CMS Energy Corporation (CMS)
NYSE: CMS · Real-Time Price · USD
69.00
-0.59 (-0.85%)
At close: Oct 27, 2026, 4:00 PM EDT
68.32
-0.68 (-0.99%)
Pre-market: Oct 28, 2026, 4:52 AM EDT
CMS Energy Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Net Income | 123 | 120 | 340 | 289 | 277 | 201 | 304 | 265 | 253 | 198 | 287 | 309 | 176 | 198 | 204 | - | 165 | 148 | 353 | 639 |
Depreciation & Amortization | -720 | 308 | 412 | 142 | 288 | 288 | 388 | 132 | 273 | 273 | 368 | 185 | 262 | 255 | 353 | - | 243 | 242 | 345 | 147 |
Other Amortization | - | - | - | 200 | - | - | - | 194 | - | - | - | 125 | - | - | - | - | - | - | - | 135 |
Change in Accounts Receivable | -211 | 235 | -24 | -365 | 34 | 85 | -5 | -340 | 32 | 126 | 27 | -256 | 23 | 300 | 174 | - | -177 | 41 | -121 | -232 |
Change in Inventory | 34 | -182 | 148 | 106 | -168 | -156 | 190 | 113 | -107 | -101 | 259 | 122 | -173 | -155 | 391 | - | -458 | -392 | 213 | 92 |
Change in Accounts Payable | 136 | 1 | -137 | 202 | -30 | 11 | 13 | - | 17 | 67 | -69 | -13 | 66 | -36 | -153 | - | -28 | 182 | -129 | 69 |
Change in Other Net Operating Assets | -183 | 181 | 2 | -47 | -63 | 27 | 105 | 79 | -137 | 203 | 93 | 11 | -128 | 172 | 71 | - | -127 | 142 | 48 | -2 |
Other Operating Activities | 1,292 | -41 | -36 | -89 | 5 | -42 | 5 | -73 | -27 | -59 | -9 | -112 | -27 | -69 | - | - | -10 | -11 | -2 | 123 |
Net Cash from Discontinued Operations | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -657 |
Operating Cash Flow | 471 | 622 | 705 | 478 | 343 | 414 | 1,000 | 403 | 304 | 707 | 956 | 405 | 199 | 665 | 1,040 | - | -392 | 352 | 707 | 336 |
Operating Cash Flow Growth (YoY) | 37.32% | 50.24% | -29.50% | 18.61% | 12.83% | -41.44% | 4.60% | -0.49% | 52.76% | 6.32% | -8.08% | - | - | 88.92% | 47.10% | - | - | - | -15.02% | 154.54% |
Investing Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Capital Expenditures | 2,006 | -967 | -1,039 | -1,074 | -978 | -884 | -888 | -918 | -806 | -681 | -613 | -608 | -614 | -1,380 | -617 | - | -650 | -568 | -520 | -634 |
Divestitures | - | - | - | - | - | - | - | - | - | 124 | - | - | - | - | - | - | - | - | - | - |
Contributions to Nuclear Demissioning Trust | - | -53 | -34 | -38 | -68 | -78 | -30 | -35 | -49 | -52 | -24 | -41 | -44 | -48 | -34 | - | -19 | -32 | -19 | -45 |
Other Investing Activities | -3,024 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 906 |
Investing Cash Flow | -1,018 | -1,020 | -1,073 | -1,112 | -1,046 | -962 | -918 | -953 | -855 | -609 | -637 | -649 | -658 | -1,428 | -651 | - | -669 | -600 | -539 | 227 |
Financing Activities
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Long-Term Debt Issued | - | - | 258 | - | - | - | 1,200 | - | - | - | 599 | - | - | - | 1,205 | - | - | - | - | - |
Total Debt Issued | -1,167 | 909 | 258 | 1,098 | 62 | 1,249 | 1,200 | 515 | 743 | 105 | 599 | 492 | 727 | 1,200 | 1,205 | - | 1,304 | 45 | - | 35 |
Short-Term Debt Repaid | - | - | - | - | - | - | -65 | - | - | - | -93 | - | - | - | -20 | - | - | - | - | - |
Long-Term Debt Repaid | - | - | -204 | - | - | - | -717 | - | - | - | -319 | - | - | - | -1,000 | - | - | - | -3 | - |
Total Debt Repaid | 883 | -679 | -204 | -266 | -43 | -124 | -782 | -98 | -356 | -114 | -412 | -286 | -361 | -465 | -1,020 | - | - | -89 | -3 | -217 |
Net Debt Issued (Repaid) | -284 | 230 | 54 | 832 | 19 | 1,125 | 418 | 417 | 387 | -9 | 187 | 206 | 366 | 735 | 185 | - | 1,304 | -44 | -3 | -182 |
Issuance of Common Stock | - | 362 | 166 | 152 | 356 | 14 | 3 | 3 | 4 | 7 | 272 | 182 | 3 | 3 | 4 | - | 3 | 3 | 4 | 3 |
Repurchase of Common Stock | -528 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Common Dividends Paid | - | -177 | -176 | - | - | -162 | -164 | - | - | -155 | -154 | - | - | - | -143 | - | -136 | -133 | -134 | -127 |
Preferred Dividends Paid | - | -3 | -2 | - | - | -3 | -2 | - | - | -3 | -2 | - | - | - | -2 | - | -2 | -3 | -2 | -2 |
Dividends Paid | - | -180 | -178 | - | - | -165 | -166 | - | - | -158 | -156 | - | - | - | -145 | - | -138 | -136 | -136 | -129 |
Other Financing Activities | 1,593 | 68 | -26 | -167 | -165 | -27 | 11 | -159 | -162 | -10 | -9 | -80 | -132 | -167 | -17 | - | -9 | 47 | -35 | -15 |
Financing Cash Flow | 781 | 480 | 16 | 817 | 210 | 947 | 266 | 261 | 229 | -170 | 294 | 308 | 237 | 571 | 27 | - | 1,160 | -130 | -170 | -323 |
Net Cash Flow
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Net Cash Flow | 234 | 82 | -352 | 183 | -493 | 399 | 348 | -289 | -322 | -72 | 613 | 64 | -222 | -192 | 416 | - | 99 | -378 | -2 | 240 |
Free Cash Flow
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Free Cash Flow | 2,477 | -345 | -334 | -596 | -635 | -470 | 112 | -515 | -502 | 26 | 343 | -203 | -415 | -715 | 423 | - | -1,042 | -216 | 187 | -298 |
Free Cash Flow Growth (YoY) | - | - | - | - | - | - | -67.35% | - | - | - | -18.91% | - | - | - | 126.20% | - | - | - | -52.78% | - |
Free Cash Flow Margin | 113.47% | -18.86% | -12.23% | -26.69% | -31.42% | -25.57% | 4.58% | -25.89% | -28.80% | 1.62% | 15.76% | -10.41% | -24.81% | -45.98% | 18.52% | - | -51.48% | -11.25% | 7.88% | -14.66% |
Free Cash Flow Per Share | 7.98 | -1.11 | -1.09 | -1.95 | -2.11 | -1.57 | 0.37 | -1.72 | -1.68 | 0.09 | 1.15 | -0.69 | -1.42 | -2.46 | 1.45 | - | -3.59 | -0.74 | 0.65 | -1.03 |
Levered Free Cash Flow | 988.63 | -413.63 | -665.38 | -414.88 | -703.13 | -375.75 | -251.75 | -212 | -468.75 | -81.38 | -42.63 | -27.25 | -511.63 | -745 | 366.5 | - | -1,017 | -287.88 | -163.13 | -904.38 |
Unlevered Free Cash Flow | 1,122 | -276.75 | -532.88 | -285.5 | -574.38 | -249.5 | -133 | -95.13 | -354.38 | 30.5 | 68 | 80.88 | -408.5 | -644.38 | 458.38 | - | -936 | -209.13 | -85 | -825 |
Additional Metrics
Fiscal Quarter | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Period Ending | Sep '26 Sep 30, 2026 | Jun '26 Jun 30, 2026 | Mar '26 Mar 31, 2026 | Dec '25 Dec 31, 2025 | Sep '25 Sep 30, 2025 | Jun '25 Jun 30, 2025 | Mar '25 Mar 31, 2025 | Dec '24 Dec 31, 2024 | Sep '24 Sep 30, 2024 | Jun '24 Jun 30, 2024 | Mar '24 Mar 31, 2024 | Dec '23 Dec 31, 2023 | Sep '23 Sep 30, 2023 | Jun '23 Jun 30, 2023 | Mar '23 Mar 31, 2023 | Dec '22 Dec 31, 2022 | Sep '22 Sep 30, 2022 | Jun '22 Jun 30, 2022 | Mar '22 Mar 31, 2022 | Dec '21 Dec 31, 2021 |
Cash Interest Paid | - | - | - | 741 | - | - | - | 677 | - | - | - | 607 | - | - | - | - | - | - | - | 489 |
Cash Income Tax Paid | - | - | - | - | - | - | - | - | - | - | - | 15 | - | - | - | - | - | - | - | 16 |
Change in Working Capital | -224 | 235 | -11 | -104 | -227 | -33 | 303 | -148 | -195 | 295 | 310 | -136 | -212 | 281 | 483 | - | -790 | -27 | 11 | -73 |