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CMS Energy CMS Gas Utility — Total Costs & 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:CostsAndExpenses.

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 — total costs & expenses?
CMS Energy (CMS) reported gas utility — total costs & expenses of $911M in Q1 2026.
How has CMS Energy's gas utility — total costs & expenses changed year-over-year?
CMS Energy's gas utility — total costs & expenses increased by 23.4% year-over-year, from $738M to $911M.
What is the long-term trend for CMS Energy's gas utility — total costs & expenses?
Over 3 years (2022 to 2025), CMS Energy's gas utility — total costs & expenses has grown at a -7.3% compound annual growth rate (CAGR), from $2.29B to $1.82B.
What does gas utility — total costs & expenses mean?
The aggregate of all operating costs, including fuel, maintenance, depreciation, and taxes, required to run the gas utility segment. This represents the total cost structure before interest and income taxes.