Saturday 17 October 2026 Export CMS’s income statement to Excel — free account

CMS Energy Corporation

CMS Utilities Utilities Regulated Electric

CMS Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $8.5 billion, up 13.6% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 43.9%, free cash flow grew 26.6% and total debt rose 6.96%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for three consecutive years; insiders bought in the last twelve months.

68.93 1.99 +2.97%

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Market cap: $21.0B
P/E: 20.7×
Fwd P/E: 18.6×
Dividend yield: 3.27%
F-score: 5/9
Altman Z: 0.86
Beneish M: −2.41
Dividend safety: 27/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 0.17

Total sells 2.09

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	1	—	—	—	—	1	—	—	—
Sell	1	—	—	2	1	—	1	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 20,990.00

Revenue 8,813.00

Net Income 887.00

Free Cash Flow (1,910.00)

Net Debt 18,956.00

Current Ratio 0.94

Debt/Equity 1.86

P/E ratio 20.70

Fwd P/E 18.60

P/S ratio 2.43

P/B ratio 2.10

Past 5Y EPS Growth 5.98%

This Y EPS Growth 7.30%

Next Y EPS Growth 7.30%

Next Y revenue growth 5.06%

Next 5Y EPS Growth 7.42%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 32.81%

10-year low 10-year high

P/S against its own 10 years 51.90%

10-year low 10-year high

P/B against its own 10 years 3.21%

10-year low 10-year high

EV/Sales against its own 10 years 69.81%

10-year low 10-year high

Dividends

Payout Ratio 0.68

Annual Dividend Rate 2.25

Annual Dividend Yield 3.27%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	2.28	0.57 0.57 0.57
2025	2.17	0.54 0.54 0.54 0.54
2024	2.06	0.52 0.52 0.52 0.52
2023	1.95	0.49 0.49 0.49 0.49
2022	2.29	0.46 0.46 0.46 0.45 0.46
2021	1.74	0.44 0.44 0.44 0.44
2020	1.63	0.41 0.41 0.41 0.41
2019	1.53	0.38 0.38 0.38 0.38
2018	1.43	0.36 0.36 0.36 0.36
2017	1.33	0.33 0.33 0.33 0.33
2016	1.24	0.31 0.31 0.31 0.31

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	248	178	615	345
Receivables	944	1,063	1,323	1,023
Inventory	938	769	791	824
Other	203	229	104	81
	2,839	2,790	3,472	2,866

	2023	2024	2025	Q'26
Payables	809	1,093	1,404	1,229
ST’ Debt	980	1,195	956	870
Other	205	320	270	283
	2,895	3,521	3,548	3,063

Compound Annual Growth %

	10y	5y	3y
Sales	2.84%	5.88%	(0.22%)
Cash Flow	3.14%	11.86%	37.75%
Earnings	7.33%	7.04%	8.66%
Book Value	9.34%	9.83%	8.54%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	2,730	1,829	—	—	—
’25	2,447	1,838	2,021	2,233	8,539
’24	2,176	1,607	1,743	1,989	7,515
’23	2,284	1,555	1,673	1,950	7,462
’22	2,374	1,920	2,024	2,278	8,596
’21	2,013	1,558	1,725	2,033	7,329
’20	1,864	1,382	1,507	1,665	6,418

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	705	622	—	—	—
’25	1,000	414	343	478	2,235
’24	956	707	304	403	2,370
’23	1,040	665	199	405	2,309
’22	707	352	(392)	188	855
’21	832	535	116	336	1,819
’20	201	595	348	132	1,276

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(334)	(345)	—	—	—
’25	112	(470)	(635)	(596)	(1,589)
’24	343	26	(502)	(515)	(648)
’23	423	95	(413)	(203)	(98)
’22	187	(216)	(1,042)	(448)	(1,519)
’21	396	93	(448)	(298)	(257)
’20	(322)	174	(401)	(486)	(1,035)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.10	0.37	—	—	—
’25	1.01	0.66	0.92	0.94	3.53
’24	0.96	0.65	0.84	0.87	3.33
’23	0.69	0.67	0.60	1.05	3.01
’22	1.21	0.50	0.56	0.58	2.85
’21	1.21	0.61	0.64	2.20	4.66
’20	0.85	0.48	0.76	0.55	2.64

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	34.96	41.12	40.48	47.97	46.03	53.19	52.41	49.87	55.10	63.97	Analyst estimates 2026–2028 Powerpack
	High	46.25	50.85	53.82	65.31	69.17	65.79	73.76	65.72	72.40	76.45
People
People	Employees	7,800	7,952	8,625	8,789	9,345	9,778	9,073	8,356	8,324	8,350
	Revenue/emp, $m	0.82	0.83	0.80	0.75	0.69	0.75	0.95	0.89	0.90	1.02
Income, $m
Income, $m	Revenue	6,399	6,583	6,873	6,624	6,418	7,329	8,596	7,462	7,515	8,539
	Gross margin, %	56.20	56.80	55.51	57.23	60.92	58.11	51.55	60.96	64.50	61.75
	EBT	826	886	774	764	809	823	902	954	1,123	1,248
	EBT margin, %	12.91	13.46	11.26	11.53	12.61	11.23	10.49	12.78	14.94	14.62
	Net income	553	462	659	682	752	1,330	813	808	947	1,002
	Depreciation	811	881	933	989	1,043	1,114	1,126	1,180	1,240	1,306
Per share, $
Per share, $	Revenue	23.03	23.51	24.36	23.41	22.52	25.36	29.69	25.63	25.25	28.43
	Earnings	1.99	1.64	2.33	2.40	2.65	4.66	2.85	3.01	3.33	3.53
	Cash flow	5.86	6.09	6.03	6.33	4.48	6.29	2.95	7.93	7.96	7.44
	Capex	(6.02)	(5.95)	(7.35)	(7.41)	(8.11)	(7.18)	(8.20)	(8.27)	(10.14)	(12.73)
	Free cash flow	(0.15)	0.14	(1.31)	(1.08)	(3.63)	(0.89)	(5.25)	(0.34)	(2.18)	(5.29)
	Book value	15.44	15.99	16.98	17.86	21.32	24.87	26.23	27.90	29.40	32.33
	Shares, m	278	280	282	283	285	289	290	291	298	300
Valuation, ×
Valuation, ×	P/E	20.87	28.63	21.31	26.18	23.02	13.96	22.36	19.67	20.08	19.81
	P/S	1.80	2.00	2.04	2.68	2.71	2.57	2.15	2.31	2.64	2.46
	P/B	2.69	2.94	2.92	3.52	2.86	2.70	2.50	2.18	2.33	2.21
	EV/Sales	3.27	3.53	3.71	4.65	4.63	4.20	3.79	4.36	4.81	4.60
	EV/FCF	(486.59)	581.60	(68.78)	(100.27)	(28.72)	(119.83)	(21.43)	(332.08)	(55.80)	(24.73)
Cash, $m
Cash, $m	Operating cash flow	1,629	1,705	1,703	1,790	1,276	1,819	855	2,309	2,370	2,235
	Capex	(1,672)	(1,665)	(2,074)	(2,097)	(2,311)	(2,076)	(2,374)	(2,407)	(3,018)	(3,824)
	Free cash flow	(43)	40	(371)	(307)	(1,035)	(257)	(1,519)	(98)	(648)	(1,589)
Balance, $m
Balance, $m	Working capital	(375)	(309)	(156)	(373)	(670)	423	448	(56)	(731)	(76)
	Total debt	9,636	10,317	11,680	13,157	12,391	12,474	14,289	15,550	16,501	18,898
	Net debt	9,382	10,118	11,506	13,000	12,342	11,998	14,107	15,302	16,323	18,283
	Shareholders’ equity	4,290	4,478	4,792	5,055	6,077	7,188	7,595	8,125	8,748	9,711
Returns, %
Returns, %	ROA	2.63	2.06	2.76	2.65	2.67	4.61	2.75	2.70	2.86	2.80
	ROIC	5.74	5.73	4.46	3.86	4.17	3.73	3.53	3.29	3.71	3.86
	ROE	13.33	10.49	14.17	13.81	13.56	20.67	11.54	11.49	12.09	11.78

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
DTE DTE Energy Company	$26.7B	20.5×	19.4×	−1.46% (below 0%: shrinking)	+22.73% (above 0%: growing)	−179.77% (below 0%: shrinking)	51.91%	13.59%	Compare
FE FirstEnergy Corporation	$26.4B	24.6×	16.8×	+8.82% (above 0%: growing)	+8.70% (above 0%: growing)	−143.84% (below 0%: shrinking)	64.30%	18.41%	Compare
CNP CenterPoint Energy, Inc.	$26.2B	23.9×	22.8×	+10.70% (above 0%: growing)	+23.33% (above 0%: growing)	−4.04% (below 0%: shrinking)	86.94%	24.81%	Compare
PPL PPL Corporation	$26.0B	20.7×	18.6×	+4.25% (above 0%: growing)	+24.00% (above 0%: growing)	−112.80% (below 0%: shrinking)	71.67%	22.50%	Compare
ES Eversource Energy	$24.9B	17.3×	15.4×	+2.29% (above 0%: growing)	−85.42% (below 0%: shrinking)	+398.93% (above 0%: growing)	67.64%	18.63%	Compare
EIX Edison International	$21.4B	5.7×	12.2×	−4.09% (below 0%: shrinking)	+56.18% (above 0%: growing)	+30.60% (above 0%: growing)	73.90%	25.06%	Compare
CMS CMS Energy Corporation	$21.0B	20.7×	18.6×	−0.49% (below 0%: shrinking)	−43.94% (below 0%: shrinking)	+26.60% (above 0%: growing)	63.09%	14.43%
EVRG Evergy Inc.	$18.8B	20.7×	19.6×	+4.39% (above 0%: growing)	+25.68% (above 0%: growing)	−101.48% (below 0%: shrinking)	70.18%	25.37%	Compare
LNT Alliant Energy Corporation	$17.4B	21.6×	21.2×	+1.04% (above 0%: growing)	−2.94% (below 0%: shrinking)	−106.25% (below 0%: shrinking)	82.60%	19.05%	Compare
Median of peers	$25.4B	20.7×	19.0×	+3.27%	+23.03%	−103.86%	70.92%	20.78%

All 40 Utilities Regulated Electric stocks →

CMS Energy Corporation (CMS) key facts

Strength: CMS Energy Corporation’s revenue for fiscal 2025 (year ended December 2025) was $8.5 billion, up 13.6% from fiscal 2024.
Strength: Net income was $1.0 billion, or $3.53 per share (basic), a net margin of 12.4%.
CMS Energy Corporation (CMS) is an Utilities Regulated Electric company in the Utilities sector, listed on the New York Stock Exchange.
As of October 16, 2026, CMS traded at $68.93, a market capitalization of $21.0 billion.
At that price the stock trades at 20.7× trailing-twelve-month earnings and 2.4× sales; its P/E is higher than 33% of its own readings over the past ten years.
CMS Energy Corporation pays an annual dividend of $2.25 per share, a yield of 3.27%, with a payout ratio of 67.6%.
Return on equity was 11.8% and debt-to-equity 1.86.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 0.86 (distress zone) for fiscal 2025.