MARKETS / NYSE / CMS

NYSE · ELECTRIC & OTHER SERVICES COMBINED · LARGE CAP

CMS Energy Corp. CMS

18 fiscal years on record · USD · FY2025 reported · SEC filings only

17 YEARS OF DIVIDEND GROWTH

Revenue

$8.3B

▲ 13.5% YoY

Net income

$1.1B

▲ 6.8% YoY

In brief

What this company does

CMS Energy Corporation is an energy company operating primarily in Michigan. At December 31, 2025, CMS Energy, including Consumers, had 8,350 full-time and part-time employees. It manages its businesses by the nature of the services each provides and operates principally in three business segments: electric utility, gas utility, and NorthStar Clean Energy, its non-utility operations and investments. Its NorthStar Clean Energy segment, through various subsidiaries and certain equity investments, is engaged in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production, and had operating revenue of $408 million in 2025. CMS Energy Corporation was formed as a corporation in Michigan in 1987.

Written from the business description in CMS ENERGY CORP's annual report to the U.S. Securities and Exchange Commission, filed 10 February 2026. Every sentence was checked against that document before publication.

Growth

USD 8.3B

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 8.3 · Net income 1.1

Compound annual growth

Revenue

−0.1%

+5.9%

+2.6%

+1.7%

Net income

+8.6%

+7.2%

+7.4%

+7.9%

EPS, diluted

+7.4%

+6.0%

+6.4%

+7.0%

Dividend / share

+5.7%

+5.9%

+6.5%

+8.3%

Returned to shareholders

+30.3%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +5.9% a year over five years — but profit grew faster: net income at +7.2%, earnings per share at +6.0%.

The share count rose from 0.29B to 0.31B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

12 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 20.8% · Net 12.1%

ROE

FY2025 · ROE 12.3%

Gross margin—

Operating margin20.8%

Net margin12.1%

Return on assets2.6%

EBITDAUSD 3.0B

Each USD of equity produced 12 cents of profit this year.

Cash & shareholders

—

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2022 · FCF -1.5

Net buybacks $M Dividends $M

FY2012 · Dividends 252.0 · Net buybacks —

Dividends paid—

Net buybacks—

Share of profit—

Consecutive raises17 years

Total assetsUSD 39.9B

EquityUSD 9.1B

CashUSD 509.0M

Gross debtUSD 18.8B

Net debtUSD 18.2B

Current ratio0.98×

Net debt stands at 200% of equity.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	8.3	7.3	7.3	8.3	7.1	6.2	6.4	6.5	6.6	6.4	6.5	7.2	6.6	6.3	6.5	6.4	6.2	6.8
Operating income $B	1.7	1.5	1.2	1.2	1.1	1.2	1.1	1.2	1.3	1.3	1.2	1.2	1.1	1.0	1.0	1.0	0.7	0.8
EBITDA $B	3.0	2.7	2.4	2.4	2.3	2.3	2.1	2.1	2.2	2.1	1.9	1.8	1.8	1.6	1.5	1.6	1.3	1.4
Income tax $B	0.2	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.4	0.3	0.3	0.2	0.3	0.2	0.2	0.2	0.1	0.1
Net income $B	1.1	1.0	0.9	0.8	1.4	0.8	0.7	0.7	0.5	0.6	0.5	0.5	0.5	0.4	0.4	0.3	0.2	0.3
Free cash flow $B	·	·	·	−1.5	−0.3	−1.0	−0.3	−0.4	0.0	−0.0	0.1	−0.1	0.1	0.0	0.3	0.1	0.0	−0.2
EPS, diluted $	3.53	3.33	3.01	2.85	4.66	2.64	2.39	2.32	1.64	1.98	1.89	1.74	1.66	1.42	1.58	1.28	0.91	1.20
Dividend / sh $	2.17	2.06	1.95	1.84	1.74	1.63	1.53	1.43	1.33	1.24	1.16	1.08	1.02	0.96	0.84	0.66	0.50	0.36
Payout %	·	·	·	·	·	·	·	·	·	·	·	·	·	66	51	48	50	28
ROE %	12.3	12.7	12.2	12.3	22.3	14.4	13.9	14.3	10.6	13.5	13.7	13.4	13.6	12.3	14.3	12.6	8.8	·
Shares out B	0.31	0.30	0.29	0.29	0.29	0.29	0.28	0.28	0.28	0.28	0.28	0.28	0.27	0.26	0.25	0.25	0.23	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 69 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 7 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityElectric & Other Services Combined

Listed onNYSE

Incorporated inMichigan

Fiscal year endsDecember 31

Data on record since2008