CMS ENERGY CORP

For the period ended Dec 31, 2025. Filed Feb 10, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 10, 2026

CMS$69.55+0.5%Stored close · as of Nov 9, 2026

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Contents

Consolidated Statements of Changes in Equity

In Millions, Except Number of Shares in Thousands and Per Share Amounts
Number of Shares
Years Ended December 31 · 2025 · 2024 · 2023 · 2025 · 2024 · 2023
Total Equity at Beginning of Period		$8,748		$8,125	$7,595
Common Stock
At beginning and end of period		3		3	3
Other Paid-in Capital
At beginning of period	298,790		294,440	291,268	6,009	5,705	5,490
Common stock issued	7,839		4,673	3,355	548	315	222
Common stock repurchased	(181)		(181)	(119)	(13)	(11)	(7)
Common stock reacquired	(39)		(142)	(64)	—	—	—
Adjustment for sale of membership interests in VIEs				(34)	—	—
At end of period	306,409		298,790	294,440	6,510	6,009	5,705
Accumulated Other Comprehensive Loss
Retirement benefits liability
At beginning of period		(41)		(46)	(52)
Net gain arising during the period		4		2	5
Prior service credit adjustment		—		1	—
Amortization of net actuarial loss		2		2	2
Amortization of prior service credit		(1)		—	(1)
At end of period		(36)		(41)	(46)
Retained Earnings
At beginning of period		2,035		1,658	1,350
Net income attributable to CMS Energy		1,071		1,003	887
Dividends declared on common stock		(653)		(616)	(569)
Dividends declared on preferred stock		(10)		(10)	(10)
At end of period		2,443		2,035	1,658
Cumulative Redeemable Perpetual Preferred Stock, Series C
At beginning and end of period		224		224	224
Noncontrolling Interests
At beginning of period		518		581	580
Sale of membership interests in VIEs				78	—	—
Sale of membership interest in VIE to tax equity investor		50		—	86
Contributions from noncontrolling interests		4		5	6
Distributions to noncontrolling interests				(14)	(12)	(12)
Loss attributable to noncontrolling interests		(69)		(56)	(79)
At end of period		567		518	581
Total Equity at End of Period		$9,711		$8,748	$8,125
Dividends declared per common share		$2.170		$2.060	$1.950
Dividends declared per preferred stock Series C depositary share		$1.050		$1.050	$1.050

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.