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CMS Energy CMS Electric Utility — Utilities Operating Expense

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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:UtilitiesOperatingExpense.

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 — utilities operating expense?
CMS Energy (CMS) reported electric utility — utilities operating expense of $1.19B in Q1 2026.
How has CMS Energy's electric utility — utilities operating expense changed year-over-year?
CMS Energy's electric utility — utilities operating expense increased by 8.4% year-over-year, from $1.1B to $1.19B.
What is the long-term trend for CMS Energy's electric utility — utilities operating expense?
Over 3 years (2022 to 2025), CMS Energy's electric utility — utilities operating expense has grown at a -0.7% compound annual growth rate (CAGR), from $4.63B to $4.54B.
What does electric utility — utilities operating expense mean?
The total operating costs incurred by the electric utility segment, including fuel, maintenance, labor, and administrative expenses. This metric measures the efficiency of the utility's day-to-day operations and its ability to manage controllable costs. It is a key driver of the segment's operating margin.