CMS ENERGY CORP, 10-Q filed on 4/28/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
Apr. 13, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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   308,919,602
Entity Central Index Key 0000811156  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
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: $4.50 Series  
Trading Symbol CMS-PB  
Security Exchange Name NYSE  
v3.26.1
CMS Energy Corporation Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Revenue $ 2,730 $ 2,447
Operating Expenses    
Fuel for electric generation 220 217
Purchased power – related parties 20 18
Maintenance and other operating expenses 448 405
Depreciation and amortization 412 388
General taxes 173 162
Total operating expenses 2,240 1,953
Operating Income 490 494
Other Income (Expense)    
Non-operating retirement benefits, net 51 42
Other income 28 14
Other expense (4) (6)
Total other income 75 50
Interest Charges    
Interest on long-term debt 209 187
Allowance for borrowed funds used during construction (8) (3)
Total interest charges 203 186
Income (Loss) Before Income Taxes 362 358
Income tax expense 85 63
Net Income 277 295
Loss Attributable to Noncontrolling Interests (63) (9)
Net Income 340 304
Preferred Stock Dividends 2 2
Net Income (Loss) Available to Common Stockholders $ 338 $ 302
Basic Earnings Per Average Common Share    
Basic Earnings Per Average Common Share (in dollars per share) $ 1.10 $ 1.01
Diluted Earnings Per Average Common Share (in dollars per share) $ 1.10 $ 1.01
Related Party    
Interest Charges    
Interest expense, other $ 3 $ 3
Nonrelated Party    
Interest Charges    
Other interest expense (1) (1)
Purchased and interchange power    
Operating Expenses    
Cost of goods and services sold 451 380
Cost of gas sold    
Operating Expenses    
Cost of goods and services sold $ 516 $ 383
v3.26.1
CMS Energy Corporation Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net Income $ 277 $ 295
Retirement Benefits Liability    
Amortization of net actuarial loss 1 0
Other Comprehensive Income 1 0
Comprehensive Income 278 295
Comprehensive Loss Attributable to Noncontrolling Interests (63) (9)
Comprehensive Income $ 341 $ 304
v3.26.1
CMS Energy Corporation Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Amortization of net actuarial loss, tax $ 0 $ 0
v3.26.1
CMS Energy Corporation Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities    
Net Income $ 277 $ 295
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 412 388
Deferred income taxes and investment tax credits 82 60
Other non‑cash operating activities and reconciling adjustments (55) (46)
Changes in assets and liabilities    
Accounts receivable and accrued revenue (24) (5)
Inventories 148 190
Accounts payable and accrued rate refunds (137) 13
Other current assets and liabilities (63) 41
Other non‑current assets and liabilities 65 64
Net cash provided by operating activities 705 1,000
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (1,039) (888)
Cost to retire property and other investing activities (34) (30)
Net cash used in investing activities (1,073) (918)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 258 1,200
Retirement of debt (204) (717)
Decrease in notes payable 0 (65)
Issuance of common stock 166 3
Payment of dividends on common and preferred stock (178) (166)
Other financing costs (26) (33)
Net cash provided by financing activities 16 266
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts (352) 348
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 615 178
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 263 526
Non‑cash transactions    
Capital expenditures not paid 601 315
Deemed contribution from sale of membership interest 82 0
Class B Membership    
Cash Flows from Financing Activities    
Proceeds from the sale of membership interests in VIEs $ 0 $ 44
v3.26.1
CMS Energy Corporation Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current Assets    
Cash and cash equivalents $ 175 $ 509
Restricted cash and cash equivalents 88 106
Inventories at average cost    
Gas in underground storage 257 427
Materials and supplies 338 329
Generating plant fuel stock 47 35
Deferred property taxes 385 479
Regulatory assets 94 104
Prepayments and other current assets 225 160
Total current assets 3,025 3,472
Plant, Property, and Equipment    
Plant, property, and equipment, gross 38,323 37,763
Less accumulated depreciation and amortization 10,384 10,135
Plant, property, and equipment, net 27,939 27,628
Construction work in progress 3,594 3,052
Total plant, property, and equipment 31,533 30,680
Other Non‑current Assets    
Regulatory assets 3,298 3,355
Accounts receivable 18 18
Investments 65 61
Postretirement benefits 2,005 1,957
Other 341 398
Total other non‑current assets 5,727 5,789
Total Assets 40,285 39,941
Current Liabilities    
Current portion of long-term debt and finance leases 1,360 956
Accrued rate refunds 0 28
Accrued interest 207 182
Accrued taxes 516 708
Regulatory liabilities 87 85
Other current liabilities 184 185
Total current liabilities 3,592 3,548
Non‑current Liabilities    
Long-term debt 17,456 17,807
Non-current portion of finance leases 262 135
Regulatory liabilities 4,154 4,091
Postretirement benefits 94 95
AROs 797 792
Deferred investment tax credit 117 118
Deferred income taxes 3,345 3,252
Other non‑current liabilities 417 392
Total non‑current liabilities 26,642 26,682
Commitments and Contingencies (Notes 2, 3, and 8)
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 6,669 6,510
Accumulated other comprehensive loss (35) (36)
Retained earnings 2,605 2,443
Total common stockholders’ equity 9,242 8,920
Cumulative redeemable perpetual preferred stock 224 224
Total stockholders’ equity 9,466 9,144
Noncontrolling interests 585 567
Total equity 10,051 9,711
Total Liabilities and Equity 40,285 39,941
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $32 in 2026 and $27 in 2025 1,402 1,306
Current Liabilities    
Accounts payable 1,231 1,395
Related Party    
Current Assets    
Accounts receivable – related parties 14 17
Current Liabilities    
Accounts payable $ 7 $ 9
v3.26.1
CMS Energy Corporation Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2026
Dec. 31, 2025
Accounts receivable and accrued revenue, allowance $ 32 $ 27
Common Stock Shares Issued Not Disclosed true true
Common stock authorized (in shares) 350.0 350.0
Common stock outstanding (in shares) 308.9 306.4
Series C Preferred Stock Depositary Shares    
Preferred stock authorized (in shares) 9.2 9.2
Preferred stock outstanding (in shares) 9.2 9.2
v3.26.1
CMS Energy Corporation Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retirement benefits liability
Retained Earnings
Cumulative Redeemable Perpetual Preferred Stock, Series C
Noncontrolling Interests
Noncontrolling Interests
Class B Membership
Noncontrolling Interests
Class A - Tax Equity Membership
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     12              
Common stock repurchased     (12)              
Sale of membership interests in VIEs     (34)           $ 78 $ 0
Amortization of net actuarial loss 0       0          
Net income (loss) 295         304   (9)    
Dividends declared on common stock           (163)        
Dividends declared on preferred stock           (2)        
Other changes in noncontrolling interests               1    
Total Equity at End of Period at Mar. 31, 2025 $ 8,923 3 5,975 $ (41)   2,174 224 588    
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                  
Total Equity at Beginning of Period at Dec. 31, 2025 $ 9,711 3 6,510   (36) 2,443 224 567    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Common stock issued     172              
Common stock repurchased     (13)              
Sale of membership interests in VIEs     0           $ 0 $ 82
Amortization of net actuarial loss 1       $ 1          
Net income (loss) 277         340   (63)    
Dividends declared on common stock           (176)        
Dividends declared on preferred stock           (2)        
Other changes in noncontrolling interests               (1)    
Total Equity at End of Period at Mar. 31, 2026 $ 10,051 $ 3 $ 6,669 $ (35)   $ 2,605 $ 224 $ 585    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Dividends declared per common share (in dollars per share) $ 0.5700                  
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.2625                  
v3.26.1
Consumers Energy Company Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Revenue $ 2,730 $ 2,447
Operating Expenses    
Operating Income 490 494
Other Income (Expense)    
Non-operating retirement benefits, net 51 42
Other income 28 14
Other expense (4) (6)
Total other income 75 50
Interest Charges    
Interest on long-term debt 209 187
Allowance for borrowed funds used during construction (8) (3)
Total interest charges 203 186
Income (Loss) Before Income Taxes 362 358
Income tax expense 85 63
Net Income (Loss) Available to Common Stockholders 338 302
Related Party    
Interest Charges    
Interest expense, other 3 3
Consumers Energy Company    
Operating Revenue 2,612 2,348
Operating Expenses    
Fuel for electric generation 161 193
Purchased and interchange power 419 335
Purchased power – related parties 20 18
Cost of gas sold 514 382
Maintenance and other operating expenses 416 373
Depreciation and amortization 400 375
General taxes 170 159
Total operating expenses 2,100 1,835
Operating Income 512 513
Other Income (Expense)    
Non-operating retirement benefits, net 48 39
Other income 21 10
Other expense (3) (3)
Total other income 66 46
Interest Charges    
Interest on long-term debt 133 122
Allowance for borrowed funds used during construction (8) (2)
Total interest charges 139 130
Income (Loss) Before Income Taxes 439 429
Income tax expense 93 83
Net Income (Loss) Available to Common Stockholders 346 346
Consumers Energy Company | Related Party    
Interest Charges    
Interest expense, other $ 14 $ 10
v3.26.1
Consumers Energy Company Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net Income $ 340 $ 304
Other Comprehensive Income 1 0
Comprehensive Income 341 304
Consumers Energy Company    
Net Income 346 346
Other Comprehensive Income 0 0
Comprehensive Income $ 346 $ 346
v3.26.1
Consumers Energy Company Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities    
Net income (loss) $ 277 $ 295
Adjustments to reconcile net income to net cash provided by operating activities    
Deferred income taxes and investment tax credits 82 60
Other non‑cash operating activities and reconciling adjustments (55) (46)
Changes in assets and liabilities    
Accounts receivable and accrued revenue (24) (5)
Inventories 148 190
Accounts payable and accrued rate refunds (137) 13
Other current assets and liabilities (63) 41
Other non‑current assets and liabilities 65 64
Net cash provided by operating activities 705 1,000
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (1,039) (888)
Cost to retire property and other investing activities (34) (30)
Net cash used in investing activities (1,073) (918)
Cash Flows from Financing Activities    
Retirement of debt (204) (717)
Increase (decrease) in notes payable 0 (65)
Other financing costs (26) (33)
Net cash provided by financing activities 16 266
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts (352) 348
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 615 178
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 263 526
Non‑cash transactions    
Capital expenditures not paid 601 315
Consumers Energy Company    
Cash Flows from Operating Activities    
Net income (loss) 346 346
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 400 375
Deferred income taxes and investment tax credits 63 61
Other non‑cash operating activities and reconciling adjustments (52) (43)
Changes in assets and liabilities    
Accounts receivable and accrued revenue (14) 5
Inventories 142 187
Accounts payable and accrued rate refunds (126) 39
Other current assets and liabilities (72) 9
Other non‑current assets and liabilities 49 52
Net cash provided by operating activities 736 1,031
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (960) (769)
Cost to retire property and other investing activities (33) (31)
Net cash used in investing activities (993) (800)
Cash Flows from Financing Activities    
Retirement of debt (44) (42)
Stockholder contribution 400 150
Payment of dividends on common and preferred stock (308) (271)
Other financing costs (2) (1)
Net cash provided by financing activities 223 (229)
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts (34) 2
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 111 119
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 77 121
Non‑cash transactions    
Capital expenditures not paid 483 249
Consumers Energy Company | Nonrelated Party    
Cash Flows from Financing Activities    
Increase (decrease) in notes payable 0 (65)
Consumers Energy Company | Related Party    
Cash Flows from Financing Activities    
Increase (decrease) in notes payable $ 177 $ 0
v3.26.1
Consumers Energy Company Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current Assets    
Cash and cash equivalents $ 175 $ 509
Restricted cash and cash equivalents 88 106
Inventories at average cost    
Gas in underground storage 257 427
Materials and supplies 338 329
Generating plant fuel stock 47 35
Deferred property taxes 385 479
Regulatory assets 94 104
Prepayments and other current assets 225 160
Total current assets 3,025 3,472
Other Non‑current Assets    
Regulatory assets 3,298 3,355
Accounts and notes receivable – related parties 18 18
Postretirement benefits 2,005 1,957
Other 341 398
Total other non‑current assets 5,727 5,789
Total Assets 40,285 39,941
Current Liabilities    
Current portion of long-term debt and finance leases 1,360 956
Accrued rate refunds 0 28
Accrued interest 207 182
Accrued taxes 516 708
Regulatory liabilities 87 85
Other current liabilities 184 185
Total current liabilities 3,592 3,548
Non‑current Liabilities    
Long-term debt 17,456 17,807
Non-current portion of finance leases 262 135
Regulatory liabilities 4,154 4,091
Postretirement benefits 94 95
AROs 797 792
Deferred investment tax credit 117 118
Deferred income taxes 3,345 3,252
Other non‑current liabilities 417 392
Total non‑current liabilities 26,642 26,682
Commitments and Contingencies (Notes 2, 3, and 8)
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 6,669 6,510
Accumulated other comprehensive loss (35) (36)
Retained earnings 2,605 2,443
Total common stockholders’ equity 9,242 8,920
Cumulative preferred stock 224 224
Total stockholders’ equity 9,466 9,144
Total Liabilities and Equity 40,285 39,941
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $32 in 2026 and $27 in 2025 1,402 1,306
Current Liabilities    
Accounts payable 1,231 1,395
Related Party    
Current Liabilities    
Accounts payable 7 9
Consumers Energy Company    
Current Assets    
Cash and cash equivalents 9 25
Restricted cash and cash equivalents 68 86
Inventories at average cost    
Gas in underground storage 257 427
Materials and supplies 329 316
Generating plant fuel stock 45 31
Deferred property taxes 385 479
Regulatory assets 94 104
Prepayments and other current assets 184 132
Total current assets 2,597 2,825
Plant, Property, and Equipment    
Plant, property, and equipment, gross 36,656 36,120
Less accumulated depreciation and amortization 10,078 9,842
Plant, property, and equipment, net 26,578 26,278
Construction work in progress 2,820 2,354
Total plant, property, and equipment 29,398 28,632
Other Non‑current Assets    
Regulatory assets 3,298 3,355
Postretirement benefits 1,866 1,821
Other 292 346
Total other non‑current assets 5,567 5,634
Total Assets 37,562 37,091
Current Liabilities    
Current portion of long-term debt and finance leases 580 579
Accrued rate refunds 0 28
Accrued interest 141 149
Accrued taxes 582 747
Regulatory liabilities 87 85
Other current liabilities 146 163
Total current liabilities 3,150 3,334
Non‑current Liabilities    
Non-current portion of finance leases 179 81
Regulatory liabilities 4,154 4,091
Postretirement benefits 69 70
AROs 757 753
Deferred investment tax credit 117 118
Deferred income taxes 3,276 3,201
Other non‑current liabilities 359 336
Total non‑current liabilities 21,396 21,179
Commitments and Contingencies (Notes 2, 3, and 8)
Common stockholders’ equity    
Common stock 841 841
Other paid-in capital 9,494 9,094
Accumulated other comprehensive loss (13) (13)
Retained earnings 2,657 2,619
Total common stockholders’ equity 12,979 12,541
Cumulative preferred stock 37 37
Total stockholders’ equity 13,016 12,578
Total Liabilities and Equity 37,562 37,091
Consumers Energy Company | Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $32 in 2026 and $27 in 2025 1,216 1,210
Other Non‑current Assets    
Accounts receivable 24 24
Current Liabilities    
Accounts payable 1,081 1,229
Non‑current Liabilities    
Long-term debt 11,480 11,524
Consumers Energy Company | Related Party    
Current Assets    
Accounts and notes receivable – related parties 10 15
Other Non‑current Assets    
Accounts and notes receivable – related parties 87 88
Current Liabilities    
Notes payable 517 340
Accounts payable 16 14
Non‑current Liabilities    
Long-term debt $ 1,005 $ 1,005
v3.26.1
Consumers Energy Company Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2026
Dec. 31, 2025
Accounts receivable and accrued revenue, allowance $ 32 $ 27
Common stock authorized (in shares) 350.0 350.0
Common stock outstanding (in shares) 308.9 306.4
Consumers Energy Company    
Accounts receivable and accrued revenue, allowance $ 32 $ 27
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
v3.26.1
Consumers Energy Company Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
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 Income (Loss)
Consumers Energy Company
Retained Earnings
Consumers Energy Company
Cumulative Preferred Stock
Total Equity at Beginning of Period at Dec. 31, 2024 $ 8,748 $ 3 $ 6,009   $ 2,035 $ 224 $ 11,431 $ 841 $ 8,174 $ (11) $ 2,390 $ 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Stockholder contribution                 150      
Net Income 304           346       346  
Dividends declared on common stock         (163)           (271)  
Total Equity at End of Period at Mar. 31, 2025 8,923 3 5,975 $ (41) 2,174 224 11,656 841 8,324 (11) 2,465 37
Total Equity at Beginning of Period at Dec. 31, 2025 9,711 3 6,510   2,443 224 12,578 841 9,094 (13) 2,619 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Stockholder contribution                 400      
Net Income 340           346       346  
Dividends declared on common stock         (176)           (308)  
Total Equity at End of Period at Mar. 31, 2026 $ 10,051 $ 3 $ 6,669 $ (35) $ 2,605 $ 224 $ 13,016 $ 841 $ 9,494 $ (13) $ 2,657 $ 37
v3.26.1
New Accounting Standards
 3 Months Ended
Mar. 31, 2026
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
New Accounting Standards New Accounting Standards
New Accounting Standards Not Yet Effective
ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses: This standard requires public companies to provide disaggregated information about certain expense categories presented on the income statement. The guidance calls for annual and interim disclosures that separate specified components, such as employee compensation, depreciation, and amortization, within relevant expense line items in the notes to the financial statements. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. CMS Energy and Consumers will adopt the guidance upon the effective date. The standard will not have an impact on CMS Energy’s or Consumers’ consolidated net income, cash flows, or financial position.
ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software: This standard updates guidance for capitalizing costs related to internal-use software development. The amendments remove references to the previous “project stage” model and clarify the threshold for when capitalization should begin, focusing on whether completion of the project is probable. The amendments are effective for annual and interim reporting periods beginning after December 15, 2027. The guidance may be applied on a prospective, retrospective, or modified transition basis. Early adoption is permitted. CMS Energy and Consumers are currently evaluating the new standard.
Consumers Energy Company  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
New Accounting Standards New Accounting Standards
New Accounting Standards Not Yet Effective
ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses: This standard requires public companies to provide disaggregated information about certain expense categories presented on the income statement. The guidance calls for annual and interim disclosures that separate specified components, such as employee compensation, depreciation, and amortization, within relevant expense line items in the notes to the financial statements. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. CMS Energy and Consumers will adopt the guidance upon the effective date. The standard will not have an impact on CMS Energy’s or Consumers’ consolidated net income, cash flows, or financial position.
ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software: This standard updates guidance for capitalizing costs related to internal-use software development. The amendments remove references to the previous “project stage” model and clarify the threshold for when capitalization should begin, focusing on whether completion of the project is probable. The amendments are effective for annual and interim reporting periods beginning after December 15, 2027. The guidance may be applied on a prospective, retrospective, or modified transition basis. Early adoption is permitted. CMS Energy and Consumers are currently evaluating the new standard.
v3.26.1
Regulatory Matters
 3 Months Ended
Mar. 31, 2026
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 PSCR and GCR 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 and FERC 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.
J.H. Campbell Emergency Orders: 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. Subsequently, the U.S. Secretary of Energy has issued three additional emergency orders for 90 days each, currently requiring continued operation of J.H. Campbell through May 18, 2026. These orders 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 DOE regulations, the orders authorize Consumers to obtain cost recovery at FERC.
As directed, Consumers has continued to make J.H. Campbell available in the MISO market and, in June 2025, 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 orders. Consumers’ complaint sought 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. Secretary of Energy orders. In August 2025, FERC granted Consumers’ complaint and ordered MISO to revise its tariff accordingly. MISO submitted a compliance filing with FERC in September 2025 and FERC rejected that filing in March 2026. MISO submitted a revised compliance filing in April 2026 and FERC approval of that filing remains pending.
In January 2026, Consumers filed a request at FERC seeking recovery and allocation of the net financial impact of complying with the May 2025 emergency order, which was $42 million after applying MISO revenues of $78 million. FERC approval of this filing, which encompasses recovery sought by the joint owners of J.H. Campbell, remains pending.
For the second emergency order period through March 31, 2026, the net financial impact of compliance was $138 million after applying MISO revenues of $143 million. Consumers will seek recovery of these compliance costs at a later date, consistent with rate recovery sought for the May 2025 emergency order. The ultimate financial impact remains subject to the outcome of the FERC proceeding and any future guidance or interpretation.
Following the May 2025 emergency order, several third-party stakeholders, including the Michigan Attorney General, the Organization of MISO States, and a group of environmental and public interest groups, asked the U.S. Secretary of Energy to reconsider the May 2025 emergency order. In July 2025, after the U.S. Secretary of Energy took no action on those requests, several parties filed petitions for review of the May 2025 emergency order in federal court. The requests for rehearing were subsequently denied, and similar challenges to the subsequent orders are underway. Third parties have also challenged FERC’s August 2025 order granting Consumers’ complaint seeking revisions to the MISO Tariff. That
legal challenge is on hold pending the separate legal challenges to the emergency orders. The U.S. Secretary of Energy will likely issue more orders to require the continued operation of J.H. Campbell. While the timing and content of future orders and the outcome of third-party legal challenges are not yet known, Consumers is committed to pursuing cost recovery as provided for under applicable laws, orders, and proceedings.
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 PSCR and GCR 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 and FERC 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.
J.H. Campbell Emergency Orders: 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. Subsequently, the U.S. Secretary of Energy has issued three additional emergency orders for 90 days each, currently requiring continued operation of J.H. Campbell through May 18, 2026. These orders 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 DOE regulations, the orders authorize Consumers to obtain cost recovery at FERC.
As directed, Consumers has continued to make J.H. Campbell available in the MISO market and, in June 2025, 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 orders. Consumers’ complaint sought 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. Secretary of Energy orders. In August 2025, FERC granted Consumers’ complaint and ordered MISO to revise its tariff accordingly. MISO submitted a compliance filing with FERC in September 2025 and FERC rejected that filing in March 2026. MISO submitted a revised compliance filing in April 2026 and FERC approval of that filing remains pending.
In January 2026, Consumers filed a request at FERC seeking recovery and allocation of the net financial impact of complying with the May 2025 emergency order, which was $42 million after applying MISO revenues of $78 million. FERC approval of this filing, which encompasses recovery sought by the joint owners of J.H. Campbell, remains pending.
For the second emergency order period through March 31, 2026, the net financial impact of compliance was $138 million after applying MISO revenues of $143 million. Consumers will seek recovery of these compliance costs at a later date, consistent with rate recovery sought for the May 2025 emergency order. The ultimate financial impact remains subject to the outcome of the FERC proceeding and any future guidance or interpretation.
Following the May 2025 emergency order, several third-party stakeholders, including the Michigan Attorney General, the Organization of MISO States, and a group of environmental and public interest groups, asked the U.S. Secretary of Energy to reconsider the May 2025 emergency order. In July 2025, after the U.S. Secretary of Energy took no action on those requests, several parties filed petitions for review of the May 2025 emergency order in federal court. The requests for rehearing were subsequently denied, and similar challenges to the subsequent orders are underway. Third parties have also challenged FERC’s August 2025 order granting Consumers’ complaint seeking revisions to the MISO Tariff. That
legal challenge is on hold pending the separate legal challenges to the emergency orders. The U.S. Secretary of Energy will likely issue more orders to require the continued operation of J.H. Campbell. While the timing and content of future orders and the outcome of third-party legal challenges are not yet known, Consumers is committed to pursuing cost recovery as provided for under applicable laws, orders, and proceedings.
v3.26.1
Contingencies and Commitments
 3 Months Ended
Mar. 31, 2026
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 was 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 March 31, 2026, CMS Energy had a recorded liability of $48 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 $61 million. CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2026 and in each of the next five years:
In Millions
202620272028202920302031
Long-term leachate disposal and operating and maintenance costs$3 $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 $2 million and $3 million. At March 31, 2026, Consumers had a recorded liability of $2 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 subject to response actions under CERCLA. CERCLA liability may exist at Superfund sites as well as other current, former, or potential response sites. From time to time, Consumers receives notices, information requests, or other communications from governmental agencies or third parties regarding alleged or potential responsibility for contamination at certain current or former electric generating sites or other locations.
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 $21 million and $57 million. Various factors, including the number and creditworthiness of potentially responsible parties involved with each site, affect Consumers’ share of the total liability. At March 31, 2026, Consumers had a recorded liability of $21 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 formal demands 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. The court denied the motion to dismiss filed by TAES and Toshiba.
The case against TAES went to trial before a jury and, in December 2025, the jury rendered a verdict in Consumers’ and DTE Electric’s favor. The jury found that TAES breached the parties’ contract and awarded damages of $383 million. The parties separately stipulated to $11 million in additional liquidated damages for late performance by TAES. These amounts are subject to pre- and post-judgment interest. In addition, the jury rejected TAES’ counterclaim, determining that Consumers and DTE Electric did not breach the contract. The parent guaranty provided by Toshiba allows Consumers and DTE Electric to recover legal costs in addition to damages. The parties are still engaged in post-verdict proceedings at the District Court and the jury verdict may be appealed; these processes could take two years or more to conclude with finality. Notwithstanding the favorable jury verdict for Consumers, the ultimate outcome remains subject to the related additional proceedings, which could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity. Additionally, Consumers and DTE Electric must still resolve their claim against Toshiba under the parent guaranty, which is still pending but which was bifurcated by the Court from the claims against TAES.
Previously, 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 do not believe that this affects their rights under the parent guaranty provided by Toshiba.
With MPSC approval, Consumers and DTE Electric were authorized 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 remains pending. Consumers currently estimates that its share of repair, replacement, and other damages resulting from TAES’ defective work is approximately $350 million, which is expected to be offset in part or entirely by 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 final resolution of the litigation and appeals, 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 March 31, 2026, Consumers had a recorded liability of $59 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 2026 and in each of the next five years:
In Millions
202620272028202920302031
Remediation and other response activity costs$3 $8 $25 $11 $3 $1 
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 March 31, 2026, Consumers had a regulatory asset of $80 million related to the MGP sites.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at March 31, 2026:
In Millions
 
Guarantee Description
Issue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousvarious$220 $— 
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, BG Solar Holdings, 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 these entities, see Note 12, 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 DOE 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 2, 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 was 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 March 31, 2026, CMS Energy had a recorded liability of $48 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 $61 million. CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2026 and in each of the next five years:
In Millions
202620272028202920302031
Long-term leachate disposal and operating and maintenance costs$3 $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 $2 million and $3 million. At March 31, 2026, Consumers had a recorded liability of $2 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 subject to response actions under CERCLA. CERCLA liability may exist at Superfund sites as well as other current, former, or potential response sites. From time to time, Consumers receives notices, information requests, or other communications from governmental agencies or third parties regarding alleged or potential responsibility for contamination at certain current or former electric generating sites or other locations.
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 $21 million and $57 million. Various factors, including the number and creditworthiness of potentially responsible parties involved with each site, affect Consumers’ share of the total liability. At March 31, 2026, Consumers had a recorded liability of $21 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 formal demands 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. The court denied the motion to dismiss filed by TAES and Toshiba.
The case against TAES went to trial before a jury and, in December 2025, the jury rendered a verdict in Consumers’ and DTE Electric’s favor. The jury found that TAES breached the parties’ contract and awarded damages of $383 million. The parties separately stipulated to $11 million in additional liquidated damages for late performance by TAES. These amounts are subject to pre- and post-judgment interest. In addition, the jury rejected TAES’ counterclaim, determining that Consumers and DTE Electric did not breach the contract. The parent guaranty provided by Toshiba allows Consumers and DTE Electric to recover legal costs in addition to damages. The parties are still engaged in post-verdict proceedings at the District Court and the jury verdict may be appealed; these processes could take two years or more to conclude with finality. Notwithstanding the favorable jury verdict for Consumers, the ultimate outcome remains subject to the related additional proceedings, which could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity. Additionally, Consumers and DTE Electric must still resolve their claim against Toshiba under the parent guaranty, which is still pending but which was bifurcated by the Court from the claims against TAES.
Previously, 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 do not believe that this affects their rights under the parent guaranty provided by Toshiba.
With MPSC approval, Consumers and DTE Electric were authorized 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 remains pending. Consumers currently estimates that its share of repair, replacement, and other damages resulting from TAES’ defective work is approximately $350 million, which is expected to be offset in part or entirely by 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 final resolution of the litigation and appeals, 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 March 31, 2026, Consumers had a recorded liability of $59 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 2026 and in each of the next five years:
In Millions
202620272028202920302031
Remediation and other response activity costs$3 $8 $25 $11 $3 $1 
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 March 31, 2026, Consumers had a regulatory asset of $80 million related to the MGP sites.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at March 31, 2026:
In Millions
 
Guarantee Description
Issue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousvarious$220 $— 
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, BG Solar Holdings, 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 these entities, see Note 12, 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 DOE 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 2, 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.
v3.26.1
Financings and Capitalization
 3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
NorthStar Clean Energy
Construction financing agreement1
$47 variableFebruary 2025Five years after conversion date
Construction financing agreement2
214 variableMarch 2026Five years after conversion date
Total NorthStar Clean Energy$261 
1Represents additional borrowings under a construction financing agreement executed in February 2025. At March 31, 2026, total outstanding borrowings were $270 million. At completion of project construction, scheduled for the first half of 2026, NorthStar Clean Energy expects to convert $114 million of these outstanding borrowings into term loans maturing five years after the conversion date and to repay the remaining $156 million.
2At completion of project construction, scheduled for the second half of 2026, NorthStar Clean Energy expects to convert $133 million of these outstanding borrowings into term loans maturing five years after the conversion date and to repay the remaining $81 million.
Credit Facilities: The following credit facilities with banks were available at March 31, 2026:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
Unsecured revolving credit facility, expiring November 20301
$750 $— $35 $715 
Unsecured letter of credit facility, expiring September 2026
50 — 50 — 
NorthStar Clean Energy
Secured revolving credit facility, expiring May 20282
$300 $75 $28 $197 
Secured letter of credit facility, expiring September 20283
37 — 37 — 
Secured letter of credit facility4
19 — 12 7 
Secured letter of credit facility4
22 — 7 15 
Consumers
Secured revolving credit facility, expiring November 20305,6
$1,100 $— $31 $1,069 
Secured revolving credit facility, expiring November 20285,6
300 — — 300 
Secured letter of credit facility, expiring May 20275
100 — 100 — 
Unsecured letter of credit facility, expiring March 202850 — 43 7 
Unsecured letter of credit facility7
100 — 97 3 
Unsecured letter of credit facility7
100 — 100 — 
1There were no borrowings under this facility during the three months ended March 31, 2026.
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 March 31, 2026, the net book value of the pledged equity interests was $607 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 a subsidiary of Aviator Wind Equity Holdings and is secured by assets of Aviator Wind. For more information regarding Aviator Wind Equity Holdings and Aviator Wind, see Note 12, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility is secured under a construction-to-term financing agreement and will expire five years after the term conversion date.
5Obligations under these facilities are secured by first mortgage bonds of Consumers.
6There were no borrowings under these facilities during the three months ended March 31, 2026.
7Uncommitted letter of credit facility with automatic renewal provisions and therefore no expiration.
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 January 2026, Consumers filed an application with FERC for authority to issue long-term and short-term debt securities between May 1, 2026 and April 30, 2028.
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 March 31, 2026, there were no commercial paper notes outstanding under this program.
In December 2025, 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. In March 2026, Consumers increased the limit at which it could borrow under the agreement to $750 million. At March 31, 2026, outstanding borrowings under the agreement were $517 million bearing interest at 3.568 percent, recorded as current notes payable – related parties on Consumers’ consolidated balance sheets.
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. Obligations under this program, which are accounted for in accounts payable on CMS Energy’s consolidated balance sheets, were $78 million at March 31, 2026 and December 31, 2025.
Dividend Restrictions: At March 31, 2026, payment of dividends by CMS Energy on its common stock was limited to $9.2 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at March 31, 2026, Consumers had $2.6 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 three months ended March 31, 2026, Consumers paid $308 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 March 31, 2026, CMS Energy entered into forward sale agreements for approximately 6.4 million shares at a weighted average initial forward price of $75.63 per share. During the same period, CMS Energy settled forward sale contracts under this program by issuing approximately 1.9 million shares at a weighted average price of $75.28 per share, resulting in net proceeds of $142 million. Following these transactions, outstanding forward contracts under the program have an aggregate sales price of $353 million, maturing August 2027.
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 March 31, 2026, it would have been required to deliver 97,180 shares or pay $8 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 three months ended March 31, 2026:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
NorthStar Clean Energy
Construction financing agreement1
$47 variableFebruary 2025Five years after conversion date
Construction financing agreement2
214 variableMarch 2026Five years after conversion date
Total NorthStar Clean Energy$261 
1Represents additional borrowings under a construction financing agreement executed in February 2025. At March 31, 2026, total outstanding borrowings were $270 million. At completion of project construction, scheduled for the first half of 2026, NorthStar Clean Energy expects to convert $114 million of these outstanding borrowings into term loans maturing five years after the conversion date and to repay the remaining $156 million.
2At completion of project construction, scheduled for the second half of 2026, NorthStar Clean Energy expects to convert $133 million of these outstanding borrowings into term loans maturing five years after the conversion date and to repay the remaining $81 million.
Credit Facilities: The following credit facilities with banks were available at March 31, 2026:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
Unsecured revolving credit facility, expiring November 20301
$750 $— $35 $715 
Unsecured letter of credit facility, expiring September 2026
50 — 50 — 
NorthStar Clean Energy
Secured revolving credit facility, expiring May 20282
$300 $75 $28 $197 
Secured letter of credit facility, expiring September 20283
37 — 37 — 
Secured letter of credit facility4
19 — 12 7 
Secured letter of credit facility4
22 — 7 15 
Consumers
Secured revolving credit facility, expiring November 20305,6
$1,100 $— $31 $1,069 
Secured revolving credit facility, expiring November 20285,6
300 — — 300 
Secured letter of credit facility, expiring May 20275
100 — 100 — 
Unsecured letter of credit facility, expiring March 202850 — 43 7 
Unsecured letter of credit facility7
100 — 97 3 
Unsecured letter of credit facility7
100 — 100 — 
1There were no borrowings under this facility during the three months ended March 31, 2026.
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 March 31, 2026, the net book value of the pledged equity interests was $607 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 a subsidiary of Aviator Wind Equity Holdings and is secured by assets of Aviator Wind. For more information regarding Aviator Wind Equity Holdings and Aviator Wind, see Note 12, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility is secured under a construction-to-term financing agreement and will expire five years after the term conversion date.
5Obligations under these facilities are secured by first mortgage bonds of Consumers.
6There were no borrowings under these facilities during the three months ended March 31, 2026.
7Uncommitted letter of credit facility with automatic renewal provisions and therefore no expiration.
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 January 2026, Consumers filed an application with FERC for authority to issue long-term and short-term debt securities between May 1, 2026 and April 30, 2028.
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 March 31, 2026, there were no commercial paper notes outstanding under this program.
In December 2025, 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. In March 2026, Consumers increased the limit at which it could borrow under the agreement to $750 million. At March 31, 2026, outstanding borrowings under the agreement were $517 million bearing interest at 3.568 percent, recorded as current notes payable – related parties on Consumers’ consolidated balance sheets.
Dividend Restrictions: At March 31, 2026, payment of dividends by CMS Energy on its common stock was limited to $9.2 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at March 31, 2026, Consumers had $2.6 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 three months ended March 31, 2026, Consumers paid $308 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 March 31, 2026, CMS Energy entered into forward sale agreements for approximately 6.4 million shares at a weighted average initial forward price of $75.63 per share. During the same period, CMS Energy settled forward sale contracts under this program by issuing approximately 1.9 million shares at a weighted average price of $75.28 per share, resulting in net proceeds of $142 million. Following these transactions, outstanding forward contracts under the program have an aggregate sales price of $353 million, maturing August 2027.
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 March 31, 2026, it would have been required to deliver 97,180 shares or pay $8 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. Obligations under this program, which are accounted for in accounts payable on CMS Energy’s consolidated balance sheets, were $78 million at March 31, 2026 and December 31, 2025.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
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
March 31
2026		December 31
2025		March 31
2026		December 31
2025
Assets1
Cash equivalents$52 $154 $— $— 
Restricted cash equivalents88 106 68 86 
Nonqualified deferred compensation plan assets34 36 26 27 
Derivative instruments1 2 1 2 
Total assets$175 $298 $95 $115 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $36 $26 $27 
Derivative instruments3 3 — — 
Total liabilities$37 $39 $26 $27 
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.
Subsidiaries of NorthStar Clean Energy have 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 $209 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 March 31, 2026 and $3 million for the three months ended
March 31, 2025. The fair value of these swaps recorded in other non-current liabilities on CMS Energy’s consolidated balance sheets totaled $3 million at March 31, 2026 and at December 31, 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
March 31
2026		December 31
2025		March 31
2026		December 31
2025
Assets1
Cash equivalents$52 $154 $— $— 
Restricted cash equivalents88 106 68 86 
Nonqualified deferred compensation plan assets34 36 26 27 
Derivative instruments1 2 1 2 
Total assets$175 $298 $95 $115 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $36 $26 $27 
Derivative instruments3 3 — — 
Total liabilities$37 $39 $26 $27 
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.
Subsidiaries of NorthStar Clean Energy have 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 $209 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 March 31, 2026 and $3 million for the three months ended
March 31, 2025. The fair value of these swaps recorded in other non-current liabilities on CMS Energy’s consolidated balance sheets totaled $3 million at March 31, 2026 and at December 31, 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.
v3.26.1
Financial Instruments
 3 Months Ended
Mar. 31, 2026
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 5, Fair Value Measurements.
In Millions
March 31, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Liabilities
Long-term debt2
18,811 17,558 1,989 13,646 1,923 18,757 17,645 2,042 13,663 1,940 
Long-term payables3
6 6 — — 6 7 7 — — 7 
Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Notes receivable – related party4
89 89 — — 89 90 90 — — 90 
Liabilities
Long-term debt5
12,055 10,837 — 8,914 1,923 12,097 11,031 — 9,091 1,940 
Long-term debt – related party6
1,005 644 — 644 — 1,005 657 — 657 — 
Long-term payables2 2 — — 2 2 2 — — 2 
1Includes current portion of long-term accounts receivable and notes receivable of $2 million at March 31, 2026 and $3 million at December 31, 2025.
2Includes current portion of long-term debt of $1.4 billion at March 31, 2026 and $950 million at December 31, 2025.
3Includes current portion of long-term payables of $1 million at March 31, 2026 and $2 million at December 31, 2025.
4Includes current portion of notes receivable – related party of $7 million at March 31, 2026 and December 31, 2025.
5Includes current portion of long-term debt of $575 million at March 31, 2026 and $573 million at December 31, 2025.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 4, 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 5, Fair Value Measurements.
In Millions
March 31, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Liabilities
Long-term debt2
18,811 17,558 1,989 13,646 1,923 18,757 17,645 2,042 13,663 1,940 
Long-term payables3
6 6 — — 6 7 7 — — 7 
Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Notes receivable – related party4
89 89 — — 89 90 90 — — 90 
Liabilities
Long-term debt5
12,055 10,837 — 8,914 1,923 12,097 11,031 — 9,091 1,940 
Long-term debt – related party6
1,005 644 — 644 — 1,005 657 — 657 — 
Long-term payables2 2 — — 2 2 2 — — 2 
1Includes current portion of long-term accounts receivable and notes receivable of $2 million at March 31, 2026 and $3 million at December 31, 2025.
2Includes current portion of long-term debt of $1.4 billion at March 31, 2026 and $950 million at December 31, 2025.
3Includes current portion of long-term payables of $1 million at March 31, 2026 and $2 million at December 31, 2025.
4Includes current portion of notes receivable – related party of $7 million at March 31, 2026 and December 31, 2025.
5Includes current portion of long-term debt of $575 million at March 31, 2026 and $573 million at December 31, 2025.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 4, 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.
v3.26.1
Retirement Benefits
 3 Months Ended
Mar. 31, 2026
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 Ended March 312026202520262025
CMS Energy, including Consumers
Net periodic credit
Service cost$6 $6 $2 $2 
Interest cost25 27 10 11 
Expected return on plan assets(60)(57)(31)(28)
Amortization of:
Net loss4 3 — 1 
Prior service cost (credit)1 1 (8)(9)
Settlement loss3 3 — — 
Net periodic credit$(21)$(17)$(27)$(23)
Consumers
Net periodic credit
Service cost$6 $6 $2 $2 
Interest cost23 26 10 10 
Expected return on plan assets(56)(54)(29)(26)
Amortization of:
Net loss3 2 — 1 
Prior service cost (credit)1 1 (8)(8)
Settlement loss3 3 — — 
Net periodic credit$(20)$(16)$(25)$(21)
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 March 31, 2026, CMS Energy, including Consumers, had deferred $1 million of pension credits and $3 million of OPEB credits under this mechanism related to 2026 expense. At March 31, 2025, CMS Energy, including Consumers, had deferred $1 million of pension credits and $4 million of OPEB credits under this mechanism related to 2025 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 Ended March 312026202520262025
CMS Energy, including Consumers
Net periodic credit
Service cost$6 $6 $2 $2 
Interest cost25 27 10 11 
Expected return on plan assets(60)(57)(31)(28)
Amortization of:
Net loss4 3 — 1 
Prior service cost (credit)1 1 (8)(9)
Settlement loss3 3 — — 
Net periodic credit$(21)$(17)$(27)$(23)
Consumers
Net periodic credit
Service cost$6 $6 $2 $2 
Interest cost23 26 10 10 
Expected return on plan assets(56)(54)(29)(26)
Amortization of:
Net loss3 2 — 1 
Prior service cost (credit)1 1 (8)(8)
Settlement loss3 3 — — 
Net periodic credit$(20)$(16)$(25)$(21)
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 March 31, 2026, CMS Energy, including Consumers, had deferred $1 million of pension credits and $3 million of OPEB credits under this mechanism related to 2026 expense. At March 31, 2025, CMS Energy, including Consumers, had deferred $1 million of pension credits and $4 million of OPEB credits under this mechanism related to 2025 expense.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
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:
Three Months Ended March 3120262025
CMS Energy, including Consumers
Income tax expense at statutory rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal income tax effect5.2 5.0 
Tax credits
Renewable energy tax credits(6.9)(5.6)
Other(0.6)(0.3)
Changes in unrecognized tax benefits1
5.2 0.8 
Other adjustments
Taxes attributable to noncontrolling interests4.6 0.6 
TCJA excess deferred taxes(3.3)(3.4)
Property differences(1.7)(0.3)
Other, net— (0.2)
Effective tax rate23.5 %17.6 %
Consumers
Income tax expense at statutory rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal income tax effect4.3 4.7 
Tax credits
Renewable energy tax credits(4.3)(3.0)
Other(0.5)(0.5)
Changes in unrecognized tax benefits1
4.3 0.7 
Other adjustments
TCJA excess deferred taxes(2.5)(3.0)
Property differences(1.1)(0.3)
Other, net— (0.3)
Effective tax rate21.2 %19.3 %
1    The change in unrecognized tax benefits was primarily associated with Consumers’ state income tax claim.
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. The Court issued an opinion in the appeal in February 2026, affirming the Michigan Tax Tribunal’s ruling. CMS Energy plans to file a request for leave to appeal the Michigan Court of Appeals’ decision to the Michigan Supreme Court (which may or may not be granted).
CMS Energy and Consumers evaluated and increased their uncertain tax positions associated with this matter, recognizing an $18 million increase to income tax expense during 2026. While CMS Energy and Consumers are confident in the merits of their position, if the appeal to the Michigan Supreme Court was
unsuccessful, 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.
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:
Three Months Ended March 3120262025
CMS Energy, including Consumers
Income tax expense at statutory rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal income tax effect5.2 5.0 
Tax credits
Renewable energy tax credits(6.9)(5.6)
Other(0.6)(0.3)
Changes in unrecognized tax benefits1
5.2 0.8 
Other adjustments
Taxes attributable to noncontrolling interests4.6 0.6 
TCJA excess deferred taxes(3.3)(3.4)
Property differences(1.7)(0.3)
Other, net— (0.2)
Effective tax rate23.5 %17.6 %
Consumers
Income tax expense at statutory rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal income tax effect4.3 4.7 
Tax credits
Renewable energy tax credits(4.3)(3.0)
Other(0.5)(0.5)
Changes in unrecognized tax benefits1
4.3 0.7 
Other adjustments
TCJA excess deferred taxes(2.5)(3.0)
Property differences(1.1)(0.3)
Other, net— (0.3)
Effective tax rate21.2 %19.3 %
1    The change in unrecognized tax benefits was primarily associated with Consumers’ state income tax claim.
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. The Court issued an opinion in the appeal in February 2026, affirming the Michigan Tax Tribunal’s ruling. CMS Energy plans to file a request for leave to appeal the Michigan Court of Appeals’ decision to the Michigan Supreme Court (which may or may not be granted).
CMS Energy and Consumers evaluated and increased their uncertain tax positions associated with this matter, recognizing an $18 million increase to income tax expense during 2026. While CMS Energy and Consumers are confident in the merits of their position, if the appeal to the Michigan Supreme Court was
unsuccessful, 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.
v3.26.1
Earnings Per Share - CMS Energy
 3 Months Ended
Mar. 31, 2026
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 Ended March 3120262025
Income available to common stockholders
Income from continuing operations$277 $295 
Less loss attributable to noncontrolling interests(63)(9)
Less preferred stock dividends2 2 
Income from continuing operations available to common stockholders – basic and diluted$338 $302 
Average common shares outstanding
Weighted-average shares – basic306.4 298.2 
Add dilutive nonvested stock awards0.5 0.9 
Add dilutive contingently convertible securities0.2 — 
Weighted-average shares – diluted307.1 299.1 
Income from continuing operations per average common share available to common stockholders
Basic$1.10 $1.01 
Diluted1.10 1.01 
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 impact to diluted EPS was de minimis.
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 4, Financings and Capitalization.
Convertible Securities
CMS Energy has 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.
v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Disaggregation of Revenue [Line Items]  
Revenue Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended March 31, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,365 $1,242 $— $2,607 
Other— — 68 68 
Revenue recognized from contracts with customers$1,365 $1,242 $68 $2,675 
Leasing income— — 50 50 
Financing income2 2 — 4 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,368 $1,244 $118 $2,730 
Consumers
Consumers utility revenue
Residential$663 $890 $1,553 
Commercial448 275 723 
Industrial202 33 235 
Other52 44 96 
Revenue recognized from contracts with customers$1,365 $1,242 $2,607 
Financing income2 2 4 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$1,368 $1,244 $2,612 
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 $37 million for the three months ended March 31, 2026.
In Millions
Three Months Ended March 31, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,294 $1,047 $— $2,341 
Other— — 57 57 
Revenue recognized from contracts with customers$1,294 $1,047 $57 $2,398 
Leasing income— — 42 42 
Financing income3 2 — 5 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,299 $1,049 $99 $2,447 
Consumers
Consumers utility revenue
Residential$594 $731 $1,325 
Commercial418 239 657 
Industrial173 30 203 
Other109 47 156 
Revenue recognized from contracts with customers$1,294 $1,047 $2,341 
Financing income3 2 5 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,299 $1,049 $2,348 
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 $31 million for the three months ended March 31, 2025.
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 $13 million for the three months ended March 31, 2026 and $12 million for the three months ended March 31, 2025.
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 $520 million at March 31, 2026 and $659 million at December 31, 2025.
Alternative‑revenue Program: Consumers 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 March 31, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,365 $1,242 $— $2,607 
Other— — 68 68 
Revenue recognized from contracts with customers$1,365 $1,242 $68 $2,675 
Leasing income— — 50 50 
Financing income2 2 — 4 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,368 $1,244 $118 $2,730 
Consumers
Consumers utility revenue
Residential$663 $890 $1,553 
Commercial448 275 723 
Industrial202 33 235 
Other52 44 96 
Revenue recognized from contracts with customers$1,365 $1,242 $2,607 
Financing income2 2 4 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$1,368 $1,244 $2,612 
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 $37 million for the three months ended March 31, 2026.
In Millions
Three Months Ended March 31, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,294 $1,047 $— $2,341 
Other— — 57 57 
Revenue recognized from contracts with customers$1,294 $1,047 $57 $2,398 
Leasing income— — 42 42 
Financing income3 2 — 5 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,299 $1,049 $99 $2,447 
Consumers
Consumers utility revenue
Residential$594 $731 $1,325 
Commercial418 239 657 
Industrial173 30 203 
Other109 47 156 
Revenue recognized from contracts with customers$1,294 $1,047 $2,341 
Financing income3 2 5 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,299 $1,049 $2,348 
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 $31 million for the three months ended March 31, 2025.
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 $13 million for the three months ended March 31, 2026 and $12 million for the three months ended March 31, 2025.
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 $520 million at March 31, 2026 and $659 million at December 31, 2025.
Alternative‑revenue Program: Consumers 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.
v3.26.1
Reportable Segments
 3 Months Ended
Mar. 31, 2026
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.
Presented in the following tables is financial information by segment:
In Millions
Three Months Ended March 31, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,368 $1,244 $118 $2,730 $— $2,730 
Operating expenses
Power supply cost1
600 — 91 691 — 691 
Cost of gas sold— 514 2 516 — 516 
Maintenance and other operating expenses277 139 30 446 2 448 
Depreciation and amortization233 167 12 412 — 412 
General taxes79 91 3 173 — 173 
Total operating expenses1,189 911 138 2,238 2 2,240 
Operating Income (Loss)179 333 (20)492 (2)490 
Other income43 23 7 73 2 75 
Interest charges83 56 2 141 62 203 
Income (Loss) Before Income Taxes139 300 (15)424 (62)362 
Income tax expense (benefit)29 80 7 116 (31)85 
Income (Loss) From Continuing Operations110 220 (22)308 (31)277 
Other segment items2
— — 63 63 (2)61 
Net Income (Loss) Available to Common Stockholders$110 $220 $41 $371 $(33)$338 
Property, plant, and equipment, gross$22,253 
3
$14,371 
3
$1,673 $38,297 $26 $38,323 
Total assets23,427 
3
13,989 
3
2,742 40,158 127 40,285 
1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise 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 March 31, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,368 $1,244 $2,612 $— $2,612 
Operating expenses
Power supply cost1
600 — 600 — 600 
Cost of gas sold— 514 514 — 514 
Maintenance and other operating expenses277 139 416 — 416 
Depreciation and amortization233 167 400 — 400 
General taxes79 91 170 — 170 
Total operating expenses1,189 911 2,100 — 2,100 
Operating Income179 333 512 — 512 
Other income43 23 66 — 66 
Interest charges83 56 139 — 139 
Income Before Income Taxes139 300 439 — 439 
Income tax expense (benefit)29 80 109 (16)93 
Net Income Available to Common Stockholder$110 $220 $330 $16 $346 
Property, plant, and equipment, gross$22,253 
2
$14,371 
2
$36,624 $32 $36,656 
Total assets23,481 
2
14,029 
2
37,510 52 37,562 
1Power supply costs comprise 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 March 31, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,299 $1,049 $99 $2,447 $— $2,447 
Operating expenses
Power supply cost1
546 — 69 615 — 615 
Cost of gas sold— 382 1 383 — 383 
Maintenance and other operating expenses257 116 30 403 2 405 
Depreciation and amortization221 154 13 388 — 388 
General taxes73 86 3 162 — 162 
Total operating expenses1,097 738 116 1,951 2 1,953 
Operating Income (Loss)202 311 (17)496 (2)494 
Other income27 19 1 47 3 50 
Interest charges82 48 — 130 56 186 
Income (Loss) Before Income Taxes147 282 (16)413 (55)358 
Income tax expense (benefit)23 69 11 103 (40)63 
Income (Loss) From Continuing Operations124 213 (27)310 (15)295 
Other segment items2
— — 9 9 (2)7 
Net Income (Loss) Available to Common Stockholders$124 $213 $(18)$319 $(17)$302 
Property, plant, and equipment, gross$20,340 
3
$13,412 
3
$1,505 $35,257 $24 $35,281 
Total assets20,875 
3
13,025 
3
1,977 35,877 418 36,295 
1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise 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 March 31, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,299 $1,049 $2,348 $— $2,348 
Operating expenses
Power supply cost1
546 — 546 — 546 
Cost of gas sold— 382 382 — 382 
Maintenance and other operating expenses257 116 373 — 373 
Depreciation and amortization221 154 375 — 375 
General taxes73 86 159 — 159 
Total operating expenses1,097 738 1,835 — 1,835 
Operating Income202 311 513 — 513 
Other income27 19 46 — 46 
Interest charges82 48 130 — 130 
Income Before Income Taxes147 282 429 — 429 
Income tax expense (benefit)23 69 92 (9)83 
Net Income Available to Common Stockholder$124 $213 $337 $9 $346 
Property, plant, and equipment, gross$20,340 
2
$13,412 
2
$33,752 $30 $33,782 
Total assets20,930 
2
13,068 
2
33,998 31 34,029 
1Power supply costs comprise 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.
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.
Presented in the following tables is financial information by segment:
In Millions
Three Months Ended March 31, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,368 $1,244 $118 $2,730 $— $2,730 
Operating expenses
Power supply cost1
600 — 91 691 — 691 
Cost of gas sold— 514 2 516 — 516 
Maintenance and other operating expenses277 139 30 446 2 448 
Depreciation and amortization233 167 12 412 — 412 
General taxes79 91 3 173 — 173 
Total operating expenses1,189 911 138 2,238 2 2,240 
Operating Income (Loss)179 333 (20)492 (2)490 
Other income43 23 7 73 2 75 
Interest charges83 56 2 141 62 203 
Income (Loss) Before Income Taxes139 300 (15)424 (62)362 
Income tax expense (benefit)29 80 7 116 (31)85 
Income (Loss) From Continuing Operations110 220 (22)308 (31)277 
Other segment items2
— — 63 63 (2)61 
Net Income (Loss) Available to Common Stockholders$110 $220 $41 $371 $(33)$338 
Property, plant, and equipment, gross$22,253 
3
$14,371 
3
$1,673 $38,297 $26 $38,323 
Total assets23,427 
3
13,989 
3
2,742 40,158 127 40,285 
1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise 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 March 31, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,368 $1,244 $2,612 $— $2,612 
Operating expenses
Power supply cost1
600 — 600 — 600 
Cost of gas sold— 514 514 — 514 
Maintenance and other operating expenses277 139 416 — 416 
Depreciation and amortization233 167 400 — 400 
General taxes79 91 170 — 170 
Total operating expenses1,189 911 2,100 — 2,100 
Operating Income179 333 512 — 512 
Other income43 23 66 — 66 
Interest charges83 56 139 — 139 
Income Before Income Taxes139 300 439 — 439 
Income tax expense (benefit)29 80 109 (16)93 
Net Income Available to Common Stockholder$110 $220 $330 $16 $346 
Property, plant, and equipment, gross$22,253 
2
$14,371 
2
$36,624 $32 $36,656 
Total assets23,481 
2
14,029 
2
37,510 52 37,562 
1Power supply costs comprise 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 March 31, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,299 $1,049 $99 $2,447 $— $2,447 
Operating expenses
Power supply cost1
546 — 69 615 — 615 
Cost of gas sold— 382 1 383 — 383 
Maintenance and other operating expenses257 116 30 403 2 405 
Depreciation and amortization221 154 13 388 — 388 
General taxes73 86 3 162 — 162 
Total operating expenses1,097 738 116 1,951 2 1,953 
Operating Income (Loss)202 311 (17)496 (2)494 
Other income27 19 1 47 3 50 
Interest charges82 48 — 130 56 186 
Income (Loss) Before Income Taxes147 282 (16)413 (55)358 
Income tax expense (benefit)23 69 11 103 (40)63 
Income (Loss) From Continuing Operations124 213 (27)310 (15)295 
Other segment items2
— — 9 9 (2)7 
Net Income (Loss) Available to Common Stockholders$124 $213 $(18)$319 $(17)$302 
Property, plant, and equipment, gross$20,340 
3
$13,412 
3
$1,505 $35,257 $24 $35,281 
Total assets20,875 
3
13,025 
3
1,977 35,877 418 36,295 
1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise 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 March 31, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,299 $1,049 $2,348 $— $2,348 
Operating expenses
Power supply cost1
546 — 546 — 546 
Cost of gas sold— 382 382 — 382 
Maintenance and other operating expenses257 116 373 — 373 
Depreciation and amortization221 154 375 — 375 
General taxes73 86 159 — 159 
Total operating expenses1,097 738 1,835 — 1,835 
Operating Income202 311 513 — 513 
Other income27 19 46 — 46 
Interest charges82 48 130 — 130 
Income Before Income Taxes147 282 429 — 429 
Income tax expense (benefit)23 69 92 (9)83 
Net Income Available to Common Stockholder$124 $213 $337 $9 $346 
Property, plant, and equipment, gross$20,340 
2
$13,412 
2
$33,752 $30 $33,782 
Total assets20,930 
2
13,068 
2
33,998 31 34,029 
1Power supply costs comprise 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.
v3.26.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2026
Variable Interest Entity [Line Items]  
Variable Interest Entities Variable Interest Entities
Consolidated VIEs: NorthStar Clean Energy consolidates 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
BG Solar Holdings3
Class B membership interest2
Holding company of a 200-MW solar generation project in Branch County, Michigan
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.
3During 2025, the tax equity investor contributed $15 million and recognized a deemed contribution of $35 million associated with BG Solar Holdings’ sale of investment tax credits related to a portion of the project placed into service for tax purposes in 2025. The remaining portion of the project was placed into service for tax purposes during 2026, and the tax equity investor recognized a deemed contribution of $82 million. The tax equity investor will contribute additional amounts upon commercial operation of the project in 2026.
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
March 31, 2026December 31, 2025
Current
Cash and cash equivalents$45 $20 
Restricted cash19 19 
Accounts receivable1
126 42 
Prepayments and other current assets17 5 
Non-current
Plant, property, and equipment, net1,026 1,037 
Construction work in progress360 357 
Other non-current assets6 5 
Total assets2
$1,599 $1,485 
Current
Current portion of long-term debt and finance leases$138 $65 
Accounts payable21 29 
Non-current
Long-term debt88 118 
Non-current portion of finance leases39 39 
AROs39 38 
Other non-current liabilities3 3 
Total liabilities$328 $292 
1Primarily associated with sales of investment tax credits.
2Assets 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 3, 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 $520 million at March 31, 2026 and $549 million at December 31, 2025. The carrying value of securitization bonds on Consumers’ consolidated balance sheets was $540 million at March 31, 2026 and $585 million at December 31, 2025.
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, which are accounted for using the equity method:
NameNature of the EntityNature of CMS 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 $55 million at March 31, 2026 and $54 million at December 31, 2025.
Consumers Energy Company  
Variable Interest Entity [Line Items]  
Variable Interest Entities Variable Interest Entities
Consolidated VIEs: NorthStar Clean Energy consolidates 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
BG Solar Holdings3
Class B membership interest2
Holding company of a 200-MW solar generation project in Branch County, Michigan
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.
3During 2025, the tax equity investor contributed $15 million and recognized a deemed contribution of $35 million associated with BG Solar Holdings’ sale of investment tax credits related to a portion of the project placed into service for tax purposes in 2025. The remaining portion of the project was placed into service for tax purposes during 2026, and the tax equity investor recognized a deemed contribution of $82 million. The tax equity investor will contribute additional amounts upon commercial operation of the project in 2026.
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
March 31, 2026December 31, 2025
Current
Cash and cash equivalents$45 $20 
Restricted cash19 19 
Accounts receivable1
126 42 
Prepayments and other current assets17 5 
Non-current
Plant, property, and equipment, net1,026 1,037 
Construction work in progress360 357 
Other non-current assets6 5 
Total assets2
$1,599 $1,485 
Current
Current portion of long-term debt and finance leases$138 $65 
Accounts payable21 29 
Non-current
Long-term debt88 118 
Non-current portion of finance leases39 39 
AROs39 38 
Other non-current liabilities3 3 
Total liabilities$328 $292 
1Primarily associated with sales of investment tax credits.
2Assets 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 3, 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 $520 million at March 31, 2026 and $549 million at December 31, 2025. The carrying value of securitization bonds on Consumers’ consolidated balance sheets was $540 million at March 31, 2026 and $585 million at December 31, 2025.
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, which are accounted for using the equity method:
NameNature of the EntityNature of CMS 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 $55 million at March 31, 2026 and $54 million at December 31, 2025.
v3.26.1
Exit Activities and Asset Sales
 3 Months Ended
Mar. 31, 2026
Restructuring Cost and Reserve [Line Items]  
Exit Activities and Asset Sales Exit Activities and Asset Sales
J.H. Campbell Retirement: The retirement of J.H. Campbell is subject to temporary extensions under emergency orders issued by the U.S. Secretary of Energy. As a result, Consumers has implemented retention measures to ensure appropriate staffing levels and expects to incur up to $4 million during each 90‑day emergency order period. Consumers will seek recovery of these retention costs from FERC, consistent with rate recovery sought for other costs of complying with the emergency orders. For additional information on the emergency orders associated with J.H. Campbell, see Note 2, Regulatory Matters.
Presented in the following table is a reconciliation of the retention benefit liability recorded in other current liabilities on Consumers’ consolidated balance sheets:
In Millions
Three Months Ended March 3120262025
1
Retention benefit liability at beginning of period$2 $14 
Costs deferred as a regulatory asset4 2 
Costs paid or settled(4)— 
Retention benefit liability at the end of the period$2 $16 
1Includes amounts associated with a retention incentive program established under Consumers’ integrated resource plan in connection with the planned retirement of J.H. Campbell in May 2025. Final payments under this program were made in November 2025.
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, for which Consumers filed in October 2025. Timing of the regulatory review process is uncertain and could extend 12 to 18 months or longer. In Consumers’ most recent electric rate cases, the MPSC has approved deferred accounting treatment for costs of owning and operating the hydroelectric dams pending and until completion of the transaction. At March 31, 2026, 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: The retirement of J.H. Campbell is subject to temporary extensions under emergency orders issued by the U.S. Secretary of Energy. As a result, Consumers has implemented retention measures to ensure appropriate staffing levels and expects to incur up to $4 million during each 90‑day emergency order period. Consumers will seek recovery of these retention costs from FERC, consistent with rate recovery sought for other costs of complying with the emergency orders. For additional information on the emergency orders associated with J.H. Campbell, see Note 2, Regulatory Matters.
Presented in the following table is a reconciliation of the retention benefit liability recorded in other current liabilities on Consumers’ consolidated balance sheets:
In Millions
Three Months Ended March 3120262025
1
Retention benefit liability at beginning of period$2 $14 
Costs deferred as a regulatory asset4 2 
Costs paid or settled(4)— 
Retention benefit liability at the end of the period$2 $16 
1Includes amounts associated with a retention incentive program established under Consumers’ integrated resource plan in connection with the planned retirement of J.H. Campbell in May 2025. Final payments under this program were made in November 2025.
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, for which Consumers filed in October 2025. Timing of the regulatory review process is uncertain and could extend 12 to 18 months or longer. In Consumers’ most recent electric rate cases, the MPSC has approved deferred accounting treatment for costs of owning and operating the hydroelectric dams pending and until completion of the transaction. At March 31, 2026, 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.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
New Accounting Standards (Policies)
 3 Months Ended
Mar. 31, 2026
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
New Accounting Standards Not Yet Effective
New Accounting Standards Not Yet Effective
ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses: This standard requires public companies to provide disaggregated information about certain expense categories presented on the income statement. The guidance calls for annual and interim disclosures that separate specified components, such as employee compensation, depreciation, and amortization, within relevant expense line items in the notes to the financial statements. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. CMS Energy and Consumers will adopt the guidance upon the effective date. The standard will not have an impact on CMS Energy’s or Consumers’ consolidated net income, cash flows, or financial position.
ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software: This standard updates guidance for capitalizing costs related to internal-use software development. The amendments remove references to the previous “project stage” model and clarify the threshold for when capitalization should begin, focusing on whether completion of the project is probable. The amendments are effective for annual and interim reporting periods beginning after December 15, 2027. The guidance may be applied on a prospective, retrospective, or modified transition basis. Early adoption is permitted. CMS Energy and Consumers are currently evaluating the new standard.
Nonvested Stock Awards and Forward Equity Sale Contracts and Convertible Securities
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 impact to diluted EPS was de minimis.
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 4, Financings and Capitalization.
Convertible Securities
CMS Energy has 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.
Accounts Receivable and Unbilled Revenues
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  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
New Accounting Standards Not Yet Effective
New Accounting Standards Not Yet Effective
ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses: This standard requires public companies to provide disaggregated information about certain expense categories presented on the income statement. The guidance calls for annual and interim disclosures that separate specified components, such as employee compensation, depreciation, and amortization, within relevant expense line items in the notes to the financial statements. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. CMS Energy and Consumers will adopt the guidance upon the effective date. The standard will not have an impact on CMS Energy’s or Consumers’ consolidated net income, cash flows, or financial position.
ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software: This standard updates guidance for capitalizing costs related to internal-use software development. The amendments remove references to the previous “project stage” model and clarify the threshold for when capitalization should begin, focusing on whether completion of the project is probable. The amendments are effective for annual and interim reporting periods beginning after December 15, 2027. The guidance may be applied on a prospective, retrospective, or modified transition basis. Early adoption is permitted. CMS Energy and Consumers are currently evaluating the new standard.
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 and Unbilled Revenues
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.
v3.26.1
Contingencies and Commitments (Tables)
 3 Months Ended
Mar. 31, 2026
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 2026 and in each of the next five years:
In Millions
202620272028202920302031
Long-term leachate disposal and operating and maintenance costs$3 $4 $4 $4 $4 $4 
Schedule of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at March 31, 2026:
In Millions
 
Guarantee Description
Issue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousvarious$220 $— 
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, BG Solar Holdings, 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 these entities, see Note 12, 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 DOE 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 2026 and in each of the next five years:
In Millions
202620272028202920302031
Remediation and other response activity costs$3 $8 $25 $11 $3 $1 
Schedule of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at March 31, 2026:
In Millions
 
Guarantee Description
Issue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousvarious$220 $— 
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, BG Solar Holdings, 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 these entities, see Note 12, 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 DOE 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.
v3.26.1
Financings and Capitalization (Tables)
 3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
NorthStar Clean Energy
Construction financing agreement1
$47 variableFebruary 2025Five years after conversion date
Construction financing agreement2
214 variableMarch 2026Five years after conversion date
Total NorthStar Clean Energy$261 
1Represents additional borrowings under a construction financing agreement executed in February 2025. At March 31, 2026, total outstanding borrowings were $270 million. At completion of project construction, scheduled for the first half of 2026, NorthStar Clean Energy expects to convert $114 million of these outstanding borrowings into term loans maturing five years after the conversion date and to repay the remaining $156 million.
2At completion of project construction, scheduled for the second half of 2026, NorthStar Clean Energy expects to convert $133 million of these outstanding borrowings into term loans maturing five years after the conversion date and to repay the remaining $81 million.
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at March 31, 2026:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
Unsecured revolving credit facility, expiring November 20301
$750 $— $35 $715 
Unsecured letter of credit facility, expiring September 2026
50 — 50 — 
NorthStar Clean Energy
Secured revolving credit facility, expiring May 20282
$300 $75 $28 $197 
Secured letter of credit facility, expiring September 20283
37 — 37 — 
Secured letter of credit facility4
19 — 12 7 
Secured letter of credit facility4
22 — 7 15 
Consumers
Secured revolving credit facility, expiring November 20305,6
$1,100 $— $31 $1,069 
Secured revolving credit facility, expiring November 20285,6
300 — — 300 
Secured letter of credit facility, expiring May 20275
100 — 100 — 
Unsecured letter of credit facility, expiring March 202850 — 43 7 
Unsecured letter of credit facility7
100 — 97 3 
Unsecured letter of credit facility7
100 — 100 — 
1There were no borrowings under this facility during the three months ended March 31, 2026.
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 March 31, 2026, the net book value of the pledged equity interests was $607 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 a subsidiary of Aviator Wind Equity Holdings and is secured by assets of Aviator Wind. For more information regarding Aviator Wind Equity Holdings and Aviator Wind, see Note 12, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility is secured under a construction-to-term financing agreement and will expire five years after the term conversion date.
5Obligations under these facilities are secured by first mortgage bonds of Consumers.
6There were no borrowings under these facilities during the three months ended March 31, 2026.
7Uncommitted letter of credit facility with automatic renewal provisions and therefore no expiration.
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 three months ended March 31, 2026:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
NorthStar Clean Energy
Construction financing agreement1
$47 variableFebruary 2025Five years after conversion date
Construction financing agreement2
214 variableMarch 2026Five years after conversion date
Total NorthStar Clean Energy$261 
1Represents additional borrowings under a construction financing agreement executed in February 2025. At March 31, 2026, total outstanding borrowings were $270 million. At completion of project construction, scheduled for the first half of 2026, NorthStar Clean Energy expects to convert $114 million of these outstanding borrowings into term loans maturing five years after the conversion date and to repay the remaining $156 million.
2At completion of project construction, scheduled for the second half of 2026, NorthStar Clean Energy expects to convert $133 million of these outstanding borrowings into term loans maturing five years after the conversion date and to repay the remaining $81 million.
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at March 31, 2026:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
Unsecured revolving credit facility, expiring November 20301
$750 $— $35 $715 
Unsecured letter of credit facility, expiring September 2026
50 — 50 — 
NorthStar Clean Energy
Secured revolving credit facility, expiring May 20282
$300 $75 $28 $197 
Secured letter of credit facility, expiring September 20283
37 — 37 — 
Secured letter of credit facility4
19 — 12 7 
Secured letter of credit facility4
22 — 7 15 
Consumers
Secured revolving credit facility, expiring November 20305,6
$1,100 $— $31 $1,069 
Secured revolving credit facility, expiring November 20285,6
300 — — 300 
Secured letter of credit facility, expiring May 20275
100 — 100 — 
Unsecured letter of credit facility, expiring March 202850 — 43 7 
Unsecured letter of credit facility7
100 — 97 3 
Unsecured letter of credit facility7
100 — 100 — 
1There were no borrowings under this facility during the three months ended March 31, 2026.
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 March 31, 2026, the net book value of the pledged equity interests was $607 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 a subsidiary of Aviator Wind Equity Holdings and is secured by assets of Aviator Wind. For more information regarding Aviator Wind Equity Holdings and Aviator Wind, see Note 12, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility is secured under a construction-to-term financing agreement and will expire five years after the term conversion date.
5Obligations under these facilities are secured by first mortgage bonds of Consumers.
6There were no borrowings under these facilities during the three months ended March 31, 2026.
7Uncommitted letter of credit facility with automatic renewal provisions and therefore no expiration.
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule 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
March 31
2026		December 31
2025		March 31
2026		December 31
2025
Assets1
Cash equivalents$52 $154 $— $— 
Restricted cash equivalents88 106 68 86 
Nonqualified deferred compensation plan assets34 36 26 27 
Derivative instruments1 2 1 2 
Total assets$175 $298 $95 $115 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $36 $26 $27 
Derivative instruments3 3 — — 
Total liabilities$37 $39 $26 $27 
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]  
Schedule 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
March 31
2026		December 31
2025		March 31
2026		December 31
2025
Assets1
Cash equivalents$52 $154 $— $— 
Restricted cash equivalents88 106 68 86 
Nonqualified deferred compensation plan assets34 36 26 27 
Derivative instruments1 2 1 2 
Total assets$175 $298 $95 $115 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $36 $26 $27 
Derivative instruments3 3 — — 
Total liabilities$37 $39 $26 $27 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 2 and 3.
v3.26.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
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 5, Fair Value Measurements.
In Millions
March 31, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Liabilities
Long-term debt2
18,811 17,558 1,989 13,646 1,923 18,757 17,645 2,042 13,663 1,940 
Long-term payables3
6 6 — — 6 7 7 — — 7 
Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Notes receivable – related party4
89 89 — — 89 90 90 — — 90 
Liabilities
Long-term debt5
12,055 10,837 — 8,914 1,923 12,097 11,031 — 9,091 1,940 
Long-term debt – related party6
1,005 644 — 644 — 1,005 657 — 657 — 
Long-term payables2 2 — — 2 2 2 — — 2 
1Includes current portion of long-term accounts receivable and notes receivable of $2 million at March 31, 2026 and $3 million at December 31, 2025.
2Includes current portion of long-term debt of $1.4 billion at March 31, 2026 and $950 million at December 31, 2025.
3Includes current portion of long-term payables of $1 million at March 31, 2026 and $2 million at December 31, 2025.
4Includes current portion of notes receivable – related party of $7 million at March 31, 2026 and December 31, 2025.
5Includes current portion of long-term debt of $575 million at March 31, 2026 and $573 million at December 31, 2025.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 4, 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 5, Fair Value Measurements.
In Millions
March 31, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Liabilities
Long-term debt2
18,811 17,558 1,989 13,646 1,923 18,757 17,645 2,042 13,663 1,940 
Long-term payables3
6 6 — — 6 7 7 — — 7 
Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Notes receivable – related party4
89 89 — — 89 90 90 — — 90 
Liabilities
Long-term debt5
12,055 10,837 — 8,914 1,923 12,097 11,031 — 9,091 1,940 
Long-term debt – related party6
1,005 644 — 644 — 1,005 657 — 657 — 
Long-term payables2 2 — — 2 2 2 — — 2 
1Includes current portion of long-term accounts receivable and notes receivable of $2 million at March 31, 2026 and $3 million at December 31, 2025.
2Includes current portion of long-term debt of $1.4 billion at March 31, 2026 and $950 million at December 31, 2025.
3Includes current portion of long-term payables of $1 million at March 31, 2026 and $2 million at December 31, 2025.
4Includes current portion of notes receivable – related party of $7 million at March 31, 2026 and December 31, 2025.
5Includes current portion of long-term debt of $575 million at March 31, 2026 and $573 million at December 31, 2025.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 4, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
v3.26.1
Retirement Benefits (Tables)
 3 Months Ended
Mar. 31, 2026
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 Ended March 312026202520262025
CMS Energy, including Consumers
Net periodic credit
Service cost$6 $6 $2 $2 
Interest cost25 27 10 11 
Expected return on plan assets(60)(57)(31)(28)
Amortization of:
Net loss4 3 — 1 
Prior service cost (credit)1 1 (8)(9)
Settlement loss3 3 — — 
Net periodic credit$(21)$(17)$(27)$(23)
Consumers
Net periodic credit
Service cost$6 $6 $2 $2 
Interest cost23 26 10 10 
Expected return on plan assets(56)(54)(29)(26)
Amortization of:
Net loss3 2 — 1 
Prior service cost (credit)1 1 (8)(8)
Settlement loss3 3 — — 
Net periodic credit$(20)$(16)$(25)$(21)
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 Ended March 312026202520262025
CMS Energy, including Consumers
Net periodic credit
Service cost$6 $6 $2 $2 
Interest cost25 27 10 11 
Expected return on plan assets(60)(57)(31)(28)
Amortization of:
Net loss4 3 — 1 
Prior service cost (credit)1 1 (8)(9)
Settlement loss3 3 — — 
Net periodic credit$(21)$(17)$(27)$(23)
Consumers
Net periodic credit
Service cost$6 $6 $2 $2 
Interest cost23 26 10 10 
Expected return on plan assets(56)(54)(29)(26)
Amortization of:
Net loss3 2 — 1 
Prior service cost (credit)1 1 (8)(8)
Settlement loss3 3 — — 
Net periodic credit$(20)$(16)$(25)$(21)
v3.26.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2026
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:
Three Months Ended March 3120262025
CMS Energy, including Consumers
Income tax expense at statutory rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal income tax effect5.2 5.0 
Tax credits
Renewable energy tax credits(6.9)(5.6)
Other(0.6)(0.3)
Changes in unrecognized tax benefits1
5.2 0.8 
Other adjustments
Taxes attributable to noncontrolling interests4.6 0.6 
TCJA excess deferred taxes(3.3)(3.4)
Property differences(1.7)(0.3)
Other, net— (0.2)
Effective tax rate23.5 %17.6 %
Consumers
Income tax expense at statutory rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal income tax effect4.3 4.7 
Tax credits
Renewable energy tax credits(4.3)(3.0)
Other(0.5)(0.5)
Changes in unrecognized tax benefits1
4.3 0.7 
Other adjustments
TCJA excess deferred taxes(2.5)(3.0)
Property differences(1.1)(0.3)
Other, net— (0.3)
Effective tax rate21.2 %19.3 %
1    The change in unrecognized tax benefits was primarily associated with Consumers’ state income tax claim.
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:
Three Months Ended March 3120262025
CMS Energy, including Consumers
Income tax expense at statutory rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal income tax effect5.2 5.0 
Tax credits
Renewable energy tax credits(6.9)(5.6)
Other(0.6)(0.3)
Changes in unrecognized tax benefits1
5.2 0.8 
Other adjustments
Taxes attributable to noncontrolling interests4.6 0.6 
TCJA excess deferred taxes(3.3)(3.4)
Property differences(1.7)(0.3)
Other, net— (0.2)
Effective tax rate23.5 %17.6 %
Consumers
Income tax expense at statutory rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal income tax effect4.3 4.7 
Tax credits
Renewable energy tax credits(4.3)(3.0)
Other(0.5)(0.5)
Changes in unrecognized tax benefits1
4.3 0.7 
Other adjustments
TCJA excess deferred taxes(2.5)(3.0)
Property differences(1.1)(0.3)
Other, net— (0.3)
Effective tax rate21.2 %19.3 %
1    The change in unrecognized tax benefits was primarily associated with Consumers’ state income tax claim.
v3.26.1
Earnings Per Share - CMS Energy (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule 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 Ended March 3120262025
Income available to common stockholders
Income from continuing operations$277 $295 
Less loss attributable to noncontrolling interests(63)(9)
Less preferred stock dividends2 2 
Income from continuing operations available to common stockholders – basic and diluted$338 $302 
Average common shares outstanding
Weighted-average shares – basic306.4 298.2 
Add dilutive nonvested stock awards0.5 0.9 
Add dilutive contingently convertible securities0.2 — 
Weighted-average shares – diluted307.1 299.1 
Income from continuing operations per average common share available to common stockholders
Basic$1.10 $1.01 
Diluted1.10 1.01 
v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
Disaggregation of Revenue [Line Items]  
Schedule of Disaggregation of Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended March 31, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,365 $1,242 $— $2,607 
Other— — 68 68 
Revenue recognized from contracts with customers$1,365 $1,242 $68 $2,675 
Leasing income— — 50 50 
Financing income2 2 — 4 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,368 $1,244 $118 $2,730 
Consumers
Consumers utility revenue
Residential$663 $890 $1,553 
Commercial448 275 723 
Industrial202 33 235 
Other52 44 96 
Revenue recognized from contracts with customers$1,365 $1,242 $2,607 
Financing income2 2 4 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$1,368 $1,244 $2,612 
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 $37 million for the three months ended March 31, 2026
In Millions
Three Months Ended March 31, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,294 $1,047 $— $2,341 
Other— — 57 57 
Revenue recognized from contracts with customers$1,294 $1,047 $57 $2,398 
Leasing income— — 42 42 
Financing income3 2 — 5 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,299 $1,049 $99 $2,447 
Consumers
Consumers utility revenue
Residential$594 $731 $1,325 
Commercial418 239 657 
Industrial173 30 203 
Other109 47 156 
Revenue recognized from contracts with customers$1,294 $1,047 $2,341 
Financing income3 2 5 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,299 $1,049 $2,348 
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 $31 million for the three months ended March 31, 2025.
Consumers Energy Company  
Disaggregation of Revenue [Line Items]  
Schedule of Disaggregation of Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended March 31, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,365 $1,242 $— $2,607 
Other— — 68 68 
Revenue recognized from contracts with customers$1,365 $1,242 $68 $2,675 
Leasing income— — 50 50 
Financing income2 2 — 4 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,368 $1,244 $118 $2,730 
Consumers
Consumers utility revenue
Residential$663 $890 $1,553 
Commercial448 275 723 
Industrial202 33 235 
Other52 44 96 
Revenue recognized from contracts with customers$1,365 $1,242 $2,607 
Financing income2 2 4 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$1,368 $1,244 $2,612 
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 $37 million for the three months ended March 31, 2026
In Millions
Three Months Ended March 31, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,294 $1,047 $— $2,341 
Other— — 57 57 
Revenue recognized from contracts with customers$1,294 $1,047 $57 $2,398 
Leasing income— — 42 42 
Financing income3 2 — 5 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,299 $1,049 $99 $2,447 
Consumers
Consumers utility revenue
Residential$594 $731 $1,325 
Commercial418 239 657 
Industrial173 30 203 
Other109 47 156 
Revenue recognized from contracts with customers$1,294 $1,047 $2,341 
Financing income3 2 5 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,299 $1,049 $2,348 
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 $31 million for the three months ended March 31, 2025.
v3.26.1
Reportable Segments (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting Information [Line Items]  
Schedule of Financial Information by Reportable Segments
Presented in the following tables is financial information by segment:
In Millions
Three Months Ended March 31, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,368 $1,244 $118 $2,730 $— $2,730 
Operating expenses
Power supply cost1
600 — 91 691 — 691 
Cost of gas sold— 514 2 516 — 516 
Maintenance and other operating expenses277 139 30 446 2 448 
Depreciation and amortization233 167 12 412 — 412 
General taxes79 91 3 173 — 173 
Total operating expenses1,189 911 138 2,238 2 2,240 
Operating Income (Loss)179 333 (20)492 (2)490 
Other income43 23 7 73 2 75 
Interest charges83 56 2 141 62 203 
Income (Loss) Before Income Taxes139 300 (15)424 (62)362 
Income tax expense (benefit)29 80 7 116 (31)85 
Income (Loss) From Continuing Operations110 220 (22)308 (31)277 
Other segment items2
— — 63 63 (2)61 
Net Income (Loss) Available to Common Stockholders$110 $220 $41 $371 $(33)$338 
Property, plant, and equipment, gross$22,253 
3
$14,371 
3
$1,673 $38,297 $26 $38,323 
Total assets23,427 
3
13,989 
3
2,742 40,158 127 40,285 
1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise 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 March 31, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,368 $1,244 $2,612 $— $2,612 
Operating expenses
Power supply cost1
600 — 600 — 600 
Cost of gas sold— 514 514 — 514 
Maintenance and other operating expenses277 139 416 — 416 
Depreciation and amortization233 167 400 — 400 
General taxes79 91 170 — 170 
Total operating expenses1,189 911 2,100 — 2,100 
Operating Income179 333 512 — 512 
Other income43 23 66 — 66 
Interest charges83 56 139 — 139 
Income Before Income Taxes139 300 439 — 439 
Income tax expense (benefit)29 80 109 (16)93 
Net Income Available to Common Stockholder$110 $220 $330 $16 $346 
Property, plant, and equipment, gross$22,253 
2
$14,371 
2
$36,624 $32 $36,656 
Total assets23,481 
2
14,029 
2
37,510 52 37,562 
1Power supply costs comprise 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 March 31, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,299 $1,049 $99 $2,447 $— $2,447 
Operating expenses
Power supply cost1
546 — 69 615 — 615 
Cost of gas sold— 382 1 383 — 383 
Maintenance and other operating expenses257 116 30 403 2 405 
Depreciation and amortization221 154 13 388 — 388 
General taxes73 86 3 162 — 162 
Total operating expenses1,097 738 116 1,951 2 1,953 
Operating Income (Loss)202 311 (17)496 (2)494 
Other income27 19 1 47 3 50 
Interest charges82 48 — 130 56 186 
Income (Loss) Before Income Taxes147 282 (16)413 (55)358 
Income tax expense (benefit)23 69 11 103 (40)63 
Income (Loss) From Continuing Operations124 213 (27)310 (15)295 
Other segment items2
— — 9 9 (2)7 
Net Income (Loss) Available to Common Stockholders$124 $213 $(18)$319 $(17)$302 
Property, plant, and equipment, gross$20,340 
3
$13,412 
3
$1,505 $35,257 $24 $35,281 
Total assets20,875 
3
13,025 
3
1,977 35,877 418 36,295 
1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise 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 March 31, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,299 $1,049 $2,348 $— $2,348 
Operating expenses
Power supply cost1
546 — 546 — 546 
Cost of gas sold— 382 382 — 382 
Maintenance and other operating expenses257 116 373 — 373 
Depreciation and amortization221 154 375 — 375 
General taxes73 86 159 — 159 
Total operating expenses1,097 738 1,835 — 1,835 
Operating Income202 311 513 — 513 
Other income27 19 46 — 46 
Interest charges82 48 130 — 130 
Income Before Income Taxes147 282 429 — 429 
Income tax expense (benefit)23 69 92 (9)83 
Net Income Available to Common Stockholder$124 $213 $337 $9 $346 
Property, plant, and equipment, gross$20,340 
2
$13,412 
2
$33,752 $30 $33,782 
Total assets20,930 
2
13,068 
2
33,998 31 34,029 
1Power supply costs comprise 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.
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Schedule of Financial Information by Reportable Segments
Presented in the following tables is financial information by segment:
In Millions
Three Months Ended March 31, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,368 $1,244 $118 $2,730 $— $2,730 
Operating expenses
Power supply cost1
600 — 91 691 — 691 
Cost of gas sold— 514 2 516 — 516 
Maintenance and other operating expenses277 139 30 446 2 448 
Depreciation and amortization233 167 12 412 — 412 
General taxes79 91 3 173 — 173 
Total operating expenses1,189 911 138 2,238 2 2,240 
Operating Income (Loss)179 333 (20)492 (2)490 
Other income43 23 7 73 2 75 
Interest charges83 56 2 141 62 203 
Income (Loss) Before Income Taxes139 300 (15)424 (62)362 
Income tax expense (benefit)29 80 7 116 (31)85 
Income (Loss) From Continuing Operations110 220 (22)308 (31)277 
Other segment items2
— — 63 63 (2)61 
Net Income (Loss) Available to Common Stockholders$110 $220 $41 $371 $(33)$338 
Property, plant, and equipment, gross$22,253 
3
$14,371 
3
$1,673 $38,297 $26 $38,323 
Total assets23,427 
3
13,989 
3
2,742 40,158 127 40,285 
1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise 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 March 31, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,368 $1,244 $2,612 $— $2,612 
Operating expenses
Power supply cost1
600 — 600 — 600 
Cost of gas sold— 514 514 — 514 
Maintenance and other operating expenses277 139 416 — 416 
Depreciation and amortization233 167 400 — 400 
General taxes79 91 170 — 170 
Total operating expenses1,189 911 2,100 — 2,100 
Operating Income179 333 512 — 512 
Other income43 23 66 — 66 
Interest charges83 56 139 — 139 
Income Before Income Taxes139 300 439 — 439 
Income tax expense (benefit)29 80 109 (16)93 
Net Income Available to Common Stockholder$110 $220 $330 $16 $346 
Property, plant, and equipment, gross$22,253 
2
$14,371 
2
$36,624 $32 $36,656 
Total assets23,481 
2
14,029 
2
37,510 52 37,562 
1Power supply costs comprise 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 March 31, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,299 $1,049 $99 $2,447 $— $2,447 
Operating expenses
Power supply cost1
546 — 69 615 — 615 
Cost of gas sold— 382 1 383 — 383 
Maintenance and other operating expenses257 116 30 403 2 405 
Depreciation and amortization221 154 13 388 — 388 
General taxes73 86 3 162 — 162 
Total operating expenses1,097 738 116 1,951 2 1,953 
Operating Income (Loss)202 311 (17)496 (2)494 
Other income27 19 1 47 3 50 
Interest charges82 48 — 130 56 186 
Income (Loss) Before Income Taxes147 282 (16)413 (55)358 
Income tax expense (benefit)23 69 11 103 (40)63 
Income (Loss) From Continuing Operations124 213 (27)310 (15)295 
Other segment items2
— — 9 9 (2)7 
Net Income (Loss) Available to Common Stockholders$124 $213 $(18)$319 $(17)$302 
Property, plant, and equipment, gross$20,340 
3
$13,412 
3
$1,505 $35,257 $24 $35,281 
Total assets20,875 
3
13,025 
3
1,977 35,877 418 36,295 
1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise 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 March 31, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,299 $1,049 $2,348 $— $2,348 
Operating expenses
Power supply cost1
546 — 546 — 546 
Cost of gas sold— 382 382 — 382 
Maintenance and other operating expenses257 116 373 — 373 
Depreciation and amortization221 154 375 — 375 
General taxes73 86 159 — 159 
Total operating expenses1,097 738 1,835 — 1,835 
Operating Income202 311 513 — 513 
Other income27 19 46 — 46 
Interest charges82 48 130 — 130 
Income Before Income Taxes147 282 429 — 429 
Income tax expense (benefit)23 69 92 (9)83 
Net Income Available to Common Stockholder$124 $213 $337 $9 $346 
Property, plant, and equipment, gross$20,340 
2
$13,412 
2
$33,752 $30 $33,782 
Total assets20,930 
2
13,068 
2
33,998 31 34,029 
1Power supply costs comprise 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.
v3.26.1
Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2026
Variable Interest Entities [Abstract]  
Schedule of VIE Information and 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
BG Solar Holdings3
Class B membership interest2
Holding company of a 200-MW solar generation project in Branch County, Michigan
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.
3During 2025, the tax equity investor contributed $15 million and recognized a deemed contribution of $35 million associated with BG Solar Holdings’ sale of investment tax credits related to a portion of the project placed into service for tax purposes in 2025. The remaining portion of the project was placed into service for tax purposes during 2026, and the tax equity investor recognized a deemed contribution of $82 million. The tax equity investor will contribute additional amounts upon commercial operation of the project in 2026.
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
March 31, 2026December 31, 2025
Current
Cash and cash equivalents$45 $20 
Restricted cash19 19 
Accounts receivable1
126 42 
Prepayments and other current assets17 5 
Non-current
Plant, property, and equipment, net1,026 1,037 
Construction work in progress360 357 
Other non-current assets6 5 
Total assets2
$1,599 $1,485 
Current
Current portion of long-term debt and finance leases$138 $65 
Accounts payable21 29 
Non-current
Long-term debt88 118 
Non-current portion of finance leases39 39 
AROs39 38 
Other non-current liabilities3 3 
Total liabilities$328 $292 
1Primarily associated with sales of investment tax credits.
2Assets may be used only to meet VIEs’ obligations and commitments.
Presented in the following table is information about these partnerships, which are accounted for using the equity method:
NameNature of the EntityNature of CMS 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.
v3.26.1
Exit Activities and Asset Sales (Tables)
 3 Months Ended
Mar. 31, 2026
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 current liabilities on Consumers’ consolidated balance sheets:
In Millions
Three Months Ended March 3120262025
1
Retention benefit liability at beginning of period$2 $14 
Costs deferred as a regulatory asset4 2 
Costs paid or settled(4)— 
Retention benefit liability at the end of the period$2 $16 
1Includes amounts associated with a retention incentive program established under Consumers’ integrated resource plan in connection with the planned retirement of J.H. Campbell in May 2025. Final payments under this program were made in November 2025.
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 current liabilities on Consumers’ consolidated balance sheets:
In Millions
Three Months Ended March 3120262025
1
Retention benefit liability at beginning of period$2 $14 
Costs deferred as a regulatory asset4 2 
Costs paid or settled(4)— 
Retention benefit liability at the end of the period$2 $16 
1Includes amounts associated with a retention incentive program established under Consumers’ integrated resource plan in connection with the planned retirement of J.H. Campbell in May 2025. Final payments under this program were made in November 2025.
v3.26.1
Regulatory Matters (Details) - USD ($)
$ in Millions
 3 Months Ended 7 Months Ended
Mar. 31, 2026
Aug. 20, 2025
Mar. 31, 2025
Mar. 31, 2026
Public Utilities, General Disclosures [Line Items]        
Revenues $ 2,730   $ 2,447  
Consumers Energy Company        
Public Utilities, General Disclosures [Line Items]        
Revenues $ 2,612   $ 2,348  
J.H. Campbell Generating Units | Consumers Energy Company        
Public Utilities, General Disclosures [Line Items]        
Financial impact of emergency order   $ 42   $ 138
Revenues   $ 78   $ 143
v3.26.1
Contingencies and Commitments (Narrative) (Details)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
Mar. 31, 2026
USD ($)
facility
Dec. 31, 2022
USD ($)
Loss Contingencies [Line Items]      
Environmental Loss Contingency, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag   recorded liability  
Regulatory assets $ 3,355 $ 3,298  
Consumers Energy Company      
Loss Contingencies [Line Items]      
Regulatory assets 3,355 3,298  
Consumers Energy Company | MGP sites      
Loss Contingencies [Line Items]      
Regulatory assets   80  
Consumers Energy Company | Ludington Plant Overhaul Contract Dispute      
Loss Contingencies [Line Items]      
Damages sought     $ 15
Damages awarded 383    
Additional damages awarded $ 11    
Estimate of shared costs   350  
Bay Harbor      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies   $ 48  
Discount rate (in percent)   4.34%  
Accrual for environmental loss contingencies, inflation rate (in percent)   1.00%  
Accrual for environmental loss contingencies, gross   $ 61  
NREPA | Electric Utility | Consumers Energy Company      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies   2  
NREPA | Maximum | Electric Utility | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs   3  
CERCLA Liability | Consumers Energy Company      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies   21  
CERCLA Liability | Minimum | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs   21  
CERCLA Liability | Maximum | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs   57  
MGP sites | Consumers Energy Company      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies   $ 59  
Number of former MGPs | facility   23  
Regulatory asset collection period (in years)   10 years  
v3.26.1
Contingencies and Commitments (Schedule of Remediation and Other Response Activity Costs by Year) (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Consumers Energy Company | MGP sites  
Site Contingency [Line Items]  
2026 $ 3
2027 8
2028 25
2029 11
2030 3
2031 1
Bay Harbor  
Site Contingency [Line Items]  
2026 3
2027 4
2028 4
2029 4
2030 4
2031 $ 4
v3.26.1
Contingencies and Commitments (Schedule of Guarantees) (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Variable Interest Entity, Primary Beneficiary | Aviator Wind Equity Holdings  
Guarantees And Other Contingencies [Line Items]  
Ownership (in percent) 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 220
Carrying Amount 0
Indemnity obligations from stock and asset sale agreements  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation 152
Carrying Amount $ 0
v3.26.1
Financings and Capitalization (Schedule of Major Long-Term Debt Issuances and Retirements) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2026
Jun. 30, 2026
Debt Instrument [Line Items]        
Payment for purchase of first mortgage bonds $ 204 $ 717    
NorthStar Clean Energy, Including Subsidiaries        
Debt Instrument [Line Items]        
Principal (In Millions) 261      
NorthStar Clean Energy, Including Subsidiaries | Construction financing agreement | Construction Financing Agreement, First Half Of 2026        
Debt Instrument [Line Items]        
Principal (In Millions) 47      
Long-term debt 270      
NorthStar Clean Energy, Including Subsidiaries | Construction financing agreement | Construction Financing Agreement, First Half Of 2026 | Forecast        
Debt Instrument [Line Items]        
Debt conversion, converted instrument, amount       $ 114
Debt instrument, term (in years)       5 years
Payment for purchase of first mortgage bonds       $ 156
NorthStar Clean Energy, Including Subsidiaries | Construction financing agreement | Construction Financing Agreement, Second Half Of 2026        
Debt Instrument [Line Items]        
Principal (In Millions) $ 214      
NorthStar Clean Energy, Including Subsidiaries | Construction financing agreement | Construction Financing Agreement, Second Half Of 2026 | Forecast        
Debt Instrument [Line Items]        
Debt conversion, converted instrument, amount     $ 133  
Debt instrument, term (in years)     5 years  
Payment for purchase of first mortgage bonds     $ 81  
v3.26.1
Financings and Capitalization (Schedule of Revolving Credit Facilities) (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
Consumers Energy Company | Secured Revolving Credit Facility, Expiring November 2030  
Line of Credit Facility [Line Items]  
Amount of Facility $ 1,100,000,000
Amount Borrowed 0
Letters of Credit Outstanding 31,000,000
Amount Available 1,069,000,000
Consumers Energy Company | Secured Revolving Credit Facility, Expiring November 2028  
Line of Credit Facility [Line Items]  
Amount of Facility 300,000,000
Amount Borrowed 0
Letters of Credit Outstanding 0
Amount Available 300,000,000
Consumers Energy Company | Secured Letter Of Credit Facility, Expiring May 2027  
Line of Credit Facility [Line Items]  
Amount of Facility 100,000,000
Amount Borrowed 0
Letters of Credit Outstanding 100,000,000
Amount Available 0
Consumers Energy Company | Unsecured Letter Of Credit Facility, Expiring March 2028  
Line of Credit Facility [Line Items]  
Amount of Facility 50,000,000
Amount Borrowed 0
Letters of Credit Outstanding 43,000,000
Amount Available 7,000,000
Consumers Energy Company | Unsecured Letter Of Credit Facility  
Line of Credit Facility [Line Items]  
Amount of Facility 100,000,000
Amount Borrowed 0
Letters of Credit Outstanding 97,000,000
Amount Available 3,000,000
Consumers Energy Company | Unsecured Letter Of Credit Facility  
Line of Credit Facility [Line Items]  
Amount of Facility 100,000,000
Amount Borrowed 0
Letters of Credit Outstanding 100,000,000
Amount Available 0
Consumers Energy Company | Letter of Credit  
Line of Credit Facility [Line Items]  
Borrowings 0
CMS Energy | Unsecured Revolving Credit Facility, Expiring November 2030  
Line of Credit Facility [Line Items]  
Amount of Facility 750,000,000
Amount Borrowed 0
Letters of Credit Outstanding 35,000,000
Amount Available 715,000,000
Borrowings 0
CMS Energy | Unsecured Letter Of Credit Facility, Expiring September 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 | Secured Revolving Credit Facility, Expiring May 2028  
Line of Credit Facility [Line Items]  
Amount of Facility 300,000,000
Amount Borrowed 75,000,000
Letters of Credit Outstanding 28,000,000
Amount Available 197,000,000
Equity interests 607,000,000
NorthStar Clean Energy, Including Subsidiaries | Secured Letter Of Credit Facility, Expiring September 2028  
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 | Secured Letter Of Credit Facility  
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
NorthStar Clean Energy, Including Subsidiaries | Secured Letter Of Credit Facility 2  
Line of Credit Facility [Line Items]  
Amount of Facility 22,000,000
Amount Borrowed 0
Letters of Credit Outstanding 7,000,000
Amount Available $ 15,000,000
v3.26.1
Financings and Capitalization (Narrative) (Details) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2025
Mar. 31, 2026
Dec. 31, 2023
Financing And Capitalization [Line Items]      
Limitation on payment of stock dividends   $ 9,200,000,000  
Dividends paid   $ 308,000,000  
Stock offering program maximum value     $ 1,000,000,000
Shares contracted under forward sale agreements (in shares)   6,400,000  
Initial forward price (in dollars per share)   $ 75.63  
Forward contract indexed to equity, settlement, number of shares (in shares)   97,180  
Forward contract indexed to equity, settlement, cash, amount   $ 8,000,000  
Settlement Of Forward Contracts      
Financing And Capitalization [Line Items]      
Shares subject to forward equity sale agreement (in shares)   1,900,000  
Settlement of forward contracts through issuance of stock (in dollars per share)   $ 75.28  
Issuance of common stock   $ 142,000,000  
Aggregate sales price   353,000,000  
Consumers Energy Company      
Financing And Capitalization [Line Items]      
Unrestricted retained earnings   2,600,000,000  
Consumers Energy Company | Commercial Paper      
Financing And Capitalization [Line Items]      
Short-term debt authorized borrowings   500,000,000  
Short-term borrowings outstanding   $ 0  
NorthStar Clean Energy      
Financing And Capitalization [Line Items]      
Supplier financing program, payment period (in days)   135 days  
Supplier financing program, termination period (in days)   30 days  
NorthStar Clean Energy | NorthStar Clean Energy's Supplier Financing Program      
Financing And Capitalization [Line Items]      
Supplier finance obligations $ 78,000,000 $ 78,000,000  
Related Party | Consumers Energy Company      
Financing And Capitalization [Line Items]      
Notes payable 340,000,000 517,000,000  
Related Party | Consumers Energy Company | Credit Agreement      
Financing And Capitalization [Line Items]      
Maximum borrowing capacity $ 500,000,000 750,000,000  
Basis spread on variable rate (in percent) 0.10%    
Notes payable   $ 517,000,000  
Interest rate at period end (in percent)   3.568%  
v3.26.1
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets    
Restricted cash equivalents $ 88 $ 106
Consumers Energy Company    
Assets    
Restricted cash equivalents 68 86
Fair Value, Inputs, Level 1, 2 and 3    
Assets    
Total assets 175 298
Liabilities    
Total liabilities 37 39
Fair Value, Inputs, Level 1, 2 and 3 | Consumers Energy Company    
Assets    
Total assets 95 115
Liabilities    
Total liabilities 26 27
Fair Value, Inputs, Level 1    
Assets    
Cash equivalents 52 154
Restricted cash equivalents 88 106
Nonqualified deferred compensation plan assets 34 36
Liabilities    
Nonqualified deferred compensation plan liabilities 34 36
Fair Value, Inputs, Level 1 | Consumers Energy Company    
Assets    
Cash equivalents 0 0
Restricted cash equivalents 68 86
Nonqualified deferred compensation plan assets 26 27
Liabilities    
Nonqualified deferred compensation plan liabilities 26 27
Fair Value, Inputs, Level 2 And Level 3    
Assets    
Derivative instruments 1 2
Liabilities    
Derivative instruments 3 3
Fair Value, Inputs, Level 2 And Level 3 | Consumers Energy Company    
Assets    
Derivative instruments 1 2
Liabilities    
Derivative instruments $ 0 $ 0
v3.26.1
Fair Value Measurements - (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Other expense $ 4 $ 6  
Not Designated as Hedging Instrument, Economic Hedge      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Other expense 1 $ 3  
Derivative instruments 3   $ 3
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 $ 209    
v3.26.1
Financial Instruments (Schedule of Carrying Amounts and Fair Values of Financial Instruments) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Liabilities    
Current accounts receivable and notes receivable $ 2 $ 3
Current portion of long-term debt 1,400 950
Current portion of long-term payables 1 2
Carrying Amount    
Assets    
Long-term receivables 6 7
Liabilities    
Long-term debt 18,811 18,757
Long-term payables 6 7
Fair Value    
Assets    
Long-term receivables 5 6
Liabilities    
Long-term debt 17,558 17,645
Long-term payables 6 7
Consumers Energy Company    
Liabilities    
Current accounts receivable and notes receivable 2 3
Current portion of long-term debt 575 573
Consumers Energy Company | Related Party    
Liabilities    
Notes receivable 7 7
Consumers Energy Company | Carrying Amount    
Assets    
Long-term receivables 6 7
Notes receivable related party 89 90
Liabilities    
Long-term payables 2 2
Consumers Energy Company | Carrying Amount | Nonrelated Party    
Liabilities    
Long-term debt 12,055 12,097
Consumers Energy Company | Carrying Amount | Related Party    
Liabilities    
Long-term debt 1,005 1,005
Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 5 6
Notes receivable related party 89 90
Liabilities    
Long-term payables 2 2
Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 10,837 11,031
Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 644 657
Level 1 | Fair Value    
Assets    
Long-term receivables 0 0
Liabilities    
Long-term debt 1,989 2,042
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 13,646 13,663
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 8,914 9,091
Level 2 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 644 657
Level 3 | Fair Value    
Assets    
Long-term receivables 5 6
Liabilities    
Long-term debt 1,923 1,940
Long-term payables 6 7
Level 3 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 5 6
Notes receivable related party 89 90
Liabilities    
Long-term payables 2 2
Level 3 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 1,923 1,940
Level 3 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt $ 0 $ 0
v3.26.1
Financial Instruments (Narrative) (Details)
Mar. 31, 2026
Consumers Energy Company | CMS Energy Note Payable  
Financial Instruments [Line Items]  
Debt instrument, interest rate, stated (in percent) 4.10%
v3.26.1
Retirement Benefits (Schedule of Net Benefit Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
DB Pension Plans    
Defined Benefit Plan, Roll Forwards [Abstract]    
Service cost $ 6 $ 6
Interest cost 25 27
Expected return on plan assets (60) (57)
Amortization of:    
Net loss 4 3
Prior service cost (credit) 1 1
Settlement loss 3 3
Net periodic credit (21) (17)
DB Pension Plans | Consumers Energy Company    
Defined Benefit Plan, Roll Forwards [Abstract]    
Service cost 6 6
Interest cost 23 26
Expected return on plan assets (56) (54)
Amortization of:    
Net loss 3 2
Prior service cost (credit) 1 1
Settlement loss 3 3
Net periodic credit (20) (16)
OPEB Plan    
Defined Benefit Plan, Roll Forwards [Abstract]    
Service cost 2 2
Interest cost 10 11
Expected return on plan assets (31) (28)
Amortization of:    
Net loss 0 1
Prior service cost (credit) (8) (9)
Settlement loss 0 0
Net periodic credit (27) (23)
OPEB Plan | Consumers Energy Company    
Defined Benefit Plan, Roll Forwards [Abstract]    
Service cost 2 2
Interest cost 10 10
Expected return on plan assets (29) (26)
Amortization of:    
Net loss 0 1
Prior service cost (credit) (8) (8)
Settlement loss 0 0
Net periodic credit $ (25) $ (21)
v3.26.1
Retirement Benefits (Narrative) (Details) - Volatility Mechanism - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
DB Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Deferred credits (costs) $ 1 $ 1
OPEB Plan    
Defined Benefit Plan Disclosure [Line Items]    
Deferred credits (costs) $ 3 $ 4
v3.26.1
Income Taxes (Schedule of Effective Income Rate Reconciliation) (Details)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Percent    
Income tax expense at statutory rate 21.00% 21.00%
State and local income taxes, net of federal income tax effect 5.20% 5.00%
Renewable energy tax credits (6.90%) (5.60%)
Other (0.60%) (0.30%)
Changes in unrecognized tax benefits 5.20% 0.80%
Taxes attributable to noncontrolling interests 4.60% 0.60%
TCJA excess deferred taxes (3.30%) (3.40%)
Property differences (0.017) (0.003)
Other, net 0.00% (0.20%)
Effective tax rate 23.50% 17.60%
Consumers Energy Company    
Percent    
Income tax expense at statutory rate 21.00% 21.00%
State and local income taxes, net of federal income tax effect 4.30% 4.70%
Renewable energy tax credits (4.30%) (3.00%)
Other (0.50%) (0.50%)
Changes in unrecognized tax benefits 4.30% 0.70%
TCJA excess deferred taxes (2.50%) (3.00%)
Property differences (0.011) (0.003)
Other, net 0.00% (0.30%)
Effective tax rate 21.20% 19.30%
v3.26.1
Income Taxes (Narrative) (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Income Tax Disclosure [Abstract]  
Additions for prior-year tax positions $ 18
v3.26.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income available to common stockholders    
Income from continuing operations $ 277 $ 295
Loss attributable to noncontrolling interests (63) (9)
Less preferred stock dividends 2 2
Income from continuing operations available to common stockholders – basic and diluted $ 338 $ 302
Average common shares outstanding    
Weighted average shares - basic (in shares) 306.4 298.2
Dilutive nonvested stock awards (in shares) 0.5 0.9
Dilutive contingently convertible securities (in shares) 0.2 0.0
Weighted average shares - diluted (in shares) 307.1 299.1
Income from continuing operations per average common share available to common stockholders    
Basic (in dollars per share) $ 1.10 $ 1.01
Diluted (in dollars per share) $ 1.10 $ 1.01
v3.26.1
Revenue (Schedule of Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers $ 2,675 $ 2,398
Leasing income 50 42
Financing income 4 5
Total operating revenue 2,730 2,447
Operating Segments    
Disaggregation of Revenue [Line Items]    
Total operating revenue 2,730 2,447
Electric Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 1,365 1,294
Financing income 2 3
Total operating revenue 1,368 1,299
Gas Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 1,242 1,047
Financing income 2 2
Total operating revenue 1,244 1,049
NorthStar Clean Energy | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 68 57
Leasing income 50 42
Total operating revenue 118 99
Variable lease income 37 31
Other    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 68 57
Other | NorthStar Clean Energy | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 68 57
Consumers Energy Company    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 2,607 2,341
Financing income 4 5
Alternative-revenue programs 1 2
Total operating revenue 2,612 2,348
Consumers Energy Company | Operating Segments    
Disaggregation of Revenue [Line Items]    
Total operating revenue 2,612 2,348
Consumers Energy Company | Electric Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 1,365 1,294
Financing income 2 3
Alternative-revenue programs 1 2
Total operating revenue 1,368 1,299
Consumers Energy Company | Gas Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 1,242 1,047
Financing income 2 2
Alternative-revenue programs 0 0
Total operating revenue 1,244 1,049
Consumers Energy Company | Residential    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 1,553 1,325
Consumers Energy Company | Residential | Electric Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 663 594
Consumers Energy Company | Residential | Gas Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 890 731
Consumers Energy Company | Commercial    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 723 657
Consumers Energy Company | Commercial | Electric Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 448 418
Consumers Energy Company | Commercial | Gas Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 275 239
Consumers Energy Company | Industrial    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 235 203
Consumers Energy Company | Industrial | Electric Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 202 173
Consumers Energy Company | Industrial | Gas Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 33 30
Consumers Energy Company | Other    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 96 156
Consumers Energy Company | Other | Electric Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers 52 109
Consumers Energy Company | Other | Gas Utility | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized from contracts with customers $ 44 $ 47
v3.26.1
Revenue (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Disaggregation of Revenue [Line Items]      
Bad debt expense $ 13 $ 12  
Unbilled receivables 520   $ 659
Consumers Energy Company      
Disaggregation of Revenue [Line Items]      
Bad debt expense 13    
Unbilled receivables $ 520   $ 659
v3.26.1
Reportable Segments (Narrative) (Details)
 3 Months Ended
Mar. 31, 2026
Segment
segment
Segment Reporting Information [Line Items]  
Number of reportable segments | segment 3
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Number of reportable segments | Segment 2
v3.26.1
Reportable Segments (Schedule of Financial Information by Reportable Segments, CMS Energy, including Consumers) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]      
Operating Revenue $ 2,730 $ 2,447  
Power supply cost 691 615  
Maintenance and other operating expenses 448 405  
Depreciation and amortization 412 388  
General taxes 173 162  
Total operating expenses 2,240 1,953  
Operating Income 490 494  
Total other income 75 50  
Total interest charges 203 186  
Income (Loss) Before Income Taxes 362 358  
Income tax expense (benefit) 85 63  
Income from continuing operations 277 295  
Other segment items 61 7  
Net Income (Loss) Available to Common Stockholders 338 302  
Plant, property, and equipment, gross 38,323 35,281 $ 37,763
Total assets 40,285 36,295 39,941
Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 2,612 2,348  
Power supply cost 600 546  
Operating Income 512 513  
Total other income 66 46  
Total interest charges 139 130  
Income (Loss) Before Income Taxes 439 429  
Income tax expense (benefit) 93 83  
Net Income (Loss) Available to Common Stockholders 346 346  
Total assets 37,562 34,029 $ 37,091
Cost of gas sold      
Segment Reporting Information [Line Items]      
Cost of gas sold 516 383  
Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenue 2,730 2,447  
Power supply cost 691 615  
Maintenance and other operating expenses 446 403  
Depreciation and amortization 412 388  
General taxes 173 162  
Total operating expenses 2,238 1,951  
Operating Income 492 496  
Total other income 73 47  
Total interest charges 141 130  
Income (Loss) Before Income Taxes 424 413  
Income tax expense (benefit) 116 103  
Income from continuing operations 308 310  
Other segment items 63 9  
Net Income (Loss) Available to Common Stockholders 371 319  
Plant, property, and equipment, gross 38,297 35,257  
Total assets 40,158 35,877  
Operating Segments | Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 2,612 2,348  
Power supply cost 600 546  
Operating Income 512 513  
Total other income 66 46  
Total interest charges 139 130  
Income (Loss) Before Income Taxes 439 429  
Income tax expense (benefit) 109 92  
Net Income (Loss) Available to Common Stockholders 330 337  
Total assets 37,510 33,998  
Operating Segments | Cost of gas sold      
Segment Reporting Information [Line Items]      
Cost of gas sold 516 383  
Other Reconciling Items      
Segment Reporting Information [Line Items]      
Operating Revenue 0 0  
Power supply cost 0 0  
Maintenance and other operating expenses 2 2  
Depreciation and amortization 0 0  
General taxes 0 0  
Total operating expenses 2 2  
Operating Income (2) (2)  
Total other income 2 3  
Total interest charges 62 56  
Income (Loss) Before Income Taxes (62) (55)  
Income tax expense (benefit) (31) (40)  
Income from continuing operations (31) (15)  
Other segment items (2) (2)  
Net Income (Loss) Available to Common Stockholders (33) (17)  
Plant, property, and equipment, gross 26 24  
Total assets 127 418  
Other Reconciling Items | Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 0 0  
Power supply cost 0 0  
Operating Income 0 0  
Total other income 0 0  
Total interest charges 0 0  
Income (Loss) Before Income Taxes 0 0  
Income tax expense (benefit) (16) (9)  
Net Income (Loss) Available to Common Stockholders 16 9  
Total assets 52 31  
Other Reconciling Items | Cost of gas sold      
Segment Reporting Information [Line Items]      
Cost of gas sold 0 0  
Electric Utility | Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenue 1,368 1,299  
Power supply cost 600 546  
Maintenance and other operating expenses 277 257  
Depreciation and amortization 233 221  
General taxes 79 73  
Total operating expenses 1,189 1,097  
Operating Income 179 202  
Total other income 43 27  
Total interest charges 83 82  
Income (Loss) Before Income Taxes 139 147  
Income tax expense (benefit) 29 23  
Income from continuing operations 110 124  
Other segment items 0 0  
Net Income (Loss) Available to Common Stockholders 110 124  
Plant, property, and equipment, gross 22,253 20,340  
Total assets 23,427 20,875  
Electric Utility | Operating Segments | Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 1,368 1,299  
Power supply cost 600 546  
Operating Income 179 202  
Total other income 43 27  
Total interest charges 83 82  
Income (Loss) Before Income Taxes 139 147  
Income tax expense (benefit) 29 23  
Net Income (Loss) Available to Common Stockholders 110 124  
Total assets 23,481 20,930  
Electric Utility | Operating Segments | Cost of gas sold      
Segment Reporting Information [Line Items]      
Cost of gas sold 0 0  
Gas Utility | Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenue 1,244 1,049  
Power supply cost 0 0  
Maintenance and other operating expenses 139 116  
Depreciation and amortization 167 154  
General taxes 91 86  
Total operating expenses 911 738  
Operating Income 333 311  
Total other income 23 19  
Total interest charges 56 48  
Income (Loss) Before Income Taxes 300 282  
Income tax expense (benefit) 80 69  
Income from continuing operations 220 213  
Other segment items 0 0  
Net Income (Loss) Available to Common Stockholders 220 213  
Plant, property, and equipment, gross 14,371 13,412  
Total assets 13,989 13,025  
Gas Utility | Operating Segments | Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 1,244 1,049  
Power supply cost 0 0  
Operating Income 333 311  
Total other income 23 19  
Total interest charges 56 48  
Income (Loss) Before Income Taxes 300 282  
Income tax expense (benefit) 80 69  
Net Income (Loss) Available to Common Stockholders 220 213  
Total assets 14,029 13,068  
Gas Utility | Operating Segments | Cost of gas sold      
Segment Reporting Information [Line Items]      
Cost of gas sold 514 382  
NorthStar Clean Energy | Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenue 118 99  
Power supply cost 91 69  
Maintenance and other operating expenses 30 30  
Depreciation and amortization 12 13  
General taxes 3 3  
Total operating expenses 138 116  
Operating Income (20) (17)  
Total other income 7 1  
Total interest charges 2 0  
Income (Loss) Before Income Taxes (15) (16)  
Income tax expense (benefit) 7 11  
Income from continuing operations (22) (27)  
Other segment items 63 9  
Net Income (Loss) Available to Common Stockholders 41 (18)  
Plant, property, and equipment, gross 1,673 1,505  
Total assets 2,742 1,977  
NorthStar Clean Energy | Operating Segments | Cost of gas sold      
Segment Reporting Information [Line Items]      
Cost of gas sold $ 2 $ 1  
v3.26.1
Reportable Segments (Schedule of Financial Information by Reportable Segments, Consumers) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting Information [Line Items]      
Operating Revenue $ 2,730 $ 2,447  
Power supply cost 691 615  
Operating Income 490 494  
Total other income 75 50  
Total interest charges 203 186  
Income (Loss) Before Income Taxes 362 358  
Income tax expense 85 63  
Net Income (Loss) Available to Common Stockholders 338 302  
Total assets 40,285 36,295 $ 39,941
Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 2,612 2,348  
Power supply cost 600 546  
Cost of gas sold 514 382  
Maintenance and other operating expenses 416 373  
Depreciation and amortization 400 375  
General taxes 170 159  
Total operating expenses 2,100 1,835  
Operating Income 512 513  
Total other income 66 46  
Total interest charges 139 130  
Income (Loss) Before Income Taxes 439 429  
Income tax expense 93 83  
Net Income (Loss) Available to Common Stockholders 346 346  
Property, plant, and equipment, gross 36,656 33,782 36,120
Total assets 37,562 34,029 $ 37,091
Operating Segments      
Segment Reporting Information [Line Items]      
Operating Revenue 2,730 2,447  
Power supply cost 691 615  
Operating Income 492 496  
Total other income 73 47  
Total interest charges 141 130  
Income (Loss) Before Income Taxes 424 413  
Income tax expense 116 103  
Net Income (Loss) Available to Common Stockholders 371 319  
Total assets 40,158 35,877  
Operating Segments | Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 2,612 2,348  
Power supply cost 600 546  
Cost of gas sold 514 382  
Maintenance and other operating expenses 416 373  
Depreciation and amortization 400 375  
General taxes 170 159  
Total operating expenses 2,100 1,835  
Operating Income 512 513  
Total other income 66 46  
Total interest charges 139 130  
Income (Loss) Before Income Taxes 439 429  
Income tax expense 109 92  
Net Income (Loss) Available to Common Stockholders 330 337  
Property, plant, and equipment, gross 36,624 33,752  
Total assets 37,510 33,998  
Operating Segments | Electric Utility      
Segment Reporting Information [Line Items]      
Operating Revenue 1,368 1,299  
Power supply cost 600 546  
Operating Income 179 202  
Total other income 43 27  
Total interest charges 83 82  
Income (Loss) Before Income Taxes 139 147  
Income tax expense 29 23  
Net Income (Loss) Available to Common Stockholders 110 124  
Total assets 23,427 20,875  
Operating Segments | Electric Utility | Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 1,368 1,299  
Power supply cost 600 546  
Cost of gas sold 0 0  
Maintenance and other operating expenses 277 257  
Depreciation and amortization 233 221  
General taxes 79 73  
Total operating expenses 1,189 1,097  
Operating Income 179 202  
Total other income 43 27  
Total interest charges 83 82  
Income (Loss) Before Income Taxes 139 147  
Income tax expense 29 23  
Net Income (Loss) Available to Common Stockholders 110 124  
Property, plant, and equipment, gross 22,253 20,340  
Total assets 23,481 20,930  
Operating Segments | Gas Utility      
Segment Reporting Information [Line Items]      
Operating Revenue 1,244 1,049  
Power supply cost 0 0  
Operating Income 333 311  
Total other income 23 19  
Total interest charges 56 48  
Income (Loss) Before Income Taxes 300 282  
Income tax expense 80 69  
Net Income (Loss) Available to Common Stockholders 220 213  
Total assets 13,989 13,025  
Operating Segments | Gas Utility | Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 1,244 1,049  
Power supply cost 0 0  
Cost of gas sold 514 382  
Maintenance and other operating expenses 139 116  
Depreciation and amortization 167 154  
General taxes 91 86  
Total operating expenses 911 738  
Operating Income 333 311  
Total other income 23 19  
Total interest charges 56 48  
Income (Loss) Before Income Taxes 300 282  
Income tax expense 80 69  
Net Income (Loss) Available to Common Stockholders 220 213  
Property, plant, and equipment, gross 14,371 13,412  
Total assets 14,029 13,068  
Operating Segments | NorthStar Clean Energy      
Segment Reporting Information [Line Items]      
Operating Revenue 118 99  
Power supply cost 91 69  
Operating Income (20) (17)  
Total other income 7 1  
Total interest charges 2 0  
Income (Loss) Before Income Taxes (15) (16)  
Income tax expense 7 11  
Net Income (Loss) Available to Common Stockholders 41 (18)  
Total assets 2,742 1,977  
Other Reconciling Items      
Segment Reporting Information [Line Items]      
Operating Revenue 0 0  
Power supply cost 0 0  
Operating Income (2) (2)  
Total other income 2 3  
Total interest charges 62 56  
Income (Loss) Before Income Taxes (62) (55)  
Income tax expense (31) (40)  
Net Income (Loss) Available to Common Stockholders (33) (17)  
Total assets 127 418  
Other Reconciling Items | Consumers Energy Company      
Segment Reporting Information [Line Items]      
Operating Revenue 0 0  
Power supply cost 0 0  
Cost of gas sold 0 0  
Maintenance and other operating expenses 0 0  
Depreciation and amortization 0 0  
General taxes 0 0  
Total operating expenses 0 0  
Operating Income 0 0  
Total other income 0 0  
Total interest charges 0 0  
Income (Loss) Before Income Taxes 0 0  
Income tax expense (16) (9)  
Net Income (Loss) Available to Common Stockholders 16 9  
Property, plant, and equipment, gross 32 30  
Total assets $ 52 $ 31  
v3.26.1
Variable Interest Entities (Schedule of VIE Information) (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
MW
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Variable Interest Entity [Line Items]      
Deemed contribution from sale of membership interest | $ $ 82 $ 0 $ 35
Aviator Wind      
Variable Interest Entity [Line Items]      
Noncontrolling interest capacity (in MW) 525    
Class A - Tax Equity Membership      
Variable Interest Entity [Line Items]      
Proceeds from the sale of membership interests in VIEs | $     $ 15
Variable Interest Entity, Primary Beneficiary | Aviator Wind Equity Holdings      
Variable Interest Entity [Line Items]      
Ownership interest (in percent) 51.00%    
Variable Interest Entity, Primary Beneficiary | Delta Solar Equity Holdings      
Variable Interest Entity [Line Items]      
Ownership interest (in percent) 50.00%    
Nameplate capacity (in MW) 24    
Variable Interest Entity, Primary Beneficiary | Newport Solar Holdings      
Variable Interest Entity [Line Items]      
Nameplate capacity (in MW) 180    
Variable Interest Entity, Primary Beneficiary | BG Solar Holdings      
Variable Interest Entity [Line Items]      
Nameplate capacity (in MW) 200    
Variable Interest Entity, Primary Beneficiary | NWO Wind Equity Holdings      
Variable Interest Entity [Line Items]      
Ownership interest (in percent) 50.00%    
Variable Interest Entity, Primary Beneficiary | NWO Holdco      
Variable Interest Entity [Line Items]      
Nameplate capacity (in MW) 100    
v3.26.1
Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Variable Interest Entity [Line Items]      
Cash and cash equivalents $ 175 $ 509  
Restricted cash equivalents 88 106  
Prepayments and other current assets 225 160  
Plant, property, and equipment, net 31,533 30,680  
Construction work in progress 3,594 3,052  
Other non-current assets 341 398  
Total Assets 40,285 39,941 $ 36,295
Current portion of long-term debt and finance leases 1,360 956  
Long-term debt 17,456 17,807  
Non-current portion of finance leases 262 135  
AROs 797 792  
Other non‑current liabilities 417 392  
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Cash and cash equivalents 45 20  
Restricted cash equivalents 19 19  
Accounts receivable 126 42  
Prepayments and other current assets 17 5  
Plant, property, and equipment, net 1,026 1,037  
Construction work in progress 360 357  
Other non-current assets 6 5  
Total Assets 1,599 1,485  
Current portion of long-term debt and finance leases 138 65  
Accounts payable 21 29  
Long-term debt 88 118  
Non-current portion of finance leases 39 39  
AROs 39 38  
Other non‑current liabilities 3 3  
Total liabilities $ 328 $ 292  
v3.26.1
Variable Interest Entities (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Securitization bonds    
Variable Interest Entity [Line Items]    
Total principal amount outstanding $ 540 $ 585
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Regulatory asset 520 549
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investments $ 55 $ 54
Variable Interest Entity, Not Primary Beneficiary | Craven    
Variable Interest Entity [Line Items]    
Ownership interest (in percent) 50.00%  
Variable Interest Entity, Not Primary Beneficiary | Grayling    
Variable Interest Entity [Line Items]    
Ownership interest (in percent) 50.00%  
Variable Interest Entity, Not Primary Beneficiary | Genesee    
Variable Interest Entity [Line Items]    
Ownership interest (in percent) 50.00%  
Variable Interest Entity, Not Primary Beneficiary | T.E.S. Filer City    
Variable Interest Entity [Line Items]    
Ownership interest (in percent) 50.00%  
v3.26.1
Exit Activities and Asset Sales (Narrative) (Details)
$ in Millions
 1 Months Ended
Sep. 30, 2025
facility
Feb. 17, 2026
USD ($)
Restructuring Cost and Reserve [Line Items]    
Facilities agreed to sell | facility 13  
Duration of purchase agreement (in years) 30 years  
Minimum    
Restructuring Cost and Reserve [Line Items]    
Expected duration of review (in months) 12 months  
Maximum    
Restructuring Cost and Reserve [Line Items]    
Expected duration of review (in months) 18 months  
Retention Benefits | J.H. Campbell Generating Units    
Restructuring Cost and Reserve [Line Items]    
Expected cost | $   $ 4
v3.26.1
Exit Activities and Asset Sales (Schedule of Retention Benefit Liability Roll Forward) (Details) - Retention Benefits - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Restructuring Reserve [Roll Forward]    
Retention benefit liability at beginning of period $ 2 $ 14
Costs deferred as a regulatory asset 4 2
Costs paid or settled (4) 0
Retention benefit liability at the end of the period $ 2 $ 16