CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) Financials
Newest figures come from the filing 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.
FY2025 growth reached operating profit, but heavier debt and weaker cash conversion keep the model financing-intensive.
In FY2025, revenue grew13.6% while operating cash flow fell5.7% , an unusual split showing that reported growth did not translate into more cash. Operating margin rose0.4 pp , yet net margin fell0.8 pp , indicating that costs below operations absorbed part of the improvement.
Liabilities represented
The reported FY2022 free-cash-flow margin was
Financial Health Signals
We do not publish a peer-relative financial health score for CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
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, the one computable operating efficiency signal (asset turnover improving) passes.
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.
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
Earnings & Revenue
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%.
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%.
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%.
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
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. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
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.
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.
Margins & Returns
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.
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.
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079's quarterly ROE was 1.2% in Q2 2026: one quarter's net income over shareholder equity, not annualized. 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.
Not reported for Q2 2026.
Capital Allocation
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%.
Not reported for Q2 2026.
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.
| Metric | Q2'26Filing | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'25Filing | Q1'2510-Q | Q4'24Filing | 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+14.9% | $204.0M+15.9% | $199.0M+16.4% | $187.0M+8.7% | $181.0M+11.7% | $176.0M+11.4% |
| 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
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.
| Metric | Q2'26Filing | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'25Filing | Q1'2510-Q | Q4'24Filing | 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 | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| 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
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.
| Metric | Q2'26Filing | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'25Filing | Q1'2510-Q | Q4'24Filing | 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 | -$345.0Mn/m | -$334.0M-398.2% | N/A | -$635.0Mn/m | -$470.0M-1907.7% | $112.0M-67.3% | N/A | -$502.0M |
| Investing Cash Flow | -$1.0Bn/m | -$1.1Bn/m | -$1.1Bn/m | -$1.0Bn/m | -$962.0Mn/m | -$918.0Mn/m | -$953.0Mn/m | -$855.0Mn/m |
| Financing Cash Flow | $480.0M-49.3% | $16.0M-94.0% | $817.0M+213.0% | $210.0M-8.3% | $947.0Mn/m | $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.
| Metric | Q2'26Filing | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'25Filing | Q1'2510-Q | Q4'24Filing | 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 |
| Liabilities-to-Equity | 3.19-0.3x | 3.26-0.1x | 3.370.0x | 3.290.0x | 3.49+0.2x | 3.35+0.1x | 3.36-0.1x | 3.29-0.2x |
| 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
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.
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.
Yes, CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) reported a net income of $1.0B over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $1.1B, with a net profit margin of 12.5%.
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.
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.
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.
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.
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.
Yes, CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) paid $2.17 per share in dividends during fiscal year 2025.
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.
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.
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.
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.
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. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 (CMSD) had a liabilities-to-equity ratio of 3.37 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
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.
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.
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.
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.