CMS Energy Corporation: financial statements
Price
$70.38
November 13, 2026Market cap $21.6B
What Ploutos Investor adds for CMS Energy
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- The full history: 17 fiscal years, from 2009
- The estimated fair value, with its range and its certainty
- The full analysis, 18 a month
- More questions to the chat on its filings
- Excel with every year
- An email when it reports, changes its dividend or an officer buys
Sign in with a free account to see the last 5 fiscal years.
Financial statements
Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.
Click a line to see it on the chart.
Revenue
+7.0% a year over 2 years
Financial statements
CMS's revenue, profits and cash flows from 2009 to 2022, 14 more fiscal years
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By segment
Revenue and operating income by business segment or by product, as the company itself reports them in each year's 10-K. Each year from the latest filing that carries it, so a segment renamed or re-cut shows in its current form.
- 2023: Electric Utility $4.7B, Gas Utility $2.4B, North Star Clean Energy $297M
- 2024: Electric Utility $5.1B, Gas Utility $2.1B, North Star Clean Energy $316M
- 2025: Electric Utility $5.6B, Gas Utility $2.5B, North Star Clean Energy $408M
By segment
CMS's revenue by segment from 2016 to 2022, 7 more fiscal years
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From the XBRL of 16 of the company's annual reports to the SEC (ASC 280). Amounts in dollars.
Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.
Debt and obligations
What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.
When the debt falls due
Dec 31, 2025Due within 2 years
$1.8B
Principal of loans and bonds falling due, from the annual report dated December 31, 2025, without leases and interest. The filing
- 2026: $950M
- 2027: $888M
Leases
Dec 31, 2025Operating leases
$22M
Finance leases
$141M
The liability is the present value of the rent still to pay, at December 31, 2025. It is not counted in the ladder's debt. The filing
Pension plans
Dec 31, 2025Defined-benefit pensions
150%funded
Surplus $1.1B.
The obligation is the present value of the pensions employees have already earned, at December 31, 2025. A deficit is the company's to fill with contributions. The filing
From the statutory to the effective tax rate, 2025
Dec 31, 2025Statutory rate
21.0%
Effective rate
19.7%
The company paid 19.7% in tax on its profit, 1.3 points below the US federal rate (21.0%). Below, the reasons it gives.
Statutory rate
21.0%
State and local taxes
+6.2 pts
Difference the filing does not itemize
-7.5 pts
Effective rate
19.7%
One point is 1% of profit before tax. The lines are as the company states them in the notes to its annual report. The filing
Claims ahead of shareholders
What stands between the business and its shareholders besides the debt, and the financial assets on the other side, from the latest balance sheet.
Besides its $19.3B of debt, $1.7B of other claims rank ahead of the shares, about 7.7% of the market value.
Ahead of the shares
- at Jun 30, 2026
- $224M
- at Jun 30, 2026
- $625M
- at Jun 30, 2026
- $808M
From the balance sheet of June 30, 2026. The retirement and environmental lines and the pension deficit come from the latest annual report when the quarter's filing does not state them, each with its own date. Market value at the price of November 13, 2026. A line is listed when it is at least 0.5% of the market value. A description of the balance sheet, not a valuation.
Earnings quality
How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.
Where the change in earnings per share came from
Diluted earnings per share went from $3.33 in the fiscal year to Dec 31, 2024 to $3.52 in the year to Dec 31, 2025, a change of +$0.20.
Measured by size, 44.9% of the movement came from outside sales and operating margin: interest and other items, the tax rate, what went to others and the share count.
- +$0.59
- +$0.11
- -$0.33
- -$0.17
- +$0.03
- -$0.03
Earnings per share is split as sales times operating margin, plus interest and other items, after tax, times the part that goes to the common shareholders, divided by the diluted share count. Each source's part is its average effect over every order in which the six can change, so the parts add up exactly to the change. From the annual reports; net income over the diluted count matches the earnings per share the company filed within 2%.
Taxes: deferred and paid
The deferred part was 84.2% of the tax charge in the year to Dec 31, 2025. The rows show the last 3 years.
- The deferred share is higher than at nine in ten S&P 500 companies.
- Deferred share, year to Dec 31, 2025$207M of $246M
- 84.2%
- Deferred share, year to Dec 31, 2024$146M of $176M
- 83.0%
- Deferred share, year to Dec 31, 2023$145M of $147M
- 98.6%
When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.
Receivables and inventory against sales are not shown: a figure it needs is missing from the company's structured filings.
The allowance for doubtful accounts is not shown: the company does not tag it in its structured filings.
A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.
The full analysis
What do CMS Energy's filings show?
These are CMS Energy's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.
- A fair value range built from the filings
- Earnings quality, debt and red flags
- Insider and institutional moves
- The case for and the case against
How much revenue did CMS have in 2025?
CMS Energy had revenue of $8.5B and net income of $1.1B in fiscal 2025, a net margin of 12.5%.
How much debt does CMS have?
On December 31, 2025 CMS Energy had total assets of $39.9B, debt of $18.8B and shareholders' equity of $9.1B.
Where are the figures from?
From CMS Energy Corporation's annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.
Related pages
The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.
The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.