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 & Purchased Power	2,457	2,028	2,011	2,909	2,335
Operations & Maintenance	1,727	1,638	1,687	1,669	1,610
Depreciation & Amortization	1,306	1,240	1,180	1,126	1,114
Other Operating Expenses	1,136	953	1,169	1,463	959
Total Operating Expenses	6,626	5,859	6,047	7,167	6,018
Operating Income	1,913	1,656	1,415	1,429	1,311
Interest Expense	-800	-726	-646	-521	-503
Interest Income	38	50	37	5	3
Net Interest Expense	-762	-676	-609	-516	-500
Income (Loss) on Equity Investments	5	7	7	3	10
Allowance for Equity Funds for Construction	23	29	7	6	8
Allowance for Borrowed Funds for Construction	11	18	3	2	3
Other Non-Operating Income (Expenses)	-14	-21	-	-22	-9
EBT Excluding Unusual Items	1,176	1,013	823	902	823
Other Unusual Items	72	110	131	-	-
Pretax Income	1,248	1,123	954	902	823
Income Tax Expense	246	176	147	93	95
Earnings From Continuing Ops.	1,002	947	807	809	728
Earnings From Discontinued Ops.	-	-	1	4	602
Net Income to Company	1,002	947	808	813	1,330
Minority Interest in Earnings	69	56	79	24	23
Net Income	1,071	1,003	887	837	1,353
Preferred Dividends & Other Adjustments	10	10	10	10	5
Net Income to Common	1,061	993	877	827	1,348
Net Income Growth	6.78%	13.08%	5.97%	-38.14%	79.20%
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	2.86	4.66
EPS (Diluted)	3.53	3.33	3.01	2.85	4.66
EPS Growth	6.01%	10.63%	5.47%	-38.75%	76.32%
Free Cash Flow	-1,589	-648	-910	-1,519	-257
Free Cash Flow Per Share	-5.28	-2.17	-3.12	-5.24	-0.89
Dividend Per Share	2.170	2.060	1.950	1.840	1.740
Dividend Growth	5.34%	5.64%	5.98%	5.75%	6.75%
Profit Margin	12.43%	13.21%	11.75%	9.62%	18.39%
Free Cash Flow Margin	-18.61%	-8.62%	-12.20%	-17.67%	-3.51%
EBITDA	3,019	2,702	2,470	2,424	2,290
EBITDA Margin	35.35%	35.95%	33.10%	28.20%	31.25%
D&A For EBITDA	1,106	1,046	1,055	995	979
EBIT	1,913	1,656	1,415	1,429	1,311
EBIT Margin	22.40%	22.04%	18.96%	16.62%	17.89%
Effective Tax Rate	19.71%	15.67%	15.41%	10.31%	11.54%

Updated Feb 5, 2026. Source: S&P Global Market Intelligence. Utility template. Financial Sources.

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