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CMS Energy CMS Electric Utility — Power supply cost

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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 / 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 cms:PowerSupplyCosts.

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 — power supply cost?
CMS Energy (CMS) reported electric utility — power supply cost of $600M in Q1 2026.
How has CMS Energy's electric utility — power supply cost changed year-over-year?
CMS Energy's electric utility — power supply cost increased by 9.9% year-over-year, from $546M to $600M.
What is the long-term trend for CMS Energy's electric utility — power supply cost?
Over 3 years (2022 to 2025), CMS Energy's electric utility — power supply cost has grown at a -5.6% compound annual growth rate (CAGR), from $2.61B to $2.19B.
What does electric utility — power supply cost mean?
This represents the direct costs incurred to generate or purchase electricity to meet customer demand, including fuel costs and wholesale power procurement. It is a primary variable expense for electric utilities and is often subject to pass-through recovery mechanisms.