CMS Energy Corporation is a diversified utility company founded in 1911 and headquartered in Jackson, Michigan, primarily serving through its subsidiary Consumers Energy. It derives steady revenue from regulated electric and natural gas services alongside growing renewable energy initiatives. Under CEO Gregory Giroux, the company is modernizing its grid and expanding clean energy projects. With a strong market presence in Michigan, CMS Energy is well-positioned to tackle regulatory challenges and pursue sustainable growth.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
8,539,000
7,515,000
7,462,000
8,596,000
Fuel and Purchased Power Expense
3,266,000
2,668,000
2,913,000
4,165,000
Operations and Maintenance Expenses
1,727,000
1,638,000
1,687,000
1,669,000
Gross Profit
3,546,000
3,209,000
2,862,000
2,762,000
Depreciation & Amortization Expenses
1,306,000
1,240,000
1,180,000
1,126,000
Taxes Other than Income Tax
513,000
482,000
447,000
412,000
Operating Profit
1,727,000
1,487,000
1,235,000
1,224,000
Interest Expense
(789,000)
(720,000)
(625,000)
(499,000)
Non-Operating Income
310,000
344,000
362,000
197,000
Total Non-Operating Income
(479,000)
(364,000)
(281,000)
(322,000)
Income Before Provision for Income Taxes
1,248,000
1,123,000
954,000
902,000
Provision for Income Taxes
246,000
176,000
147,000
93,000
Consolidated Net Income
1,002,000
947,000
807,000
809,000
Net Income Attributable to Minority Interests and Other
(69,000)
(56,000)
(79,000)
(24,000)
Net Income Attributable to Preferred Dividends
10,000
10,000
10,000
10,000
Net Income Attributable to Discontinued Operations
—
—
1,000
4,000
Net Income Attributable to Common Shareholders
1,061,000
993,000
877,000
827,000
Basic EPS
3.53
3.34
3.01
2.84
Diluted EPS
3.53
3.33
3.01
2.84
Basic Weighted Average Shares Outstanding
300,400
297,600
291,200
289,500
Diluted Weighted Average Shares Outstanding
301,000
298,300
291,700
290,000
Shares Outstanding
306,400
298,790
294,440
291,268
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
612,000
181,000
248,000
182,000
Total Cash and Cash Equivalents
612,000
181,000
248,000
182,000
Accounts Receivable
1,323,000
1,063,000
944,000
1,580,000
Total Trade Receivables
1,323,000
1,063,000
944,000
1,580,000
Inventories
791,000
769,000
938,000
1,117,000
Short-Term Regulatory Assets
104,000
229,000
203,000
57,000
Other Current Assets
639,000
551,000
506,000
497,000
Total Current Assets
3,472,000
2,790,000
2,839,000
3,433,000
Net Property, Plant & Equipment
30,680,000
27,461,000
25,072,000
22,713,000
Long-Term Investments
61,000
69,000
76,000
71,000
Long-Term Regulatory Assets
3,355,000
3,569,000
3,683,000
3,595,000
Other Long-Term Assets
2,373,000
2,031,000
1,847,000
1,541,000
Total Assets
39,941,000
35,920,000
33,517,000
31,353,000
Accounts Payable
1,404,000
1,093,000
809,000
936,000
Accrued Expenses
918,000
848,000
808,000
660,000
Short-Term Debt
—
65,000
93,000
20,000
Current Portion of Long-Term Debt
956,000
1,195,000
980,000
1,099,000
Short-Term Regulatory Liabilities
85,000
111,000
56,000
104,000
Other Current Liabilities
185,000
209,000
149,000
166,000
Total Current Liabilities
3,548,000
3,521,000
2,895,000
2,985,000
Long-Term Debt
17,807,000
15,194,000
14,508,000
13,122,000
Leases
135,000
112,000
62,000
68,000
Long-Term Regulatory Liabilities
4,091,000
4,067,000
3,894,000
3,796,000
Other Long-Term Liabilities
4,649,000
4,278,000
4,033,000
3,787,000
Total Long-Term Liabilities
26,682,000
23,651,000
22,497,000
20,773,000
Total Liabilities
30,230,000
27,172,000
25,392,000
23,758,000
Common Stock
3,000
3,000
3,000
3,000
Additional Paid-in Capital
6,510,000
6,009,000
5,705,000
5,490,000
Accumulated Other Comprehensive Income
(36,000)
(41,000)
(46,000)
(52,000)
Retained Earnings
2,443,000
2,035,000
1,658,000
1,350,000
Total Common Shareholders' Equity
8,920,000
8,006,000
7,320,000
6,791,000
Minority Interests and Other
791,000
742,000
805,000
804,000
Total Shareholders' Equity
9,711,000
8,748,000
8,125,000
7,595,000
Total Liabilities and Shareholders' Equity
39,941,000
35,920,000
33,517,000
31,353,000
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
1,002,000
947,000
808,000
813,000
Depreciation & Amortization
1,306,000
1,240,000
1,180,000
1,126,000
Other Adjustments
(12,000)
(79,000)
(95,000)
29,000
Changes in Trade Receivables
(251,000)
(155,000)
241,000
(677,000)
Changes in Inventories
(28,000)
164,000
185,000
(450,000)
Changes in Accounts Payable
196,000
15,000
(136,000)
4,000
Changes in Other Operating Activities
22,000
238,000
126,000
10,000
Cash from Operating Activities
2,235,000
2,370,000
2,309,000
855,000
Capital Expenditure
(3,824,000)
(3,018,000)
(2,407,000)
(2,374,000)
Payments for Business Acquisitions
—
—
(812,000)
—
Proceeds from Business Divestments
—
124,000
—
5,000
Other Investing Activities
(214,000)
(160,000)
(167,000)
(107,000)
Cash from Investing Activities
(4,038,000)
(3,054,000)
(3,386,000)
(2,476,000)
Net Issuance / (Repayments) of Short-Term Debt
(65,000)
(28,000)
73,000
20,000
Issuance of Long-Term Debt
3,609,000
1,962,000
3,551,000
1,899,000
Repayments of Long-Term Debt
(1,150,000)
(952,000)
(2,132,000)
(106,000)
Net Issuance / (Repayments) of Long-Term Debt
2,459,000
1,010,000
1,419,000
1,793,000
Issuance of Common Shares
525,000
286,000
192,000
69,000
Net Issuance / (Repurchases) of Common Shares
525,000
286,000
192,000
69,000
Common Share Dividends Paid
(663,000)
(626,000)
(579,000)
(544,000)
Other Financing Activities
(16,000)
(28,000)
38,000
(11,000)
Cash from Financing Activities
2,240,000
614,000
1,143,000
1,327,000
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash