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CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and NorthStar Clean Energy. The Electric Utility segment is involved in the generation, purchase, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 263 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,619 miles of high-voltage distribution overhead lines; 18 miles of high-voltage distribution underground lines; 82,854 miles of electric distribution overhead lines; 10,027 miles of underground distribution lines; and 1,102 substations. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,337 miles of transmission lines; 14 gas storage fields; 28,433 miles of distribution mains; and 8 compressor stations. The NorthStar Clean Energy segment is involved in the independent power production and marketing, including the development and operation of renewable generation. The company serves 1.9 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. The company was incorporated in 1987 and is headquartered in Jackson, Michigan.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $8.5B | $3.4B | $1.1B | $-1.8B | 12.0% | 13.6% | 6.8% |
| 2024 | $7.5B | $3.1B | $1.0B | $-808M | 12.5% | 0.7% | 13.1% |
| 2023 | $7.5B | $2.8B | $887M | $-1.1B | 12.1% | -13.2% | 6.0% |
| 2022 | $8.6B | $2.5B | $837M | $-1.6B | 12.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 8,596 | 7,462 | 7,515 | 8,539 |
| Operating Revenue | - | 8,596 | 7,462 | 7,515 | 8,539 |
| Cost Of Revenue | - | 5,834 | 4,600 | 4,306 | 4,993 |
| Gross Profit | - | 2,762 | 2,862 | 3,209 | 3,546 |
| Operating Expense | - | 1,538 | 1,627 | 1,722 | 1,819 |
| Total Expenses | - | 7,372 | 6,227 | 6,028 | 6,812 |
| Operating Income | - | 1,224 | 1,235 | 1,487 | 1,727 |
| Total Operating Income As Reported | - | 1,224 | 1,235 | 1,487 | 1,727 |
| EBITDA | - | 2,547 | 2,777 | 3,071 | 3,352 |
| Normalized EBITDA | - | 2,547 | 2,639 | 2,932 | 3,257 |
| EBIT | - | 1,421 | 1,597 | 1,831 | 2,046 |
| Interest Income | 3 | - | 38 | 50 | 47 |
| Interest Expense | - | 519 | 643 | 708 | 798 |
| Net Interest Income | - | -519 | -605 | -658 | -751 |
| Other Non Operating Income Expenses | - | 197 | 180 | 148 | 172 |
| Other Income Expense | - | 197 | 325 | 294 | 272 |
| Interest Income Non Operating | 3 | - | 38 | 50 | 47 |
| Interest Expense Non Operating | - | 519 | 643 | 708 | 798 |
| Net Non Operating Interest Income Expense | - | -519 | -605 | -658 | -751 |
| Pretax Income | - | 902 | 954 | 1,123 | 1,248 |
| Tax Provision | - | 93 | 147 | 176 | 246 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 21.25 | 21.82 | 18.72 |
| Net Income Continuous Operations | - | 809 | 807 | 947 | 1,002 |
| Net Income From Continuing And Discontinued Operation | - | 837 | 887 | 1,003 | 1,071 |
| Net Income From Continuing Operation Net Minority Interest | - | 833 | 886 | 1,003 | 1,071 |
| Net Income | - | 837 | 887 | 1,003 | 1,071 |
| Net Income Common Stockholders | - | 827 | 877 | 993 | 1,061 |
| Net Income Including Noncontrolling Interests | - | 813 | 808 | 947 | 1,002 |
| Normalized Income | - | 833 | 769.25 | 885.82 | 994.72 |
| Diluted NI Availto Com Stockholders | - | 827 | 877 | 993 | 1,061 |
| Basic Average Shares | - | 291.30 | 294.40 | 298.78 | 306.41 |
| Diluted Average Shares | - | 291.30 | 294.40 | 298.78 | 306.41 |
| Reconciled Depreciation | - | 1,126 | 1,180 | 1,240 | 1,306 |
| Reconciled Cost Of Revenue | - | 5,834 | 4,600 | 4,306 | 4,993 |
| Total Unusual Items | - | -15 | 138 | 139 | 95 |
| Total Unusual Items Excluding Goodwill | - | -15 | 138 | 139 | 95 |
| Preferred Stock Dividends | - | 10 | 10 | 10 | 10 |
| Minority Interests | - | 24 | 79 | 56 | 69 |
| Net Income Discontinuous Operations | - | 4 | 1 | 0 | 0 |
| Special Income Charges | - | -15 | 138 | 139 | 95 |
| Other Special Charges | - | 15 | -138 | -139 | -95 |
| Depreciation Amortization Depletion Income Statement | - | 1,126 | 1,180 | 1,240 | 1,306 |
| Depreciation And Amortization In Income Statement | - | 1,126 | 1,180 | 1,240 | 1,306 |
| Earnings From Equity Interest | 10 | - | 7 | 7 | 5 |
| Amortization | - | 136 | 130 | 199 | 207 |
| Amortization Of Intangibles Income Statement | - | 136 | 130 | 199 | 207 |
| Depreciation Income Statement | - | 990 | 1,050 | 1,041 | 1,099 |
| Other Taxes | - | 412 | 447 | 482 | 513 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CMS Energy Corporationthis co. | CMS | $21.7B | 20.29↓ discount | 2.44 | 12.0% | 11.97 |
| CenterPoint Energy, Inc. | CNP | $27.4B | 26.02 | 2.45 | 9.4% | 13.67 |
| PPL Corporation | PPL | $26.5B | 22.40 | 1.78 | 7.9% | 12.10 |
| FirstEnergy Corp. | FE | $26.4B | 25.88 | 2.11 | 8.2% | 12.43 |
| Eversource Energy | ES | $26.3B |
| - |
| - |
| - |
| - |
| - |
| 15.53 |
| 1.62 |
| 10.4% |
| 10.25 |
| American Water Works Company, Inc. | AWK | $23.9B | 21.49 | 2.20 | 10.3% | 13.54 |
| NiSource Inc. | NI | $22.0B | 23.65 | 2.33 | 9.8% | 12.50 |
| Evergy, Inc. | EVRG | $18.9B | 22.06 | 1.85 | 8.4% | 12.50 |
| Alliant Energy Corporation | LNT | $18.4B | 22.76 | 2.51 | 11.0% | 15.05 |
| Peer Median | - | 22.58 | 2.16 | 9.6% | 12.50 | |