CMS ENERGY CORP CMS

Utilities SIC 4931 - Electric & Other Services Combined NAICS Utilities › Electric Power Generation, Transmission and Distribution derived NYSE

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52-week range — - —

No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.

Valuation FY2025 figures against the last close

P/S—

P/E—

P/FCF—

EV/EBITDA—

Dividend yield—

Diluted EPS3.53

Annual financial statements

Income statement

Fiscal year	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$8.30B	$7.32B	$7.26B	$8.32B	$7.08B	$6.24B	$6.40B	$6.50B	$6.58B	$6.40B
Total operating expenses	$6.81B	$6.03B	$6.23B	$7.37B	$6.18B	$5.19B	$5.51B	$5.71B	$5.25B	$5.14B
Operating income	$1.73B	$1.49B	$1.24B	$1.22B	$1.15B	$1.23B	$1.11B	$1.16B	$1.34B	$1.26B
Interest expense	$789.0M	$708.0M	$643.0M	$519.0M	$500.0M	$505.0M	$460.0M	$458.0M	$438.0M	$435.0M
Pre-tax income	$1.25B	$1.12B	$954.0M	$902.0M	$823.0M	$809.0M	$764.0M	$774.0M	$886.0M	$826.0M
Income tax	$246.0M	$176.0M	$147.0M	$93.0M	$95.0M	$115.0M	$131.0M	$115.0M	$424.0M	$273.0M
Net income	$1.07B	$1.00B	$887.0M	$837.0M	$1.35B	$755.0M	$680.0M	$657.0M	$460.0M	$551.0M
EPS, basic	3.53	3.34	3.01	2.85	4.66	2.65	2.40	2.33	1.64	1.99
EPS, diluted	3.53	3.33	3.01	2.85	4.66	2.64	2.39	2.32	1.64	1.98
Shares, diluted (wtd. avg.)	301.0M	298.3M	291.7M	290.0M	289.5M	286.3M	284.3M	282.9M	280.8M	278.9M

Balance sheet

Fiscal year	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Cash and equivalents	$509.0M	$103.0M	$248.0M	$182.0M	$476.0M	$185.0M	$157.0M	$175.0M	$204.0M	$257.0M
Receivables	—	—	—	$1.56B	$931.0M	$853.0M	$886.0M	$964.0M	$1.03B	$821.0M
Total current assets	$3.47B	$2.79B	$2.84B	$3.43B	$2.63B	$2.40B	$2.33B	$2.47B	$2.48B	$2.28B
Property, plant and equipment	$30.68B	$27.46B	$25.07B	$22.71B	$22.35B	$21.02B	$18.93B	$18.13B	$16.76B	$15.71B
Total assets	$39.94B	$35.92B	$33.52B	$31.35B	$28.75B	$29.67B	$26.84B	$24.53B	$23.05B	$21.62B
Accounts payable	—	—	—	$928.0M	$875.0M	$661.0M	$622.0M	$723.0M	$725.0M	$598.0M
Short-term debt	$950.0M	$1.19B	$975.0M	$1.09B	$373.0M	$571.0M	$1.11B	$974.0M	$1.08B	$864.0M
Total current liabilities	$3.55B	$3.52B	$2.90B	$2.98B	$2.20B	$3.07B	$2.70B	$2.62B	$2.78B	$2.65B
Long-term debt	$17.81B	$15.19B	$14.51B	$13.12B	$12.05B	$11.74B	$11.95B	$10.62B	$9.12B	$8.64B
Retained earnings	$2.44B	$2.04B	$1.66B	$1.35B	$1.06B	$214.0M	-$25.0M	-$271.0M	-$531.0M	-$616.0M
Total equity	$9.14B	$8.23B	$8.12B	$7.59B	$7.19B	$6.08B	$5.05B	$4.79B	$4.48B	$4.29B

Cash flow

Fiscal year	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Operating cash flow	$2.23B	$2.37B	$2.31B	$855.0M	$1.82B	$1.28B	$1.79B	$1.70B	$1.71B	$1.63B
Depreciation and amortisation	$1.31B	$1.24B	$1.18B	$1.13B	$1.11B	$1.04B	$989.0M	$933.0M	$881.0M	$811.0M
Capital expenditure	—	—	—	$2.37B	$2.08B	$2.31B	$2.10B	$2.07B	$1.67B	$1.67B
Investing cash flow	-$4.04B	-$3.05B	-$3.39B	-$2.48B	-$1.23B	-$2.87B	-$2.82B	-$2.61B	-$1.87B	-$1.92B
Financing cash flow	$2.24B	$614.0M	$1.14B	$1.33B	-$295.0M	$1.62B	$1.01B	$874.0M	$110.0M	$255.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000811156-26-000004.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)

Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity

Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks

Revenue
Gross profit
Net income

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$6.40B	$6.58B	$6.50B	$6.40B	$6.24B	$7.08B	$8.32B	$7.26B	$7.32B	$8.30B
Gross profit	—	—	—	—	—	—	—	—	—	—
Net income	$551.0M	$460.0M	$657.0M	$680.0M	$755.0M	$1.35B	$837.0M	$887.0M	$1.00B	$1.07B

Recent filings and events

2026-07-28 Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
2026-07-28 Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
2026-06-03 Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
2026-06-03 Regulation FD disclosure Item 7.01
2026-05-13 Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
2026-05-13 Shareholder vote The results of the annual meeting or a special vote. Item 5.07
2026-05-13 Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
2026-04-28 Results announced Item 2.02
2026-04-28 Regulation FD disclosure Item 7.01
2026-02-20 Officer or director change Item 5.02
2026-02-11 Other event Item 8.01
2026-02-10 Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 4931

Ticker	Company	Market cap	P/E	Revenue growth
DUK	Duke Energy CORP	$97.43B	19.8x	5.6%
XEL	XCEL ENERGY INC	$48.75B	22.8x	—
EXC	EXELON CORP	$45.46B	—	5.3%
ED	CONSOLIDATED EDISON INC	$42.65B	20.5x	10.2%
WEC	WEC ENERGY GROUP, INC.	$36.20B	23.1x	14.0%
PEG	PUBLIC SERVICE ENTERPRISE GROUP INC	$35.90B	17.1x	22.8%
PCG	PG&E Corp	$33.85B	10.7x	2.1%
AEE	AMEREN CORP	$29.91B	20.2x	15.4%