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CMS

CMS Energy Corporation

CMS

CMS Energy Corporation • NYSE
$75.44 ▲ 0.23% (+0.17)
Market Cap $22.52 B
52w High $76.45
52w Low $63.97
Dividend Yield 2.17%
P/E 21.74
Volume 817.43K
Outstanding Shares 298.57M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.021B ▲ $107M ▼ $277M ▲ 13.706% ▲ $0.92 ▲ $831M ▲
Q2-2025 $1.838B ▼ $397M ▼ $201M ▼ 10.936% ▼ $0.66 ▼ $755M ▼
Q1-2025 $2.447B ▲ $550M ▲ $304M ▲ 12.423% ▼ $1.01 ▲ $933M ▲
Q4-2024 $1.989B ▲ $452M ▲ $265M ▲ 13.323% ▼ $0.88 ▲ $812M ▲
Q3-2024 $1.743B $372M $253M 14.515% $0.84 $724M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $362M ▼ $38.008B ▲ $28.577B ▼ $8.864B ▲
Q2-2025 $844M ▲ $37.699B ▲ $28.728B ▲ $8.394B ▲
Q1-2025 $465M ▲ $36.295B ▲ $27.372B ▲ $8.335B ▲
Q4-2024 $103M ▼ $35.92B ▲ $27.172B ▲ $8.23B ▲
Q3-2024 $412M $34.817B $26.176B $8.111B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $210M ▲ $343M ▼ $-1.046B ▼ $210M ▼ $-493M ▼ $-635M ▼
Q2-2025 $201M ▼ $414M ▼ $-962M ▼ $947M ▲ $399M ▲ $-470M ▼
Q1-2025 $304M ▲ $1B ▲ $-918M ▲ $266M ▲ $348M ▲ $112M ▲
Q4-2024 $265M ▲ $403M ▲ $-948M ▼ $256M ▲ $-289M ▲ $-515M ▼
Q3-2024 $253M $304M $-855M $229M $-322M $-502M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commercial Utility Service
Commercial Utility Service
 $1.59Bn ▲$660.00M ▼$560.00M ▼$620.00M ▲
Industrial Utility Service
Industrial Utility Service
 $550.00M ▲$200.00M ▼$210.00M ▲$210.00M ▲
Residential Utility Services
Residential Utility Services
 $2.91Bn ▲$1.32Bn ▼$900.00M ▼$980.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has generally trended upward over the past five years, though with a noticeable bump and then a step down after a peak year. Underneath that, profitability from the core business has steadily improved, with operating profits and cash-based earnings (EBITDA) rising over time. Net income and earnings per share have been more uneven, suggesting the impact of one‑off items, weather, fuel costs, or regulatory outcomes in certain years. Overall, the picture is of a mature, regulated utility growing slowly but steadily, with improving underlying operations but some noise in the bottom line year to year.

Balance Sheet

Balance Sheet The balance sheet shows a classic capital‑intensive utility profile: large and growing asset base, funded by a mix of rising debt and gradually increasing equity. Total assets have climbed as CMS invests heavily in its grid and generation fleet, which supports future earnings but ties up significant capital. Debt levels have moved up meaningfully over the period, which raises sensitivity to interest rates and regulatory support, but this is typical for a regulated utility executing a large investment plan. Cash balances are very small, so liquidity relies more on credit lines and capital market access than on cash on hand. Equity has been growing, indicating retained earnings and ongoing capital support, but leverage remains structurally high, as is standard for the sector.

Cash Flow

Cash Flow Operating cash flow has improved over time, with recent years showing much stronger cash generation from the business than earlier in the period, though there has been volatility. Free cash flow is consistently negative because capital spending is very high, well above the cash the business generates each year. This signals an aggressive investment phase in infrastructure and clean energy projects, funded largely through debt and possibly new equity rather than internal cash alone. The key dependency is that regulators continue to allow these investments into the rate base so that the cash out today translates into stable, regulated earnings and cash flow tomorrow.

Competitive Edge

Competitive Edge CMS operates with a strong competitive moat as a regulated utility with a near‑monopoly position in much of Michigan. Most of its earnings come from regulated activities, which provides revenue stability and predictable returns, subject to regulatory approval. The large, captive customer base and high infrastructure barriers make direct competition limited. Its long‑term investment plans, supported by regulation, help lock in future earnings and make it difficult for new entrants to challenge its position. On the risk side, this model is highly exposed to regulatory decisions, public policy around energy transition, customer affordability concerns, and the need to justify large rate increases as investments ramp up. Still, within the regulated utility world, CMS appears to have a solid, durable position with growing opportunities from electrification, electric vehicles, and potential data‑center demand in its service territory.

Innovation and R&D

Innovation and R&D For a regulated utility, CMS is notably active on the innovation front. It is investing heavily in smart grid technology, including automated equipment that shortens or prevents outages, which directly ties to reliability—a key regulatory and customer concern. The company is also experimenting with artificial intelligence in partnership with federal agencies to better manage electric‑vehicle charging and grid loads, signaling a forward‑looking approach to changing demand patterns. Its clean‑energy push includes large planned additions of solar and wind, substantial battery storage projects, and pilot efforts in renewable natural gas and microgrids. Customer‑facing programs—such as demand response, personalized energy‑saving tools, and targeted energy efficiency for vulnerable customers—help differentiate CMS as more customer‑centric than a traditional commodity provider. These initiatives could strengthen its regulatory standing and open new earnings avenues, but they also carry execution, technology, and cost‑recovery risks.

Summary

CMS Energy presents as a stable, regulated utility in the midst of a significant transformation. Financially, it shows steady, modest growth in its core operations, with some lumpiness in net income, a growing asset base, and rising leverage typical of a utility investing heavily for the future. Cash flows highlight that this is an investment‑heavy story: strong but improving operating cash, paired with persistently negative free cash flow due to large capital projects. Strategically, CMS benefits from a protected position in a regulated market while leaning into clean energy, grid modernization, and digital technologies that could support long‑term earnings and reliability. The main opportunities lie in turning these investments into approved rate base and capturing demand from electrification and data‑center growth. The main risks revolve around regulatory support, cost control, interest rates, and the challenge of delivering a massive capital plan without overburdening customers. Overall, CMS looks like a traditional utility platform being reshaped into a cleaner, smarter energy provider, with the usual trade‑offs between stability, debt load, and the scale of its growth ambitions.

NEWS

November 14, 2025 · 3:00 PM UTC

CMS Energy Declares Quarterly Dividend on Cumulative Redeemable Perpetual Preferred Stock

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November 14, 2025 · 1:00 PM UTC

Consumers Energy, the Principal Subsidiary of CMS Energy, Declares Quarterly Dividend on Preferred Stock

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November 6, 2025 · 8:00 AM UTC

STRATA Skin Sciences Announces CMS Recognition of Expanded CPT Codes for Inflammatory and Autoimmune Dermatologic Conditions with Company Anticipating Wider Excimer Adoption Ahead Of 2027 CPT Expansion

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November 4, 2025 · 6:25 AM UTC

CMS Energy Prices Upsized Offering of $850 Million of 3.125% Convertible Senior Notes Due 2031

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November 3, 2025 · 6:50 AM UTC

CMS Energy Announces Proposed Offering of $750 million of Convertible Senior Notes Due 2031

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