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CMS Energy CMS Gas Utility — Alternative-revenue programs

Other segment segments

Electric Utility
$1M-50.0%

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FEAlternative Revenue Program — Revenue
$13M—

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:AlternativeRevenuePrograms.

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 gas utility — alternative-revenue programs?
CMS Energy (CMS) reported gas utility — alternative-revenue programs of $0 in Q1 2026.
What is the long-term trend for CMS Energy's gas utility — alternative-revenue programs?
Over 3 years (2022 to 2025), CMS Energy's gas utility — alternative-revenue programs has grown at a 10.7% compound annual growth rate (CAGR), from $14M to $19M.
What does gas utility — alternative-revenue programs mean?
Revenue recognized through regulatory mechanisms that allow the utility to recover costs or earn incentives outside of traditional volumetric gas sales. These programs are typically designed to decouple utility earnings from sales volume to support conservation goals.