CMSMEDIUM SIGNALFINANCIAL10-K

CMS Energy delivered strong financial performance with 13.6% revenue growth to $8.5 billion and significant balance sheet strengthening, including a 394% surge in cash to $509 million.

The substantial revenue increase paired with operating income growth to $1.7 billion demonstrates robust operational momentum for the utility holding company. However, the 24% rise in interest expense to $643 million reflects higher borrowing costs that investors should monitor as a potential margin pressure point going forward.

Comparing 2026-02-10 vs 2025-02-11View on EDGAR →
FINANCIAL ANALYSIS

CMS Energy showed broad-based financial strength with revenue growing 13.6% to $8.5 billion and operating income expanding 16.1% to $1.7 billion, while total assets increased 11.2% to $39.9 billion and stockholders equity grew 11.1% to $9.1 billion. The dramatic 394% increase in cash to $509 million and 68% jump in accounts receivable suggest strong cash generation and customer growth, though rising interest expense (+24%) indicates higher financing costs. Overall, the financial picture signals a utility company in expansion mode with solid fundamentals, though investors should watch interest cost trends as the company continues to invest in growth.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+394.2%
$103.0M→$509.0M

Cash position surged 394.2% — strong cash generation or capital raise providing significant financial cushion.

Accounts Receivable
Balance Sheet
+68%
$931.0M→$1.6B

Receivables surged 68% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Assets
Balance Sheet
+24.4%
$2.8B→$3.5B

Current assets grew 24.4% — improving short-term liquidity or inventory/receivables build.

Interest Expense
P&L
+23.9%
$519.0M→$643.0M

Interest costs rose 23.9% — monitor debt levels and coverage ratio in rising rate environment.

Operating Income
P&L
+16.1%
$1.5B→$1.7B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Revenue
P&L
+13.6%
$7.5B→$8.5B

Revenue growing 13.6% — solid top-line momentum, watch margins for quality of growth.

Total Assets
Balance Sheet
+11.2%
$35.9B→$39.9B

Asset base grew 11.2% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+11.1%
$8.2B→$9.1B

Equity base grew 11.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-10
PRIOR — 2025-02-11
ADDED
There were no shares of Consumers common equity held by non affiliates as of June 30, 2025.
There were 306,420,901 shares of CMS Energy Corporation Common Stock outstanding on January 16, 2026.
On January 16, 2026, CMS Energy held all 84,108,789 outstanding shares of common stock of Consumers.
CMS Energy s consolidated operating revenue was $8.5 billion in 2025, and $7.5 billion in 2024 and 2023.
It provides electricity and/or natural gas to 6.8 million of Michiga n s 10 million r esidents.
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REMOVED
There were no shares of Consumers common equity held by non affiliates as of June 28, 2024.
There were 298,794,638 shares of CMS Energy Corporation Common Stock outstanding on January 17, 2025.
On January 17, 2025, CMS Energy held all 84,108,789 outstanding shares of common stock of Consumers.
investor-owned electric companies EGLE Michigan Department of Environment, Great Lakes, and Energy Endangered Species Act Endangered Species Act of 1973, as amended EnerBank EnerBank USA, a wholly owned subsidiary of CMS Capital until October 1, 2021 energy waste reduction The reduction of energy consumption through energy efficiency and demand-side energy conservation, as established under Michigan law EPA U.S.
CMS Energy s consolidated operating revenue was $7.5 billion in 2024 and 2023, and $8.6 billion in 2022.
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