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CMS Energy CMS Electric Utility — Alternative-revenue programs

Other segment segments

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$0

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FEAlternative Revenue Program — Revenue
$13M

Other financials

Income statement

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Revenue$2.7B+11.6%
Operating income$490.0M-0.8%
Net income$340.0M+11.8%
EPS (diluted)$1.10+8.9%

Balance sheet

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Cash & equivalents$263.0M-50.0%
Total debt$19.1B+12.7%
Total equity$9.5B+13.6%
Total assets$40.3B+11.0%

Cash flow

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Operating cash flow$705.0M-29.5%
CapEx$1.0B+17.0%
Free cash flow-$334.0M-398%

Valuation

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Market cap$23.63B+16.1%
Enterprise value$42.49B+13.5%
P/E21.4×+1.4×
P/S2.7×+0.1×

Profitability

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Operating margin19.5%-0.6pp
Net margin12.5%-0.6pp
FCF margin12.8%-8.1pp

Returns & leverage

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Return on equity12.4%-0.1pp
Debt / equity0.0×
Current ratio0.8×-0.2×

Where this comes from

Reported directly by CMS Energy in its filing.

Tagged under the XBRL concept cms:AlternativeRevenuePrograms.

The official record: CMS Energy’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is CMS Energy's electric utility — alternative-revenue programs?
CMS Energy (CMS) reported electric utility — alternative-revenue programs of $1M in Q1 2026.
How has CMS Energy's electric utility — alternative-revenue programs changed year-over-year?
CMS Energy's electric utility — alternative-revenue programs decreased by 50.0% year-over-year, from $2M to $1M.
What is the long-term trend for CMS Energy's electric utility — alternative-revenue programs?
Over 3 years (2022 to 2025), CMS Energy's electric utility — alternative-revenue programs has grown at a 5.2% compound annual growth rate (CAGR), from $43M to $50M.
What does electric utility — alternative-revenue programs mean?
This captures revenue derived from regulatory mechanisms that decouple utility earnings from actual energy sales volume, often tied to energy efficiency or conservation incentives. These programs allow the utility to recover costs or earn returns based on meeting specific regulatory performance targets rather than just commodity throughput.