CMS Energy Corporation (CMS) Cash Flow Statement
Where CMS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.23B −5.7% vs 2024
- Capital expenditures
- $3.82B 44.8% of revenue
- Free cash flow
- −$1.59B −18.6% margin
- Returned to shareholders
- $663.0M
- Change in cash
- $437.0M cash at year-end $615.0M
Cash from operations
$2.23B
Capital expenditures
−$3.82B
Acquisitions & other
−$210.0M
Dividends
−$663.0M
Share buybacks (net)
+$525.0M
Net borrowing (repayment)
+$2.39B
Shares issued
+$525.0M
Other financing
−$545.0M
Change in cash
$437.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CMS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CMS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.63B2016 | $2.23B2025 | +3.6%/yr | |
| Capital expenditures | $1.67B2016 | $3.82B2025 | +9.6%/yr | |
| Free cash flow | −$43.0M2016 | −$1.59B2025 | — | |
| Free cash flow margin | −0.7%2016 | −18.6%2025 | −17.9 pts | |
| Operating cash flow / net income | 2.962016 | 2.092025 | −0.87 | |
| Stock-based compensation | $16.0M2016 | $28.0M2023 | +8.3%/yr | |
| Dividends paid | $347.0M2016 | $663.0M2025 | +7.5%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 26.1%2016 | 44.8%2025 | +18.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CMS cash flow by activity
OperatingInvestingFinancingChange in cash
CMS net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CMS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.07B | $1.00B | $886.0M | $813.0M | $1.33B | $752.0M | $682.0M | $657.0M | $460.0M | $551.0M |
| Depreciation & amortization | $1.31B | $1.24B | $1.18B | $1.13B | $1.11B | $1.05B | $992.0M | $933.0M | $881.0M | $811.0M |
| Stock-based compensation | — | — | $28.0M | $26.0M | −$746.0M | $90.0M | $67.0M | $17.0M | $17.0M | $16.0M |
| Change in working capital | −$61.0M | $262.0M | $416.0M | −$1.11B | −$46.0M | −$50.0M | −$33.0M | $105.0M | −$174.0M | $7.0M |
| Other non-cash items | −$81.0M | −$135.0M | −$201.0M | $3.0M | $167.0M | −$564.0M | $82.0M | −$9.0M | $521.0M | $244.0M |
| Cash from operating activities | $2.23B | $2.37B | $2.31B | $855.0M | $1.82B | $1.28B | $1.79B | $1.70B | $1.71B | $1.63B |
| Investing activities | ||||||||||
| Capital expenditures | −$3.82B | −$3.02B | −$3.22B | −$2.48B | −$2.21B | −$2.45B | −$2.24B | −$2.07B | −$1.67B | −$1.67B |
| Investments (net) | — | −$3.05B | −$3.39B | −$2.48B | −$1.23B | −$2.87B | −$2.82B | −$386.0M | −$88.0M | −$136.0M |
| Acquisitions & other investing | −$210.0M | $3.02B | $3.23B | $2.48B | $2.21B | $2.45B | $2.24B | −$146.0M | −$115.0M | −$107.0M |
| Cash from investing activities | −$4.03B | −$3.05B | −$3.38B | −$2.48B | −$1.23B | −$2.87B | −$2.82B | −$2.61B | −$1.87B | −$1.92B |
| Financing activities | ||||||||||
| Dividends paid | −$663.0M | −$626.0M | −$579.0M | −$546.0M | −$509.0M | −$467.0M | −$436.0M | −$407.0M | −$377.0M | −$347.0M |
| Share repurchases & issuance (net) | $525.0M | $286.0M | $3.62B | $69.0M | $475.0M | $3.50B | $2.77B | $3.28B | $1.68B | $1.30B |
| Net borrowing (repayment) | $2.39B | $982.0M | $1.49B | $1.81B | $100.0M | $1.08B | $859.0M | $788.0M | $450.0M | $552.0M |
| Shares issued | $525.0M | $286.0M | $192.0M | $69.0M | $250.0M | $253.0M | $12.0M | $41.0M | $0 | $0 |
| Other financing | −$545.0M | −$319.0M | −$3.59B | −$78.0M | −$611.0M | −$2.75B | −$2.20B | −$2.83B | −$1.64B | −$1.25B |
| Cash from financing activities | $2.24B | $609.0M | $1.14B | $1.33B | −$295.0M | $1.62B | $1.01B | $874.0M | $110.0M | $255.0M |
| Summary | ||||||||||
| Net change in cash | $437.0M | −$70.0M | $66.0M | −$294.0M | $291.0M | $28.0M | −$18.0M | −$25.0M | −$55.0M | −$31.0M |
| Cash at end of period | $615.0M | $178.0M | $248.0M | $182.0M | $476.0M | $185.0M | $157.0M | $174.0M | $199.0M | $254.0M |
| Free cash flow | −$1.59B | −$648.0M | −$910.0M | −$1.63B | −$390.0M | −$1.17B | −$446.0M | −$371.0M | $40.0M | −$43.0M |
| Free cash flow margin | −18.6% | −8.6% | −12.2% | −18.9% | −5.3% | −18.3% | −6.7% | −5.4% | 0.6% | −0.7% |
| Capex / revenue | 44.8% | 40.2% | 43.1% | 28.9% | 30.1% | 38.1% | 33.8% | 30.2% | 25.3% | 26.1% |
| Operating cash flow / net income | 2.09 | 2.36 | 2.61 | 1.05 | 1.37 | 1.70 | 2.62 | 2.59 | 3.71 | 2.96 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $96.0M | $340.0M | $242.0M | $210.0M | $201.0M | $304.0M | $265.0M | $253.0M | $198.0M | $287.0M | $309.0M | $173.0M |
| Depreciation & amortization | $308.0M | $412.0M | $342.0M | $288.0M | $301.0M | $388.0M | $326.0M | $273.0M | $285.0M | $368.0M | $310.0M | $262.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $28.0M | — |
| Change in working capital | $248.0M | −$11.0M | −$104.0M | −$227.0M | −$33.0M | $303.0M | −$148.0M | −$195.0M | $295.0M | $310.0M | −$136.0M | −$212.0M |
| Other non-cash items | −$30.0M | −$36.0M | −$2.0M | $72.0M | −$55.0M | $5.0M | −$40.0M | −$27.0M | −$71.0M | −$9.0M | −$106.0M | −$24.0M |
| Cash from operating activities | $622.0M | $705.0M | $478.0M | $343.0M | $414.0M | $1.00B | $403.0M | $304.0M | $707.0M | $956.0M | $405.0M | $199.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$967.0M | −$1.04B | −$1.07B | −$978.0M | −$884.0M | −$888.0M | −$918.0M | −$806.0M | −$681.0M | −$613.0M | −$608.0M | −$658.0M |
| Investments (net) | — | — | — | −$1.05B | −$1.08B | −$800.0M | −$953.0M | −$855.0M | −$639.0M | −$607.0M | −$649.0M | −$658.0M |
| Acquisitions & other investing | −$53.0M | −$34.0M | −$34.0M | $978.0M | $1.00B | $770.0M | $923.0M | $806.0M | $711.0M | $583.0M | $608.0M | −$1.42B |
| Cash from investing activities | −$1.02B | −$1.07B | −$1.11B | −$1.05B | −$962.0M | −$918.0M | −$948.0M | −$855.0M | −$609.0M | −$637.0M | −$649.0M | −$2.74B |
| Financing activities | ||||||||||||
| Dividends paid | −$180.0M | −$178.0M | −$167.0M | −$165.0M | −$165.0M | −$166.0M | −$156.0M | −$156.0M | −$158.0M | −$156.0M | −$144.0M | −$145.0M |
| Share repurchases & issuance (net) | — | — | $525.0M | $272.0M | $150.0M | $3.0M | $286.0M | $283.0M | −$272.0M | −$320.0M | $492.0M | $727.0M |
| Net borrowing (repayment) | $151.0M | $133.0M | $832.0M | $19.0M | $1.65B | −$107.0M | $417.0M | $387.0M | — | — | — | $366.0M |
| Shares issued | $128.0M | $400.0M | $152.0M | $356.0M | $0 | $150.0M | $3.0M | $4.0M | $0 | $320.0M | $182.0M | $3.0M |
| Other financing | $381.0M | −$339.0M | −$529.0M | −$272.0M | −$688.0M | $386.0M | −$294.0M | −$289.0M | $260.0M | $450.0M | −$222.0M | −$714.0M |
| Cash from financing activities | $480.0M | $16.0M | $813.0M | $210.0M | $947.0M | $266.0M | $256.0M | $229.0M | −$170.0M | $294.0M | $308.0M | $237.0M |
| Summary | ||||||||||||
| Net change in cash | $82.0M | −$352.0M | $183.0M | −$493.0M | $399.0M | $348.0M | −$289.0M | −$322.0M | −$72.0M | $613.0M | $64.0M | −$222.0M |
| Cash at end of period | $345.0M | $263.0M | $615.0M | $432.0M | $925.0M | $526.0M | $178.0M | $467.0M | $789.0M | $861.0M | $248.0M | $184.0M |
| Free cash flow | −$345.0M | −$334.0M | −$596.0M | −$635.0M | −$470.0M | $112.0M | −$515.0M | −$502.0M | $26.0M | $343.0M | −$203.0M | −$459.0M |
| Free cash flow margin | −18.9% | −12.2% | −26.7% | −31.4% | −25.6% | 4.6% | −25.9% | −28.8% | 1.6% | 15.8% | −10.4% | −27.4% |
| Capex / revenue | 52.9% | 38.1% | 48.1% | 48.4% | 48.1% | 36.3% | 46.2% | 46.2% | 42.4% | 28.2% | 31.2% | 39.3% |
| Operating cash flow / net income | 6.48 | 2.07 | 1.98 | 1.63 | 2.06 | 3.29 | 1.52 | 1.20 | 3.57 | 3.33 | 1.31 | 1.15 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CMS cash generation
In fiscal 2025 (ended December 31, 2025), CMS Energy generated $2.2 billion of cash from operations (down 5.7%) and spent $3.8 billion on capital expenditures, leaving free cash flow of -$1.6 billion, −18.6% of revenue. It returned $663.0 million to shareholders through dividends ($663.0 million) and net share buybacks ($0). Cash and equivalents rose by $437.0 million over the year.
Related: CMS income statement, CMS balance sheet, CMS dividend history. See the CMS stock overview for the latest quote and news.
CMS cash flow FAQ
What is CMS Energy's free cash flow?
CMS Energy's free cash flow was -$1.6 billion in fiscal 2025: $2.2 billion of operating cash flow minus $3.8 billion of capital expenditures It was -$648.0 million a year earlier..
How much cash does CMS Energy generate from operations?
CMS Energy generated $2.2 billion of cash from operating activities in fiscal 2025, 2.09 times its net income of $1.1 billion.
How much does CMS Energy spend on capital expenditures?
CMS Energy spent $3.8 billion on capital expenditures in fiscal 2025, 44.8% of revenue, compared with $3.0 billion the year before.
How much does CMS Energy pay in dividends?
CMS Energy paid $663.0 million in dividends in fiscal 2025.
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