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 | $1,129 | $1,009 | $867 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Depreciation and amortization | 1,254 | 1,191 | 1,137 |
| Deferred income taxes and investment tax credits | 48 | 115 | 156 |
| Bad debt expense | 40 | 33 | 34 |
| Postretirement benefits contributions | (10) | (9) | (9) |
| Other non‑cash operating activities and reconciling adjustments | (165) | (137) | (123) |
| Changes in assets and liabilities | |||
| Accounts and notes receivable and accrued revenue | (235) | (153) | 219 |
| Inventories | (24) | 164 | 186 |
| Accounts payable and accrued rate refunds | 187 | 19 | (127) |
| Other current assets and liabilities | 104 | 75 | (35) |
| Other non-current assets and liabilities | (90) | 139 | 125 |
| Net cash provided by operating activities | 2,238 | 2,446 | 2,430 |
| Cash Flows from Investing Activities | |||
| Capital expenditures (excludes assets placed under finance lease) | (3,314) | (2,842) | (2,248) |
| Covert Generating Station acquisition | — | — | (812) |
| Proceeds from sale of ASP business | — | 124 | — |
| Cost to retire property and other investing activities | (221) | (154) | (141) |
| Net cash used in investing activities | (3,535) | (2,872) | (3,201) |
| Cash Flows from Financing Activities | |||
| Proceeds from issuance of debt | 1,123 | 1,297 | 2,666 |
| Retirement of debt | (115) | (389) | (1,654) |
| Increase (decrease) in notes payable | (65) | (28) | 73 |
| Increase (decrease) in notes payable – related parties | 340 | — | (75) |
| Stockholder contribution | 920 | 735 | 475 |
| Return of stockholder contribution | — | (320) | — |
| Payment of dividends on common and preferred stock | (900) | (797) | (697) |
| Other financing costs | (14) | (9) | (21) |
| Net cash provided by financing activities | 1,289 | 489 | 767 |
| Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts | (8) | 63 | (4) |
| Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period | 119 | 56 | 60 |
| Cash and Cash Equivalents, Including Restricted Amounts, End of Period | $111 | $119 | $56 |
| 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) | $526 | $484 | $417 |
| Income taxes paid (proceeds from sale of renewable energy tax credits), net | 161 | (19) | 31 |
| Non‑cash transactions | |||
| Capital expenditures not paid | $533 | $395 | $264 |
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