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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 $1.1B. Free cash flow decreased 0.3% 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$22.5B
P/E Ratio20.33
ROE12.44%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)$89M$46M$98M$37M$57M$55M
Change in Other Non-Current Assets and Liabilities, Net-$34M-$64M$49M$49M$22M-$65M
Change in accounts payable—$13M$11M-$30M$202M-$137M
Change in inventories-$113M-$190M—$168M—-$148M
Other working capital changes$89M$46M$98M$37M$57M$55M
Change in receivables$340M$5M-$85M-$34M$365M$24M
Benefit from Receivables$8.3M$10M$10M$10M$10M$13M
Deferred income taxes$39M$60M$64M$47M$31M$82M
Depreciation and amortization$326M$388M$288M$288M$342M$412M
Other Non-Cash Income (Expense)$89M$46M$98M$37M$57M$55M
Other Non-cash Income (Expense)$89M$46M$98M$37M$57M$55M
Other Non-cash Income (Expense)$89M$46M$98M$37M$57M$55M
Net cash from operating activities$403M$1B$414M$343M$478M$705M
Net income$255M$295M$193M$272M$242M$277M
Other non-cash income (expense)$89M$46M$98M$37M$57M$55M
Increase (Decrease) in Accounts and Other Receivables$340M$5M-$85M-$34M$365M$24M
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net-$34M-$64M$49M$49M$22M-$65M
Other Noncash Income (Expense)$89M$46M$98M$37M$57M$55M
Accounts Receivable, Credit Loss Expense (Reversal)$8.3M$10M$10M$10M$10M$13M
Other Non-cash Income and Expense$89M$46M$98M$37M$57M$55M
Other Non-Cash Adjustments$89M$46M$98M$37M$57M$55M
Other Non-Cash Income and Expense$89M$46M$98M$37M$57M$55M
Provision for credit losses$8.3M$10M$10M$10M$10M—

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid$130M$315M$222M$49M$76M$601M
Income taxes paid-$17.3M-$5M-$5M-$5M-$5M—
Interest paid$169.3M$185.3M$185.3M$185.3M$185.3M—
Capital expenditures incurred but not yet paid$130M$315M$222M$49M$76M$601M
Capital Expenditures Incurred but Not Yet Paid$130M$315M$222M$49M$76M$601M
Income Taxes Paid, Net-$17.3M-$5M-$5M-$5M-$5M—

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures—$888M$884M$978M—$1B
Payment for (Proceeds from) Other Investing Activity$35M$30M$78M$68M$38M$34M
Net cash from investing activities-$953M-$918M-$962M-$1B-$1.1B-$1.1B
Other investing activities$35M$30M$78M$68M$38M$34M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$515M$1.2B$1.2B$62M$1.1B$258M
Repayments of debt$163M$717M$124M$43M$266M$204M
Distributions to noncontrolling interests$3M$3.5M$3.5M$3.5M$3.5M—
Payments Of Ordinary Dividends, Common And Preferred$156M$166M$165M$165M$167M$178M
Other, net—-$33M-$27M$0-$5M-$26M
Proceeds from (Repayments of) Short-Term Debt—-$65M———$0
Payment of Deferred Purchase Consideration—-$33M-$27M$0-$5M-$26M
Noncontrolling interest transactions and other—-$33M-$27M$0-$5M-$26M
Net cash from financing activities$261M$266M$947M$210M$817M$16M
Other financing activities—-$33M-$27M$0-$5M-$26M
Noncontrolling Interests Activity and Other—-$33M-$27M$0-$5M-$26M
Proceeds from issuance of common stock$3M$3M$14M$356M$152M$166M
Net change in short-term borrowings—-$65M———$0
Net Change in Short-term Borrowings and Indebtedness to Subsidiaries—-$65M———$0

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow—$112M-$470M-$635M—-$334M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash-$289M$348M$399M—$183M-$352M
Proceeds From Sale Of Interest In Partnership Unit$0$44M————