NYSE · ELECTRIC & OTHER SERVICES COMBINED · LARGE CAP
CMS Energy Corp. CMS
18 fiscal years on record · USD · FY2025 reported
SEC FILINGS ONLY17 YEARS OF DIVIDEND GROWTH
Revenue · FY2025
$8.3B
▲ 13.5% vs FY2024
Dividend streak
17 yrs
Raised every year since 2009
EPS · FY25
$3.53
Dividend / sh · FY25
$2.17
Payout · FY25
—
ROE · FY25
12.3%
Net margin · FY25
12.9%
Dividend coverage
1.6×
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Result
USD 8.3B
Revenue, FY2025 · full 18-year series below
Revenue
Net income
13 cents of every revenue dollar became profit this year.
Per share
USD 3.53
Diluted EPS, FY2025
EPS
Dividend
Earnings covered the dividend 1.6 times — the rest stayed in the company.
Profitability
12.3%
Return on equity, FY2025
ROE
Operating margin20.8%
Net margin12.9%
Return on assets2.8%
Each USD of equity produced 12 cents of profit this year.
Returned to shareholders
—
returned in FY2025 · dividends + net buybacks
Dividends paid—
Net buybacks—
Share of profit—
Consecutive raises17 years
Growth
+5.9% a year
revenue, compounded over five years
CAGR
3 yrs
5 yrs
10 yrs
15 yrs
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%
Compound annual rates per period — left blank where the series crosses a loss.
Share base
0.31B
Shares outstanding, FY2025
Change, 5 years+6.1%
Change, 10 years+10.5%
The share count grew 6% in five years — the same company, cut into more, smaller slices.
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Balance sheet
USD 39.9B
total assets, end of FY2025
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.
History
18 fiscal years
Every figure from documents filed with the SEC · USD
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
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 figures not disclosed in the filing for that year.
How we verifyAUDITED
51 of 51
checks passed before publication
EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidity
Every figure was compared against the original statement: 0 failures and 0 presentation gaps.
What we don’t show
We’d rather say what’s missing than fill the gap with an estimate.
P/E rationeeds a market quote — not yet licensed
Market capitalizationneeds a market quote — not yet licensed
Dividend yieldneeds a market quote — not yet licensed
Price-to-bookneeds a market quote — not yet licensed