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CMS Energy CMS Regulatory liabilities

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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$22.91B+5.1%
Enterprise value$41.76B+7.4%
P/E20.7×-0.6×
P/S2.6×-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:RegulatoryLiabilityCurrent.

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 regulatory liabilities?
CMS Energy (CMS) reported regulatory liabilities of $87M in Q1 2026.
How has CMS Energy's regulatory liabilities changed year-over-year?
CMS Energy's regulatory liabilities decreased by 12.1% year-over-year, from $99M to $87M.
What is the long-term trend for CMS Energy's regulatory liabilities?
Over 5 years (2020 to 2025), CMS Energy's regulatory liabilities has grown at a -10.9% compound annual growth rate (CAGR), from $151M to $85M.
What does regulatory liabilities mean?
Regulatory liabilities represent obligations to provide future benefits to customers, often arising from regulatory orders or the deferral of costs. These are specific to the utility industry and reflect the unique relationship between the utility and its regulators. They serve as a mechanism to balance the interests of the utility and its ratepayers over time.