# CMS Energy Corporation (CMS)

**Exchange:** NYSE  
**Sector:** Utilities  
**Market cap:** $22.32B  
**Price:** $72.85 (-0.83%)

> CMS Energy Corporation is an energy holding company that primarily operates regulated utility and clean energy businesses in the United States. Through its main subsidiary, Consumers Energy, the company provides electric and natural gas service to residential, commercial, and industrial customers across Michigan, supporting core power and heating needs for a large share of the state’s population. CMS Energy’s utility operations cover electricity generation, transmission, and distribution, as well as natural gas distribution and related infrastructure. In addition, the company operates NorthStar Clean Energy, which focuses on wholesale power generation, including contracted renewable energy projects that supply energy to utilities and large buyers. CMS Energy plays a significant role in the U.S. utilities sector by delivering essential energy services, managing regulated utility assets, and participating in the transition toward cleaner generation sources. Founded in 1987 and headquartered in Jackson, Michigan, CMS Energy today is a key provider of integrated energy solutions in its regional market.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $8.54B | $3.55B | $1.73B | $1.00B | $3.46 |
| 2024 | $7.51B | $3.21B | $1.49B | $947M | $3.32 |
| 2023 | $7.46B | $2.86B | $1.24B | $808M | $3.01 |
| 2022 | $8.60B | $2.76B | $1.22B | $813M | $2.84 |
| 2021 | $7.33B | $2.65B | $1.15B | $1.33B | $4.66 |
| 2020 | $6.42B | $2.63B | $1.23B | $752M | $2.64 |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $39.94B | $30.23B | $9.71B | $509M | $17.94B |
| 2024 | $35.92B | $27.17B | $8.75B | $103M | $15.31B |
| 2023 | $33.52B | $25.39B | $8.13B | $227M | $14.57B |
| 2022 | $31.35B | $23.76B | $7.59B | $164M | $13.19B |
| 2021 | $28.75B | $21.57B | $7.19B | $452M | $12.09B |
| 2020 | $29.67B | $23.59B | $6.08B | $32M | $11.80B |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | $2.00B | -$214M | -$1.80B |
| 2024 | $2.32B | -$160M | -$808M |
| 2023 | $2.41B | -$167M | -$265M |
| 2022 | $806M | -$107M | -$1.63B |
| 2021 | $2.41B | -$133M | -$390M |
| 2020 | $1.16B | -$71M | -$1.16B |

Source: [CompaniesByCap](https://companiesbycap.com/company/CMS)