Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.40B | $6.58B | $6.50B | $6.40B | $6.24B | $7.08B | $8.32B | $7.26B | $7.32B | $8.30B |
| Revenue growth | — | 2.9% | -1.2% | -1.5% | -2.6% | 13.4% | 17.6% | -12.7% | 0.8% | 13.5% |
| Operating income | $1.26B | $1.34B | $1.16B | $1.11B | $1.23B | $1.15B | $1.22B | $1.24B | $1.49B | $1.73B |
| Operating margin | 19.6% | 20.3% | 17.9% | 17.4% | 19.7% | 16.2% | 14.7% | 17.0% | 20.3% | 20.8% |
| Net income | $551M | $460M | $657M | $680M | $755M | $1.35B | $837M | $887M | $1.00B | $1.07B |
| Net margin | 8.6% | 7.0% | 10.1% | 10.6% | 12.1% | 19.1% | 10.1% | 12.2% | 13.7% | 12.9% |
| EPS (diluted) | $1.98 | $1.64 | $2.32 | $2.39 | $2.64 | $4.66 | $2.85 | $3.01 | $3.33 | $3.53 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.63B | $1.71B | $1.70B | $1.79B | $1.28B | $1.82B | $855M | $2.31B | $2.37B | $2.23B |
| Capital expenditures | $1.67B | $1.67B | $2.07B | $2.10B | $2.31B | $2.08B | $2.37B | — | — | — |
| Free cash flow | -$43.0M | $40.0M | -$371M | -$307M | -$1.03B | -$257M | -$1.52B | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $235M | $182M | $153M | $140M | $32.0M | $452M | $164M | $227M | $103M | $509M |
| Total assets | $21.6B | $23.1B | $24.5B | $26.8B | $29.7B | $28.8B | $31.4B | $33.5B | $35.9B | $39.9B |
| Long-term debt | $8.64B | $9.12B | $10.6B | $12.0B | $11.7B | $12.0B | $13.1B | $14.5B | $15.2B | $17.8B |
| Shareholders' equity | $4.25B | $4.44B | $4.75B | $5.02B | $5.50B | $6.63B | $7.01B | $7.54B | $8.23B | $9.14B |
| Retained earnings | -$616M | -$531M | -$271M | -$25.0M | $214M | $1.06B | $1.35B | $1.66B | $2.04B | $2.44B |
| Shares (wtd avg diluted) | 279M | 281M | 283M | 284M | 286M | 290M | 290M | 292M | 298M | 301M |
Every figure is extracted from CMS ENERGY CORP’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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