CMS Energy Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	8,539	7,515	7,462	8,596	7,329
Revenue Growth (YoY)	13.63%	0.71%	-13.19%	17.29%	14.19%
Fuel and Purchased Power Expense	3,266	2,668	2,913	4,165	3,070
Operations and Maintenance Expenses	1,727	1,638	1,687	1,669	1,610
Gross Profit	3,546	3,209	2,862	2,762	2,649
Depreciation & Amortization Expenses	1,306	1,240	1,180	1,126	1,114
Taxes Other than Income Tax	513	482	447	412	389
Operating Income	1,727	1,487	1,235	1,224	1,146
Interest Expense	-789	-720	-625	-499	-482
Other Non-Operating Income (Expense)	310	344	362	197	177
Total Non-Operating Income (Expense)	-479	-364	-281	-322	-323
Pretax Income	1,248	1,123	954	902	823
Provision for Income Taxes	246	176	147	93	95
Net Income	1,061	993	877	827	1,348
Minority Interest in Earnings	-69	-56	-79	-24	-23
Net Income Attributable to Preferred Dividends	10	10	10	10	5
Earnings From Discontinued Operations	-	-	1	4	602
Net Income to Common	1,061	993	877	827	1,348
Net Income Growth	6.85%	13.23%	6.05%	-38.65%	78.54%
Shares Outstanding (Basic)	300	298	291	290	289
Shares Outstanding (Diluted)	301	298	292	290	290
Shares Change (YoY)	0.91%	2.26%	0.59%	0.17%	1.12%
EPS (Basic)	3.53	3.34	3.01	2.84	2.58
EPS (Diluted)	3.53	3.33	3.01	2.84	2.58
EPS Growth	6.01%	10.63%	5.99%	10.08%	5.74%
Free Cash Flow	-1,589	-648	-98	-1,519	-257
Free Cash Flow Per Share	-5.28	-2.17	-0.34	-5.24	-0.89
Dividends Per Share	2.170	2.060	1.950	1.840	1.740
Dividend Growth	5.34%	5.64%	5.98%	5.75%	6.75%
Gross Margin	41.53%	42.70%	38.35%	32.13%	36.14%
Operating Margin	20.22%	19.79%	16.55%	14.24%	15.64%
Profit Margin	11.73%	12.60%	10.81%	9.41%	9.93%
FCF Margin	-18.61%	-8.62%	-1.31%	-17.67%	-3.51%
EBITDA	3,033	2,727	2,415	2,350	2,260
EBITDA Margin	35.52%	36.29%	32.36%	27.34%	30.84%
EBIT	1,727	1,487	1,235	1,224	1,146
EBIT Margin	20.22%	19.79%	16.55%	14.24%	15.64%
Effective Tax Rate	19.71%	15.67%	15.41%	10.31%	11.54%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Utilities template. Financial Sources.