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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$22.5B
P/E Ratio20.33
ROE12.44%

Current Liabilities

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Accrued expenses$209M$226M$197M$239M$185M$184M
Accrued interest$156M$168M$170M$204M$182M$207M
Accrued rate refunds$38M$2M$4M$9M$28M$0
Current portion of long-term debt and finance leases$1.2B$707M$1.1B$1.2B$956M$1.4B
Other accrued liabilities$209M$226M$197M$239M$185M$184M
Other short-term debt$2M$1M$1M$1M$2M$1M
Current portion of long-term debt$1.2B$704M$1.1B$1.2B$950M$1.4B
Income taxes payable$654M$474M$461M$200M$708M$516M
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$6B$6B$6B$6.4B$6.5B$6.7B
Accumulated other comprehensive income (loss)-$41M-$41M-$41M-$41M-$36M-$35M
Common stock350M350M350M350M350M350M
Common Stock Par Value Per Share$0.01———$0.01—
Additional paid-in capital$6B$6B$6B$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$3M$3M$3M$3M$3M$3M
Common Stockholders’ Equity$8B$8.1B$8.2B$8.6B$8.9B$9.2B
Preferred stock; $0.001 par value; 100 shares authorized; no shares issued and outstanding$224M$224M$224M$224M$224M$224M
Noncontrolling interests$518M$588M$577M$567M$567M$585M
Preferred stock$224M$224M$224M$224M$224M$224M
Retained earnings$2B$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$38B$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$23M$29M$30M$28M$27M$32M
Allowance for Doubtful Accounts Receivable (Current)$23M$29M$30M$28M$27M$32M
Cash and cash equivalents$178M$526M$925M$432M$615M$263M
Deferred property taxes$448M$360M$324M$294M$479M$385M
Energy Related Inventory Gas Stored Underground$435M$247M$402M$566M$427M$257M
Fossil fuel stock$35M$23M$29M$30M$35M$47M
Other current assets$103M$115M$140M$98M$160M$225M
Operating Lease Income - 2022 (Lessor)$44M———$18M—
Prepaid expenses and other current assets$103M$115M$140M$98M$160M$225M
Materials and supplies$299M$310M$305M$307M$329M$338M
Restricted cash$75M$61M$81M$70M$106M$88M
Total current assets$2.8B$2.8B$3.2B$2.7B$3.5B$3B
Unbilled Revenue$584M$489M$464M$381M$659M$520M

Non-Current Liabilities

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asset retirement obligations$728M$725M$747M$731M$792M$797M
Debt Maturity - 2027$1B———$1.9B—
Debt - Unamortized Discount (Premium) and Issuance Costs, Net$130M———$154M—
Deferred tax liabilities$122M———$147M—
Defined Benefit Pension Plan Liabilities (Non-Current)$96M$95M$93M$92M$95M$94M
Finance lease liabilities$112M$111M$139M$137M$135M$262M
Lease Liability Payments - Due After Year Five$190M———$202M—
Operating Lease Liability Payments - Thereafter (Lessee)$29M———$27M—
Long-term debt$15.2B$16.1B$16.8B$16.8B$17.8B$17.5B
Retirement and nonpension postretirement benefit obligations$96M$95M$93M$92M$95M$94M
Other non-current liabilities$407M$370M$409M$396M$392M$417M
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$24M———$29M—
Regulatory liabilities$111M$99M$93M$89M$85M$87M

Non-Current Assets

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Allowance for credit losses$27M———$16M—
Deferred tax assets$591M$3B$3.1B$3.2B$3.3B$3.3B
Deferred Tax Assets and Other Non-Current Assets$384M$310M$254M$202M$398M$341M
Deferred Tax Assets - Tax Credit Carryforwards$216M———$120M—
Equity method investments$64M$71M$62M$64M$61M$65M
Accumulated Amortization on Finance Lease Assets$57M———$53M—
Long-Term Accounts, Notes, and Loans Receivable, Net (Non-Current)$20M$20M$68M$18M$18M$18M
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$2B$2B
Investments$69M$71M$62M$64M$61M$65M
Other non-current assets$384M$310M$254M$202M$398M$341M
Plant, property, and equipment, gross$34.9B$35.3B$36B$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$2B$2B
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$384M$310M$254M$202M$398M$341M
Tax Credit Carryforward Valuation Allowance$1M———$2M—
Total assets$35.9B$36.3B$37.7B$38B$39.9B$40.3B
Regulatory assets$229M$173M$132M$84M$104M$94M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Defined Benefit Plan Healthcare Cost Trend Rate4.8%———4.8%—
Current accounts receivable and notes receivable$4M$3M$3M$3M$3M$2M
Accumulated Deferred Investment Tax Credit$122M$121M$120M$119M$118M$117M
Allowance for doubtful accounts$23M$29M$30M$28M$27M$32M
Limitation on payment of stock dividends$8B$8.1B$8.2B$8.6B$8.9B$9.2B
Common stock, par value (in dollars per share)$0———$0—
Common stock, shares authorized (in shares)$350M$350M$350M$350M$350M$350M
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$29M———$28M—
Deferred Tax Liabilities, Gross$3.5B———$3.7B—
Deferred income taxes$2.9B$3B$3.1B$3.2B$3.3B$3.3B
Deferred Tax Assets, Gross$592M———$449M—
Deferred Tax Assets, Net of Valuation Allowance$591M———$447M—
Deferred Tax Assets Net Operating Loss And Tax Credit Carryforwards$258M———$139M—
Tax loss and credit carryforwards$258M———$139M—
Deferred Tax Assets Regulatory Assets And Liabilities$307M———$294M—
Temporary differences related to Texas Margin Tax$27M———$16M—
Deferred Tax Assets, Valuation Allowance$1M———$2M—
Deferred Tax Liabilities, Net$2.9B———$3.3B—
Deferred Tax Liabilities, Other$122M———$147M—
Deferred Tax Liabilities Postretirement Benefits$507M———$558M—
Deferred Tax Liabilities, Property, Plant and Equipment$2.7B———$2.8B—
Deferred Tax Liabilities Regulatory Assets And Liabilities$167M———$137M—
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate$0———$0—
Finance Lease Liability Payments Due After Year Five$190M———$202M—
2027$20M———$23M—
Finance Lease, Right-of-Use Asset, Accumulated Amortization$57M———$53M—
Property, plant and equipment$176M———$193M—
Forward Contract Indexed To Issuers Equity Indexed Shares400K———6.7M6.4M
Settlement of equity forwards, net cash proceeds—$7M—$2M—$8M
Settlement of equity forwards (in shares)—92.9K—21.3K—97.2K
2028$537M———$888M—
2029$1B———$1.9B—
2029$1.3B———$812M—
2030$1.6B———$1.3B—
2027$1.2B———$950M—
Noncontrolling interests in subsidiaries$518M$588M$577M$567M$567M$585M
Incentive stock program, shares reserved for future grants (in shares)$4.5M———$4M—
Shares reserved for awards to employees and outside directors (in shares)$6.5M———$6.5M—
Unbilled Receivables$584M$489M$464M$381M$659M$520M
Union employees percentage44.0%———44.0%—
Unrecognized tax benefits$24M———$29M—
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—