CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078 financials
$19.16−0.48%
Close Sep 28, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.54B | $7.51B | $7.46B | $8.60B | $7.33B | $6.42B | $6.62B | $6.87B |
| Gross profit | $5.27B | $4.85B | $4.55B | $5.41B | $4.93B | $3.91B | $3.79B | $3.81B |
| Gross margin | 61.8% | 64.5% | 61.0% | 63.0% | 67.3% | 60.9% | 57.2% | 55.5% |
| Operating income | $1.73B | $1.49B | $1.24B | $1.22B | $1.15B | $1.23B | $1.11B | $1.16B |
| Net income | $1.06B | $993.0M | $877.0M | $827.0M | $1.35B | $755.0M | $680.0M | $657.0M |
| Net margin | 12.4% | 13.2% | 11.8% | 9.6% | 18.4% | 11.8% | 10.3% | 9.6% |
| Diluted EPS | $3.53 | $3.33 | $3.01 | $2.85 | $4.66 | $2.64 | $2.39 | $2.32 |
| EBITDA | $3.03B | $2.73B | $2.42B | $2.35B | $2.26B | $2.27B | $2.10B | $2.10B |
| Operating cash flow | $2.23B | $2.37B | $2.31B | $855.0M | $1.82B | $1.28B | $1.79B | $1.70B |
| Free cash flow | -$1.59B | -$648.0M | -$910.0M | -$1.52B | -$257.0M | -$1.03B | -$307.0M | -$371.0M |
| Diluted shares | 301.0M | 298.3M | 291.7M | 290.0M | 289.5M | 286.3M | 284.3M | 282.9M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $509.0M | $103.0M | $227.0M | $164.0M | $452.0M | $32.0M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Total debt | $18.90B | $16.57B | $15.64B | $14.31B | $12.47B | $12.39B |
| Total assets | $39.94B | $35.92B | $33.52B | $31.35B | $28.75B | $29.67B |
| Total liabilities | $30.23B | $27.17B | $25.39B | $23.76B | $21.57B | $23.59B |
| Shareholders' equity | $9.71B | $8.75B | $8.13B | $7.59B | $7.19B | $6.08B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology