For the quarter ending 2026-03-31, CMSD had -$352M decrease in cash & cash equivalents over the period. $1,528M in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income | 277 | 242 | 272 | 193 |
| Depreciation and amortization | 412 | 342 | 288 | 288 |
| Deferred income taxes and investment tax credits | 82 | 31 | 47 | 64 |
| Bad debt expense | - | 40 | - | - |
| Postretirement benefits contributions | - | 16 | - | - |
| Other noncash operating activities and reconcilingadjustments | 55 | 57 | 37 | 98 |
| Accounts receivable and accrued revenue | 24 | 365 | -34 | -85 |
| Inventories | -148 | -106 | 168 | 156 |
| Accounts payable and accrued rate refunds | -137 | 202 | -30 | 11 |
| Other current assets and liabilities | 63 | 25 | 14 | -76 |
| Other noncurrent assets and liabilities | -65 | 22 | 49 | 49 |
| Net cash provided by operating activities | 705 | 478 | 343 | 414 |
| Capital expenditures (excludes assets placed under finance lease)-Ongoing Capital Expenditures | - | 3,824 | - | - |
| Capital expenditures (excludes assets placed under finance lease) | -823 | - | 978 | 884 |
| Capital expenditures (excludes assets placed under finance lease)-Covert Plant Acquisition | - | 0 | - | - |
| Proceeds from sale of asp business | - | 0 | 0 | 0 |
| Cost to retire property and other investing activities | 34 | 38 | 68 | 78 |
| Net cash used in investing activities | -1,073 | -1,112 | -1,046 | -962 |
| Proceeds from issuance of debt | 258 | 1,098 | 62 | 1,249 |
| Retirement of debt | 204 | 266 | 43 | 124 |
| Decrease in notes payable | 0 | 0 | 0 | 0 |
| Issuance of common stock | 166 | 152 | 356 | 14 |
| Payment of dividends on common and preferred stock | 178 | 167 | 165 | 165 |
| Proceeds from the sale of membership interests in vies | 0 | 44 | - | - |
| Proceeds from the sale of membership interests in vies-Class ATax Equity Membership | - | 15 | - | - |
| Contributions from noncontrolling interests | - | 4 | - | - |
| Proceeds from the sale of membership interests in vies | - | - | 0 | 0 |
| Distributions to noncontrolling interests | - | 14 | - | - |
| Other financing costs | -26 | -5 | 0 | -27 |
| Net cash provided by financing activities | 16 | 817 | 210 | 947 |
| Net increase (decrease) in cash and cash equivalents,including restricted amounts | -352 | 183 | -493 | 399 |
| Cash and cash equivalents,including restricted amounts, beginning of period | 615 | 432 | 925 | 526 |
| Cash and cash equivalents,including restricted amounts, end of period | 263 | 615 | 432 | 925 |
CMS ENERGY CORP (CMSD)
CMS ENERGY CORP (CMSD)