CMS FINANCIAL STATEMENTS

CMS Energy Corporation — balance sheet, income statement and cash flow trends

CMSCMS Energy Corporation

🇺🇸 USA · US · Utilities · Utilities - Regulated Electric

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue8.8 B $+13.3%

Gross Profit3.6 B $+8.5%

Operating Income1.7 B $+9.8%

EBITDA3.2 B $+2.6%

Net Income1.1 B $+8.5%

Peer Comparison· Utilities - Regulated Electric

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CMS	13.3%	40.8%	36.6%	12.5%
H	6.4%	27.4%	36.2%	14.8%
FTS	4.1%	32.6%	49.0%	14.8%
EMA	3.1%	17.7%	36.1%	13.2%
ELE	-1.6%	34.5%	26.6%	11.2%
RED	35.5%	85.6%	76.4%	30.1%
Industry median	7.9%	40.7%	40.4%	13.6%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
CMS	13.3%	40.8%	36.6%	12.5%
EVRG	2.4%	41.5%	46.0%	14.7%
LNT	8.3%	38.0%	46.4%	18.6%
PPL	7.5%	35.3%	41.1%	13.1%
ES	9.8%	39.9%	40.4%	12.5%
FE	11.3%	53.8%	28.9%	6.9%
Industry median	7.9%	40.7%	40.4%	13.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity9.5 B $24%
Current Liabilities3.6 B $9%
Long-term Liabilities26.6 B $67%

Key Figures

YoY change

Total Assets40.3 B $+11.0%

Total Liabilities30.2 B $+10.5%

Total Equity9.5 B $+13.6%

Cash & ST Investments263 M $-43.4%

Total Debt19.1 B $+12.4%

Net Debt18.8 B $+14.0%

Peer Comparison· Utilities - Regulated Electric

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CMS	0.84	201.5%	5.82	23.5%
H	0.54	149.2%	5.69	32.3%
FTS	0.49	145.2%	5.86	31.8%
EMA	1.07	168.8%	7.34	29.5%
ELE	1.00	135.0%	2.06	21.6%
RED	1.14	—	—	34.0%
Industry median	0.78	161.2%	5.63	28.1%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
CMS	0.84	201.5%	5.82	23.5%
EVRG	0.45	156.3%	5.75	29.5%
LNT	0.69	159.5%	5.72	29.9%
PPL	1.00	134.7%	4.97	32.4%
ES	0.65	183.5%	5.34	25.5%
FE	0.52	221.7%	6.24	22.2%
Industry median	0.78	161.2%	5.63	28.1%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow1.9 B $-19.6%

Capital Expenditures4 B $+20.7%

Free Cash Flow-2 B $—

Dividends Paid-675 M $-206.1%

Peer Comparison· Utilities - Regulated Electric

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CMS	22.0%	-23.1%	45.1%	175.2%
H	27.8%	-5.0%	32.8%	188.0%
FTS	32.4%	-17.6%	50.0%	219.3%
EMA	22.7%	-22.8%	45.5%	171.8%
ELE	19.1%	10.1%	8.9%	170.8%
RED	47.9%	-56.4%	66.9%	159.3%
Industry median	29.1%	-9.0%	44.9%	208.0%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
CMS	22.0%	-23.1%	45.1%	175.2%
EVRG	32.7%	-18.3%	51.0%	222.0%
LNT	29.1%	-23.2%	100.6%	156.9%
PPL	28.7%	-17.4%	46.1%	219.3%
ES	31.6%	1.7%	29.9%	251.5%
FE	20.7%	11.6%	37.8%	301.5%
Industry median	29.1%	-9.0%	44.9%	208.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.