CONSUMERS ENERGY CO, 10-Q filed on 10/30/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 13, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Current Fiscal Year End Date --12-31  
Document Transition Report false  
Entity File Number 1-9513  
Entity Registrant Name CMS ENERGY CORPORATION  
Entity Tax Identification Number 38-2726431  
Entity Incorporation, State or Country Code MI  
Entity Address, Address Line One One Energy Plaza  
Entity Address, City or Town Jackson  
Entity Address, State or Province MI  
Entity Address, Postal Zip Code 49201  
City Area Code 517  
Local Phone Number 788-0550  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   304,319,765
Entity Central Index Key 0000811156  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Consumers Energy Company    
Document Information [Line Items]    
Entity File Number 1-5611  
Entity Registrant Name CONSUMERS ENERGY COMPANY  
Entity Tax Identification Number 38-0442310  
Entity Incorporation, State or Country Code MI  
Entity Address, Address Line One One Energy Plaza  
Entity Address, City or Town Jackson  
Entity Address, State or Province MI  
Entity Address, Postal Zip Code 49201  
City Area Code 517  
Local Phone Number 788-0550  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   84,108,789
Entity Central Index Key 0000201533  
CMS Energy Corporation Common Stock, $0.01 par value    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation Common Stock  
Trading Symbol CMS  
Security Exchange Name NYSE  
5.625% Junior Subordinated Notes Due 2078    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078  
Trading Symbol CMSA  
Security Exchange Name NYSE  
5.875% Junior Subordinated Notes Due 2078    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078  
Trading Symbol CMSC  
Security Exchange Name NYSE  
5.875% Junior Subordinated Notes Due 2079    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079  
Trading Symbol CMSD  
Security Exchange Name NYSE  
CMS Energy Corporation Depositary Shares, each representing a 1/1,000th interest in a share of 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation Depositary Shares  
Trading Symbol CMS PRC  
Security Exchange Name NYSE  
Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series    
Document Information [Line Items]    
Title of 12(b) Security Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series  
Trading Symbol CMS-PB  
Security Exchange Name NYSE  
v3.25.3
CMS Energy Corporation Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Operating Revenue $ 2,021 $ 1,743 $ 6,306 $ 5,526
Operating Expenses        
Fuel for electric generation 153 179 504 449
Purchased power – related parties 21 19 69 53
Maintenance and other operating expenses 416 412 1,218 1,218
Depreciation and amortization 288 273 964 914
General taxes 107 99 378 356
Total operating expenses 1,540 1,376 5,014 4,464
Operating Income 481 367 1,292 1,062
Other Income (Expense)        
Non-operating retirement benefits, net 48 42 137 127
Other income 19 46 128 167
Other expense (5) (4) (16) (11)
Total other income 62 84 249 283
Interest Charges        
Interest on long-term debt 204 176 590 519
Allowance for borrowed funds used during construction (3) (5) (9) (11)
Total interest charges 203 178 588 528
Income (Loss) Before Income Taxes 340 273 953 817
Income Tax Expense 68 26 193 125
Net Income 272 247 760 692
Loss Attributable to Noncontrolling Interests (5) (6) (22) (46)
Net Income 277 253 782 738
Preferred Stock Dividends 2 2 7 7
Net Income (Loss) Available to Common Stockholders $ 275 $ 251 $ 775 $ 731
Basic Earnings Per Average Common Share (in dollars per share) $ 0.92 $ 0.84 $ 2.59 $ 2.45
Diluted Earnings Per Average Common Share (in dollars per share) $ 0.92 $ 0.84 $ 2.59 $ 2.45
Related Party        
Interest Charges        
Other interest expense $ 2 $ 3 $ 8 $ 9
Nonrelated Party        
Interest Charges        
Other interest expense 0 4   11
Other interest expense     (1)  
Purchased and interchange power        
Operating Expenses        
Cost of goods and services sold 513 362 1,332 1,025
Cost of gas sold        
Operating Expenses        
Cost of goods and services sold $ 42 $ 32 $ 549 $ 449
v3.25.3
CMS Energy Corporation Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net Income $ 272 $ 247 $ 760 $ 692
Retirement Benefits Liability        
Amortization of net actuarial loss 1 0 1 1
Amortization of prior service credit (1) 0 (1) 0
Other Comprehensive Income 0 0 0 1
Comprehensive Income 272 247 760 693
Comprehensive Loss Attributable to Noncontrolling Interests (5) (6) (22) (46)
Comprehensive Income $ 277 $ 253 $ 782 $ 739
v3.25.3
CMS Energy Corporation Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Amortization of net actuarial loss, tax $ 0 $ 1 $ 0 $ 1
Amortization of prior service credit, tax $ 0 $ 0 $ 0 $ 0
v3.25.3
CMS Energy Corporation Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows from Operating Activities    
Net Income $ 760 $ 692
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 964 914
Deferred income taxes and investment tax credits 171 103
Other non‑cash operating activities and reconciling adjustments (181) (152)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 114 185
Inventories (134) 51
Accounts payable and accrued rate refunds (6) 15
Other current assets and liabilities 103 (3)
Other non‑current assets and liabilities (34) 162
Net cash provided by operating activities 1,757 1,967
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (2,750) (2,100)
Proceeds from sale of ASP business 0 124
Cost to retire property and other investing activities (176) (125)
Net cash used in investing activities (2,926) (2,101)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 2,511 1,447
Retirement of debt (884) (789)
Decrease in notes payable (65) (93)
Issuance of common stock 373 283
Payment of dividends on common and preferred stock (496) (470)
Proceeds from the sale of membership interests in VIEs 44 0
Other financing costs (60) (25)
Net cash provided by financing activities 1,423 353
Net Increase in Cash and Cash Equivalents, Including Restricted Amounts 254 219
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 178 248
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 432 467
Non‑cash transactions    
Capital expenditures not paid $ 586 $ 387
v3.25.3
CMS Energy Corporation Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 362 $ 103
Restricted cash and cash equivalents 70 75
Inventories at average cost    
Gas in underground storage 566 435
Materials and supplies 307 299
Generating plant fuel stock 30 35
Deferred property taxes 294 448
Regulatory assets 84 229
Prepayments and other current assets 98 103
Total current assets 2,745 2,790
Plant, Property, and Equipment    
Plant, property, and equipment, gross 36,583 34,932
Less accumulated depreciation and amortization 10,051 9,569
Plant, property, and equipment, net 26,532 25,363
Construction work in progress 3,158 2,098
Total plant, property, and equipment 29,690 27,461
Other Non‑current Assets    
Regulatory assets 3,545 3,569
Accounts receivable 18 20
Investments 64 69
Postretirement benefits 1,744 1,627
Other 202 384
Total other non‑current assets 5,573 5,669
Total Assets 38,008 35,920
Current Liabilities    
Current portion of long-term debt and finance leases 1,162 1,195
Notes payable 0 65
Accrued rate refunds 9 38
Accrued interest 204 156
Accrued taxes 200 654
Regulatory liabilities 89 111
Other current liabilities 239 209
Total current liabilities 3,052 3,521
Non‑current Liabilities    
Long-term debt 16,774 15,194
Non-current portion of finance leases 137 112
Regulatory liabilities 4,104 4,067
Postretirement benefits 92 96
Asset retirement obligations 731 728
Deferred investment tax credit 119 122
Deferred income taxes 3,172 2,925
Other non‑current liabilities 396 407
Total non‑current liabilities 25,525 23,651
Commitments and Contingencies
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 6,355 6,009
Accumulated other comprehensive loss (41) (41)
Retained earnings 2,323 2,035
Total common stockholders’ equity 8,640 8,006
Cumulative redeemable perpetual preferred stock 224 224
Total stockholders’ equity 8,864 8,230
Noncontrolling interests 567 518
Total equity 9,431 8,748
Total Liabilities and Equity 38,008 35,920
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $28 in 2025 and $23 in 2024 922 1,049
Current Liabilities    
Accounts payable 1,141 1,085
Related Party    
Current Assets    
Accounts receivable – related parties 12 14
Current Liabilities    
Accounts payable $ 8 $ 8
v3.25.3
CMS Energy Corporation Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Accounts receivable and accrued revenue, allowance $ 28 $ 23
Common stock authorized (in shares) 350.0 350.0
Common stock outstanding (in shares) 304.3 298.8
Preferred stock authorized (in shares) 9.2 9.2
Preferred stock outstanding (in shares) 9.2 9.2
v3.25.3
CMS Energy Corporation Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Loss
Retirement benefits liability
Retained Earnings
Cumulative Redeemable Perpetual Preferred Stock, Series C
Noncontrolling Interests
Total Equity at Beginning of Period at Dec. 31, 2023 $ 8,125 $ 3 $ 5,705   $ (46) $ 1,658 $ 224 $ 581
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock issued     307          
Common stock repurchased     (11)          
Sale of membership interests in VIEs     0         0
Amortization of net actuarial loss 1       1      
Amortization of prior service credit 0       0      
Net Income 692         738   (46)
Dividends declared on common stock           (461)    
Dividends declared on preferred stock           (7)    
Other changes in noncontrolling interests               (5)
Total Equity at End of Period at Sep. 30, 2024 $ 8,641 3 6,001 $ (45)   1,928 224 530
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared per common share (in dollars per share) $ 1.5450              
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.7875              
Total Equity at Beginning of Period at Jun. 30, 2024 $ 8,541 3 5,991   (45) 1,830 224 538
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock issued     10          
Common stock repurchased     0          
Sale of membership interests in VIEs     0         0
Amortization of net actuarial loss 0       0      
Amortization of prior service credit 0       0      
Net Income 247         253   (6)
Dividends declared on common stock           (153)    
Dividends declared on preferred stock           (2)    
Other changes in noncontrolling interests               (2)
Total Equity at End of Period at Sep. 30, 2024 $ 8,641 3 6,001 (45)   1,928 224 530
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared per common share (in dollars per share) $ 0.5150              
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.2625              
Total Equity at Beginning of Period at Dec. 31, 2024 $ 8,748 3 6,009   (41) 2,035 224 518
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock issued     393          
Common stock repurchased     (13)          
Sale of membership interests in VIEs     (34)         78
Amortization of net actuarial loss 1       1      
Amortization of prior service credit (1)       (1)      
Net Income 760         782   (22)
Dividends declared on common stock           (487)    
Dividends declared on preferred stock           (7)    
Other changes in noncontrolling interests               (7)
Total Equity at End of Period at Sep. 30, 2025 $ 9,431 3 6,355 (41)   2,323 224 567
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared per common share (in dollars per share) $ 1.6275              
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.7875              
Total Equity at Beginning of Period at Jun. 30, 2025 $ 8,971 3 5,998   (41) 2,210 224 577
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock issued     358          
Common stock repurchased     (1)          
Sale of membership interests in VIEs     0         0
Amortization of net actuarial loss 1       1      
Amortization of prior service credit (1)       $ (1)      
Net Income 272         277   (5)
Dividends declared on common stock           (162)    
Dividends declared on preferred stock           (2)    
Other changes in noncontrolling interests               (5)
Total Equity at End of Period at Sep. 30, 2025 $ 9,431 $ 3 $ 6,355 $ (41)   $ 2,323 $ 224 $ 567
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared per common share (in dollars per share) $ 0.5425              
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.2625              
v3.25.3
Consumers Energy Company Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Operating Revenue $ 2,021 $ 1,743 $ 6,306 $ 5,526
Operating Expenses        
Operating Income 481 367 1,292 1,062
Other Income (Expense)        
Non-operating retirement benefits, net 48 42 137 127
Other income 19 46 128 167
Other expense (5) (4) (16) (11)
Total other income 62 84 249 283
Interest Charges        
Interest on long-term debt 204 176 590 519
Allowance for borrowed funds used during construction (3) (5) (9) (11)
Total interest charges 203 178 588 528
Income (Loss) Before Income Taxes 340 273 953 817
Income Tax Expense 68 26 193 125
Net Income 277 253 782 738
Preferred Stock Dividends 2 2 7 7
Net Income (Loss) Available to Common Stockholders 275 251 775 731
Related Party        
Interest Charges        
Other interest expense 2 3 8 9
Nonrelated Party        
Interest Charges        
Other interest expense 0 4   11
Consumers Energy Company        
Operating Revenue 1,913 1,661 6,007 5,291
Operating Expenses        
Fuel for electric generation 113 150 419 366
Purchased and interchange power 490 346 1,219 989
Purchased power – related parties 21 19 69 53
Cost of gas sold 40 31 545 447
Maintenance and other operating expenses 388 381 1,137 1,136
Depreciation and amortization 274 261 925 878
General taxes 104 95 369 346
Total operating expenses 1,430 1,283 4,683 4,215
Operating Income 483 378 1,324 1,076
Other Income (Expense)        
Non-operating retirement benefits, net 44 39 128 118
Other income 15 24 44 67
Other expense (4) (3) (11) (10)
Total other income 55 60 161 175
Interest Charges        
Interest on long-term debt 135 123 388 364
Allowance for borrowed funds used during construction (3) (4) (8) (8)
Total interest charges 145 131 416 386
Income (Loss) Before Income Taxes 393 307 1,069 865
Income Tax Expense 79 34 221 139
Net Income 314 273 848 726
Preferred Stock Dividends 0 0 1 1
Net Income (Loss) Available to Common Stockholders 314 273 847 725
Consumers Energy Company | Related Party        
Interest Charges        
Other interest expense 10 9 30 22
Consumers Energy Company | Nonrelated Party        
Interest Charges        
Other interest expense $ 3 $ 3 $ 6 $ 8
v3.25.3
Consumers Energy Company Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net Income $ 277 $ 253 $ 782 $ 738
Retirement Benefits Liability        
Amortization of net actuarial loss 1 0 1 1
Other Comprehensive Income 0 0 0 1
Comprehensive Income 277 253 782 739
Consumers Energy Company        
Net Income 314 273 848 726
Retirement Benefits Liability        
Amortization of net actuarial loss 0 1 0 1
Other Comprehensive Income 0 1 0 1
Comprehensive Income $ 314 $ 274 $ 848 $ 727
v3.25.3
Consumers Energy Company Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Amortization of net actuarial loss, tax $ 0 $ 1 $ 0 $ 1
Consumers Energy Company        
Amortization of net actuarial loss, tax $ 0 $ 0 $ 0 $ 0
v3.25.3
Consumers Energy Company Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows from Operating Activities    
Net Income $ 760 $ 692
Adjustments to reconcile net income to net cash provided by operating activities    
Deferred income taxes and investment tax credits 171 103
Other non‑cash operating activities and reconciling adjustments (181) (152)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 114 185
Inventories (134) 51
Accounts payable and accrued rate refunds (6) 15
Other current assets and liabilities 103 (3)
Other non‑current assets and liabilities (34) 162
Net cash provided by operating activities 1,757 1,967
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (2,750) (2,100)
Proceeds from sale of ASP business 0 124
Cost to retire property and other investing activities (176) (125)
Net cash used in investing activities (2,926) (2,101)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 2,511 1,447
Retirement of debt (884) (789)
Decrease in notes payable (65) (93)
Other financing costs (60) (25)
Net cash provided by financing activities 1,423 353
Net Increase in Cash and Cash Equivalents, Including Restricted Amounts 254 219
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 178 248
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 432 467
Non‑cash transactions    
Capital expenditures not paid 586 387
Consumers Energy Company    
Cash Flows from Operating Activities    
Net Income 848 726
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 925 878
Deferred income taxes and investment tax credits 57 99
Other non‑cash operating activities and reconciling adjustments (111) (64)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 124 184
Inventories (137) 50
Accounts payable and accrued rate refunds 1 25
Other current assets and liabilities 121 (29)
Other non‑current assets and liabilities (54) 145
Net cash provided by operating activities 1,774 2,014
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (2,389) (1,999)
Proceeds from sale of ASP business 0 124
Cost to retire property and other investing activities (180) (119)
Net cash used in investing activities (2,569) (1,994)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 1,123 1,297
Retirement of debt (100) (322)
Decrease in notes payable (65) (93)
Stockholder contribution 695 320
Return of stockholder contribution 0 (320)
Payment of dividends on common and preferred stock (650) (545)
Other financing costs (16) (10)
Net cash provided by financing activities 987 327
Net Increase in Cash and Cash Equivalents, Including Restricted Amounts 192 347
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 119 56
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 311 403
Non‑cash transactions    
Capital expenditures not paid $ 453 $ 382
v3.25.3
Consumers Energy Company Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 362 $ 103
Restricted cash and cash equivalents 70 75
Inventories at average cost    
Gas in underground storage 566 435
Materials and supplies 307 299
Generating plant fuel stock 30 35
Deferred property taxes 294 448
Regulatory assets 84 229
Prepayments and other current assets 98 103
Total current assets 2,745 2,790
Other Non‑current Assets    
Regulatory assets 3,545 3,569
Accounts and notes receivable – related parties 18 20
Postretirement benefits 1,744 1,627
Other 202 384
Total other non‑current assets 5,573 5,669
Total Assets 38,008 35,920
Current Liabilities    
Current portion of long-term debt and finance leases 1,162 1,195
Notes payable 0 65
Accrued rate refunds 9 38
Accrued interest 204 156
Accrued taxes 200 654
Regulatory liabilities 89 111
Other current liabilities 239 209
Total current liabilities 3,052 3,521
Non‑current Liabilities    
Long-term debt 16,774 15,194
Non-current portion of finance leases 137 112
Regulatory liabilities 4,104 4,067
Postretirement benefits 92 96
Asset retirement obligations 731 728
Deferred investment tax credit 119 122
Deferred income taxes 3,172 2,925
Other non‑current liabilities 396 407
Total non‑current liabilities 25,525 23,651
Commitments and Contingencies
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 6,355 6,009
Accumulated other comprehensive loss (41) (41)
Retained earnings 2,323 2,035
Total common stockholders’ equity 8,640 8,006
Cumulative preferred stock 224 224
Total stockholders’ equity 8,864 8,230
Total Liabilities and Equity 38,008 35,920
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $28 in 2025 and $23 in 2024 922 1,049
Current Liabilities    
Accounts payable 1,141 1,085
Related Party    
Current Liabilities    
Accounts payable 8 8
Consumers Energy Company    
Current Assets    
Cash and cash equivalents 242 44
Restricted cash and cash equivalents 69 75
Inventories at average cost    
Gas in underground storage 566 435
Materials and supplies 299 291
Generating plant fuel stock 28 30
Deferred property taxes 294 448
Regulatory assets 84 229
Prepayments and other current assets 90 86
Total current assets 2,572 2,674
Plant, Property, and Equipment    
Plant, property, and equipment, gross 35,021 33,434
Less accumulated depreciation and amortization 9,772 9,310
Plant, property, and equipment, net 25,249 24,124
Construction work in progress 2,532 1,766
Total plant, property, and equipment 27,781 25,890
Other Non‑current Assets    
Regulatory assets 3,545 3,569
Postretirement benefits 1,622 1,514
Other 148 323
Total other non‑current assets 5,427 5,524
Total Assets 35,780 34,088
Current Liabilities    
Current portion of long-term debt and finance leases 579 456
Notes payable 0 65
Accrued rate refunds 9 38
Accrued interest 147 130
Accrued taxes 290 678
Regulatory liabilities 89 111
Other current liabilities 204 185
Total current liabilities 2,317 2,592
Non‑current Liabilities    
Non-current portion of finance leases 84 69
Regulatory liabilities 4,104 4,067
Postretirement benefits 67 70
Asset retirement obligations 696 694
Deferred investment tax credit 119 122
Deferred income taxes 3,185 3,053
Other non‑current liabilities 342 349
Total non‑current liabilities 21,139 20,065
Commitments and Contingencies
Common stockholders’ equity    
Common stock 841 841
Other paid-in capital 8,869 8,174
Accumulated other comprehensive loss (11) (11)
Retained earnings 2,588 2,390
Total common stockholders’ equity 12,287 11,394
Cumulative preferred stock 37 37
Total stockholders’ equity 12,324 11,431
Total Liabilities and Equity 35,780 34,088
Consumers Energy Company | Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $28 in 2025 and $23 in 2024 890 1,019
Other Non‑current Assets    
Accounts receivable 24 26
Current Liabilities    
Accounts payable 984 917
Non‑current Liabilities    
Long-term debt 11,537 10,818
Consumers Energy Company | Related Party    
Current Assets    
Accounts and notes receivable – related parties 10 17
Other Non‑current Assets    
Accounts and notes receivable – related parties 88 92
Current Liabilities    
Accounts payable 15 12
Non‑current Liabilities    
Long-term debt $ 1,005 $ 823
v3.25.3
Consumers Energy Company Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Sep. 30, 2025
Dec. 31, 2024
Accounts receivable and accrued revenue, allowance $ 28 $ 23
Common stock authorized (in shares) 350.0 350.0
Common stock outstanding (in shares) 304.3 298.8
Preferred stock authorized (in shares) 9.2 9.2
Preferred stock outstanding (in shares) 9.2 9.2
Consumers Energy Company    
Accounts receivable and accrued revenue, allowance $ 28 $ 23
Common stock authorized (in shares) 125.0 125.0
Common stock outstanding (in shares) 84.1 84.1
Preferred stock, par value (in dollars per share) $ 4.50 $ 4.50
Preferred stock authorized (in shares) 7.5 7.5
Preferred stock outstanding (in shares) 0.4 0.4
v3.25.3
Consumers Energy Company Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Loss
Retirement benefits liability
Retained Earnings
Cumulative Preferred Stock
Consumers Energy Company
Consumers Energy Company
Common Stock
Consumers Energy Company
Other Paid-in Capital
Consumers Energy Company
Accumulated Other Comprehensive Loss
Consumers Energy Company
Retirement benefits liability
Consumers Energy Company
Retained Earnings
Consumers Energy Company
Cumulative Preferred Stock
Total Equity at Beginning of Period at Dec. 31, 2023 $ 8,125 $ 3 $ 5,705   $ (46) $ 1,658 $ 224 $ 10,800 $ 841 $ 7,759   $ (15) $ 2,178 $ 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   320        
Return of stockholder contribution                   (320)        
Amortization of net actuarial loss 1       1     1       1    
Net Income 738             726         726  
Dividends declared on common stock           (461)             (544)  
Dividends declared on preferred stock           (7)             (1)  
Total Equity at End of Period at Sep. 30, 2024 8,641 3 6,001 $ (45)   1,928 224 10,982 841 7,759 $ (14)   2,359 37
Total Equity at Beginning of Period at Jun. 30, 2024 8,541 3 5,991   (45) 1,830 224 10,893 841 7,759   (15) 2,271 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   0        
Return of stockholder contribution                   0        
Amortization of net actuarial loss 0       0     1       1    
Net Income 253             273         273  
Dividends declared on common stock           (153)             (185)  
Dividends declared on preferred stock           (2)             0  
Total Equity at End of Period at Sep. 30, 2024 8,641 3 6,001 (45)   1,928 224 10,982 841 7,759 (14)   2,359 37
Total Equity at Beginning of Period at Dec. 31, 2024 8,748 3 6,009   (41) 2,035 224 11,431 841 8,174   (11) 2,390 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   695        
Return of stockholder contribution                   0        
Amortization of net actuarial loss 1       1     0       0    
Net Income 782             848         848  
Dividends declared on common stock           (487)             (649)  
Dividends declared on preferred stock           (7)             (1)  
Total Equity at End of Period at Sep. 30, 2025 9,431 3 6,355 (41)   2,323 224 12,324 841 8,869 (11)   2,588 37
Total Equity at Beginning of Period at Jun. 30, 2025 8,971 3 5,998   (41) 2,210 224 11,698 841 8,324   (11) 2,507 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   545        
Return of stockholder contribution                   0        
Amortization of net actuarial loss 1       $ 1     0       $ 0    
Net Income 277             314         314  
Dividends declared on common stock           (162)             (233)  
Dividends declared on preferred stock           (2)             0  
Total Equity at End of Period at Sep. 30, 2025 $ 9,431 $ 3 $ 6,355 $ (41)   $ 2,323 $ 224 $ 12,324 $ 841 $ 8,869 $ (11)   $ 2,588 $ 37
v3.25.3
Regulatory Matters
 9 Months Ended
Sep. 30, 2025
Public Utilities, General Disclosures [Line Items]  
Regulatory Matters Regulatory Matters
Regulatory matters are critical to Consumers. The Michigan Attorney General, ABATE, the MPSC Staff, residential customer advocacy groups, environmental organizations, and certain other parties typically participate in MPSC proceedings concerning Consumers, such as Consumers’ rate cases and power supply cost recovery and gas cost recovery processes. Intervenors also participate in certain FERC matters, including FERC’s regulation of certain wholesale rates that affect Consumers’ power supply costs. These parties often challenge various aspects of those proceedings, including the prudence of Consumers’ policies and practices, and seek cost disallowances and other relief. The parties also have appealed significant MPSC orders. Depending upon the specific issues, the outcomes of rate cases and proceedings, including judicial proceedings challenging MPSC and FERC orders or other actions, could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. Consumers cannot predict the outcome of these proceedings.
2024 Electric Rate Case: In May 2024, Consumers filed an application with the MPSC seeking a rate increase of $325 million, made up of two components. First, Consumers requested a $303 million annual rate increase, based on a 10.25‑percent authorized return on equity for the projected 12‑month period ending February 28, 2026. The filing requested authority to recover costs related to new infrastructure investment primarily in distribution system reliability and cleaner energy resources. Second, Consumers requested approval of a $22 million surcharge for the recovery of distribution investments made in 2023 that exceeded the rates authorized in accordance with previous electric rate orders.
In October 2024, Consumers revised its requested increase to $277 million, primarily to reflect the removal of projected capital investments associated with certain solar facilities that Consumers incorporated into its amended renewable energy plan.
In March 2025, the MPSC issued an order authorizing an annual rate increase of $176 million, which is inclusive of a $22 million surcharge for the recovery of distribution investments made in 2023 that exceeded the rate amounts authorized in accordance with previous electric rate orders. The approved rate increase is based on a 9.90‑percent authorized return on equity. The new rates became effective in April 2025.
J.H. Campbell Emergency Order: In May 2025, before the planned closure of J.H. Campbell, the U.S. Secretary of Energy issued an emergency order under section 202(c) of the Federal Power Act requiring J.H. Campbell to continue operating for 90 days, through August 20, 2025. The order stated that continued operation of J.H. Campbell was required to meet an energy emergency across MISO’s North and Central regions. Consistent with the Federal Power Act and the U.S. Department of Energy regulations, the order authorizes Consumers to obtain cost recovery at FERC.
In June 2025, Consumers filed a complaint at FERC seeking a modification of the MISO Tariff that would enable Consumers to recover the costs of complying with the emergency order. Consumers’ complaint seeks a mechanism in the MISO Tariff that would allow allocation of those compliance costs across the MISO North and Central regions, consistent with the nature of the energy emergency declared in the U.S. Department of Energy order.
On August 20, 2025, the U.S. Secretary of Energy issued a second emergency order requiring J.H. Campbell to continue operating for another 90 days, through November 19, 2025. Consumers is complying with the August 2025 emergency order. Also in August 2025, FERC granted Consumers’ complaint seeking modification of the MISO Tariff and ordered MISO to revise its tariff accordingly. MISO submitted a compliance filing with FERC in September 2025, and FERC approval of the compliance filing remains pending. During the initial emergency order period, the net financial impact of compliance was $53 million after applying MISO revenues of $67 million. For the second emergency order period through September 30, 2025, the net financial impact of compliance was $27 million after applying MISO revenues of $17 million. Upon FERC approval of the requested tariff modification, Consumers intends to file for recovery and allocation of costs to comply with the emergency orders across the region specified by the emergency orders. The ultimate financial impact remains subject to the outcome of the FERC proceeding and any future guidance or interpretation.
Service Restoration Cost Deferral Application: As a result of catastrophic storms in Consumers’ electric service territory, Consumers incurred significant service restoration costs during March and April 2025. In April 2025, Consumers filed with the MPSC an ex parte application requesting approval to defer, as a regulatory asset, operating and maintenance expenses associated with the storms. In June 2025, the MPSC approved the application, authorizing the deferral of these expenses for accounting purposes. At September 30, 2025, Consumers had a $54 million regulatory asset recorded associated with these costs, recovery for which will be requested in a future case.
Consumers Energy Company  
Public Utilities, General Disclosures [Line Items]  
Regulatory Matters Regulatory Matters
Regulatory matters are critical to Consumers. The Michigan Attorney General, ABATE, the MPSC Staff, residential customer advocacy groups, environmental organizations, and certain other parties typically participate in MPSC proceedings concerning Consumers, such as Consumers’ rate cases and power supply cost recovery and gas cost recovery processes. Intervenors also participate in certain FERC matters, including FERC’s regulation of certain wholesale rates that affect Consumers’ power supply costs. These parties often challenge various aspects of those proceedings, including the prudence of Consumers’ policies and practices, and seek cost disallowances and other relief. The parties also have appealed significant MPSC orders. Depending upon the specific issues, the outcomes of rate cases and proceedings, including judicial proceedings challenging MPSC and FERC orders or other actions, could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. Consumers cannot predict the outcome of these proceedings.
2024 Electric Rate Case: In May 2024, Consumers filed an application with the MPSC seeking a rate increase of $325 million, made up of two components. First, Consumers requested a $303 million annual rate increase, based on a 10.25‑percent authorized return on equity for the projected 12‑month period ending February 28, 2026. The filing requested authority to recover costs related to new infrastructure investment primarily in distribution system reliability and cleaner energy resources. Second, Consumers requested approval of a $22 million surcharge for the recovery of distribution investments made in 2023 that exceeded the rates authorized in accordance with previous electric rate orders.
In October 2024, Consumers revised its requested increase to $277 million, primarily to reflect the removal of projected capital investments associated with certain solar facilities that Consumers incorporated into its amended renewable energy plan.
In March 2025, the MPSC issued an order authorizing an annual rate increase of $176 million, which is inclusive of a $22 million surcharge for the recovery of distribution investments made in 2023 that exceeded the rate amounts authorized in accordance with previous electric rate orders. The approved rate increase is based on a 9.90‑percent authorized return on equity. The new rates became effective in April 2025.
J.H. Campbell Emergency Order: In May 2025, before the planned closure of J.H. Campbell, the U.S. Secretary of Energy issued an emergency order under section 202(c) of the Federal Power Act requiring J.H. Campbell to continue operating for 90 days, through August 20, 2025. The order stated that continued operation of J.H. Campbell was required to meet an energy emergency across MISO’s North and Central regions. Consistent with the Federal Power Act and the U.S. Department of Energy regulations, the order authorizes Consumers to obtain cost recovery at FERC.
In June 2025, Consumers filed a complaint at FERC seeking a modification of the MISO Tariff that would enable Consumers to recover the costs of complying with the emergency order. Consumers’ complaint seeks a mechanism in the MISO Tariff that would allow allocation of those compliance costs across the MISO North and Central regions, consistent with the nature of the energy emergency declared in the U.S. Department of Energy order.
On August 20, 2025, the U.S. Secretary of Energy issued a second emergency order requiring J.H. Campbell to continue operating for another 90 days, through November 19, 2025. Consumers is complying with the August 2025 emergency order. Also in August 2025, FERC granted Consumers’ complaint seeking modification of the MISO Tariff and ordered MISO to revise its tariff accordingly. MISO submitted a compliance filing with FERC in September 2025, and FERC approval of the compliance filing remains pending. During the initial emergency order period, the net financial impact of compliance was $53 million after applying MISO revenues of $67 million. For the second emergency order period through September 30, 2025, the net financial impact of compliance was $27 million after applying MISO revenues of $17 million. Upon FERC approval of the requested tariff modification, Consumers intends to file for recovery and allocation of costs to comply with the emergency orders across the region specified by the emergency orders. The ultimate financial impact remains subject to the outcome of the FERC proceeding and any future guidance or interpretation.
Service Restoration Cost Deferral Application: As a result of catastrophic storms in Consumers’ electric service territory, Consumers incurred significant service restoration costs during March and April 2025. In April 2025, Consumers filed with the MPSC an ex parte application requesting approval to defer, as a regulatory asset, operating and maintenance expenses associated with the storms. In June 2025, the MPSC approved the application, authorizing the deferral of these expenses for accounting purposes. At September 30, 2025, Consumers had a $54 million regulatory asset recorded associated with these costs, recovery for which will be requested in a future case.
v3.25.3
Contingencies and Commitments
 9 Months Ended
Sep. 30, 2025
Other Commitments [Line Items]  
Contingencies and Commitments Contingencies and Commitments
CMS Energy and Consumers are involved in various matters that give rise to contingent liabilities. Depending on the specific issues, the resolution of these contingencies could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. In their disclosures of these matters, CMS Energy and Consumers provide an estimate of the possible loss or range of loss when such an estimate can be made. Disclosures stating that CMS Energy or Consumers cannot predict the outcome of a matter indicate that they are unable to estimate a possible loss or range of loss for the matter.
CMS Energy Contingencies
CMS Land retained environmental remediation obligations for the collection and treatment of leachate at Bay Harbor after selling its interests in the development in 2002. Leachate is produced when water enters into cement kiln dust piles left over from former cement plant operations at the site. In 2012, CMS Land and EGLE finalized an agreement establishing the final remedies and the future water quality criteria at the site. CMS Land completed all construction necessary to implement the remedies required by the agreement and will continue to maintain and operate a system to discharge treated leachate into Little Traverse Bay under an NPDES permit, which is valid through 2025. CMS Land submitted a renewal request in March 2025, and will continue to operate under the existing permit until a renewal is issued.
At September 30, 2025, CMS Energy had a recorded liability of $47 million for its remaining obligations for environmental remediation. CMS Energy calculated this liability based on discounted projected costs, using a discount rate of 4.34 percent and an inflation rate of 1 percent on annual operating and maintenance costs. The undiscounted amount of the remaining obligation is $59 million. CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2025 and in each of the next five years:
In Millions
202520262027202820292030
Long-term leachate disposal and operating and maintenance costs$1 $4 $4 $4 $4 $4 
CMS Energy’s estimate of response activity costs and the timing of expenditures could change if there are changes in circumstances or assumptions used in calculating the liability. Although a liability for its present estimate of remaining response activity costs has been recorded, CMS Energy cannot predict the ultimate financial impact or outcome of this matter.
Consumers Electric Utility Contingencies
Electric Environmental Matters: Consumers’ operations are subject to environmental laws and regulations. Historically, Consumers has generally been able to recover, in customer rates, the costs to operate its facilities in compliance with these laws and regulations.
Cleanup and Solid Waste: Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. Consumers believes that these costs should be recoverable in rates, but cannot guarantee that outcome. Consumers estimates its liability for NREPA sites for which it can estimate a range of loss to be between $4 million and $5 million. At September 30, 2025, Consumers had a recorded liability of $4 million, the minimum amount in the range of its estimated probable NREPA liability, as no amount in the range was considered a better estimate than any other amount.
Consumers is a potentially responsible party at a number of contaminated sites administered under CERCLA. CERCLA liability is joint and several. In 2010, Consumers received official notification from the EPA that identified Consumers as a potentially responsible party for cleanup of PCBs at the Kalamazoo River CERCLA site. The notification claimed that the EPA had reason to believe that Consumers disposed of PCBs and arranged for the disposal and treatment of PCB-containing materials at portions of the site. In 2011, Consumers received a follow-up letter from the EPA requesting that Consumers agree to participate in a removal action plan along with several other companies for an area of lower Portage Creek, which is connected to the Kalamazoo River. All parties asked to participate in the removal action plan, including Consumers, declined to accept liability. Until further information is received from the EPA, Consumers is unable to estimate a range of potential liability for cleanup of the river.
Based on its experience, Consumers estimates its share of the total liability for known CERCLA sites to be between $3 million and $8 million. Various factors, including the number and creditworthiness of potentially responsible parties involved with each site, affect Consumers’ share of the total liability. At September 30, 2025, Consumers had a recorded liability of $3 million for its share of the total liability at these sites, the minimum amount in the range of its estimated probable CERCLA liability, as no amount in the range was considered a better estimate than any other amount.
The timing of payments related to Consumers’ remediation and other response activities at its CERCLA and NREPA sites is uncertain. Consumers periodically reviews these cost estimates. A change in the underlying assumptions, such as an increase in the number of sites, different remediation techniques, the nature and extent of contamination, and legal and regulatory requirements, could affect its estimates of NREPA and CERCLA liability.
Ludington Overhaul Contract Dispute: Consumers and DTE Electric, co-owners of Ludington, entered into a 2010 engineering, procurement, and construction agreement with Toshiba International, under which Toshiba International contracted to perform a major overhaul and upgrade of Ludington. Toshiba International later assigned the contract and all of its obligations to TAES. TAES’ work under the contract was incomplete, defective, and non‑conforming. Consumers and DTE Electric repeatedly documented TAES’ failure to perform under the contract and demanded that TAES provide a comprehensive plan to resolve those matters, including adherence to its warranty commitments and other contractual obligations. Consumers and DTE Electric engaged in extensive efforts to resolve these issues with TAES, including a formal demand to TAES’ parent, Toshiba, under a parent guaranty it provided. TAES did not provide a comprehensive plan or otherwise meet its performance obligations. As a result of TAES’ defaults, Consumers and DTE Electric terminated the contract.
In order to enforce their rights under the contract and parent guaranty, and to pursue appropriate damages, Consumers and DTE Electric filed a complaint against TAES and Toshiba in the U.S. District Court for the Eastern District of Michigan in 2022. TAES and Toshiba filed a motion to dismiss the complaint, along with an answer and counterclaims seeking approximately $15 million in damages related to payments allegedly owed under the parties’ contract. As a co-owner of Ludington, Consumers would be liable for 51 percent of any such damages, if liability and damages were proven. The court denied the motion to dismiss filed by TAES and Toshiba. The trial is scheduled to begin in the fourth quarter of 2025. Consumers believes the counterclaims filed by TAES and Toshiba are without merit, but cannot predict the financial impact or outcome of this matter. An unfavorable outcome could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity.
In 2023, Toshiba announced that TBJH became the majority shareholder and new parent company of Toshiba through a common stock purchase. TBJH is a subsidiary of a Japanese private equity firm. Consumers and DTE Electric continue to monitor this development, but do not believe that this affects their rights under the parent guaranty provided by Toshiba.
In 2023, the MPSC approved Consumers’ and DTE Electric’s jointly-filed request for authority to defer as a regulatory asset the costs associated with repairing or replacing the defective work performed by TAES while the litigation with TAES and Toshiba moves forward. Although litigation is ongoing, Consumers currently estimates that its share of repair, replacement, and other damages resulting from TAES’ defective work is approximately $350 million, which may be offset in part or entirely by any potential future litigation proceeds received from TAES or Toshiba. Consumers and DTE Electric will have the opportunity to seek appropriate recovery and ratemaking treatment for amounts recorded as a regulatory asset following resolution of the litigation, including any amounts not recovered from TAES or Toshiba. Consumers cannot predict the financial impact or outcome of such proceedings.
Consumers Gas Utility Contingencies
Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. These sites include 23 former MGP facilities. Consumers operated the facilities on these sites for some part of their operating lives. For some of these sites, Consumers has no present ownership interest or may own only a portion of the original site.
At September 30, 2025, Consumers had a recorded liability of $60 million for its remaining obligations for these sites. Consumers expects to pay the following amounts for remediation and other response activity costs during the remainder of 2025 and in each of the next five years:
In Millions
202520262027202820292030
Remediation and other response activity costs$— $3 $8 $25 $11 $3 
Consumers periodically reviews these cost estimates. Any significant change in the underlying assumptions, such as an increase in the number of sites, changes in remediation techniques, or legal and regulatory requirements, could affect Consumers’ estimates of annual response activity costs and the MGP liability.
Pursuant to orders issued by the MPSC, Consumers defers its MGP-related remediation costs and recovers them from its customers over a ten-year period. At September 30, 2025, Consumers had a regulatory asset of $85 million related to the MGP sites.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at September 30, 2025:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousvarious$229 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite152 — 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 11, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
3This obligation comprises a guarantee provided by Consumers to the U.S. Department of Energy in connection with a settlement agreement regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers.
Additionally, in the normal course of business, CMS Energy, Consumers, and certain other subsidiaries of CMS Energy have entered into various agreements containing tax and other indemnity provisions for which they are unable to estimate the maximum potential obligation. CMS Energy and Consumers consider the likelihood that they would be required to perform or incur substantial losses related to these indemnities and those disclosed in the table to be remote.
Other Contingencies
In addition to the matters disclosed in this Note and Note 1, Regulatory Matters, there are certain other lawsuits and administrative proceedings before various courts and governmental agencies, as well as unasserted claims that may result in such proceedings, arising in the ordinary course of business to which CMS Energy, Consumers, and certain other subsidiaries of CMS Energy are parties. These other lawsuits, proceedings, and unasserted claims may involve personal injury, property damage, contracts, environmental matters, federal and state taxes, rates, licensing, employment, and other matters. Certain of these matters, while potentially substantial, are covered by insurance and the insurer or insurers are
involved in the relevant proceedings. Further, CMS Energy and Consumers occasionally self-report certain regulatory non‑compliance matters that may or may not eventually result in administrative proceedings. CMS Energy and Consumers believe that the outcome of any one of these proceedings and potential claims will not have a material negative effect on their consolidated results of operations, financial condition, or liquidity.
Consumers Energy Company  
Other Commitments [Line Items]  
Contingencies and Commitments Contingencies and Commitments
CMS Energy and Consumers are involved in various matters that give rise to contingent liabilities. Depending on the specific issues, the resolution of these contingencies could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. In their disclosures of these matters, CMS Energy and Consumers provide an estimate of the possible loss or range of loss when such an estimate can be made. Disclosures stating that CMS Energy or Consumers cannot predict the outcome of a matter indicate that they are unable to estimate a possible loss or range of loss for the matter.
CMS Energy Contingencies
CMS Land retained environmental remediation obligations for the collection and treatment of leachate at Bay Harbor after selling its interests in the development in 2002. Leachate is produced when water enters into cement kiln dust piles left over from former cement plant operations at the site. In 2012, CMS Land and EGLE finalized an agreement establishing the final remedies and the future water quality criteria at the site. CMS Land completed all construction necessary to implement the remedies required by the agreement and will continue to maintain and operate a system to discharge treated leachate into Little Traverse Bay under an NPDES permit, which is valid through 2025. CMS Land submitted a renewal request in March 2025, and will continue to operate under the existing permit until a renewal is issued.
At September 30, 2025, CMS Energy had a recorded liability of $47 million for its remaining obligations for environmental remediation. CMS Energy calculated this liability based on discounted projected costs, using a discount rate of 4.34 percent and an inflation rate of 1 percent on annual operating and maintenance costs. The undiscounted amount of the remaining obligation is $59 million. CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2025 and in each of the next five years:
In Millions
202520262027202820292030
Long-term leachate disposal and operating and maintenance costs$1 $4 $4 $4 $4 $4 
CMS Energy’s estimate of response activity costs and the timing of expenditures could change if there are changes in circumstances or assumptions used in calculating the liability. Although a liability for its present estimate of remaining response activity costs has been recorded, CMS Energy cannot predict the ultimate financial impact or outcome of this matter.
Consumers Electric Utility Contingencies
Electric Environmental Matters: Consumers’ operations are subject to environmental laws and regulations. Historically, Consumers has generally been able to recover, in customer rates, the costs to operate its facilities in compliance with these laws and regulations.
Cleanup and Solid Waste: Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. Consumers believes that these costs should be recoverable in rates, but cannot guarantee that outcome. Consumers estimates its liability for NREPA sites for which it can estimate a range of loss to be between $4 million and $5 million. At September 30, 2025, Consumers had a recorded liability of $4 million, the minimum amount in the range of its estimated probable NREPA liability, as no amount in the range was considered a better estimate than any other amount.
Consumers is a potentially responsible party at a number of contaminated sites administered under CERCLA. CERCLA liability is joint and several. In 2010, Consumers received official notification from the EPA that identified Consumers as a potentially responsible party for cleanup of PCBs at the Kalamazoo River CERCLA site. The notification claimed that the EPA had reason to believe that Consumers disposed of PCBs and arranged for the disposal and treatment of PCB-containing materials at portions of the site. In 2011, Consumers received a follow-up letter from the EPA requesting that Consumers agree to participate in a removal action plan along with several other companies for an area of lower Portage Creek, which is connected to the Kalamazoo River. All parties asked to participate in the removal action plan, including Consumers, declined to accept liability. Until further information is received from the EPA, Consumers is unable to estimate a range of potential liability for cleanup of the river.
Based on its experience, Consumers estimates its share of the total liability for known CERCLA sites to be between $3 million and $8 million. Various factors, including the number and creditworthiness of potentially responsible parties involved with each site, affect Consumers’ share of the total liability. At September 30, 2025, Consumers had a recorded liability of $3 million for its share of the total liability at these sites, the minimum amount in the range of its estimated probable CERCLA liability, as no amount in the range was considered a better estimate than any other amount.
The timing of payments related to Consumers’ remediation and other response activities at its CERCLA and NREPA sites is uncertain. Consumers periodically reviews these cost estimates. A change in the underlying assumptions, such as an increase in the number of sites, different remediation techniques, the nature and extent of contamination, and legal and regulatory requirements, could affect its estimates of NREPA and CERCLA liability.
Ludington Overhaul Contract Dispute: Consumers and DTE Electric, co-owners of Ludington, entered into a 2010 engineering, procurement, and construction agreement with Toshiba International, under which Toshiba International contracted to perform a major overhaul and upgrade of Ludington. Toshiba International later assigned the contract and all of its obligations to TAES. TAES’ work under the contract was incomplete, defective, and non‑conforming. Consumers and DTE Electric repeatedly documented TAES’ failure to perform under the contract and demanded that TAES provide a comprehensive plan to resolve those matters, including adherence to its warranty commitments and other contractual obligations. Consumers and DTE Electric engaged in extensive efforts to resolve these issues with TAES, including a formal demand to TAES’ parent, Toshiba, under a parent guaranty it provided. TAES did not provide a comprehensive plan or otherwise meet its performance obligations. As a result of TAES’ defaults, Consumers and DTE Electric terminated the contract.
In order to enforce their rights under the contract and parent guaranty, and to pursue appropriate damages, Consumers and DTE Electric filed a complaint against TAES and Toshiba in the U.S. District Court for the Eastern District of Michigan in 2022. TAES and Toshiba filed a motion to dismiss the complaint, along with an answer and counterclaims seeking approximately $15 million in damages related to payments allegedly owed under the parties’ contract. As a co-owner of Ludington, Consumers would be liable for 51 percent of any such damages, if liability and damages were proven. The court denied the motion to dismiss filed by TAES and Toshiba. The trial is scheduled to begin in the fourth quarter of 2025. Consumers believes the counterclaims filed by TAES and Toshiba are without merit, but cannot predict the financial impact or outcome of this matter. An unfavorable outcome could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity.
In 2023, Toshiba announced that TBJH became the majority shareholder and new parent company of Toshiba through a common stock purchase. TBJH is a subsidiary of a Japanese private equity firm. Consumers and DTE Electric continue to monitor this development, but do not believe that this affects their rights under the parent guaranty provided by Toshiba.
In 2023, the MPSC approved Consumers’ and DTE Electric’s jointly-filed request for authority to defer as a regulatory asset the costs associated with repairing or replacing the defective work performed by TAES while the litigation with TAES and Toshiba moves forward. Although litigation is ongoing, Consumers currently estimates that its share of repair, replacement, and other damages resulting from TAES’ defective work is approximately $350 million, which may be offset in part or entirely by any potential future litigation proceeds received from TAES or Toshiba. Consumers and DTE Electric will have the opportunity to seek appropriate recovery and ratemaking treatment for amounts recorded as a regulatory asset following resolution of the litigation, including any amounts not recovered from TAES or Toshiba. Consumers cannot predict the financial impact or outcome of such proceedings.
Consumers Gas Utility Contingencies
Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. These sites include 23 former MGP facilities. Consumers operated the facilities on these sites for some part of their operating lives. For some of these sites, Consumers has no present ownership interest or may own only a portion of the original site.
At September 30, 2025, Consumers had a recorded liability of $60 million for its remaining obligations for these sites. Consumers expects to pay the following amounts for remediation and other response activity costs during the remainder of 2025 and in each of the next five years:
In Millions
202520262027202820292030
Remediation and other response activity costs$— $3 $8 $25 $11 $3 
Consumers periodically reviews these cost estimates. Any significant change in the underlying assumptions, such as an increase in the number of sites, changes in remediation techniques, or legal and regulatory requirements, could affect Consumers’ estimates of annual response activity costs and the MGP liability.
Pursuant to orders issued by the MPSC, Consumers defers its MGP-related remediation costs and recovers them from its customers over a ten-year period. At September 30, 2025, Consumers had a regulatory asset of $85 million related to the MGP sites.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at September 30, 2025:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousvarious$229 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite152 — 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 11, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
3This obligation comprises a guarantee provided by Consumers to the U.S. Department of Energy in connection with a settlement agreement regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers.
Additionally, in the normal course of business, CMS Energy, Consumers, and certain other subsidiaries of CMS Energy have entered into various agreements containing tax and other indemnity provisions for which they are unable to estimate the maximum potential obligation. CMS Energy and Consumers consider the likelihood that they would be required to perform or incur substantial losses related to these indemnities and those disclosed in the table to be remote.
Other Contingencies
In addition to the matters disclosed in this Note and Note 1, Regulatory Matters, there are certain other lawsuits and administrative proceedings before various courts and governmental agencies, as well as unasserted claims that may result in such proceedings, arising in the ordinary course of business to which CMS Energy, Consumers, and certain other subsidiaries of CMS Energy are parties. These other lawsuits, proceedings, and unasserted claims may involve personal injury, property damage, contracts, environmental matters, federal and state taxes, rates, licensing, employment, and other matters. Certain of these matters, while potentially substantial, are covered by insurance and the insurer or insurers are
involved in the relevant proceedings. Further, CMS Energy and Consumers occasionally self-report certain regulatory non‑compliance matters that may or may not eventually result in administrative proceedings. CMS Energy and Consumers believe that the outcome of any one of these proceedings and potential claims will not have a material negative effect on their consolidated results of operations, financial condition, or liquidity.
v3.25.3
Financings and Capitalization
 9 Months Ended
Sep. 30, 2025
Debt Instrument [Line Items]  
Financings and Capitalization Financings and Capitalization
Financings: Presented in the following table is a summary of major long-term debt issuances during the nine months ended September 30, 2025:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Junior subordinated notes1
$1,000 6.500 February 2025June 2055
Term loan credit agreement110 variableFebruary 2025December 2025
Total CMS Energy, parent only$1,110 
NorthStar Clean Energy, including subsidiaries
Construction financing agreement2
$179 variableFebruary 2025
Five years after conversion date2
Total NorthStar Clean Energy, including subsidiaries$179 
Consumers
First mortgage bonds$500 4.500 May 2025January 2031
First mortgage bonds625 5.050 May 2025May 2035
Total Consumers$1,125 
Total CMS Energy$2,414 
1These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On June 1, 2035, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 1.961 percent.
2At completion of project construction, scheduled for the first half of 2026, these financings will convert into a term loan that will mature five years after the conversion date.
Retirements: Presented in the following table is a summary of major long-term debt retirements during the nine months ended September 30, 2025:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Term loan credit agreement$400 variableFebruary 2025September 2025
Term loan credit agreement200 variableFebruary 2025December 2025
Total CMS Energy, parent only$600 
Total CMS Energy$600 
CMS Energy’s Purchase of Consumers’ First Mortgage Bonds: CMS Energy purchased Consumers’ first mortgage bonds with a principal balance of $184 million during the nine months ended September 30, 2025 in exchange for cash of $109 million. On a consolidated basis, CMS Energy’s
repurchase of Consumers’ first mortgage bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of $72 million during the nine months ended September 30, 2025, which was recorded in other income on CMS Energy’s consolidated statements of income. Interest expense related to the repurchased bonds was $8 million for the three months ended September 30, 2025 and $21 million for the nine months ended September 30, 2025, which was recorded in interest expense - related parties on Consumers’ consolidated statements of income.
CMS Energy purchased Consumers’ first mortgage bonds with a principal balance of $69 million during the three months ended September 30, 2024 and $311 million during the nine months ended September 30, 2024, in exchange for cash of $49 million and $218 million, respectively. On a consolidated basis, CMS Energy’s repurchase of Consumers’ first mortgage bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of $20 million for the three months ended September 30, 2024 and a pre-tax gain of $90 million for the nine months ended September 30, 2024, which was recorded in other income on its consolidated statements of income. Interest expense related to the repurchased bonds was $5 million for the three months ended September 30, 2024 and $13 million for the nine months ended September 30, 2024, which was recorded in interest expense - related parties on Consumers’ consolidated statements of income.
Credit Facilities: The following credit facilities with banks were available at September 30, 2025:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $35 $515 
September 30, 2026
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 30, 20282
$250 $180 $8 $62 
December 25, 20253
37 — 37 — 
Upon completion of construction project4
19 — 12 7 
Consumers
December 14, 20275
$1,100 $— $10 $1,090 
November 18, 20255
250 — 112 138 
March 31, 202850 — 42 8 
1There were no borrowings under this facility during the nine months ended September 30, 2025.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At September 30, 2025, the net book value of the pledged equity interests was $515 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility will expire upon completion of project construction scheduled for the first half of 2026.
5Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the nine months ended September 30, 2025.
Regulatory Authorization for Financings: Consumers is required to maintain FERC authorization for financings. Any long-term issuances during the authorization period are exempt from FERC’s competitive bidding and negotiated placement requirements. Its short-term authorization ends on May 2, 2026. In February 2025, FERC approved Consumers’ application for authority to issue long-term debt securities. The authorization is effective February 21, 2025 through February 20, 2027.
Short-term Borrowings: Under Consumers’ commercial paper program, Consumers may issue, in one or more placements, investment-grade commercial paper notes with maturities of up to 365 days at market interest rates. These issuances are supported by Consumers’ revolving credit facilities and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the available capacity of the revolving credit facilities, Consumers does not intend to issue commercial paper in an amount exceeding the available capacity of the facilities. At September 30, 2025, there were no commercial paper notes outstanding under this program.
In December 2024, Consumers renewed a short-term credit agreement with CMS Energy, permitting Consumers to borrow up to $500 million at an interest rate of the prior month’s average one‑month Term SOFR minus 0.100 percent. At September 30, 2025, there were no outstanding borrowings under the agreement.
NorthStar Clean Energy’s Supplier Financing Program: Under a supplier financing program, NorthStar Clean Energy agrees to pay a bank that is acting as its payment agent the stated amount of confirmed invoices from participating suppliers on the original maturity dates of the invoices. The bank is required to pay the supplier invoices that have been confirmed as valid under the program in full within 135 days of the invoice date. NorthStar Clean Energy does not provide collateral or a guarantee to the bank in support of its payment obligations under the agreement, nor does it pay a fee for the service. NorthStar Clean Energy or the bank may terminate the supplier financing program agreement upon 30 days prior written notice to the other party. At September 30, 2025, obligations under this program accounted for as accounts payable on CMS Energy’s consolidated balance sheets were $79 million.
Dividend Restrictions: At September 30, 2025, payment of dividends by CMS Energy on its common stock was limited to $8.6 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at September 30, 2025, Consumers had $2.5 billion of unrestricted retained earnings available to pay dividends on its common stock to CMS Energy. Provisions of the Federal Power Act and the Natural Gas Act appear to restrict dividends payable by Consumers to the amount of Consumers’ retained earnings. Several decisions from FERC suggest that, under a variety of circumstances, dividends from Consumers on its common stock would not be limited to amounts in Consumers’ retained earnings. Any decision by Consumers to pay dividends on its common stock in excess of retained earnings would be based on specific facts and circumstances and would be subject to a formal regulatory filing process.
During the nine months ended September 30, 2025, Consumers paid $649 million in dividends on its common stock to CMS Energy.
Issuance of Common Stock: In 2023, CMS Energy entered into an equity offering program under which it may sell shares of its common stock having an aggregate sales price of up to $1 billion in privately negotiated transactions, in “at the market” offerings, or through forward sales transactions.
Under the forward sales transactions, CMS Energy may either settle physically by issuing shares of its common stock at the then-applicable forward sale price specified by the agreement or settle net by delivering or receiving cash or shares. CMS Energy may settle the contracts at any time through their
maturity dates, and presently intends to physically settle the contracts by delivering shares of its common stock.
During the three months ended September 30, 2025, CMS Energy entered into forward sale agreements for approximately 2.1 million shares at a weighted average initial forward price of $72.42 per share. During the same period, CMS Energy settled forward sale contracts under this program by issuing approximately 5.0 million shares at a weighted average price of $70.52 per share, resulting in net proceeds of $349 million.
In October 2025, CMS Energy completed an additional settlement issuing approximately 2.0 million shares at a weighted average price of $72.73, resulting in net proceeds of $147 million. Following these transactions, outstanding forward contracts under the program have an aggregate sales price of $8 million, maturing through November 30, 2026.
The initial forward price in the forward equity sale contracts includes a deduction for commissions and will be adjusted on a daily basis over the term based on an interest rate factor and decreased on certain dates by certain predetermined amounts to reflect expected dividend payments. No amounts are recorded on CMS Energy’s consolidated balance sheets until settlements of the forward equity sale contracts occur. If CMS Energy had elected to net share settle or net cash settle the contracts as of September 30, 2025, it would have been required to deliver 21,313 shares or pay $2 million in cash.
Consumers Energy Company  
Debt Instrument [Line Items]  
Financings and Capitalization Financings and Capitalization
Financings: Presented in the following table is a summary of major long-term debt issuances during the nine months ended September 30, 2025:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Junior subordinated notes1
$1,000 6.500 February 2025June 2055
Term loan credit agreement110 variableFebruary 2025December 2025
Total CMS Energy, parent only$1,110 
NorthStar Clean Energy, including subsidiaries
Construction financing agreement2
$179 variableFebruary 2025
Five years after conversion date2
Total NorthStar Clean Energy, including subsidiaries$179 
Consumers
First mortgage bonds$500 4.500 May 2025January 2031
First mortgage bonds625 5.050 May 2025May 2035
Total Consumers$1,125 
Total CMS Energy$2,414 
1These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On June 1, 2035, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 1.961 percent.
2At completion of project construction, scheduled for the first half of 2026, these financings will convert into a term loan that will mature five years after the conversion date.
Retirements: Presented in the following table is a summary of major long-term debt retirements during the nine months ended September 30, 2025:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Term loan credit agreement$400 variableFebruary 2025September 2025
Term loan credit agreement200 variableFebruary 2025December 2025
Total CMS Energy, parent only$600 
Total CMS Energy$600 
CMS Energy’s Purchase of Consumers’ First Mortgage Bonds: CMS Energy purchased Consumers’ first mortgage bonds with a principal balance of $184 million during the nine months ended September 30, 2025 in exchange for cash of $109 million. On a consolidated basis, CMS Energy’s
repurchase of Consumers’ first mortgage bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of $72 million during the nine months ended September 30, 2025, which was recorded in other income on CMS Energy’s consolidated statements of income. Interest expense related to the repurchased bonds was $8 million for the three months ended September 30, 2025 and $21 million for the nine months ended September 30, 2025, which was recorded in interest expense - related parties on Consumers’ consolidated statements of income.
CMS Energy purchased Consumers’ first mortgage bonds with a principal balance of $69 million during the three months ended September 30, 2024 and $311 million during the nine months ended September 30, 2024, in exchange for cash of $49 million and $218 million, respectively. On a consolidated basis, CMS Energy’s repurchase of Consumers’ first mortgage bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of $20 million for the three months ended September 30, 2024 and a pre-tax gain of $90 million for the nine months ended September 30, 2024, which was recorded in other income on its consolidated statements of income. Interest expense related to the repurchased bonds was $5 million for the three months ended September 30, 2024 and $13 million for the nine months ended September 30, 2024, which was recorded in interest expense - related parties on Consumers’ consolidated statements of income.
Credit Facilities: The following credit facilities with banks were available at September 30, 2025:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $35 $515 
September 30, 2026
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 30, 20282
$250 $180 $8 $62 
December 25, 20253
37 — 37 — 
Upon completion of construction project4
19 — 12 7 
Consumers
December 14, 20275
$1,100 $— $10 $1,090 
November 18, 20255
250 — 112 138 
March 31, 202850 — 42 8 
1There were no borrowings under this facility during the nine months ended September 30, 2025.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At September 30, 2025, the net book value of the pledged equity interests was $515 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility will expire upon completion of project construction scheduled for the first half of 2026.
5Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the nine months ended September 30, 2025.
Regulatory Authorization for Financings: Consumers is required to maintain FERC authorization for financings. Any long-term issuances during the authorization period are exempt from FERC’s competitive bidding and negotiated placement requirements. Its short-term authorization ends on May 2, 2026. In February 2025, FERC approved Consumers’ application for authority to issue long-term debt securities. The authorization is effective February 21, 2025 through February 20, 2027.
Short-term Borrowings: Under Consumers’ commercial paper program, Consumers may issue, in one or more placements, investment-grade commercial paper notes with maturities of up to 365 days at market interest rates. These issuances are supported by Consumers’ revolving credit facilities and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the available capacity of the revolving credit facilities, Consumers does not intend to issue commercial paper in an amount exceeding the available capacity of the facilities. At September 30, 2025, there were no commercial paper notes outstanding under this program.
In December 2024, Consumers renewed a short-term credit agreement with CMS Energy, permitting Consumers to borrow up to $500 million at an interest rate of the prior month’s average one‑month Term SOFR minus 0.100 percent. At September 30, 2025, there were no outstanding borrowings under the agreement.
Dividend Restrictions: At September 30, 2025, payment of dividends by CMS Energy on its common stock was limited to $8.6 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at September 30, 2025, Consumers had $2.5 billion of unrestricted retained earnings available to pay dividends on its common stock to CMS Energy. Provisions of the Federal Power Act and the Natural Gas Act appear to restrict dividends payable by Consumers to the amount of Consumers’ retained earnings. Several decisions from FERC suggest that, under a variety of circumstances, dividends from Consumers on its common stock would not be limited to amounts in Consumers’ retained earnings. Any decision by Consumers to pay dividends on its common stock in excess of retained earnings would be based on specific facts and circumstances and would be subject to a formal regulatory filing process.
During the nine months ended September 30, 2025, Consumers paid $649 million in dividends on its common stock to CMS Energy.
Issuance of Common Stock: In 2023, CMS Energy entered into an equity offering program under which it may sell shares of its common stock having an aggregate sales price of up to $1 billion in privately negotiated transactions, in “at the market” offerings, or through forward sales transactions.
Under the forward sales transactions, CMS Energy may either settle physically by issuing shares of its common stock at the then-applicable forward sale price specified by the agreement or settle net by delivering or receiving cash or shares. CMS Energy may settle the contracts at any time through their
maturity dates, and presently intends to physically settle the contracts by delivering shares of its common stock.
During the three months ended September 30, 2025, CMS Energy entered into forward sale agreements for approximately 2.1 million shares at a weighted average initial forward price of $72.42 per share. During the same period, CMS Energy settled forward sale contracts under this program by issuing approximately 5.0 million shares at a weighted average price of $70.52 per share, resulting in net proceeds of $349 million.
In October 2025, CMS Energy completed an additional settlement issuing approximately 2.0 million shares at a weighted average price of $72.73, resulting in net proceeds of $147 million. Following these transactions, outstanding forward contracts under the program have an aggregate sales price of $8 million, maturing through November 30, 2026.
The initial forward price in the forward equity sale contracts includes a deduction for commissions and will be adjusted on a daily basis over the term based on an interest rate factor and decreased on certain dates by certain predetermined amounts to reflect expected dividend payments. No amounts are recorded on CMS Energy’s consolidated balance sheets until settlements of the forward equity sale contracts occur. If CMS Energy had elected to net share settle or net cash settle the contracts as of September 30, 2025, it would have been required to deliver 21,313 shares or pay $2 million in cash.
NorthStar Clean Energy  
Debt Instrument [Line Items]  
Financings and Capitalization
NorthStar Clean Energy’s Supplier Financing Program: Under a supplier financing program, NorthStar Clean Energy agrees to pay a bank that is acting as its payment agent the stated amount of confirmed invoices from participating suppliers on the original maturity dates of the invoices. The bank is required to pay the supplier invoices that have been confirmed as valid under the program in full within 135 days of the invoice date. NorthStar Clean Energy does not provide collateral or a guarantee to the bank in support of its payment obligations under the agreement, nor does it pay a fee for the service. NorthStar Clean Energy or the bank may terminate the supplier financing program agreement upon 30 days prior written notice to the other party. At September 30, 2025, obligations under this program accounted for as accounts payable on CMS Energy’s consolidated balance sheets were $79 million.
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements Fair Value Measurements
Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When measuring fair value, CMS Energy and Consumers are required to incorporate all assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. A fair value hierarchy prioritizes inputs used to measure fair value according to their observability in the market. The three levels of the fair value hierarchy are as follows:
•Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 inputs are observable, market-based inputs, other than Level 1 prices. Level 2 inputs may include quoted prices for similar assets or liabilities in active markets, quoted prices in inactive markets, and inputs derived from or corroborated by observable market data.
•Level 3 inputs are unobservable inputs that reflect CMS Energy’s or Consumers’ own assumptions about how market participants would value their assets and liabilities.
CMS Energy and Consumers classify fair value measurements within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement in its entirety.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
September 30
2025		December 31
2024		September 30
2025		December 31
2024
Assets1
Cash equivalents$75 $27 $— $— 
Restricted cash equivalents70 75 69 75 
Nonqualified deferred compensation plan assets35 34 27 25 
Derivative instruments3 2 3 2 
Total assets$183 $138 $99 $102 
Liabilities1
Nonqualified deferred compensation plan liabilities$35 $34 $27 $25 
Derivative instruments4 — — — 
Total liabilities$39 $34 $27 $25 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 2 and 3.
Cash Equivalents: Cash equivalents and restricted cash equivalents consist of money market funds with daily liquidity.
Nonqualified Deferred Compensation Plan Assets and Liabilities: The nonqualified deferred compensation plan assets consist of mutual funds, which are bought and sold only at the discretion of plan participants. The assets are valued using the daily quoted net asset values. CMS Energy and Consumers value their nonqualified deferred compensation plan liabilities based on the fair values of the plan assets, as they reflect the amount owed to the plan participants in accordance with their investment elections. CMS Energy and Consumers report the assets in other non‑current assets and the liabilities in other non‑current liabilities on their consolidated balance sheets.
Derivative Instruments: CMS Energy and Consumers value their derivative instruments using either a market approach that incorporates information from market transactions, or an income approach that discounts future expected cash flows to a present value amount. CMS Energy’s and Consumers’ derivatives are classified as Level 2 and 3.
The derivatives classified as Level 2 are interest rate swaps at NorthStar Clean Energy, which are valued using market-based inputs.
In February 2025, a subsidiary of NorthStar Clean Energy entered into floating-to-fixed interest rate swaps to reduce the impact of interest rate fluctuations associated with interest payments on certain future long‑term variable-rate debt. The interest rate swaps economically hedge the future variability of interest payments on debt with a notional amount of $109 million. Gains or losses on these swaps are reported in other expense on CMS Energy’s consolidated statements of income. The amount recorded in other expense was less than $1 million for the three months ended September 30, 2025 and $4 million for the
nine months ended September 30, 2025. The fair value of these swaps recorded in other non-current liabilities on CMS Energy’s consolidated balance sheets totaled $4 million at September 30, 2025.
The majority of derivatives classified as Level 3 are FTRs held by Consumers. Due to the lack of quoted pricing information, Consumers determines the fair value of its FTRs based on Consumers’ average historical settlements. Consumers reports derivatives associated with FTRs in other current assets on its consolidated balance sheets.There was no material activity within the Level 3 category of derivatives during the periods presented.
Consumers Energy Company  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements Fair Value Measurements
Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When measuring fair value, CMS Energy and Consumers are required to incorporate all assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. A fair value hierarchy prioritizes inputs used to measure fair value according to their observability in the market. The three levels of the fair value hierarchy are as follows:
•Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 inputs are observable, market-based inputs, other than Level 1 prices. Level 2 inputs may include quoted prices for similar assets or liabilities in active markets, quoted prices in inactive markets, and inputs derived from or corroborated by observable market data.
•Level 3 inputs are unobservable inputs that reflect CMS Energy’s or Consumers’ own assumptions about how market participants would value their assets and liabilities.
CMS Energy and Consumers classify fair value measurements within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement in its entirety.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
September 30
2025		December 31
2024		September 30
2025		December 31
2024
Assets1
Cash equivalents$75 $27 $— $— 
Restricted cash equivalents70 75 69 75 
Nonqualified deferred compensation plan assets35 34 27 25 
Derivative instruments3 2 3 2 
Total assets$183 $138 $99 $102 
Liabilities1
Nonqualified deferred compensation plan liabilities$35 $34 $27 $25 
Derivative instruments4 — — — 
Total liabilities$39 $34 $27 $25 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 2 and 3.
Cash Equivalents: Cash equivalents and restricted cash equivalents consist of money market funds with daily liquidity.
Nonqualified Deferred Compensation Plan Assets and Liabilities: The nonqualified deferred compensation plan assets consist of mutual funds, which are bought and sold only at the discretion of plan participants. The assets are valued using the daily quoted net asset values. CMS Energy and Consumers value their nonqualified deferred compensation plan liabilities based on the fair values of the plan assets, as they reflect the amount owed to the plan participants in accordance with their investment elections. CMS Energy and Consumers report the assets in other non‑current assets and the liabilities in other non‑current liabilities on their consolidated balance sheets.
Derivative Instruments: CMS Energy and Consumers value their derivative instruments using either a market approach that incorporates information from market transactions, or an income approach that discounts future expected cash flows to a present value amount. CMS Energy’s and Consumers’ derivatives are classified as Level 2 and 3.
The derivatives classified as Level 2 are interest rate swaps at NorthStar Clean Energy, which are valued using market-based inputs.
In February 2025, a subsidiary of NorthStar Clean Energy entered into floating-to-fixed interest rate swaps to reduce the impact of interest rate fluctuations associated with interest payments on certain future long‑term variable-rate debt. The interest rate swaps economically hedge the future variability of interest payments on debt with a notional amount of $109 million. Gains or losses on these swaps are reported in other expense on CMS Energy’s consolidated statements of income. The amount recorded in other expense was less than $1 million for the three months ended September 30, 2025 and $4 million for the
nine months ended September 30, 2025. The fair value of these swaps recorded in other non-current liabilities on CMS Energy’s consolidated balance sheets totaled $4 million at September 30, 2025.
The majority of derivatives classified as Level 3 are FTRs held by Consumers. Due to the lack of quoted pricing information, Consumers determines the fair value of its FTRs based on Consumers’ average historical settlements. Consumers reports derivatives associated with FTRs in other current assets on its consolidated balance sheets.There was no material activity within the Level 3 category of derivatives during the periods presented.
v3.25.3
Financial Instruments
 9 Months Ended
Sep. 30, 2025
Financial Instruments [Line Items]  
Financial Instruments Financial Instruments
Presented in the following table are the carrying amounts and fair values, by level within the fair value hierarchy, of CMS Energy’s and Consumers’ financial instruments that are not recorded at fair value. The table excludes cash, cash equivalents, short-term financial instruments, and trade accounts receivable and payable whose carrying amounts approximate their fair values. For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.
In Millions
September 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$7 $6 $— $— $6 $9 $8 $— $— $8 
Liabilities
Long-term debt2
17,930 16,993 2,111 12,932 1,950 16,386 14,876 1,018 11,952 1,906 
Long-term payables3
8 8 — — 8 9 9 — — 9 
Consumers
Assets
Long-term receivables1
$7 $6 $— $— $6 $9 $8 $— $— $8 
Notes receivable – related party4
91 91 — — 91 94 94 — — 94 
Liabilities
Long-term debt5
12,109 11,132 — 9,182 1,950 11,270 9,940 — 8,034 1,906 
Long-term debt – related party6
1,005 674 — 674 — 823 549 — 549 — 
Long-term payables2 2 — — 2 4 4 — — 4 
1Includes current portion of long-term accounts receivable and notes receivable of $3 million at September 30, 2025 and $4 million at December 31, 2024.
2Includes current portion of long-term debt of $1.2 billion at September 30, 2025 and December 31, 2024.
3Includes current portion of long-term payables of $1 million at September 30, 2025 and $2 million at December 31, 2024.
4Includes current portion of notes receivable – related party of $7 million at September 30, 2025 and December 31, 2024.
5Includes current portion of long-term debt of $572 million at September 30, 2025 and $452 million at December 31, 2024.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 3, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
Notes receivable – related party represents Consumers’ portion of the DB SERP demand note payable issued by CMS Energy to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028.
Consumers Energy Company  
Financial Instruments [Line Items]  
Financial Instruments Financial Instruments
Presented in the following table are the carrying amounts and fair values, by level within the fair value hierarchy, of CMS Energy’s and Consumers’ financial instruments that are not recorded at fair value. The table excludes cash, cash equivalents, short-term financial instruments, and trade accounts receivable and payable whose carrying amounts approximate their fair values. For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.
In Millions
September 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$7 $6 $— $— $6 $9 $8 $— $— $8 
Liabilities
Long-term debt2
17,930 16,993 2,111 12,932 1,950 16,386 14,876 1,018 11,952 1,906 
Long-term payables3
8 8 — — 8 9 9 — — 9 
Consumers
Assets
Long-term receivables1
$7 $6 $— $— $6 $9 $8 $— $— $8 
Notes receivable – related party4
91 91 — — 91 94 94 — — 94 
Liabilities
Long-term debt5
12,109 11,132 — 9,182 1,950 11,270 9,940 — 8,034 1,906 
Long-term debt – related party6
1,005 674 — 674 — 823 549 — 549 — 
Long-term payables2 2 — — 2 4 4 — — 4 
1Includes current portion of long-term accounts receivable and notes receivable of $3 million at September 30, 2025 and $4 million at December 31, 2024.
2Includes current portion of long-term debt of $1.2 billion at September 30, 2025 and December 31, 2024.
3Includes current portion of long-term payables of $1 million at September 30, 2025 and $2 million at December 31, 2024.
4Includes current portion of notes receivable – related party of $7 million at September 30, 2025 and December 31, 2024.
5Includes current portion of long-term debt of $572 million at September 30, 2025 and $452 million at December 31, 2024.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 3, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
Notes receivable – related party represents Consumers’ portion of the DB SERP demand note payable issued by CMS Energy to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028.
v3.25.3
Retirement Benefits
 9 Months Ended
Sep. 30, 2025
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefits Retirement Benefits
CMS Energy and Consumers provide pension, OPEB, and other retirement benefits to eligible employees under a number of different plans.
Costs: Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension PlansOPEB Plan
Three Months EndedNine Months EndedThree Months EndedNine Months Ended
September 3020252024202520242025202420252024
CMS Energy, including Consumers
Net periodic credit
Service cost$6 $7 $19 $21 $2 $2 $6 $8 
Interest cost27 26 81 78 10 10 32 32 
Expected return on plan assets(57)(58)(171)(176)(27)(28)(83)(86)
Amortization of:
Net loss3 3 8 9 — 1 2 3 
Prior service cost (credit)1 1 3 3 (8)(7)(25)(23)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(17)$(18)$(52)$(57)$(23)$(22)$(68)$(66)
Consumers
Net periodic credit
Service cost$6 $7 $18 $20 $2 $2 $6 $8 
Interest cost26 25 77 74 11 11 32 31 
Expected return on plan assets(54)(56)(162)(166)(26)(26)(78)(80)
Amortization of:
Net loss2 3 7 8 — 1 2 3 
Prior service cost (credit)1 1 3 3 (8)(8)(25)(23)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(16)$(17)$(49)$(53)$(21)$(20)$(63)$(61)
In Consumers’ electric and gas rate cases, the MPSC approved a mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expenses above or below the amounts used to set existing rates. Amounts deferred will be collected from or refunded to customers over ten years. At September 30, 2025, CMS Energy, including Consumers, had deferred $1 million of pension costs and
$7 million of OPEB credits under this mechanism related to 2025 expense. At September 30, 2024, CMS Energy, including Consumers, had deferred $12 million of pension credits and $8 million of OPEB credits under this mechanism related to 2024 expense.
Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefits Retirement Benefits
CMS Energy and Consumers provide pension, OPEB, and other retirement benefits to eligible employees under a number of different plans.
Costs: Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension PlansOPEB Plan
Three Months EndedNine Months EndedThree Months EndedNine Months Ended
September 3020252024202520242025202420252024
CMS Energy, including Consumers
Net periodic credit
Service cost$6 $7 $19 $21 $2 $2 $6 $8 
Interest cost27 26 81 78 10 10 32 32 
Expected return on plan assets(57)(58)(171)(176)(27)(28)(83)(86)
Amortization of:
Net loss3 3 8 9 — 1 2 3 
Prior service cost (credit)1 1 3 3 (8)(7)(25)(23)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(17)$(18)$(52)$(57)$(23)$(22)$(68)$(66)
Consumers
Net periodic credit
Service cost$6 $7 $18 $20 $2 $2 $6 $8 
Interest cost26 25 77 74 11 11 32 31 
Expected return on plan assets(54)(56)(162)(166)(26)(26)(78)(80)
Amortization of:
Net loss2 3 7 8 — 1 2 3 
Prior service cost (credit)1 1 3 3 (8)(8)(25)(23)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(16)$(17)$(49)$(53)$(21)$(20)$(63)$(61)
In Consumers’ electric and gas rate cases, the MPSC approved a mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expenses above or below the amounts used to set existing rates. Amounts deferred will be collected from or refunded to customers over ten years. At September 30, 2025, CMS Energy, including Consumers, had deferred $1 million of pension costs and
$7 million of OPEB credits under this mechanism related to 2025 expense. At September 30, 2024, CMS Energy, including Consumers, had deferred $12 million of pension credits and $8 million of OPEB credits under this mechanism related to 2024 expense.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Taxes [Line Items]  
Income Taxes Income Taxes
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Nine Months Ended September 3020252024
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
7.2 5.4 
Renewable energy tax credits(5.7)(6.3)
TCJA excess deferred taxes
(3.5)(3.8)
Deferred tax adjustment2
— (1.9)
Taxes attributable to noncontrolling interests1.2 1.1 
Other, net0.1 (0.2)
Effective tax rate20.3 %15.3 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
6.5 5.0 
Renewable energy tax credits(3.6)(4.4)
TCJA excess deferred taxes
(3.0)(3.5)
Deferred tax adjustment2
— (1.8)
Other, net(0.2)(0.2)
Effective tax rate20.7 %16.1 %
1In June 2025, state deferred tax balances were increased by $12 million to reflect a change in Illinois tax policy that establishes nexus for Consumers. The policy change is effective for tax years beginning January 1, 2026.
2In September 2024, Consumers recognized a $16 million tax benefit resulting from the expiration of the statute of limitations associated with audit points for the 2018 and 2019 tax years.
State Income Tax Claim: In February 2025, CMS Energy received an adverse ruling from the Michigan Tax Tribunal in regards to the methodology of state apportionment for Consumers’ electricity sales to MISO. In March 2025, CMS Energy filed an appeal with the Michigan Court of Appeals and a final decision is not expected until 2026. CMS Energy and Consumers have evaluated and concluded their uncertain tax positions associated with this matter to be sufficient as of September 30, 2025. While CMS Energy and Consumers expect the appeal to prevail, if it were to fail, the companies would be required to revise the estimated value of their state deferred tax liabilities, which could result in a material impact to their results of operations.
Tax Legislation: CMS Energy and Consumers are subject to changing tax laws. In July 2025, President Trump signed into law the OBBBA. The legislation allows for the immediate expensing of domestic research and development costs and includes changes to clean energy tax credits enacted by the
Inflation Reduction Act of 2022. While the OBBBA restores, and makes permanent, the 100‑percent bonus depreciation deduction, it also retains a provision that allows utilities to take a full deduction of interest expense in lieu of 100‑percent bonus depreciation. Based on guidance available to date, CMS Energy and Consumers evaluated the provisions of the OBBBA and concluded that the legislation is not expected to have a material impact on their respective financial statements. This conclusion is subject to change as additional guidance or interpretations become available.
Consumers Energy Company  
Income Taxes [Line Items]  
Income Taxes Income Taxes
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Nine Months Ended September 3020252024
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
7.2 5.4 
Renewable energy tax credits(5.7)(6.3)
TCJA excess deferred taxes
(3.5)(3.8)
Deferred tax adjustment2
— (1.9)
Taxes attributable to noncontrolling interests1.2 1.1 
Other, net0.1 (0.2)
Effective tax rate20.3 %15.3 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
6.5 5.0 
Renewable energy tax credits(3.6)(4.4)
TCJA excess deferred taxes
(3.0)(3.5)
Deferred tax adjustment2
— (1.8)
Other, net(0.2)(0.2)
Effective tax rate20.7 %16.1 %
1In June 2025, state deferred tax balances were increased by $12 million to reflect a change in Illinois tax policy that establishes nexus for Consumers. The policy change is effective for tax years beginning January 1, 2026.
2In September 2024, Consumers recognized a $16 million tax benefit resulting from the expiration of the statute of limitations associated with audit points for the 2018 and 2019 tax years.
State Income Tax Claim: In February 2025, CMS Energy received an adverse ruling from the Michigan Tax Tribunal in regards to the methodology of state apportionment for Consumers’ electricity sales to MISO. In March 2025, CMS Energy filed an appeal with the Michigan Court of Appeals and a final decision is not expected until 2026. CMS Energy and Consumers have evaluated and concluded their uncertain tax positions associated with this matter to be sufficient as of September 30, 2025. While CMS Energy and Consumers expect the appeal to prevail, if it were to fail, the companies would be required to revise the estimated value of their state deferred tax liabilities, which could result in a material impact to their results of operations.
Tax Legislation: CMS Energy and Consumers are subject to changing tax laws. In July 2025, President Trump signed into law the OBBBA. The legislation allows for the immediate expensing of domestic research and development costs and includes changes to clean energy tax credits enacted by the
Inflation Reduction Act of 2022. While the OBBBA restores, and makes permanent, the 100‑percent bonus depreciation deduction, it also retains a provision that allows utilities to take a full deduction of interest expense in lieu of 100‑percent bonus depreciation. Based on guidance available to date, CMS Energy and Consumers evaluated the provisions of the OBBBA and concluded that the legislation is not expected to have a material impact on their respective financial statements. This conclusion is subject to change as additional guidance or interpretations become available.
v3.25.3
Earnings Per Share - CMS Energy
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share - CMS Energy Earnings Per Share—CMS Energy
Presented in the following table are CMS Energy’s basic and diluted EPS computations based on income from continuing operations:
In Millions, Except Per Share Amounts
Three Months EndedNine Months Ended
September 302025202420252024
Income available to common stockholders
Income from continuing operations$272 $247 $760 $692 
Less loss attributable to noncontrolling interests(5)(6)(22)(46)
Less preferred stock dividends2 2 7 7 
Income from continuing operations available to common stockholders – basic and diluted$275 $251 $775 $731 
Average common shares outstanding
Weighted-average shares – basic299.7 298.0 298.8 297.5 
Add dilutive nonvested stock awards0.6 0.8 0.6 0.7 
Add dilutive forward equity sale contracts0.1 — — — 
Weighted-average shares – diluted300.4 298.8 299.4 298.2 
Income from continuing operations per average common share available to common stockholders
Basic$0.92 $0.84 $2.59 $2.45 
Diluted0.92 0.84 2.59 2.45 
Nonvested Stock Awards
CMS Energy’s nonvested stock awards are composed of participating and non‑participating securities. The participating securities accrue cash dividends when common stockholders receive dividends. Since the recipient is not required to return the dividends to CMS Energy if the recipient forfeits the award, the nonvested stock awards are considered participating securities. As such, the participating nonvested stock awards were included in the computation of basic EPS. The non‑participating securities accrue stock dividends that vest concurrently with the stock award. If the recipient forfeits the award, the stock dividends accrued on the non‑participating securities are also forfeited. Accordingly, the non‑participating awards and stock dividends were included in the computation of diluted EPS, but not in the computation of basic EPS.
Forward Equity Sale Contracts
CMS Energy has entered into forward equity sale contracts. These forward equity sale contracts are non-participating securities. While the forward sale price in the forward equity sale contract is decreased on certain dates by certain predetermined amounts to reflect expected dividend payments, these price
adjustments were set upon inception of the agreement and the forward contract does not give the owner the right to participate in undistributed earnings. Accordingly, the forward equity sale contracts were included in the computation of diluted EPS, but not in the computation of basic EPS.
The potentially dilutive impact from these forward equity sale contracts is reflected in diluted EPS using the treasury stock method. There will be a dilutive effect on EPS when the average market price of common stock shares is above the applicable adjusted forward sale price. Additionally, any physical settlement or net share settlement of the agreements would dilute EPS. For further details on the forward equity sale contracts, see Note 3, Financings and Capitalization.
Convertible Securities
In 2023, CMS Energy issued convertible senior notes. Potentially dilutive common shares issuable upon conversion of the convertible senior notes are determined using the if-converted method for calculating diluted EPS. Upon conversion, the convertible senior notes are required to be paid in cash with only amounts exceeding the principal permitted to be settled in shares. Accordingly, the convertible senior notes were included in the computation of diluted EPS, but not in the computation of basic EPS. The impact to diluted EPS was de minimis.
v3.25.3
Revenue
 9 Months Ended
Sep. 30, 2025
Disaggregation of Revenue [Line Items]  
Revenue Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,675 $233 $— $1,908 
Other— — 67 67 
Revenue recognized from contracts with customers$1,675 $233 $67 $1,975 
Leasing income— — 41 41 
Financing income2 1 — 3 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,679 $234 $108 $2,021 
Consumers
Consumers utility revenue
Residential$842 $139 $981 
Commercial577 45 622 
Industrial204 6 210 
Other52 43 95 
Revenue recognized from contracts with customers$1,675 $233 $1,908 
Financing income2 1 3 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,679 $234 $1,913 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $28 million for the three months ended September 30, 2025.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,443 $212 $— $1,655 
Other— — 56 56 
Revenue recognized from contracts with customers$1,443 $212 $56 $1,711 
Leasing income— — 26 26 
Financing income4 1 — 5 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,448 $213 $82 $1,743 
Consumers
Consumers utility revenue
Residential$707 $127 $834 
Commercial486 40 526 
Industrial169 5 174 
Other81 40 121 
Revenue recognized from contracts with customers$1,443 $212 $1,655 
Financing income4 1 5 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$1,448 $213 $1,661 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $15 million for the three months ended September 30, 2024.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,324 $1,665 $— $5,989 
Other— — 182 182 
Revenue recognized from contracts with customers$4,324 $1,665 $182 $6,171 
Leasing income— — 117 117 
Financing income7 5 — 12 
Consumers alternative-revenue programs6 — — 6 
Total operating revenue – CMS Energy$4,337 $1,670 $299 $6,306 
Consumers
Consumers utility revenue
Residential$2,055 $1,146 $3,201 
Commercial1,468 374 1,842 
Industrial576 46 622 
Other225 99 324 
Revenue recognized from contracts with customers$4,324 $1,665 $5,989 
Financing income7 5 12 
Alternative-revenue programs6 — 6 
Total operating revenue – Consumers$4,337 $1,670 $6,007 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 30, 2025.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$3,793 $1,480 $— $5,273 
Other— — 158 158 
Revenue recognized from contracts with customers$3,793 $1,480 $158 $5,431 
Leasing income— — 77 77 
Financing income8 5 — 13 
Consumers alternative-revenue programs5 — — 5 
Total operating revenue – CMS Energy$3,806 $1,485 $235 $5,526 
Consumers
Consumers utility revenue
Residential$1,779 $998 $2,777 
Commercial1,279 311 1,590 
Industrial499 37 536 
Other236 134 370 
Revenue recognized from contracts with customers$3,793 $1,480 $5,273 
Financing income8 5 13 
Alternative-revenue programs5 — 5 
Total operating revenue – Consumers$3,806 $1,485 $5,291 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the nine months ended September 30, 2024.
Electric and Gas Utilities
Consumers Utility Revenue: Consumers recognizes revenue primarily from the sale of electric and gas utility services at tariff-based rates regulated by the MPSC. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. Consumers’ tariff-based sales performance obligations are described below.
•Consumers has performance obligations for the service of standing ready to deliver electricity or natural gas to customers, and it satisfies these performance obligations over time. Consumers recognizes revenue at a fixed rate as it provides these services. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of Consumers’ service to stand ready to deliver.
•Consumers has performance obligations for the service of delivering the commodity of electricity or natural gas to customers, and it satisfies these performance obligations upon delivery. Consumers recognizes revenue at a price per unit of electricity or natural gas delivered, based on the tariffs established by the MPSC. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of a bundled
product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.
In some instances, Consumers has specific fixed-term contracts with large commercial and industrial customers to provide electricity or gas at certain tariff rates or to provide gas transportation services at contracted rates. The amount of electricity and gas to be delivered under these contracts and the associated future revenue to be received are generally dependent on the customers’ needs. Accordingly, Consumers recognizes revenues at the tariff or contracted rate as electricity or gas is delivered to the customer. Consumers also has other miscellaneous contracts with customers related to pole and other property rentals and utility contract work. Generally, these contracts are short term or evergreen in nature.
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
CMS Energy and Consumers recorded uncollectible accounts expense of $10 million for the three months ended September 30, 2025 and $7 million for the three months ended September 30, 2024. CMS Energy and Consumers recorded uncollectible accounts expense of $30 million for the nine months ended September 30, 2025 and $24 million for the nine months ended September 30, 2024.
Consumers’ customers are billed monthly in cycles having billing dates that do not generally coincide with the end of a calendar month. This results in customers having received electricity or natural gas that they have not been billed for as of the month-end. Consumers estimates its unbilled revenues by applying an average billed rate to total unbilled deliveries for each customer class. Unbilled revenues, which are recorded as accounts receivable and accrued revenue on CMS Energy’s and Consumers’ consolidated balance sheets, were $381 million at September 30, 2025 and $584 million at December 31, 2024.
Alternative‑revenue Program: Under a demand response incentive mechanism, Consumers earns a financial incentive when it meets demand response targets set by the MPSC. Consumers recognizes revenue related to this program once demand response incentive objectives are complete, the incentive amount is calculable, and the incentive revenue will be collected within a 24‑month period.
Consumers also accounts for its financial compensation mechanism as an alternative-revenue program. Consumers recognizes revenue related to the financial compensation mechanism as payments are made on MPSC-approved PPAs.
Consumers does not reclassify revenue from its alternative-revenue program to revenue from contracts with customers at the time the amounts are collected from customers.
Consumers Energy Company  
Disaggregation of Revenue [Line Items]  
Revenue Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,675 $233 $— $1,908 
Other— — 67 67 
Revenue recognized from contracts with customers$1,675 $233 $67 $1,975 
Leasing income— — 41 41 
Financing income2 1 — 3 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,679 $234 $108 $2,021 
Consumers
Consumers utility revenue
Residential$842 $139 $981 
Commercial577 45 622 
Industrial204 6 210 
Other52 43 95 
Revenue recognized from contracts with customers$1,675 $233 $1,908 
Financing income2 1 3 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,679 $234 $1,913 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $28 million for the three months ended September 30, 2025.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,443 $212 $— $1,655 
Other— — 56 56 
Revenue recognized from contracts with customers$1,443 $212 $56 $1,711 
Leasing income— — 26 26 
Financing income4 1 — 5 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,448 $213 $82 $1,743 
Consumers
Consumers utility revenue
Residential$707 $127 $834 
Commercial486 40 526 
Industrial169 5 174 
Other81 40 121 
Revenue recognized from contracts with customers$1,443 $212 $1,655 
Financing income4 1 5 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$1,448 $213 $1,661 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $15 million for the three months ended September 30, 2024.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,324 $1,665 $— $5,989 
Other— — 182 182 
Revenue recognized from contracts with customers$4,324 $1,665 $182 $6,171 
Leasing income— — 117 117 
Financing income7 5 — 12 
Consumers alternative-revenue programs6 — — 6 
Total operating revenue – CMS Energy$4,337 $1,670 $299 $6,306 
Consumers
Consumers utility revenue
Residential$2,055 $1,146 $3,201 
Commercial1,468 374 1,842 
Industrial576 46 622 
Other225 99 324 
Revenue recognized from contracts with customers$4,324 $1,665 $5,989 
Financing income7 5 12 
Alternative-revenue programs6 — 6 
Total operating revenue – Consumers$4,337 $1,670 $6,007 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 30, 2025.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$3,793 $1,480 $— $5,273 
Other— — 158 158 
Revenue recognized from contracts with customers$3,793 $1,480 $158 $5,431 
Leasing income— — 77 77 
Financing income8 5 — 13 
Consumers alternative-revenue programs5 — — 5 
Total operating revenue – CMS Energy$3,806 $1,485 $235 $5,526 
Consumers
Consumers utility revenue
Residential$1,779 $998 $2,777 
Commercial1,279 311 1,590 
Industrial499 37 536 
Other236 134 370 
Revenue recognized from contracts with customers$3,793 $1,480 $5,273 
Financing income8 5 13 
Alternative-revenue programs5 — 5 
Total operating revenue – Consumers$3,806 $1,485 $5,291 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the nine months ended September 30, 2024.
Electric and Gas Utilities
Consumers Utility Revenue: Consumers recognizes revenue primarily from the sale of electric and gas utility services at tariff-based rates regulated by the MPSC. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. Consumers’ tariff-based sales performance obligations are described below.
•Consumers has performance obligations for the service of standing ready to deliver electricity or natural gas to customers, and it satisfies these performance obligations over time. Consumers recognizes revenue at a fixed rate as it provides these services. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of Consumers’ service to stand ready to deliver.
•Consumers has performance obligations for the service of delivering the commodity of electricity or natural gas to customers, and it satisfies these performance obligations upon delivery. Consumers recognizes revenue at a price per unit of electricity or natural gas delivered, based on the tariffs established by the MPSC. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of a bundled
product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.
In some instances, Consumers has specific fixed-term contracts with large commercial and industrial customers to provide electricity or gas at certain tariff rates or to provide gas transportation services at contracted rates. The amount of electricity and gas to be delivered under these contracts and the associated future revenue to be received are generally dependent on the customers’ needs. Accordingly, Consumers recognizes revenues at the tariff or contracted rate as electricity or gas is delivered to the customer. Consumers also has other miscellaneous contracts with customers related to pole and other property rentals and utility contract work. Generally, these contracts are short term or evergreen in nature.
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
CMS Energy and Consumers recorded uncollectible accounts expense of $10 million for the three months ended September 30, 2025 and $7 million for the three months ended September 30, 2024. CMS Energy and Consumers recorded uncollectible accounts expense of $30 million for the nine months ended September 30, 2025 and $24 million for the nine months ended September 30, 2024.
Consumers’ customers are billed monthly in cycles having billing dates that do not generally coincide with the end of a calendar month. This results in customers having received electricity or natural gas that they have not been billed for as of the month-end. Consumers estimates its unbilled revenues by applying an average billed rate to total unbilled deliveries for each customer class. Unbilled revenues, which are recorded as accounts receivable and accrued revenue on CMS Energy’s and Consumers’ consolidated balance sheets, were $381 million at September 30, 2025 and $584 million at December 31, 2024.
Alternative‑revenue Program: Under a demand response incentive mechanism, Consumers earns a financial incentive when it meets demand response targets set by the MPSC. Consumers recognizes revenue related to this program once demand response incentive objectives are complete, the incentive amount is calculable, and the incentive revenue will be collected within a 24‑month period.
Consumers also accounts for its financial compensation mechanism as an alternative-revenue program. Consumers recognizes revenue related to the financial compensation mechanism as payments are made on MPSC-approved PPAs.
Consumers does not reclassify revenue from its alternative-revenue program to revenue from contracts with customers at the time the amounts are collected from customers.
v3.25.3
Reportable Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting Information [Line Items]  
Reportable Segments Reportable Segments
Reportable segments consist of business units defined by the products and services they offer. CMS Energy’s and Consumers’ chief operating decision-maker is the CEO. The chief operating decision-maker evaluates segment performance and profitability using net income available to CMS Energy’s common stockholders. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.
Resource allocation to CMS Energy’s and Consumers’ segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, and capital requirements, aligning with CMS Energy’s and Consumers’ strategic objectives and regulatory obligations. The chief operating decision-maker reviews budget-to-actual variances on a monthly basis and makes interim decisions to reallocate resources among segments as needed, ensuring a timely and effective response to changing conditions. For the electric utility and gas utility segments, the chief operating decision-maker uses this assessment to determine whether the segments are achieving their regulatory authorized return on equity.
CMS Energy
The segments reported for CMS Energy are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
•NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production
CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.
Consumers
The segments reported for Consumers are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
Consumers’ other consolidated entities are presented within other reconciling items.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,679 $234 $108 $2,021 $— $2,021 
Operating expenses
Power supply cost1
624 — 63 687 — 687 
Cost of gas sold— 40 2 42 — 42 
Maintenance and other operating expenses285 103 25 413 3 416 
Depreciation and amortization239 35 14 288 — 288 
General taxes81 23 3 107 — 107 
Total operating expenses1,229 201 107 1,537 3 1,540 
Operating Income (Loss)450 33 1 484 (3)481 
Other income34 22 4 60 2 62 
Interest charges92 53 (1)144 59 203 
Income (Loss) Before Income Taxes392 2 6 400 (60)340 
Income tax expense66 2 — 68 — 68 
Income (Loss) From Continuing Operations326 — 6 332 (60)272 
Other segment items2
— — 5 5 (2)3 
Net Income (Loss) Available to Common Stockholders$326 $— $11 $337 $(62)$275 
Property, plant, and equipment, gross$21,095 
3
$13,890 
3
$1,568 $36,553 $30 $36,583 
Total assets21,917 
3
13,720 
3
2,229 37,866 142 38,008 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,679 $234 $1,913 $— $1,913 
Operating expenses
Power supply cost1
624 — 624 — 624 
Cost of gas sold— 40 40 — 40 
Maintenance and other operating expenses285 103 388 — 388 
Depreciation and amortization239 35 274 — 274 
General taxes81 23 104 — 104 
Total operating expenses1,229 201 1,430 — 1,430 
Operating Income450 33 483 — 483 
Other income34 22 56 (1)55 
Interest charges92 53 145 — 145 
Income (Loss) Before Income Taxes392 2 394 (1)393 
Income tax expense66 2 68 11 79 
Net Income (Loss) Available to Common Stockholder$326 $— $326 $(12)$314 
Property, plant, and equipment, gross$21,095 
2
$13,890 
2
$34,985 $36 $35,021 
Total assets21,972 
2
13,762 
2
35,734 46 35,780 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,448 $213 $82 $1,743 $— $1,743 
Operating expenses
Power supply cost1
515 — 45 560 — 560 
Cost of gas sold— 31 1 32 — 32 
Maintenance and other operating expenses282 99 27 408 4 412 
Depreciation and amortization229 32 12 273 — 273 
General taxes75 20 4 99 — 99 
Total operating expenses1,101 182 89 1,372 4 1,376 
Operating Income (Loss)347 31 (7)371 (4)367 
Other income35 25 3 63 21 84 
Interest charges82 49 2 133 45 178 
Income (Loss) Before Income Taxes300 7 (6)301 (28)273 
Income tax expense (benefit)27 (4)(6)17 9 26 
Income (Loss) From Continuing Operations273 11 — 284 (37)247 
Other segment items2
— — 6 6 (2)4 
Net Income (Loss) Available to Common Stockholders$273 $11 $6 $290 $(39)$251 
Property, plant, and equipment, gross$19,826 
3
$12,840 
3
$1,469 $34,135 $21 $34,156 
Total assets20,222 
3
12,809 
3
1,711 34,742 75 34,817 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,448 $213 $1,661 $— $1,661 
Operating expenses
Power supply cost1
515 — 515 — 515 
Cost of gas sold— 31 31 — 31 
Maintenance and other operating expenses282 99 381 — 381 
Depreciation and amortization229 32 261 — 261 
General taxes75 20 95 — 95 
Total operating expenses1,101 182 1,283 — 1,283 
Operating Income347 31 378 — 378 
Other income35 25 60 — 60 
Interest charges82 49 131 — 131 
Income Before Income Taxes300 7 307 — 307 
Income tax expense (benefit)27 (4)23 11 34 
Net Income (Loss) Available to Common Stockholder$273 $11 $284 $(11)$273 
Property, plant, and equipment, gross$19,826 
2
$12,840 
2
$32,666 $29 $32,695 
Total assets20,279 
2
12,852 
2
33,131 29 33,160 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,337 $1,670 $299 $6,306 $— $6,306 
Operating expenses
Power supply cost1
1,707 — 198 1,905 — 1,905 
Cost of gas sold— 545 4 549 — 549 
Maintenance and other operating expenses806 331 73 1,210 8 1,218 
Depreciation and amortization682 243 39 964 — 964 
General taxes227 142 9 378 — 378 
Total operating expenses3,422 1,261 323 5,006 8 5,014 
Operating Income (Loss)915 409 (24)1,300 (8)1,292 
Other income97 64 7 168 81 249 
Interest charges263 152 (2)413 175 588 
Income (Loss) Before Income Taxes749 321 (15)1,055 (102)953 
Income tax expense (benefit)131 83 (7)207 (14)193 
Income (Loss) From Continuing Operations618 238 (8)848 (88)760 
Other segment items2
(1)— 23 22 (7)15 
Net Income (Loss) Available to Common Stockholders$617 $238 $15 $870 $(95)$775 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,337 $1,670 $6,007 $— $6,007 
Operating expenses
Power supply cost1
1,707 — 1,707 — 1,707 
Cost of gas sold— 545 545 — 545 
Maintenance and other operating expenses806 331 1,137 — 1,137 
Depreciation and amortization682 243 925 — 925 
General taxes227 142 369 — 369 
Total operating expenses3,422 1,261 4,683 — 4,683 
Operating Income915 409 1,324 — 1,324 
Other income97 64 161 — 161 
Interest charges263 152 415 1 416 
Income (Loss) Before Income Taxes749 321 1,070 (1)1,069 
Income tax expense131 83 214 7 221 
Net Income (Loss)618 238 856 (8)848 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$617 $238 $855 $(8)$847 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$3,806 $1,485 $235 $5,526 $— $5,526 
Operating expenses
Power supply cost1
1,408 — 119 1,527 — 1,527 
Cost of gas sold— 447 2 449 — 449 
Maintenance and other operating expenses781 355 73 1,209 9 1,218 
Depreciation and amortization651 226 36 913 1 914 
General taxes214 132 10 356 — 356 
Total operating expenses3,054 1,160 240 4,454 10 4,464 
Operating Income (Loss)752 325 (5)1,072 (10)1,062 
Other income105 70 11 186 97 283 
Interest charges242 143 3 388 140 528 
Income (Loss) Before Income Taxes615 252 3 870 (53)817 
Income tax expense (benefit)74 57 (3)128 (3)125 
Income (Loss) From Continuing Operations541 195 6 742 (50)692 
Other segment items2
(1)— 47 46 (7)39 
Net Income (Loss) Available to Common Stockholders$540 $195 $53 $788 $(57)$731 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$3,806 $1,485 $5,291 $— $5,291 
Operating expenses
Power supply cost1
1,408 — 1,408 — 1,408 
Cost of gas sold— 447 447 — 447 
Maintenance and other operating expenses781 355 1,136 — 1,136 
Depreciation and amortization651 226 877 1 878 
General taxes214 132 346 — 346 
Total operating expenses3,054 1,160 4,214 1 4,215 
Operating Income (Loss)752 325 1,077 (1)1,076 
Other income105 70 175 — 175 
Interest charges242 143 385 1 386 
Income (Loss) Before Income Taxes615 252 867 (2)865 
Income tax expense74 57 131 8 139 
Net Income (Loss)541 195 736 (10)726 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$540 $195 $735 $(10)$725 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Reportable Segments Reportable Segments
Reportable segments consist of business units defined by the products and services they offer. CMS Energy’s and Consumers’ chief operating decision-maker is the CEO. The chief operating decision-maker evaluates segment performance and profitability using net income available to CMS Energy’s common stockholders. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.
Resource allocation to CMS Energy’s and Consumers’ segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, and capital requirements, aligning with CMS Energy’s and Consumers’ strategic objectives and regulatory obligations. The chief operating decision-maker reviews budget-to-actual variances on a monthly basis and makes interim decisions to reallocate resources among segments as needed, ensuring a timely and effective response to changing conditions. For the electric utility and gas utility segments, the chief operating decision-maker uses this assessment to determine whether the segments are achieving their regulatory authorized return on equity.
CMS Energy
The segments reported for CMS Energy are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
•NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production
CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.
Consumers
The segments reported for Consumers are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
Consumers’ other consolidated entities are presented within other reconciling items.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,679 $234 $108 $2,021 $— $2,021 
Operating expenses
Power supply cost1
624 — 63 687 — 687 
Cost of gas sold— 40 2 42 — 42 
Maintenance and other operating expenses285 103 25 413 3 416 
Depreciation and amortization239 35 14 288 — 288 
General taxes81 23 3 107 — 107 
Total operating expenses1,229 201 107 1,537 3 1,540 
Operating Income (Loss)450 33 1 484 (3)481 
Other income34 22 4 60 2 62 
Interest charges92 53 (1)144 59 203 
Income (Loss) Before Income Taxes392 2 6 400 (60)340 
Income tax expense66 2 — 68 — 68 
Income (Loss) From Continuing Operations326 — 6 332 (60)272 
Other segment items2
— — 5 5 (2)3 
Net Income (Loss) Available to Common Stockholders$326 $— $11 $337 $(62)$275 
Property, plant, and equipment, gross$21,095 
3
$13,890 
3
$1,568 $36,553 $30 $36,583 
Total assets21,917 
3
13,720 
3
2,229 37,866 142 38,008 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,679 $234 $1,913 $— $1,913 
Operating expenses
Power supply cost1
624 — 624 — 624 
Cost of gas sold— 40 40 — 40 
Maintenance and other operating expenses285 103 388 — 388 
Depreciation and amortization239 35 274 — 274 
General taxes81 23 104 — 104 
Total operating expenses1,229 201 1,430 — 1,430 
Operating Income450 33 483 — 483 
Other income34 22 56 (1)55 
Interest charges92 53 145 — 145 
Income (Loss) Before Income Taxes392 2 394 (1)393 
Income tax expense66 2 68 11 79 
Net Income (Loss) Available to Common Stockholder$326 $— $326 $(12)$314 
Property, plant, and equipment, gross$21,095 
2
$13,890 
2
$34,985 $36 $35,021 
Total assets21,972 
2
13,762 
2
35,734 46 35,780 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,448 $213 $82 $1,743 $— $1,743 
Operating expenses
Power supply cost1
515 — 45 560 — 560 
Cost of gas sold— 31 1 32 — 32 
Maintenance and other operating expenses282 99 27 408 4 412 
Depreciation and amortization229 32 12 273 — 273 
General taxes75 20 4 99 — 99 
Total operating expenses1,101 182 89 1,372 4 1,376 
Operating Income (Loss)347 31 (7)371 (4)367 
Other income35 25 3 63 21 84 
Interest charges82 49 2 133 45 178 
Income (Loss) Before Income Taxes300 7 (6)301 (28)273 
Income tax expense (benefit)27 (4)(6)17 9 26 
Income (Loss) From Continuing Operations273 11 — 284 (37)247 
Other segment items2
— — 6 6 (2)4 
Net Income (Loss) Available to Common Stockholders$273 $11 $6 $290 $(39)$251 
Property, plant, and equipment, gross$19,826 
3
$12,840 
3
$1,469 $34,135 $21 $34,156 
Total assets20,222 
3
12,809 
3
1,711 34,742 75 34,817 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,448 $213 $1,661 $— $1,661 
Operating expenses
Power supply cost1
515 — 515 — 515 
Cost of gas sold— 31 31 — 31 
Maintenance and other operating expenses282 99 381 — 381 
Depreciation and amortization229 32 261 — 261 
General taxes75 20 95 — 95 
Total operating expenses1,101 182 1,283 — 1,283 
Operating Income347 31 378 — 378 
Other income35 25 60 — 60 
Interest charges82 49 131 — 131 
Income Before Income Taxes300 7 307 — 307 
Income tax expense (benefit)27 (4)23 11 34 
Net Income (Loss) Available to Common Stockholder$273 $11 $284 $(11)$273 
Property, plant, and equipment, gross$19,826 
2
$12,840 
2
$32,666 $29 $32,695 
Total assets20,279 
2
12,852 
2
33,131 29 33,160 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,337 $1,670 $299 $6,306 $— $6,306 
Operating expenses
Power supply cost1
1,707 — 198 1,905 — 1,905 
Cost of gas sold— 545 4 549 — 549 
Maintenance and other operating expenses806 331 73 1,210 8 1,218 
Depreciation and amortization682 243 39 964 — 964 
General taxes227 142 9 378 — 378 
Total operating expenses3,422 1,261 323 5,006 8 5,014 
Operating Income (Loss)915 409 (24)1,300 (8)1,292 
Other income97 64 7 168 81 249 
Interest charges263 152 (2)413 175 588 
Income (Loss) Before Income Taxes749 321 (15)1,055 (102)953 
Income tax expense (benefit)131 83 (7)207 (14)193 
Income (Loss) From Continuing Operations618 238 (8)848 (88)760 
Other segment items2
(1)— 23 22 (7)15 
Net Income (Loss) Available to Common Stockholders$617 $238 $15 $870 $(95)$775 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,337 $1,670 $6,007 $— $6,007 
Operating expenses
Power supply cost1
1,707 — 1,707 — 1,707 
Cost of gas sold— 545 545 — 545 
Maintenance and other operating expenses806 331 1,137 — 1,137 
Depreciation and amortization682 243 925 — 925 
General taxes227 142 369 — 369 
Total operating expenses3,422 1,261 4,683 — 4,683 
Operating Income915 409 1,324 — 1,324 
Other income97 64 161 — 161 
Interest charges263 152 415 1 416 
Income (Loss) Before Income Taxes749 321 1,070 (1)1,069 
Income tax expense131 83 214 7 221 
Net Income (Loss)618 238 856 (8)848 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$617 $238 $855 $(8)$847 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$3,806 $1,485 $235 $5,526 $— $5,526 
Operating expenses
Power supply cost1
1,408 — 119 1,527 — 1,527 
Cost of gas sold— 447 2 449 — 449 
Maintenance and other operating expenses781 355 73 1,209 9 1,218 
Depreciation and amortization651 226 36 913 1 914 
General taxes214 132 10 356 — 356 
Total operating expenses3,054 1,160 240 4,454 10 4,464 
Operating Income (Loss)752 325 (5)1,072 (10)1,062 
Other income105 70 11 186 97 283 
Interest charges242 143 3 388 140 528 
Income (Loss) Before Income Taxes615 252 3 870 (53)817 
Income tax expense (benefit)74 57 (3)128 (3)125 
Income (Loss) From Continuing Operations541 195 6 742 (50)692 
Other segment items2
(1)— 47 46 (7)39 
Net Income (Loss) Available to Common Stockholders$540 $195 $53 $788 $(57)$731 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$3,806 $1,485 $5,291 $— $5,291 
Operating expenses
Power supply cost1
1,408 — 1,408 — 1,408 
Cost of gas sold— 447 447 — 447 
Maintenance and other operating expenses781 355 1,136 — 1,136 
Depreciation and amortization651 226 877 1 878 
General taxes214 132 346 — 346 
Total operating expenses3,054 1,160 4,214 1 4,215 
Operating Income (Loss)752 325 1,077 (1)1,076 
Other income105 70 175 — 175 
Interest charges242 143 385 1 386 
Income (Loss) Before Income Taxes615 252 867 (2)865 
Income tax expense74 57 131 8 139 
Net Income (Loss)541 195 736 (10)726 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$540 $195 $735 $(10)$725 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
v3.25.3
Variable Interest Entities
 9 Months Ended
Sep. 30, 2025
Variable Interest Entity [Line Items]  
Variable Interest Entities Variable Interest Entities
Consolidated VIEs: In March 2025, NorthStar Clean Energy sold a 50‑percent interest in NWO Wind Equity Holdings for net proceeds of $36 million. NWO Wind Equity Holdings holds the Class B membership interest in NWO Holdco, the holding company of a 100‑MW wind project located in Paulding County, Ohio. Additionally in March 2025, NorthStar Clean Energy sold a 50‑percent interest in Delta Solar Equity Holdings for net proceeds of $8 million. Delta Solar Equity Holdings is the holding company of a 24-MW solar project located in Delta Township, Michigan.
NorthStar Clean Energy consolidates these and other entities that it does not wholly own, but for which it manages and controls the entities’ operating activities. NorthStar Clean Energy is the primary beneficiary of these entities because it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive
benefits from the companies. Presented in the following table is information about the VIEs NorthStar Clean Energy consolidates:
Consolidated VIENorthStar Clean Energy’s ownership interestDescription of VIE
Aviator Wind Equity Holdings
51‑percent ownership interest1
Holds a Class B membership interest in Aviator Wind
Aviator Wind
Class B membership interest2
Holding company of a 525‑MW wind generation project in Coke County, Texas
Delta Solar Equity Holdings
50‑percent ownership interest1
Holding company of a 24-MW solar generation project in Delta Township, Michigan
Newport Solar Holdings
Class B membership interest2
Holding company of a 180‑MW solar generation project in Jackson County, Arkansas
NWO Wind Equity Holdings
50‑percent ownership interest1
Holds a Class B membership interest in NWO Holdco
NWO Holdco
Class B membership interest2
Holding company of a 100‑MW wind generation project in Paulding County, Ohio
1The remaining ownership interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets.
2The Class A membership interest in the entity is held by a tax equity investor and is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets. Under the associated limited liability company agreement, the tax equity investor is guaranteed preferred returns from the entity.
Earnings, tax attributes, and cash flows generated by the entities in which NorthStar Clean Energy holds a Class B membership are allocated among and distributed to the membership classes in accordance with the ratios specified in the associated limited liability company agreements; these ratios change over time and are not representative of the ownership interest percentages of each membership class. Since these entities’ income and cash flows are not distributed among their investors based on ownership interest percentages, NorthStar Clean Energy allocates the entities’ income (loss) among the investors by applying the hypothetical liquidation at book value method. This method calculates each investor’s earnings based on a hypothetical liquidation of the entities at the net book value of underlying assets as of the balance sheet date. The liquidation tax gain (loss) is allocated to each investor’s capital account, resulting in income (loss) equal to the period change in the investor’s capital account balance.
Presented in the following table are the carrying values of the VIEs’ assets and liabilities included on CMS Energy’s consolidated balance sheets:
In Millions
September 30, 2025December 31, 2024
Current
Cash and cash equivalents$19 $18 
Accounts receivable3 4 
Prepayments and other current assets3 3 
Non-current
Plant, property, and equipment, net1,028 1,024 
Other non-current assets6 3 
Total assets1
$1,059 $1,052 
Current
Accounts payable$9 $8 
Accrued taxes1 — 
Non-current
Non-current portion of finance leases24 23 
Asset retirement obligations35 33 
Other non-current liabilities3 — 
Total liabilities$72 $64 
1Assets may be used only to meet VIEs’ obligations and commitments.
NorthStar Clean Energy is obligated under certain indemnities that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. For additional details on these indemnity obligations, see Note 2, Contingencies and Commitments—Guarantees.
Consumers’ wholly-owned subsidiaries, Consumers 2014 Securitization Funding and Consumers 2023 Securitization Funding, are VIEs designed to collateralize Consumers’ securitization bonds. These entities are considered VIEs primarily because their equity capitalization is insufficient to support their operations. Consumers is the primary beneficiary of and consolidates these VIEs, as it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies. The VIEs’ primary assets and liabilities comprise non-current regulatory assets and long-term debt. The carrying value of the regulatory assets on Consumers’ consolidated balance sheets was $580 million at September 30, 2025 and $666 million at December 31, 2024. The carrying value of securitization bonds on Consumers’ consolidated balance sheets was $600 million at September 30, 2025 and $700 million at December 31, 2024.
Non-consolidated VIEs: NorthStar Clean Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While NorthStar Clean Energy owns 50 percent of each partnership, it is not the primary beneficiary of any of these partnerships because decision making is shared among unrelated parties, and no one party has the ability to direct the activities that most significantly impact the entities’ economic performance, such as operations and maintenance, plant dispatch, and fuel strategy. The partners must agree on all major decisions for each of the partnerships.
Presented in the following table is information about these partnerships:
NameNature of the EntityNature of NorthStar Clean Energy’s Involvement
T.E.S. Filer City Coal-fueled power generatorLong-term PPA between partnership and Consumers
Employee assignment agreement
Grayling Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Genesee Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Craven Wood waste-fueled power generatorOperating and management contract
1Reduced dispatch agreements allow the facilities to be dispatched based on the market price of power compared with the cost of production of the plants. This results in fuel cost savings that each partnership shares with Consumers’ customers.
The creditors of these partnerships do not have recourse to the general credit of CMS Energy, NorthStar Clean Energy, or Consumers. NorthStar Clean Energy’s maximum risk exposure to these partnerships is generally limited to its investment in the partnerships, which is included in investments on CMS Energy’s consolidated balance sheets in the amount of $59 million at September 30, 2025 and $64 million at December 31, 2024.
Consumers Energy Company  
Variable Interest Entity [Line Items]  
Variable Interest Entities Variable Interest Entities
Consolidated VIEs: In March 2025, NorthStar Clean Energy sold a 50‑percent interest in NWO Wind Equity Holdings for net proceeds of $36 million. NWO Wind Equity Holdings holds the Class B membership interest in NWO Holdco, the holding company of a 100‑MW wind project located in Paulding County, Ohio. Additionally in March 2025, NorthStar Clean Energy sold a 50‑percent interest in Delta Solar Equity Holdings for net proceeds of $8 million. Delta Solar Equity Holdings is the holding company of a 24-MW solar project located in Delta Township, Michigan.
NorthStar Clean Energy consolidates these and other entities that it does not wholly own, but for which it manages and controls the entities’ operating activities. NorthStar Clean Energy is the primary beneficiary of these entities because it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive
benefits from the companies. Presented in the following table is information about the VIEs NorthStar Clean Energy consolidates:
Consolidated VIENorthStar Clean Energy’s ownership interestDescription of VIE
Aviator Wind Equity Holdings
51‑percent ownership interest1
Holds a Class B membership interest in Aviator Wind
Aviator Wind
Class B membership interest2
Holding company of a 525‑MW wind generation project in Coke County, Texas
Delta Solar Equity Holdings
50‑percent ownership interest1
Holding company of a 24-MW solar generation project in Delta Township, Michigan
Newport Solar Holdings
Class B membership interest2
Holding company of a 180‑MW solar generation project in Jackson County, Arkansas
NWO Wind Equity Holdings
50‑percent ownership interest1
Holds a Class B membership interest in NWO Holdco
NWO Holdco
Class B membership interest2
Holding company of a 100‑MW wind generation project in Paulding County, Ohio
1The remaining ownership interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets.
2The Class A membership interest in the entity is held by a tax equity investor and is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets. Under the associated limited liability company agreement, the tax equity investor is guaranteed preferred returns from the entity.
Earnings, tax attributes, and cash flows generated by the entities in which NorthStar Clean Energy holds a Class B membership are allocated among and distributed to the membership classes in accordance with the ratios specified in the associated limited liability company agreements; these ratios change over time and are not representative of the ownership interest percentages of each membership class. Since these entities’ income and cash flows are not distributed among their investors based on ownership interest percentages, NorthStar Clean Energy allocates the entities’ income (loss) among the investors by applying the hypothetical liquidation at book value method. This method calculates each investor’s earnings based on a hypothetical liquidation of the entities at the net book value of underlying assets as of the balance sheet date. The liquidation tax gain (loss) is allocated to each investor’s capital account, resulting in income (loss) equal to the period change in the investor’s capital account balance.
Presented in the following table are the carrying values of the VIEs’ assets and liabilities included on CMS Energy’s consolidated balance sheets:
In Millions
September 30, 2025December 31, 2024
Current
Cash and cash equivalents$19 $18 
Accounts receivable3 4 
Prepayments and other current assets3 3 
Non-current
Plant, property, and equipment, net1,028 1,024 
Other non-current assets6 3 
Total assets1
$1,059 $1,052 
Current
Accounts payable$9 $8 
Accrued taxes1 — 
Non-current
Non-current portion of finance leases24 23 
Asset retirement obligations35 33 
Other non-current liabilities3 — 
Total liabilities$72 $64 
1Assets may be used only to meet VIEs’ obligations and commitments.
NorthStar Clean Energy is obligated under certain indemnities that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. For additional details on these indemnity obligations, see Note 2, Contingencies and Commitments—Guarantees.
Consumers’ wholly-owned subsidiaries, Consumers 2014 Securitization Funding and Consumers 2023 Securitization Funding, are VIEs designed to collateralize Consumers’ securitization bonds. These entities are considered VIEs primarily because their equity capitalization is insufficient to support their operations. Consumers is the primary beneficiary of and consolidates these VIEs, as it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies. The VIEs’ primary assets and liabilities comprise non-current regulatory assets and long-term debt. The carrying value of the regulatory assets on Consumers’ consolidated balance sheets was $580 million at September 30, 2025 and $666 million at December 31, 2024. The carrying value of securitization bonds on Consumers’ consolidated balance sheets was $600 million at September 30, 2025 and $700 million at December 31, 2024.
Non-consolidated VIEs: NorthStar Clean Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While NorthStar Clean Energy owns 50 percent of each partnership, it is not the primary beneficiary of any of these partnerships because decision making is shared among unrelated parties, and no one party has the ability to direct the activities that most significantly impact the entities’ economic performance, such as operations and maintenance, plant dispatch, and fuel strategy. The partners must agree on all major decisions for each of the partnerships.
Presented in the following table is information about these partnerships:
NameNature of the EntityNature of NorthStar Clean Energy’s Involvement
T.E.S. Filer City Coal-fueled power generatorLong-term PPA between partnership and Consumers
Employee assignment agreement
Grayling Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Genesee Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Craven Wood waste-fueled power generatorOperating and management contract
1Reduced dispatch agreements allow the facilities to be dispatched based on the market price of power compared with the cost of production of the plants. This results in fuel cost savings that each partnership shares with Consumers’ customers.
The creditors of these partnerships do not have recourse to the general credit of CMS Energy, NorthStar Clean Energy, or Consumers. NorthStar Clean Energy’s maximum risk exposure to these partnerships is generally limited to its investment in the partnerships, which is included in investments on CMS Energy’s consolidated balance sheets in the amount of $59 million at September 30, 2025 and $64 million at December 31, 2024.
v3.25.3
Exit Activities and Asset Sales
 9 Months Ended
Sep. 30, 2025
Restructuring Cost and Reserve [Line Items]  
Exit Activities and Asset Sales Exit Activities and Asset Sales
J.H. Campbell Retirement: Under its Clean Energy Plan, Consumers had planned to retire J.H. Campbell in 2025. In order to ensure necessary staffing at J.H. Campbell through the planned retirement, Consumers implemented a retention incentive program. The terms of and Consumers’ obligations under this program have not been modified as a result of the U.S. Secretary of Energy’s emergency orders requiring the continued operation of J.H. Campbell. Consumers will make final payments due under this retention plan in November 2025. Should the U.S. Department of Energy issue additional emergency orders that require the continued operation of J.H. Campbell beyond November 2025, Consumers is prepared to implement additional retention measures to ensure appropriate staffing levels. For additional information on the emergency orders associated with J.H. Campbell, see Note 1, Regulatory Matters.
The aggregate cost of the J.H. Campbell program is estimated to be $48 million. The MPSC has approved deferred accounting treatment for these costs; these expenses are deferred as a regulatory asset. As of September 30, 2025, the cumulative cost incurred and deferred as a regulatory asset related to the J.H. Campbell retention incentive program was $47 million. Amounts deferred under the program are subsequently collected from customers over three years.
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Nine Months Ended September 3020252024
Retention benefit liability at beginning of period$14 $16 
Costs deferred as a regulatory asset1
4 6 
Retention benefit liability at the end of the period2
$18 $22 
1Includes $1 million for the three months ended September 30, 2025 and $3 million for the three months ended September 30, 2024.
2Includes current portion of other liabilities of $18 million at September 30, 2025 and $9 million at September 30, 2024.
Sale of Hydroelectric Facilities: In September 2025, Consumers signed an agreement to sell its 13 river hydroelectric dams, which are located throughout Michigan, to a non-affiliated company. Additionally, Consumers signed an agreement to purchase power generated by the facilities for 30 years, at a price that reflects the counterparty’s acceptance of the risks and rewards of ownership of the facilities, including FERC licensing obligations. The agreements are contingent upon MPSC and FERC approval, which must be filed within 60 days of signing. Timing of the regulatory review process is uncertain and could extend 12 to 18 months or longer. In Consumers’ most recent electric rate case, the MPSC approved deferred accounting treatment for costs of owning and operating the hydroelectric dams pending and until completion of the transaction. At September 30, 2025, the net book value of the hydroelectric facilities was immaterial.
To ensure necessary staffing at the hydroelectric facilities through the anticipated sale, Consumers has provided current employees at the facilities with a retention incentive program. Subsequently, to ensure continued safe operation of the facilities after the sale, the buyer will offer employment to the current hydroelectric employees for a period of at least a year. The retention incentive benefits are contingent upon MPSC and FERC approval of the sale transaction.
Consumers Energy Company  
Restructuring Cost and Reserve [Line Items]  
Exit Activities and Asset Sales Exit Activities and Asset Sales
J.H. Campbell Retirement: Under its Clean Energy Plan, Consumers had planned to retire J.H. Campbell in 2025. In order to ensure necessary staffing at J.H. Campbell through the planned retirement, Consumers implemented a retention incentive program. The terms of and Consumers’ obligations under this program have not been modified as a result of the U.S. Secretary of Energy’s emergency orders requiring the continued operation of J.H. Campbell. Consumers will make final payments due under this retention plan in November 2025. Should the U.S. Department of Energy issue additional emergency orders that require the continued operation of J.H. Campbell beyond November 2025, Consumers is prepared to implement additional retention measures to ensure appropriate staffing levels. For additional information on the emergency orders associated with J.H. Campbell, see Note 1, Regulatory Matters.
The aggregate cost of the J.H. Campbell program is estimated to be $48 million. The MPSC has approved deferred accounting treatment for these costs; these expenses are deferred as a regulatory asset. As of September 30, 2025, the cumulative cost incurred and deferred as a regulatory asset related to the J.H. Campbell retention incentive program was $47 million. Amounts deferred under the program are subsequently collected from customers over three years.
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Nine Months Ended September 3020252024
Retention benefit liability at beginning of period$14 $16 
Costs deferred as a regulatory asset1
4 6 
Retention benefit liability at the end of the period2
$18 $22 
1Includes $1 million for the three months ended September 30, 2025 and $3 million for the three months ended September 30, 2024.
2Includes current portion of other liabilities of $18 million at September 30, 2025 and $9 million at September 30, 2024.
Sale of Hydroelectric Facilities: In September 2025, Consumers signed an agreement to sell its 13 river hydroelectric dams, which are located throughout Michigan, to a non-affiliated company. Additionally, Consumers signed an agreement to purchase power generated by the facilities for 30 years, at a price that reflects the counterparty’s acceptance of the risks and rewards of ownership of the facilities, including FERC licensing obligations. The agreements are contingent upon MPSC and FERC approval, which must be filed within 60 days of signing. Timing of the regulatory review process is uncertain and could extend 12 to 18 months or longer. In Consumers’ most recent electric rate case, the MPSC approved deferred accounting treatment for costs of owning and operating the hydroelectric dams pending and until completion of the transaction. At September 30, 2025, the net book value of the hydroelectric facilities was immaterial.
To ensure necessary staffing at the hydroelectric facilities through the anticipated sale, Consumers has provided current employees at the facilities with a retention incentive program. Subsequently, to ensure continued safe operation of the facilities after the sale, the buyer will offer employment to the current hydroelectric employees for a period of at least a year. The retention incentive benefits are contingent upon MPSC and FERC approval of the sale transaction.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Earnings Per Share - CMS Energy (Policies)
 9 Months Ended
Sep. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
EPS
Nonvested Stock Awards
CMS Energy’s nonvested stock awards are composed of participating and non‑participating securities. The participating securities accrue cash dividends when common stockholders receive dividends. Since the recipient is not required to return the dividends to CMS Energy if the recipient forfeits the award, the nonvested stock awards are considered participating securities. As such, the participating nonvested stock awards were included in the computation of basic EPS. The non‑participating securities accrue stock dividends that vest concurrently with the stock award. If the recipient forfeits the award, the stock dividends accrued on the non‑participating securities are also forfeited. Accordingly, the non‑participating awards and stock dividends were included in the computation of diluted EPS, but not in the computation of basic EPS.
Forward Equity Sale Contracts
CMS Energy has entered into forward equity sale contracts. These forward equity sale contracts are non-participating securities. While the forward sale price in the forward equity sale contract is decreased on certain dates by certain predetermined amounts to reflect expected dividend payments, these price
adjustments were set upon inception of the agreement and the forward contract does not give the owner the right to participate in undistributed earnings. Accordingly, the forward equity sale contracts were included in the computation of diluted EPS, but not in the computation of basic EPS.
The potentially dilutive impact from these forward equity sale contracts is reflected in diluted EPS using the treasury stock method. There will be a dilutive effect on EPS when the average market price of common stock shares is above the applicable adjusted forward sale price. Additionally, any physical settlement or net share settlement of the agreements would dilute EPS. For further details on the forward equity sale contracts, see Note 3, Financings and Capitalization.
Convertible Securities
In 2023, CMS Energy issued convertible senior notes. Potentially dilutive common shares issuable upon conversion of the convertible senior notes are determined using the if-converted method for calculating diluted EPS. Upon conversion, the convertible senior notes are required to be paid in cash with only amounts exceeding the principal permitted to be settled in shares. Accordingly, the convertible senior notes were included in the computation of diluted EPS, but not in the computation of basic EPS. The impact to diluted EPS was de minimis.
Accounts Receivable
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
Non-consolidated VIEs
Non-consolidated VIEs: NorthStar Clean Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While NorthStar Clean Energy owns 50 percent of each partnership, it is not the primary beneficiary of any of these partnerships because decision making is shared among unrelated parties, and no one party has the ability to direct the activities that most significantly impact the entities’ economic performance, such as operations and maintenance, plant dispatch, and fuel strategy. The partners must agree on all major decisions for each of the partnerships.
Consumers Energy Company  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Consumers Utility Revenue
Consumers Utility Revenue: Consumers recognizes revenue primarily from the sale of electric and gas utility services at tariff-based rates regulated by the MPSC. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. Consumers’ tariff-based sales performance obligations are described below.
•Consumers has performance obligations for the service of standing ready to deliver electricity or natural gas to customers, and it satisfies these performance obligations over time. Consumers recognizes revenue at a fixed rate as it provides these services. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of Consumers’ service to stand ready to deliver.
•Consumers has performance obligations for the service of delivering the commodity of electricity or natural gas to customers, and it satisfies these performance obligations upon delivery. Consumers recognizes revenue at a price per unit of electricity or natural gas delivered, based on the tariffs established by the MPSC. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of a bundled
product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.
In some instances, Consumers has specific fixed-term contracts with large commercial and industrial customers to provide electricity or gas at certain tariff rates or to provide gas transportation services at contracted rates. The amount of electricity and gas to be delivered under these contracts and the associated future revenue to be received are generally dependent on the customers’ needs. Accordingly, Consumers recognizes revenues at the tariff or contracted rate as electricity or gas is delivered to the customer. Consumers also has other miscellaneous contracts with customers related to pole and other property rentals and utility contract work. Generally, these contracts are short term or evergreen in nature.
Accounts Receivable
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
Unbilled Revenues Consumers’ customers are billed monthly in cycles having billing dates that do not generally coincide with the end of a calendar month. This results in customers having received electricity or natural gas that they have not been billed for as of the month-end. Consumers estimates its unbilled revenues by applying an average billed rate to total unbilled deliveries for each customer class.
v3.25.3
Contingencies and Commitments (Tables)
 9 Months Ended
Sep. 30, 2025
Site Contingency [Line Items]  
Schedule of Remediation and Other Response Activity Costs by Year CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2025 and in each of the next five years:
In Millions
202520262027202820292030
Long-term leachate disposal and operating and maintenance costs$1 $4 $4 $4 $4 $4 
Summary of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at September 30, 2025:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousvarious$229 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite152 — 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 11, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
3This obligation comprises a guarantee provided by Consumers to the U.S. Department of Energy in connection with a settlement agreement regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers.
Consumers Energy Company  
Site Contingency [Line Items]  
Schedule of Remediation and Other Response Activity Costs by Year Consumers expects to pay the following amounts for remediation and other response activity costs during the remainder of 2025 and in each of the next five years:
In Millions
202520262027202820292030
Remediation and other response activity costs$— $3 $8 $25 $11 $3 
Summary of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at September 30, 2025:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousvarious$229 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite152 — 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 11, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
3This obligation comprises a guarantee provided by Consumers to the U.S. Department of Energy in connection with a settlement agreement regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers.
v3.25.3
Financings and Capitalization (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Instrument [Line Items]  
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during the nine months ended September 30, 2025:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Junior subordinated notes1
$1,000 6.500 February 2025June 2055
Term loan credit agreement110 variableFebruary 2025December 2025
Total CMS Energy, parent only$1,110 
NorthStar Clean Energy, including subsidiaries
Construction financing agreement2
$179 variableFebruary 2025
Five years after conversion date2
Total NorthStar Clean Energy, including subsidiaries$179 
Consumers
First mortgage bonds$500 4.500 May 2025January 2031
First mortgage bonds625 5.050 May 2025May 2035
Total Consumers$1,125 
Total CMS Energy$2,414 
1These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On June 1, 2035, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 1.961 percent.
2At completion of project construction, scheduled for the first half of 2026, these financings will convert into a term loan that will mature five years after the conversion date.
Presented in the following table is a summary of major long-term debt retirements during the nine months ended September 30, 2025:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Term loan credit agreement$400 variableFebruary 2025September 2025
Term loan credit agreement200 variableFebruary 2025December 2025
Total CMS Energy, parent only$600 
Total CMS Energy$600 
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at September 30, 2025:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $35 $515 
September 30, 2026
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 30, 20282
$250 $180 $8 $62 
December 25, 20253
37 — 37 — 
Upon completion of construction project4
19 — 12 7 
Consumers
December 14, 20275
$1,100 $— $10 $1,090 
November 18, 20255
250 — 112 138 
March 31, 202850 — 42 8 
1There were no borrowings under this facility during the nine months ended September 30, 2025.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At September 30, 2025, the net book value of the pledged equity interests was $515 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility will expire upon completion of project construction scheduled for the first half of 2026.
5Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the nine months ended September 30, 2025.
Consumers Energy Company  
Debt Instrument [Line Items]  
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during the nine months ended September 30, 2025:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Junior subordinated notes1
$1,000 6.500 February 2025June 2055
Term loan credit agreement110 variableFebruary 2025December 2025
Total CMS Energy, parent only$1,110 
NorthStar Clean Energy, including subsidiaries
Construction financing agreement2
$179 variableFebruary 2025
Five years after conversion date2
Total NorthStar Clean Energy, including subsidiaries$179 
Consumers
First mortgage bonds$500 4.500 May 2025January 2031
First mortgage bonds625 5.050 May 2025May 2035
Total Consumers$1,125 
Total CMS Energy$2,414 
1These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On June 1, 2035, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 1.961 percent.
2At completion of project construction, scheduled for the first half of 2026, these financings will convert into a term loan that will mature five years after the conversion date.
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at September 30, 2025:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $35 $515 
September 30, 2026
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 30, 20282
$250 $180 $8 $62 
December 25, 20253
37 — 37 — 
Upon completion of construction project4
19 — 12 7 
Consumers
December 14, 20275
$1,100 $— $10 $1,090 
November 18, 20255
250 — 112 138 
March 31, 202850 — 42 8 
1There were no borrowings under this facility during the nine months ended September 30, 2025.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At September 30, 2025, the net book value of the pledged equity interests was $515 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility will expire upon completion of project construction scheduled for the first half of 2026.
5Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the nine months ended September 30, 2025.
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
September 30
2025		December 31
2024		September 30
2025		December 31
2024
Assets1
Cash equivalents$75 $27 $— $— 
Restricted cash equivalents70 75 69 75 
Nonqualified deferred compensation plan assets35 34 27 25 
Derivative instruments3 2 3 2 
Total assets$183 $138 $99 $102 
Liabilities1
Nonqualified deferred compensation plan liabilities$35 $34 $27 $25 
Derivative instruments4 — — — 
Total liabilities$39 $34 $27 $25 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 2 and 3.
Consumers Energy Company  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
September 30
2025		December 31
2024		September 30
2025		December 31
2024
Assets1
Cash equivalents$75 $27 $— $— 
Restricted cash equivalents70 75 69 75 
Nonqualified deferred compensation plan assets35 34 27 25 
Derivative instruments3 2 3 2 
Total assets$183 $138 $99 $102 
Liabilities1
Nonqualified deferred compensation plan liabilities$35 $34 $27 $25 
Derivative instruments4 — — — 
Total liabilities$39 $34 $27 $25 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 2 and 3.
v3.25.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Financial Instruments [Line Items]  
Schedule of Carrying Amounts and Fair Values of Financial Instruments For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.
In Millions
September 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$7 $6 $— $— $6 $9 $8 $— $— $8 
Liabilities
Long-term debt2
17,930 16,993 2,111 12,932 1,950 16,386 14,876 1,018 11,952 1,906 
Long-term payables3
8 8 — — 8 9 9 — — 9 
Consumers
Assets
Long-term receivables1
$7 $6 $— $— $6 $9 $8 $— $— $8 
Notes receivable – related party4
91 91 — — 91 94 94 — — 94 
Liabilities
Long-term debt5
12,109 11,132 — 9,182 1,950 11,270 9,940 — 8,034 1,906 
Long-term debt – related party6
1,005 674 — 674 — 823 549 — 549 — 
Long-term payables2 2 — — 2 4 4 — — 4 
1Includes current portion of long-term accounts receivable and notes receivable of $3 million at September 30, 2025 and $4 million at December 31, 2024.
2Includes current portion of long-term debt of $1.2 billion at September 30, 2025 and December 31, 2024.
3Includes current portion of long-term payables of $1 million at September 30, 2025 and $2 million at December 31, 2024.
4Includes current portion of notes receivable – related party of $7 million at September 30, 2025 and December 31, 2024.
5Includes current portion of long-term debt of $572 million at September 30, 2025 and $452 million at December 31, 2024.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 3, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
Consumers Energy Company  
Financial Instruments [Line Items]  
Schedule of Carrying Amounts and Fair Values of Financial Instruments For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.
In Millions
September 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$7 $6 $— $— $6 $9 $8 $— $— $8 
Liabilities
Long-term debt2
17,930 16,993 2,111 12,932 1,950 16,386 14,876 1,018 11,952 1,906 
Long-term payables3
8 8 — — 8 9 9 — — 9 
Consumers
Assets
Long-term receivables1
$7 $6 $— $— $6 $9 $8 $— $— $8 
Notes receivable – related party4
91 91 — — 91 94 94 — — 94 
Liabilities
Long-term debt5
12,109 11,132 — 9,182 1,950 11,270 9,940 — 8,034 1,906 
Long-term debt – related party6
1,005 674 — 674 — 823 549 — 549 — 
Long-term payables2 2 — — 2 4 4 — — 4 
1Includes current portion of long-term accounts receivable and notes receivable of $3 million at September 30, 2025 and $4 million at December 31, 2024.
2Includes current portion of long-term debt of $1.2 billion at September 30, 2025 and December 31, 2024.
3Includes current portion of long-term payables of $1 million at September 30, 2025 and $2 million at December 31, 2024.
4Includes current portion of notes receivable – related party of $7 million at September 30, 2025 and December 31, 2024.
5Includes current portion of long-term debt of $572 million at September 30, 2025 and $452 million at December 31, 2024.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 3, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
v3.25.3
Retirement Benefits (Tables)
 9 Months Ended
Sep. 30, 2025
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Benefit Costs Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension PlansOPEB Plan
Three Months EndedNine Months EndedThree Months EndedNine Months Ended
September 3020252024202520242025202420252024
CMS Energy, including Consumers
Net periodic credit
Service cost$6 $7 $19 $21 $2 $2 $6 $8 
Interest cost27 26 81 78 10 10 32 32 
Expected return on plan assets(57)(58)(171)(176)(27)(28)(83)(86)
Amortization of:
Net loss3 3 8 9 — 1 2 3 
Prior service cost (credit)1 1 3 3 (8)(7)(25)(23)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(17)$(18)$(52)$(57)$(23)$(22)$(68)$(66)
Consumers
Net periodic credit
Service cost$6 $7 $18 $20 $2 $2 $6 $8 
Interest cost26 25 77 74 11 11 32 31 
Expected return on plan assets(54)(56)(162)(166)(26)(26)(78)(80)
Amortization of:
Net loss2 3 7 8 — 1 2 3 
Prior service cost (credit)1 1 3 3 (8)(8)(25)(23)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(16)$(17)$(49)$(53)$(21)$(20)$(63)$(61)
Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Benefit Costs Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension PlansOPEB Plan
Three Months EndedNine Months EndedThree Months EndedNine Months Ended
September 3020252024202520242025202420252024
CMS Energy, including Consumers
Net periodic credit
Service cost$6 $7 $19 $21 $2 $2 $6 $8 
Interest cost27 26 81 78 10 10 32 32 
Expected return on plan assets(57)(58)(171)(176)(27)(28)(83)(86)
Amortization of:
Net loss3 3 8 9 — 1 2 3 
Prior service cost (credit)1 1 3 3 (8)(7)(25)(23)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(17)$(18)$(52)$(57)$(23)$(22)$(68)$(66)
Consumers
Net periodic credit
Service cost$6 $7 $18 $20 $2 $2 $6 $8 
Interest cost26 25 77 74 11 11 32 31 
Expected return on plan assets(54)(56)(162)(166)(26)(26)(78)(80)
Amortization of:
Net loss2 3 7 8 — 1 2 3 
Prior service cost (credit)1 1 3 3 (8)(8)(25)(23)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(16)$(17)$(49)$(53)$(21)$(20)$(63)$(61)
v3.25.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2025
Income Taxes [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Nine Months Ended September 3020252024
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
7.2 5.4 
Renewable energy tax credits(5.7)(6.3)
TCJA excess deferred taxes
(3.5)(3.8)
Deferred tax adjustment2
— (1.9)
Taxes attributable to noncontrolling interests1.2 1.1 
Other, net0.1 (0.2)
Effective tax rate20.3 %15.3 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
6.5 5.0 
Renewable energy tax credits(3.6)(4.4)
TCJA excess deferred taxes
(3.0)(3.5)
Deferred tax adjustment2
— (1.8)
Other, net(0.2)(0.2)
Effective tax rate20.7 %16.1 %
1In June 2025, state deferred tax balances were increased by $12 million to reflect a change in Illinois tax policy that establishes nexus for Consumers. The policy change is effective for tax years beginning January 1, 2026.
2In September 2024, Consumers recognized a $16 million tax benefit resulting from the expiration of the statute of limitations associated with audit points for the 2018 and 2019 tax years.
Consumers Energy Company  
Income Taxes [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Nine Months Ended September 3020252024
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
7.2 5.4 
Renewable energy tax credits(5.7)(6.3)
TCJA excess deferred taxes
(3.5)(3.8)
Deferred tax adjustment2
— (1.9)
Taxes attributable to noncontrolling interests1.2 1.1 
Other, net0.1 (0.2)
Effective tax rate20.3 %15.3 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
6.5 5.0 
Renewable energy tax credits(3.6)(4.4)
TCJA excess deferred taxes
(3.0)(3.5)
Deferred tax adjustment2
— (1.8)
Other, net(0.2)(0.2)
Effective tax rate20.7 %16.1 %
1In June 2025, state deferred tax balances were increased by $12 million to reflect a change in Illinois tax policy that establishes nexus for Consumers. The policy change is effective for tax years beginning January 1, 2026.
2In September 2024, Consumers recognized a $16 million tax benefit resulting from the expiration of the statute of limitations associated with audit points for the 2018 and 2019 tax years.
v3.25.3
Earnings Per Share - CMS Energy (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Summary of Basic and Diluted EPS Computations
Presented in the following table are CMS Energy’s basic and diluted EPS computations based on income from continuing operations:
In Millions, Except Per Share Amounts
Three Months EndedNine Months Ended
September 302025202420252024
Income available to common stockholders
Income from continuing operations$272 $247 $760 $692 
Less loss attributable to noncontrolling interests(5)(6)(22)(46)
Less preferred stock dividends2 2 7 7 
Income from continuing operations available to common stockholders – basic and diluted$275 $251 $775 $731 
Average common shares outstanding
Weighted-average shares – basic299.7 298.0 298.8 297.5 
Add dilutive nonvested stock awards0.6 0.8 0.6 0.7 
Add dilutive forward equity sale contracts0.1 — — — 
Weighted-average shares – diluted300.4 298.8 299.4 298.2 
Income from continuing operations per average common share available to common stockholders
Basic$0.92 $0.84 $2.59 $2.45 
Diluted0.92 0.84 2.59 2.45 
v3.25.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2025
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,675 $233 $— $1,908 
Other— — 67 67 
Revenue recognized from contracts with customers$1,675 $233 $67 $1,975 
Leasing income— — 41 41 
Financing income2 1 — 3 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,679 $234 $108 $2,021 
Consumers
Consumers utility revenue
Residential$842 $139 $981 
Commercial577 45 622 
Industrial204 6 210 
Other52 43 95 
Revenue recognized from contracts with customers$1,675 $233 $1,908 
Financing income2 1 3 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,679 $234 $1,913 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $28 million for the three months ended September 30, 2025.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,443 $212 $— $1,655 
Other— — 56 56 
Revenue recognized from contracts with customers$1,443 $212 $56 $1,711 
Leasing income— — 26 26 
Financing income4 1 — 5 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,448 $213 $82 $1,743 
Consumers
Consumers utility revenue
Residential$707 $127 $834 
Commercial486 40 526 
Industrial169 5 174 
Other81 40 121 
Revenue recognized from contracts with customers$1,443 $212 $1,655 
Financing income4 1 5 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$1,448 $213 $1,661 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $15 million for the three months ended September 30, 2024.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,324 $1,665 $— $5,989 
Other— — 182 182 
Revenue recognized from contracts with customers$4,324 $1,665 $182 $6,171 
Leasing income— — 117 117 
Financing income7 5 — 12 
Consumers alternative-revenue programs6 — — 6 
Total operating revenue – CMS Energy$4,337 $1,670 $299 $6,306 
Consumers
Consumers utility revenue
Residential$2,055 $1,146 $3,201 
Commercial1,468 374 1,842 
Industrial576 46 622 
Other225 99 324 
Revenue recognized from contracts with customers$4,324 $1,665 $5,989 
Financing income7 5 12 
Alternative-revenue programs6 — 6 
Total operating revenue – Consumers$4,337 $1,670 $6,007 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 30, 2025
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$3,793 $1,480 $— $5,273 
Other— — 158 158 
Revenue recognized from contracts with customers$3,793 $1,480 $158 $5,431 
Leasing income— — 77 77 
Financing income8 5 — 13 
Consumers alternative-revenue programs5 — — 5 
Total operating revenue – CMS Energy$3,806 $1,485 $235 $5,526 
Consumers
Consumers utility revenue
Residential$1,779 $998 $2,777 
Commercial1,279 311 1,590 
Industrial499 37 536 
Other236 134 370 
Revenue recognized from contracts with customers$3,793 $1,480 $5,273 
Financing income8 5 13 
Alternative-revenue programs5 — 5 
Total operating revenue – Consumers$3,806 $1,485 $5,291 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the nine months ended September 30, 2024.
Consumers Energy Company  
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,675 $233 $— $1,908 
Other— — 67 67 
Revenue recognized from contracts with customers$1,675 $233 $67 $1,975 
Leasing income— — 41 41 
Financing income2 1 — 3 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,679 $234 $108 $2,021 
Consumers
Consumers utility revenue
Residential$842 $139 $981 
Commercial577 45 622 
Industrial204 6 210 
Other52 43 95 
Revenue recognized from contracts with customers$1,675 $233 $1,908 
Financing income2 1 3 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,679 $234 $1,913 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $28 million for the three months ended September 30, 2025.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,443 $212 $— $1,655 
Other— — 56 56 
Revenue recognized from contracts with customers$1,443 $212 $56 $1,711 
Leasing income— — 26 26 
Financing income4 1 — 5 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,448 $213 $82 $1,743 
Consumers
Consumers utility revenue
Residential$707 $127 $834 
Commercial486 40 526 
Industrial169 5 174 
Other81 40 121 
Revenue recognized from contracts with customers$1,443 $212 $1,655 
Financing income4 1 5 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$1,448 $213 $1,661 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $15 million for the three months ended September 30, 2024.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,324 $1,665 $— $5,989 
Other— — 182 182 
Revenue recognized from contracts with customers$4,324 $1,665 $182 $6,171 
Leasing income— — 117 117 
Financing income7 5 — 12 
Consumers alternative-revenue programs6 — — 6 
Total operating revenue – CMS Energy$4,337 $1,670 $299 $6,306 
Consumers
Consumers utility revenue
Residential$2,055 $1,146 $3,201 
Commercial1,468 374 1,842 
Industrial576 46 622 
Other225 99 324 
Revenue recognized from contracts with customers$4,324 $1,665 $5,989 
Financing income7 5 12 
Alternative-revenue programs6 — 6 
Total operating revenue – Consumers$4,337 $1,670 $6,007 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 30, 2025
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$3,793 $1,480 $— $5,273 
Other— — 158 158 
Revenue recognized from contracts with customers$3,793 $1,480 $158 $5,431 
Leasing income— — 77 77 
Financing income8 5 — 13 
Consumers alternative-revenue programs5 — — 5 
Total operating revenue – CMS Energy$3,806 $1,485 $235 $5,526 
Consumers
Consumers utility revenue
Residential$1,779 $998 $2,777 
Commercial1,279 311 1,590 
Industrial499 37 536 
Other236 134 370 
Revenue recognized from contracts with customers$3,793 $1,480 $5,273 
Financing income8 5 13 
Alternative-revenue programs5 — 5 
Total operating revenue – Consumers$3,806 $1,485 $5,291 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the nine months ended September 30, 2024.
v3.25.3
Reportable Segments (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting Information [Line Items]  
Schedule of Financial Information by Reportable Segments
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,679 $234 $108 $2,021 $— $2,021 
Operating expenses
Power supply cost1
624 — 63 687 — 687 
Cost of gas sold— 40 2 42 — 42 
Maintenance and other operating expenses285 103 25 413 3 416 
Depreciation and amortization239 35 14 288 — 288 
General taxes81 23 3 107 — 107 
Total operating expenses1,229 201 107 1,537 3 1,540 
Operating Income (Loss)450 33 1 484 (3)481 
Other income34 22 4 60 2 62 
Interest charges92 53 (1)144 59 203 
Income (Loss) Before Income Taxes392 2 6 400 (60)340 
Income tax expense66 2 — 68 — 68 
Income (Loss) From Continuing Operations326 — 6 332 (60)272 
Other segment items2
— — 5 5 (2)3 
Net Income (Loss) Available to Common Stockholders$326 $— $11 $337 $(62)$275 
Property, plant, and equipment, gross$21,095 
3
$13,890 
3
$1,568 $36,553 $30 $36,583 
Total assets21,917 
3
13,720 
3
2,229 37,866 142 38,008 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,679 $234 $1,913 $— $1,913 
Operating expenses
Power supply cost1
624 — 624 — 624 
Cost of gas sold— 40 40 — 40 
Maintenance and other operating expenses285 103 388 — 388 
Depreciation and amortization239 35 274 — 274 
General taxes81 23 104 — 104 
Total operating expenses1,229 201 1,430 — 1,430 
Operating Income450 33 483 — 483 
Other income34 22 56 (1)55 
Interest charges92 53 145 — 145 
Income (Loss) Before Income Taxes392 2 394 (1)393 
Income tax expense66 2 68 11 79 
Net Income (Loss) Available to Common Stockholder$326 $— $326 $(12)$314 
Property, plant, and equipment, gross$21,095 
2
$13,890 
2
$34,985 $36 $35,021 
Total assets21,972 
2
13,762 
2
35,734 46 35,780 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,448 $213 $82 $1,743 $— $1,743 
Operating expenses
Power supply cost1
515 — 45 560 — 560 
Cost of gas sold— 31 1 32 — 32 
Maintenance and other operating expenses282 99 27 408 4 412 
Depreciation and amortization229 32 12 273 — 273 
General taxes75 20 4 99 — 99 
Total operating expenses1,101 182 89 1,372 4 1,376 
Operating Income (Loss)347 31 (7)371 (4)367 
Other income35 25 3 63 21 84 
Interest charges82 49 2 133 45 178 
Income (Loss) Before Income Taxes300 7 (6)301 (28)273 
Income tax expense (benefit)27 (4)(6)17 9 26 
Income (Loss) From Continuing Operations273 11 — 284 (37)247 
Other segment items2
— — 6 6 (2)4 
Net Income (Loss) Available to Common Stockholders$273 $11 $6 $290 $(39)$251 
Property, plant, and equipment, gross$19,826 
3
$12,840 
3
$1,469 $34,135 $21 $34,156 
Total assets20,222 
3
12,809 
3
1,711 34,742 75 34,817 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,448 $213 $1,661 $— $1,661 
Operating expenses
Power supply cost1
515 — 515 — 515 
Cost of gas sold— 31 31 — 31 
Maintenance and other operating expenses282 99 381 — 381 
Depreciation and amortization229 32 261 — 261 
General taxes75 20 95 — 95 
Total operating expenses1,101 182 1,283 — 1,283 
Operating Income347 31 378 — 378 
Other income35 25 60 — 60 
Interest charges82 49 131 — 131 
Income Before Income Taxes300 7 307 — 307 
Income tax expense (benefit)27 (4)23 11 34 
Net Income (Loss) Available to Common Stockholder$273 $11 $284 $(11)$273 
Property, plant, and equipment, gross$19,826 
2
$12,840 
2
$32,666 $29 $32,695 
Total assets20,279 
2
12,852 
2
33,131 29 33,160 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,337 $1,670 $299 $6,306 $— $6,306 
Operating expenses
Power supply cost1
1,707 — 198 1,905 — 1,905 
Cost of gas sold— 545 4 549 — 549 
Maintenance and other operating expenses806 331 73 1,210 8 1,218 
Depreciation and amortization682 243 39 964 — 964 
General taxes227 142 9 378 — 378 
Total operating expenses3,422 1,261 323 5,006 8 5,014 
Operating Income (Loss)915 409 (24)1,300 (8)1,292 
Other income97 64 7 168 81 249 
Interest charges263 152 (2)413 175 588 
Income (Loss) Before Income Taxes749 321 (15)1,055 (102)953 
Income tax expense (benefit)131 83 (7)207 (14)193 
Income (Loss) From Continuing Operations618 238 (8)848 (88)760 
Other segment items2
(1)— 23 22 (7)15 
Net Income (Loss) Available to Common Stockholders$617 $238 $15 $870 $(95)$775 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,337 $1,670 $6,007 $— $6,007 
Operating expenses
Power supply cost1
1,707 — 1,707 — 1,707 
Cost of gas sold— 545 545 — 545 
Maintenance and other operating expenses806 331 1,137 — 1,137 
Depreciation and amortization682 243 925 — 925 
General taxes227 142 369 — 369 
Total operating expenses3,422 1,261 4,683 — 4,683 
Operating Income915 409 1,324 — 1,324 
Other income97 64 161 — 161 
Interest charges263 152 415 1 416 
Income (Loss) Before Income Taxes749 321 1,070 (1)1,069 
Income tax expense131 83 214 7 221 
Net Income (Loss)618 238 856 (8)848 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$617 $238 $855 $(8)$847 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$3,806 $1,485 $235 $5,526 $— $5,526 
Operating expenses
Power supply cost1
1,408 — 119 1,527 — 1,527 
Cost of gas sold— 447 2 449 — 449 
Maintenance and other operating expenses781 355 73 1,209 9 1,218 
Depreciation and amortization651 226 36 913 1 914 
General taxes214 132 10 356 — 356 
Total operating expenses3,054 1,160 240 4,454 10 4,464 
Operating Income (Loss)752 325 (5)1,072 (10)1,062 
Other income105 70 11 186 97 283 
Interest charges242 143 3 388 140 528 
Income (Loss) Before Income Taxes615 252 3 870 (53)817 
Income tax expense (benefit)74 57 (3)128 (3)125 
Income (Loss) From Continuing Operations541 195 6 742 (50)692 
Other segment items2
(1)— 47 46 (7)39 
Net Income (Loss) Available to Common Stockholders$540 $195 $53 $788 $(57)$731 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$3,806 $1,485 $5,291 $— $5,291 
Operating expenses
Power supply cost1
1,408 — 1,408 — 1,408 
Cost of gas sold— 447 447 — 447 
Maintenance and other operating expenses781 355 1,136 — 1,136 
Depreciation and amortization651 226 877 1 878 
General taxes214 132 346 — 346 
Total operating expenses3,054 1,160 4,214 1 4,215 
Operating Income (Loss)752 325 1,077 (1)1,076 
Other income105 70 175 — 175 
Interest charges242 143 385 1 386 
Income (Loss) Before Income Taxes615 252 867 (2)865 
Income tax expense74 57 131 8 139 
Net Income (Loss)541 195 736 (10)726 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$540 $195 $735 $(10)$725 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Schedule of Financial Information by Reportable Segments
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,679 $234 $108 $2,021 $— $2,021 
Operating expenses
Power supply cost1
624 — 63 687 — 687 
Cost of gas sold— 40 2 42 — 42 
Maintenance and other operating expenses285 103 25 413 3 416 
Depreciation and amortization239 35 14 288 — 288 
General taxes81 23 3 107 — 107 
Total operating expenses1,229 201 107 1,537 3 1,540 
Operating Income (Loss)450 33 1 484 (3)481 
Other income34 22 4 60 2 62 
Interest charges92 53 (1)144 59 203 
Income (Loss) Before Income Taxes392 2 6 400 (60)340 
Income tax expense66 2 — 68 — 68 
Income (Loss) From Continuing Operations326 — 6 332 (60)272 
Other segment items2
— — 5 5 (2)3 
Net Income (Loss) Available to Common Stockholders$326 $— $11 $337 $(62)$275 
Property, plant, and equipment, gross$21,095 
3
$13,890 
3
$1,568 $36,553 $30 $36,583 
Total assets21,917 
3
13,720 
3
2,229 37,866 142 38,008 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,679 $234 $1,913 $— $1,913 
Operating expenses
Power supply cost1
624 — 624 — 624 
Cost of gas sold— 40 40 — 40 
Maintenance and other operating expenses285 103 388 — 388 
Depreciation and amortization239 35 274 — 274 
General taxes81 23 104 — 104 
Total operating expenses1,229 201 1,430 — 1,430 
Operating Income450 33 483 — 483 
Other income34 22 56 (1)55 
Interest charges92 53 145 — 145 
Income (Loss) Before Income Taxes392 2 394 (1)393 
Income tax expense66 2 68 11 79 
Net Income (Loss) Available to Common Stockholder$326 $— $326 $(12)$314 
Property, plant, and equipment, gross$21,095 
2
$13,890 
2
$34,985 $36 $35,021 
Total assets21,972 
2
13,762 
2
35,734 46 35,780 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,448 $213 $82 $1,743 $— $1,743 
Operating expenses
Power supply cost1
515 — 45 560 — 560 
Cost of gas sold— 31 1 32 — 32 
Maintenance and other operating expenses282 99 27 408 4 412 
Depreciation and amortization229 32 12 273 — 273 
General taxes75 20 4 99 — 99 
Total operating expenses1,101 182 89 1,372 4 1,376 
Operating Income (Loss)347 31 (7)371 (4)367 
Other income35 25 3 63 21 84 
Interest charges82 49 2 133 45 178 
Income (Loss) Before Income Taxes300 7 (6)301 (28)273 
Income tax expense (benefit)27 (4)(6)17 9 26 
Income (Loss) From Continuing Operations273 11 — 284 (37)247 
Other segment items2
— — 6 6 (2)4 
Net Income (Loss) Available to Common Stockholders$273 $11 $6 $290 $(39)$251 
Property, plant, and equipment, gross$19,826 
3
$12,840 
3
$1,469 $34,135 $21 $34,156 
Total assets20,222 
3
12,809 
3
1,711 34,742 75 34,817 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,448 $213 $1,661 $— $1,661 
Operating expenses
Power supply cost1
515 — 515 — 515 
Cost of gas sold— 31 31 — 31 
Maintenance and other operating expenses282 99 381 — 381 
Depreciation and amortization229 32 261 — 261 
General taxes75 20 95 — 95 
Total operating expenses1,101 182 1,283 — 1,283 
Operating Income347 31 378 — 378 
Other income35 25 60 — 60 
Interest charges82 49 131 — 131 
Income Before Income Taxes300 7 307 — 307 
Income tax expense (benefit)27 (4)23 11 34 
Net Income (Loss) Available to Common Stockholder$273 $11 $284 $(11)$273 
Property, plant, and equipment, gross$19,826 
2
$12,840 
2
$32,666 $29 $32,695 
Total assets20,279 
2
12,852 
2
33,131 29 33,160 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,337 $1,670 $299 $6,306 $— $6,306 
Operating expenses
Power supply cost1
1,707 — 198 1,905 — 1,905 
Cost of gas sold— 545 4 549 — 549 
Maintenance and other operating expenses806 331 73 1,210 8 1,218 
Depreciation and amortization682 243 39 964 — 964 
General taxes227 142 9 378 — 378 
Total operating expenses3,422 1,261 323 5,006 8 5,014 
Operating Income (Loss)915 409 (24)1,300 (8)1,292 
Other income97 64 7 168 81 249 
Interest charges263 152 (2)413 175 588 
Income (Loss) Before Income Taxes749 321 (15)1,055 (102)953 
Income tax expense (benefit)131 83 (7)207 (14)193 
Income (Loss) From Continuing Operations618 238 (8)848 (88)760 
Other segment items2
(1)— 23 22 (7)15 
Net Income (Loss) Available to Common Stockholders$617 $238 $15 $870 $(95)$775 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,337 $1,670 $6,007 $— $6,007 
Operating expenses
Power supply cost1
1,707 — 1,707 — 1,707 
Cost of gas sold— 545 545 — 545 
Maintenance and other operating expenses806 331 1,137 — 1,137 
Depreciation and amortization682 243 925 — 925 
General taxes227 142 369 — 369 
Total operating expenses3,422 1,261 4,683 — 4,683 
Operating Income915 409 1,324 — 1,324 
Other income97 64 161 — 161 
Interest charges263 152 415 1 416 
Income (Loss) Before Income Taxes749 321 1,070 (1)1,069 
Income tax expense131 83 214 7 221 
Net Income (Loss)618 238 856 (8)848 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$617 $238 $855 $(8)$847 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$3,806 $1,485 $235 $5,526 $— $5,526 
Operating expenses
Power supply cost1
1,408 — 119 1,527 — 1,527 
Cost of gas sold— 447 2 449 — 449 
Maintenance and other operating expenses781 355 73 1,209 9 1,218 
Depreciation and amortization651 226 36 913 1 914 
General taxes214 132 10 356 — 356 
Total operating expenses3,054 1,160 240 4,454 10 4,464 
Operating Income (Loss)752 325 (5)1,072 (10)1,062 
Other income105 70 11 186 97 283 
Interest charges242 143 3 388 140 528 
Income (Loss) Before Income Taxes615 252 3 870 (53)817 
Income tax expense (benefit)74 57 (3)128 (3)125 
Income (Loss) From Continuing Operations541 195 6 742 (50)692 
Other segment items2
(1)— 47 46 (7)39 
Net Income (Loss) Available to Common Stockholders$540 $195 $53 $788 $(57)$731 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$3,806 $1,485 $5,291 $— $5,291 
Operating expenses
Power supply cost1
1,408 — 1,408 — 1,408 
Cost of gas sold— 447 447 — 447 
Maintenance and other operating expenses781 355 1,136 — 1,136 
Depreciation and amortization651 226 877 1 878 
General taxes214 132 346 — 346 
Total operating expenses3,054 1,160 4,214 1 4,215 
Operating Income (Loss)752 325 1,077 (1)1,076 
Other income105 70 175 — 175 
Interest charges242 143 385 1 386 
Income (Loss) Before Income Taxes615 252 867 (2)865 
Income tax expense74 57 131 8 139 
Net Income (Loss)541 195 736 (10)726 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$540 $195 $735 $(10)$725 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
v3.25.3
Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2025
Variable Interest Entities [Abstract]  
Schedule of Variable Interest Entities Presented in the following table is information about the VIEs NorthStar Clean Energy consolidates:
Consolidated VIENorthStar Clean Energy’s ownership interestDescription of VIE
Aviator Wind Equity Holdings
51‑percent ownership interest1
Holds a Class B membership interest in Aviator Wind
Aviator Wind
Class B membership interest2
Holding company of a 525‑MW wind generation project in Coke County, Texas
Delta Solar Equity Holdings
50‑percent ownership interest1
Holding company of a 24-MW solar generation project in Delta Township, Michigan
Newport Solar Holdings
Class B membership interest2
Holding company of a 180‑MW solar generation project in Jackson County, Arkansas
NWO Wind Equity Holdings
50‑percent ownership interest1
Holds a Class B membership interest in NWO Holdco
NWO Holdco
Class B membership interest2
Holding company of a 100‑MW wind generation project in Paulding County, Ohio
1The remaining ownership interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets.
2The Class A membership interest in the entity is held by a tax equity investor and is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets. Under the associated limited liability company agreement, the tax equity investor is guaranteed preferred returns from the entity.
Presented in the following table are the carrying values of the VIEs’ assets and liabilities included on CMS Energy’s consolidated balance sheets:
In Millions
September 30, 2025December 31, 2024
Current
Cash and cash equivalents$19 $18 
Accounts receivable3 4 
Prepayments and other current assets3 3 
Non-current
Plant, property, and equipment, net1,028 1,024 
Other non-current assets6 3 
Total assets1
$1,059 $1,052 
Current
Accounts payable$9 $8 
Accrued taxes1 — 
Non-current
Non-current portion of finance leases24 23 
Asset retirement obligations35 33 
Other non-current liabilities3 — 
Total liabilities$72 $64 
1Assets may be used only to meet VIEs’ obligations and commitments.
Presented in the following table is information about these partnerships:
NameNature of the EntityNature of NorthStar Clean Energy’s Involvement
T.E.S. Filer City Coal-fueled power generatorLong-term PPA between partnership and Consumers
Employee assignment agreement
Grayling Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Genesee Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Craven Wood waste-fueled power generatorOperating and management contract
1Reduced dispatch agreements allow the facilities to be dispatched based on the market price of power compared with the cost of production of the plants. This results in fuel cost savings that each partnership shares with Consumers’ customers.
v3.25.3
Exit Activities and Asset Sales (Tables)
 9 Months Ended
Sep. 30, 2025
Restructuring Cost and Reserve [Line Items]  
Schedule of Retention Benefit Liability Roll Forward
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Nine Months Ended September 3020252024
Retention benefit liability at beginning of period$14 $16 
Costs deferred as a regulatory asset1
4 6 
Retention benefit liability at the end of the period2
$18 $22 
1Includes $1 million for the three months ended September 30, 2025 and $3 million for the three months ended September 30, 2024.
2Includes current portion of other liabilities of $18 million at September 30, 2025 and $9 million at September 30, 2024.
Consumers Energy Company  
Restructuring Cost and Reserve [Line Items]  
Schedule of Retention Benefit Liability Roll Forward
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Nine Months Ended September 3020252024
Retention benefit liability at beginning of period$14 $16 
Costs deferred as a regulatory asset1
4 6 
Retention benefit liability at the end of the period2
$18 $22 
1Includes $1 million for the three months ended September 30, 2025 and $3 million for the three months ended September 30, 2024.
2Includes current portion of other liabilities of $18 million at September 30, 2025 and $9 million at September 30, 2024.
v3.25.3
Regulatory Matters - (Narrative) (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Oct. 31, 2024
May 31, 2024
Sep. 30, 2025
Aug. 20, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Public Utilities, General Disclosures [Line Items]                  
Revenues         $ 2,021   $ 1,743 $ 6,306 $ 5,526
Consumers Energy Company                  
Public Utilities, General Disclosures [Line Items]                  
Revenues         1,913   $ 1,661 6,007 $ 5,291
Consumers Energy Company | J.H. Campbell Generating Units                  
Public Utilities, General Disclosures [Line Items]                  
Financial impact of emergency order $ 27         $ 53      
Revenues 17         $ 67      
Consumers Energy Company | Service Restoration Cost Deferral Application                  
Public Utilities, General Disclosures [Line Items]                  
Regulatory asset $ 54       $ 54     $ 54  
Electric Rate Case                  
Public Utilities, General Disclosures [Line Items]                  
Amended requested annual rate increase     $ 277            
Electric Rate Case | Consumers Energy Company                  
Public Utilities, General Disclosures [Line Items]                  
Requested annual rate increase       $ 325          
Requested annual rate increase, as a percent       10.25%          
Surcharge for the recovery of excess distribution investments   $ 22              
Additional annual rate increase authorized   $ 176              
Rate of return on equity authorized   9.90%              
Electric Rate Case, First Component | Consumers Energy Company                  
Public Utilities, General Disclosures [Line Items]                  
Requested annual rate increase       $ 303          
Electric Rate Case, Second Component | Consumers Energy Company                  
Public Utilities, General Disclosures [Line Items]                  
Surcharge for the recovery of excess distribution investments       $ 22          
v3.25.3
Contingencies and Commitments (Narrative) (Details)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
facility
Dec. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Loss Contingencies [Line Items]      
Environmental Loss Contingency, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag recorded liability    
Regulatory assets $ 3,545   $ 3,569
Consumers Energy Company      
Loss Contingencies [Line Items]      
Regulatory assets 3,545   $ 3,569
Consumers Energy Company | MGP sites      
Loss Contingencies [Line Items]      
Regulatory assets $ 85    
Consumers Energy Company | Ludington      
Loss Contingencies [Line Items]      
Ownership share 51.00%    
Consumers Energy Company | Ludington Plant Overhaul Contract Dispute      
Loss Contingencies [Line Items]      
Damages sought   $ 15  
Estimate of shared costs $ 350    
Bay Harbor      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies $ 47    
Discount rate 4.34%    
Accrual for environmental loss contingencies, inflation rate 1.00%    
Accrual for environmental loss contingencies, gross $ 59    
NREPA | Electric Utility | Consumers Energy Company      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies 4    
NREPA | Minimum | Electric Utility | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 4    
NREPA | Maximum | Electric Utility | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 5    
CERCLA Liability | Consumers Energy Company      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies 3    
CERCLA Liability | Minimum | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 3    
CERCLA Liability | Maximum | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 8    
MGP sites | Consumers Energy Company      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies $ 60    
Number of former MGPs | facility 23    
Regulatory asset collection period 10 years    
v3.25.3
Contingencies and Commitments (Schedule of Remediation and Other Response Activity Costs by Year) (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Consumers Energy Company | MGP sites  
Site Contingency [Line Items]  
2025 $ 0
2026 3
2027 8
2028 25
2029 11
2030 3
Bay Harbor  
Site Contingency [Line Items]  
2025 1
2026 4
2027 4
2028 4
2029 4
2030 $ 4
v3.25.3
Contingencies and Commitments (Summary of Guarantees) (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Variable Interest Entity, Primary Beneficiary | Aviator Wind Equity Holdings  
Guarantees And Other Contingencies [Line Items]  
Ownership percentage 49.00%
Guarantees  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation $ 30
Carrying Amount 0
Guarantees | Consumers Energy Company  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation 30
Carrying Amount 0
Indemnity obligations from sale of membership interests in VIEs  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation 229
Carrying Amount 0
Indemnity obligations from stock and asset sale agreements  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation 152
Carrying Amount $ 0
v3.25.3
Financings and Capitalization (Major Long-Term Debt Issuances and Retirements) (Details) - USD ($)
$ in Millions
 6 Months Ended 9 Months Ended
Jun. 01, 2035
Jun. 30, 2026
Sep. 30, 2025
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     $ 2,414
Repayments of debt     600
Consumers Energy Company      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     1,125
First mortgage bonds | 4.500% First Mortgage Bonds Due January 2031 | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     $ 500
Interest Rate (%)     4.50%
First mortgage bonds | 5.050% First Mortgage Bonds Due May 2035 | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     $ 625
Interest Rate (%)     5.05%
CMS Energy      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     $ 1,110
Repayments of debt     600
CMS Energy | Junior subordinated notes | 6.500% Junior Subordinated Notes Due June 2055      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     $ 1,000
Interest Rate (%)     6.50%
CMS Energy | Junior subordinated notes | 6.500% Junior Subordinated Notes Due June 2055 | Forecast      
Debt Instrument [Line Items]      
Basis spread on variable rate 1.961%    
CMS Energy | Term loan facility | Term Loan Facility Due December 2025      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     $ 110
Repayments of debt     200
CMS Energy | Term loan facility | Term Loan Facility Due September 2025      
Debt Instrument [Line Items]      
Repayments of debt     400
NorthStar Clean Energy, Including Subsidiaries      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     179
NorthStar Clean Energy, Including Subsidiaries | Construction financing agreement | Construction Financing Agreement      
Debt Instrument [Line Items]      
Principal Debt Issuances (In Millions)     $ 179
NorthStar Clean Energy, Including Subsidiaries | Construction financing agreement | Construction Financing Agreement | Forecast      
Debt Instrument [Line Items]      
Term loan maturity   5 years  
v3.25.3
Financings and Capitalization (First Mortgage Bond Purchase) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Instrument [Line Items]        
Payment for purchase of first mortgage bonds     $ 884 $ 789
Interest on long-term debt $ 204 $ 176 590 519
Consumers Energy Company        
Debt Instrument [Line Items]        
Payment for purchase of first mortgage bonds     100 322
Interest on long-term debt 135 123 388 364
First mortgage bonds        
Debt Instrument [Line Items]        
Gain on extinguishment of debt   20 72 90
First mortgage bonds | Consumers Energy Company | Repurchased Debt        
Debt Instrument [Line Items]        
Interest on long-term debt $ 8 5 21 13
First mortgage bonds | Related Party        
Debt Instrument [Line Items]        
Principal (In Millions)   69 184 311
Payment for purchase of first mortgage bonds   $ 49 $ 109 $ 218
v3.25.3
Financings and Capitalization (Schedule of Revolving Credit Facilities) (Details)
 9 Months Ended
Sep. 30, 2025
USD ($)
Consumers Energy Company | Letter of Credit  
Line of Credit Facility [Line Items]  
Borrowings $ 0
Consumers Energy Company | Revolving Credit Facilities December 14, 2027  
Line of Credit Facility [Line Items]  
Amount of Facility 1,100,000,000
Amount Borrowed 0
Letters of Credit Outstanding 10,000,000
Amount Available 1,090,000,000
Consumers Energy Company | Revolving Credit Facilities November 18, 2025  
Line of Credit Facility [Line Items]  
Amount of Facility 250,000,000
Amount Borrowed 0
Letters of Credit Outstanding 112,000,000
Amount Available 138,000,000
Consumers Energy Company | Revolving Credit Facilities March 31, 2028  
Line of Credit Facility [Line Items]  
Amount of Facility 50,000,000
Amount Borrowed 0
Letters of Credit Outstanding 42,000,000
Amount Available 8,000,000
CMS Energy | Revolving Credit Facilities December 14, 2027  
Line of Credit Facility [Line Items]  
Amount of Facility 550,000,000
Amount Borrowed 0
Letters of Credit Outstanding 35,000,000
Amount Available 515,000,000
CMS Energy | Revolving Credit Facilities December 14, 2027 | Letter of Credit  
Line of Credit Facility [Line Items]  
Borrowings 0
CMS Energy | Revolving Credit Facilities September 30, 2026  
Line of Credit Facility [Line Items]  
Amount of Facility 50,000,000
Amount Borrowed 0
Letters of Credit Outstanding 50,000,000
Amount Available 0
NorthStar Clean Energy, Including Subsidiaries | Revolving Credit Facilities May 30, 2028  
Line of Credit Facility [Line Items]  
Amount of Facility 250,000,000
Amount Borrowed 180,000,000
Letters of Credit Outstanding 8,000,000
Amount Available 62,000,000
Equity interests 515,000,000
NorthStar Clean Energy, Including Subsidiaries | Revolving Credit Facilities December 25, 2025  
Line of Credit Facility [Line Items]  
Amount of Facility 37,000,000
Amount Borrowed 0
Letters of Credit Outstanding 37,000,000
Amount Available 0
NorthStar Clean Energy, Including Subsidiaries | Revolving Credit Facilities Upon Completion of Construction Project  
Line of Credit Facility [Line Items]  
Amount of Facility 19,000,000
Amount Borrowed 0
Letters of Credit Outstanding 12,000,000
Amount Available $ 7,000,000
v3.25.3
Financings and Capitalization (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Oct. 30, 2025
Dec. 31, 2024
Sep. 30, 2025
Sep. 30, 2025
Dec. 31, 2023
Financing And Capitalization [Line Items]          
Notes payable   $ 65 $ 0 $ 0  
Limitation on payment of stock dividends     $ 8,600 8,600  
Dividends paid       $ 649  
Stock offering program maximum value         $ 1,000
Number of shares (in shares)     2,100,000    
Initial forward price (in dollars per share)     $ 72.42    
Shares used if elected to settle contracts (in shares)     21,313 21,313  
Cash used if elected to settle contracts     $ 2 $ 2  
Settlement Of Forward Contracts          
Financing And Capitalization [Line Items]          
Shares subject to forward equity sale agreement (in shares)     5,000,000    
Settlement of forward contracts through issuance of stock (in dollars per share)     $ 70.52 $ 70.52  
Issuance of common stock     $ 349    
Settlement Of Forward Contracts | Subsequent Event          
Financing And Capitalization [Line Items]          
Shares subject to forward equity sale agreement (in shares) 2,000,000        
Settlement of forward contracts through issuance of stock (in dollars per share) $ 72.73        
Issuance of common stock $ 147        
Aggregate sales price $ 8        
Consumers Energy Company          
Financing And Capitalization [Line Items]          
Notes payable   65 0 $ 0  
Unrestricted retained earnings     2,500 2,500  
Consumers Energy Company | Credit Agreement | Related Party          
Financing And Capitalization [Line Items]          
Maximum borrowing capacity   $ 500      
Basis spread on variable rate   (0.10%)      
Notes payable     $ 0 $ 0  
NorthStar Clean Energy          
Financing And Capitalization [Line Items]          
Supplier financing program, payment period     135 days 135 days  
Supplier financing program, termination period     30 days 30 days  
NorthStar Clean Energy | NorthStar Clean Energy's Supplier Financing Program          
Financing And Capitalization [Line Items]          
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]     Accounts payable Accounts payable  
Supplier finance obligations     $ 79 $ 79  
Commercial Paper | Consumers Energy Company          
Financing And Capitalization [Line Items]          
Short-term debt authorized borrowings       500  
Short-term borrowings outstanding     $ 0 $ 0  
v3.25.3
Fair Value Measurements (Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Assets    
Restricted cash equivalents $ 70 $ 75
Consumers Energy Company    
Assets    
Restricted cash equivalents 69 75
Fair Value, Inputs, Level 1, 2 and 3    
Assets    
Total assets 183 138
Liabilities    
Total liabilities 39 34
Fair Value, Inputs, Level 1, 2 and 3 | Consumers Energy Company    
Assets    
Total assets 99 102
Liabilities    
Total liabilities 27 25
Fair Value, Inputs, Level 1    
Assets    
Cash equivalents 75 27
Restricted cash equivalents 70 75
Nonqualified deferred compensation plan assets 35 34
Liabilities    
Nonqualified deferred compensation plan liabilities 35 34
Fair Value, Inputs, Level 1 | Consumers Energy Company    
Assets    
Cash equivalents 0 0
Restricted cash equivalents 69 75
Nonqualified deferred compensation plan assets 27 25
Liabilities    
Nonqualified deferred compensation plan liabilities 27 25
Fair Value, Inputs, Level 2 And Level 3    
Assets    
Derivative instruments 3 2
Liabilities    
Derivative instruments 4 0
Fair Value, Inputs, Level 2 And Level 3 | Consumers Energy Company    
Assets    
Derivative instruments 3 2
Liabilities    
Derivative instruments $ 0 $ 0
v3.25.3
Fair Value Measurements - (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Other expense $ 5 $ 4 $ 16 $ 11
Not Designated as Hedging Instrument, Economic Hedge        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Other expense 1   4  
Derivative instruments 4   4  
Not Designated as Hedging Instrument, Economic Hedge | Interest Rate Swap        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Notional amount $ 109   $ 109  
v3.25.3
Financial Instruments (Schedule of Carrying Amounts and Fair Values of Financial Instruments) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Liabilities    
Current accounts receivable and notes receivable $ 3 $ 4
Current portion of long-term debt 1,200 1,200
Current portion of long-term payables 1 2
Carrying Amount    
Assets    
Long-term receivables 7 9
Liabilities    
Long-term debt 17,930 16,386
Long-term payables 8 9
Fair Value    
Assets    
Long-term receivables 6 8
Liabilities    
Long-term debt 16,993 14,876
Long-term payables 8 9
Consumers Energy Company    
Liabilities    
Current accounts receivable and notes receivable 3 4
Current portion of long-term debt 572 452
Consumers Energy Company | Related Party    
Liabilities    
Notes receivable 7 7
Consumers Energy Company | Carrying Amount    
Assets    
Long-term receivables 7 9
Notes receivable related party 91 94
Liabilities    
Long-term payables 2 4
Consumers Energy Company | Carrying Amount | Nonrelated Party    
Liabilities    
Long-term debt 12,109 11,270
Consumers Energy Company | Carrying Amount | Related Party    
Liabilities    
Long-term debt 1,005 823
Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 6 8
Notes receivable related party 91 94
Liabilities    
Long-term payables 2 4
Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 11,132 9,940
Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 674 549
Level 1 | Fair Value    
Assets    
Long-term receivables 0 0
Liabilities    
Long-term debt 2,111 1,018
Long-term payables 0 0
Level 1 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 0 0
Notes receivable related party 0 0
Liabilities    
Long-term payables 0 0
Level 1 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 0 0
Level 1 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 0 0
Level 2 | Fair Value    
Assets    
Long-term receivables 0 0
Liabilities    
Long-term debt 12,932 11,952
Long-term payables 0 0
Level 2 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 0 0
Notes receivable related party 0 0
Liabilities    
Long-term payables 0 0
Level 2 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 9,182 8,034
Level 2 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 674 549
Level 3 | Fair Value    
Assets    
Long-term receivables 6 8
Liabilities    
Long-term debt 1,950 1,906
Long-term payables 8 9
Level 3 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 6 8
Notes receivable related party 91 94
Liabilities    
Long-term payables 2 4
Level 3 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 1,950 1,906
Level 3 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt $ 0 $ 0
v3.25.3
Financial Instruments (Narrative) (Details)
Sep. 30, 2025
Consumers Energy Company | CMS Energy Note Payable  
Financial Instruments [Line Items]  
Interest Rate (%) 4.10%
v3.25.3
Retirement Benefits (Schedule of Net Benefit Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
DB Pension Plans        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost $ 6 $ 7 $ 19 $ 21
Interest cost 27 26 81 78
Expected return on plan assets (57) (58) (171) (176)
Amortization of:        
Net loss 3 3 8 9
Prior service cost (credit) 1 1 3 3
Settlement loss 3 3 8 8
Net periodic credit (17) (18) (52) (57)
DB Pension Plans | Consumers Energy Company        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost 6 7 18 20
Interest cost 26 25 77 74
Expected return on plan assets (54) (56) (162) (166)
Amortization of:        
Net loss 2 3 7 8
Prior service cost (credit) 1 1 3 3
Settlement loss 3 3 8 8
Net periodic credit (16) (17) (49) (53)
OPEB Plan        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost 2 2 6 8
Interest cost 10 10 32 32
Expected return on plan assets (27) (28) (83) (86)
Amortization of:        
Net loss 0 1 2 3
Prior service cost (credit) (8) (7) (25) (23)
Settlement loss 0 0 0 0
Net periodic credit (23) (22) (68) (66)
OPEB Plan | Consumers Energy Company        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost 2 2 6 8
Interest cost 11 11 32 31
Expected return on plan assets (26) (26) (78) (80)
Amortization of:        
Net loss 0 1 2 3
Prior service cost (credit) (8) (8) (25) (23)
Settlement loss 0 0 0 0
Net periodic credit $ (21) $ (20) $ (63) $ (61)
v3.25.3
Retirement Benefits (Narrative) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
DB Pension Plans | Volatility Mechanism    
Defined Benefit Plan Disclosure [Line Items]    
Deferred credits (costs)   $ 12
DB Pension Plans | Volatility Mechanism    
Defined Benefit Plan Disclosure [Line Items]    
Deferred credits (costs) $ (1)  
OPEB Plan | Volatility Mechanism    
Defined Benefit Plan Disclosure [Line Items]    
Deferred credits (costs) $ 7 $ 8
v3.25.3
Income Taxes (Schedule of Effective Income Rate Reconciliation) (Details) - USD ($)
$ in Millions
 1 Months Ended 9 Months Ended
Jun. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Taxes [Line Items]        
U.S. federal income tax rate     21.00% 21.00%
Increase (decrease) in income taxes from:        
State and local income taxes, net of federal effect     7.20% 5.40%
Renewable energy tax credits     (5.70%) (6.30%)
TCJA excess deferred taxes     (3.50%) (3.80%)
Deferred tax adjustment     0.00% (1.90%)
Taxes attributable to noncontrolling interests     1.20% 1.10%
Other, net     0.10% (0.20%)
Effective tax rate     20.30% 15.30%
Consumers Energy Company        
Income Taxes [Line Items]        
U.S. federal income tax rate     21.00% 21.00%
Increase (decrease) in income taxes from:        
State and local income taxes, net of federal effect     6.50% 5.00%
Renewable energy tax credits     (3.60%) (4.40%)
TCJA excess deferred taxes     (3.00%) (3.50%)
Deferred tax adjustment     0.00% (1.80%)
Other, net     (0.20%) (0.20%)
Effective tax rate     20.70% 16.10%
Change in tax policy $ 12      
Consumers Energy Company | Tax Year 2018 And 2019        
Increase (decrease) in income taxes from:        
Income tax benefit from statutory time limit expiration   $ 16    
v3.25.3
Earnings Per Share - CMS Energy (Basic And Diluted EPS Computations) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income available to common stockholders        
Income from continuing operations $ 272 $ 247 $ 760 $ 692
Loss attributable to noncontrolling interests (5) (6) (22) (46)
Preferred stock dividends 2 2 7 7
Income from continuing operations available to common stockholders – basic and diluted $ 275 $ 251 $ 775 $ 731
Average common shares outstanding        
Weighted average shares - basic (in shares) 299.7 298.0 298.8 297.5
Dilutive nonvested stock awards (in shares) 0.6 0.8 0.6 0.7
Dilutive forward equity sale contracts (in shares) 0.1 0.0 0.0 0.0
Weighted average shares - diluted (in shares) 300.4 298.8 299.4 298.2
Income from continuing operations per average common share available to common stockholders        
Basic (in dollars per share) $ 0.92 $ 0.84 $ 2.59 $ 2.45
Diluted (in dollars per share) $ 0.92 $ 0.84 $ 2.59 $ 2.45
v3.25.3
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers $ 1,975 $ 1,711 $ 6,171 $ 5,431
Leasing income 41 26 117 77
Financing income 3 5 12 13
Total operating revenue 2,021 1,743 6,306 5,526
Operating Segments        
Disaggregation of Revenue [Line Items]        
Total operating revenue 2,021 1,743 6,306 5,526
Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,675 1,443 4,324 3,793
Financing income 2 4 7 8
Total operating revenue 1,679 1,448 4,337 3,806
Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 233 212 1,665 1,480
Financing income 1 1 5 5
Total operating revenue 234 213 1,670 1,485
NorthStar Clean Energy | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 67 56 182 158
Leasing income 41 26 117 77
Total operating revenue 108 82 299 235
Variable lease income 28 15    
NorthStar Clean Energy | Operating Segments | Power Sales Agreement        
Disaggregation of Revenue [Line Items]        
Variable lease income     82 44
Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,908 1,655 5,989 5,273
Financing income 3 5 12 13
Alternative-revenue programs 2 1 6 5
Total operating revenue 1,913 1,661 6,007 5,291
Consumers Energy Company | Operating Segments        
Disaggregation of Revenue [Line Items]        
Total operating revenue 1,913 1,661 6,007 5,291
Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,675 1,443 4,324 3,793
Financing income 2 4 7 8
Alternative-revenue programs 2 1 6 5
Total operating revenue 1,679 1,448 4,337 3,806
Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 233 212 1,665 1,480
Financing income 1 1 5 5
Alternative-revenue programs 0 0 0 0
Total operating revenue 234 213 1,670 1,485
Residential | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 981 834 3,201 2,777
Residential | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 842 707 2,055 1,779
Residential | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 139 127 1,146 998
Commercial | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 622 526 1,842 1,590
Commercial | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 577 486 1,468 1,279
Commercial | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 45 40 374 311
Industrial | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 210 174 622 536
Industrial | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 204 169 576 499
Industrial | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 6 5 46 37
Other        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 67 56 182 158
Other | NorthStar Clean Energy | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 67 56 182 158
Other | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 95 121 324 370
Other | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 52 81 225 236
Other | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers $ 43 $ 40 $ 99 $ 134
v3.25.3
Revenue (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Disaggregation of Revenue [Line Items]          
Bad debt expense $ 10 $ 7 $ 30 $ 24  
Unbilled receivables 381   381   $ 584
Consumers Energy Company          
Disaggregation of Revenue [Line Items]          
Bad debt expense 10 $ 7 30 $ 24  
Unbilled receivables $ 381   $ 381   $ 584
v3.25.3
Reportable Segments (Schedule of Financial Information by Reportable Segments, CMS Energy, including Consumers) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Operating Revenue $ 2,021 $ 1,743 $ 6,306 $ 5,526  
Power supply cost 687 560 1,905 1,527  
Maintenance and other operating expenses 416 412 1,218 1,218  
Depreciation and amortization 288 273 964 914  
General taxes 107 99 378 356  
Total operating expenses 1,540 1,376 5,014 4,464  
Operating Income 481 367 1,292 1,062  
Total other income 62 84 249 283  
Total interest charges 203 178 588 528  
Income (Loss) Before Income Taxes 340 273 953 817  
Income tax expense (benefit) 68 26 193 125  
Income from continuing operations 272 247 760 692  
Other segment items 3 4 15 39  
Net Income (Loss) Available to Common Stockholders 275 251 775 731  
Plant, property, and equipment, gross 36,583 34,156 36,583 34,156 $ 34,932
Total assets 38,008 34,817 38,008 34,817 $ 35,920
Cost of gas sold          
Segment Reporting Information [Line Items]          
Cost of gas sold 42 32 549 449  
Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 2,021 1,743 6,306 5,526  
Power supply cost 687 560 1,905 1,527  
Maintenance and other operating expenses 413 408 1,210 1,209  
Depreciation and amortization 288 273 964 913  
General taxes 107 99 378 356  
Total operating expenses 1,537 1,372 5,006 4,454  
Operating Income 484 371 1,300 1,072  
Total other income 60 63 168 186  
Total interest charges 144 133 413 388  
Income (Loss) Before Income Taxes 400 301 1,055 870  
Income tax expense (benefit) 68 17 207 128  
Income from continuing operations 332 284 848 742  
Other segment items 5 6 22 46  
Net Income (Loss) Available to Common Stockholders 337 290 870 788  
Plant, property, and equipment, gross 36,553 34,135 36,553 34,135  
Total assets 37,866 34,742 37,866 34,742  
Operating Segments | Cost of gas sold          
Segment Reporting Information [Line Items]          
Cost of gas sold 42 32 549 449  
Other Reconciling Items          
Segment Reporting Information [Line Items]          
Operating Revenue 0 0 0 0  
Power supply cost 0 0 0 0  
Maintenance and other operating expenses 3 4 8 9  
Depreciation and amortization 0 0 0 1  
General taxes 0 0 0 0  
Total operating expenses 3 4 8 10  
Operating Income (3) (4) (8) (10)  
Total other income 2 21 81 97  
Total interest charges 59 45 175 140  
Income (Loss) Before Income Taxes (60) (28) (102) (53)  
Income tax expense (benefit) 0 9 (14) (3)  
Income from continuing operations (60) (37) (88) (50)  
Other segment items (2) (2) (7) (7)  
Net Income (Loss) Available to Common Stockholders (62) (39) (95) (57)  
Plant, property, and equipment, gross 30 21 30 21  
Total assets 142 75 142 75  
Other Reconciling Items | Cost of gas sold          
Segment Reporting Information [Line Items]          
Cost of gas sold 0 0 0 0  
Electric Utility | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 1,679 1,448 4,337 3,806  
Power supply cost 624 515 1,707 1,408  
Maintenance and other operating expenses 285 282 806 781  
Depreciation and amortization 239 229 682 651  
General taxes 81 75 227 214  
Total operating expenses 1,229 1,101 3,422 3,054  
Operating Income 450 347 915 752  
Total other income 34 35 97 105  
Total interest charges 92 82 263 242  
Income (Loss) Before Income Taxes 392 300 749 615  
Income tax expense (benefit) 66 27 131 74  
Income from continuing operations 326 273 618 541  
Other segment items 0 0 (1) (1)  
Net Income (Loss) Available to Common Stockholders 326 273 617 540  
Plant, property, and equipment, gross 21,095 19,826 21,095 19,826  
Total assets 21,917 20,222 21,917 20,222  
Electric Utility | Operating Segments | Cost of gas sold          
Segment Reporting Information [Line Items]          
Cost of gas sold 0 0 0 0  
Gas Utility | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 234 213 1,670 1,485  
Power supply cost 0 0 0 0  
Maintenance and other operating expenses 103 99 331 355  
Depreciation and amortization 35 32 243 226  
General taxes 23 20 142 132  
Total operating expenses 201 182 1,261 1,160  
Operating Income 33 31 409 325  
Total other income 22 25 64 70  
Total interest charges 53 49 152 143  
Income (Loss) Before Income Taxes 2 7 321 252  
Income tax expense (benefit) 2 (4) 83 57  
Income from continuing operations 0 11 238 195  
Other segment items 0 0 0 0  
Net Income (Loss) Available to Common Stockholders 0 11 238 195  
Plant, property, and equipment, gross 13,890 12,840 13,890 12,840  
Total assets 13,720 12,809 13,720 12,809  
Gas Utility | Operating Segments | Cost of gas sold          
Segment Reporting Information [Line Items]          
Cost of gas sold 40 31 545 447  
NorthStar Clean Energy | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 108 82 299 235  
Power supply cost 63 45 198 119  
Maintenance and other operating expenses 25 27 73 73  
Depreciation and amortization 14 12 39 36  
General taxes 3 4 9 10  
Total operating expenses 107 89 323 240  
Operating Income 1 (7) (24) (5)  
Total other income 4 3 7 11  
Total interest charges (1) 2 (2) 3  
Income (Loss) Before Income Taxes 6 (6) (15) 3  
Income tax expense (benefit) 0 (6) (7) (3)  
Income from continuing operations 6 0 (8) 6  
Other segment items 5 6 23 47  
Net Income (Loss) Available to Common Stockholders 11 6 15 53  
Plant, property, and equipment, gross 1,568 1,469 1,568 1,469  
Total assets 2,229 1,711 2,229 1,711  
NorthStar Clean Energy | Operating Segments | Cost of gas sold          
Segment Reporting Information [Line Items]          
Cost of gas sold $ 2 $ 1 $ 4 $ 2  
v3.25.3
Reportable Segments (Schedule of Financial Information by Reportable Segments, Consumers) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]          
Operating Revenue $ 2,021 $ 1,743 $ 6,306 $ 5,526  
Power supply cost 687 560 1,905 1,527  
Operating Income 481 367 1,292 1,062  
Total other income 62 84 249 283  
Total interest charges 203 178 588 528  
Income (Loss) Before Income Taxes 340 273 953 817  
Income Tax Expense 68 26 193 125  
Net Income 277 253 782 738  
Other segment items 3 4 15 39  
Net Income (Loss) Available to Common Stockholders 275 251 775 731  
Total assets 38,008 34,817 38,008 34,817 $ 35,920
Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 1,913 1,661 6,007 5,291  
Power supply cost 624 515 1,707 1,408  
Cost of gas sold 40 31 545 447  
Maintenance and other operating expenses 388 381 1,137 1,136  
Depreciation and amortization 274 261 925 878  
General taxes 104 95 369 346  
Total operating expenses 1,430 1,283 4,683 4,215  
Operating Income 483 378 1,324 1,076  
Total other income 55 60 161 175  
Total interest charges 145 131 416 386  
Income (Loss) Before Income Taxes 393 307 1,069 865  
Income Tax Expense 79 34 221 139  
Net Income 314 273 848 726  
Other segment items     (1) (1)  
Net Income (Loss) Available to Common Stockholders 314 273 847 725  
Property, plant, and equipment, gross 35,021 32,695 35,021 32,695 33,434
Total assets 35,780 33,160 35,780 33,160 $ 34,088
Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 2,021 1,743 6,306 5,526  
Power supply cost 687 560 1,905 1,527  
Operating Income 484 371 1,300 1,072  
Total other income 60 63 168 186  
Total interest charges 144 133 413 388  
Income (Loss) Before Income Taxes 400 301 1,055 870  
Income Tax Expense 68 17 207 128  
Other segment items 5 6 22 46  
Net Income (Loss) Available to Common Stockholders 337 290 870 788  
Total assets 37,866 34,742 37,866 34,742  
Operating Segments | Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 1,913 1,661 6,007 5,291  
Power supply cost 624 515 1,707 1,408  
Cost of gas sold 40 31 545 447  
Maintenance and other operating expenses 388 381 1,137 1,136  
Depreciation and amortization 274 261 925 877  
General taxes 104 95 369 346  
Total operating expenses 1,430 1,283 4,683 4,214  
Operating Income 483 378 1,324 1,077  
Total other income 56 60 161 175  
Total interest charges 145 131 415 385  
Income (Loss) Before Income Taxes 394 307 1,070 867  
Income Tax Expense 68 23 214 131  
Net Income     856 736  
Other segment items     (1) (1)  
Net Income (Loss) Available to Common Stockholders 326 284 855 735  
Property, plant, and equipment, gross 34,985 32,666 34,985 32,666  
Total assets 35,734 33,131 35,734 33,131  
Operating Segments | Electric Utility          
Segment Reporting Information [Line Items]          
Operating Revenue 1,679 1,448 4,337 3,806  
Power supply cost 624 515 1,707 1,408  
Operating Income 450 347 915 752  
Total other income 34 35 97 105  
Total interest charges 92 82 263 242  
Income (Loss) Before Income Taxes 392 300 749 615  
Income Tax Expense 66 27 131 74  
Other segment items 0 0 (1) (1)  
Net Income (Loss) Available to Common Stockholders 326 273 617 540  
Total assets 21,917 20,222 21,917 20,222  
Operating Segments | Electric Utility | Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 1,679 1,448 4,337 3,806  
Power supply cost 624 515 1,707 1,408  
Cost of gas sold 0 0 0 0  
Maintenance and other operating expenses 285 282 806 781  
Depreciation and amortization 239 229 682 651  
General taxes 81 75 227 214  
Total operating expenses 1,229 1,101 3,422 3,054  
Operating Income 450 347 915 752  
Total other income 34 35 97 105  
Total interest charges 92 82 263 242  
Income (Loss) Before Income Taxes 392 300 749 615  
Income Tax Expense 66 27 131 74  
Net Income     618 541  
Other segment items     (1) (1)  
Net Income (Loss) Available to Common Stockholders 326 273 617 540  
Property, plant, and equipment, gross 21,095 19,826 21,095 19,826  
Total assets 21,972 20,279 21,972 20,279  
Operating Segments | Gas Utility          
Segment Reporting Information [Line Items]          
Operating Revenue 234 213 1,670 1,485  
Power supply cost 0 0 0 0  
Operating Income 33 31 409 325  
Total other income 22 25 64 70  
Total interest charges 53 49 152 143  
Income (Loss) Before Income Taxes 2 7 321 252  
Income Tax Expense 2 (4) 83 57  
Other segment items 0 0 0 0  
Net Income (Loss) Available to Common Stockholders 0 11 238 195  
Total assets 13,720 12,809 13,720 12,809  
Operating Segments | Gas Utility | Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 234 213 1,670 1,485  
Power supply cost 0 0 0 0  
Cost of gas sold 40 31 545 447  
Maintenance and other operating expenses 103 99 331 355  
Depreciation and amortization 35 32 243 226  
General taxes 23 20 142 132  
Total operating expenses 201 182 1,261 1,160  
Operating Income 33 31 409 325  
Total other income 22 25 64 70  
Total interest charges 53 49 152 143  
Income (Loss) Before Income Taxes 2 7 321 252  
Income Tax Expense 2 (4) 83 57  
Net Income     238 195  
Other segment items     0 0  
Net Income (Loss) Available to Common Stockholders 0 11 238 195  
Property, plant, and equipment, gross 13,890 12,840 13,890 12,840  
Total assets 13,762 12,852 13,762 12,852  
Other Reconciling Items          
Segment Reporting Information [Line Items]          
Operating Revenue 0 0 0 0  
Power supply cost 0 0 0 0  
Operating Income (3) (4) (8) (10)  
Total other income 2 21 81 97  
Total interest charges 59 45 175 140  
Income (Loss) Before Income Taxes (60) (28) (102) (53)  
Income Tax Expense 0 9 (14) (3)  
Other segment items (2) (2) (7) (7)  
Net Income (Loss) Available to Common Stockholders (62) (39) (95) (57)  
Total assets 142 75 142 75  
Other Reconciling Items | Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 0 0 0 0  
Power supply cost 0 0 0 0  
Cost of gas sold 0 0 0 0  
Maintenance and other operating expenses 0 0 0 0  
Depreciation and amortization 0 0 0 1  
General taxes 0 0 0 0  
Total operating expenses 0 0 0 1  
Operating Income 0 0 0 (1)  
Total other income (1) 0 0 0  
Total interest charges 0 0 1 1  
Income (Loss) Before Income Taxes (1) 0 (1) (2)  
Income Tax Expense 11 11 7 8  
Net Income     (8) (10)  
Other segment items     0 0  
Net Income (Loss) Available to Common Stockholders (12) (11) (8) (10)  
Property, plant, and equipment, gross 36 29 36 29  
Total assets $ 46 $ 29 $ 46 $ 29  
v3.25.3
Variable Interest Entities (Narrative) (Details)
$ in Millions
 1 Months Ended 9 Months Ended
Mar. 31, 2025
USD ($)
MW
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Variable Interest Entity [Line Items]        
Proceeds from the sale of membership interests in VIEs   $ 44 $ 0  
Securitization bonds        
Variable Interest Entity [Line Items]        
Total principal amount outstanding   600   $ 700
Variable Interest Entity, Primary Beneficiary        
Variable Interest Entity [Line Items]        
Regulatory asset   580   666
Variable Interest Entity, Not Primary Beneficiary        
Variable Interest Entity [Line Items]        
Investments   $ 59   $ 64
Variable Interest Entity, Not Primary Beneficiary | T.E.S. Filer City        
Variable Interest Entity [Line Items]        
Ownership interest   50.00%    
Variable Interest Entity, Not Primary Beneficiary | Grayling        
Variable Interest Entity [Line Items]        
Ownership interest   50.00%    
Variable Interest Entity, Not Primary Beneficiary | Genesee        
Variable Interest Entity [Line Items]        
Ownership interest   50.00%    
Variable Interest Entity, Not Primary Beneficiary | Craven        
Variable Interest Entity [Line Items]        
Ownership interest   50.00%    
NWO Wind Equity Holdings        
Variable Interest Entity [Line Items]        
Proceeds from the sale of membership interests in VIEs $ 36      
NWO Wind Equity Holdings | Variable Interest Entity, Primary Beneficiary        
Variable Interest Entity [Line Items]        
Ownership interest 50.00%      
NWO Holdco | Variable Interest Entity, Primary Beneficiary        
Variable Interest Entity [Line Items]        
Nameplate capacity (in MW) | MW 100      
Delta Township, Michigan, Solar Project        
Variable Interest Entity [Line Items]        
Proceeds from the sale of membership interests in VIEs $ 8      
Delta Township, Michigan, Solar Project | Variable Interest Entity, Primary Beneficiary        
Variable Interest Entity [Line Items]        
Ownership interest 50.00%      
Nameplate capacity (in MW) | MW 24      
v3.25.3
Variable Interest Entities (Summary of VIE Information) (Details) - Variable Interest Entity, Primary Beneficiary - MW
 1 Months Ended 9 Months Ended
Mar. 31, 2025
Sep. 30, 2025
Delta Township, Michigan, Solar Project    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
Nameplate capacity (in MW) 24  
Newport Solar Holdings    
Variable Interest Entity [Line Items]    
Nameplate capacity (in MW)   180
NWO Wind Equity Holdings    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
NWO Holdco    
Variable Interest Entity [Line Items]    
Nameplate capacity (in MW) 100  
Aviator Wind Equity Holdings    
Variable Interest Entity [Line Items]    
Ownership interest   51.00%
Aviator Wind    
Variable Interest Entity [Line Items]    
Nameplate capacity (in MW)   525
v3.25.3
Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Variable Interest Entity [Line Items]      
Cash and cash equivalents $ 362 $ 103  
Prepayments and other current assets 98 103  
Plant, property, and equipment, net 29,690 27,461  
Other non-current assets 202 384  
Total Assets 38,008 35,920 $ 34,817
Accrued taxes 200 654  
Non-current portion of finance leases 137 112  
Asset retirement obligations 731 728  
Other non‑current liabilities 396 407  
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Cash and cash equivalents 19 18  
Accounts receivable 3 4  
Prepayments and other current assets 3 3  
Plant, property, and equipment, net 1,028 1,024  
Other non-current assets 6 3  
Total Assets 1,059 1,052  
Accounts payable 9 8  
Accrued taxes 1 0  
Non-current portion of finance leases 24 23  
Asset retirement obligations 35 33  
Other non‑current liabilities 3 0  
Total liabilities $ 72 $ 64  
v3.25.3
Exit Activities and Asset Sales (Narrative) (Details)
$ in Millions
 1 Months Ended
Sep. 30, 2025
USD ($)
facility
Restructuring Cost and Reserve [Line Items]  
Facilities agreed to sell | facility 13
Duration of purchase agreement 30 years
Required filing, period post signing 60 days
Minimum  
Restructuring Cost and Reserve [Line Items]  
Expected duration of review 12 months
Maximum  
Restructuring Cost and Reserve [Line Items]  
Expected duration of review 18 months
Retention Benefits | D.E. Karn Generating Complex and J.H. Campbell Generating Units | Retention Incentive Program  
Restructuring Cost and Reserve [Line Items]  
Regulatory asset collection period 3 years
Retention Benefits | J.H. Campbell Generating Units  
Restructuring Cost and Reserve [Line Items]  
Expected cost $ 48
Retention Benefits | J.H. Campbell Generating Units | Retention Incentive Program  
Restructuring Cost and Reserve [Line Items]  
Cumulative deferred costs $ 47
v3.25.3
Exit Activities and Asset Sales (Schedule of Retention Benefit Liability Roll Forward) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Restructuring Reserve [Roll Forward]          
Other current liabilities $ 239   $ 239   $ 209
Retention Benefits          
Restructuring Reserve [Roll Forward]          
Retention benefit liability at beginning of period     14 $ 16  
Costs deferred as a regulatory asset 1 $ 3 4 6  
Retention benefit liability at the end of the period 18 22 18 22  
Other current liabilities $ 18 $ 9 $ 18 $ 9