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CMS Energy CMS Electric Utility — CapEx

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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 us-gaap:SegmentExpenditureAdditionToLongLivedAssets.

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

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Questions, answered.

What is CMS Energy's electric utility — capex?
CMS Energy (CMS) reported electric utility — capex of $602M in Q4 2025.
How has CMS Energy's electric utility — capex changed year-over-year?
CMS Energy's electric utility — capex increased by 28.7% year-over-year, from $467.75M to $602M.
What is the long-term trend for CMS Energy's electric utility — capex?
Over 4 years (2021 to 2025), CMS Energy's electric utility — capex has grown at a 20.2% compound annual growth rate (CAGR), from $1.15B to $2.41B.
What does electric utility — capex mean?
Measures the cash outflows used by the electric utility segment to acquire, upgrade, or maintain physical assets such as grid infrastructure and generation facilities. This metric is critical for assessing the segment's commitment to modernization, reliability, and regulatory compliance. It directly impacts the rate base and future earnings potential of the utility.