CMS ENERGY CORP

10-K & 10-Q Filings

CMS Energy Corporation and Consumers Energy Company are energy companies operating primarily in Michigan. CMS Energy is the parent holding company of several subsidiaries, including Consumers, an electric and gas utility, and NorthStar Clean Energy, a domestic independent power producer and marketer. Consumers provides electricity and natural gas to 6.8 million of Michigan's 10 million residents. CMS Energy operates in three business segments: electric utility, gas utility, and NorthStar Clean Energy. Consumers Electric Utility generates, purchases, distributes, and sells electricity, with operating revenue of $4.7 billion in 2023. Consumers' electric utility operations are not dependent on a single customer and serve a mix of residential, commercial, and industrial customers. Consumers Electric Utility owns and operates electric generation and distribution facilities, including 270 miles of high-voltage distribution overhead lines, four miles of high-voltage distribution underground lines, 82,049 miles of electric distribution overhead lines, 9,708 miles of underground distribution lines, and 1,099 substations. Consumers is interconnected to the interstate high-voltage electric transmission system and neighboring utilities. CMS Energy's website is [www.cmsenergy.com](http://www.cmsenergy.com), and Consumers Energy's website is [www.consumersenergy.com](http://www.consumersenergy.com). CMS Energy's ticker symbol is CMS and Consumers Energy's ticker symbol is CMSD.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$6503.00
6253.00
6566.00
7179.00
6456.00
6399.00
6583.00
6873.00
6845.00
6680.00
7329.00
8596.00
7462.00
2284.00
2176.00
1.15%-4.73%Cost of Revenue (-)
$
1.00
1554.00
1209.00
1255.00
2977.00
360.00
350.00
2993.00
4089.00
2838.00
1025.00
821.00
-19.90%Gross Profit (+)
$2991.00
3054.00
2612.00
5013.00
4902.00
5190.00
5328.00
3896.00
4087.00
4236.00
4336.00
4507.00
4624.00
1259.00
1355.00
3.70%7.63%Selling, General & Administrative (-)
$205.00
229.00
234.00
252.00
262.00
281.00
284.00
303.00
333.00
359.00
389.00
412.00
447.00
142.00
155.00
6.71%9.15%Depreciation & Amortization (-)
$546.00
598.00
628.00
685.00
750.00
811.00
881.00
933.00
992.00
1048.00
1114.00
1126.00
1180.00
353.00
368.00
6.63%4.25%Operating Expenses (-)
$5500.00
5250.00
5424.00
6027.00
3739.00
3893.00
3990.00
5547.00
5246.00
4968.00
3190.00
3283.00
1687.00
945.00
943.00
-9.38%-0.21%Costs & Expenses (Total) (-)
$5500.00
5251.00
5424.00
6027.00
5293.00
5102.00
5245.00
5711.00
5606.00
5318.00
6183.00
7372.00
6227.00
1970.00
1764.00
1.04%-10.46%Operating Income/Loss (+)
$1003.00
1003.00
1142.00
1152.00
1163.00
1297.00
1338.00
1162.00
1239.00
1362.00
1146.00
1224.00
1235.00
314.00
412.00
1.75%31.21%Non-operating Income/Expense (+)
$538.00
477.00
578.00
538.00
670.00
-36.00
585.00
70.00
109.00
84.00
177.00
197.00
362.00
56.00
86.00
-3.25%53.57%Interest Expense (-)
$415.00
389.00
398.00
407.00
396.00
435.00
438.00
458.00
519.00
561.00
500.00
519.00
643.00
147.00
177.00
3.72%20.41%Earnings before Tax (+)
$606.00
622.00
756.00
729.00
796.00
826.00
886.00
774.00
829.00
885.00
823.00
902.00
954.00
223.00
321.00
3.85%43.95%Tax Expense (-)
$191.00
245.00
302.00
250.00
271.00
273.00
424.00
115.00
147.00
133.00
95.00
93.00
147.00
29.00
58.00
-2.16%100.00%Income/Loss (Continuing Operations) (+)
$415.00
377.00
454.00
479.00
525.00
553.00
462.00
659.00
682.00
752.00
728.00
809.00
807.00
194.00
263.00
5.70%35.57%Income/Loss (Discontinued Operations) (+)
$2.00
7.00
602.00
4.00
1.00
-5.61%Profit/Loss (+)
$417.00
384.00
454.00
479.00
525.00
553.00
462.00
659.00
682.00
752.00
1330.00
813.00
808.00
194.00
263.00
5.67%35.57%Net Income/Loss (NCI) (-)
$2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
-3.00
-23.00
-24.00
-79.00
-10.00
-24.00
-140.00%Net Income/Loss (+)
$415.00
382.00
452.00
477.00
523.00
551.00
460.00
657.00
680.00
755.00
1353.00
837.00
887.00
204.00
287.00
6.53%40.69%Preferred & Other Distributions (-)
$
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
2.00
5.00
10.00
10.00
2.00
2.00
0.00%Net Income/Loss (Common) (+)
$415.00
382.00
452.00
565.00
592.00
614.00
630.00
703.00
741.00
814.00
1348.00
827.00
877.00
202.00
285.00
6.43%41.09%EPS (Basic)
$1.66
1.46
1.71
1.76
1.90
1.99
1.64
2.33
2.40
2.65
4.66
2.85
3.01
0.69
0.96
5.08%39.13%EPS (Diluted)
$1.58
1.42
1.66
1.74
1.89
1.98
1.64
2.32
2.39
2.64
4.66
2.85
3.01
0.69
0.96
5.52%39.13%Weighted Avg Shares (Basic)
258.57
265.94
267.21
276.26
277.97
280.01
282.42
283.40
283.88
288.94
289.76
291.26
294.44
291.66
298.64
1.09%2.39%Cash
$188.00
122.00
204.00
244.00
285.00
254.00
199.00
174.00
157.00
185.00
476.00
182.00
248.00
598.00
861.00
2.34%43.98%Receivables
$928.00
906.00
987.00
990.00
913.00
1013.00
1242.00
1211.00
1126.00
1157.00
943.00
1580.00
11.00
1022.00
9.00
-30.90%-99.12%Inventory
$1211.00
1087.00
1007.00
918.00
778.00
626.00
672.00
650.00
605.00
576.00
667.00
1117.00
938.00
726.00
677.00
-2.11%-6.75%Other Assets (Current)
$238.00
310.00
328.00
448.00
344.00
387.00
362.00
433.00
443.00
486.00
541.00
554.00
1642.00
643.00
1544.00
17.46%140.12%Assets (Current)
$2565.00
2422.00
2526.00
2597.00
2320.00
2280.00
2475.00
2468.00
2331.00
2404.00
2627.00
3433.00
2839.00
2989.00
3091.00
0.85%3.41%Securities & Long-term Investments
$5181.00
5401.00
59.00
61.00
64.00
65.00
64.00
69.00
71.00
70.00
71.00
71.00
76.00
72.00
73.00
-29.66%1.39%Property, Plant & Equipment (Net)
$10633.00
11551.00
12246.00
13412.00
14705.00
15715.00
16761.00
18126.00
18926.00
21039.00
22352.00
22713.00
25072.00
23003.00
25280.00
7.41%9.90%Accumulated Depreciation
$4901.00
5121.00
5087.00
5415.00
5747.00
6056.00
6510.00
7037.00
7360.00
7953.00
8502.00
8960.00
9007.00
9126.00
9006.00
5.20%-1.31%Other Assets
$3204.00
3101.00
2585.00
3115.00
3251.00
3562.00
3750.00
3970.00
23302.00
6258.00
3703.00
5136.00
5530.00
5322.00
5457.00
4.65%2.54%Assets (Non-current)
$13887.00
14709.00
14890.00
16588.00
18020.00
19342.00
20575.00
22061.00
24506.00
27262.00
26126.00
27920.00
30678.00
28397.00
30810.00
6.83%8.50%Assets (Total)
$16452.00
17131.00
17416.00
19185.00
20340.00
21622.00
23050.00
24529.00
26837.00
29666.00
28753.00
31353.00
33517.00
31386.00
33901.00
6.11%8.01%Accounts Payable
$988.00
892.00
990.00
1102.00
1088.00
1044.00
1188.00
1215.00
1163.00
1234.00
1497.00
1588.00
1563.00
1212.00
1275.00
3.90%5.20%Debt (Current)
$1057.00
651.00
732.00
600.00
955.00
1284.00
1273.00
1093.00
90.00
20.00
93.00
-18.34%Other Liabilities (Current)
$293.00
254.00
223.00
312.00
259.00
327.00
323.00
316.00
1451.00
1840.00
707.00
1377.00
1239.00
1730.00
1020.00
12.77%-41.04%Liabilities (Current)
$2338.00
1797.00
1945.00
2014.00
2302.00
2655.00
2784.00
2624.00
2704.00
3074.00
2204.00
2985.00
2895.00
2942.00
2295.00
1.80%-21.99%Debt (Non-current)
$6207.00
6863.00
7239.00
8139.00
8559.00
8750.00
9214.00
10684.00
11951.00
13634.00
12046.00
13190.00
14570.00
13051.00
15034.00
7.37%15.19%Other Liabilities
$4835.00
5233.00
4741.00
5325.00
5504.00
5927.00
6574.00
6429.00
7127.00
6881.00
7315.00
7583.00
7927.00
7741.00
8066.00
4.21%4.20%Liabilities (Non-current)
$11042.00
12096.00
11980.00
13464.00
14063.00
14677.00
15788.00
17113.00
19078.00
20515.00
19361.00
20773.00
22497.00
20792.00
23100.00
6.11%11.10%Liabilities (Total)
$13380.00
13893.00
13925.00
15478.00
16365.00
17332.00
18572.00
19737.00
21782.00
23589.00
21565.00
23758.00
25392.00
23734.00
25395.00
5.48%7.00%Retained Earnings
$-1553.00
-1423.00
-1242.00
-1058.00
-855.00
-616.00
-531.00
-271.00
1488.00
214.00
1057.00
1350.00
1658.00
1410.00
1789.00
26.88%AOCI
$-49.00
-55.00
-22.00
-49.00
-47.00
-50.00
-50.00
-65.00
-73.00
-86.00
-59.00
-52.00
-46.00
-51.00
-45.00
11.76%Shareholder's Equity
$3072.00
3238.00
3491.00
3707.00
3975.00
4290.00
4478.00
4792.00
5055.00
6077.00
7188.00
7595.00
8125.00
7652.00
8506.00
8.44%11.16%Liabilities & Equity
$16452.00
17131.00
17416.00
19185.00
20340.00
21622.00
23050.00
24529.00
26837.00
29666.00
28753.00
31353.00
33517.00
31386.00
33901.00
6.11%8.01%Net Income/Loss
$417.00
384.00
454.00
479.00
525.00
553.00
462.00
659.00
682.00
752.00
1330.00
813.00
808.00
194.00
263.00
5.67%35.57%Depreciation & Amortization
$546.00
598.00
628.00
685.00
750.00
811.00
881.00
933.00
992.00
1048.00
1114.00
1126.00
1180.00
353.00
368.00
6.63%4.25%Increase/Decrease in Working Capital
$-1.00
109.00
81.00
32.00
-222.00
-7.00
174.00
-105.00
33.00
-257.00
46.00
1113.00
-416.00
-483.00
-310.00
35.82%Share-based Compensation
$-162.00
115.00
-85.00
-9.00
-171.00
-108.00
Adjustments to Reconcile Net Income
$752.00
857.00
967.00
968.00
1115.00
1076.00
1243.00
1044.00
1108.00
524.00
489.00
42.00
1501.00
846.00
693.00
5.93%-18.09%Net Cash (Operating)
$1169.00
1241.00
1421.00
1447.00
1640.00
1629.00
1705.00
1703.00
1790.00
1276.00
1819.00
855.00
2309.00
1040.00
956.00
5.84%-8.08%Capital Expenditure
$882.00
1227.00
1325.00
1577.00
1564.00
1672.00
1665.00
2074.00
2007.00
2259.00
1178.00
2369.00
3219.00
617.00
613.00
11.39%-0.65%Net Cash (Investing)
$-1058.00
-1350.00
-1532.00
-1910.00
-2044.00
-1915.00
-1868.00
-2606.00
-2816.00
-2867.00
-1233.00
-2476.00
-3386.00
-651.00
-637.00
2.15%Increase/Decrease in Debt
$-7.00
188.00
409.00
801.00
778.00
570.00
472.00
824.00
859.00
1079.00
100.00
1813.00
1492.00
185.00
187.00
1.08%Increase/Decrease in Equity
$144.00
176.00
186.00
538.00
193.00
347.00
533.00
291.00
687.00
1320.00
250.00
118.00
278.00
4.00
272.00
5.63%6700.00%Interest Expenses
$397.00
377.00
382.00
380.00
386.00
427.00
418.00
458.00
498.00
549.00
489.00
490.00
607.00
3.60%Dividends Paid
$213.00
252.00
273.00
295.00
322.00
347.00
377.00
407.00
436.00
467.00
509.00
546.00
145.00
Net Cash (Financing)
$-199.00
41.00
190.00
498.00
463.00
255.00
110.00
874.00
1008.00
1619.00
-295.00
1327.00
1143.00
27.00
294.00
988.89%Cash Taxes Paid
$27.00
19.00
34.00
22.00
10.00
32.00
5.00
-123.00
-58.00
-58.00
16.00
1.00
15.00
-4.78%Increase/Decrease in Cash
$-86.00
-68.00
79.00
35.00
59.00
-53.00
-29.00
-18.00
28.00
291.00
-294.00
66.00
416.00
613.00
47.36%Cash (Beginning)
$247.00
161.00
93.00
172.00
207.00
257.00
204.00
175.00
157.00
185.00
476.00
182.00
182.00
248.00
-2.51%36.26%Cash (Ending)
$161.00
93.00
172.00
207.00
266.00
204.00
175.00
157.00
185.00
476.00
182.00
248.00
598.00
861.00
3.67%43.98%NOPAT
$958.31
972.36
1090.64
1117.23
1148.39
1246.75
1330.45
989.35
1019.30
1157.32
1168.28
1222.64
1215.58
273.17
337.56
2.00%23.57%Gross Margin %
45.99%
48.84%
39.78%
69.83%
75.93%
81.11%
80.94%
56.69%
59.71%
63.41%
59.16%
52.43%
61.97%
55.12%
62.27%
Operating Margin %
15.42%
16.04%
17.39%
16.05%
18.01%
20.27%
20.33%
16.91%
18.10%
20.39%
15.64%
14.24%
16.55%
13.75%
18.93%
NOPAT Margin %
14.74%
15.55%
16.61%
15.56%
17.79%
19.48%
20.21%
14.39%
14.89%
17.33%
15.94%
14.22%
16.29%
11.96%
15.51%
Net Margin %
6.38%
6.11%
6.88%
6.64%
8.10%
8.61%
6.99%
9.56%
9.93%
11.30%
18.46%
9.74%
11.89%
8.93%
13.19%
Tax Rate %
4.46%
3.05%
4.50%
3.02%
1.26%
3.87%
0.56%
14.86%
17.73%
15.03%
-1.94%
0.11%
1.57%
13.00%
18.07%
ROA
5.82%
5.68%
6.26%
5.82%
5.65%
5.77%
5.77%
4.03%
3.80%
3.90%
4.06%
3.90%
3.63%
0.87%
1.00%
ROE
31.20%
30.03%
31.24%
30.14%
28.89%
29.06%
29.71%
20.65%
20.16%
19.04%
16.25%
16.10%
14.96%
3.57%
3.97%
ROIC
8.10%
7.69%
8.17%
7.81%
7.43%
7.60%
7.59%
5.27%
5.39%
5.56%
5.17%
5.24%
5.05%
1.19%
1.38%
Asset Turnover
0.40
0.37
0.38
0.37
0.32
0.30
0.29
0.28
0.26
0.23
0.25
0.27
0.22
0.07
0.06
Inventory Turnover
0.00
2.00
1.93
1.87
4.58
0.60
0.61
4.49
3.66
3.03
1.41
1.21
Equity Multiplier
5.36
5.29
4.99
5.18
5.12
5.04
5.15
5.12
5.31
4.88
4.00
4.13
4.13
4.10
3.99
Current Ratio
1.10
1.35
1.30
1.29
1.01
0.86
0.89
0.94
0.86
0.78
1.19
1.15
0.98
1.02
1.35
Quick Ratio
0.48
0.57
0.61
0.61
0.52
0.48
0.52
0.53
0.47
0.44
0.64
0.59
0.09
0.55
0.38
Debt/Equity Ratio
2.36
2.32
2.28
2.36
2.39
2.34
2.34
2.46
2.38
2.24
1.68
1.74
1.80
1.71
1.77
Interest Coverage Ratio
2.53
2.66
2.99
3.03
3.01
3.04
3.20
2.54
2.49
2.48
2.34
2.50
2.03
Working Capital/Sales
0.18
0.18
0.17
0.12
0.12
0.11
0.12
0.10
-0.00
-0.04
0.03
0.07
-0.13
-0.04
-0.41
Dividend Payout Ratio %
22.23%
25.92%
25.03%
26.40%
28.04%
27.83%
28.34%
41.14%
42.77%
40.35%
43.57%
44.66%
53.08%
Total Payout
$473.00
265.00
60.00
-664.00
-263.00
-143.00
-210.00
-250.00
-612.00
-1383.00
648.00
-895.00
-1163.00
-44.00
-459.00
-943.18%Payout Ratio %
49.36%
27.25%
5.50%
-59.43%
-22.90%
-11.47%
-15.78%
-25.27%
-60.04%
-119.50%
55.47%
-73.20%
-95.67%
-16.11%
-135.98%