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CMS Energy CMS Gas 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 gas utility — utilities operating expense?
CMS Energy (CMS) reported gas utility — utilities operating expense of $911M in Q1 2026.
How has CMS Energy's gas utility — utilities operating expense changed year-over-year?
CMS Energy's gas utility — utilities operating expense increased by 23.4% year-over-year, from $738M to $911M.
What is the long-term trend for CMS Energy's gas utility — utilities operating expense?
Over 3 years (2022 to 2025), CMS Energy's gas utility — utilities operating expense has grown at a -7.3% compound annual growth rate (CAGR), from $2.29B to $1.82B.
What does gas utility — utilities operating expense mean?
The aggregate of all operating costs incurred by the gas utility, including maintenance, labor, administrative costs, and depreciation. It excludes interest and taxes, focusing on the operational efficiency of the utility's day-to-day activities.