For the year ending 2025-12-31, CMSD had $437M increase in cash & cash equivalents over the period.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 1,002 | 947 | 808 | 837 |
| Depreciation and amortization | 1,306 | 1,240 | 1,180 | - |
| Deferred income taxes and investment tax credits | 202 | 142 | 157 | 89 |
| Bad debt expense | 40 | 33 | 34 | 50 |
| Postretirement benefits contributions | 16 | 13 | 12 | 12 |
| Gain from sale of enerbank | - | 0 | 0 | - |
| Other noncash operating activities and reconcilingadjustments | 238 | 241 | 274 | 93 |
| Net cash used in discontinued operations | - | - | 0 | - |
| Accounts receivable and accrued revenue | 251 | 155 | -241 | 677 |
| Inventories | 28 | -164 | -185 | 450 |
| Accounts payable and accrued rate refunds | 196 | 15 | -136 | 4 |
| Other current assets and liabilities | -78 | -42 | 21 | -14 |
| Other noncurrent assets and liabilities | 56 | -196 | -147 | 4 |
| Income before income taxes | - | - | - | 1,085 |
| Income tax expense | - | - | - | 140 |
| Net income-Consumers Energy Company | - | - | - | 945 |
| Deferred income taxes and investment tax credits-Consumers Energy Company | - | - | - | 134 |
| Bad debt expense-Consumers Energy Company | - | - | - | 50 |
| Postretirement benefits contributions-Consumers Energy Company | - | - | - | 9 |
| Other noncash operating activities and reconcilingadjustments-Consumers Energy Company | - | - | - | 87 |
| Accounts receivable and accrued revenue-Consumers Energy Company | - | - | - | 660 |
| Inventories-Consumers Energy Company | - | - | - | 447 |
| Accounts payable and accrued rate refunds-Consumers Energy Company | - | - | - | -9 |
| Other current assets and liabilities-Consumers Energy Company | - | - | - | -18 |
| Other noncurrent assets and liabilities-Consumers Energy Company | - | - | - | 29 |
| Depreciation and amortization-Consumers Energy Company | - | - | - | 1,088 |
| Net cash provided by operating activities | 2,235 | 2,370 | 2,309 | 855 |
| Capital expenditures (excludes assets placed under finance lease)-Ongoing Capital Expenditures | 3,824 | 3,018 | 2,407 | - |
| Capital expenditures (excludes assets placed under finance lease)-Covert Plant Acquisition | 0 | 0 | 812 | - |
| Net proceeds from sale of enerbank | - | 0 | 0 | - |
| Net cash provided by discontinued operations | - | - | 0 | - |
| Proceeds from sale of asp business-Appliance Service Plan Business | - | 124 | - | - |
| Proceeds from sale of asp business | 0 | - | - | - |
| Cost to retire property and other investing activities | 214 | 160 | 167 | - |
| Net cash used in investing activities | -4,038 | -3,054 | -3,386 | -2,476 |
| Proceeds from issuance of debt | 3,609 | 1,962 | 3,551 | - |
| Retirement of debt | 1,150 | 952 | 2,132 | - |
| Increase (decrease) in notes payable | -65 | -28 | 73 | - |
| Issuance of common stock | 525 | 286 | 192 | - |
| Issuance of preferred stock, net of issuance costs | - | - | 0 | - |
| Payment of dividends on common and preferred stock | 663 | 626 | 579 | - |
| Proceeds from the sale of membership interests in vies-Class BMembership | 44 | - | - | - |
| Proceeds from the sale of membership interest in vie to tax equity investor | - | 0 | 86 | - |
| Proceeds from the sale of membership interests in vies-Class ATax Equity Membership | 15 | - | - | - |
| Contributions from noncontrolling interests | 4 | 5 | 6 | - |
| Net cash used in discontinued operations | - | - | 0 | - |
| Distributions to noncontrolling interests | 14 | 12 | - | - |
| Other financing costs | -65 | -21 | -54 | - |
| Net cash provided by financing activities | 2,240 | 614 | 1,143 | 1,327 |
| Net cash provided by operating activities-Consumers Energy Company | - | - | - | 994 |
| Net cash used in investing activities-Consumers Energy Company | - | - | - | -2,344 |
| Net cash provided by (used in) financing activities-Consumers Energy Company | - | - | - | 1,366 |
| Net increase (decrease) in cash and cash equivalents,including restricted amounts | 437 | -70 | 66 | -294 |
| Cash and cash equivalents at beginning of period | 178 | 248 | 182 | 476 |
| Cash and cash equivalents at end of period | 615 | 178 | 248 | 182 |
CMS ENERGY CORP (CMSD)
CMS ENERGY CORP (CMSD)