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CMS Energy Balance Sheet Statement

Assets, liabilities, and shareholders' equity

CMS Energy holds $40.3B in total assets. Shareholders' equity is $9.5B against $19.1B in total debt. Cash and equivalents total $263.0M. The current ratio is 0.842 and debt-to-equity is 2.02. Based on the Q1 2026 filing.

Total Assets$40.3BTotal Stockholders Equity$9.5BLong Term Debt$17.5BCash And Equivalents$263.0MTotal Current Assets$3.0BTotal Current Liabilities$3.6B
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$22.3B
P/E Ratio20.13
ROE12.44%

Current Liabilities

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Accrued interest$156.0M$168.0M$170.0M$204.0M$182.0M$207.0M
Accrued rate refunds$38.0M$2.0M$4.0M$9.0M$28.0M$0.0
Current portion of long-term debt and finance leases$1.2B$707.0M$1.1B$1.2B$956.0M$1.4B
Other accrued liabilities$209.0M$226.0M$197.0M$239.0M$185.0M$184.0M
Other short-term debt$2.0M$1.0M$1.0M$1.0M$2.0M$1.0M
Current portion of long-term debt$1.2B$704.0M$1.1B$1.2B$950.0M$1.4B
Income taxes payable$654.0M$474.0M$461.0M$200.0M$708.0M$516.0M
Note payable to DIRECTV$209.0M$226.0M$197.0M$239.0M$185.0M$184.0M
Total current liabilities$3.5B$2.6B$3.2B$3.1B$3.5B$3.6B

Equity

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Additional paid-in capital$6.0B$6.0B$6.0B$6.4B$6.5B$6.7B
Accumulated other comprehensive income (loss)-$41.0M-$41.0M-$41.0M-$41.0M-$36.0M-$35.0M
Common stock350M350M350M350M350M350M
Common Stock Par Value Per Share$0.01———$0.01—
Additional paid-in capital$6.0B$6.0B$6.0B$6.4B$6.5B$6.7B
Common stock; $0.001 par value; 6,000 shares authorized; 3,755 and 3,751 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively$3.0M$3.0M$3.0M$3.0M$3.0M$3.0M
Common Stockholders’ Equity$8.0B$8.1B$8.2B$8.6B$8.9B$9.2B
Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding$224.0M$224.0M$224.0M$224.0M$224.0M$224.0M
Noncontrolling interests$518.0M$588.0M$577.0M$567.0M$567.0M$585.0M
Preferred stock$224.0M$224.0M$224.0M$224.0M$224.0M$224.0M
Retained earnings$2.0B$2.2B$2.2B$2.3B$2.4B$2.6B
Shares Reserved for Future Issuance Under Stock Plans4.5M———4M—
Total liabilities and stockholders' equity$35.9B$36.3B$37.7B$38.0B$39.9B$40.3B
Total stockholders' equity$8.2B$8.3B$8.4B$8.9B$9.1B$9.5B

Current Assets

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Allowance for Doubtful Accounts$23.0M$29.0M$30.0M$28.0M$27.0M$32.0M
Allowance for Doubtful Accounts Receivable (Current)$23.0M$29.0M$30.0M$28.0M$27.0M$32.0M
Cash and cash equivalents$178.0M$526.0M$925.0M$432.0M$615.0M$263.0M
Deferred property taxes$448.0M$360.0M$324.0M$294.0M$479.0M$385.0M
Energy Related Inventory Gas Stored Underground$435.0M$247.0M$402.0M$566.0M$427.0M$257.0M
Fossil fuel stock$35.0M$23.0M$29.0M$30.0M$35.0M$47.0M
Other current assets$103.0M$115.0M$140.0M$98.0M$160.0M$225.0M
Operating Lease Income - 2022 (Lessor)$44.0M———$18.0M—
Prepaid expenses and other current assets$103.0M$115.0M$140.0M$98.0M$160.0M$225.0M
Materials and supplies$299.0M$310.0M$305.0M$307.0M$329.0M$338.0M
Restricted cash$75.0M$61.0M$81.0M$70.0M$106.0M$88.0M
Total current assets$2.8B$2.8B$3.2B$2.7B$3.5B$3.0B
Unbilled Revenue$584.0M$489.0M$464.0M$381.0M$659.0M$520.0M

Non-Current Liabilities

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset retirement obligations$728.0M$725.0M$747.0M$731.0M$792.0M$797.0M
Debt Maturity - 2027$1.0B———$1.9B—
Debt - Unamortized Discount (Premium) and Issuance Costs, Net$130.0M———$154.0M—
Deferred tax liabilities$122.0M———$147.0M—
Defined Benefit Pension Plan Liabilities (Non-Current)$96.0M$95.0M$93.0M$92.0M$95.0M$94.0M
Finance lease liabilities$112.0M$111.0M$139.0M$137.0M$135.0M$262.0M
Lease Liability Payments - Due After Year Five$190.0M———$202.0M—
Operating Lease Liability Payments - Thereafter (Lessee)$29.0M———$27.0M—
Long-term debt$15.2B$16.1B$16.8B$16.8B$17.8B$17.5B
Retirement and nonpension postretirement benefit obligations$96.0M$95.0M$93.0M$92.0M$95.0M$94.0M
Other non-current liabilities$407.0M$370.0M$409.0M$396.0M$392.0M$417.0M
Total Carrying Value of Debt$16.5B———$18.9B—
Total noncurrent liabilities$23.7B$24.7B$25.5B$25.5B$26.7B$26.6B
Unrecognized Tax Benefits$24.0M———$29.0M—
Regulatory liabilities$111.0M$99.0M$93.0M$89.0M$85.0M$87.0M

Non-Current Assets

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Allowance for credit losses$27.0M———$16.0M—
Deferred tax assets$591.0M$3.0B$3.1B$3.2B$3.3B$3.3B
Deferred Tax Assets and Other Non-Current Assets$384.0M$310.0M$254.0M$202.0M$398.0M$341.0M
Deferred Tax Assets - Tax Credit Carryforwards$216.0M———$120.0M—
Equity method investments$64.0M$71.0M$62.0M$64.0M$61.0M$65.0M
Accumulated Amortization on Finance Lease Assets$57.0M———$53.0M—
Long-Term Accounts, Notes, and Loans Receivable, Net (Non-Current)$20.0M$20.0M$68.0M$18.0M$18.0M$18.0M
Assets, Noncurrent, Other than Property, Plant and Equipment$5.7B$5.6B$5.7B$5.6B$5.8B$5.7B
Prepaid pension assets$1.6B$1.7B$1.7B$1.7B$2.0B$2.0B
Investments$69.0M$71.0M$62.0M$64.0M$61.0M$65.0M
Other non-current assets$384.0M$310.0M$254.0M$202.0M$398.0M$341.0M
Plant, property, and equipment, gross$34.9B$35.3B$36.0B$36.6B$37.8B$38.3B
Property, Plant And Equipment, Net, Excluding C W I P$25.4B$25.5B$26.1B$26.5B$27.6B$27.9B
Other non-current assets$1.6B$1.7B$1.7B$1.7B$2.0B$2.0B
Accumulated depreciation$9.6B$9.8B$9.9B$10.1B$10.1B$10.4B
Construction in progress$2.1B$2.4B$2.8B$3.2B$3.1B$3.6B
Property and equipment, net$27.5B$27.9B$28.8B$29.7B$30.7B$31.5B
Software and Technology Licenses, Net$384.0M$310.0M$254.0M$202.0M$398.0M$341.0M
Tax Credit Carryforward Valuation Allowance$1.0M———$2.0M—
Total assets$35.9B$36.3B$37.7B$38.0B$39.9B$40.3B
Regulatory assets$229.0M$173.0M$132.0M$84.0M$104.0M$94.0M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Defined Benefit Plan Healthcare Cost Trend Rate4.8%———4.8%—
Current accounts receivable and notes receivable$4.0M$3.0M$3.0M$3.0M$3.0M$2.0M
Accumulated Deferred Investment Tax Credit$122.0M$121.0M$120.0M$119.0M$118.0M$117.0M
Allowance for doubtful accounts$23.0M$29.0M$30.0M$28.0M$27.0M$32.0M
Limitation on payment of stock dividends$8.0B$8.1B$8.2B$8.6B$8.9B$9.2B
Common stock, par value (in dollars per share)$0.0———$0.0—
Common stock, shares authorized (in shares)$350.0M$350.0M$350.0M$350.0M$350.0M$350.0M
Common Stock, Shares, Outstanding$298.8M$299.1M$299.3M$304.3M$306.4M$308.9M
Construction work in progress$2.1B$2.4B$2.8B$3.2B$3.1B$3.6B
Long-term debt, gross$16.5B———$18.9B—
Debt Instrument, Unamortized Discount (Premium), Net$29.0M———$28.0M—
Deferred Tax Liabilities, Gross$3.5B———$3.7B—
Deferred income taxes$2.9B$3.0B$3.1B$3.2B$3.3B$3.3B
Deferred Tax Assets, Gross$592.0M———$449.0M—
Deferred Tax Assets, Net of Valuation Allowance$591.0M———$447.0M—
Deferred Tax Assets Net Operating Loss And Tax Credit Carryforwards$258.0M———$139.0M—
Tax loss and credit carryforwards$258.0M———$139.0M—
Deferred Tax Assets Regulatory Assets And Liabilities$307.0M———$294.0M—
Temporary differences related to Texas Margin Tax$27.0M———$16.0M—
Deferred Tax Assets, Valuation Allowance$1.0M———$2.0M—
Deferred Tax Liabilities, Net$2.9B———$3.3B—
Deferred Tax Liabilities, Other$122.0M———$147.0M—
Deferred Tax Liabilities Postretirement Benefits$507.0M———$558.0M—
Deferred Tax Liabilities, Property, Plant and Equipment$2.7B———$2.8B—
Deferred Tax Liabilities Regulatory Assets And Liabilities$167.0M———$137.0M—
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate$0.0———$0.0—
Finance Lease Liability Payments Due After Year Five$190.0M———$202.0M—
2027$20.0M———$23.0M—
Finance Lease, Right-of-Use Asset, Accumulated Amortization$57.0M———$53.0M—
Property, plant and equipment$176.0M———$193.0M—
Forward Contract Indexed To Issuers Equity Indexed Shares400K———6.7M6.4M
Settlement of equity forwards, net cash proceeds—$7.0M—$2.0M—$8.0M
Settlement of equity forwards (in shares)—92.9K—21.3K—97.2K
2028$537.0M———$888.0M—
2029$1.0B———$1.9B—
2029$1.3B———$812.0M—
2030$1.6B———$1.3B—
2027$1.2B———$950.0M—
Noncontrolling interests in subsidiaries$518.0M$588.0M$577.0M$567.0M$567.0M$585.0M
Incentive stock program, shares reserved for future grants (in shares)$4.5M———$4.0M—
Shares reserved for awards to employees and outside directors (in shares)$6.5M———$6.5M—
Unbilled Receivables$584.0M$489.0M$464.0M$381.0M$659.0M$520.0M
Union employees percentage44.0%———44.0%—
Unrecognized tax benefits$24.0M———$29.0M—
Unrecorded Unconditional Purchase Obligation, to be Paid, Year Two$1.8B———$1.7B—
Unrecorded Unconditional Purchase Obligation$11.4B———$20.6B—
Purchase commitments, Due in 2027$2.4B———$2.4B—
Unrecorded Unconditional Purchase Obligation$2.4B———$2.4B—
Unrecorded Unconditional Purchase Obligation - Due After Year Four$3.8B———$12.5B—
Unrecorded Unconditional Purchase Obligation - Due After Year Five$3.8B———$12.5B—