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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 2026-09-19

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 $20 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 → 2026-06-30	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	—	$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 %	—	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 %	18.9%	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	$1.0B	$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 %	11.6%	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	$3.1B	$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)	$3.38	$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	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	2026-06-30	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	$1.8B	$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)	$264M	$490M	$435M	$481M	$317M	$494M	$425M	$367M	$283M
Operating Margin %	14.4%	17.9%	19.5%	23.8%	17.2%	20.2%	21.4%	21.1%	17.6%
Net Income	$120M	$340M	$289M	$277M	$201M	$304M	$265M	$253M	$198M
Net Margin %	6.6%	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)	$0.37	$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 → 2026-06-30	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)	$2.1B	$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)	$4.2B	$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)	—	($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 %	—	-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	—	$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	2026-06-30	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)	$591M	$705M	$478M	$343M	$414M	$1.0B	$403M	$304M	$707M
Capital Expenditures (CapEx)	$1.1B	$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	2026-06-30	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	$40.9B	$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	—	$615M	$103M	$227M	$164M	$452M	$168M	$140M	$153M	$182M	$235M	$266M	$207M	$172M	$93M	$161M	$247M	$90M	$213M	$382M	$351M
Total Liabilities	$30.5B	$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)	$19.3B	$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	$9.8B	$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.

CMS Metric Deep Dives

Other Companies in Multi-Utilities

ED · Consolidated Edison — $39 billion
AEE · Ameren — $28 billion
DTE · DTE Energy — $27 billion
CNP · CenterPoint Energy — $25 billion
NI · NiSource — $19 billion
PNW · Pinnacle West Capital — $11 billion
NEE · NextEra Energy — $168 billion
D · Dominion Energy — $56 billion

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