--- title: "CMS Energy: Metrics Guide" description: "CMS Energy revenue, margins, cash flow and balance sheet figures by fiscal year, taken from its SEC filings, with the ratios computed and explained." canonical: https://www.getswoopr.com/stocks/companies/cms-energy/metrics/ source: "Swoopr Investment: https://www.getswoopr.com" --- # CMS Energy: Financial & Operating Metrics Guide ## Direct Answer CMS Energy reported revenue of $8.5 billion for the fiscal year ended December 31, 2025, with an operating margin of 20.2% and net income of $1.1 billion, according to its SEC filings. Revenue grew 13.6% from the prior year. ## What Are CMS Energy's Key Financial Figures? | Fiscal year | FY2025ended December 31, 2025 | FY2024ended December 31, 2024 | FY2023ended December 31, 2023 | FY2022ended December 31, 2022 | | --- | --- | --- | --- | --- | | Revenue | $8.5 billion | $7.5 billion | $7.5 billion | $8.6 billion | | Operating income | $1.7 billion | $1.5 billion | $1.2 billion | $1.2 billion | | Operating margin | 20.2% | 19.8% | 16.6% | 14.2% | | Net income | $1.1 billion | $1.0 billion | $887 million | $837 million | | Net margin | 12.5% | 13.3% | 11.9% | 9.7% | | Operating cash flow | $2.2 billion | $2.4 billion | $2.3 billion | $855 million | | Capital expenditures | Not reported | Not reported | Not reported | $2.4 billion | | Free cash flow | Not reported | Not reported | Not reported | -$1.5 billion | Operating margin held roughly steady between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. ![Bar chart of CMS Energy revenue, operating income, net income for fiscal 2022 to 2025. In fiscal 2025, revenue was $8.5 billion, operating income $1.7 billion and net income $1.1 billion.](https://www.getswoopr.com/images/charts/cms-energy-metrics-revenue-profit.webp) *CMS Energy revenue, operating income and net income by fiscal year, from the figures in the table above. Select the chart to open it full size.* ![Line chart of CMS Energy operating margin and net margin for fiscal 2022 to 2025. In fiscal 2025, operating margin was 20.2% and net margin was 12.5%.](https://www.getswoopr.com/images/charts/cms-energy-metrics-margins.webp) *CMS Energy operating margin and net margin by fiscal year: operating income and net income as a share of revenue. Select the chart to open it full size.* ## What Does CMS Energy's Balance Sheet Show? | Cash and cash equivalents | $509 million | | --- | --- | | Long-term debt | $17.8 billion | | Total assets | $39.9 billion | | Total liabilities | Not reported | | Shareholders' equity | $9.1 billion | | Current ratio | 1.0x | Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions. ## Where These Numbers Come From Every figure on this page is a value CMS Energy reported in its own SEC filings, read from the SEC's XBRL data (accession 0000811156-26-000004 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 7, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary. Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What was CMS Energy's revenue in fiscal 2025? CMS Energy reported revenue of $8.5 billion for the fiscal year ended December 31, 2025, according to its SEC filings. ### What is CMS Energy's operating margin? CMS Energy's operating margin was 20.2% in fiscal 2025: operating income of $1.7 billion on revenue of $8.5 billion. ### How much free cash flow did CMS Energy generate? CMS Energy did not report both operating cash flow and capital expenditures under the standard tags for fiscal 2025, so free cash flow is not computed here. ## References - [SEC EDGAR: CMS ENERGY CORP Form 10-K filed February 10, 2026](https://www.sec.gov/Archives/edgar/data/811156/000081115626000004/cms-20251231.htm) - [SEC EDGAR: CMS ENERGY CORP annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=811156&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) ## Related Pages - [CMS Energy company dossier](https://www.getswoopr.com/stocks/companies/cms-energy/) - [CMS Energy financial metrics](https://www.getswoopr.com/stocks/companies/cms-energy/metrics/) - [CMS Energy financial risk indicators](https://www.getswoopr.com/stocks/companies/cms-energy/risks/) - [CMS Energy peer comparison](https://www.getswoopr.com/stocks/companies/cms-energy/competitors/) - [CMS Energy business model and revenue mix](https://www.getswoopr.com/stocks/companies/cms-energy/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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