CMS on NYSE

CMS Energy

Electric and gas company in Jackson, Michigan, US

CMS Energy Corporation is an American energy company based in Jackson, Michigan, that is focused principally on utility operations in Michigan. Its principal business is Consumers Energy, a public utility that provides electricity and natural gas to more than 6 million of Michigan's 10 million residents.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

1886Founded¹

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TickerCMS on NYSE¹
IndustryElectric & Other Services Combined¹
HeadquartersJackson¹
Websitewww.cmsenergy.com
Incorporated inMI⁴
Business addressOne Energy Plaza, Jackson, Mi 49201⁴
Filer categoryLarge accelerated filer⁴

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71consumers full — Photo: Criticalthinker at English Wikipedia, CC BY-SA 3.0, via Wikimedia Commons⁶

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

20.8%Operating margin⁷

12.9%Net margin⁷

13.5%Revenue growth, 2025⁷

11.7%Return on equity⁷

1.95×Debt to equity⁷

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Electric Utility brought in 67% of the revenue CMS Energy broke down this way in fiscal 2025.

Electric Utility$5.6B⁷67%up 12% from 2024
Gas Utility$2.5B⁷30%up 17% from 2024
NorthStar Clean Energy$259.0M⁷3%up 23% from 2024

Business segments by year

Business segments	2023	2024	2025
Electric Utility	$4.7B	$5.0B	$5.6B
Gas Utility	$2.4B	$2.1B	$2.5B
NorthStar Clean Energy	$181.0M	$211.0M	$259.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costsProfit

Other costs84¢$7.0B
Income tax3¢$246.0M
Profit13¢$1.1B

Out of $8.3B in revenue.⁷

Where each dollar of operating cash went, fiscal 2025

Kept or used elsewhere

Kept or used elsewhere100¢$2.2B

Out of $2.2B of cash from operations.⁷

Financial statements

Revenue⁸⁹¹⁰¹¹⁷$8.3B in 2025+30% since 2019

Operating income⁸⁹¹⁰¹¹⁷$1.7B in 2025+55% since 2019

Net income⁸⁹¹⁰¹¹⁷$1.1B in 2025+57% since 2019

Every line of the income statement in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Operating Revenue	$8.5B	$7.5B	$7.5B
Fuel for electric generation	$657.0M	$624.0M	$561.0M
Purchased power related parties	$94.0M	$71.0M	$75.0M
Maintenance and other operating expenses	$1.7B	$1.6B	$1.7B
Depreciation and amortization	$1.3B	$1.2B	$1.2B
General taxes	$513.0M	$482.0M	$447.0M
Total operating expenses	$6.8B	$6.0B	$6.2B
Operating Income	$1.7B	$1.5B	$1.2B
Non-operating retirement benefits, net	$186.0M	$169.0M	$180.0M
Other income	$151.0M	$207.0M	$195.0M
Other expense	-$27.0M	-$32.0M	-$13.0M
Total other income	$310.0M	$344.0M	$362.0M
Interest on long-term debt	$798.0M	$700.0M	$616.0M
Allowance for borrowed funds used during construction	-$11.0M	-$18.0M	-$3.0M
Total interest charges	$789.0M	$708.0M	$643.0M
Income (Loss) Before Income Taxes	$1.2B	$1.1B	$954.0M
Income Tax Expense	$246.0M	$176.0M	$147.0M
Income (Loss) From Continuing Operations	$1.0B	$947.0M	$807.0M
Income From Discontinued Operations, Net of Tax of $ for all periods	$0	$0	$1.0M
Net Income	$1.0B	$947.0M	$808.0M
Loss Attributable to Noncontrolling Interests	-$69.0M	-$56.0M	-$79.0M
Net Income	$1.1B	$1.0B	$887.0M
Preferred Stock Dividends	$10.0M	$10.0M	$10.0M
Net Income (Loss) Available to Common Stockholders	$1.1B	$993.0M	$877.0M
Basic Earnings Per Average Common Share (in dollars per share)	$3.53	$3.34	$3.01
Diluted Earnings Per Average Common Share (in dollars per share)	$3.53	$3.33	$3.01
Tax effect of discontinued operations	$0	$0	$0

Total assets⁸⁹¹⁰¹¹⁷$39.9B in 2025+49% since 2019

Shareholders’ equity¹⁴⁸⁹¹⁰¹¹⁷$9.1B in 2025+82% since 2019

Cash¹⁴⁸⁹¹⁰¹¹⁷$509.0M in 2025+264% since 2019

Long-term debt¹⁴⁸⁹¹⁰¹¹⁷$17.8B in 2025+49% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$509.0M	$103.0M
Restricted cash and cash equivalents	$106.0M	$75.0M
Gas in underground storage	$427.0M	$435.0M
Materials and supplies	$329.0M	$299.0M
Generating plant fuel stock	$35.0M	$35.0M
Deferred property taxes	$479.0M	$448.0M
Regulatory assets	$104.0M	$229.0M
Prepayments and other current assets	$160.0M	$103.0M
Total current assets	$3.5B	$2.8B
Plant, property, and equipment, gross	$37.8B	$34.9B
Less accumulated depreciation and amortization	$10.1B	$9.6B
Plant, property, and equipment, net	$27.6B	$25.4B
Construction work in progress	$3.1B	$2.1B
Total plant, property, and equipment	$30.7B	$27.5B
Regulatory assets	$3.4B	$3.6B
Accounts receivable	$18.0M	$20.0M
Investments	$61.0M	$69.0M
Postretirement benefits	$2.0B	$1.6B
Other	$398.0M	$384.0M
Total other non-current assets	$5.8B	$5.7B
Total Assets	$39.9B	$35.9B
Current portion of long-term debt and finance leases	$956.0M	$1.2B
Notes payable	$0	$65.0M
Accrued rate refunds	$28.0M	$38.0M
Accrued interest	$182.0M	$156.0M
Accrued taxes	$708.0M	$654.0M
Regulatory liabilities	$85.0M	$111.0M
Other current liabilities	$185.0M	$209.0M
Total current liabilities	$3.5B	$3.5B
Long-term debt	$17.8B	$15.2B
Non-current portion of finance leases	$135.0M	$112.0M
Regulatory liabilities	$4.1B	$4.1B
Postretirement benefits	$95.0M	$96.0M
AROs	$792.0M	$728.0M
Deferred investment tax credit	$118.0M	$122.0M
Deferred income taxes	$3.3B	$2.9B
Other non-current liabilities	$392.0M	$407.0M
Total non-current liabilities	$26.7B	$23.7B
Common stock	$3.0M	$3.0M
Other paid-in capital	$6.5B	$6.0B
Accumulated other comprehensive loss	-$36.0M	-$41.0M
Retained earnings	$2.4B	$2.0B
Total common stockholders equity	$8.9B	$8.0B
Cumulative redeemable perpetual preferred stock	$224.0M	$224.0M
Total stockholders equity	$9.1B	$8.2B
Noncontrolling interests	$567.0M	$518.0M
Total equity	$9.7B	$8.7B	$8.1B
Total Liabilities and Equity	$39.9B	$35.9B
Accounts receivable and accrued revenue, allowance	$27.0M	$23.0M
Common stock authorized (in shares)	350.0M shares	350.0M shares
Common stock outstanding (in shares)	306.4M shares	298.8M shares
Preferred stock authorized (in shares)	10.0M shares

Cash from operations⁸⁹¹⁰¹¹⁷$2.2B in 2025+25% since 2019

Capital spending⁸⁹$2.4B in 2022+13% since 2019

Free cash flow⁸⁹¹⁰¹¹-$1.5B in 2022+395% since 2019

Every line of the cash flow in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Net Income	$1.0B	$947.0M	$808.0M
Depreciation and amortization	$1.3B	$1.2B	$1.2B
Deferred income taxes and investment tax credits	$202.0M	$142.0M	$157.0M
Bad debt expense	$40.0M	$33.0M	$34.0M
Postretirement benefits contributions	-$16.0M	-$13.0M	-$12.0M
Other non-cash operating activities and reconciling adjustments	-$238.0M	-$241.0M	-$274.0M
Accounts receivable and accrued revenue	-$251.0M	-$155.0M	$241.0M
Inventories	-$28.0M	$164.0M	$185.0M
Accounts payable and accrued rate refunds	$196.0M	$15.0M	-$136.0M
Other current assets and liabilities	$78.0M	$42.0M	-$21.0M
Other non-current assets and liabilities	-$56.0M	$196.0M	$147.0M
Net cash provided by operating activities	$2.2B	$2.4B	$2.3B
Proceeds from sale of ASP business	$0	$124.0M	$0
Cost to retire property and other investing activities	-$214.0M	-$160.0M	-$167.0M
Net cash used in investing activities	-$4.0B	-$3.1B	-$3.4B
Proceeds from issuance of debt	$3.6B	$2.0B	$3.6B
Retirement of debt	-$1.1B	-$952.0M	-$2.1B
Increase (decrease) in notes payable	-$65.0M	-$28.0M	$73.0M
Issuance of common stock	$525.0M	$286.0M	$192.0M
Payment of dividends on common and preferred stock	-$663.0M	-$626.0M	-$579.0M
Contributions from noncontrolling interests	$4.0M	$5.0M	$6.0M
Distributions to noncontrolling interests	-$14.0M	-$12.0M	-$12.0M
Other financing costs	-$65.0M	-$21.0M	-$42.0M
Net cash provided by financing activities	$2.2B	$614.0M	$1.1B
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts	$437.0M	-$70.0M	$66.0M
Interest paid (net of amounts capitalized)	$741.0M	$677.0M	$607.0M
Income taxes paid (proceeds from sale of renewable energy tax credits), net	-$20.0M	-$69.0M	$15.0M
Capital expenditures not paid	$662.0M	$517.0M	$265.0M
Deemed contribution from sale of membership interest	$35.0M	$0	$0

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The story

CMS Energy was formed in 1987 as a holding company with its principal subsidiaries as Consumers Energy and NorthStar Clean Energy. On October 23, 1987, CMS Energy became a publicly owned company and was listed at the New York Stock Exchange. The company's history dates back to 1886, when William Augustine Foote and Samuel Jarvis initially approached Jackson, Michigan officials and asked them to support efforts to illuminate Jackson's downtown with electric arc lights. They formed a company, Jackson Electric Light Works in 1888. In 1889, they built a hydro plant project at the Trowbridge Dam on the Kalamazoo River in Allegan. Foote, after seeing some early success, began consolidating his small power companies and formed Commonwealth Power Company.

In 1907, Foote and Jarvis built Croton Hydro project on the Muskegon River, the first project in the world that could transmit 110,000 volts of electricity. In 1920, Foote and Jarvis offered preferred shares of their company to the public to secure sufficient financing to enter other energy and power generation sectors. Over the next decades the company built several coal-fired, natural gas, nuclear and electric facilities. In 1946, the company formed a strategic partnership with Panhandle Company to convert former natural gas fields to underground natural gas storage areas. CMS Energy's primary subsidiary, Consumers Energy, announced Michigan's first nuclear power plant in 1961, Big Rock Point in Charlevoix, Michigan.

The company announced another nuclear plant, Palisades Nuclear Generating Station on Lake Michigan, which first produced electricity in December, 1971 to serve 400,000 people a day. CMS Energy owned the plant until 2006, when it was sold to Entergy. It then announced a gas reforming plant to furnish heat for Michigan homes in 1971. This plant was the first of its kind in North America to produce synthetic gas, converting impure liquid petroleum into pipeline-quality natural gas.

In 1987, CMS Energy, a holding company with its principal subsidiaries as Consumers Power and CMS Enterprises was formed. Consumers Power was rebranded Consumers Energy in 1997. The firm was one of the first companies to introduce an online billing system in the late 1990s.

In 2001, the firm entered into an exploration agreement with Eritrea for oil exploration in the Dismin Block of the Red Sea.

In 2002, CMS Energy founded EnerBank USA.

In 2003, the firm moved its headquarters to One Energy Plaza in Jackson, Michigan. In 2007, the company announced plans to invest $6 billion in Michigan's energy future to support new power plant technology and identify new energy sources. In 2014, Consumers Energy opened Cross Winds Energy Park in Michigan's Tuscola County and signed a contract with General Electric to supply 621.79-kilowatt wind turbine engines for the project which has a total generating capacity of 105 megawatts.

Oct 1, 2021, CMS Energy Completes Sale of EnerBank USA to Regions Bank.

Read the full text

On Nov 1st 2022, CMS Enterprises changes name to NorthStar Clean Energy as it begins to serve more corporate clients.

From Wikipedia’s article on CMS Energy, shared under CC BY-SA 4.0.⁵

Products and brands

electricity

Listed on Wikidata.¹

Subsidiaries and ownership

Subsidiaries

Consumers Energy

From Wikidata.¹

Controversies and legal

Criticism

In December 2011, the non-partisan organization Public Campaign criticized CMS Energy for spending $3.48 million on lobbying and not paying any taxes during 2008-2010, instead getting $29 million in tax rebates, despite making a profit of $415 million, and increasing executive pay by 79% to $900.4 million in 2010 for its top 5 executives.