CMS Energy Cash Flow 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
Net Income	1,071	1,003	887	837	1,353
Depreciation & Amortization	1,106	1,046	1,055	995	979
Other Amortization	200	194	125	131	135
Change in Accounts Receivable	-251	-155	241	-677	-103
Change in Inventory	-28	164	185	-450	-93
Change in Accounts Payable	196	15	-136	4	153
Change in Other Net Operating Assets	22	238	126	10	-3
Other Operating Activities	-121	-168	-208	-40	144
Net Cash from Discontinued Operations	-	-	-	-5	-768
Operating Cash Flow	2,235	2,370	2,309	855	1,819
Operating Cash Flow Growth	-5.70%	2.64%	170.06%	-53.00%	42.55%
Capital Expenditures	-3,824	-3,018	-3,219	-2,374	-2,076
Divestitures	-	124	-	-	-
Contributions to Nuclear Demissioning Trust	-214	-160	-167	-107	-133
Other Investing Activities	-	-	-	5	976
Investing Cash Flow	-4,038	-3,054	-3,386	-2,476	-1,233
Short-Term Debt Issued	-	-	73	20	-
Long-Term Debt Issued	3,609	1,962	3,551	1,899	335
Total Debt Issued	3,609	1,962	3,624	1,919	335
Short-Term Debt Repaid	-65	-28	-	-	-
Long-Term Debt Repaid	-1,150	-952	-2,132	-106	-235
Total Debt Repaid	-1,215	-980	-2,132	-106	-235
Net Debt Issued (Repaid)	2,394	982	1,492	1,813	100
Issuance of Common Stock	525	286	192	69	26
Common Dividends Paid	-653	-616	-569	-534	-
Preferred Dividends Paid	-10	-10	-10	-10	-
Dividends Paid	-663	-626	-579	-544	-508
Other Financing Activities	-16	-28	38	-11	-137
Financing Cash Flow	2,240	614	1,143	1,327	-295
Net Cash Flow	437	-70	66	-294	291
Free Cash Flow	-1,589	-648	-910	-1,519	-257
Free Cash Flow Margin	-18.61%	-8.62%	-12.20%	-17.67%	-3.51%
Free Cash Flow Per Share	-5.28	-2.17	-3.12	-5.24	-0.89
Cash Interest Paid	741	677	607	490	489
Cash Income Tax Paid	-20	-69	15	1	16
Levered Free Cash Flow	-1,742	-804.75	-917.38	-1,706	-895
Unlevered Free Cash Flow	-1,242	-351	-513.63	-1,380	-580.63
Change in Working Capital	-61	262	416	-1,113	-46

Source: S&P Global Market Intelligence. Utility template. Financial Sources.