CMS FY 2023 Earnings Report — CMS Energy Corporation Revenue & Financial Results | Market Cap Arena

CMS Energy CorporationCMS

FY 2023 Earnings

Reported February 8, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$7.5B	—	$8.6B	—	-13.2%
Op. Income	$1.2B	—	$1.2B	—	0.9%
Gross Margin	38.4%	—	32.1%	—	6.2pp
Net Margin	11.9%	—	9.7%	—	2.1pp
EPS (Diluted)	$3.01	—	$2.85	—	5.6%
Free Cash Flow	-$910M	—	-$1.5B	—	40.1%

Revenue Flow

Item	Amount
REVENUE	$7.5B
Cost of Revenue	$4.6B
GROSS PROFIT	$2.9B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.6B
Operating Expenses	$1.6B
Cost & Expenses	$6.2B
OPERATING INCOME	$1.2B
Interest Income	$0
Interest Expense	$643M
Other Income/Expenses	-$281M
INCOME BEFORE TAX	$954M
Income Tax Expense	$147M
Net Income from Continuing Ops	$807M
Net Income from Discontinued Ops	$1M
Other Adjustments	$0
NET INCOME	$887M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$877M
D&A	$1.2B
EBIT	$1.6B
EBITDA	$2.8B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$7.5B
Cost of Revenue	$4.6B
GROSS PROFIT	$2.9B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$1.6B
Operating Expenses	$1.6B
Cost & Expenses	$6.2B
OPERATING INCOME	$1.2B
Interest Income	$0
Interest Expense	$643M
Other Income/Expenses	-$281M
INCOME BEFORE TAX	$954M
Income Tax Expense	$147M
Net Income from Continuing Ops	$807M
Net Income from Discontinued Ops	$1M
Other Adjustments	$0
NET INCOME	$887M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$877M
D&A	$1.2B
EBIT	$1.6B
EBITDA	$2.8B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$886M
Depreciation & Amortization	$1.2B
Stock-Based Compensation	$0
Deferred Income Tax	$157M
Other Non-Cash Items	-$330M
Change in Working Capital	$416M
OPERATING CASH FLOW	$2.3B
Capital Expenditure	-$3.2B
Acquisitions (Net)	$6M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$167M
NET CASH FROM INVESTING	-$3.4B
Net Debt Issuance	$1.5B
Common Stock Repurchased	$0
Common Dividends Paid	-$579M
Other Financing Activities	$32M
NET CASH FROM FINANCING	$1.1B
FREE CASH FLOW	-$910M
Net Change in Cash	$66M

Balance Sheet

Item	Amount
Cash & Equivalents	$227M
Short-Term Investments	$0
Net Receivables	$944M
Inventory	$938M
Other Current Assets	$224M
TOTAL CURRENT ASSETS	$2.8B
PP&E (Net)	$25.1B
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$76M
Tax Assets	$0
Other Non-Current Assets	$5.5B
TOTAL NON-CURRENT ASSETS	$30.7B
TOTAL ASSETS	$33.5B
Account Payables	$809M
Short-Term Debt	$1.1B
Deferred Revenue	$0
Other Current Liabilities	$255M
TOTAL CURRENT LIABILITIES	$2.9B
Long-Term Debt	$14.5B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$2.7B
Other Non-Current Liabilities	$5.2B
TOTAL NON-CURRENT LIABILITIES	$22.5B
TOTAL LIABILITIES	$25.4B
Common Stock	$3M
Additional Paid-In Capital	$5.7B
Retained Earnings	$1.7B
Treasury Stock	$0
Accum. Other Comp. Income	-$46M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$7.5B
Minority Interest	$581M
TOTAL EQUITY	$8.1B
TOTAL LIABILITIES & EQUITY	$33.5B
Total Debt	$15.7B
Net Debt	$15.4B