CMS ENERGY CORP
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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FY2025 · Filed Feb 10, 2026
CMS$69.78+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| In Millions | |||
|---|---|---|---|
| Years Ended December 31 | 2025 | 2024 | 2023 |
| Cash Flows from Operating Activities | |||
| Net income | $1,002 | $947 | $808 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Depreciation and amortization | 1,306 | 1,240 | 1,180 |
| Deferred income taxes and investment tax credits | 202 | 142 | 157 |
| Bad debt expense | 40 | 33 | 34 |
| Postretirement benefits contributions | (16) | (13) | (12) |
| Other non‑cash operating activities and reconciling adjustments | (238) | (241) | (274) |
| Changes in assets and liabilities | |||
| Accounts receivable and accrued revenue | (251) | (155) | 241 |
| Inventories | (28) | 164 | 185 |
| Accounts payable and accrued rate refunds | 196 | 15 | (136) |
| Other current assets and liabilities | 78 | 42 | (21) |
| Other non‑current assets and liabilities | (56) | 196 | 147 |
| Net cash provided by operating activities | 2,235 | 2,370 | 2,309 |
| Cash Flows from Investing Activities | |||
| Capital expenditures (excludes assets placed under finance lease) | (3,824) | (3,018) | (2,407) |
| Covert Generating Station acquisition | — | — | (812) |
| Proceeds from sale of ASP business | — | 124 | — |
| Cost to retire property and other investing activities | (214) | (160) | (167) |
| Net cash used in investing activities | (4,038) | (3,054) | (3,386) |
| Cash Flows from Financing Activities | |||
| Proceeds from issuance of debt | 3,609 | 1,962 | 3,551 |
| Retirement of debt | (1,150) | (952) | (2,132) |
| Increase (decrease) in notes payable | (65) | (28) | 73 |
| Issuance of common stock | 525 | 286 | 192 |
| Payment of dividends on common and preferred stock | (663) | (626) | (579) |
| Proceeds from the sale of membership interests in VIEs | 44 | — | — |
| Proceeds from the sale of membership interest in VIE to tax equity investor | 15 | — | 86 |
| Contributions from noncontrolling interests | 4 | 5 | 6 |
| Distributions to noncontrolling interests | (14) | (12) | (12) |
| Other financing costs | (65) | (21) | (42) |
| Net cash provided by financing activities | 2,240 | 614 | 1,143 |
| Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts | 437 | (70) | 66 |
| Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period | 178 | 248 | 182 |
| Cash and Cash Equivalents, Including Restricted Amounts, End of Period | $615 | $178 | $248 |
| In Millions | |||
|---|---|---|---|
| Years Ended December 31 | 2025 | 2024 | 2023 |
| Other Cash Flow Activities and Non‑cash Investing and Financing Activities | |||
| Cash transactions | |||
| Interest paid (net of amounts capitalized) | $741 | $677 | $607 |
| Income taxes paid (proceeds from sale of renewable energy tax credits), net | (20) | (69) | 15 |
| Non‑cash transactions | |||
| Capital expenditures not paid | $662 | $517 | $265 |
| Deemed contribution from sale of membership interest | 35 | — | — |
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