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  4. CMS ENERGY CORPORATION
CMS Energy Corporation
XNYS: CMS
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CMS Energy quarterly and annual earnings report: results, revenue, profit, P&L, balance sheet, cash flow, financial ratios, revenue mix, peer comparison, and financial documents

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Forecaster Analyst Estimates for CMS Energy share price target, revenues, EPS, net income and more

CMS Energy quarterly results: revenue, profit, and P&L – 13 quarter history

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  • NEGATIVE

    Quarterly Revenue CMS Energy Jun-2026 Quarterly Revenue is $1,829 Million which is growth of -0.5% YoY.

  • NEGATIVE

    Quarterly Net Profit CMS Energy Jun-2026 Quarterly Net Profit is $120 Million which is growth of -40.3% YoY.

CMS Energy Corporation, Earnings Report - Quarterly Results, standalone, All financials are in USD Million and price data in USD
IndicatorGraphJun '26Mar '26Dec '25Sep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23
Operating Rev.
1,8292,7302,2332,0211,8382,4471,9891,7431,6072,1761,9501,6731,555
Cost Of Rev.
1,1391,6551,3211,1451,1241,4031,1121,0049491,2411,1171,049959
Gross Profit
6901,0759128767141,044877739658935833624596
⌄
426585477395397550452372375523427353352
Operating Profit
264490435481317494425367283412406271244
⌄
-210-203-163-203-199-186-180-178-173-177-172-164-160
Profit Before Tax
129362295340255358306273223321317184230
Tax
33855368626351264158661141
⌄
117338286275198302262251195285306174195
Diluted NI Avail to Com Stockholders Ann.
117338286275198302262251195285306174195
Basic EPS
0.41.10.90.90.710.90.80.711.10.60.7
Diluted EPS After ExtraOrdinary
0.41.110.90.710.90.80.711.10.60.7
Number Of Shares End
310.2306.4305.2299.7298.5298.2297.9298297.9296.5292.1291290.9
Net Income Continuing Discontinued Operations
120340289277201304265253198287309176198
Normalized Income
118346290279214304255247197288308173189
Interest Income
-146--1-------
Interest
210204209203199187180178173177172164160
Net Interest Income
-210-203-163-203-199-186-180-178-173-177-172-164-160
EBIT
339565458543454544486451396498489348390
EBITDA
659965800831755919812724681854799610654
Reconciled Cost Of Rev.
1,1271,6671,3211,1451,1111,4161,1121,0049371,2531,1171,049950
Reconciled Depr.
320400342288301375326273285356310262264
Profit From Continuing Operations
27346242272142346255247170275251173152
Normalized EBITDA
659978846831755933812724681866799610654
*All financials are in USD Million and price data in USD
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CMS Energy competitor comparison and performance snapshot within industry

CMS Energy annual results: revenue, profit, P&L, and margins as of Dec 2025 – 11 year history

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  • POSITIVE

    Annual Revenue CMS Energy Dec-2025 Annual Revenue is $8,539 Million which is growth of 13.6% YoY.

  • POSITIVE

    Annual Net Profit CMS Energy Dec-2025 Annual Net Profit is $1,071 Million which is growth of 6.8% YoY.

CMS Energy Corporation, Earnings Report - Annual Results, standalone, All financials are in USD Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsTTMDec '25Dec '24Dec '23Dec '22Dec '21Dec '20Dec '19Dec '18Dec '17Dec '16Dec '15
⌄
-0.2%
5%
 8,5397,5157,4628,5967,3296,6806,8456,8736,5836,3996,456
Cost Of Rev. Ann.
-5.1%
5%
5,2604,9934,3064,6005,8344,6803,9114,2814,4754,0804,0104,281
Gross Profit Ann.
8.7%
5.1%
3,5533,5463,2092,8622,7622,6492,7692,5642,3982,5032,3892,175
Operating Exp. Ann.
5.8%
5.3%
1,8831,8191,7221,6271,5381,5031,4071,3251,2361,1651,0921,012
Operating Profit Ann.
12.2%
4.9%
1,6701,7271,4871,2351,2241,1461,3621,2391,1621,3381,2971,163
⌄
-
-
-779-751-708-643-519-497-550-512-447-426-429-384
Other Exp. Ann.
11.4%
30.1%
 2723443621971747310259-26-4217
PBT Ann.
11.4%
7.1%
1,1261,2481,123954902823885829774886826796
Tax Ann.
38.3%
13.1%
2392461761479395133147115424273271
⌄
8.7%
7%
1,0161,0619938778271,348755680657460551523
Diluted NI Avail to Com Stockholders Ann.
8.7%
7%
1,0161,0619938778271,348755680657460551523
EPS Ann.
6.5%
5.3%
 3.53.332.94.72.72.42.31.621.9
Diluted EPS Ann.
6.5%
6.1%
 3.53.332.94.72.62.42.31.621.9
Number Of Shares End
1.8%
1.3%
 305.2297.9292.1289.5289.3285.6283.3282.5280.6278.5276.2
Total Exp. Ann.
-2.6%
5.1%
 6,8126,0286,2277,3726,1835,3185,6065,7115,2455,1025,293
Net Income Continuing Discontinued Operations Ann.
8.6%
7.2%
1,0261,0711,0038878371,353755680657460551523
Normalized Income Ann.
9.1%
7.3%
1,0331,087974.8907838767764728.9699.9610563523
Interest Income Ann.
-
33.7%
 47---31171112612
Interest Ann.
15.4%
7.3%
826798708643519500561519458438435396
EBITDA Ann.
9.1%
5.9%
3,2553,3053,0712,7772,5472,4342,4832,3332,1542,1932,0661,930
Reconciled Cost Of Rev. Ann.
-5.1%
5%
5,2604,9934,3064,6005,8344,6803,9114,2814,4754,0804,0104,281
Reconciled Depr. Ann.
5.1%
4.5%
1,3501,3061,2401,1801,1261,1141,048992933881811750
Profit From Continuing Operations Ann.
7.2%
5.9%
8871,0029478088131,330752682659462553525
Normalized EBITDA Ann.
8.3%
5.1%
3,3143,2573,0712,7772,5622,4402,5442,3302,1592,2002,0601,932
*All financials are in USD Million and price data in USD
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Total Rev. Ann.
1Y CHG
13.6%
2Y CAGR
7%
3Y CAGR
-0.2%
5Y CAGR
5%
7Y CAGR
3.1%
10Y CAGR
2.8%
Total Revenue Annual growth is higher than historical averages.
Net Profit Ann.
1Y CHG
6.8%
2Y CAGR
9.9%
3Y CAGR
8.6%
5Y CAGR
7.2%
7Y CAGR
7.2%
10Y CAGR
7.4%
Net Profit Annual growth is lower than historical averages.
Operating Exp. Ann.
1Y CHG
5.6%
2Y CAGR
5.7%
3Y CAGR
5.8%
5Y CAGR
5.3%
7Y CAGR
5.7%
10Y CAGR
6%
Operating Expenses Annual Cr growth is stable compared to historical averages.

CMS Energy balance sheet as of Dec 2025: assets, liabilities, reserves, and borrowings – 11 year history

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  • POSITIVE

    Total Shareholders Fund CMS Energy Dec-2025 Total Shareholders Fund is $8,920 Million which is growth of 11.4% YoY.

  • POSITIVE

    Total Assets CMS Energy Dec-2025 Total Assets is $39,941 Million which is growth of 11.2% YoY.

CMS Energy Corporation, Balance Sheet, standalone, All financials are in USD Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsDec '25Dec '24Dec '23Dec '22Dec '21Dec '20Dec '19Dec '18Dec '17Dec '16Dec '15
⌄
8.4%
6.1%
39,94135,92033,51731,35328,75329,66626,83724,52923,05021,62220,340
⌄
8.4%
5.1%
30,23027,17225,39223,75821,56523,58921,78219,73718,57217,33216,365
⌄
9.5%
10.2%
8,9208,0067,3206,7916,4075,4965,0184,7554,4414,2533,938
Total Capitalization Ann.
10.2%
7.1%
26,95123,42422,05220,13718,67719,13016,96915,37013,56412,89312,379
Tangible Assets Ann.
9.2%
10.7%
9,1448,2307,5447,0156,6315,4965,0184,7554,4414,2533,938
Working Capital Ann.
-
-
-76-731-56448423-670-373-156-309-37518
Invested Capital Ann.
9.6%
6.1%
27,68324,46022,90121,03218,83520,63618,18916,46314,83714,17713,334
Tangible Book Value Ann.
9.5%
10.2%
8,9208,0067,3206,7916,4075,4965,0184,7554,4414,2533,938
Borrowings Ann.
9.7%
4.5%
18,89816,56615,64314,30912,47415,19613,24711,77710,48710,0349,514
Net Debt Ann.
9%
4%
18,25416,35115,35414,07711,97614,97213,03111,55510,2149,6899,130
Share Issued Ann.
1.7%
1.2%
306.4298.8294.4291.3289.8288.9283.9283.4281.6279.2277.2
Number Of Shares End
1.8%
1.3%
305.2297.9292.1289.5289.3285.6283.3282.5280.6278.5276.2
*All financials are in USD Million and price data in USD
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Total Assets Ann.
1Y CHG
11.2%
2Y CAGR
9.2%
3Y CAGR
8.4%
5Y CAGR
6.1%
7Y CAGR
7.2%
10Y CAGR
7%
Total Assets Annual growth is higher than historical averages.
Total Current Liabilities Ann.
1Y CHG
0.8%
2Y CAGR
10.7%
3Y CAGR
5.9%
5Y CAGR
2.9%
7Y CAGR
4.4%
10Y CAGR
4.4%
Total Current Liabilities Annual Cr growth is lower than historical averages.
Total ShareHolders Funds Ann.
1Y CHG
11.4%
2Y CAGR
10.4%
3Y CAGR
9.5%
5Y CAGR
10.2%
7Y CAGR
9.4%
10Y CAGR
8.5%
Total ShareHolders Funds Annual growth is higher than historical averages.

CMS Energy ROE, ROCE, book value, and debt-to-equity ratio as of Dec 2025 – 11 year history

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  • POSITIVE

    Book Value Per Share CMS Energy Book Value Per Share is $29 which is growth of 8.6% YoY.

  • NEUTRAL

    ROE CMS Energy ROE is 0% which is growth of 0% YoY.

CMS Energy Corporation, Ratios, standalone, All financials are in USD Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsDec '25Dec '24Dec '23Dec '22Dec '21Dec '20Dec '19Dec '18Dec '17Dec '16Dec '15
RoA Ann. %
-
-
-2.86%2.70%2.75%4.61%2.67%2.65%2.76%2.06%2.63%2.65%
ROE Ann. %
-
-
-12.96%12.43%12.53%22.65%14.36%13.92%14.29%10.58%13.45%13.75%
ROIC %
-
-
-1.721.441.31.51.30.411.2
OPM Ann. %
12.4%
-0.2%
20.22%19.79%16.55%14.24%15.64%20.39%18.10%16.91%20.33%20.27%18.01%
Inventory Turnover Ratio Ann.
-
-
-5.14.56.57.56.66.86.86.35.75.1
Asset Turnover Ann. %
-
-
-0.20.20.30.30.20.30.30.30.30.3
Working Capital Turnover Ann.
-
-
-112.4-10.3-133.319.217.3-10-18.4-44.1-21.3-17.1358.7
Quick Ratio Ann.
-
-
-0.30.40.60.60.40.50.50.50.50.5
Current Ratio Ann.
-
-
-0.811.21.20.80.90.90.90.91
Interest Coverage Ratio Ann.
-
-
-2.62.52.72.72.62.62.732.93
LT Debt To Equity Ann.
-
-
-1.921.91.92.52.42.32.12.12.2
*All financials are in USD Million and price data in USD
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CMS Energy cash flow: net, operating, investing, and financing flows as of Dec 2025 – 11 year history

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  • NEGATIVE

    Cash From Operating Activity CMS Energy Dec-2025 Cash From Operating Activity is $2,235 Million which is growth of -5.7% YoY.

  • POSITIVE

    Net Cash Flow CMS Energy Dec-2025 Net Cash Flow is $437 Million which is growth of 724.3% YoY.

CMS Energy Corporation, Cash Flow, standalone, All financials are in USD Million and price data in USD
IndicatorGraphCAGR 3 YrsCAGR 5 YrsDec '25Dec '24Dec '23Dec '22Dec '21Dec '20Dec '19Dec '18Dec '17Dec '16Dec '15
⌄
37.8%
11.9%
2,2352,3702,3098551,9301,2761,7901,7031,7051,6291,640
⌄
-
-
-4,038-3,054-3,386-2,476-1,311-2,867-2,816-2,606-1,868-1,915-2,044
⌄
19.1%
6.7%
2,2406141,1431,327-2111,6191,008874110255463
Cash Plus Cash Eqv. End Of Year Ann.
50.1%
27.2%
615178248182476185157175204257266
Net Increase In Cash Plus Cash Eqv.s Ann.
-
73.2%
437-7066-29429128-18-29-53-3159
Cash Plus Cash Eqv. Begin Of Year Ann.
-28%
2.5%
178248182476185157175204257288207
Income Tax Paid Supplemental Data Ann.
-
-
-6915116---12353210
Interest Paid Supplemental Data Ann.
14.8%
6.2%
741677607490489549498458418427386
Capex Ann.
-
-
-4,038-3,178-2,574-2,481-2,209-2,448-2,236-2,220-1,780-1,779-1,653
Issuance Of Capital Stock Ann.
96.7%
15.7%
525286192692502531241837243
Issuance Of Debt Ann.
23.9%
0.1%
3,6091,9623,6241,8993353,5952,7823,2801,6801,149813
Repayment Of Debt Ann.
-
-
-1,150-952-2,132-106-235-2,100-1,292-1,931-1,254-750-260
Repurchase Of Capital Stock Ann.
-
-
-----------
Free Cash Flow Ann.
-
-
-1,868-808-265-1,626-279-1,172-446-517-75-150-13
*All financials are in USD Million and price data in USD
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Cash from Operating Act. Ann.
1Y CHG
-5.7%
2Y CAGR
-1.6%
3Y CAGR
37.8%
5Y CAGR
11.9%
7Y CAGR
4%
10Y CAGR
3.1%
Cash from Operating Activity Annual is falling faster than historical averages.
Cash from Financing Act. Ann.
1Y CHG
264.8%
2Y CAGR
40%
3Y CAGR
19.1%
5Y CAGR
6.7%
7Y CAGR
14.4%
10Y CAGR
17.1%
Cash from Financing Annual Activity growth is higher than historical averages.
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