Short answer
CMS Energy (CMS) filed its fiscal 2025 10-K annual report with the SEC on Feb 10, 2026. It reported revenue of $8.3B (+13.5% year over year) and net income of $1.1B.
- Top risk flagged: Cybersecurity incident risk with critical event management overseen by VP IT and Security reporting to EVP and Chief Legal Officer
FY2025 key financial metrics · XBRL
- Revenue
- $8.3B
- +13.5% YoY
- Net income
- $1.1B
- +6.8% YoY
- Operating margin
- 20.8%
- +0.5 pp YoY
- EPS (diluted)
- $3.53
- +6.0% YoY
- ROE
- 11.7%
- −0.5 pp YoY
- Operating cash flow
- $2.2B
- −5.7% YoY
Source: XBRL data from the CMS Energy (CMS) FY2025 10-K on SEC EDGAR. USD.
CMS Energy FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Electric and natural gas utility services primarily through Consumers Energy
- Emphasis on corporate governance and ethics via Employee Code of Conduct and Director Code of Conduct updates
- Equity compensation plan with 3,965,601 shares available for future issuance as of December 31, 2025
- Proxy statement for 2026 Annual Meetings incorporating key executive and governance disclosures pending SEC filing within 120 days
- No new products, segments, or notable strategic shifts detailed in this filing compared to prior years
Management Discussion & Analysis
- CMS Energy revenue not explicitly stated; operating cash flow $2,235M in 2025 vs $2,370M in 2024, down $135M YoY
- Consumers segment operating cash flow $2,238M in 2025 vs $2,446M in 2024, down $208M YoY
- Key cash flow drivers: higher net income (+$55M CMS Energy, +$120M Consumers), non-cash transactions (+$133M CMS, -$26M Consumers)
- Unfavorable impacts from core working capital changes: -$107M CMS Energy, -$102M Consumers, mainly gas price fluctuations and PSCR undercollections
- Unfavorable changes in other assets/liabilities: -$216M CMS Energy, -$200M Consumers due to tax payments, service restoration, renewable energy costs
Risk Factors
- Cybersecurity incident risk with critical event management overseen by VP IT and Security reporting to EVP and Chief Legal Officer
- Board Audit Committee oversight of cybersecurity strategy and risk, meeting at least twice annually with updates on threat landscape
- Two Board members on Audit Committee with extensive industry cybersecurity experience driving governance and mitigation efforts
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