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CMS Energy Corporation (CMS) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

UTILITIES · Multi-Utilities · DATA UPDATED 2026-07-17

CMS Energy Corporation (CMS) operates in the Multi-Utilities industry and is headquartered in Jackson, United States with about 8,350 employees. Its market capitalization is roughly $23 billion. In the fiscal year ended 2025-12-31, CMS reported $8.5B in revenue and $1.1B in net income.

CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and NorthStar Clean Energy. The Electric Utility segment is involved in the generation, purchase, distribution, and sale of electricity.

Interactive charts & full statements → Open the CMS valuation workbench →

CMS Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$8.8B	$8.5B	$7.5B	$7.5B	$8.6B	$7.3B	$6.4B	$6.6B	$6.9B	$6.6B	$6.4B	$6.5B	$7.2B	$6.6B	$6.3B	$6.5B	$6.4B	$6.2B	$6.8B	$6.5B	$6.1B
Gross Profit	$3.6B	$5.2B	$3.2B	$2.9B	$2.8B	$2.6B	$2.6B	$2.4B	$2.4B	$2.5B	$2.3B	$2.2B	$2.1B	$2.0B	$1.8B	$1.8B	$1.7B	$2.6B	$2.6B	$2.4B	$2.4B
Gross Margin %	40.8%	60.9%	42.7%	38.4%	32.1%	36.1%	41.0%	36.8%	34.9%	38.0%	36.7%	33.9%	29.1%	30.5%	29.3%	27.0%	26.6%	42.5%	38.1%	36.5%	38.7%
Operating Income (EBIT)	$1.7B	$1.7B	$1.5B	$1.2B	$1.2B	$1.1B	$1.2B	$1.1B	$1.2B	$1.3B	$1.3B	$1.2B	$1.2B	$1.1B	$1.0B	$1.0B	$978M	$698M	$799M	($88M)	($222M)
Operating Margin %	19.5%	20.2%	19.8%	16.6%	14.2%	15.6%	19.2%	16.8%	16.9%	20.3%	19.6%	18.2%	16.1%	17.4%	16.0%	15.4%	15.2%	11.2%	11.7%	-1.4%	-3.6%
Net Income	$1.1B	$1.1B	$1.0B	$887M	$837M	$1.4B	$755M	$680M	$657M	$460M	$551M	$523M	$477M	$452M	$382M	$415M	$340M	$229M	$295M	($215M)	($79M)
Net Margin %	12.6%	12.5%	13.4%	11.9%	9.7%	18.5%	11.8%	10.3%	9.6%	7.0%	8.6%	8.1%	6.6%	6.9%	6.1%	6.4%	5.3%	3.7%	4.3%	-3.3%	-1.3%
EBITDA	$3.2B	$3.2B	$3.1B	$2.8B	$2.5B	$2.4B	$2.4B	$2.2B	$2.2B	$2.2B	$2.1B	$1.9B	$1.8B	$1.8B	$1.6B	$1.6B	$1.6B	$1.3B	$1.4B	$457M	$354M
Earnings Per Share (EPS)	$3.69	$3.56	$3.36	$3.04	$2.89	$4.67	$2.64	$2.39	$2.32	$1.64	$1.97	$1.89	$1.73	$1.66	$1.42	$1.58	$1.34	$0.96	$1.25	$-0.97	$-0.36
Shares Outstanding (M)	301M	301M	298M	292M	290M	290M	286M	284M	283M	281M	279M	276M	275M	272M	269M	263M	253M	238M	236M	223M	220M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CMS Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$2.7B	$2.2B	$2.0B	$1.8B	$2.4B	$2.0B	$1.7B	$1.6B
Gross Profit	$1.5B	$754M	$588M	$714M	$1.0B	$877M	$739M	$658M
Gross Margin %	56.5%	33.8%	29.1%	38.9%	42.7%	44.1%	42.4%	40.9%
Operating Income (EBIT)	$490M	$435M	$481M	$317M	$494M	$425M	$367M	$283M
Operating Margin %	17.9%	19.5%	23.8%	17.2%	20.2%	21.4%	21.1%	17.6%
Net Income	$340M	$289M	$277M	$201M	$304M	$265M	$253M	$198M
Net Margin %	12.4%	12.9%	13.7%	10.9%	12.4%	13.3%	14.5%	12.3%
EBITDA	$977M	$668M	$831M	$755M	$933M	$812M	$724M	$681M
Earnings Per Share (EPS)	$1.13	$0.96	$0.92	$0.67	$1.02	$0.89	$0.85	$0.66
Shares Outstanding (M)	301M	301M	300M	299M	299M	299M	299M	298M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CMS Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$1.9B	$2.2B	$2.4B	$2.3B	$855M	$1.8B	$1.3B	$1.8B	$1.7B	$1.7B	$1.6B	$1.6B	$1.4B	$1.4B	$1.2B	$1.2B	$959M	$848M	$559M	$27M	$688M
Capital Expenditures (CapEx)	$4.0B	$3.8B	$3.0B	$3.2B	$2.5B	$2.2B	$2.4B	$2.2B	$2.1B	$1.7B	$1.7B	$1.6B	$1.6B	$1.3B	$1.2B	$882M	$821M	$818M	$792M	$1.4B	$670M
Free Cash Flow (FCF)	($2.0B)	($1.6B)	($648M)	($910M)	($1.6B)	($390M)	($1.2B)	($446M)	($371M)	$40M	($43M)	$76M	($130M)	$96M	$14M	$287M	$138M	$30M	($233M)	($1.3B)	$18M
FCF Margin %	-23.1%	-18.6%	-8.6%	-12.2%	-18.9%	-5.3%	-18.3%	-6.7%	-5.4%	0.6%	-0.7%	1.2%	-1.8%	1.5%	0.2%	4.4%	2.1%	0.5%	-3.4%	-20.9%	0.3%
Dividends Paid	$675M	$663M	$626M	$579M	$546M	$509M	$467M	$436M	$407M	$377M	$347M	$322M	$295M	$273M	$252M	$211M	$162M	$125M	$95M	$56M	$11M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CMS Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$705M	$478M	$343M	$414M	$1.0B	$403M	$304M	$707M
Capital Expenditures (CapEx)	$1.0B	$1.1B	$978M	$884M	$888M	$918M	$806M	$681M
Free Cash Flow (FCF)	($334M)	($596M)	($635M)	($470M)	$112M	($515M)	($502M)	$26M
FCF Margin %	-12.2%	-26.7%	-31.4%	-25.6%	4.6%	-25.9%	-28.8%	1.6%
Dividends Paid	$178M	$167M	$165M	$165M	$166M	$156M	$156M	$158M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CMS Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$40.3B	$40.4B	$35.9B	$33.5B	$31.4B	$28.8B	$29.7B	$26.8B	$24.5B	$23.1B	$21.6B	$20.3B	$19.2B	$17.4B	$17.1B	$16.5B	$15.6B	$15.3B	$14.9B	$14.2B	$15.4B
Cash & Cash Equivalents	$263M	$615M	$103M	$227M	$164M	$452M	$168M	$140M	$153M	$182M	$235M	$266M	$207M	$172M	$93M	$161M	$247M	$90M	$213M	$382M	$351M
Total Liabilities	$30.2B	$30.7B	$27.2B	$25.4B	$23.8B	$21.6B	$23.6B	$21.8B	$19.7B	$18.6B	$17.3B	$16.4B	$15.5B	$13.9B	$13.9B	$13.4B	$12.8B	$12.3B	$12.1B	$11.8B	$12.8B
Total Debt (Short + Long-Term)	$18.8B	$19.9B	$16.5B	$15.6B	$15.4B	$12.9B	$16.7B	$13.2B	$11.7B	$10.4B	$9.9B	$9.4B	$8.6B	$7.8B	$7.5B	$7.3B	$7.4B	$6.8B	$6.8B	$6.5B	$7.0B
Total Shareholders' Equity	$9.5B	$9.1B	$8.2B	$7.5B	$7.0B	$6.6B	$6.1B	$5.0B	$4.8B	$4.4B	$4.3B	$3.9B	$3.7B	$3.5B	$3.2B	$3.0B	$2.8B	$2.8B	$2.7B	$2.4B	$2.5B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive CMS viewer.

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NI · NiSource — $22 billion
PNW · Pinnacle West Capital — $13 billion
NEE · NextEra Energy — $187 billion
D · Dominion Energy — $63 billion

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