CMS ENERGY CORP (CMS)
CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and NorthStar Clean Energy. The Electric Utility segment is involved in the generation, purchase, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources. Its distribution system comprises 263 miles of high-voltage distribution overhead lines; 4 miles of high-voltage distribution underground lines; 4,619 miles of high-voltage distribution overhead lines; 18 miles of high-voltage distribution underground lines; 82,854 miles of electric distribution overhead lines; 10,027 miles of underground distribution lines; and 1,102 substations. The Gas Utility segment engages in the purchase, transmission, storage, distribution, and sale of natural gas, which includes 2,337 miles of transmission lines; 14 gas storage fields; 28,433 miles of distribution mains; and 8 compressor stations. The NorthStar Clean Energy segment is involved in the independent power production and marketing, including the development and operation of renewable generation. The company serves 1.9 million electric and 1.8 million gas customers, including residential, commercial, and diversified industrial customers. The company was incorporated in 1987 and is headquartered in Jackson, Michigan.
Sector: Electric & Other Services Combined
Industry: Regulated Electric
CMS Energy Corporation
NYSE:CMSUtilities · Regulated Electric
-1.02%$69.58
AH Close$69.58+0.00%vs close
AH Close$69.58+0.00%vs close
Mkt Cap$21.82B
Float311.79M
O/S313.58M
Inst Own100.7%
SI5.6%
Div Yield3.24%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$8.54B
Net Income$1.07B
Total Assets$40.39B
Free Cash Flow-$1.59B
Debt & Equity
Debt 67%
Equity 32%
Preferred 1%
Total Debt$18.94B
Total Equity$9.14B
Preferred Stock$224M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in CMS's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$40.39B
Liabilities$30.68B
Accounts Receivable$1.32B
Accounts Payable$1.4B
Inventory$791M
PP&E (Net)$30.7B
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 | FY 1997 | FY 1996 | FY 1995 | FY 1994 | FY 1993 | FY 1992 | FY 1991 | FY 1990 | FY 1989 | FY 1988 | FY 1987 | FY 1986 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 | 1999-12-31 | 1998-12-31 | 1997-12-31 | 1996-12-31 | 1995-12-31 | 1994-12-31 | 1993-12-31 | 1992-12-31 | 1991-12-31 | 1990-12-31 | 1989-12-31 | 1988-12-31 | 1987-12-31 | 1986-12-31 |
| Revenue | $8.54B | $7.51B | $7.46B | $8.6B | $7.33B | $6.42B | $6.62B | $6.87B | $6.58B | $6.4B | $6.46B | $7.18B | $6.57B | $6.25B | $6.5B | $6.43B | $6.21B | $6.81B | $6.46B | $6.13B | $5.88B | $5.47B | $5.51B | $8.67B | $8.01B | $8.74B | $5.93B | $5.14B | $4.78B | $4.32B | $3.89B | $3.61B | $3.48B | $3.07B | $2.94B | $2.98B | $2.96B | $2.94B | $2.8B | $3.11B |
| YoY Growth | 13.6% | 0.7% | -13.2% | 17.3% | 14.2% | -3.1% | -3.6% | 4.4% | 2.9% | -0.9% | -10.1% | 9.3% | 5.0% | -3.8% | 1.1% | 3.7% | -8.8% | 5.3% | 5.5% | 4.2% | 7.4% | -0.7% | -36.4% | 8.3% | -8.4% | 47.5% | 15.3% | 7.5% | 10.6% | 11.2% | 7.6% | 3.8% | 13.3% | 4.5% | -1.2% | 0.5% | 0.6% | 5.1% | -9.9% | - |
| Cost of Revenue | $3.34B | $4.31B | $4.6B | $5.83B | $4.68B | $3.79B | $4.19B | $4.47B | $4.08B | $4.05B | $4.27B | $5.09B | $4.56B | $4.42B | $4.75B | $4.72B | $3.57B | $4.21B | $4.1B | $3.75B | $3.18B | $1.14B | $1.4B | $3.58B | $2.69B | $2.85B | $1.39B | $1.52B | $3.21B | $2.84B | $2.47B | $2.36B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $5.2B | $3.21B | $2.86B | $2.76B | $2.65B | $2.63B | $2.44B | $2.4B | $2.5B | $2.35B | $2.19B | $2.09B | $2B | $1.83B | $1.75B | $1.71B | $2.63B | $2.6B | $2.36B | $2.37B | $2.7B | $4.33B | $4.11B | $5.09B | $5.32B | $5.89B | $4.53B | $3.63B | $1.57B | $1.48B | $1.42B | $1.26B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross Margin | 60.9% | 42.7% | 38.4% | 32.1% | 36.1% | 41.0% | 36.8% | 34.9% | 38.0% | 36.7% | 33.9% | 29.1% | 30.5% | 29.3% | 27.0% | 26.6% | 42.5% | 38.1% | 36.5% | 38.7% | 45.9% | 79.2% | 74.6% | 58.7% | 66.5% | 67.4% | 76.5% | 70.5% | 32.8% | 34.3% | 36.4% | 34.8% | - | - | - | - | - | - | - | - |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $3.47B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$50M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other | $0 | $1.72B | $1.63B | $1.54B | $1.5B | $1.4B | $1.32B | $1.24B | $1.17B | $1.09B | $1.01B | $937M | $862M | $827M | $751M | $780M | $1.94B | $1.8B | $2.45B | $2.59B | $3.2B | $3.74B | $3.68B | $5.11B | $5.34B | $5.19B | $3.64B | $2.9B | $852M | $806M | $798M | $755M | $3.48B | $3.07B | $2.94B | $2.98B | $2.96B | $2.94B | $2.8B | $3.11B |
| Total Operating Expenses | $3.47B | $1.72B | $1.63B | $1.54B | $1.5B | $1.4B | $1.32B | $1.24B | $1.17B | $1.09B | $1.01B | $937M | $862M | $827M | $751M | $730M | $1.94B | $1.8B | $2.45B | $2.59B | $3.2B | $3.74B | $3.68B | $5.11B | $5.34B | $5.19B | $3.64B | $2.9B | $852M | $806M | $798M | $755M | $3.48B | $3.07B | $2.94B | $2.98B | $2.96B | $2.94B | $2.8B | $3.11B |
| Operating Income (EBIT) | $1.73B | $1.49B | $1.24B | $1.22B | $1.15B | $1.23B | $1.11B | $1.16B | $1.34B | $1.26B | $1.18B | $1.15B | $1.14B | $1B | $1B | $978M | $698M | $799M | -$88M | -$222M | -$501M | $591M | $431M | -$17M | -$21M | $703M | $891M | $724M | $716M | $676M | $619M | $503M | $3.48B | $3.07B | $2.94B | $2.98B | $2.96B | $2.94B | $2.8B | $3.11B |
| Operating Margin | 20.2% | 19.8% | 16.6% | 14.2% | 15.6% | 19.2% | 16.8% | 16.9% | 20.3% | 19.6% | 18.2% | 16.0% | 17.4% | 16.0% | 15.4% | 15.2% | 11.2% | 11.7% | -1.4% | -3.6% | -8.5% | 10.8% | 7.8% | -0.2% | -0.3% | 8.0% | 15.0% | 14.1% | 15.0% | 15.6% | 15.9% | 13.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Interest Expense | $789M | $708M | $643M | $519M | $500M | $505M | $460M | $458M | $438M | $435M | $396M | $407M | $398M | $389M | $415M | $431M | $435M | $400M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $0 | $0 | $0 | $0 | $3M | $11M | $7M | $11M | $12M | $6M | $12M | $5M | $3M | $5M | $9M | $19M | $18M | $30M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$479M | -$364M | -$281M | -$322M | -$323M | -$421M | -$351M | -$388M | -$452M | -$430M | -$382M | -$423M | -$386M | -$381M | -$397M | -$388M | -$363M | -$359M | -$233M | -$99M | $180M | -$469M | -$416M | -$418M | -$400M | -$615M | -$537M | -$382M | -$364M | -$315M | -$297M | -$221M | -$3.48B | -$3.07B | -$2.94B | -$2.98B | -$2.96B | -$2.94B | -$2.8B | -$3.11B |
| Income Before Tax (EBT) | $1.25B | $1.12B | $954M | $902M | $823M | $809M | $764M | $774M | $886M | $826M | $796M | $729M | $756M | $622M | $606M | $590M | $335M | $440M | -$321M | -$321M | -$321M | $122M | $15M | -$435M | -$421M | $88M | $354M | $342M | $352M | $361M | $322M | $282M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Income Tax Expense | $246M | $176M | $147M | $93M | $95M | $115M | $131M | $115M | $424M | $273M | $271M | $250M | $302M | $245M | $191M | $224M | $115M | $139M | -$195M | -$188M | -$180M | -$5M | $58M | -$41M | -$94M | $50M | $63M | $100M | $108M | $137M | $118M | $103M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | $1.07B | $1B | $887M | $837M | $1.35B | $755M | $680M | $657M | $460M | $551M | $523M | $477M | $452M | $382M | $415M | $340M | $229M | $295M | -$215M | -$79M | -$84M | $121M | -$45M | -$650M | -$459M | $36M | $277M | $285M | $244M | $224M | $204M | $179M | $155M | -$297M | -$262M | -$494M | $312.1M | $271.6M | $186.9M | $177.8M |
| Net Income Margin | 12.5% | 13.3% | 11.9% | 9.7% | 18.5% | 11.8% | 10.3% | 9.6% | 7.0% | 8.6% | 8.1% | 6.6% | 6.9% | 6.1% | 6.4% | 5.3% | 3.7% | 4.3% | -3.3% | -1.3% | -1.4% | 2.2% | -0.8% | -7.5% | -5.7% | 0.4% | 4.7% | 5.5% | 5.1% | 5.2% | 5.2% | 5.0% | 4.5% | -9.7% | -8.9% | -16.6% | 10.5% | 9.2% | 6.7% | 5.7% |
| Supplementary Data | ||||||||||||||||||||||||||||||||||||||||
| EPS | 3.53 | 3.34 | 3.01 | 2.84 | 4.66 | 2.65 | 2.40 | 2.33 | 1.64 | 1.99 | 1.90 | 1.76 | 1.71 | 1.43 | 1.65 | 1.40 | 0.96 | 1.25 | -0.97 | -0.36 | -0.39 | 0.65 | -0.29 | -4.46 | -4.19 | 0.04 | 2.18 | 2.45 | 2.63 | 2.45 | 2.27 | 2.09 | 1.90 | -3.72 | -3.26 | -6.07 | 3.80 | 3.31 | 2.19 | 0.74 |
| Diluted EPS | 3.53 | 3.33 | 3.01 | 2.85 | 4.66 | 2.64 | 2.39 | 2.32 | 1.64 | 1.98 | 1.89 | 1.74 | 1.66 | 1.39 | 1.57 | 1.28 | 0.91 | 1.20 | -0.97 | -0.36 | -0.39 | 0.64 | -0.29 | -4.46 | -4.17 | 0.04 | 2.17 | 2.45 | 2.61 | 2.44 | 2.26 | 2.08 | 1.90 | -3.72 | -3.26 | -6.07 | 3.80 | 3.31 | 2.19 | 0.74 |
| Weighted Average OS | 300.57M | 297.60M | 291.20M | 289.50M | 289.00M | 285.00M | 283.00M | 282.20M | 280.00M | 278.00M | 276.00M | 271.00M | 265.00M | 260.70M | 250.80M | 231.50M | 227.20M | 225.70M | 222.55M | 219.51M | 213.64M | 169.23M | 153.33M | 138.89M | 130.00M | 111.00M | 110.10M | 107.75M | 92.78M | 91.43M | 89.87M | 85.65M | 81.58M | 79.84M | 80.37M | 81.38M | 82.13M | 82.05M | 85.34M | 87.84M |
| EBITDA | $3.34B | $3.07B | $2.78B | $2.55B | $2.44B | $2.36B | $2.21B | $2.17B | $2.21B | $2.07B | $1.94B | $1.82B | $1.78B | $1.61B | $1.57B | $1.6B | $1.34B | $1.43B | $457M | $354M | $24M | $1.02B | $893M | $468M | $503M | $1.34B | $1.49B | $1.26B | $1.23B | $1.14B | $1.1B | $955M | $3.48B | $3.07B | $2.94B | $2.98B | $2.96B | $2.94B | $2.8B | $3.11B |
| EBITDA Margin | 39.1% | 40.9% | 37.2% | 29.6% | 33.3% | 36.7% | 33.4% | 31.5% | 33.5% | 32.4% | 30.1% | 25.4% | 27.1% | 25.7% | 24.1% | 24.8% | 21.6% | 21.0% | 7.1% | 5.8% | 0.4% | 18.7% | 16.2% | 5.4% | 6.3% | 15.3% | 25.1% | 24.5% | 25.7% | 26.5% | 28.2% | 26.4% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 | FY 1997 | FY 1996 | FY 1995 | FY 1994 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 | 1999-12-31 | 1998-12-31 | 1997-12-31 | 1996-12-31 | 1995-12-31 | 1994-12-31 |
| Assets | ||||||||||||||||||||||||||||||||
| Current Assets | ||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents | $615M | $103M | $227M | $164M | $452M | $32M | $140M | $153M | $182M | $235M | $266M | $207M | $172M | $93M | $161M | $247M | $90M | $213M | $382M | $351M | $847M | $669M | $532M | $377M | $189M | $182M | $132M | $101M | $67M | $56M | $56M | $79M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $615M | $103M | $227M | $164M | $452M | $32M | $140M | $153M | $182M | $235M | $266M | $207M | $172M | $93M | $161M | $247M | $122M | $213M | $382M | $351M | $847M | $669M | $532M | $377M | $189M | $182M | $132M | $101M | $67M | $56M | $56M | $79M |
| Accounts Receivable | $1.32B | $1.06B | $944M | $1.58B | $943M | $872M | $1.15B | $1.23B | $1.24B | $1.01B | $913M | $1.02B | $986M | $938M | $928M | $1.08B | $1.03B | $952M | $952M | $875M | $899M | $581M | $476M | $757M | $1.36B | $1.44B | $959M | $720M | $476M | $373M | $296M | $154M |
| Inventory | $791M | $769M | $938M | $1.12B | $667M | $576M | $605M | $650M | $672M | $626M | $778M | $918M | $881M | $1.08B | $1.19B | $1.18B | $1.32B | $1.41B | $1.33B | $1.36B | $1.27B | $1.03B | $892M | $617M | $813M | $467M | $430M | $361M | $317M | $302M | $304M | $347M |
| Other Current Assets | $743M | $304M | $224M | $75M | $70M | $488M | $50M | $58M | $39M | $75M | $51M | $168M | $199M | $307M | $239M | $224M | $241M | $220M | $216M | $560M | $899M | $554M | $594M | $997M | $667M | $360M | $296M | $225M | $278M | $283M | $254M | $250M |
| Total Current Assets | $3.47B | $2.79B | $2.84B | $3.43B | $2.63B | $2.4B | $2.33B | $2.47B | $2.48B | $2.28B | $2.32B | $2.6B | $2.53B | $2.42B | $2.56B | $2.76B | $2.74B | $2.83B | $2.88B | $3.14B | $3.92B | $3B | $2.49B | $2.75B | $3.03B | $2.45B | $1.82B | $1.41B | $1.14B | $1.01B | $910M | $830M |
| Long-Term Assets | ||||||||||||||||||||||||||||||||
| Property, Plant & Equipment Net | $30.7B | $27.48B | $25.1B | $22.74B | $22.38B | $21.05B | $18.97B | $18.13B | $16.76B | $15.71B | $14.71B | $13.41B | $12.25B | $11.55B | $10.63B | $10.07B | $9.68B | $9.19B | $8.73B | $7.98B | $7.84B | $8.64B | $6.94B | $5.23B | $8.36B | $7.83B | $8.12B | $6.04B | $5.43B | $5.28B | $5.07B | $4.83B |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $26M | $27M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $928M | $1.08B | $1.08B | $0 | $0 | $0 | $0 | $581M | $476M | $0 | $1.36B | $1.44B | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $79M | $69M | $76M | $71M | $71M | $70M | $71M | $69M | $64M | $65M | $64M | $61M | $59M | $57M | $50M | $49M | $9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $447M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $144M | $73M | $209M | $231M | $277M | $151M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $5.69B | $5.58B | $5.5B | $5.11B | $3.68B | $6.14B | $5.46B | $3.87B | $3.75B | $3.56B | $3.21B | $3.12B | $2.58B | $2.96B | $276M | $2.34B | $2.32B | $2.61B | $2.43B | $4.23B | $4.25B | $4.21B | $4.38B | $5.93B | $4.9B | $4.68B | $5.52B | $3.86B | $3.22B | $2.32B | $2.16B | $1.73B |
| Total Long-Term Assets | $36.92B | $33.13B | $30.68B | $27.92B | $26.13B | $27.26B | $24.51B | $22.06B | $20.57B | $19.34B | $18.02B | $16.59B | $14.89B | $14.71B | $13.89B | $12.86B | $12.51B | $12.07B | $11.31B | $12.23B | $12.12B | $12.87B | $11.34B | $11.17B | $14.07B | $13.4B | $13.64B | $9.9B | $8.65B | $7.6B | $7.23B | $6.55B |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $40.39B | $35.92B | $33.52B | $31.35B | $28.75B | $29.67B | $26.84B | $24.53B | $23.05B | $21.62B | $20.34B | $19.18B | $17.42B | $17.13B | $16.45B | $15.62B | $15.26B | $14.9B | $14.2B | $15.37B | $16.02B | $15.87B | $13.84B | $13.91B | $17.1B | $15.85B | $15.46B | $11.31B | $9.79B | $8.62B | $8.14B | $7.38B |
| Liabilities | ||||||||||||||||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||||||||||||||
| Accounts Payable | $1.4B | $1.09B | $809M | $936M | $886M | $668M | $635M | $733M | $740M | $610M | $642M | $688M | $595M | $521M | $584M | $492M | $509M | $516M | $431M | $566M | $613M | $392M | $357M | $549M | $1.02B | $1.09B | $775M | $580M | $478M | $411M | $357M | $244M |
| Short-Term Debt | $959M | $1.26B | $1.07B | $1.11B | $376M | $587M | $1.2B | $1.07B | $1.25B | $1.26B | $933M | $579M | $711M | $651M | $1.06B | $750M | $734M | $514M | $723M | $566M | $445M | $476M | $519M | $1.1B | $1.4B | $1.11B | $782M | $621M | $1.02B | $742M | $548M | $403M |
| Current Income Tax Payable | $0 | $654M | $612M | $538M | $515M | $457M | $437M | $398M | $360M | $348M | $349M | $316M | $297M | $279M | $282M | $302M | $283M | $519M | $533M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $422M | $603M | $443M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $1.19B | $355M | $255M | $266M | $311M | $1.25B | $299M | $306M | $308M | $315M | $250M | $236M | $225M | $456M | -$138M | -$256M | -$132M | $430M | $4M | $0 | $0 | $0 | $0 | $9M | $122M | -$1.06B | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Liabilities | $3.55B | $3.52B | $2.9B | $2.98B | $2.2B | $3.07B | $2.7B | $2.62B | $2.78B | $2.65B | $2.3B | $1.95B | $1.95B | $1.8B | $2.34B | $2.02B | $1.95B | $1.86B | $2.48B | $2.16B | $2.13B | $1.75B | $1.65B | $2.9B | $3.81B | $3.2B | $2.51B | $1.81B | $2.08B | $1.72B | $1.51B | $1.22B |
| Long-Term Liabilities | ||||||||||||||||||||||||||||||||
| Long-Term Debt | $17.83B | $15.19B | $14.51B | $13.12B | $12.05B | $11.74B | $11.95B | $10.62B | $9.12B | $8.64B | $8.4B | $8.02B | $7.1B | $6.71B | $6.04B | $6.45B | $5.89B | $6.01B | $5.56B | $6.38B | $6.96B | $6.95B | $6.7B | $5.36B | $6.92B | $6.82B | $7.08B | $4.83B | $3.35B | $3.04B | $3.01B | $2.82B |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.42B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $3.82B | $3.05B | $2.74B | $2.54B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.06B | $1.08B | $487M | $282M | $100M | $58M | $182M | $364M | $750M | $700M | $505M | $875M | $859M | $828M | $784M | $894M | $859M | $811M | $763M |
| Other Long-Term Liabilities | $5.33B | $5.3B | $5.19B | $5.02B | $7.24B | $8.69B | $7.01B | $6.43B | $6.57B | $5.93B | $5.5B | $5.39B | $4.74B | $4.17B | $3.75B | $3.63B | $3.99B | $3.89B | $3.4B | $0 | $0 | $0 | $0 | -$1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $27.13B | $23.65B | $22.5B | $20.77B | $19.36B | $20.52B | $19.08B | $17.11B | $15.79B | $14.68B | $14.02B | $13.53B | $11.98B | $12.1B | $11.04B | $10.76B | $10.36B | $4.7B | $4.41B | $6.6B | $7.65B | $8.01B | $7.46B | $5.98B | $9.81B | $9.97B | $9.81B | $6.65B | $5.01B | $4.73B | $4.81B | $4.7B |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5.58B | $4.88B | $4.03B | $3.34B | $3.04B | $3.07B | $3.89B | $1.51B | $228M | $687M | $631M | $726M | $456M | $356M | $362M |
| Total Liabilities | $30.68B | $27.17B | $25.39B | $23.76B | $21.57B | $23.59B | $21.78B | $19.74B | $18.57B | $17.33B | $16.36B | $15.48B | $13.93B | $13.89B | $13.38B | $12.78B | $12.32B | $12.14B | $11.76B | $12.79B | $13.1B | $12.81B | $12.18B | $12.76B | $15.13B | $13.4B | $13.01B | $9.09B | $7.82B | $6.91B | $6.67B | $6.28B |
| Stockholders' Equity | ||||||||||||||||||||||||||||||||
| Preferred Stock | $224M | $224M | $224M | $224M | $224M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $239M | $243M | $250M | $261M | $261M | $261M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $0 | $1M |
| Retained Earnings | $2.44B | $2.04B | $1.66B | $1.35B | $1.06B | $214M | -$25M | -$271M | -$531M | -$616M | -$855M | -$1.06B | -$1.24B | -$1.42B | -$1.55B | -$1.76B | -$1.93B | -$2.01B | -$2.21B | -$1.92B | -$1.83B | -$1.73B | -$1.84B | -$1.72B | -$1.05B | -$320M | -$189M | -$234M | -$189M | -$338M | $0 | -$595M |
| Comprehensive Income & Other | -$36M | -$41M | -$46M | -$52M | -$59M | -$86M | -$73M | -$65M | -$50M | -$50M | -$47M | -$49M | -$22M | -$55M | -$49M | -$40M | -$33M | -$28M | -$144M | -$318M | -$288M | -$336M | -$419M | -$753M | -$325M | -$256M | -$105M | -$145M | -$102M | -$6M | $1.47B | -$4.3B |
| Other Stockholders' Equity | $6.7B | $6.19B | $5.88B | $5.66B | $5.57B | $5.28B | $5.04B | $5.02B | $4.97B | $4.87B | $4.79B | $4.72B | $4.69B | $4.61B | $4.58B | $4.55B | $4.77B | $4.71B | $4.59B | $4.41B | $4.41B | $4.07B | $3.43B | $2.85B | $2.94B | $2.68B | $2.64B | $2.45B | $2.17B | $2.04B | $1.47B | $1.7B |
| Total Equity | $9.14B | $8.23B | $7.54B | $7.01B | $6.63B | $5.5B | $5.02B | $4.75B | $4.44B | $4.25B | $3.94B | $3.67B | $3.45B | $3.19B | $3.03B | $2.79B | $2.84B | $2.71B | $2.38B | $2.5B | $2.58B | $2.33B | $1.58B | $1.13B | $1.89B | $2.36B | $2.46B | $2.22B | $1.98B | $1.7B | $1.47B | $1.11B |
| Minority Interest | $567M | $518M | $581M | $580M | $557M | $581M | $37M | $37M | $37M | $37M | $37M | $37M | $37M | $44M | $44M | $44M | $97M | $52M | $53M | $91M | $333M | $733M | $73M | $21M | $86M | $88M | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $39.82B | $35.4B | $32.94B | $30.77B | $28.2B | $29.09B | $26.8B | $24.49B | $23.01B | $21.59B | $20.3B | $19.15B | $17.38B | $17.09B | $16.41B | $15.57B | $15.16B | $14.85B | $14.14B | $15.28B | $15.69B | $15.14B | $13.77B | $13.89B | $17.02B | $15.76B | $15.46B | $11.31B | $9.79B | $8.62B | $8.14B | $7.38B |
| Supplementary Data | ||||||||||||||||||||||||||||||||
| Total Debt | $18.94B | $16.59B | $15.67B | $14.34B | $12.5B | $12.42B | $13.29B | $11.78B | $10.49B | $10.03B | $9.47B | $8.74B | $7.97B | $7.51B | $7.26B | $7.39B | $6.83B | $6.76B | $6.51B | $6.99B | $7.73B | $7.74B | $7.28B | $6.57B | $8.38B | $7.93B | $7.86B | $5.45B | $4.37B | $3.79B | $3.56B | $3.22B |
| Net Debt | $18.32B | $16.49B | $15.44B | $14.18B | $12.05B | $12.39B | $13.15B | $11.62B | $10.3B | $9.8B | $9.21B | $8.53B | $7.8B | $7.42B | $7.1B | $7.14B | $6.74B | $6.54B | $6.13B | $6.64B | $6.88B | $7.07B | $6.75B | $6.19B | $8.19B | $7.75B | $7.72B | $5.35B | $4.3B | $3.73B | $3.5B | $3.14B |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 | FY 1997 | FY 1996 | FY 1995 | FY 1994 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 | 1999-12-31 | 1998-12-31 | 1997-12-31 | 1996-12-31 | 1995-12-31 | 1994-12-31 |
| Operating Activities | ||||||||||||||||||||||||||||||||
| Net Income | $1.07B | $1B | $886M | $833M | $751M | $697M | $680M | $657M | $460M | $551M | $523M | $477M | $452M | $375M | $413M | $363M | $209M | $300M | -$126M | -$85M | -$98M | $132M | -$44M | -$650M | -$545M | $36M | $277M | $242M | $244M | $224M | $204M | $179M |
| Depreciation & Amortization | $1.31B | $1.24B | $1.18B | $1.13B | $1.11B | $1.04B | $989M | $933M | $881M | $811M | $750M | $685M | $628M | $598M | $546M | $576M | $570M | $589M | $545M | $576M | $525M | $431M | $462M | $485M | $524M | $637M | $595M | $535M | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $202M | $142M | $157M | $89M | $249M | $170M | $150M | $182M | $417M | $264M | $247M | $227M | $268M | $227M | $167M | $227M | $122M | $129M | -$221M | -$271M | -$199M | $94M | $0 | $0 | $0 | $8M | $10M | $54M | $24M | $46M | $75M | $56M |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||||||||||||||||||||
| Accounts Receivable | -$251M | -$155M | $241M | -$677M | -$103M | -$5M | $45M | $15M | -$66M | -$155M | $120M | -$31M | -$120M | -$147M | $119M | -$72M | -$132M | -$45M | -$352M | -$91M | -$311M | -$144M | $200M | $99M | $68M | -$398M | -$268M | $0 | $0 | $0 | $0 | $0 |
| Inventory | -$28M | $164M | $185M | -$450M | -$93M | $28M | $44M | $14M | -$46M | $146M | $147M | -$36M | $202M | $104M | -$14M | $133M | $86M | -$71M | -$10M | -$105M | -$245M | -$109M | -$288M | $140M | -$353M | -$54M | -$5M | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $196M | $15M | -$136M | $4M | $153M | $56M | -$69M | $22M | $49M | $59M | -$26M | $50M | $6M | -$5M | $30M | -$7M | -$50M | -$5M | -$45M | -$43M | $170M | $86M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | $22M | $238M | $126M | $10M | -$3M | -$104M | -$53M | $54M | -$111M | -$43M | -$19M | -$15M | -$90M | -$108M | -$41M | -$87M | $89M | -$207M | -$121M | $181M | $159M | -$62M | -$230M | -$212M | -$205M | $89M | $315M | -$186M | -$35M | -$12M | $89M | $12M |
| Total Working Capital Change | -$61M | $262M | $416M | -$1.11B | -$46M | -$25M | -$33M | $105M | -$174M | $7M | $222M | -$32M | -$2M | -$156M | $94M | -$33M | -$7M | -$328M | -$528M | -$58M | -$227M | -$229M | -$318M | $27M | -$490M | -$363M | $42M | -$186M | -$35M | -$12M | $89M | $12M |
| Other Non-Cash Items | -$283M | -$277M | -$330M | -$80M | -$249M | -$609M | $4M | -$174M | $121M | -$4M | -$102M | $90M | $75M | $197M | -$51M | -$174M | -$46M | -$131M | $357M | $526M | $598M | -$30M | -$351M | $752M | $928M | $135M | -$7M | -$129M | $391M | $403M | $314M | $365M |
| Net Cash from Operating | $2.23B | $2.37B | $2.31B | $855M | $1.82B | $1.28B | $1.79B | $1.7B | $1.71B | $1.63B | $1.64B | $1.45B | $1.42B | $1.24B | $1.17B | $959M | $848M | $559M | $27M | $688M | $599M | $398M | -$251M | $614M | $417M | $453M | $917M | $516M | $624M | $661M | $682M | $612M |
| Investing Activities | ||||||||||||||||||||||||||||||||
| Capital Expenditures | -$3.82B | -$3.02B | -$3.22B | -$2.37B | -$2.08B | -$2.31B | -$2.1B | -$2.07B | -$1.67B | -$1.67B | -$1.56B | -$1.58B | -$1.32B | -$1.23B | -$882M | -$821M | -$818M | -$792M | -$1.38B | -$801M | -$593M | -$525M | -$535M | -$747M | -$1.26B | -$1.03B | -$1.12B | -$1.29B | -$678M | -$659M | -$535M | -$575M |
| Acquisitions | $4M | $129M | $6M | $2M | $1M | $89M | $97M | $0 | $0 | $0 | -$154M | $0 | $0 | $0 | $0 | $0 | $7M | $3M | $1.72B | $69M | $61M | $219M | $0 | $0 | $0 | -$74M | -$1.94B | $0 | $0 | -$20M | -$146M | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$131M | -$607M | -$3.05B | $0 | $0 | $0 | -$344M | -$380M | -$345M | -$830M | -$212M | -$293M | -$102M |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $146M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $254M | $613M | $2.94B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | -$214M | -$160M | -$167M | -$102M | $843M | -$614M | -$809M | -$532M | -$203M | -$243M | -$346M | -$333M | -$207M | -$123M | -$176M | -$182M | -$124M | -$50M | -$11M | -$20M | -$119M | $100M | $738M | $1.58B | $136M | $583M | -$122M | $6M | -$43M | $50M | -$42M | -$32M |
| Net Cash from Investing | -$4.03B | -$3.05B | -$3.38B | -$2.47B | -$1.23B | -$2.84B | -$2.82B | -$2.61B | -$1.87B | -$1.92B | -$2.06B | -$1.91B | -$1.53B | -$1.35B | -$1.06B | -$1B | -$935M | -$839M | $658M | -$751M | -$494M | -$392M | $203M | $829M | -$1.13B | -$867M | -$3.56B | -$1.63B | -$1.55B | -$841M | -$1.02B | -$709M |
| Financing Activities | ||||||||||||||||||||||||||||||||
| Debt Repaid | -$2.46B | -$1.01B | -$1.42B | -$1.79B | -$100M | -$1.11B | -$1.44B | -$1.31B | -$632M | -$381M | -$553M | -$860M | -$374M | -$153M | $17M | -$633M | -$45M | -$232M | $617M | $433M | $153M | $283M | - | - | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $525M | $286M | $192M | $69M | $250M | $253M | $12M | $41M | $83M | $72M | $43M | $43M | $36M | $30M | $29M | $10M | $9M | $9M | $15M | $8M | $238M | $290M | $272M | $357M | $464M | $552M | $810M | $269M | $510M | $192M | $160M | $223M |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$32M | $0 | $0 | -$11M | $0 | -$8M | -$6M | -$395M | -$194M | -$3M | -$122M | -$1M | -$1M | -$2M |
| Dividends Paid | -$663M | -$626M | -$579M | -$546M | -$509M | -$467M | -$436M | -$407M | -$377M | -$347M | -$322M | -$295M | -$273M | -$252M | -$211M | -$154M | -$114M | -$82M | -$45M | $0 | $0 | $0 | $0 | -$149M | -$189M | -$167M | -$163M | -$140M | -$119M | -$103M | -$84M | -$67M |
| Other Financing Activities | -$20M | -$33M | $32M | -$11M | -$137M | $782M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$39M | $17M | -$17M | $12M | $133M | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Financing | $2.24B | $609M | $1.14B | $1.32B | -$296M | $1.59B | $1.01B | $874M | $110M | $255M | $463M | $498M | $190M | $41M | -$199M | $202M | -$35M | $145M | -$690M | -$434M | $74M | -$43M | $230M | -$1.22B | $716M | $464M | $2.68B | $1.15B | $938M | $180M | $311M | $148M |
| Forex Effect | $0 | $0 | $0 | $0 | $136M | -$136M | $1M | $4M | -$2M | $0 | $2M | $5M | $3M | $2M | $6M | -$10M | -$4M | $1M | -$35M | -$126M | $866M | $0 | -$1M | $8M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $437M | -$70M | $66M | -$294M | $427M | -$108M | -$17M | -$25M | -$55M | -$31M | $41M | $40M | $82M | -$66M | -$82M | $148M | -$126M | -$134M | -$40M | -$623M | $1.04B | $0 | $181M | $228M | $7M | $50M | $31M | $32M | $11M | $0 | -$23M | $51M |
| Supplementary Data | ||||||||||||||||||||||||||||||||
| Operating Cash Flow | $2.23B | $2.37B | $2.31B | $855M | $1.82B | $1.28B | $1.79B | $1.7B | $1.71B | $1.63B | $1.64B | $1.45B | $1.42B | $1.24B | $1.17B | $959M | $848M | $559M | $27M | $688M | $599M | $398M | -$251M | $614M | $417M | $453M | $917M | $516M | $624M | $661M | $682M | $612M |
| Capital Expenditure | -$3.82B | -$3.02B | -$3.22B | -$2.37B | -$2.08B | -$2.31B | -$2.1B | -$2.07B | -$1.67B | -$1.67B | -$1.56B | -$1.58B | -$1.32B | -$1.23B | -$882M | -$821M | -$818M | -$792M | -$1.38B | -$670M | -$593M | -$525M | -$535M | -$747M | -$1.26B | -$1.03B | -$1.12B | -$1.29B | -$678M | -$659M | -$535M | -$575M |
| Free Cash Flow | -$1.59B | -$648M | -$910M | -$1.52B | -$257M | -$1.03B | -$314M | -$371M | $40M | -$43M | $76M | -$130M | $96M | $14M | $287M | $138M | $30M | -$233M | -$1.35B | $18M | $6M | -$127M | -$786M | -$133M | -$845M | -$579M | -$207M | -$779M | -$54M | $2M | $147M | $37M |
| Cash at Beginning | $178M | $248M | $182M | $476M | $49M | $157M | $174M | $199M | $254M | $285M | $244M | $204M | $122M | $188M | $270M | $122M | $248M | $382M | $422M | $1.04B | $0 | $0 | $351M | $123M | $182M | $132M | $101M | $69M | $58M | $56M | $79M | $28M |
| Cash at End | $615M | $178M | $248M | $182M | $476M | $49M | $157M | $174M | $199M | $254M | $285M | $244M | $204M | $122M | $188M | $270M | $122M | $248M | $382M | $422M | $1.04B | $725M | $532M | $351M | $189M | $182M | $132M | $101M | $69M | $56M | $56M | $79M |