What is CMS Energy's electric utility — investments?

CMS Energy (CMS) reported electric utility — investments of $0 in Q4 2025.

What does electric utility — investments mean?

Reflects the financial holdings and equity interests held by the electric utility segment in other entities or projects. These investments are often strategic in nature, supporting joint ventures, renewable energy partnerships, or regulatory-approved initiatives. It tracks the segment's non-operating financial exposure and potential for supplemental income.

CMS Energy CMS Electric Utility — Investments

Similar metrics at other companies

DUKElectric Utilitiesand Infrastructure — Investments in equity method unconsolidated affiliates

$28M-71.1%

WECUtility operations — Equity Method Investments

$18.4M+12.9%

AEPVertically Integrated Utilities — Equity Method Investment

$33.5M-9.7%

AWR

AWRElectric: — Other assets

$58.77M+1.2%

SOElectric Utilities — Total Assets

$127.59B—

SOElectric Utilities — Earnings from equity method investments

-$1M+50.0%

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 / equity2×0.0×

Current ratio0.8×-0.2×

Where this comes from

Reported directly by CMS Energy in its filing.

Tagged under the XBRL concept us-gaap:EquityMethodInvestments.

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 — investments?: CMS Energy (CMS) reported electric utility — investments of $0 in Q4 2025.
What does electric utility — investments mean?: Reflects the financial holdings and equity interests held by the electric utility segment in other entities or projects. These investments are often strategic in nature, supporting joint ventures, renewable energy partnerships, or regulatory-approved initiatives. It tracks the segment's non-operating financial exposure and potential for supplemental income.