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CMS Energy cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$468M in Q3 2026 · $2.3B over twelve months

Operating cash flow$471M
Capital spending−$939M
Free cash flow−$468M

Analysis

In Q3 2026, CMS Energy generated $471M of operating cash flow and spent $939M on capital projects, leaving free cash flow of −$468M. That is $167M more than in Q3 2025 (−$635M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.3B; the largest uses were other investing ($4.2B), other financing ($664M); besides operations, cash came from net borrowing (+) / repaid (−) ($2.1B), shares issued ($682M); the cash balance rose by $147M.

Operating cash flow was $471M against net income of −$91.0M. The largest differences: depreciation & amortization +$298M, inventory −$108M, other non-cash −$45.0M.

Free cash flow

CMS Energy: free cash flow by quarterCMS Energy: free cash flow by quarter$403MQ4 2024$112MQ1 2025−$470MQ2 2025−$635MQ3 2025$478MQ4 2025−$334MQ1 2026−$345MQ2 2026−$468MQ3 2026
Operating cash flow less capital spending.
CMS Energy: operating cash flow against capital spendingCMS Energy: operating cash flow against capital spendingOperating cash flowCapital spending$403M$0Q4 2024$1.0B$888MQ1 2025$414M$884MQ2 2025$343M$978MQ3 2025$478M$0Q4 2025$705M$1.0BQ1 2026$622M$967MQ2 2026$471M$939MQ3 2026
Latest (Q3 2026): Operating cash flow $471M, Capital spending $939M.

Capital allocation, year by year

CMS Energy: where the cash came from (up) and went (down), by fiscal yearCMS Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2021: Operating cash flow $1.8BFY2021: Net borrowing $93.0MFY2021: Shares issued $250MFY2021: Asset sales $898MFY2021: Capital spending −$2.1BFY2021: Dividends −$509M$3.1BFY2021FY2022: Operating cash flow $855MFY2022: Net borrowing $1.8BFY2022: Shares issued $69.0MFY2022: Asset sales $5.0MFY2022: Capital spending −$2.4BFY2022: Dividends −$546M$2.7BFY2022FY2023: Operating cash flow $2.3BFY2023: Net borrowing $1.5BFY2023: Shares issued $192M$4.0BFY2023FY2024: Operating cash flow $2.4BFY2024: Net borrowing $976MFY2024: Shares issued $286M$3.6BFY2024FY2025: Operating cash flow $2.2BFY2025: Net borrowing $2.4BFY2025: Shares issued $525M$5.1BFY2025
Over these 5 years operating cash flow totalled $9.6B; the largest uses were capital spending ($4.5B) and dividends ($1.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$451M
Debt$20.0B
Net debt$19.6B
Due within a year$950M

CMS Energy funds itself: free cash flow was $2.3B over the last twelve months, and $451M of cash and investments stands against $20.0B of debt ($950M due within a year, 0.5× covered by cash).

CMS Energy: debt maturities by year (FY2025)CMS Energy: debt maturities by year (FY2025)$950MYear 1$888MYear 2$1.9BYear 3$1.3BYear 4$812MYear 5
Principal due in each year as disclosed in the annual report, against $451M of cash and investments now.

Where the cash came from and went

CMS Energy: sources (+) and uses (−) of cash, Q3 2026CMS Energy: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$960MCapital spending−$939MOperating cash flow$471MCash drawn (+) / kept (−)−$234MOther financing−$181MOther investing−$79.0MShares issued$2.0M
CMS Energy: sources (+) and uses (−) of cash, TTM to Q3 2026CMS Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$4.2BOperating cash flow$2.3BNet borrowing (+) / repaid (−)$2.1BShares issued$682MOther financing−$664MCash drawn (+) / kept (−)−$147M

From profit to cash

CMS Energy: net income to operating cash flow, Q3 2026CMS Energy: net income to operating cash flow, Q3 2026Net income−$91.0MDepreciation & amortization$298MDeferred taxes−$33.0MOther non-cash−$45.0MReceivables$20.0MInventory−$108MPayables$25.0MOperating cash flow$471M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$471M−$939M$960M$2.0M−$234M−$468M
Q2 2026$622M−$967M$230M$362M−$82.0M−$345M
Q1 2026$705M−$1.0B$54.0M$166M$352M−$334M
Q4 2025$478M—$832M$152M−$183M$478M
Q3 2025$343M−$978M$19.0M$356M$493M−$635M
Q2 2025$414M−$884M$1.1B$14.0M−$399M−$470M
Q1 2025$1.0B−$888M$418M$3.0M−$348M$112M
Q4 2024$403M—$417M$3.0M$289M$403M

CMS Energy: income statement and cash flow

CMS Energy, Q3 2026: revenue $2.2B (+8% year over year), operating margin 2.2%. The chart follows the revenue to costs, profit and cash.

CMS Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.