CMS
CMS Energy Corporation
NYSE: CMS · UTILITIES · UTILITIES - REGULATED ELECTRIC
$76.74
+2.69% today
Updated 2026-04-30
Market cap
$23.09B
P/E ratio
20.64
P/S ratio
2.62x
EPS (TTM)
$3.62
Dividend yield
2.14%
52W range
$66 – $80
Volume
3.0M
CMS Energy Corporation (CMS) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.13B | $6.46B | $6.81B | $6.21B | $6.43B | $6.50B | $6.25B | $6.57B | $7.18B | $6.46B | $6.40B | $6.58B | $6.87B | $6.62B | $6.42B | $7.33B | $8.60B | $7.46B | $7.51B | $8.54B |
| Revenue growth (YoY) | — | +5.5% | +5.3% | -8.8% | +3.7% | +1.1% | -3.8% | +5.0% | +9.3% | -10.1% | -0.9% | +2.9% | +4.4% | -3.6% | -3.1% | +14.2% | +17.3% | -13.2% | +0.7% | +13.6% |
| Cost of revenue | $3.75B | $4.10B | $4.21B | $3.57B | $4.72B | $4.75B | $4.42B | $4.56B | $5.09B | $4.27B | $4.05B | $4.08B | $4.47B | $4.19B | $3.79B | $4.68B | $5.83B | $4.60B | $4.31B | $3.34B |
| Gross profit | $2.37B | $2.36B | $2.60B | $2.63B | $1.71B | $1.75B | $1.83B | $2.00B | $2.09B | $2.19B | $2.35B | $2.50B | $2.40B | $2.44B | $2.63B | $2.65B | $2.76B | $2.86B | $3.21B | $5.20B |
| Gross margin | 38.7% | 36.5% | 38.1% | 42.5% | 26.6% | 27.0% | 29.3% | 30.5% | 29.1% | 33.9% | 36.7% | 38.0% | 34.9% | 36.8% | 41.0% | 36.1% | 32.1% | 38.4% | 42.7% | 60.9% |
| R&D | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | — | — | — | — | $0.00 | $0.00 | $0.00 | $1.47B | $1.48B | $1.50B | $1.49B | $1.52B | $1.72B | $91.00M | — | — | — | — | — | $3.47B |
| Operating income | $-222.00M | $-88.00M | $799.00M | $698.00M | $978.00M | $1.00B | $1.00B | $1.14B | $1.15B | $1.18B | $1.26B | $1.34B | $1.16B | $1.11B | $1.23B | $1.15B | $1.22B | $1.24B | $1.49B | $1.73B |
| Operating margin | -3.6% | -1.4% | 11.7% | 11.2% | 15.2% | 15.4% | 16.0% | 17.4% | 16.0% | 18.2% | 19.6% | 20.3% | 16.9% | 16.8% | 19.2% | 15.6% | 14.2% | 16.6% | 19.8% | 20.2% |
| EBITDA | $354.00M | $457.00M | $1.43B | $1.34B | $1.60B | $1.57B | $1.61B | $1.78B | $1.82B | $1.94B | $2.07B | $2.21B | $2.17B | $2.21B | $2.36B | $2.44B | $2.55B | $2.78B | $3.07B | $3.19B |
| EBITDA margin | 5.8% | 7.1% | 21.0% | 21.6% | 24.8% | 24.1% | 25.7% | 27.1% | 25.4% | 30.1% | 32.4% | 33.5% | 31.5% | 33.4% | 36.7% | 33.3% | 29.6% | 37.2% | 40.9% | 37.3% |
| EBIT | $-222.00M | $-88.00M | $840.00M | $770.00M | $1.02B | $1.02B | $1.01B | $1.15B | $1.14B | $1.19B | $1.26B | $1.32B | $1.23B | $1.22B | $1.31B | $1.32B | $1.42B | $1.60B | $1.83B | $2.04B |
| Interest expense | $0.00 | $0.00 | $400.00M | $435.00M | $431.00M | $415.00M | $389.00M | $398.00M | $407.00M | $396.00M | $435.00M | $438.00M | $458.00M | $460.00M | $505.00M | $500.00M | $519.00M | $643.00M | $708.00M | $789.00M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-79.00M | $-215.00M | $295.00M | $229.00M | $340.00M | $415.00M | $382.00M | $452.00M | $477.00M | $523.00M | $551.00M | $460.00M | $657.00M | $680.00M | $755.00M | $1.35B | $837.00M | $887.00M | $1.00B | $1.07B |
| Net income growth (YoY) | — | -172.2% | +237.2% | -22.4% | +48.5% | +22.1% | -8.0% | +18.3% | +5.5% | +9.6% | +5.4% | -16.5% | +42.8% | +3.5% | +11.0% | +79.2% | -38.1% | +6.0% | +13.1% | +6.8% |
| Profit margin | -1.3% | -3.3% | 4.3% | 3.7% | 5.3% | 6.4% | 6.1% | 6.9% | 6.6% | 8.1% | 8.6% | 7.0% | 9.6% | 10.3% | 11.8% | 18.5% | 9.7% | 11.9% | 13.3% | 12.5% |