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CMS Energy CMS Electric Utility — Maintenance and other operating expenses

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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:UtilitiesOperatingExpenseMaintenanceAndOperations.

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 — maintenance and other operating expenses?
CMS Energy (CMS) reported electric utility — maintenance and other operating expenses of $277M in Q1 2026.
How has CMS Energy's electric utility — maintenance and other operating expenses changed year-over-year?
CMS Energy's electric utility — maintenance and other operating expenses increased by 7.8% year-over-year, from $257M to $277M.
What is the long-term trend for CMS Energy's electric utility — maintenance and other operating expenses?
Over 3 years (2022 to 2025), CMS Energy's electric utility — maintenance and other operating expenses has grown at a 3.7% compound annual growth rate (CAGR), from $1.03B to $1.15B.
What does electric utility — maintenance and other operating expenses mean?
This covers the ongoing operational costs required to maintain the electric grid, including labor, materials, and administrative overhead. It excludes fuel and power procurement costs, focusing instead on the day-to-day upkeep of physical infrastructure.