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CMS Energy CMS Gas Utility — Maintenance and other operating 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:UtilitiesOperatingExpenseMaintenanceAndOperations.

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 — maintenance and other operating expenses?
CMS Energy (CMS) reported gas utility — maintenance and other operating expenses of $139M in Q1 2026.
How has CMS Energy's gas utility — maintenance and other operating expenses changed year-over-year?
CMS Energy's gas utility — maintenance and other operating expenses increased by 19.8% year-over-year, from $116M to $139M.
What is the long-term trend for CMS Energy's gas utility — maintenance and other operating expenses?
Over 3 years (2022 to 2025), CMS Energy's gas utility — maintenance and other operating expenses has grown at a -5.5% compound annual growth rate (CAGR), from $554M to $468M.
What does gas utility — maintenance and other operating expenses mean?
The recurring costs required to maintain, repair, and operate the gas distribution network and administrative functions. This includes labor, materials, and contracted services necessary to ensure safe and reliable service.