What is CMS Energy's gas utility — investments?

CMS Energy (CMS) reported gas utility — investments of $0 in Q4 2025.

What does gas utility — investments mean?

Reflects the financial holdings and equity interests held by the gas utility segment in other entities or projects. These investments are typically strategic in nature, supporting the core utility operations or regulatory requirements.

CMS Energy CMS Gas Utility — Investments

Similar metrics at other companies

DUKGas Utilitiesand Infrastructure — Investments in equity method unconsolidated affiliates

$186M-28.2%

SRGas Utility — Payments To Acquire Productive Assets

$187.9M+6.0%

DUKGas Utilitiesand Infrastructure — Ownership interest (as a percent)

50%-20.0pp

ENBGas Distributionand Storage — Equity Method Investments

$66M-1.5%

ENBGas Transmission — Equity Method Investments

$2.08B+33.0%

ENBGas Distribution and Storage — Other Long Term Investments

$25M-7.4%

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 us-gaap:EquityMethodInvestments.

The official record: CMS Energy’s 10-K, filed February 10, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is CMS Energy's gas utility — investments?: CMS Energy (CMS) reported gas utility — investments of $0 in Q4 2025.
What does gas utility — investments mean?: Reflects the financial holdings and equity interests held by the gas utility segment in other entities or projects. These investments are typically strategic in nature, supporting the core utility operations or regulatory requirements.