CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) Financials

CMSD

Trailing 12 months to June 30, 2026

Revenue $8.8B +9.9% YoY

Net Income $1.0B +0.3% YoY

EPS (Diluted) $3.33 -1.8% YoY

Operating Cash Flow $2.1B +1.3% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 28, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 28, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CMSD SEC filings page.

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) reported $8.8B in revenue over the twelve months to Jun 30, 2026, up 9.9% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI CMSD FY2025 2026-08-30

Improving operating margins coexist with heavy reinvestment and financing dependence, making capital deployment the dominant business mechanic.

Operating margin expansion from 15.6% in FY2021 to 20.2% in FY2025 did not translate proportionally into bottom-line improvement, indicating a growing financing-cost drag. Interest expense reached $798M in FY2025, up from $500M in FY2021, absorbing more of the operating progress.

Cash conversion was stronger than reported earnings in FY2025: operating cash flow of $2.24B exceeded net income of $1.07B, so accounting profit became cash before investment spending. That cash generation still did not fund the full reinvestment program, with investing outflows of $4.04B requiring roughly $2.2B of financing inflows.

The balance sheet remains leverage-dependent: debt-to-equity was 1.9x in FY2025 versus 1.8x in FY2021, showing leverage stayed elevated even as equity increased. A current-asset shortfall was also visible, with current assets of $3.47B below current liabilities of $3.55B, leaving near-term obligations larger than the reported current-asset base.

Financial Health Signals

Financial health score not available

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

5/8

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 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 Corporation 5.875% Junior Subordinated Notes due 2079 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

2.16x

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 earns $2.16 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

$1.8B

YoY-0.5%

QoQ-33.0%

5Y CAGR+3.3%

10Y CAGR+2.9%

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 generated $1.8B in revenue in Q2 2026. This represents a decrease of 0.5% from the same quarter a year earlier. Against the prior quarter it is down 33.0%.

EBITDA

$572.0M

YoY-5.5%

QoQ-36.6%

5Y CAGR+2.9%

10Y CAGR+2.4%

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's EBITDA was $572.0M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 5.5% from the same quarter a year earlier. Against the prior quarter it is down 36.6%.

Net Income

$120.0M

YoY-40.3%

QoQ-64.7%

5Y CAGR-7.4%

10Y CAGR-0.3%

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 reported $120.0M in net income in Q2 2026. This represents a decrease of 40.3% from the same quarter a year earlier. Against the prior quarter it is down 64.7%.

EPS (Diluted)

$0.37

YoY-43.9%

QoQ-66.4%

5Y CAGR-9.5%

10Y CAGR-1.9%

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 earned $0.37 per diluted share (EPS) in Q2 2026. This represents a decrease of 43.9% from the same quarter a year earlier. Against the prior quarter it is down 66.4%.

Cash & Balance Sheet

Free Cash Flow

-$345.0M

YoY+26.6%

QoQ-3.3%

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 recorded an outflow of $345.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 26.6% from the same quarter a year earlier. Against the prior quarter it is down 3.3%.

Cash & Debt

$241.0M

YoY-71.4%

QoQ+37.7%

5Y CAGR+9.5%

10Y CAGR-4.6%

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 held $241.0M in cash against $18.2B in long-term debt as of Q2 2026.

Dividends Per Share

$0.57

YoY+5.1%

QoQ0.0%

5Y CAGR+5.6%

10Y CAGR+6.3%

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 paid $0.57 per share in dividends in Q2 2026. This represents an increase of 5.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

314M

YoY+4.8%

QoQ+1.5%

5Y CAGR+1.6%

10Y CAGR+1.2%

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 had 314M shares outstanding in Q2 2026. This represents an increase of 4.8% from the same quarter a year earlier. Against the prior quarter it is up 1.5%.

Margins & Returns

Operating Margin

14.4%

YoY-2.8pp

QoQ-3.5pp

5Y change-1.7pp

10Y change-5.6pp

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's operating margin was 14.4% in Q2 2026, reflecting core business profitability. This is down 2.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.5 percentage points.

Net Margin

6.6%

YoY-4.4pp

QoQ-5.9pp

5Y change-4.7pp

10Y change-2.5pp

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's net profit margin was 6.6% in Q2 2026, showing the share of revenue converted to profit. This is down 4.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 5.9 percentage points.

Return on Equity

1.2%

YoY-1.2pp

QoQ-2.4pp

5Y change-1.8pp

10Y change-1.8pp

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's ROE was 1.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.4 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

Capital Expenditures

$967.0M

YoY+9.4%

QoQ-6.9%

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 invested $967.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 9.4% from the same quarter a year earlier. Against the prior quarter it is down 6.9%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

CMSD Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CMSD quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$8.8B	$8.5B+13.6%	$7.5B+0.7%	$7.5B-13.2%	$8.6B+17.3%	$7.3B+14.2%	$6.4B-3.1%	$6.6B-3.6%	$6.9B+4.4%	$6.6B+2.9%	$6.4B-0.9%	$6.5B-10.1%	$7.2B+9.3%	$6.6B+5.0%	$6.3B-3.8%	$6.5B
Operating Income	$1.7B	$1.7B+16.1%	$1.5B+20.4%	$1.2B+0.9%	$1.2B+6.8%	$1.1B-6.8%	$1.2B+10.3%	$1.1B-4.0%	$1.2B-13.2%	$1.3B+6.5%	$1.3B+6.6%	$1.2B+2.3%	$1.2B+0.9%	$1.1B+13.9%	$1.0B0.0%	$1.0B
EBITDA	N/A	$3.0B+11.2%	$2.7B+12.9%	$2.4B+2.8%	$2.4B+4.0%	$2.3B-0.6%	$2.3B+8.0%	$2.1B+0.4%	$2.1B-5.6%	$2.2B+7.4%	$2.1B+7.2%	$1.9B+5.0%	$1.8B+3.8%	$1.8B+10.6%	$1.6B+3.4%	$1.5B
Interest Expense	$832.0M	$798.0M+14.0%	$700.0M+8.9%	$643.0M+23.9%	$519.0M+3.8%	$500.0M-1.0%	$505.0M+9.8%	$460.0M+0.4%	$458.0M+4.6%	$438.0M+0.7%	$435.0M+9.8%	$396.0M-2.7%	$407.0M+2.3%	$398.0M+2.3%	$389.0M-6.3%	$415.0M
Income Tax	$239.0M	$246.0M+39.8%	$176.0M+19.7%	$147.0M+58.1%	$93.0M-2.1%	$95.0M-17.4%	$115.0M-12.2%	$131.0M+13.9%	$115.0M-72.9%	$424.0M+55.3%	$273.0M+0.7%	$271.0M+8.4%	$250.0M-17.2%	$302.0M+23.3%	$245.0M+28.3%	$191.0M
Net Income	$1.0B	$1.1B+6.8%	$1.0B+13.1%	$887.0M+6.0%	$837.0M-38.1%	$1.4B+79.2%	$755.0M+11.0%	$680.0M+3.5%	$657.0M+42.8%	$460.0M-16.5%	$551.0M+5.4%	$523.0M+9.6%	$477.0M+5.5%	$452.0M+18.3%	$382.0M-8.0%	$415.0M
EPS (Basic)	N/A	$3.53+5.7%	$3.34+11.0%	$3.01+5.6%	$2.85-38.8%	$4.66+75.8%	$2.65+10.4%	$2.40+3.0%	$2.33+42.1%	$1.64-17.6%	$1.99+4.7%	$1.90+8.0%	$1.76+2.9%	$1.71+17.1%	$1.46-12.0%	$1.66
EPS (Diluted)	$3.33	$3.53+6.0%	$3.33+10.6%	$3.01+5.6%	$2.85-38.8%	$4.66+76.5%	$2.64+10.5%	$2.39+3.0%	$2.32+41.5%	$1.64-17.2%	$1.98+4.8%	$1.89+8.6%	$1.74+4.8%	$1.66+16.9%	$1.42-10.1%	$1.58
Diluted Shares (Avg)	N/A	301M+0.9%	298M+2.3%	292M+0.6%	290M+0.2%	290M+1.1%	286M+0.7%	284M+0.5%	283M+0.7%	281M+0.7%	279M+0.9%	277M+0.7%	275M+1.0%	272M+1.2%	269M+2.0%	263M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$1.8B-0.5%	$2.7B+11.6%	$2.2B+12.3%	$2.0B+15.9%	$1.8B+14.4%	$2.4B+12.5%	$2.0B+2.0%	$1.7B+4.2%
Operating Income	$264.0M-16.7%	$490.0M-0.8%	$435.0M+2.4%	$481.0M+31.1%	$317.0M+12.0%	$494.0M+19.9%	$425.0M+4.7%	$367.0M+35.4%
EBITDA	$572.0M-5.5%	$902.0M+2.3%	$777.0M+3.5%	$769.0M+20.2%	$605.0M+8.8%	$882.0M+13.1%	$751.0M+4.9%	$640.0M+20.1%
Interest Expense	$211.0M+6.0%	$209.0M+11.8%	$208.0M+18.2%	$204.0M+15.9%	$199.0M+16.4%	$187.0M+5.6%	$176.0M+2.3%	$176.0M+7.3%
Income Tax	$33.0M-46.8%	$85.0M+34.9%	$53.0M+3.9%	$68.0M+161.5%	$62.0M+51.2%	$63.0M+8.6%	$51.0M-22.7%	$26.0M+136.4%
Net Income	$120.0M-40.3%	$340.0M+11.8%	$289.0M+9.1%	$277.0M+9.5%	$201.0M+1.5%	$304.0M+5.9%	$265.0M-14.2%	$253.0M+43.8%
EPS (Basic)	$0.38-43.3%	$1.10+8.9%	$0.94+5.6%	$0.92+9.5%	$0.67+3.1%	$1.01+5.2%	$0.89-15.2%	$0.84+40.0%
EPS (Diluted)	$0.37-43.9%	$1.10+8.9%	$0.94+6.8%	$0.92+9.5%	$0.66+1.5%	$1.01+5.2%	$0.88-16.2%	$0.84+40.0%
Diluted Shares (Avg)	311M+3.9%	307M+2.7%	N/A	300M+0.5%	299M+0.2%	299M+0.6%	N/A	299M+2.5%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses.

CMSD Balance Sheet

CMSD quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$39.9B+11.2%	$35.9B+7.2%	$33.5B+6.9%	$31.4B+9.0%	$28.8B-3.1%	$29.7B+10.5%	$26.8B+9.4%	$24.5B+6.4%	$23.1B+6.6%	$21.6B+6.5%	$20.3B+6.0%	$19.1B+10.7%	$17.3B+0.9%	$17.1B+4.1%	$16.5B
Current Assets	$3.5B+24.4%	$2.8B-1.7%	$2.8B-17.3%	$3.4B+30.7%	$2.6B+9.3%	$2.4B+3.1%	$2.3B-5.6%	$2.5B-0.3%	$2.5B+8.6%	$2.3B-1.7%	$2.3B-10.7%	$2.6B+2.8%	$2.5B+4.3%	$2.4B-5.6%	$2.6B
Cash & Equivalents	$509.0M+394.2%	$103.0M-54.6%	$227.0M+38.4%	$164.0M-63.7%	$452.0M+1312.5%	$32.0M-77.1%	$140.0M-8.5%	$153.0M-15.9%	$182.0M-22.6%	$235.0M-11.7%	$266.0M+28.5%	$207.0M+20.3%	$172.0M+84.9%	$93.0M-42.2%	$161.0M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	N/A	N/A	N/A	$1.6B+68.0%	$931.0M+9.1%	$853.0M-3.7%	$886.0M-8.1%	$964.0M-6.6%	$1.0B+25.7%	$821.0M+6.1%	$774.0M-12.1%	$881.0M-3.6%	$914.0M+6.9%	$855.0M-1.6%	$869.0M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$30.8B+11.2%	$27.7B+6.6%	$26.0B+6.7%	$24.3B+10.0%	$22.1B-8.5%	$24.2B+10.8%	$21.8B+10.3%	$19.8B+6.3%	$18.6B+7.1%	$17.4B+6.2%	$16.4B+5.7%	$15.5B+11.8%	$13.8B-0.7%	$13.9B+3.8%	$13.4B
Current Liabilities	$3.5B+0.8%	$3.5B+21.6%	$2.9B-3.0%	$3.0B+35.4%	$2.2B-28.3%	$3.1B+13.7%	$2.7B+3.0%	$2.6B-5.7%	$2.8B+4.9%	$2.7B+15.3%	$2.3B+18.2%	$1.9B+0.2%	$1.9B+8.2%	$1.8B-23.1%	$2.3B
Non-Current Liabilities	$26.7B+12.8%	$23.7B+5.1%	$22.5B+8.3%	$20.8B+7.3%	$19.4B-5.6%	$20.5B+7.5%	$19.1B+11.5%	$17.1B+8.4%	$15.8B+7.6%	$14.7B+4.7%	$14.0B+3.6%	$13.5B+12.9%	$12.0B-1.0%	$12.1B+9.5%	$11.0B
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-1.7%	$12.0B+12.6%	$10.6B+16.4%	$9.1B+5.6%	$8.6B+2.9%	$8.4B+4.8%	$8.0B+12.9%	$7.1B+5.8%	$6.7B+11.1%	$6.0B
Total Equity	$9.1B+11.1%	$8.2B+9.1%	$7.5B+7.5%	$7.0B+5.8%	$6.6B+20.7%	$5.5B+9.5%	$5.0B+5.5%	$4.8B+7.1%	$4.4B+4.4%	$4.3B+8.0%	$3.9B+7.3%	$3.7B+6.3%	$3.5B+8.1%	$3.2B+5.5%	$3.0B
Retained Earnings	$2.4B+20.0%	$2.0B+22.7%	$1.7B+22.8%	$1.4B+27.7%	$1.1B+393.9%	$214.0M+956.0%	-$25.0M+90.8%	-$271.0M+49.0%	-$531.0M+13.8%	-$616.0M+28.0%	-$855.0M+19.2%	-$1.1B+14.8%	-$1.2B+12.7%	-$1.4B+8.4%	-$1.6B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$40.9B+8.5%	$40.3B+11.0%	$39.9B+11.2%	$38.0B+9.2%	$37.7B+9.7%	$36.3B+7.1%	$35.9B+7.2%	$34.8B+7.1%
Current Assets	$2.9B-10.2%	$3.0B+8.7%	$3.5B+24.4%	$2.7B+1.6%	$3.2B+7.0%	$2.8B-10.0%	$2.8B-1.7%	$2.7B+10.4%
Cash & Equivalents	$241.0M-71.4%	$175.0M-62.4%	$509.0M+394.2%	$362.0M-12.1%	$844.0M+20.7%	$465.0M-42.0%	$103.0M-54.6%	$412.0M+162.4%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$31.1B+6.2%	$30.8B+10.2%	$30.8B+11.2%	$29.1B+9.1%	$29.3B+11.2%	$28.0B+7.7%	$27.7B+6.6%	$26.7B+5.4%
Current Liabilities	$3.1B-4.2%	$3.6B+36.7%	$3.5B+0.8%	$3.1B+39.3%	$3.2B+26.4%	$2.6B+14.5%	$3.5B+21.6%	$2.2B-19.4%
Non-Current Liabilities	$27.4B+7.5%	$26.6B+7.7%	$26.7B+12.8%	$25.5B+6.4%	$25.5B+9.6%	$24.7B+7.1%	$23.7B+5.1%	$24.0B+8.8%
Long-Term Debt	$18.2B+8.3%	$17.5B+8.1%	$17.8B+17.2%	$16.8B+7.9%	$16.8B+12.5%	$16.1B+7.8%	$15.2B+4.7%	$15.5B+10.2%
Total Equity	$9.8B+16.4%	$9.5B+13.6%	$9.1B+11.1%	$8.9B+9.3%	$8.4B+4.9%	$8.3B+4.9%	$8.2B+9.1%	$8.1B+12.9%
Retained Earnings	$2.5B+15.2%	$2.6B+19.8%	$2.4B+20.0%	$2.3B+20.5%	$2.2B+20.8%	$2.2B+21.5%	$2.0B+22.7%	$1.9B+29.0%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.

CMSD Cash Flow Statement

CMSD quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$2.1B	$2.2B-5.7%	$2.4B+2.6%	$2.3B+170.1%	$855.0M-53.0%	$1.8B+42.6%	$1.3B-28.7%	$1.8B+5.1%	$1.7B-0.1%	$1.7B+4.7%	$1.6B-0.7%	$1.6B+10.7%	$1.5B+4.2%	$1.4B+14.5%	$1.2B+6.2%	$1.2B
Depreciation & Amortization	N/A	$1.3B+5.3%	$1.2B+5.1%	$1.2B+4.8%	$1.1B+1.1%	$1.1B+6.8%	$1.0B+5.5%	$989.0M+6.0%	$933.0M+5.9%	$881.0M+8.6%	$811.0M+8.1%	$750.0M+9.5%	$685.0M+9.1%	$628.0M+5.0%	$598.0M+9.5%	$546.0M
Capital Expenditures	N/A	N/A	N/A	N/A	$2.4B+14.4%	$2.1B-10.2%	$2.3B+10.2%	$2.1B+1.1%	$2.1B+24.6%	$1.7B-0.4%	$1.7B+6.9%	$1.6B-0.8%	$1.6B+19.0%	$1.3B+8.0%	$1.2B+39.1%	$882.0M
Free Cash Flow	N/A	N/A	N/A	N/A	-$1.5B-491.1%	-$257.0M+75.2%	-$1.0B-237.1%	-$307.0M+17.3%	-$371.0M-1027.5%	$40.0M+193.0%	-$43.0M-156.6%	$76.0M+179.2%	-$96.0M-200.0%	$96.0M+585.7%	$14.0M-95.1%	$287.0M
Investing Cash Flow	-$4.3B	-$4.0B-32.2%	-$3.1B+9.8%	-$3.4B-36.8%	-$2.5B-100.8%	-$1.2B+57.0%	-$2.9B-1.8%	-$2.8B-8.1%	-$2.6B-39.5%	-$1.9B+2.5%	-$1.9B+7.2%	-$2.1B	N/A	-$1.5B-13.5%	-$1.4B-27.6%	-$1.1B
Financing Cash Flow	$1.5B	$2.2B+264.8%	$614.0M-46.3%	$1.1B-13.9%	$1.3B+549.8%	-$295.0M-118.2%	$1.6B+60.6%	$1.0B+15.3%	$874.0M+694.5%	$110.0M-56.9%	$255.0M-44.9%	$463.0M	N/A	$190.0M+363.4%	$41.0M+120.6%	-$199.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$252.0M+19.4%	$211.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$622.0M+50.2%	$705.0M-29.5%	$478.0M+18.6%	$343.0M+12.8%	$414.0M-41.4%	$1.0B+4.6%	$403.0M-0.5%	$304.0M+52.8%
Depreciation & Amortization	$308.0M+6.9%	$412.0M+6.2%	$342.0M+4.9%	$288.0M+5.5%	$288.0M+5.5%	$388.0M+5.4%	$326.0M+5.2%	$273.0M+4.2%
Capital Expenditures	$967.0M+9.4%	$1.0B+17.0%	N/A	$978.0M+21.3%	$884.0M+29.8%	$888.0M+44.9%	N/A	$806.0M
Free Cash Flow	-$345.0M+26.6%	-$334.0M-398.2%	N/A	-$635.0M-26.5%	-$470.0M-1907.7%	$112.0M-67.3%	N/A	-$502.0M
Investing Cash Flow	-$1.0B-6.0%	-$1.1B-16.9%	-$1.1B-16.7%	-$1.0B-22.3%	-$962.0M-58.0%	-$918.0M-44.1%	-$953.0M-46.8%	-$855.0M-29.9%
Financing Cash Flow	$480.0M-49.3%	$16.0M-94.0%	$817.0M+213.0%	$210.0M-8.3%	$947.0M+657.1%	$266.0M-9.5%	$261.0M-15.3%	$229.0M-3.4%

Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.

CMSD Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

CMSD quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	20.2%+0.4pp	19.8%+3.2pp	16.6%+2.3pp	14.2%-1.4pp	15.6%-3.5pp	19.2%+2.3pp	16.8%-0.1pp	16.9%-3.4pp	20.3%+0.7pp	19.6%+1.4pp	18.3%+2.2pp	16.1%-1.3pp	17.4%+1.4pp	16.0%+0.6pp	15.4%
Net Margin	12.5%-0.8pp	13.4%+1.5pp	11.9%+2.2pp	9.7%-8.7pp	18.5%+6.7pp	11.8%+1.5pp	10.3%+0.7pp	9.6%+2.6pp	7.0%-1.6pp	8.6%+0.5pp	8.1%+1.5pp	6.6%-0.2pp	6.9%+0.8pp	6.1%-0.3pp	6.4%
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%+0.2pp	13.6%-0.3pp	13.8%+3.5pp	10.4%-2.6pp	13.0%-0.3pp	13.3%+0.3pp	13.0%-0.1pp	13.1%+1.1pp	12.0%-1.8pp	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%0.0pp	2.5%-0.2pp	2.7%+0.7pp	2.0%-0.5pp	2.5%0.0pp	2.6%+0.1pp	2.5%-0.1pp	2.6%+0.4pp	2.2%-0.3pp	2.5%
Current Ratio	0.98+0.2x	0.79-0.2x	0.98-0.2x	1.150.0x	1.19+0.4x	0.78-0.1x	0.86-0.1x	0.94+0.1x	0.890.0x	0.86-0.1x	1.01-0.3x	1.330.0x	1.300.0x	1.35+0.3x	1.10
Debt-to-Equity	1.95+0.1x	1.85-0.1x	1.92+0.1x	1.87+0.1x	1.82-0.3x	2.14-0.2x	2.38+0.1x	2.23+0.2x	2.050.0x	2.03-0.1x	2.13-0.1x	2.18+0.1x	2.060.0x	2.10+0.1x	1.99
Asset Turnover	0.210.0x	0.210.0x	0.22-0.1x	0.270.0x	0.250.0x	0.220.0x	0.250.0x	0.280.0x	0.290.0x	0.300.0x	0.32-0.1x	0.380.0x	0.380.0x	0.360.0x	0.40
FCF Margin	N/A	N/A	N/A	-17.7%-14.2pp	-3.5%+12.6pp	-16.1%-11.5pp	-4.6%+0.8pp	-5.4%-6.0pp	0.6%+1.3pp	-0.7%-1.8pp	1.2%+2.5pp	-1.3%-2.8pp	1.5%+1.2pp	0.2%-4.2pp	4.4%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	14.4%-2.8pp	17.9%-2.2pp	19.5%-1.9pp	23.8%+2.7pp	17.3%-0.4pp	20.2%+1.3pp	21.4%+0.6pp	21.1%+4.9pp
Net Margin	6.6%-4.4pp	12.4%0.0pp	12.9%-0.4pp	13.7%-0.8pp	10.9%-1.4pp	12.4%-0.8pp	13.3%-2.5pp	14.5%+4.0pp
Return on Equity	1.2%-1.2pp	3.6%-0.1pp	3.2%-0.1pp	3.1%0.0pp	2.4%-0.1pp	3.6%0.0pp	3.2%-0.9pp	3.1%+0.7pp
Return on Assets	0.3%-0.2pp	0.8%0.0pp	0.7%0.0pp	0.7%0.0pp	0.5%0.0pp	0.8%0.0pp	0.7%-0.2pp	0.7%+0.2pp
Current Ratio	0.94-0.1x	0.84-0.2x	0.98+0.2x	0.90-0.3x	1.00-0.2x	1.06-0.3x	0.79-0.2x	1.23+0.3x
Debt-to-Equity	1.86-0.1x	1.84-0.1x	1.95+0.1x	1.890.0x	2.00+0.1x	1.94+0.1x	1.85-0.1x	1.920.0x
Asset Turnover	0.040.0x	0.070.0x	0.060.0x	0.050.0x	0.050.0x	0.070.0x	0.060.0x	0.050.0x
FCF Margin	-18.9%+6.7pp	-12.2%-16.8pp	N/A	-31.4%-2.6pp	-25.6%-27.2pp	4.6%-11.2pp	N/A	-28.8%

Not reported in any period shown, so not listed: Gross Margin.

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

Where CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 Ranks

Frequently Asked Questions

What is CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's annual revenue?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (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 Corporation 5.875% Junior Subordinated Notes due 2079's revenue growing?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) revenue grew by 13.6% year-over-year, from $7.5B to $8.5B in fiscal year 2025.

Is CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 profitable?

Yes, CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 12.5%.

What is CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's earnings per share (EPS)?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (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.

What is CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's EBITDA?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) had EBITDA of $3.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 have?

As of fiscal year 2025, CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) had $509.0M in cash and equivalents against $17.8B in long-term debt.

What is CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's operating margin?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (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 Corporation 5.875% Junior Subordinated Notes due 2079's net profit margin?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (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 Corporation 5.875% Junior Subordinated Notes due 2079 pay dividends?

Yes, CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) paid $2.17 per share in dividends during fiscal year 2025.

What is CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's return on equity (ROE)?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (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 Corporation 5.875% Junior Subordinated Notes due 2079's operating cash flow?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) generated $2.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's total assets?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (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 Corporation 5.875% Junior Subordinated Notes due 2079 have outstanding?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) had 306M shares outstanding as of fiscal year 2025.

What is CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's current ratio?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (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 Corporation 5.875% Junior Subordinated Notes due 2079's debt-to-equity ratio?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (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 Corporation 5.875% Junior Subordinated Notes due 2079's return on assets (ROA)?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (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 Corporation 5.875% Junior Subordinated Notes due 2079's Piotroski F-Score?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's earnings high quality?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (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 Corporation 5.875% Junior Subordinated Notes due 2079 cover its interest payments?

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) has an interest coverage ratio of 2.16x, 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.