CMS Energy (CMS) FY2025 10-K Annual Report
CMS Energy (CMS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 10, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
CMS Energy FY2025 10-K Analysis
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
CMS Energy FY2025 Key Financial MetricsXBRL
Revenue
$8.3B
▲ +13.5% YoY
Net Income
$1.1B
▲ +6.8% YoY
Operating Margin
20.8%
▲ +48bp YoY
Net Margin
12.9%
▼ -81bp YoY
ROE
11.7%
▼ -47bp YoY
Total Assets
$39.9B
▲ +11.2% YoY
EPS (Diluted)
$3.53
▲ +6.0% YoY
Operating Cash Flow
$2.2B
▼ -5.7% YoY
Source: XBRL data from CMS Energy FY2025 10-K filing on SEC EDGAR. All figures in USD.
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