CMS CMS Energy Corporation

CMS ENERGY CORPORATION
Consolidated Statements of Income
(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

Twelve Months Ended

12/31/24

12/31/23

12/31/24

12/31/23

Operating revenue

$

1,989

$

1,950

$

7,515

$

7,462

Operating expenses

1,564

1,544

6,028

6,227

Operating Income

425

406

1,487

1,235

Other income

61

83

344

362

Interest charges

180

172

708

643

Income Before Income Taxes

306

317

1,123

954

Income tax expense

51

66

176

147

Income From Continuing Operations

255

251

947

807

Income from discontinued operations, net of tax

-

-

-

1

Net Income

255

251

947

808

Loss attributable to noncontrolling interests

(10)

(58)

(56)

(79)

Net Income Attributable to CMS Energy

265

309

1,003

887

Preferred stock dividends

3

3

10

10

Net Income Available to Common Stockholders

$

262

$

306

$

993

$

877

Diluted Earnings Per Average Common Share

$

0.87

$

1.05

$

3.33

$

3.01

CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited)

In Millions

As of

12/31/24

12/31/23

Assets

Current assets

Cash and cash equivalents

$

103

$

227

Restricted cash and cash equivalents

75

21

Other current assets

2,612

2,591

Total current assets

2,790

2,839

Non-current assets

Plant, property, and equipment

27,461

25,072

Other non-current assets

5,669

5,606

Total Assets

$

35,920

$

33,517

Liabilities and Equity

Current liabilities ⁽¹⁾

$

2,261

$

1,822

Non-current liabilities ⁽¹⁾

8,345

7,927

Capitalization

Debt and finance leases (excluding securitization debt) ⁽²⁾

15,866

14,856

Preferred stock and securities

224

224

Noncontrolling interests

518

581

Common stockholders' equity

8,006

7,320

Total capitalization (excluding securitization debt)

24,614

22,981

Securitization debt ⁽²⁾

700

787

Total Liabilities and Equity

$

35,920

$

33,517

⁽¹⁾ Excludes debt and finance leases.

⁽²⁾ Includes current and non-current portions.

CMS ENERGY CORPORATION

Summarized Consolidated Statements of Cash Flows

(Unaudited)

In Millions

Twelve Months Ended

12/31/24

12/31/23

Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts

$

248

$

182

Net cash provided by operating activities 

2,370

2,309

Net cash used in investing activities

(3,054)

(3,386)

Cash flows from operating and investing activities

(684)

(1,077)

Net cash provided by financing activities

614

1,143

Total Cash Flows

$

(70)

$

66

End of Period Cash and Cash Equivalents, Including Restricted Amounts 

$

178

$

248

CMS ENERGY CORPORATION 
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income 
(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

Twelve Months Ended

12/31/24

12/31/23

12/31/24

12/31/23

Net Income Available to Common Stockholders

$

262

$

306

$

993

$

877

Reconciling items:

Disposal of discontinued operations (gain) loss

* 

* 

* 

(1)

Tax impact

(*)

(*)

(*)

* 

Other exclusions from adjusted earnings**

* 

3

6

9

Tax impact

(*)

(1)

(1)

(3)

Voluntary separation program

-

* 

* 

33

Tax impact

-

(*)

(*)

(8)

Adjusted net income – non-GAAP

$

262

$

308

$

998

$

907

Average Common Shares Outstanding - Diluted

298.7

292.7

298.3

291.7

Diluted Earnings Per Average Common Share

Reported net income per share

$

0.87

$

1.05

$

3.33

$

3.01

Reconciling items:

Disposal of discontinued operations (gain) loss

* 

* 

* 

(*)

Tax impact

(*)

(*)

(*)

* 

Other exclusions from adjusted earnings**

* 

0.01

0.01

0.03

Tax impact

(*)

(0.01)

(*)

(0.01)

Voluntary separation program

-

* 

* 

0.11

Tax impact

-

(*)

(*)

(0.03)

Adjusted net income per share – non-GAAP

$

0.87

$

1.05

$

3.34

$

3.11

*

Less than $0.5 million or $0.01 per share.

**

Includes restructuring costs and business optimization initiative.

Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Company's present operating financial performance and uses adjusted earnings for external communications with analysts and investors.  Internally, the Company uses adjusted earnings to measure and assess performance.  Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, business optimization initiative, changes in accounting principles, voluntary separation program, changes in federal tax policy, regulatory items from prior years, unrealized gains or losses from mark-to-market adjustments, or other items.  The adjusted earnings should be considered supplemental information to assist in understanding our business results, rather than as a substitute for reported earnings.