85.0M
$68.0M
$62.0M
Net Income
$96.0M
$277.0M
$272.0M
$193.0M
Loss Attributable to Noncontrolling Interests
($24.0M)
($63.0M)
($5.0M)
($8.0M)
Net Income
$120.0M
$340.0M
$277.0M
$201.0M
Preferred Stock Dividends
$3.0M
$2.0M
$2.0M
$3.0M
Net Income (Loss) Available to Common Stockholders
$117.0M
$338.0M
$275.0M
$198.0M
Basic Earnings Per Average Common Share (in dollars per share)
$0.38
$1.10
$0.92
$0.67
Diluted Earnings Per Average Common Share (in dollars per share)
$0.37
$1.10
$0.92
$0.66
Balance sheet
CMS Energy Corp balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$509.0M
$103.0M
$227.0M
$164.0M
Restricted cash and cash equivalents
$106.0M
$75.0M
$21.0M
$18.0M
Accounts receivable and accrued revenue, less allowance of $27 in 2025 and $23 in 2024
$1.3B
$1.0B
$933.0M
—
Accounts receivable – related parties
$17.0M
$14.0M
$11.0M
$1.6B
Gas in underground storage
$427.0M
$435.0M
$587.0M
$840.0M
Materials and supplies
$329.0M
$299.0M
$267.0M
$212.0M
Generating plant fuel stock
$35.0M
$35.0M
$84.0M
$65.0M
Deferred property taxes
$479.0M
$448.0M
$426.0M
$384.0M
Regulatory assets
$104.0M
$229.0M
$203.0M
$57.0M
Prepayments and other current assets
$160.0M
$103.0M
$80.0M
$113.0M
Total current assets
$3.5B
$2.8B
$2.8B
$3.4B
Plant, property, and equipment, gross
$37.8B
$34.9B
$33.1B
$30.5B
Less accumulated depreciation and amortization
$10.1B
$9.6B
$9.0B
$9.0B
Plant, property, and equipment, net
$27.6B
$25.4B
$24.1B
$21.5B
Construction work in progress
$3.1B
$2.1B
$944.0M
$1.2B
Total plant, property, and equipment
$30.7B
$27.5B
$25.1B
$22.7B
Regulatory assets
$3.4B
$3.6B
$3.7B
$3.6B
Accounts receivable
$18.0M
$20.0M
$22.0M
$23.0M
Investments
$61.0M
$69.0M
$76.0M
$71.0M
Postretirement benefits
$2.0B
$1.6B
$1.5B
$1.2B
Other
$398.0M
$384.0M
$357.0M
$310.0M
Total other non‑current assets
$5.8B
$5.7B
$5.6B
$5.2B
Total Assets
$39.9B
$35.9B
$33.5B
$31.4B
Current portion of long-term debt and finance leases
$956.0M
$1.2B
$980.0M
$1.1B
Notes payable
$0
$65.0M
$93.0M
$20.0M
Accounts payable
$1.4B
$1.1B
$809.0M
$928.0M
Accrued rate refunds
$28.0M
$38.0M
$54.0M
$0
Accrued interest
$182.0M
$156.0M
$142.0M
$122.0M
Accrued taxes
$708.0M
$654.0M
$612.0M
$538.0M
Regulatory liabilities
$85.0M
$111.0M
$56.0M
$104.0M
Other current liabilities
$185.0M
$209.0M
$149.0M
$166.0M
Total current liabilities
$3.5B
$3.5B
$2.9B
$3.0B
Long-term debt
$17.8B
$15.2B
$14.5B
$13.1B
Non-current portion of finance leases
$135.0M
$112.0M
$62.0M
$68.0M
Regulatory liabilities
$4.1B
$4.1B
$3.9B
$3.8B
Postretirement benefits
$95.0M
$96.0M
$106.0M
$108.0M
AROs
$792.0M
$728.0M
$771.0M
$746.0M
Deferred investment tax credit
$118.0M
$122.0M
$126.0M
$129.0M
Deferred income taxes
$3.3B
$2.9B
$2.6B
$2.4B
Other non‑current liabilities
$392.0M
$407.0M
$415.0M
$397.0M
Total non‑current liabilities
$26.7B
$23.7B
$22.5B
$20.8B
Common stock
$3.0M
$3.0M
$3.0M
$3.0M
Other paid-in capital
$6.5B
$6.0B
$5.7B
$5.5B
Accumulated other comprehensive loss
($36.0M)
($41.0M)
($46.0M)
($52.0M)
Retained earnings
$2.4B
$2.0B
$1.7B
$1.4B
CMS Energy Corp balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$241.0M
$175.0M
$362.0M
$844.0M
Restricted cash and cash equivalents
$104.0M
$88.0M
$70.0M
$81.0M
Accounts receivable and accrued revenue, less allowance of $32 in 2026 and $27 in 2025
$1.0B
$1.4B
$922.0M
$924.0M
Accounts receivable – related parties
$15.0M
$14.0M
$12.0M
$12.0M
Gas in underground storage
$414.0M
$257.0M
$566.0M
$402.0M
Materials and supplies
$345.0M
$338.0M
$307.0M
$305.0M
Generating plant fuel stock
$65.0M
$47.0M
$30.0M
$29.0M
Deferred property taxes
$350.0M
$385.0M
$294.0M
$324.0M
Regulatory assets
$81.0M
$94.0M
$84.0M
$132.0M
Prepayments and other current assets
$243.0M
$225.0M
$98.0M
$140.0M
Total current assets
$2.9B
$3.0B
$2.7B
$3.2B
Plant, property, and equipment, gross
$39.2B
$38.3B
$36.6B
$36.0B
Less accumulated depreciation and amortization
$10.5B
$10.4B
$10.1B
$9.9B
Plant, property, and equipment, net
$28.7B
$27.9B
$26.5B
$26.1B
Construction work in progress
$3.6B
$3.6B
$3.2B
$2.8B
Total plant, property, and equipment
$32.3B
$31.5B
$29.7B
$28.8B
Regulatory assets
$3.3B
$3.3B
$3.5B
$3.6B
Accounts receivable
$18.0M
$18.0M
$18.0M
$68.0M
Investments
$63.0M
$65.0M
$64.0M
$62.0M
Postretirement benefits
$2.1B
$2.0B
$1.7B
$1.7B
Other
$302.0M
$341.0M
$202.0M
$254.0M
Total other non‑current assets
$5.7B
$5.7B
$5.6B
$5.7B
Total Assets
$40.9B
$40.3B
$38.0B
$37.7B
Current portion of long-term debt and finance leases
$870.0M
$1.4B
$1.2B
$1.1B
Accounts payable
$1.2B
$1.2B
$1.1B
$1.1B
Accrued rate refunds
$0
$0
$9.0M
$4.0M
Accrued interest
$183.0M
$207.0M
$204.0M
$170.0M
Accrued taxes
$498.0M
$516.0M
$200.0M
$461.0M
Regulatory liabilities
$96.0M
$87.0M
$89.0M
$93.0M
Other current liabilities
$187.0M
$184.0M
$239.0M
$197.0M
Total current liabilities
$3.1B
$3.6B
$3.1B
$3.2B
Long-term debt
$18.2B
$17.5B
$16.8B
$16.8B
Non-current portion of finance leases
$259.0M
$262.0M
$137.0M
$139.0M
Regulatory liabilities
$4.2B
$4.2B
$4.1B
$4.2B
Postretirement benefits
$93.0M
$94.0M
$92.0M
$93.0M
AROs
$808.0M
$797.0M
$731.0M
$747.0M
Deferred investment tax credit
$116.0M
$117.0M
$119.0M
$120.0M
Deferred income taxes
$3.4B
$3.3B
$3.2B
$3.1B
Other non‑current liabilities
$444.0M
$417.0M
$396.0M
$409.0M
Total non‑current liabilities
$27.4B
$26.6B
$25.5B
$25.5B
Common stock
$3.0M
$3.0M
$3.0M
$3.0M
Other paid-in capital
$7.0B
$6.7B
$6.4B
$6.0B
Accumulated other comprehensive loss
($35.0M)
($35.0M)
($41.0M)
($41.0M)
Retained earnings
$2.5B
$2.6B
$2.3B
$2.2B
Total common stockholders’ equity
$9.6B
$9.2B
$8.6B
$8.2B
Cash flow statement
CMS Energy Corp cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net Income
$1.0B
$947.0M
$808.0M
$813.0M
Depreciation and amortization
$1.3B
$1.2B
$1.2B
$1.1B
Deferred income taxes and investment tax credits
$202.0M
$142.0M
$157.0M
$89.0M
Bad debt expense
$40.0M
$33.0M
$34.0M
$50.0M
Postretirement benefits contributions
($16.0M)
($13.0M)
($12.0M)
($12.0M)
Other non‑cash operating activities and reconciling adjustments
($238.0M)
($241.0M)
($274.0M)
($93.0M)
Accounts receivable and accrued revenue
($251.0M)
($155.0M)
$241.0M
($677.0M)
Inventories
($28.0M)
$164.0M
$185.0M
($450.0M)
Accounts payable and accrued rate refunds
$196.0M
$15.0M
($136.0M)
$4.0M
Other current assets and liabilities
$78.0M
$42.0M
($21.0M)
$14.0M
Other non‑current assets and liabilities
($56.0M)
$196.0M
$147.0M
($4.0M)
Net cash provided by operating activities
$2.2B
$2.4B
$2.3B
$855.0M
Capital expenditures (excludes assets placed under finance lease)
($3.8B)
($3.0B)
($3.2B)
($2.4B)
Proceeds from sale of ASP business
$0
$124.0M
—
—
Cost to retire property and other investing activities
($214.0M)
($160.0M)
($167.0M)
($107.0M)
Net cash used in investing activities
($4.0B)
($3.1B)
($3.4B)
($2.5B)
Proceeds from issuance of debt
$3.6B
$2.0B
$3.6B
$1.9B
Retirement of debt
($1.1B)
($952.0M)
($2.1B)
($106.0M)
Increase (decrease) in notes payable
($65.0M)
($28.0M)
$73.0M
$20.0M
Issuance of common stock
$525.0M
$286.0M
$192.0M
$69.0M
Payment of dividends on common and preferred stock
($663.0M)
($626.0M)
($579.0M)
($546.0M)
Proceeds from the sale of membership interests in VIEs
$59.0M
$0
$86.0M
$49.0M
Contributions from noncontrolling interests
$4.0M
$5.0M
$6.0M
$2.0M
Distributions to noncontrolling interests
($14.0M)
($12.0M)
—
—
Other financing costs
($65.0M)
($21.0M)
($54.0M)
($60.0M)
Net cash provided by financing activities
$2.2B
$614.0M
$1.1B
$1.3B
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts
$437.0M
($70.0M)
$66.0M
($294.0M)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period
$178.0M
$248.0M
$182.0M
$476.0M
Cash and Cash Equivalents, Including Restricted Amounts, End of Period
$615.0M
$178.0M
$248.0M
$182.0M
Interest paid (net of amounts capitalized)
$741.0M
$677.0M
$607.0M
$490.0M
Income taxes paid (proceeds from sale of renewable energy tax credits), net
($20.0M)
($69.0M)
$15.0M
$1.0M
Capital expenditures not paid
$662.0M
$517.0M
$265.0M
$228.0M
Deemed contribution from sale of membership interest
$35.0M
—
—
—
CMS Energy Corp cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net Income
$373.0M
$277.0M
$760.0M
$488.0M
Depreciation and amortization
$720.0M
$412.0M
$964.0M
$676.0M
Deferred income taxes and investment tax credits
$114.0M
$82.0M
$171.0M
$124.0M
Other non‑cash operating activities and reconciling adjustments
($104.0M)
($55.0M)
($181.0M)
($144.0M)
Accounts receivable and accrued revenue
$211.0M
($24.0M)
$114.0M
$80.0M
Inventories
($34.0M)
$148.0M
($134.0M)
$34.0M
Accounts payable and accrued rate refunds
($136.0M)
($137.0M)
($6.0M)
$24.0M
Other current assets and liabilities
($7.0M)
($63.0M)
$103.0M
$117.0M
Other non‑current assets and liabilities
$190.0M
$65.0M
($34.0M)
$15.0M
Net cash provided by operating activities
$1.3B
$705.0M
$1.8B
$1.4B
Capital expenditures (excludes assets placed under finance lease)
($2.0B)
($1.0B)
($2.8B)
($1.8B)
Cost to retire property and other investing activities
($87.0M)
($34.0M)
($176.0M)
($108.0M)
Net cash used in investing activities
($2.1B)
($1.1B)
($2.9B)
($1.9B)
Proceeds from issuance of debt
$1.2B
$258.0M
$2.5B
$2.4B
Retirement of debt
($883.0M)
($204.0M)
($884.0M)
($841.0M)
Decrease in notes payable
$0
$0
($65.0M)
($65.0M)
Issuance of common stock
$528.0M
$166.0M
$373.0M
$17.0M
Payment of dividends on common and preferred stock
($358.0M)
($178.0M)
($496.0M)
($331.0M)
Proceeds from the sale of membership interests in VIEs
$60.0M
$0
$44.0M
$44.0M
Other financing costs
($18.0M)
($26.0M)
($60.0M)
($60.0M)
Net cash provided by financing activities
$496.0M
$16.0M
$1.4B
$1.2B
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts
($270.0M)
($352.0M)
$254.0M
$747.0M
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period
$615.0M
$615.0M
$178.0M
$178.0M
Cash and Cash Equivalents, Including Restricted Amounts, End of Period
$345.0M
$263.0M
$432.0M
$925.0M
Capital expenditures not paid
$590.0M
$601.0M
$586.0M
$537.0M
Deemed contribution from sale of membership interest