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Stocks / United States / CMS · Electric & Other Services Combined · NYSE

CMS Energy Corp. (CMS)

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CMS Energy Corp. (CMS) reported revenue of $1.8 billion for Q2 FY2026, the quarter ended 30 June 2026, down 0.5% on the same quarter a year earlier. Net income was $120 million, down 40.3% on the year, and diluted earnings per share $0.37. The figures are the company's own, from the 10-Q it filed with the SEC on 28 July 2026.

Revenue$1.8 billiondown 0.5%
Net income$120 milliondown 40.3%
Diluted EPS$0.37
QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE10.5%
ROCE6.0%
Operating margin18.9%
Net margin11.6%
FCF marginn/a
Interest cover2.04
Debt to equity1.86
Cash conversion2.09
Share count, 1 year4.8%
Sales CAGR, 3 years-0.2%
Profit CAGR, 3 years8.6%
EPS, TTM$3.33

At the close of 21 September 2026

Price$64.70
Market cap$20.3 billion
Stock P/E19.43
Price to book2.08
EV / EBITDA12.66
Dividend yield3.4%
Market cap / sales2.30
52-week high$79.94
52-week low$64.70
Price, 1 year-7.7%
Price CAGR, 3 years4.7%
Price CAGR, 5 years1.0%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as CMS Energy Corp. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on CMS

Filings23 in twelve months: 13 current reports (8-K), about 5 regulation fd disclosure; 5 other events; 4 results of operations; 2 officer or director change; 1 charter or bylaw amendment, or fiscal year change
Planned insider sales4 Form 144 notices in twelve months, $1.9 million; latest 2 March 2026
Options tapeput/call 0.42 by open interest on 23 September 2026; the straddle prices a 4.0% move to 16 October 2026
Holders7 of the followed funds hold it; largest Geode Capital Management; 6 Schedule 13D or 13G filings in twelve months
Insider trading6 sales and 2 purchases on Form 4 in twelve months
Congress1 House trade disclosed in six months
Short interest15.7 million shares short, 4.81 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,6731,9502,1761,6071,7431,9892,4471,8382,0212,2332,7301,829
Operating income271406412283367425494317481435490264
Operating margin16%21%19%18%21%21%20%17%24%19%18%14%
Interest expense164172177173178180186199203201203210
Pre-tax income184317321223273306358255340295362129
Tax rate6%21%18%18%10%17%18%24%20%18%23%26%
Net income176309287198253265304201277289340120
Net margin11%16%13%12%15%13%12%11%14%13%12%7%
Diluted EPS$0.60$1.05$0.96$0.65$0.84$0.88$1.01$0.66$0.92$0.94$1.10$0.37
Operating cash flow1994059567073044031,000414343478705622
Capital expendituren/an/a613681806n/a888884978n/a1,039967
Free cash flown/an/a34326.0-502n/a112-470-635n/a-334-345
Shares outstanding292m294m299m299m299m299m299m299m304m306m309m314m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014 FY2015 FY2016 FY2017FY2018FY2019 FY2020 FY2021 FY2022FY2023FY2024FY2025TTM
Revenue7,1796,4566,3996,5836,8736,6246,4187,3298,5967,4627,5158,5398,813
Operating income1,1521,1781,2561,3381,1621,1151,2301,1461,2241,2351,4871,7271,670
Operating margin16.0%18.2%19.6%20.3%16.9%16.8%19.2%15.6%14.2%16.6%19.8%20.2%18.9%
Interest expense407396435438458460505500519643708789817
Pre-tax income7297968268867747648098239029541,1231,2481,126
Income tax25027127342411513111595.093.0147176246239
Effective tax rate34.3%34.0%33.1%47.9%14.9%17.1%14.2%11.5%10.3%15.4%15.7%19.7%21.2%
Net income4775235514606576807551,3538378871,0031,0711,026
Net margin6.6%8.1%8.6%7.0%9.6%10.3%11.8%18.5%9.7%11.9%13.3%12.5%11.6%
Diluted EPS$1.74$1.89$1.98$1.64$2.32$2.39$2.64$4.66$2.85$3.01$3.33$3.53$3.33
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014 FY2015 FY2016 FY2017FY2018FY2019 FY2020 FY2021 FY2022FY2023FY2024FY2025TTM
Operating cash flown/a1,6401,6291,7051,7031,7901,2761,8198552,3092,3702,2352,148
Capital expenditure1,5771,5641,6721,6652,0742,0972,3112,0762,374n/an/an/an/a
Free cash flown/a76.0-43.040.0-371-307-1,035-257-1,519n/an/an/an/a
Free cash flow marginn/a1.2%-0.7%0.6%-5.4%-4.6%-16.1%-3.5%-17.7%n/an/an/an/a
Depreciation and amortisation6857508118819339891,0431,1141,1261,1801,2401,3061,350
Dividend per share$1.08$1.16$1.24$1.33$1.43$1.53$1.63$1.74$1.84$1.95$2.06$2.17n/a
Diluted shares, weighted275m276m279m281m283m284m286m290m290m292m298m301m311m
Shares outstanding at period end275m277m279m282m283m284m289m290m291m294m299m306m314m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 FY2015 FY2016 FY2017FY2018FY2019 FY2020 FY2021 FY2022FY2023FY2024FY2025TTM
Total assets19,14320,29921,62223,05024,52926,83729,66628,75331,35333,51735,92039,94140,905
Cash and equivalents20726623518215314032.0452164227103509241
Receivables8817748211,0329648868539311,564n/an/an/an/a
Long-term debt8,0168,4008,6409,12310,61511,95111,74412,04613,12214,50815,19417,80718,172
Borrowings, as the company tags them8,5479,1379,56410,26511,68313,18812,46712,56814,36215,64816,54518,939n/a
Operating lease liabilitiesn/an/an/an/an/a37.025.025.027.022.021.019.0n/a
Finance lease liabilitiesn/an/an/an/an/a60.053.046.068.062.0112135259
Shareholders' equity3,6703,9384,2534,4414,7555,0185,4966,6317,0157,5448,2309,1449,774
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded2.8%5.9%-0.2%9.9%
Profit growth, compounded7.4%7.2%8.6%0.3%
Return on equity, average13.2%13.6%11.9%11.7%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Electric & Other Services Combined

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Duke Energy Corp. DUK$90.8 billion17.909.4%27.7%5.8%1.483.6%
Exelon Corp. EXC$42.9 billion15.349.5%21.0%4.6%1.633.8%
Consolidated Edison Inc. ED$38.3 billion17.518.4%17.4%9.1%1.073.2%
Xcel Energy Inc. XEL$37.0 billion28.749.8%17.2%1.4%1.342.2%
Public Service Enterprise Group Inc. PEG$34.5 billion17.2411.6%23.1%12.7%1.363.6%
WEC Energy Group, Inc. WEC$33.7 billion20.0111.6%22.8%8.9%1.323.4%
Pg&E Corp. PCG$28.5 billion9.389.0%20.0%5.7%1.82n/a
Ameren Corp. AEE$28.2 billion17.9311.4%24.9%3.8%1.392.8%
CMS Energy Corp. CMS$20.3 billion19.4310.5%18.9%9.9%1.863.4%
Nisource Inc. NI$19.4 billion21.559.5%27.6%12.1%1.632.8%
Evergy, Inc. EVRG$18.3 billion21.088.7%25.9%2.4%1.293.4%
Alliant Energy Corp. LNT$16.8 billion20.4311.1%23.0%8.3%1.483.1%

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q30 June 202628 July 2026EDGAR
10-Q31 March 202628 April 2026EDGAR
10-K31 December 202510 February 2026EDGAR
10-Q30 September 202530 October 2025EDGAR
10-Q30 June 202531 July 2025EDGAR
10-Q31 March 202524 April 2025EDGAR
10-K31 December 202411 February 2025EDGAR
10-Q30 September 202431 October 2024EDGAR
10-Q30 June 202425 July 2024EDGAR
10-Q31 March 202425 April 2024EDGAR

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