CMS Energy Corporation (CMS) Balance Sheet

NYSE: CMSAssets, liabilities, debt and equity over 10 years.

CMS balance sheet, 2025

December 31, 2025 · U.S. dollars

$40.39B assets = $30.68B liabilities + $9.71B equity

Both columns are drawn to the same scale: what CMS owns equals what it owes plus shareholders’ equity. Hover a block for its value.

CMS financial health

Current ratio0.98

Tight · current assets cover current liabilities 0.98×

Debt / equity2.07

High leverage · $2.07 of debt for each $1 of equity

Equity / assets22.6%

Balanced · of assets funded by shareholders

Cash / debt3.2%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

CMS balance sheet trends, 2016–2025

CMS Energy Corporation balance sheet trends
Metric	Then	Latest	Change
Total assets	$21.62B2016	$40.39B2025	+7.2%/yr
Total liabilities	$17.33B2016	$30.68B2025	+6.5%/yr
Shareholders’ equity	$4.25B2016	$9.14B2025	+8.9%/yr
Cash & short-term investments	$235.0M2016	$615.0M2025	+11.3%/yr
Total debt	$10.03B2016	$18.94B2025	+7.3%/yr
Net cash (debt)	−$9.80B2016	−$18.32B2025	−$8.5B
Working capital	−$375.0M2016	−$76.0M2025	+$299.0M
Book value per share	$15.242016	$30.422025	+8.0%/yr
Current ratio	0.862016	0.982025	+0.12
Debt / equity	2.362016	2.072025	−0.29
Shares outstanding	279.0M2016	300.6M2025	+0.8%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

CMS assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

CMS liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

CMS debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

CMS balance sheet

CMS Energy Corporation annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$615.0M	$103.0M	$227.0M	$164.0M	$452.0M	$168.0M	$140.0M	$153.0M	$182.0M	$235.0M
Cash & equivalents	$615.0M	$103.0M	$227.0M	$164.0M	$452.0M	$168.0M	$140.0M	$153.0M	$182.0M	$235.0M
Short-term investments	—	—	—	—	—	—	—	—	$17.0M	$19.0M
Receivables	$1.32B	$1.06B	$944.0M	$1.58B	$943.0M	$1.16B	$1.15B	$1.23B	$1.24B	$1.01B
Inventory	$791.0M	$769.0M	$938.0M	$1.12B	$667.0M	$576.0M	$605.0M	$650.0M	$672.0M	$626.0M
Other current assets	$743.0M	$855.0M	$730.0M	$572.0M	$565.0M	$503.0M	$441.0M	$438.0M	$379.0M	$406.0M
Total current assets	$3.47B	$2.79B	$2.84B	$3.43B	$2.63B	$2.40B	$2.33B	$2.47B	$2.48B	$2.28B
Property, plant & equipment (net)	$30.70B	$27.48B	$25.10B	$22.74B	$22.38B	$21.04B	$18.97B	$18.13B	$16.76B	$15.71B
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$61.0M	$69.0M	$76.0M	$71.0M	$71.0M	$70.0M	$71.0M	$1.71B	$1.25B	$1.18B
Other non-current assets	$6.15B	$5.58B	$5.50B	$5.11B	$3.68B	$6.15B	$5.46B	$2.22B	$2.56B	$2.44B
Total assets	$40.39B	$35.92B	$33.52B	$31.35B	$28.75B	$29.67B	$26.84B	$24.53B	$23.05B	$21.62B
Liabilities
Accounts payable	$1.40B	$1.09B	$809.0M	$936.0M	$886.0M	$678.0M	$635.0M	$733.0M	$740.0M	$610.0M
Short-term debt	$959.0M	$1.26B	$1.08B	$1.12B	$385.0M	$1.51B	$1.23B	$1.09B	$1.27B	$1.28B
Deferred revenue	—	—	$815.0M	—	−$1.27B	−$923.0M	−$644.0M	$398.0M	−$762.0M	−$817.0M
Total current liabilities	$3.55B	$3.52B	$2.90B	$2.98B	$2.20B	$1.57B	$2.70B	$2.62B	$2.78B	$2.65B
Long-term debt	$18.90B	$15.31B	$14.57B	$14.31B	$12.09B	$15.20B	$12.01B	$10.68B	$9.21B	$8.75B
Lease obligations	$135.0M	$112.0M	$62.0M	$68.0M	$46.0M	$56.0M	$76.0M	$69.0M	$91.0M	$110.0M
Other long-term liabilities	$8.23B	$8.35B	$7.93B	$6.46B	$7.27B	$6.83B	$7.07B	$6.43B	$6.57B	$5.93B
Total liabilities	$30.68B	$27.17B	$25.39B	$23.76B	$21.57B	$23.59B	$21.78B	$19.74B	$18.57B	$17.33B
Shareholders' equity
Common stock & paid-in capital	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$5.50B	$3.0M	$3.0M	$4.45B	$4.00B
Retained earnings (deficit)	$2.44B	$2.04B	$1.66B	$1.35B	$1.06B	$214.0M	−$25.0M	−$271.0M	−$531.0M	−$616.0M
Treasury stock	—	—	—	—	—	—	—	—	$0	$0
Accumulated other comprehensive income	−$36.0M	−$41.0M	−$46.0M	−$52.0M	−$59.0M	−$86.0M	−$73.0M	−$65.0M	−$50.0M	−$50.0M
Minority interest	$567.0M	$518.0M	$581.0M	$580.0M	—	—	—	$37.0M	$37.0M	$37.0M
Total shareholders' equity	$9.14B	$8.23B	$7.54B	$7.01B	$6.63B	$6.08B	$5.02B	$4.75B	$4.44B	$4.25B
Key figures
Total debt	$18.94B	$16.59B	$15.67B	$14.34B	$12.50B	$16.70B	$13.29B	$11.78B	$10.49B	$10.03B
Net cash (debt)	−$18.32B	−$16.49B	−$15.44B	−$14.18B	−$12.05B	−$16.53B	−$13.15B	−$11.62B	−$10.30B	−$9.80B
Working capital	−$76.0M	−$731.0M	−$56.0M	$448.0M	$423.0M	$836.0M	−$373.0M	−$156.0M	−$309.0M	−$375.0M
Tangible book value	$9.14B	$8.23B	$7.54B	$7.01B	$6.63B	$6.08B	$5.02B	$4.75B	$4.44B	$4.25B
Book value per share	$30.42	$27.59	$25.86	$24.19	$22.91	$21.23	$17.65	$16.81	$15.82	$15.24
Shares outstanding	300.6M	298.3M	291.7M	290.0M	289.5M	286.3M	284.3M	282.9M	280.8M	279.0M
Current ratio	0.98	0.79	0.98	1.15	1.19	1.53	0.86	0.94	0.89	0.86
Quick ratio	0.55	0.33	0.40	0.58	0.63	0.85	0.48	0.53	0.51	0.47
Debt / equity	2.07	2.02	2.08	2.04	1.89	2.75	2.65	2.48	2.36	2.36
Equity / assets	22.6%	22.9%	22.5%	22.4%	23.1%	20.5%	18.7%	19.4%	19.3%	19.7%

CMS Energy Corporation quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$241.0M	$263.0M	$615.0M	$362.0M	$844.0M	$465.0M	$103.0M	$412.0M	$699.0M	$802.0M	$227.0M	$157.0M
Cash & equivalents	$241.0M	$263.0M	$615.0M	$362.0M	$844.0M	$465.0M	$103.0M	$412.0M	$699.0M	$802.0M	$227.0M	$157.0M
Receivables	$1.02B	$1.42B	$1.32B	$934.0M	$936.0M	$1.03B	$1.06B	$803.0M	$825.0M	$898.0M	$944.0M	$690.0M
Inventory	$824.0M	$642.0M	$791.0M	$903.0M	$736.0M	$580.0M	$769.0M	$884.0M	$779.0M	$677.0M	$938.0M	$1.06B
Other current assets	$1.01B	$704.0M	$743.0M	$546.0M	$677.0M	$709.0M	$855.0M	$604.0M	$682.0M	$714.0M	$730.0M	$542.0M
Total current assets	$3.10B	$3.02B	$3.47B	$2.75B	$3.19B	$2.78B	$2.79B	$2.70B	$2.98B	$3.09B	$2.84B	$2.45B
Property, plant & equipment (net)	$32.33B	$31.53B	$30.70B	$29.69B	$28.85B	$27.90B	$27.48B	$26.67B	$25.88B	$25.28B	$25.10B	$24.69B
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$63.0M	$65.0M	$61.0M	$64.0M	$62.0M	$71.0M	$69.0M	$74.0M	$73.0M	$73.0M	$76.0M	$74.0M
Other non-current assets	$5.61B	$5.66B	$6.15B	$5.51B	$5.60B	$5.54B	$5.58B	$5.37B	$5.42B	$5.46B	$5.50B	$5.30B
Total assets	$41.10B	$40.28B	$40.39B	$38.01B	$37.70B	$36.30B	$35.92B	$34.82B	$34.35B	$33.90B	$33.52B	$32.51B
Liabilities
Accounts payable	$1.22B	$1.24B	$1.40B	$1.14B	$1.14B	$951.0M	$1.09B	$954.0M	$796.0M	$651.0M	$809.0M	$846.0M
Short-term debt	$870.0M	$1.36B	$959.0M	$1.16B	$1.12B	$707.0M	$1.26B	$507.0M	$772.0M	$772.0M	$1.08B	$1.29B
Deferred revenue	—	—	—	—	—	—	—	—	—	−$1.39B	$815.0M	−$945.0M
Total current liabilities	$3.36B	$3.59B	$3.55B	$3.05B	$3.20B	$2.63B	$3.52B	$2.19B	$2.53B	$2.29B	$2.90B	$1.43B
Long-term debt	$18.17B	$17.46B	$18.90B	$16.91B	$18.05B	$16.26B	$15.31B	$15.66B	$14.92B	$14.97B	$14.51B	$15.47B
Lease obligations	$259.0M	$262.0M	$135.0M	$137.0M	$139.0M	$111.0M	$112.0M	$112.0M	$79.0M	$61.0M	$62.0M	$63.0M
Other long-term liabilities	$9.17B	$9.19B	$8.23B	$8.61B	$7.49B	$8.49B	$8.35B	$8.32B	$8.37B	$8.13B	$7.99B	$7.86B
Total liabilities	$30.71B	$30.23B	$30.68B	$28.58B	$28.73B	$27.37B	$27.17B	$26.18B	$25.81B	$25.39B	$25.39B	$24.75B
Shareholders' equity
Common stock & paid-in capital	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$6.96B
Retained earnings (deficit)	$2.55B	$2.60B	$2.44B	$2.32B	$2.21B	$2.17B	$2.04B	$1.93B	$1.83B	$1.79B	$1.66B	$1.50B
Accumulated other comprehensive income	−$35.0M	−$35.0M	−$36.0M	−$41.0M	−$41.0M	−$41.0M	−$41.0M	−$45.0M	−$45.0M	−$45.0M	−$46.0M	−$51.0M
Minority interest	$625.0M	$585.0M	$567.0M	$567.0M	$577.0M	—	—	—	—	—	—	—
Total shareholders' equity	$9.77B	$9.47B	$9.14B	$8.86B	$8.39B	$8.34B	$8.23B	$8.11B	$8.00B	$7.95B	$7.54B	$7.19B
Key figures
Total debt	$19.30B	$19.08B	$18.90B	$18.07B	$18.05B	$16.97B	$16.59B	$16.17B	$15.77B	$15.81B	$15.67B	$16.76B
Net cash (debt)	−$19.06B	−$18.82B	−$18.28B	−$17.71B	−$17.20B	−$16.50B	−$16.49B	−$15.76B	−$15.07B	−$15.00B	−$15.44B	−$16.60B
Working capital	−$262.0M	−$567.0M	−$76.0M	−$307.0M	−$3.0M	$155.0M	−$731.0M	$512.0M	$457.0M	$796.0M	−$56.0M	$1.02B
Tangible book value	$9.77B	$9.47B	$9.14B	$8.86B	$8.39B	$8.34B	$8.23B	$8.11B	$8.00B	$7.95B	$7.54B	$7.19B
Book value per share	$32.52	$31.49	$30.42	$29.51	$28.06	$27.87	$27.54	$27.15	$26.81	$26.74	$25.62	$24.66
Shares outstanding	300.6M	300.6M	300.6M	300.4M	299.1M	299.1M	298.8M	298.8M	298.5M	297.2M	294.4M	291.4M
Current ratio	0.92	0.84	0.98	0.90	1.00	1.06	0.79	1.23	1.18	1.35	0.98	1.71
Quick ratio	0.38	0.47	0.55	0.42	0.56	0.57	0.33	0.55	0.60	0.74	0.40	0.59
Debt / equity	1.97	2.02	2.07	2.04	2.15	2.04	2.02	1.99	1.97	1.99	2.08	2.33
Equity / assets	23.8%	23.5%	22.6%	23.3%	22.3%	23.0%	22.9%	23.3%	23.3%	23.4%	22.5%	22.1%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 10, 2026); data from EODHD.

CMS financial position

At the end of fiscal 2025 (December 31, 2025), CMS Energy had total assets of $40.4 billion (up 12.4% from a year earlier), total liabilities of $30.7 billion and shareholders' equity of $9.1 billion. It held $615.0 million in cash and short-term investments against $18.9 billion of debt, net debt of $18.3 billion. Its current ratio was 0.98. In the latest quarter (ended June 30, 2026) total assets were $41.1 billion and equity $9.8 billion.

Related: CMS income statement, CMS cash flow statement, CMS key metrics. See the CMS stock overview for the latest quote and news.

CMS balance sheet FAQ

What are CMS Energy's total assets?

CMS Energy reported total assets of $40.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $35.9 billion a year earlier.

How much debt does CMS Energy have?

CMS Energy had $18.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.07.

How much cash does CMS Energy have?

CMS Energy held $615.0 million in cash and short-term investments at the end of fiscal 2025; with $18.9 billion of debt that is net debt of $18.3 billion.

What is CMS Energy's book value?

CMS Energy's shareholders' equity (book value) was $9.1 billion at the end of fiscal 2025, or $30.42 per share.

What is CMS Energy's current ratio?

CMS Energy had current assets of $3.5 billion and current liabilities of $3.5 billion, a current ratio of 0.98 (current liabilities exceed current assets).