FY2025 · ended Dec 31, 2025 · Revenue $8.30B, +13.5% YoY · Filed Feb 10, 2026
CMS Energy Corp (CMS) files with the SEC under industry code 4931, Electric & Other Services Combined. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $8.3 billion and net income of $1.1 billion. As of Jun 30, 2026 it held $241.0 million in cash and investments and $19.3 billion in total debt.
Revenue (TTM)
$8.59B
+10.2% vs year-ago TTM
Net income (TTM)
$1.03B
+0.3% vs year-ago TTM
Operating cash flow (TTM)
$2.15B
+1.3% vs year-ago TTM
Free cash flow
$-1.52B
-491.1% vs prior year
EPS (TTM)
$3.32
-2.0% vs year-ago TTM
Dividend per share (TTM)
$2.22
+5.2% vs year-ago TTM
Shares outstanding
306.42M
+2.6% vs prior year
Net cash
$-19.05B
as of Jun 30, 2026
Operating margin
19.4%
FY 2026
Company profile
- Industry
- Electric & Other Services Combined (SIC 4931)
- Listed as
- CMS (NYSE), CMSA (NYSE), CMSC (NYSE), CMSD (NYSE), CMS-PC (NYSE)
- Fiscal year ends
- December 31
- Incorporated in
- MI
- Headquarters
- Jackson, MI
- SEC filer status
- Large accelerated filer
- SEC CIK
- 811156
Other Electric & Other Services Combined companies
- Duke Energy CORP DUK
- Xcel Energy Inc XEL
- Exelon Corp EXC
- Consolidated Edison Inc ED
- PG&E Corp PCG
- Wec Energy Group, Inc. WEC
- Public Service Enterprise Group Inc PEG
- Ameren Corp AEE
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $8.3B | $7.3B | $7.3B | $8.3B | $7.1B |
| Operating income | $1.7B | $1.5B | $1.2B | $1.2B | $1.1B |
| Net income | $1.1B | $1.0B | $887.0M | $837.0M | $1.4B |
| Diluted EPS | $3.53 | $3.33 | $3.01 | $2.85 | $4.66 |
| Operating cash flow | $2.2B | $2.4B | $2.3B | $855.0M | $1.8B |
| Free cash flow | — | — | — | -$1.5B | -$257.0M |
| Total assets | $39.9B | $35.9B | $33.5B | $31.4B | $28.8B |
| Stockholders' equity | $9.1B | $8.2B | $7.5B | $7.0B | $6.6B |
| Cash and investments | $509.0M | $103.0M | $227.0M | $164.0M | $452.0M |
| Total debt | $18.9B | $16.5B | $15.6B | $14.3B | $12.5B |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 8-K |
Current report
Other events
|
Nov 3, 2026 | Nov 3, 2026 |
| 10-Q | Quarterly report | Oct 27, 2026 | Sep 30, 2026 |
| 8-K |
Current report
Results of operations, Regulation FD disclosure
|
Oct 27, 2026 | Oct 27, 2026 |
| 10-Q | Quarterly report | Jul 28, 2026 | Jun 30, 2026 |
| 8-K |
Current report
Results of operations, Regulation FD disclosure
|
Jul 28, 2026 | Jul 28, 2026 |
| 8-K |
Current report
Officer or director change, Regulation FD disclosure
|
Jun 3, 2026 | Jun 1, 2026 |
All 1002 CMS Energy Corp SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.