What is Cms Energy's earnings per share (EPS)?

Cms Energy (CMSD) reported diluted earnings per share of $3.53 for fiscal year 2025. This represents a 6.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Cms Energy Financials

CMSD

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Cms Energy (CMSD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 47/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Cms Energy has an operating margin of 20.2%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 67/100, reflecting efficient cost management and pricing power. This is up from 19.8% the prior year.

Growth

Cms Energy's revenue grew 13.6% year-over-year to $8.5B, a solid pace of expansion. This earns a growth score of 56/100.

Leverage

Cms Energy has a moderate D/E ratio of 1.95. This balance of debt and equity financing earns a leverage score of 62/100.

Liquidity

Cms Energy's current ratio of 0.98 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 14/100, which could limit financial flexibility.

Returns

Cms Energy's ROE of 11.7% shows moderate profitability relative to equity, earning a score of 37/100. This is down from 12.2% the prior year.

Piotroski F-Score Neutral

5/9

Cms Energy passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.09x

For every $1 of reported earnings, Cms Energy generates $2.09 in operating cash flow ($2.2B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.2x

Cms Energy earns $2.2 in operating income for every $1 of interest expense ($1.7B vs $798.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$8.5B

YoY+13.6%

5Y CAGR+5.9%

10Y CAGR+2.8%

Cms Energy generated $8.5B in revenue in fiscal year 2025. This represents an increase of 13.6% from the prior year.

EBITDA

$3.0B

YoY+11.2%

5Y CAGR+5.9%

10Y CAGR+4.6%

Cms Energy's EBITDA was $3.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.2% from the prior year.

Net Income

$1.1B

YoY+6.8%

5Y CAGR+7.2%

10Y CAGR+7.4%

Cms Energy reported $1.1B in net income in fiscal year 2025. This represents an increase of 6.8% from the prior year.

EPS (Diluted)

$3.53

YoY+6.0%

5Y CAGR+6.0%

10Y CAGR+6.4%

Cms Energy earned $3.53 per diluted share (EPS) in fiscal year 2025. This represents an increase of 6.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$509.0M

YoY+394.2%

5Y CAGR+73.9%

10Y CAGR+6.7%

Cms Energy held $509.0M in cash against $17.8B in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.17

YoY+5.3%

5Y CAGR+5.9%

10Y CAGR+6.5%

Cms Energy paid $2.17 per share in dividends in fiscal year 2025. This represents an increase of 5.3% from the prior year.

Shares Outstanding

306M

YoY+2.6%

5Y CAGR+1.2%

10Y CAGR+1.0%

Cms Energy had 306M shares outstanding in fiscal year 2025. This represents an increase of 2.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

20.2%

YoY+0.4pp

5Y CAGR+1.1pp

10Y CAGR+2.0pp

Cms Energy's operating margin was 20.2% in fiscal year 2025, reflecting core business profitability. This is up 0.4 percentage points from the prior year.

Net Margin

12.5%

YoY-0.8pp

5Y CAGR+0.8pp

10Y CAGR+4.4pp

Cms Energy's net profit margin was 12.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.8 percentage points from the prior year.

Return on Equity

11.7%

YoY-0.5pp

5Y CAGR-2.0pp

10Y CAGR-1.6pp

Cms Energy's ROE was 11.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.5 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

CMSD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$8.5B+13.6%	$7.5B+0.7%	$7.5B-13.2%	$8.6B+17.3%	$7.3B+14.2%	$6.4B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$1.7B+16.1%	$1.5B+20.4%	$1.2B+0.9%	$1.2B+6.8%	$1.1B-6.8%	$1.2B
Interest Expense	$798.0M+14.0%	$700.0M+8.9%	$643.0M+23.9%	$519.0M+3.8%	$500.0M-1.0%	$505.0M
Income Tax	$246.0M+39.8%	$176.0M+19.7%	$147.0M+58.1%	$93.0M-2.1%	$95.0M-17.4%	$115.0M
Net Income	$1.1B+6.8%	$1.0B+13.1%	$887.0M+6.0%	$837.0M-38.1%	$1.4B+79.2%	$755.0M
EPS (Diluted)	$3.53+6.0%	$3.33+10.6%	$3.01+5.6%	$2.85-38.8%	$4.66+76.5%	$2.64

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$2.2B+10.5%	$2.0B+10.0%	$1.8B-24.9%	$2.4B+23.0%	$2.0B+14.1%	$1.7B+8.5%	$1.6B-26.1%	$2.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$435.0M-9.6%	$481.0M+51.7%	$317.0M-35.8%	$494.0M+16.2%	$425.0M+15.8%	$367.0M+29.7%	$283.0M-31.3%	$412.0M
Interest Expense	$208.0M+2.0%	$204.0M+2.5%	$199.0M+6.4%	$187.0M+6.3%	$176.0M0.0%	$176.0M+2.9%	$171.0M-3.4%	$177.0M
Income Tax	$53.0M-22.1%	$68.0M+9.7%	$62.0M-1.6%	$63.0M+23.5%	$51.0M+96.2%	$26.0M-36.6%	$41.0M-29.3%	$58.0M
Net Income	$289.0M+4.3%	$277.0M+37.8%	$201.0M-33.9%	$304.0M+14.7%	$265.0M+4.7%	$253.0M+27.8%	$198.0M-31.0%	$287.0M
EPS (Diluted)	N/A	$0.92+39.4%	$0.66-34.7%	$1.01	N/A	$0.84+29.2%	$0.65-32.3%	$0.96

CMSD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$39.9B+11.2%	$35.9B+7.2%	$33.5B+6.9%	$31.4B+9.0%	$28.8B-3.1%	$29.7B
Current Assets	$3.5B+24.4%	$2.8B-1.7%	$2.8B-17.3%	$3.4B+30.7%	$2.6B+9.3%	$2.4B
Cash & Equivalents	$509.0M+394.2%	$103.0M-54.6%	$227.0M+38.4%	$164.0M-63.7%	$452.0M+1312.5%	$32.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	$1.6B+68.0%	$931.0M+9.1%	$853.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$30.8B+11.2%	$27.7B+6.6%	$26.0B+6.7%	$24.3B+10.0%	$22.1B-8.5%	$24.2B
Current Liabilities	$3.5B+0.8%	$3.5B+21.6%	$2.9B-3.0%	$3.0B+35.4%	$2.2B-28.3%	$3.1B
Long-Term Debt	$17.8B+17.2%	$15.2B+4.7%	$14.5B+10.6%	$13.1B+8.9%	$12.0B+2.6%	$11.7B
Total Equity	$9.1B+11.1%	$8.2B+9.1%	$7.5B+7.5%	$7.0B+5.8%	$6.6B+20.7%	$5.5B
Retained Earnings	$2.4B+20.0%	$2.0B+22.7%	$1.7B+22.8%	$1.4B+27.7%	$1.1B+393.9%	$214.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$39.9B+5.1%	$38.0B+0.8%	$37.7B+3.9%	$36.3B+1.0%	$35.9B+3.2%	$34.8B+1.3%	$34.4B+1.3%	$33.9B
Current Assets	$3.5B+26.5%	$2.7B-14.0%	$3.2B+14.8%	$2.8B-0.3%	$2.8B+3.2%	$2.7B-9.4%	$3.0B-3.4%	$3.1B
Cash & Equivalents	$509.0M+40.6%	$362.0M-57.1%	$844.0M+81.5%	$465.0M+351.5%	$103.0M-75.0%	$412.0M-41.1%	$699.0M-12.8%	$802.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$30.8B+5.7%	$29.1B-0.5%	$29.3B+4.8%	$28.0B+1.0%	$27.7B+3.7%	$26.7B+1.3%	$26.4B+1.5%	$26.0B
Current Liabilities	$3.5B+16.3%	$3.1B-4.5%	$3.2B+21.7%	$2.6B-25.4%	$3.5B+60.7%	$2.2B-13.3%	$2.5B+10.2%	$2.3B
Long-Term Debt	$17.8B+6.2%	$16.8B0.0%	$16.8B+3.9%	$16.1B+6.3%	$15.2B-2.3%	$15.5B+4.2%	$14.9B-0.4%	$15.0B
Total Equity	$9.1B+3.2%	$8.9B+5.6%	$8.4B+0.7%	$8.3B+1.3%	$8.2B+1.5%	$8.1B+1.3%	$8.0B+0.7%	$7.9B
Retained Earnings	$2.4B+5.2%	$2.3B+5.1%	$2.2B+1.7%	$2.2B+6.8%	$2.0B+5.5%	$1.9B+5.4%	$1.8B+2.3%	$1.8B

CMSD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.2B-5.7%	$2.4B+2.6%	$2.3B+170.1%	$855.0M-53.0%	$1.8B+42.6%	$1.3B
Capital Expenditures	N/A	N/A	N/A	$2.4B+14.4%	$2.1B-10.2%	$2.3B
Free Cash Flow	N/A	N/A	N/A	-$1.5B-491.1%	-$257.0M+75.2%	-$1.0B
Investing Cash Flow	-$4.0B-32.2%	-$3.1B+9.8%	-$3.4B-36.8%	-$2.5B-100.8%	-$1.2B+57.0%	-$2.9B
Financing Cash Flow	$2.2B+264.8%	$614.0M-46.3%	$1.1B-13.9%	$1.3B+549.8%	-$295.0M-118.2%	$1.6B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$478.0M+39.4%	$343.0M-17.1%	$414.0M-58.6%	$1.0B+148.1%	$403.0M+32.6%	$304.0M-57.0%	$707.0M-26.0%	$956.0M
Capital Expenditures	N/A	$978.0M+10.6%	$884.0M-0.5%	$888.0M	N/A	$806.0M+18.4%	$681.0M+11.1%	$613.0M
Free Cash Flow	N/A	-$635.0M-35.1%	-$470.0M-519.6%	$112.0M	N/A	-$502.0M-2030.8%	$26.0M-92.4%	$343.0M
Investing Cash Flow	-$1.1B-6.3%	-$1.0B-8.7%	-$962.0M-4.8%	-$918.0M+3.7%	-$953.0M-11.5%	-$855.0M-40.4%	-$609.0M+4.4%	-$637.0M
Financing Cash Flow	$817.0M+289.0%	$210.0M-77.8%	$947.0M+256.0%	$266.0M+1.9%	$261.0M+14.0%	$229.0M+234.7%	-$170.0M-157.8%	$294.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CMSD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	20.2%+0.4pp	19.8%+3.2pp	16.6%+2.3pp	14.2%-1.4pp	15.6%-3.5pp	19.2%
Net Margin	12.5%-0.8pp	13.4%+1.5pp	11.9%+2.2pp	9.7%-8.7pp	18.5%+6.7pp	11.8%
Return on Equity	11.7%-0.5pp	12.2%+0.4pp	11.8%-0.2pp	11.9%-8.5pp	20.4%+6.7pp	13.7%
Return on Assets	2.7%-0.1pp	2.8%+0.1pp	2.6%-0.0pp	2.7%-2.0pp	4.7%+2.2pp	2.5%
Current Ratio	0.98+0.2	0.79-0.2	0.98-0.2	1.15-0.0	1.19+0.4	0.78
Debt-to-Equity	1.95+0.1	1.85-0.1	1.92+0.1	1.87+0.1	1.82-0.3	2.14
FCF Margin	N/A	N/A	N/A	-17.7%-14.2pp	-3.5%+12.6pp	-16.1%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	19.5%-4.3pp	23.8%+6.6pp	17.3%-2.9pp	20.2%-1.2pp	21.4%+0.3pp	21.1%+3.5pp	17.6%-1.3pp	18.9%
Net Margin	12.9%-0.8pp	13.7%+2.8pp	10.9%-1.5pp	12.4%-0.9pp	13.3%-1.2pp	14.5%+2.2pp	12.3%-0.9pp	13.2%
Return on Equity	3.2%+0.0pp	3.1%+0.7pp	2.4%-1.3pp	3.6%+0.4pp	3.2%+0.1pp	3.1%+0.6pp	2.5%-1.1pp	3.6%
Return on Assets	0.7%-0.0pp	0.7%+0.2pp	0.5%-0.3pp	0.8%+0.1pp	0.7%+0.0pp	0.7%+0.2pp	0.6%-0.3pp	0.9%
Current Ratio	0.98+0.1	0.90-0.1	1.00-0.1	1.06+0.3	0.79-0.4	1.23+0.1	1.18-0.2	1.35
Debt-to-Equity	1.95+0.1	1.89-0.1	2.00+0.1	1.94+0.1	1.85-0.1	1.92+0.1	1.86-0.0	1.88
FCF Margin	N/A	-31.4%-5.8pp	-25.6%-30.1pp	4.6%	N/A	-28.8%-30.4pp	1.6%-14.1pp	15.8%

Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

What is Cms Energy's annual revenue?

Cms Energy (CMSD) reported $8.5B in total revenue for fiscal year 2025. This represents a 13.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Cms Energy's revenue growing?

Cms Energy (CMSD) revenue grew by 13.6% year-over-year, from $7.5B to $8.5B in fiscal year 2025.

Is Cms Energy profitable?

Yes, Cms Energy (CMSD) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 12.5%.

What is Cms Energy's EBITDA?

Cms Energy (CMSD) had EBITDA of $3.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Cms Energy have?

As of fiscal year 2025, Cms Energy (CMSD) had $509.0M in cash and equivalents against $17.8B in long-term debt.

What is Cms Energy's operating margin?

Cms Energy (CMSD) had an operating margin of 20.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Cms Energy's net profit margin?

Cms Energy (CMSD) had a net profit margin of 12.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Cms Energy pay dividends?

Yes, Cms Energy (CMSD) paid $2.17 per share in dividends during fiscal year 2025.

What is Cms Energy's return on equity (ROE)?

Cms Energy (CMSD) has a return on equity of 11.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Cms Energy's operating cash flow?

Cms Energy (CMSD) generated $2.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Cms Energy's total assets?

Cms Energy (CMSD) had $39.9B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Cms Energy have outstanding?

Cms Energy (CMSD) had 306M shares outstanding as of fiscal year 2025.

What is Cms Energy's current ratio?

Cms Energy (CMSD) had a current ratio of 0.98 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Cms Energy's debt-to-equity ratio?

Cms Energy (CMSD) had a debt-to-equity ratio of 1.95 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Cms Energy's return on assets (ROA)?

Cms Energy (CMSD) had a return on assets of 2.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Cms Energy's Piotroski F-Score?

Cms Energy (CMSD) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Cms Energy's earnings high quality?

Cms Energy (CMSD) has an earnings quality ratio of 2.09x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Cms Energy cover its interest payments?

Cms Energy (CMSD) has an interest coverage ratio of 2.2x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Cms Energy?

Cms Energy (CMSD) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.