Income StatementBalance SheetCash FlowSegments
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CMS Energy Cash Flow Statement

Operating, investing, and financing cash movements

CMS Energy generated $1.9B in operating cash flow over the trailing twelve months. After $3.8B in capital expenditures, free cash flow was -$1.3B. Free cash flow decreased 5.6% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.9BNet Cash From Investing (TTM)-$4.2BNet Cash From Financing (TTM)$2.0BCapital Expenditures (TTM)$2.5BDepreciation And Amortization Cf (TTM)$1.3BNet Change In Cash-$352.0M
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$22.3B
P/E Ratio20.13
ROE12.44%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in Other Non-Current Assets and Liabilities, Net-$34.0M-$64.0M$49.0M$49.0M$22.0M-$65.0M
Change in accounts payable—$13.0M$11.0M-$30.0M$202.0M-$137.0M
Change in inventories-$113.0M-$190.0M—$168.0M—-$148.0M
Other working capital changes$89.0M$46.0M$98.0M$37.0M$57.0M$55.0M
Change in receivables$340.0M$5.0M-$85.0M-$34.0M$365.0M$24.0M
Deferred income taxes$39.0M$60.0M$64.0M$47.0M$31.0M$82.0M
Depreciation and amortization$326.0M$388.0M$288.0M$288.0M$342.0M$412.0M
Net cash from operating activities$403.0M$1.0B$414.0M$343.0M$478.0M$705.0M
Net income$255.0M$295.0M$193.0M$272.0M$242.0M$277.0M
Provision for credit losses$8.3M$10.0M$10.0M$10.0M$10.0M—

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures—$888.0M$884.0M$978.0M—$1.0B
Net cash from investing activities-$953.0M-$918.0M-$962.0M-$1.0B-$1.1B-$1.1B
Other investing activities$35.0M$30.0M$78.0M$68.0M$38.0M$34.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$515.0M$1.2B$1.2B$62.0M$1.1B$258.0M
Repayments of debt$163.0M$717.0M$124.0M$43.0M$266.0M$204.0M
Distributions to noncontrolling interests$3.0M$3.5M$3.5M$3.5M$3.5M—
Payments Of Ordinary Dividends, Common And Preferred$156.0M$166.0M$165.0M$165.0M$167.0M$178.0M
Net cash from financing activities$261.0M$266.0M$947.0M$210.0M$817.0M$16.0M
Other financing activities—-$33.0M-$27.0M$0.0-$5.0M-$26.0M
Proceeds from issuance of common stock$3.0M$3.0M$14.0M$356.0M$152.0M$166.0M
Net change in short-term borrowings—-$65.0M———$0.0

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow—$112.0M-$470.0M-$635.0M—-$334.0M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid-$17.3M-$5.0M-$5.0M-$5.0M-$5.0M—
Interest paid$169.3M$185.3M$185.3M$185.3M$185.3M—

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash-$289.0M$348.0M$399.0M—$183.0M-$352.0M