CMS Energy Corporation Common Stock (CMS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.36	$0.37	+2.8%	—	—	—
Q3 26	$1.1	$1.13	+2.7%	—	—	—
Q2 26	$0.94	$0.95	+1.1%	—	—	—
Q1 26	$0.86	$0.93	+8.1%	—	—	—
Q4 25	$0.68	$0.71	+4.4%	—	—	—
Q3 25	$1.01	$1.02	+1.0%	—	—	—
Q2 25	$0.87	$0.87	0.0%	—	—	—
Q1 25	$0.78	$0.84	+7.7%	—	—	—
Q4 24	$0.62	$0.66	+6.5%	—	—	—
Q3 24	$0.95	$0.97	+2.1%	—	—	—
Q2 24	$1.04	$1.05	+1.0%	—	—	—
Q1 24	$0.59	$0.61	+3.4%	—	—	—
Q4 23	$0.69	$0.75	+8.7%	—	—	—
Q3 23	$0.7	$0.7	0.0%	—	—	—
Q2 23	$0.57	$0.6	+5.3%	—	—	—
Q1 23	$0.53	$0.56	+5.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.46	—	—	$8.5B	—
FY24	—	$3.32	—	—	$7.5B	—
FY23	—	$3.01	—	—	$7.5B	—
FY22	—	$2.84	—	—	$8.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$6.4B	$6.6B	$6.9B	$6.6B	$6.4B	$7.3B	$8.6B	$7.5B	$7.5B	$8.5B
YoY change	-0.88%	+2.88%	+4.41%	-3.62%	-3.11%	+14.2%	+17.3%	-13.2%	+0.71%	+13.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	6.4B	6.6B	6.9B	6.6B	6.4B	7.3B	8.6B	7.5B	7.5B	8.5B
Cost of revenue	4.1B	4.1B	4.5B	4.2B	3.8B	4.7B	5.8B	4.6B	4.3B	5B
Gross profit	2.3B	2.5B	2.4B	2.4B	2.6B	2.6B	2.8B	2.9B	3.2B	3.5B
Gross margin	36.7%	38%	34.9%	36.8%	41%	36.1%	32.1%	38.4%	42.7%	41.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—
Operating income	1.3B	1.3B	1.2B	1.1B	1.2B	1.1B	1.2B	1.2B	1.5B	1.7B
Operating margin	19.6%	20.3%	16.9%	16.8%	19.2%	15.6%	14.2%	16.6%	19.8%	20.2%
Non-operating income, net	-1M	-26M	59M	102M	73M	177M	197M	362M	344M	272M
Pretax income	826M	886M	774M	764M	809M	823M	902M	954M	1.1B	1.2B
Income tax	273M	424M	115M	131M	115M	95M	93M	147M	176M	246M
Net income	553M	462M	659M	682M	752M	1.3B	813M	808M	947M	1B
Net margin	8.64%	7.02%	9.59%	10.3%	11.7%	18.1%	9.46%	10.8%	12.6%	11.7%
EBITDA	2.1B	2.2B	2.2B	2.2B	2.4B	2.4B	2.5B	2.8B	3.1B	3.3B
EPS	1.99	1.64	2.33	2.4	2.65	4.66	2.84	3.01	3.32	3.46
Diluted EPS	1.98	1.64	2.32	2.39	2.64	4.66	2.84	3.01	3.32	3.46

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.7B	1.9B	2.2B	1.6B	1.7B	2B	2.4B	1.8B	2B	2.2B	2.7B	1.8B
Cost of revenue	1B	1.1B	1.2B	949M	1B	1.1B	1.4B	1.1B	1.1B	1.3B	1.7B	1.1B
Gross profit	624M	833M	935M	658M	739M	877M	1B	714M	876M	912M	1.1B	690M
Gross margin	37.3%	42.7%	43%	40.9%	42.4%	44.1%	42.7%	38.8%	43.3%	40.8%	39.4%	37.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	-44M	-41M	—	—	—	—	—	—	—	—
Operating expenses	—	—	-44M	-41M	—	—	—	—	—	—	—	—
Operating income	271M	406M	412M	283M	367M	425M	494M	317M	481M	435M	490M	264M
Operating margin	16.2%	20.8%	18.9%	17.6%	21.1%	21.4%	20.2%	17.2%	23.8%	19.5%	17.9%	14.4%
Non-operating income, net	77M	83M	86M	113M	84M	61M	50M	137M	62M	23M	75M	75M
Pretax income	184M	317M	321M	223M	273M	306M	358M	255M	340M	295M	362M	129M
Income tax	11M	66M	58M	41M	26M	51M	63M	62M	68M	53M	85M	33M
Net income	173M	251M	263M	182M	247M	255M	295M	193M	272M	242M	277M	96M
Net margin	10.3%	12.9%	12.1%	11.3%	14.2%	12.8%	12.1%	10.5%	13.5%	10.8%	10.1%	5.25%
EBITDA	610M	799M	866M	681M	724M	812M	933M	755M	831M	846M	978M	659M
EPS	0.6	1.04	0.96	0.65	0.84	0.88	1.01	0.66	0.9	0.93	1.1	0.38
Diluted EPS	0.6	1.04	0.96	0.65	0.84	0.87	1.01	0.66	0.9	0.93	1.1	0.37

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	11.6B	13.2B	14B	17.8B	17.4B	18.8B	18.4B	16.9B	19.9B	21.4B	19.3B
Enterprise value	21.4B	23.5B	25.6B	30.9B	29.7B	30.8B	32.6B	32.3B	36.4B	39.8B	39.6B
Shares outstanding	278M	280M	282.2M	283M	285M	289M	291.3M	291.2M	298.8M	306.4M	306.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	20.9	28.7	21.3	26.1	23.1	14.1	22.7	20.9	21	21.4	18.9
P/S	1.81	2.01	2.04	2.68	2.71	2.57	2.15	2.27	2.65	2.51	2.2
P/B	2.7	2.96	2.92	3.52	2.86	2.62	2.43	2.08	2.28	2.21	2.06
EV/EBITDA	10.4	10.7	11.7	14	12.4	12.6	12.8	11.6	11.8	12.2	13.1
EV/Sales	3.34	3.58	3.73	4.66	4.63	4.21	3.79	4.33	4.84	4.66	4.5
Earnings yield	4.78%	3.49%	4.7%	3.83%	4.32%	7.07%	4.41%	4.78%	4.76%	4.68%	5.29%
FCF yield	-1.3%	-0.57%	-3.69%	-2.44%	-6.69%	-2.07%	-8.81%	-1.57%	-4.06%	-8.41%	-11.4%
PEG	—	—	—	—	—	—	—	—	—	—	-0.44

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	36.7%	38%	34.9%	36.8%	41%	36.1%	32.1%	38.4%	42.7%	41.5%	37.7%
Operating margin	19.6%	20.3%	16.9%	16.8%	19.2%	15.6%	14.2%	16.6%	19.8%	20.2%	17.2%
Net margin	8.64%	7.02%	9.59%	10.3%	11.7%	18.1%	9.46%	10.8%	12.6%	11.7%	11.6%
ROE	12.9%	10.3%	13.8%	13.5%	12.4%	18.5%	10.7%	9.94%	10.8%	10.3%	9.16%
ROA	2.56%	2%	2.69%	2.54%	2.53%	4.63%	2.59%	2.41%	2.64%	2.51%	2.97%
ROIC	5.97%	4.72%	6.03%	5.09%	5.72%	5.28%	5.05%	4.44%	4.97%	4.93%	4.47%
Return on tangible assets	2.56%	2%	2.69%	2.54%	2.53%	4.63%	2.59%	2.41%	2.64%	2.51%	2.17%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.86	0.89	0.94	0.86	0.78	1.19	1.15	0.98	0.79	0.98	0.94
Quick ratio	0.62	0.65	0.69	0.64	0.59	0.89	0.78	0.66	0.57	0.76	0.67
Debt / equity	2.34	2.34	2.46	2.62	2.04	1.74	1.88	1.93	1.89	1.95	1.86
Debt / assets	0.46	0.45	0.48	0.49	0.42	0.43	0.46	0.47	0.46	0.47	0.47
Net debt / EBITDA	4.76	4.68	5.3	5.93	5.13	4.93	5.55	5.55	5.36	5.65	5.75
Interest coverage	2.9	3.02	2.69	2.66	2.6	2.65	2.74	2.48	2.59	2.56	2.36
Effective tax rate	33.1%	47.9%	14.9%	17.1%	14.2%	11.5%	10.3%	15.4%	15.7%	19.7%	21.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	23	23.5	24.4	23.4	22.5	25.4	29.5	25.6	25.2	27.9	28.9
EPS (basic)	1.99	1.64	2.33	2.4	2.65	4.66	2.84	3.01	3.32	3.46	3.46
EPS (diluted)	1.98	1.64	2.32	2.39	2.64	4.66	2.84	3.01	3.32	3.46	3.32
Book value per share	15.4	16	17	17.9	21.3	24.9	26.1	27.9	29.3	31.7	30.5
FCF per share	-0.54	-0.27	-1.83	-1.53	-4.08	-1.35	-5.58	-0.91	-2.7	-5.88	-6.77
Cash per share	0.85	0.65	0.54	0.49	0.11	1.56	0.56	0.78	0.34	1.66	0.77
Capex per share	0.38	0.41	0.52	0.11	0.25	0.46	0.37	0.57	0.54	12.5	13.1

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.67%	1.75%	2.12%	0.45%	1.11%	1.81%	1.24%	2.24%	2.13%	44.8%	46%
Capex / operating cash flow	6.78%	6.94%	8.85%	1.74%	6.14%	5.51%	13.3%	6.93%	6.89%	171.1%	188.9%
Payout ratio	62.7%	81.6%	61.8%	63.9%	62.1%	38.2%	66.9%	71.7%	66.1%	66.2%	66.9%
Dividend yield	3%	2.85%	2.9%	2.45%	2.69%	2.7%	2.95%	3.42%	3.14%	3.09%	3.64%

Yield

3.64%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.57

ex-dividend Aug 7, 2026

Payout ratio

67%

of earnings

Dividend growth

13 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 7, 2026	$0.57
May 8, 2026	$0.57
Feb 17, 2026	$0.57

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.7B	$1.9B	$2.2B	$1.6B	$1.7B	$2B	$2.4B	$1.8B	$2B	$2.2B	$2.7B	$1.8B
YoY change	-17.3%	-14.4%	-4.73%	+3.34%	+4.18%	+2%	+12.5%	+14.4%	+15.9%	+12.3%	+11.6%	-0.49%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	235M	182M	153M	140M	32M	452M	164M	227M	103M	509M
Receivables	821M	1B	978M	903M	872M	931M	1.6B	933M	1B	1.3B
Inventory	626M	672M	650M	605M	576M	667M	1.1B	938M	769M	791M
Total current assets	2.3B	2.5B	2.5B	2.3B	2.4B	2.6B	3.4B	2.8B	2.8B	3.5B
Property, plant & equipment	-5.2B	3.2B	3.2B	3.5B	-6.8B	-7.5B	-7.7B	-8B	-7.4B	-7B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	21.6B	23.1B	24.5B	26.8B	29.7B	28.8B	31.4B	33.5B	35.9B	39.9B
Accounts payable	598M	740M	733M	635M	668M	875M	928M	802M	1.1B	1.4B
Short-term debt	1.3B	1.3B	1.1B	1.2B	591M	382M	1.1B	1.1B	1.3B	956M
Total current liabilities	2.7B	2.8B	2.6B	2.7B	3.1B	2.2B	3B	2.9B	3.5B	3.5B
Long-term debt	8.8B	9.2B	10.7B	12B	11.8B	12.1B	13.2B	14.6B	15.3B	17.9B
Total liabilities	17.3B	18.6B	19.7B	21.8B	23.6B	21.6B	23.8B	25.4B	27.2B	30.2B
Shareholders' equity	4.3B	4.5B	4.8B	5.1B	6.1B	7.2B	7.6B	8.1B	8.7B	9.7B
Total debt	10B	10.5B	11.8B	13.2B	12.4B	12.5B	14.3B	15.6B	16.6B	18.9B
Net debt	9.8B	10.3B	11.6B	13.1B	12.4B	12B	14.1B	15.4B	16.5B	18.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	157M	227M	802M	699M	412M	103M	465M	844M	362M	509M	175M	241M
Receivables	690M	933M	889M	817M	794M	1B	1B	924M	922M	1.3B	1.4B	1B
Inventory	1.1B	938M	677M	779M	884M	769M	580M	736M	903M	791M	642M	824M
Total current assets	2.4B	2.8B	3.1B	3B	2.7B	2.8B	2.8B	3.2B	2.7B	3.5B	3B	2.9B
Property, plant & equipment	-6.1B	-8B	-6.5B	-6.3B	-6B	-7.4B	-5.8B	-5.5B	-5.3B	-7B	-5.1B	-4.8B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	32.5B	33.5B	33.9B	34.4B	34.8B	35.9B	36.3B	37.7B	38B	39.9B	40.3B	40.9B
Accounts payable	846M	802M	644M	789M	947M	1.1B	943M	1.1B	1.1B	1.4B	1.2B	1.2B
Short-term debt	1.3B	1.1B	772M	772M	507M	1.3B	707M	1.1B	1.2B	956M	1.4B	870M
Total current liabilities	2.7B	2.9B	2.3B	2.5B	2.2B	3.5B	2.6B	3.2B	3.1B	3.5B	3.6B	3.1B
Long-term debt	14.2B	14.6B	15B	15B	15.7B	15.3B	16.3B	16.9B	16.9B	17.9B	17.7B	18.4B
Total liabilities	24.8B	25.4B	25.4B	25.8B	26.2B	27.2B	27.4B	28.7B	28.6B	30.2B	30.2B	30.5B
Shareholders' equity	7.8B	8.1B	8.5B	8.5B	8.6B	8.7B	8.9B	9B	9.4B	9.7B	10.1B	10.4B
Total debt	15.5B	15.6B	15.8B	15.8B	16.2B	16.6B	17B	18B	18.1B	18.9B	19.1B	19.3B
Net debt	15.3B	15.4B	15B	15.1B	15.8B	16.5B	16.5B	17.2B	17.7B	18.4B	18.9B	19.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	553M	462M	659M	682M	752M	1.3B	813M	808M	947M	1B
Depreciation & amortization	811M	881M	933M	989M	1B	1.1B	1.1B	1.2B	1.2B	1.3B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	7M	-174M	105M	-33M	-81M	-199M	-1.1B	552M	247M	-257M
Operating cash flow	1.6B	1.7B	1.6B	1.7B	1.2B	2.4B	806M	2.4B	2.3B	2.2B
Capital expenditure	-107M	-115M	-146M	-30M	-71M	-133M	-107M	-167M	-160M	-3.8B
Investing cash flow	-243M	-203M	-532M	-707M	-548M	765M	-102M	-979M	-36M	-3.8B
Dividends paid	-347M	-377M	-407M	-436M	-467M	-508M	-544M	-579M	-626M	-663M
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	255M	-118M	801M	370M	1.1B	-211M	1.3B	1.1B	614M	2.3B
Net change in cash	1.6B	1.3B	1.9B	1.4B	1.7B	3B	2B	2.6B	2.9B	716M
Free cash flow	-150M	-75M	-517M	-434M	-1.2B	-390M	-1.6B	-265M	-808M	-1.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	173M	251M	275M	170M	247M	255M	346M	142M	272M	242M	346M	27M
Depreciation & amortization	262M	310M	356M	285M	273M	326M	375M	301M	288M	342M	400M	320M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-278M	-123M	369M	238M	-212M	-148M	253M	-7M	-197M	-306M	105M	255M
Operating cash flow	133M	384M	1B	629M	287M	370M	992M	398M	343M	478M	736M	591M
Capital expenditure	-46M	771M	-23M	-53M	-49M	-35M	-31M	-77M	-978M	-1.1B	-960M	-1B
Investing cash flow	-46M	771M	-23M	-53M	-49M	-35M	-31M	-77M	-978M	-1.1B	-960M	-1B
Dividends paid	-145M	-144M	-265M	-49M	-156M	-156M	-271M	-60M	-165M	-167M	-308M	-50M
Share repurchases	—	—	-320M	—	—	—	0	—	—	—	—	—
Financing cash flow	257M	259M	145M	-418M	235M	357M	-294M	1.5B	210M	887M	223M	-876M
Net change in cash	344M	1.4B	1.2B	158M	473M	692M	667M	1.8B	-425M	291M	-1M	-1.3B
Free cash flow	-459M	568M	372M	-79M	-551M	-550M	231M	-697M	-703M	-634M	-257M	-509M

CMS Energy Corporation Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement