CMS Energy (CMS) FY2020 results: revenue $6.4 billion, down 3.1% on the year
CMS Energy Corp. (CMS) reported revenue of $6.4 billion for fiscal 2020, the year ended 31 December 2020, down 3.1% on the year before. Net income was $755 million, up 11.0%, and diluted earnings per share $2.64. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2021.
Revenue
$6.4 billion
-3.1% on the year
FY2013FY2020
Operating margin
19.2%
16.8% a year earlier
FY2013FY2020
Net income
$755 million
+11.0% on the year
FY2013FY2020
Diluted EPS
$2.64
+10.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
6,418
6,624
6,873
-3.1%
Operating income
1,230
1,115
1,162
+10.3%
Operating margin
19.2%
16.8%
16.9%
Interest expense
505
460
458
+9.8%
Pre-tax income
809
764
774
+5.9%
Income tax
115
131
115
-12.2%
Effective tax rate
14.2%
17.1%
14.9%
Net income
755
680
657
+11.0%
Net margin
11.8%
10.3%
9.6%
Diluted EPS
$2.64
$2.39
$2.32
+10.5%
$ million except per share. Read moreFree 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.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,276
1,790
1,703
-28.7%
Capital expenditure
2,311
2,097
2,074
+10.2%
Free cash flow
-1,035
-307
-371
Free cash flow margin
-16.1%
-4.6%
-5.4%
Cash from investing
-2,867
-2,816
-2,606
Cash from financing
1,619
1,008
874
+60.6%
Depreciation and amortisation
1,043
989
933
+5.5%
Dividends paid
467
436
407
+7.1%
Dividend per share
$1.63
$1.53
$1.43
+6.5%
Diluted shares, weighted
286m
284m
283m
+0.7%
Shares outstanding at period end
289m
284m
283m
+1.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
5,496
5,018
4,755
+9.5%
Non-controlling interest
581
37.0
37.0
+1,470.3%
Debt
12,315
13,171
11,708
-6.5%
Operating lease liabilities
25.0
37.0
n/a
-32.4%
Finance lease liabilities
53.0
60.0
n/a
-11.7%
Other liabilities
11,196
8,514
8,029
+31.5%
Total liabilities and equity
29,666
26,837
24,529
+10.5%
Fixed assets
21,039
18,926
18,126
+11.2%
Securities held for sale or to maturity
n/a
26.0
22.0
Cash and equivalents
32.0
140
153
-77.1%
Receivables
853
886
964
-3.7%
Other assets
7,742
6,859
5,264
+12.9%
Total assets
29,666
26,837
24,529
+10.5%
10-K for the year ended 31 December 2020, filed 11 February 2021: the filing.