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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 |
| 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 |
| Operating Income | - | 1,224 | 1,235 | 1,487 | 1,727 |
| EBITDA | - | 2,547 | 2,777 | 3,071 | 3,352 |
| EBIT | - | 1,421 | 1,597 | 1,831 | 2,046 |
| Pretax Income | - | 902 | 954 | 1,123 | 1,248 |
| Tax Provision | - | 93 | 147 | 176 | 246 |
| Net Income | - | 837 | 887 | 1,003 | 1,071 |
| Net Income Common Stockholders | - | 827 | 877 | 993 | 1,061 |
| Total Expenses | - | 7,372 | 6,227 | 6,028 | 6,812 |
| Interest Expense | - | 519 | 643 | 708 | 798 |
| Interest Income | 3 | - | 38 | 50 | 47 |
| Normalized EBITDA | - | 2,547 | 2,639 | 2,932 | 3,257 |
| Normalized Income | - | 833 | 769.25 | 885.82 | 994.72 |
| Market Cap | 23,490.90 | 23,490.90 | 23,490.90 | 23,490.90 | 23,490.90 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CMS Energy Corporationthis co. | CMS | $23.6B | 21.93 | 2.63 | 12.0% | 12.49 |
| FirstEnergy Corp. | FE | $28.5B | 28.02 | 2.28 | 8.2% | 12.94 |
| Edison International | EIX | $28.0B | 5.64 | 1.55 | 27.5% | 6.31 |
| CenterPoint Energy, Inc. | CNP | $27.7B | 26.41 | 2.49 | 9.4% | 13.78 |
| American Water Works Company, Inc. | AWK | $25.9B |
| - |
| - |
| - |
| - |
| - |
| 23.28 |
| 2.39 |
| 10.3% |
| 14.22 |
| Eversource Energy | ES | $25.5B | 15.24 | 1.59 | 10.4% | 10.16 |
| NiSource Inc. | NI | $22.8B | 24.71 | 2.43 | 9.8% | 12.83 |
| Evergy, Inc. | EVRG | $18.7B | 21.86 | 1.83 | 8.4% | 12.43 |
| Alliant Energy Corporation | LNT | $18.6B | 23.06 | 2.55 | 11.0% | 15.17 |
| Peer Median | - | 23.17 | 2.34 | 10.0% | 12.89 | |