CMS Energy Corporation

CMSNYSEUtilities● Active

$71.17

$-0.87(-1.20%)

Market Cap$22.0B

P/E Ratio—

52W High$80.36

52W Low$68.41

Avg Volume2.8M

Open$71.99

Beta0.35

Free Cash Flow Financials Revenue

CMS Energy Corporation (CMS) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

CMS · free cash flow · updated Jun 8, 2026

Core FCF metrics

CMS · FCF · TTM · margin & CAGR

Free cash flow was −$1.59B for FY2025 (fiscal year ending 2025-12-31), down 145.2% year-over-year The FCF margin was -18.6%.

FY2025 Free Cash Flow−$1.59B▼ -145.2% YoY

Trailing 12M (TTM)−$2.04Btrailing 4 quarters sum

FCF Margin-18.6%−$1.59B ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

CMS · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$2.23B(3.82B)−$1.59B▼ 145.2%-18.6%

FY2024$2.37B(3.02B)−$648.0M▲ +28.8%-8.6%

FY2023$2.31B(3.22B)−$910.0M▲ +40.1%-12.2%

FY2022$855.0M(2.37B)−$1.52B▼ 491.1%-17.7%

FY2021$1.82B(2.08B)−$257.0M▲ +75.2%-3.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

CMS · P/FCF · FCF yield · FCF per share

CMS Energy Corporation (CMS) reported negative free cash flow of −$1.59B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

CMS · cash flow statement · operating / investing / financing

For FY2025, CMS Energy Corporation generated $2.23B in operating cash flow and spent 3.82B in capital expenditures, yielding −$1.59B in free cash flow.

Operating Activities

+$2.23B

Cash from core business operations

2025-12-31

Investing Activities

−$4.03B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$2.24B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($2.23B) − |CapEx| (3.82B) = FCF (−$1.59B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Utilities)

CMS vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

CMS Energy CorporationYOU

CMS

−$1.59B-145.2%-18.6%

Loss

Constellation Energy Corporation

CEG

$1.29B+125.6%5.0%

35%

Duke Energy Corporation

Utilities · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

CMS Energy Corporation (CMS) reported free cash flow of −$1.59B for FY2025 (fiscal year ending 2025-12-31), down 145.2% year-over-year. The FCF margin was -18.6%.

Based on available data, CMS Energy Corporation has maintained positive free cash flow for at least 5 fiscal year(s). FCF peaked at $287.0M in FY2011.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

CMS free cash flow · 8 questions

CMS Energy Corporation free cash flow was −$1.59B for FY2025, down 145.2% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$2.04B.

CMS free cash flowCMS FCFCMS FCF 2025CMS free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · CMS Energy Corporation · CMS Energy Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026