15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $8.3B | $1.1B | 0.0% | 20.8% | — | $18.8B | $509M |
| 2024 | $7.3B | $1.0B | 0.0% | 20.3% | — | $16.4B | $103M |
| 2023 | $7.3B | $887M | 0.0% | 17.0% | — | $15.5B | $227M |
| 2022 | $8.3B | $837M | 0.0% | 14.7% | -$1.5B | $14.2B | $164M |
| 2021 | $7.1B | $1.4B | 0.0% | 16.2% | -$257M | $12.4B | $452M |
| 2020 | $6.2B | $755M | 0.0% | 19.7% | -$1.0B | $12.3B | $32M |
| 2019 | $6.4B | $680M | 0.0% | 17.4% | -$307M | $13.1B | $140M |
| 2018 | $6.5B | $657M | 0.0% | 17.9% | -$371M | $11.6B | $153M |
| 2017 | — | $460M | — | — | $40M | $10.2B | $182M |
| 2016 | — | $551M | — | — | -$43M | $9.5B | $235M |
| 2015 | — | $523M | — | — | $76M | $9.1B | $266M |
| 2014 | — | $477M | — | — | — | $8.5B | $207M |
| 2013 | — | $452M | — | — | $96M | $7.6B | $172M |
| 2012 | — | $382M | — | — | $14M | $7.2B | $93M |
| 2011 | — | $415M | — | — | $287M | $7.1B | $161M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $2.7B | $340M | 0.0% | 18.3% | -$334M | $18.9B | $175M |
| Dec '25 | $2.1B | $289M | 0.0% | 20.4% | — | $18.8B | $509M |
| Sep '25 | $2.0B | $277M | 0.0% | 24.4% | -$635M | $18.0B | $362M |
| Jun '25 | $1.8B | $201M | 0.0% | 17.6% | -$470M | $17.9B | $844M |
| Mar '25 | $2.4B | $304M | 0.0% | 20.6% | $112M | $16.9B | $465M |
| Dec '24 | $1.9B | $265M | 0.0% | 22.5% | — | $16.4B | $103M |
| Sep '24 | $1.7B | $253M | 0.0% | 21.4% | -$502M | $16.1B | $412M |
| Jun '24 | $1.6B | $198M | 0.0% | 18.0% | $26M | $15.7B | $699M |
| Mar '24 | $2.1B | $287M | 0.0% | 19.2% | $343M | $15.7B | $802M |
| Dec '23 | $1.9B | $309M | 0.0% | 21.8% | — | $15.5B | $227M |
| Sep '23 | $1.6B | $176M | 0.0% | 16.5% | — | $15.2B | $157M |
| Jun '23 | $1.5B | $198M | 0.0% | 16.1% | — | $15.1B | $389M |
| Mar '23 | $2.2B | $204M | 0.0% | 14.0% | $423M | $14.4B | $571M |
| Dec '22 | $2.2B | $171M | 0.0% | 12.3% | -$448M | $14.2B | $164M |
| Sep '22 | $2.0B | $165M | 0.0% | 13.2% | -$1.0B | $13.7B | $168M |
| Jun '22 | $1.8B | $148M | 0.0% | 13.0% | -$216M | $12.3B | $77M |
| Mar '22 | $2.3B | $353M | 0.0% | 19.7% | $187M | $12.4B | $446M |
| Dec '21 | $1.9B | $639M | 0.0% | 10.6% | -$298M | $12.4B | $452M |
| Sep '21 | $1.7B | $189M | 0.0% | 15.6% | -$448M | $12.6B | $102M |
| Jun '21 | $1.5B | $176M | 0.0% | 16.6% | $93M | $12.3B | $153M |
How the market has priced CMS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, CMS Energy's revenue has grown 5.9% per year, and net income grown 7.2% per year. These are computed facts, not advice.
As of FY2025, CMS Energy reported $18.8B of total debt against $509M of cash; operating income covered interest expense 2.2×.
In FY2025, gross margin was —, operating margin 20.8%, and net margin 12.9%.
As of Jun '26, CMS Energy traded at a price-to-earnings ratio of about 22.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.