CMS ENERGY CORP
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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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
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
CMS Energy Consolidated Financial Statements Consolidated Statements of Income
Consolidated Statements of Income
| In Millions, Except Per Share Amounts | |||
|---|---|---|---|
| Years Ended December 31 | 2025 | 2024 | 2023 |
| Operating Revenue | $8,539 | $7,515 | $7,462 |
| Operating Expenses | |||
| Fuel for electric generation | 657 | 624 | 561 |
| Purchased and interchange power | 1,706 | 1,333 | 1,375 |
| Purchased power – related parties | 94 | 71 | 75 |
| Cost of gas sold | 809 | 640 | 902 |
| Maintenance and other operating expenses | 1,727 | 1,638 | 1,687 |
| Depreciation and amortization | 1,306 | 1,240 | 1,180 |
| General taxes | 513 | 482 | 447 |
| Total operating expenses | 6,812 | 6,028 | 6,227 |
| Operating Income | 1,727 | 1,487 | 1,235 |
| Other Income (Expense) | |||
| Non-operating retirement benefits, net | 186 | 169 | 180 |
| Other income | 151 | 207 | 195 |
| Other expense | (27) | (32) | (13) |
| Total other income | 310 | 344 | 362 |
| Interest Charges | |||
| Interest on long-term debt | 798 | 700 | 616 |
| Interest expense – related parties | 11 | 12 | 12 |
| Other interest expense | (9) | 14 | 18 |
| Allowance for borrowed funds used during construction | (11) | (18) | (3) |
| Total interest charges | 789 | 708 | 643 |
| Income Before Income Taxes | 1,248 | 1,123 | 954 |
| Income Tax Expense | 246 | 176 | 147 |
| Income From Continuing Operations | 1,002 | 947 | 807 |
| Income From Discontinued Operations, Net of Tax of $— for all periods | — | — | 1 |
| Net Income | 1,002 | 947 | 808 |
| Loss Attributable to Noncontrolling Interests | (69) | (56) | (79) |
| Net Income Attributable to CMS Energy | 1,071 | 1,003 | 887 |
| Preferred Stock Dividends | 10 | 10 | 10 |
| Net Income Available to Common Stockholders | $1,061 | $993 | $877 |
| Basic Earnings Per Average Common Share | $3.53 | $3.34 | $3.01 |
| Diluted Earnings Per Average Common Share | $3.53 | $3.33 | $3.01 |
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