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CMS Energy Income Statement

Revenue, expenses, and profitability over time

CMS Energy generated $8.8B in trailing twelve-month revenue, up 0.1% year-over-year. Net income was $1.1B with a 12.55% net margin. Diluted EPS is $3.62, which grew 0.1% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$8.8BOperating Income (TTM)$1.7BNet Income (TTM)$1.1BEps Diluted (TTM)$3.62
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$22.5B
P/E Ratio20.33
ROE12.44%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aircraft fuel$175M$217M$134M$153M$153M$220M
Depreciation and amortization$326M$388M$288M$288M$342M$412M
Other operating expenses$420M$405M$397M$416M$509M$448M
Provision for credit losses—$12M$8M$10M—$13M
Total operating expenses$1.6B$2B$1.5B$1.5B$1.8B$2.2B

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$0.89$1.01$0.67$0.92$0.94$1.10
Diluted earnings per share$0.88$1.01$0.66$0.92$0.94$1.10
Continuing operations (in dollars per share)$0.9$1$0.7$0.9—$1.1
Continuing operations (in dollars per share)$0.9$1$0.7$0.9—$1.1
Weighted-average shares, basic—298.2M298.5M299.7M—306.4M
Weighted-average shares, diluted—299.1M299.1M300.4M—307.1M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$306M$358M$255M$340M$295M$362M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$51M$63M$62M$68M$53M$85M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest expense$180M$186M$199M$203M$201M$203M
Other income (expense), net$61M$50M$137M$62M$61M$75M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income attributable to noncontrolling interests—-$9M-$8M-$5M—-$63M
Net income$265M$304M$201M$277M$289M$340M
Income from continuing operations—$295M$193M$272M—$277M
Preferred stock dividends$3M$2M$3M$2M$3M$2M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating income$425M$494M$317M$481M$435M$490M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital investments accrued but not yet paid$130M$315M$222M$49M$76M$601M
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—$348M$399M——-$352M
Cash Dividends Paid To Parent Company By Consolidated Subsidiaries—$271M$145M$233M—$308M
Dividends declared (in dollars per share)—$0.54$0.54$0.54—$0.57
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$304M$201M$277M—$341M
Less: comprehensive income attributable to noncontrolling interest—-$9M-$8M-$5M—-$63M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest—$295M$193M$272M—$278M
Deemed contribution from sale of membership interest—$0———$82M
Deferred and other income taxes$39M$60M$64M$47M$31M$82M
Effective tax rates—$0.2$0——$0.2
Income taxes at U.S. statutory rate of 21%—21.0%———21.0%
Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate—-3.4%———-3.3%
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent—-0.6%———-4.6%
Property differences—-0.3%———-1.7%
State income taxes – net of federal income tax benefit—5.0%———5.2%
Changes in unrecognized tax benefits—0.8%———5.2%
Effective Income Tax Rate Reconciliation, Tax Credit, Energy-Related, Percent—5.6%———6.9%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent—0.3%———0.6%
Facilities agreed to sell———13.00——
Financing income—$5M$4M$3M—$4M
Forward price (USD per share)———$72.42—$75.63
Fuel$175M$217M$134M$153M$153M$220M
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent—$302M$198M$275M—$338M
Income Taxes Paid, Net-$17.3M-$5M-$5M-$5M-$5M—
Increase (Decrease) in Accounts and Other Receivables$340M$5M-$85M-$34M$365M$24M
Accounts payable and other current liabilities—$13M$11M-$30M$202M-$137M
Increase (Decrease) in Inventories-$113M-$190M—$168M—-$148M
Increase (Decrease) in Other Current Assets and Liabilities, Net-$45M-$41M-$76M——$63M
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net-$34M-$64M$49M$49M$22M-$65M
Incremental Common Shares Attributable To Conversion Of Debt Securities—0———200K
Diluted effect of share purchase plans related to Class A ordinary shares (in shares)—900K600K600K—500K
Interest Costs Capitalized Adjustment$7M$3M$3M$3M$2M$8M
Debt$181M$187M$199M$204M$208M$209M
Interest Paid, Excluding Capitalized Interest, Operating Activity$169.3M$185.3M$185.3M$185.3M$185.3M—
Lease Income—$42M$34M$41M—$50M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation$261M$266M$947M$210M$817M$16M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$953M-$918M-$962M-$1B-$1.1B-$1.1B
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$403M$1B$414M$343M$478M$705M
Net Income Loss Attributable To Noncontrolling Interest—-$9M-$8M-$5M—-$63M
Number of reportable segments—————3.00
Other comprehensive income (loss)—$0$0$0—$1M
Pension and other postretirement benefit, tax—$0$0-$1M—-$1M
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax—$0$0$0—$0
Other Noncash Income (Expense)$89M$46M$98M$37M$57M$55M
Other Nonoperating Expense$21M$6M$5M$5M$11M$4M
Other Nonoperating Income$40M$14M$95M$19M$23M$28M
Non-operating retirement benefits, net$42M$42M$47M$48M$49M$51M
Payment for (Proceeds from) Other Investing Activity$35M$30M$78M$68M$38M$34M
Payments Of Ordinary Dividends, Common And Preferred—$166M$165M$165M—$178M
Payments to Acquire Property, Plant, and Equipment—$888M$884M$978M—$1B
Power supply cost—$615M$603M$687M—$691M
Preferred Stock Dividends and Other Adjustments—$2M$3M$2M—$2M
Preferred Stock Dividends Per Share Declared—$0.26$0.26$0.26—$0.26
Proceeds from Issuance of Common Stock$3M$3M$14M$356M$152M$166M
Debt issued (Note 13)$515M$1.2B$1.2B$62M$1.1B$258M
Financing — other—-$33M-$27M$0-$5M-$26M
Proceeds from (Repayments of) Short-Term Debt—-$65M———$0
Net additions (releases) charged to costs and expenses$8.3M$12M$8M$10M$10M$13M
Purchased power – related parties$18M$18M$30M$21M$25M$20M
Repayments of Long-Term Debt$163M$717M$124M$43M$266M$204M
Revenue From Contract With Customer Excluding Assessed Tax—$2.4B$1.8B$2B—$2.7B
Segment Reporting, Other Segment Item, Amount—-$7M-$5M-$3M—-$61M
Taxes other than income taxes and other – net$126M$162M$109M$107M$135M$173M
Additions for tax positions of prior years—————$18M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$2B$2.4B$1.8B$2B$2.2B$2.7B