CMS CMS ENERGY CORP

Overview and Growth

Fiscal 2025 results for CMS ENERGY CORP combined $8.54B of revenue with net income of $1.07B and an operating cash inflow of $2.23B. At $8.54B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 13.6% from $7.51B in fiscal 2024, increasing the company’s operating scale. On a per-share basis, diluted EPS was $3.53, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS increased by 6.0% from $3.33 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Total assets stood at $39.94B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.21x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The reported operating result was $1.73B, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 20.2%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $1.07B, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 12.5% of revenue, connecting the absolute net income figure with the company’s top-line scale. The earnings statement records $1.25B of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 14.6%, adding a pre-tax profitability layer between revenue and net income. The reported income-tax provision was $246.00M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 19.7%, without assuming a statutory-rate comparison. The relationship between net income and period-end equity was 11.0%, indicating the profitability achieved on book capital. Return on period-end assets was 2.7%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

The company held $39.94B of assets against $30.23B of liabilities and $9.71B of equity, revealing how the asset base was financed. Current assets were $3.47B against $3.55B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered only 0.98x of current liabilities, so current liabilities exceeded current assets at period end. Reported cash and equivalents were $509.00M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 14.3%, excluding receivables and other current assets. The company carried $18.76B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 1.93x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 47.0%, comparing borrowing with the total asset balance. Liabilities represented 75.7% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 1.3% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 11.2% from $35.92B in fiscal 2024, leaving current total assets higher year over year. Against $8.75B of equity in fiscal 2024, the current book-equity balance moved 11.0% and ended higher. Cash and equivalents were 394.2% higher than fiscal 2024 cash of $103.00M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

The company reported $2.23B of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 2.09x of net income, showing how strongly accounting earnings converted into cash from operations.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.