CMS Energy Corporation 5.6% JRSUB NT 78
NYSE: CMSA · UTILITIES · MULTILINE UTILITIES
Updated 2026-06-05
CMS Energy Corporation 5.6% JRSUB NT 78 (CMSA) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $688.00M | $27.00M | $559.00M | $848.00M | $959.00M | $1.17B | $1.24B | $1.42B | $1.45B | $1.64B | $1.63B | $1.71B | $1.70B | $1.79B | $1.28B | $1.82B | $855.00M | $2.31B | $2.37B | $2.23B |
| Capital expenditures | $670.00M | $1.38B | $792.00M | $818.00M | $821.00M | $882.00M | $1.23B | $1.32B | $1.58B | $1.56B | $1.67B | $1.67B | $2.07B | $2.24B | $2.45B | $2.21B | $2.48B | $3.22B | $3.02B | $3.82B |
| Depreciation | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Stock-based comp | — | $83.00M | $8.00M | $217.00M | $-210.00M | $-88.00M | $12.00M | $14.00M | $14.00M | $20.00M | $16.00M | $17.00M | $17.00M | $67.00M | $90.00M | $-746.00M | $26.00M | $28.00M | — | — |
| Free cash flow | $18.00M | $-1.35B | $-233.00M | $30.00M | $138.00M | $287.00M | $14.00M | $96.00M | $-130.00M | $76.00M | $-43.00M | $40.00M | $-371.00M | $-446.00M | $-1.17B | $-390.00M | $-1.63B | $-910.00M | $-648.00M | $-1.59B |
| Investing cash flow | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Dividends paid | $11.00M | $56.00M | $95.00M | $125.00M | $162.00M | $211.00M | $252.00M | $273.00M | $295.00M | $322.00M | $347.00M | $377.00M | $407.00M | $436.00M | $467.00M | $509.00M | $546.00M | $579.00M | $626.00M | $663.00M |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net change in cash | — | — | — | — | — | — | — | $79.00M | $35.00M | $59.00M | $-31.00M | $-53.00M | $-29.00M | — | — | — | — | — | — | — |
Frequently asked questions
How profitable is CMSA?
In its most recent fiscal year, CMSA ran a gross margin of 60.91%, an operating margin of 20.22%, and a net margin of 12.54%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does CMSA generate?
CMSA produced $-1.59B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is CMSA's balance sheet healthy?
CMSA holds $615.00M in cash and equivalents against — in long-term debt, on $9.14B of shareholder equity. That debt is best read against the cash flow the business throws off each year.