CMS Energy (CMS): financials, SEC filings and peers
CMS Energy (CMS) is a multi-utilities company in the Utilities sector of the S&P 500, headquartered in Jackson, Michigan.
It was founded in 1886 and joined the S&P 500 on March 4, 1957.
Its fiscal year ends in December, and its shares trade on the NYSE.
In its SEC filings it is classified as “Electric & Other Services Combined”.
CMS Energy at a glance
- Revenue (12 months)
- $8.8B
- Revenue growth
- +9.9%
- Operating margin
- 18.9%
- Net income (12 months)
- $1.0B
- Free cash flow (12 months)
- —
- Cash
- $241M
- Debt
- $19.0B
- Diluted EPS (12 months)
- $3.33
Twelve months to June 30, 2026, from the 10-Q filed July 28, 2026.
Latest twelve months
Over the twelve months to June 30, 2026, CMS Energy reported revenue of $8.8 billion, up 9.9% from a year earlier.
Its operating margin was 18.9%, down 1.0 percentage points from a year earlier: for every $100 of sales, about $19 was left as operating profit.
Net income was $1.0 billion (11.6% of revenue), 0.3% higher than a year earlier.
At the end of the period it held $241 million in cash and $19.0 billion in debt, a net debt position of $18.8 billion.
The diluted share count rose 3.9% in a year, which dilutes existing shareholders.
Five-year trend
- Revenue went from $6.4 billion in fiscal 2020 to $8.5 billion in fiscal 2025, about 5.9% a year.
- Operating margin has been steady, around 20.2%.
- Free cash flow was negative in 3 of the last 3 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.3B | $8.6B | $7.5B | $7.5B | $8.5B |
| Revenue growth | 14.2% | 17.3% | -13.2% | 0.7% | 13.6% |
| Operating margin | 15.6% | 14.2% | 16.6% | 19.8% | 20.2% |
| Net income | $1.4B | $837M | $887M | $1.0B | $1.1B |
| Free cash flow | −$257M | −$1.5B | — | — | — |
| Diluted EPS | $4.66 | $2.85 | $3.01 | $3.33 | $3.53 |
Fiscal years as reported in CMS Energy’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 10-Q filed July 28, 2026 — quarterly report
- 8-K filed July 28, 2026 — Earnings results; Regulation FD disclosure
- 8-K filed June 3, 2026 — Executive or director change; Regulation FD disclosure
- 8-K filed May 13, 2026 — Other event
- 8-K filed May 13, 2026 — Bylaw or fiscal-year change; Shareholder vote results
- 10-Q filed April 28, 2026 — quarterly report
- 8-K filed April 28, 2026 — Earnings results; Regulation FD disclosure
- 8-K filed February 20, 2026 — Executive or director change
Companies like CMS Energy
Other S&P 500 companies in Multi-Utilities:
- AEEAmerenSt. Louis, Missouri
- CNPCenterPoint EnergyHouston, Texas
- DDominion EnergyRichmond, Virginia
- DTEDTE EnergyDetroit, Michigan
- EDConsolidated EdisonNew York City, New York
- NEENextEra EnergyJuno Beach, Florida
- NINiSourceMerrillville, Indiana
- PCGPG&E CorporationOakland, California
More from Utilities
Questions about CMS Energy
Is CMS Energy's revenue growing?
Yes. Revenue for the twelve months to June 30, 2026 was $8.8 billion, up 9.9% from a year earlier, according to its SEC filings.
Is CMS Energy profitable?
Yes. It earned $1.0 billion in net income over the twelve months to June 30, 2026, a net margin of 11.6%.
Does CMS Energy have more cash or more debt?
At June 30, 2026 it had $241 million in cash and $19.0 billion in debt, so more debt than cash.
When did CMS Energy last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on July 28, 2026.
Which companies are similar to CMS Energy?
In the S&P 500, CMS Energy is grouped in Multi-Utilities within the Utilities sector. Ameren (AEE), CenterPoint Energy (CNP), Dominion Energy (D), DTE Energy (DTE), Consolidated Edison (ED) are in the same group.
Understand the numbers
Source: CMS Energy’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.