CMS ENERGY CORP, 10-Q filed on 10/27/2026
Quarterly Report
v3.26.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2026
Oct. 12, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 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   313,625,618
Entity Central Index Key 0000811156  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q3  
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: $4.50 Series  
Trading Symbol CMS-PB  
Security Exchange Name NYSE  
v3.26.3
CMS Energy Corporation Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating Revenue $ 2,183 $ 2,021 $ 6,742 $ 6,306
Operating Expenses        
Fuel for electric generation 150 153 474 504
Purchased power – related parties 16 21 50 69
Maintenance and other operating expenses 395 416 1,307 1,218
NorthStar Clean Energy impairment, disposal, and exit costs 525 0 525 0
Depreciation and amortization 298 288 1,018 964
General taxes 111 107 402 378
Total operating expenses 2,136 1,540 5,941 5,014
Operating Income 47 481 801 1,292
Other Income (Expense)        
Non-operating retirement benefits, net 49 48 150 137
NorthStar Clean Energy impairment of equity method investments (33) 0 (33) 0
Other income 43 19 100 128
Other expense (5) (5) (13) (16)
Total other income 54 62 204 249
Interest Charges        
Interest on long-term debt 225 204 645 590
Allowance for borrowed funds used during construction (10) (3) (27) (9)
Total interest charges 214 203 627 588
Income (Loss) Before Income Taxes (113) 340 378 953
Income Tax Expense (Benefit) (22) 68 96 193
Net Income (Loss) (91) 272 282 760
Loss Attributable to Noncontrolling Interests, Including Impairment $(102), $—, $(102), and $— (214) (5) (301) (22)
Net Income 123 277 583 782
Preferred Stock Dividends 2 2 7 7
Net Income (Loss) Available to Common Stockholders $ 121 $ 275 $ 576 $ 775
Basic Earnings Per Average Common Share (in dollars per share) $ 0.39 $ 0.92 $ 1.86 $ 2.59
Diluted Earnings Per Average Common Share (in dollars per share) $ 0.39 $ 0.92 $ 1.86 $ 2.59
Related Party        
Interest Charges        
Interest expense – related parties $ 2 $ 2 $ 8 $ 8
Nonrelated Party        
Interest Charges        
Other interest expense (3) 0 1 (1)
Purchased and interchange power        
Operating Expenses        
Cost of goods and services sold 596 513 1,502 1,332
Cost of gas sold        
Operating Expenses        
Cost of goods and services sold $ 45 $ 42 $ 663 $ 549
v3.26.3
CMS Energy Corporation Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Income Statement [Abstract]      
Impairment $ 0 $ (102) $ 0
v3.26.3
CMS Energy Corporation Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Statement of Comprehensive Income [Abstract]        
Net Income (Loss) $ (91) $ 272 $ 282 $ 760
Retirement Benefits Liability        
Amortization of net actuarial loss 0 1 1 1
Amortization of prior service credit 0 (1) 0 (1)
Other Comprehensive Income 0 0 1 0
Comprehensive Income (Loss) (91) 272 283 760
Comprehensive Loss Attributable to Noncontrolling Interests (214) (5) (301) (22)
Comprehensive Income Attributable to CMS Energy $ 123 $ 277 $ 584 $ 782
v3.26.3
CMS Energy Corporation Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Statement of Comprehensive Income [Abstract]        
Amortization of net actuarial loss, tax $ 1 $ 0 $ 1 $ 0
Amortization of prior service cost, tax $ 0 $ 0 $ 0 $ 0
v3.26.3
CMS Energy Corporation Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows from Operating Activities    
Net Income (Loss) $ 282 $ 760
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation and amortization 1,018 964
Deferred income taxes and investment tax credits 81 171
NorthStar Clean Energy impairment and disposal 502 0
Other non‑cash operating activities and reconciling adjustments (149) (181)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 231 114
Inventories (142) (134)
Accounts payable and accrued rate refunds (111) (6)
Other current assets and liabilities 5 103
Other non‑current assets and liabilities 81 (34)
Net cash provided by operating activities 1,798 1,757
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (2,945) (2,750)
Cost to retire property and other investing activities (166) (176)
Net cash used in investing activities (3,111) (2,926)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 2,173 2,511
Retirement of debt (929) (884)
Decrease in notes payable 0 (65)
Issuance of common stock 530 373
Payment of dividends on common and preferred stock (539) (496)
Other financing costs (34) (60)
Net cash provided by financing activities 1,277 1,423
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts (36) 254
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 615 178
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 579 432
Non‑cash transactions    
Capital expenditures not paid 662 586
Deemed contribution from sale of membership interest 166 0
Class B Membership    
Cash Flows from Financing Activities    
Proceeds from the sale of membership interests in VIEs 0 44
Class A - Tax Equity Membership    
Cash Flows from Financing Activities    
Proceeds from the sale of membership interests in VIEs 76 $ 0
Non‑cash transactions    
Deemed contribution from sale of membership interest $ 87  
v3.26.3
CMS Energy Corporation Consolidated Balance Sheets (Unaudited) - USD ($)
shares in Millions, $ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current Assets    
Cash and cash equivalents $ 451 $ 509
Restricted cash and cash equivalents 102 106
Inventories at average cost    
Gas in underground storage 551 427
Materials and supplies 342 329
Generating plant fuel stock 40 35
Deferred property taxes 318 479
Regulatory assets 59 104
Assets held for sale 43 0
Prepayments and other current assets 148 160
Total current assets 3,206 3,472
Plant, Property, and Equipment    
Plant, property, and equipment, gross 39,300 37,763
Less accumulated depreciation and amortization 10,468 10,135
Plant, property, and equipment, net 28,832 27,628
Construction work in progress 3,108 3,052
Total plant, property, and equipment 31,940 30,680
Other Non‑current Assets    
Regulatory assets 3,381 3,355
Accounts receivable 17 18
Investments 29 61
Postretirement benefits 2,101 1,957
Assets held for sale 783 0
Other 226 398
Total other non‑current assets 6,537 5,789
Total Assets 41,683 39,941
Current Liabilities    
Current portion of long-term debt and finance leases 1,258 956
Accrued rate refunds 0 28
Accrued interest 227 182
Accrued taxes 225 708
Regulatory liabilities 95 85
Liabilities held for sale 14 0
Other current liabilities 237 185
Total current liabilities 3,388 3,548
Non‑current Liabilities    
Long-term debt 18,743 17,807
Non-current portion of finance leases 206 135
Regulatory liabilities 4,149 4,091
Postretirement benefits 92 95
AROs 778 792
Deferred investment tax credit 168 118
Deferred income taxes 3,306 3,252
Liabilities held for sale 87 0
Other non‑current liabilities 471 392
Total non‑current liabilities 28,000 26,682
Commitments and Contingencies (Notes 2, 3, and 8)
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 7,046 6,510
Accumulated other comprehensive loss (35) (36)
Retained earnings 2,488 2,443
Total common stockholders’ equity 9,502 8,920
Cumulative redeemable perpetual preferred stock 224 224
Total stockholders’ equity 9,726 9,144
Noncontrolling interests 569 567
Total equity 10,295 9,711
Total Liabilities and Equity $ 41,683 $ 39,941
Series C Preferred Stock Depositary Shares    
Common stockholders’ equity    
Preferred stock authorized (in shares) 9.2 9.2
Preferred stock outstanding (in shares) 9.2 9.2
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $42 in 2026 and $27 in 2025 $ 1,137 $ 1,306
Current Liabilities    
Accounts payable 1,326 1,395
Related Party    
Current Assets    
Accounts receivable – related parties 15 17
Current Liabilities    
Accounts payable $ 6 $ 9
v3.26.3
CMS Energy Corporation Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Sep. 30, 2026
Dec. 31, 2025
Accounts receivable and accrued revenue, allowance $ 42 $ 27
Common Stock Shares Issued Not Disclosed true true
Common stock authorized (in shares) 700.0 350.0
Common stock outstanding (in shares) 313.6 306.4
Series C Preferred Stock Depositary Shares    
Preferred stock authorized (in shares) 9.2 9.2
Preferred stock outstanding (in shares) 9.2 9.2
v3.26.3
CMS Energy Corporation Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Loss
Retirement benefits liability
Retained Earnings
Cumulative Redeemable Perpetual Preferred Stock, Series C
Noncontrolling Interests
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     393              
Common stock repurchased     (13)              
Adjustment for sale of membership interests in VIEs     (34)           $ 78 $ 0
Amortization of net actuarial loss 1       1          
Amortization of prior service credit (1)       (1)          
Net income attributable to CMS Energy 760         782        
Dividends declared on common stock           (487)        
Dividends declared on preferred stock           (7)        
Impact of sale and deconsolidation of VIE               0    
Loss Attributable to Noncontrolling Interests, Including Impairment $(102), $—, $(102), and $— (22)             (22)    
Other changes in noncontrolling interests               (7)    
Total Equity at End of Period at Sep. 30, 2025 $ 9,431 3 6,355 $ (41)   2,323 224 567    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Dividends declared per common share (in dollars per share) $ 1.6275                  
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.7875                  
Total Equity at Beginning of Period at Jun. 30, 2025 $ 8,971 3 5,998   (41) 2,210 224 577    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Common stock issued     358              
Common stock repurchased     (1)              
Adjustment for sale of membership interests in VIEs     0           0 0
Amortization of net actuarial loss 1       1          
Amortization of prior service credit (1)       (1)          
Net income attributable to CMS Energy 272         277        
Dividends declared on common stock           (162)        
Dividends declared on preferred stock           (2)        
Impact of sale and deconsolidation of VIE               0    
Loss Attributable to Noncontrolling Interests, Including Impairment $(102), $—, $(102), and $— (5)             (5)    
Other changes in noncontrolling interests               (5)    
Total Equity at End of Period at Sep. 30, 2025 $ 9,431 3 6,355 (41)   2,323 224 567    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Dividends declared per common share (in dollars per share) $ 0.5425                  
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.2625                  
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     550              
Common stock repurchased     (14)              
Adjustment for sale of membership interests in VIEs     0           0 324
Amortization of net actuarial loss 1       1          
Amortization of prior service credit 0       0          
Net income attributable to CMS Energy 282         583        
Dividends declared on common stock           (531)        
Dividends declared on preferred stock           (7)        
Impact of sale and deconsolidation of VIE               (12)    
Loss Attributable to Noncontrolling Interests, Including Impairment $(102), $—, $(102), and $— (301)             (301)    
Other changes in noncontrolling interests               (9)    
Total Equity at End of Period at Sep. 30, 2026 $ 10,295 3 7,046 (35)   2,488 224 569    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Dividends declared per common share (in dollars per share) $ 1.7100                  
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.7875                  
Total Equity at Beginning of Period at Jun. 30, 2026 $ 10,399 3 7,036   (35) 2,546 224 625    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Common stock issued     10              
Common stock repurchased     0              
Adjustment for sale of membership interests in VIEs     0           $ 0 $ 172
Amortization of net actuarial loss 0       0          
Amortization of prior service credit 0       $ 0          
Net income attributable to CMS Energy (91)         123        
Dividends declared on common stock           (179)        
Dividends declared on preferred stock           (2)        
Impact of sale and deconsolidation of VIE               (12)    
Loss Attributable to Noncontrolling Interests, Including Impairment $(102), $—, $(102), and $— (214)             (214)    
Other changes in noncontrolling interests               (2)    
Total Equity at End of Period at Sep. 30, 2026 $ 10,295 $ 3 $ 7,046 $ (35)   $ 2,488 $ 224 $ 569    
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                  
v3.26.3
Consumers Energy Company Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating Revenue $ 2,183 $ 2,021 $ 6,742 $ 6,306
Operating Expenses        
Operating Income 47 481 801 1,292
Other Income (Expense)        
Non-operating retirement benefits, net 49 48 150 137
Other income 43 19 100 128
Other expense (5) (5) (13) (16)
Total other income 54 62 204 249
Interest Charges        
Interest on long-term debt 225 204 645 590
Allowance for borrowed funds used during construction (10) (3) (27) (9)
Total interest charges 214 203 627 588
Income (Loss) Before Income Taxes (113) 340 378 953
Income Tax Expense (22) 68 96 193
Net Income 123 277 583 782
Preferred Stock Dividends 2 2 7 7
Net Income (Loss) Available to Common Stockholders 121 275 576 775
Related Party        
Interest Charges        
Interest expense – related parties 2 2 8 8
Consumers Energy Company        
Operating Revenue 2,038 1,913 6,376 6,007
Operating Expenses        
Fuel for electric generation 110 113 340 419
Purchased and interchange power 551 490 1,404 1,219
Purchased power – related parties 16 21 50 69
Cost of gas sold 43 40 659 545
Maintenance and other operating expenses 362 388 1,207 1,137
Depreciation and amortization 288 274 981 925
General taxes 108 104 392 369
Total operating expenses 1,478 1,430 5,033 4,683
Operating Income 560 483 1,343 1,324
Other Income (Expense)        
Non-operating retirement benefits, net 45 44 140 128
Other income 31 15 81 44
Other expense (4) (4) (14) (11)
Total other income 72 55 207 161
Interest Charges        
Interest on long-term debt 150 135 422 388
Allowance for borrowed funds used during construction (10) (3) (27) (8)
Total interest charges 149 145 432 416
Income (Loss) Before Income Taxes 483 393 1,118 1,069
Income Tax Expense 92 79 223 221
Net Income 391 314 895 848
Preferred Stock Dividends 0 0 1 1
Net Income (Loss) Available to Common Stockholders 391 314 894 847
Consumers Energy Company | Related Party        
Interest Charges        
Interest expense – related parties 11 10 37 30
Consumers Energy Company | Nonrelated Party        
Interest Charges        
Other interest expense $ (2) $ 3 $ 0 $ 6
v3.26.3
Consumers Energy Company Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Net Income $ 123 $ 277 $ 583 $ 782
Retirement Benefits Liability        
Amortization of net actuarial loss, net of tax of $— for all periods 0 1 1 1
Other Comprehensive Income 0 0 1 0
Comprehensive Income Attributable to CMS Energy 123 277 584 782
Consumers Energy Company        
Net Income 391 314 895 848
Retirement Benefits Liability        
Amortization of net actuarial loss, net of tax of $— for all periods 1 0 1 0
Other Comprehensive Income 1 0 1 0
Comprehensive Income Attributable to CMS Energy $ 392 $ 314 $ 896 $ 848
v3.26.3
Consumers Energy Company Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Amortization of net actuarial loss, tax $ 1 $ 0 $ 1 $ 0
Consumers Energy Company        
Amortization of net actuarial loss, tax $ 0 $ 0 $ 0 $ 0
v3.26.3
Consumers Energy Company Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows from Operating Activities    
Net Income (Loss) $ 282 $ 760
Adjustments to reconcile net income to net cash provided by operating activities    
Deferred income taxes and investment tax credits 81 171
Other non‑cash operating activities and reconciling adjustments (149) (181)
Changes in assets and liabilities    
Accounts and notes receivable and accrued revenue 231 114
Inventories (142) (134)
Accounts payable and accrued rate refunds (111) (6)
Other current assets and liabilities 5 103
Other non-current assets and liabilities 81 (34)
Net cash provided by operating activities 1,798 1,757
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (2,945) (2,750)
Cost to retire property and other investing activities (166) (176)
Net cash used in investing activities (3,111) (2,926)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 2,173 2,511
Retirement of debt (929) (884)
Decrease in notes payable 0 (65)
Other financing costs (34) (60)
Net cash provided by financing activities 1,277 1,423
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts (36) 254
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 615 178
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 579 432
Non‑cash transactions    
Capital expenditures not paid 662 586
Consumers Energy Company    
Cash Flows from Operating Activities    
Net Income (Loss) 895 848
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 981 925
Deferred income taxes and investment tax credits 103 57
Other non‑cash operating activities and reconciling adjustments (146) (111)
Changes in assets and liabilities    
Accounts and notes receivable and accrued revenue 243 124
Inventories (150) (137)
Accounts payable and accrued rate refunds (96) 1
Other current assets and liabilities (70) 121
Other non-current assets and liabilities (89) (54)
Net cash provided by operating activities 1,671 1,774
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (2,655) (2,389)
Cost to retire property and other investing activities (170) (180)
Net cash used in investing activities (2,825) (2,569)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 1,747 1,123
Retirement of debt (220) (100)
Stockholder contribution 855 695
Payment of dividends on common and preferred stock (673) (650)
Other financing costs (1) (16)
Net cash provided by financing activities 1,368 987
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts 214 192
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 111 119
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 325 311
Non‑cash transactions    
Capital expenditures not paid 569 453
Consumers Energy Company | Nonrelated Party    
Cash Flows from Financing Activities    
Decrease in notes payable 0 (65)
Consumers Energy Company | Related Party    
Cash Flows from Financing Activities    
Decrease in notes payable $ (340) $ 0
v3.26.3
Consumers Energy Company Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current Assets    
Cash and cash equivalents $ 451 $ 509
Restricted cash and cash equivalents 102 106
Inventories at average cost    
Gas in underground storage 551 427
Materials and supplies 342 329
Generating plant fuel stock 40 35
Deferred property taxes 318 479
Regulatory assets 59 104
Prepayments and other current assets 148 160
Total current assets 3,206 3,472
Other Non‑current Assets    
Regulatory assets 3,381 3,355
Accounts and notes receivable – related parties 17 18
Postretirement benefits 2,101 1,957
Other 226 398
Total other non‑current assets 6,537 5,789
Total Assets 41,683 39,941
Current Liabilities    
Current portion of long-term debt and finance leases 1,258 956
Accrued rate refunds 0 28
Accrued interest 227 182
Accrued taxes 225 708
Regulatory liabilities 95 85
Other current liabilities 237 185
Total current liabilities 3,388 3,548
Non‑current Liabilities    
Long-term debt 18,743 17,807
Non-current portion of finance leases 206 135
Regulatory liabilities 4,149 4,091
Postretirement benefits 92 95
AROs 778 792
Deferred investment tax credit 168 118
Deferred income taxes 3,306 3,252
Other non‑current liabilities 471 392
Total non‑current liabilities 28,000 26,682
Commitments and Contingencies (Notes 2, 3, and 8)
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 7,046 6,510
Accumulated other comprehensive loss (35) (36)
Retained earnings 2,488 2,443
Total common stockholders’ equity 9,502 8,920
Cumulative preferred stock 224 224
Total stockholders’ equity 9,726 9,144
Total Liabilities and Equity 41,683 39,941
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $42 in 2026 and $27 in 2025 1,137 1,306
Current Liabilities    
Accounts payable 1,326 1,395
Related Party    
Current Liabilities    
Accounts payable 6 9
Consumers Energy Company    
Current Assets    
Cash and cash equivalents 257 25
Restricted cash and cash equivalents 68 86
Inventories at average cost    
Gas in underground storage 551 427
Materials and supplies 333 316
Generating plant fuel stock 40 31
Deferred property taxes 318 479
Regulatory assets 59 104
Prepayments and other current assets 111 132
Total current assets 2,697 2,825
Plant, Property, and Equipment    
Plant, property, and equipment, gross 38,381 36,120
Less accumulated depreciation and amortization 10,369 9,842
Plant, property, and equipment, net 28,012 26,278
Construction work in progress 2,848 2,354
Total plant, property, and equipment 30,860 28,632
Other Non‑current Assets    
Regulatory assets 3,381 3,355
Postretirement benefits 1,955 1,821
Other 203 346
Total other non‑current assets 5,647 5,634
Total Assets 39,204 37,091
Current Liabilities    
Current portion of long-term debt and finance leases 470 579
Accrued rate refunds 0 28
Accrued interest 165 149
Accrued taxes 258 747
Regulatory liabilities 95 85
Other current liabilities 147 163
Total current liabilities 2,366 3,334
Non‑current Liabilities    
Non-current portion of finance leases 176 81
Regulatory liabilities 4,149 4,091
Postretirement benefits 67 70
AROs 768 753
Deferred investment tax credit 168 118
Deferred income taxes 3,277 3,201
Other non‑current liabilities 420 336
Total non‑current liabilities 23,182 21,179
Commitments and Contingencies (Notes 2, 3, and 8)
Common stockholders’ equity    
Common stock 841 841
Other paid-in capital 9,949 9,094
Accumulated other comprehensive loss (12) (13)
Retained earnings 2,841 2,619
Total common stockholders’ equity 13,619 12,541
Cumulative preferred stock 37 37
Total stockholders’ equity 13,656 12,578
Total Liabilities and Equity 39,204 37,091
Consumers Energy Company | Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $42 in 2026 and $27 in 2025 951 1,210
Other Non‑current Assets    
Accounts receivable 22 24
Current Liabilities    
Accounts payable 1,219 1,229
Non‑current Liabilities    
Long-term debt 13,152 11,524
Consumers Energy Company | Related Party    
Current Assets    
Accounts and notes receivable – related parties 9 15
Other Non‑current Assets    
Accounts and notes receivable – related parties 86 88
Current Liabilities    
Notes payable 0 340
Accounts payable 12 14
Non‑current Liabilities    
Long-term debt $ 1,005 $ 1,005
v3.26.3
Consumers Energy Company Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Sep. 30, 2026
Dec. 31, 2025
Accounts receivable and accrued revenue, allowance $ 42 $ 27
Common stock authorized (in shares) 700.0 350.0
Common stock outstanding (in shares) 313.6 306.4
Consumers Energy Company    
Accounts receivable and accrued revenue, allowance $ 29 $ 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
v3.26.3
Consumers Energy Company Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Loss
Retirement benefits liability
Retained Earnings
Cumulative Preferred Stock
Consumers Energy Company
Consumers Energy Company
Common Stock
Consumers Energy Company
Other Paid-in Capital
Consumers Energy Company
Accumulated Other Comprehensive Loss
Consumers Energy Company
Retirement benefits liability
Consumers Energy Company
Retained Earnings
Consumers Energy Company
Cumulative Preferred Stock
Total Equity at Beginning of Period at Dec. 31, 2024 $ 8,748 $ 3 $ 6,009   $ (41) $ 2,035 $ 224 $ 11,431 $ 841 $ 8,174   $ (11) $ 2,390 $ 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   695        
Amortization of net actuarial loss 1       1     0       0    
Net Income 782             848         848  
Dividends declared on common stock           (487)             (649)  
Dividends declared on preferred stock           (7)             (1)  
Total Equity at End of Period at Sep. 30, 2025 9,431 3 6,355 $ (41)   2,323 224 12,324 841 8,869 $ (11)   2,588 37
Total Equity at Beginning of Period at Jun. 30, 2025 8,971 3 5,998   (41) 2,210 224 11,698 841 8,324   (11) 2,507 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   545        
Amortization of net actuarial loss 1       1     0       0    
Net Income 277             314         314  
Dividends declared on common stock           (162)             (233)  
Dividends declared on preferred stock           (2)             0  
Total Equity at End of Period at Sep. 30, 2025 9,431 3 6,355 (41)   2,323 224 12,324 841 8,869 (11)   2,588 37
Total Equity at Beginning of Period at Dec. 31, 2025 9,711 3 6,510   (36) 2,443 224 12,578 841 9,094   (13) 2,619 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   855        
Amortization of net actuarial loss 1       1     1       1    
Net Income 583             895         895  
Dividends declared on common stock           (531)             (672)  
Dividends declared on preferred stock           (7)             (1)  
Total Equity at End of Period at Sep. 30, 2026 10,295 3 7,046 (35)   2,488 224 13,656 841 9,949 (12)   2,841 37
Total Equity at Beginning of Period at Jun. 30, 2026 10,399 3 7,036   (35) 2,546 224 13,488 841 9,949   (13) 2,674 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   0        
Amortization of net actuarial loss 0       $ 0     1       $ 1    
Net Income 123             391         391  
Dividends declared on common stock           (179)             (224)  
Dividends declared on preferred stock           (2)             0  
Total Equity at End of Period at Sep. 30, 2026 $ 10,295 $ 3 $ 7,046 $ (35)   $ 2,488 $ 224 $ 13,656 $ 841 $ 9,949 $ (12)   $ 2,841 $ 37
v3.26.3
CMS Energy Corporation Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Loss attributable to noncontrolling interests, including impairment charges   $ 0 $ 102 $ 0
Noncontrolling Interests        
Loss attributable to noncontrolling interests, including impairment charges $ (102) $ 0 $ (102) $ 0
v3.26.3
New Accounting Standards
 9 Months Ended
Sep. 30, 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. CMS Energy and Consumers will adopt the guidance upon the effective date. The standard will not have a material impact on CMS Energy’s or Consumers’ consolidated net income, cash flows, or financial position.
ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818): This standard establishes a comprehensive accounting model for environmental credits based on the intended use of those credits and requires recognition of certain environmental credit obligations arising from regulatory
compliance programs. The guidance also expands disclosure related to environmental credit activities, obligations, and significant estimates and judgments. The amendments are effective for annual and interim reporting periods beginning after December 15, 2027. The guidance is required to be applied on a retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the annual reporting period of adoption. Prior-period financial statement information will not be recast. 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. CMS Energy and Consumers will adopt the guidance upon the effective date. The standard will not have a material impact on CMS Energy’s or Consumers’ consolidated net income, cash flows, or financial position.
ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818): This standard establishes a comprehensive accounting model for environmental credits based on the intended use of those credits and requires recognition of certain environmental credit obligations arising from regulatory
compliance programs. The guidance also expands disclosure related to environmental credit activities, obligations, and significant estimates and judgments. The amendments are effective for annual and interim reporting periods beginning after December 15, 2027. The guidance is required to be applied on a retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the annual reporting period of adoption. Prior-period financial statement information will not be recast. Early adoption is permitted. CMS Energy and Consumers are currently evaluating the new standard.
v3.26.3
Regulatory Matters
 9 Months Ended
Sep. 30, 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.
2025 Electric Rate Case: In June 2025, Consumers filed an application with the MPSC requesting authority to recover costs related to new infrastructure investment primarily in distribution system reliability. Consumers refined its request in October 2025, requesting an annual rate increase of $423 million, based on a 10.25‑percent authorized return on equity for the projected 12‑month period ending April 30, 2027. Of the annual rate increase requested, Consumers requested deferred accounting treatment for $21 million of operating and maintenance costs associated with accelerated low-voltage distribution vegetation management and $15 million associated with ERP implementation costs, resulting in a net requested annual rate increase of $387 million. Additionally, Consumers requested approval of a $24 million surcharge for the recovery of distribution investments made during the 12 months ended February 28, 2025 that exceeded the rate amounts authorized in accordance with previous electric rate orders.
In March 2026, the MPSC issued an order stating an annual rate increase of $277 million, based on a 9.90‑percent authorized return on equity. The MPSC also approved deferred accounting treatment for $22 million of incremental costs associated with accelerated low-voltage distribution vegetation management and $15 million of ERP implementation costs. Additionally, the MPSC approved a $24 million surcharge for the recovery of distribution investments made during the 12 months ended February 28, 2025 that exceeded the rate amounts authorized in accordance with previous electric rate orders. The new rates became effective in May 2026.
Subsequent to issuance of the final order, Consumers identified an error affecting the calculation of the rate increase requested and reflected in the case. On a corrected basis, Consumers’ requested rate increase was $328 million. Consumers’ rate increase reflected in the MPSC’s order was $217 million, with no change to the total revenue requirement, approved costs, or customer rates. In April 2026, the MPSC issued an errata to its March 2026 order to reflect this correction in the public record.
Service Restoration Cost Deferral: As a result of catastrophic storms in Consumers’ electric service territory, Consumers incurred significant service restoration costs during March 2026. In June 2026, Consumers filed with the MPSC an ex parte application requesting approval to defer, as a regulatory asset, operating and maintenance expenses associated with the storms, estimated to be $57 million. The
MPSC approved this request in August 2026 and directed Consumers to seek appropriate recovery and ratemaking treatment for amounts recorded as a regulatory asset in its next electric rate case. At September 30, 2026, Consumers had a $57 million regulatory asset recorded associated with these costs.
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 issued five additional emergency orders for 90 days each, currently requiring continued operation of J.H. Campbell through November 14, 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 seek and 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.
From the date the first emergency order became effective through September 30, 2026, the amount Consumers expects to seek recovery from FERC associated with the emergency orders, including amounts already requested, is $303 million after applying MISO revenues of $344 million.
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. In July 2026, Consumers filed subsequent requests with FERC seeking recovery and allocation of the net financial impact of complying with the August 2025 and November 2025 emergency orders, which totaled $97 million after applying MISO revenues of $144 million. Consumers intends to seek recovery and allocation through FERC for additional emergency orders consistent with the recovery sought for the 2025 emergency orders. The ultimate financial impact remains subject to the outcome of the FERC proceedings 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. In September 2026, the D.C. Circuit Court of Appeals issued an order vacating the May 2025 emergency order, finding that the order was unlawful. The ruling addressed the original May 2025 order and did not invalidate subsequent 90‑day emergency orders. Consumers expects the DOE to appeal the D.C. Circuit Court of Appeals’ opinion. Third parties have initiated legal challenges to several subsequent DOE emergency orders, but the litigation of those orders is still 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.
2025 Electric Rate Case: In June 2025, Consumers filed an application with the MPSC requesting authority to recover costs related to new infrastructure investment primarily in distribution system reliability. Consumers refined its request in October 2025, requesting an annual rate increase of $423 million, based on a 10.25‑percent authorized return on equity for the projected 12‑month period ending April 30, 2027. Of the annual rate increase requested, Consumers requested deferred accounting treatment for $21 million of operating and maintenance costs associated with accelerated low-voltage distribution vegetation management and $15 million associated with ERP implementation costs, resulting in a net requested annual rate increase of $387 million. Additionally, Consumers requested approval of a $24 million surcharge for the recovery of distribution investments made during the 12 months ended February 28, 2025 that exceeded the rate amounts authorized in accordance with previous electric rate orders.
In March 2026, the MPSC issued an order stating an annual rate increase of $277 million, based on a 9.90‑percent authorized return on equity. The MPSC also approved deferred accounting treatment for $22 million of incremental costs associated with accelerated low-voltage distribution vegetation management and $15 million of ERP implementation costs. Additionally, the MPSC approved a $24 million surcharge for the recovery of distribution investments made during the 12 months ended February 28, 2025 that exceeded the rate amounts authorized in accordance with previous electric rate orders. The new rates became effective in May 2026.
Subsequent to issuance of the final order, Consumers identified an error affecting the calculation of the rate increase requested and reflected in the case. On a corrected basis, Consumers’ requested rate increase was $328 million. Consumers’ rate increase reflected in the MPSC’s order was $217 million, with no change to the total revenue requirement, approved costs, or customer rates. In April 2026, the MPSC issued an errata to its March 2026 order to reflect this correction in the public record.
Service Restoration Cost Deferral: As a result of catastrophic storms in Consumers’ electric service territory, Consumers incurred significant service restoration costs during March 2026. In June 2026, Consumers filed with the MPSC an ex parte application requesting approval to defer, as a regulatory asset, operating and maintenance expenses associated with the storms, estimated to be $57 million. The
MPSC approved this request in August 2026 and directed Consumers to seek appropriate recovery and ratemaking treatment for amounts recorded as a regulatory asset in its next electric rate case. At September 30, 2026, Consumers had a $57 million regulatory asset recorded associated with these costs.
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 issued five additional emergency orders for 90 days each, currently requiring continued operation of J.H. Campbell through November 14, 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 seek and 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.
From the date the first emergency order became effective through September 30, 2026, the amount Consumers expects to seek recovery from FERC associated with the emergency orders, including amounts already requested, is $303 million after applying MISO revenues of $344 million.
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. In July 2026, Consumers filed subsequent requests with FERC seeking recovery and allocation of the net financial impact of complying with the August 2025 and November 2025 emergency orders, which totaled $97 million after applying MISO revenues of $144 million. Consumers intends to seek recovery and allocation through FERC for additional emergency orders consistent with the recovery sought for the 2025 emergency orders. The ultimate financial impact remains subject to the outcome of the FERC proceedings 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. In September 2026, the D.C. Circuit Court of Appeals issued an order vacating the May 2025 emergency order, finding that the order was unlawful. The ruling addressed the original May 2025 order and did not invalidate subsequent 90‑day emergency orders. Consumers expects the DOE to appeal the D.C. Circuit Court of Appeals’ opinion. Third parties have initiated legal challenges to several subsequent DOE emergency orders, but the litigation of those orders is still 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.
v3.26.3
Contingencies and Commitments
 9 Months Ended
Sep. 30, 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 September 30, 2026, CMS Energy had a recorded liability of $47 million for its remaining obligations for environmental remediation. CMS Energy calculated this liability based on discounted projected costs, using a discount rate of 4.34 percent and an inflation rate of 1 percent on annual operating and maintenance costs. The undiscounted amount of the remaining obligation is $59 million. CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2026 and in each of the next five years:
In Millions
202620272028202920302031
Long-term leachate disposal and operating and maintenance costs$1 $4 $4 $4 $4 $4 
CMS Energy’s estimate of response activity costs and the timing of expenditures could change if there are changes in circumstances or assumptions used in calculating the liability. Although a liability for its present estimate of remaining response activity costs has been recorded, CMS Energy cannot predict the ultimate financial impact or outcome of this matter.
Consumers Electric Utility Contingencies
Electric Environmental Matters: Consumers’ operations are subject to environmental laws and regulations. Historically, Consumers has generally been able to recover, in customer rates, the costs to operate its facilities in compliance with these laws and regulations.
Cleanup and Solid Waste: Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. Consumers believes that these costs should be recoverable in rates, but cannot guarantee that outcome. Consumers estimates its liability for NREPA sites for which it can
estimate a range of loss to be between $2 million and $3 million. At September 30, 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 September 30, 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. In September 2026, the court granted Consumers’ and DTE Electric’s motion for entry of a partial final judgment on the jury verdict and denied TAES’ and Toshiba’s motion for judgment as a matter of law and for a new trial. In October 2026, the court issued a judgment of approximately $485 million against TAES, of which $90 million reflects pre-judgment interest. TAES has filed a request to stay the judgment.
The parties are still engaged in post-verdict proceedings at the U.S. District Court and TAES may appeal the judgment; 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. In addition, Consumers and DTE Electric are pursuing a claim against Toshiba under the parent guaranty, which allows for the recovery of legal costs in addition to damages; this claim remains pending and 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 September 30, 2026, Consumers had a recorded liability of $95 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$1 $3 $33 $19 $3 $21 
Consumers periodically reviews these cost estimates. Any significant change in the underlying assumptions, such as an increase in the number of sites, changes in remediation techniques, or legal and
regulatory requirements, could affect Consumers’ estimates of annual response activity costs and the MGP liability.
Pursuant to orders issued by the MPSC, Consumers defers its MGP-related remediation costs and recovers them from its customers over a ten‑year period. At September 30, 2026, Consumers had a regulatory asset of $113 million related to the MGP sites.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at September 30, 2026:
In Millions
 
Guarantee Description
Issue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from stock and asset sale agreements1
variousindefinite$152 $— 
Indemnity obligations from sale of membership interests in VIEs2
variousvarious52 — 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These 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.
2These obligations arose from the sale of membership interests in BG Solar Holdings and HL Solar Holdings 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 further details on NorthStar Clean Energy’s ownership interest in these entities, see Note 13, Variable Interest Entities.
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 September 30, 2026, CMS Energy had a recorded liability of $47 million for its remaining obligations for environmental remediation. CMS Energy calculated this liability based on discounted projected costs, using a discount rate of 4.34 percent and an inflation rate of 1 percent on annual operating and maintenance costs. The undiscounted amount of the remaining obligation is $59 million. CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2026 and in each of the next five years:
In Millions
202620272028202920302031
Long-term leachate disposal and operating and maintenance costs$1 $4 $4 $4 $4 $4 
CMS Energy’s estimate of response activity costs and the timing of expenditures could change if there are changes in circumstances or assumptions used in calculating the liability. Although a liability for its present estimate of remaining response activity costs has been recorded, CMS Energy cannot predict the ultimate financial impact or outcome of this matter.
Consumers Electric Utility Contingencies
Electric Environmental Matters: Consumers’ operations are subject to environmental laws and regulations. Historically, Consumers has generally been able to recover, in customer rates, the costs to operate its facilities in compliance with these laws and regulations.
Cleanup and Solid Waste: Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. Consumers believes that these costs should be recoverable in rates, but cannot guarantee that outcome. Consumers estimates its liability for NREPA sites for which it can
estimate a range of loss to be between $2 million and $3 million. At September 30, 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 September 30, 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. In September 2026, the court granted Consumers’ and DTE Electric’s motion for entry of a partial final judgment on the jury verdict and denied TAES’ and Toshiba’s motion for judgment as a matter of law and for a new trial. In October 2026, the court issued a judgment of approximately $485 million against TAES, of which $90 million reflects pre-judgment interest. TAES has filed a request to stay the judgment.
The parties are still engaged in post-verdict proceedings at the U.S. District Court and TAES may appeal the judgment; 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. In addition, Consumers and DTE Electric are pursuing a claim against Toshiba under the parent guaranty, which allows for the recovery of legal costs in addition to damages; this claim remains pending and 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 September 30, 2026, Consumers had a recorded liability of $95 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$1 $3 $33 $19 $3 $21 
Consumers periodically reviews these cost estimates. Any significant change in the underlying assumptions, such as an increase in the number of sites, changes in remediation techniques, or legal and
regulatory requirements, could affect Consumers’ estimates of annual response activity costs and the MGP liability.
Pursuant to orders issued by the MPSC, Consumers defers its MGP-related remediation costs and recovers them from its customers over a ten‑year period. At September 30, 2026, Consumers had a regulatory asset of $113 million related to the MGP sites.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at September 30, 2026:
In Millions
 
Guarantee Description
Issue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from stock and asset sale agreements1
variousindefinite$152 $— 
Indemnity obligations from sale of membership interests in VIEs2
variousvarious52 — 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These 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.
2These obligations arose from the sale of membership interests in BG Solar Holdings and HL Solar Holdings 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 further details on NorthStar Clean Energy’s ownership interest in these entities, see Note 13, Variable Interest Entities.
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.
v3.26.3
Financings and Capitalization
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 2026:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
NorthStar Clean Energy
Term loan1
$24 variableApril 2026June 2031
Term loan1
90 variableJune 2026June 2031
Construction financing agreement2
287 variableMarch 2026Five years after conversion date
Total NorthStar Clean Energy$401 
Consumers
First mortgage bonds$850 5.125 May 2026May 2036
First mortgage bonds450 4.900 August 2026August 2031
First mortgage bonds450 6.100 August 2026August 2056
Total Consumers$1,750 
Total CMS Energy$2,151 
1At completion of project construction, NorthStar Clean Energy converted construction financing agreements into term loans.
2At September 30, 2026, the amount outstanding under this construction financing agreement was $287 million. In October 2026, upon completion of certain project construction, NorthStar Clean Energy converted $55 million of these outstanding borrowings into a term loan and repaid $55 million. NorthStar Clean Energy expects to convert an additional $74 million of outstanding borrowings into a term loan and repay the remaining $103 million. Both term loans will mature five years after the final conversion date.
Retirements: Presented in the following table is a summary of major long-term debt retirements during the nine months ended September 30, 2026:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Senior notes$300 3.000May 2026May 2026
Total CMS Energy, parent only$300 
NorthStar Clean Energy
Construction financing agreement1
$270 variableJune 2026June 2026
Total NorthStar Clean Energy$270 
Consumers
First mortgage bonds$115 5.240May 2026May 2026
Total Consumers$115 
Total CMS Energy$685 
1At completion of project construction, NorthStar Clean Energy converted $114 million of the construction financing agreements into term loans and repaid the remaining $156 million.
Credit Facilities: The following credit facilities with banks were available at September 30, 2026:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
Unsecured revolving credit facility, expiring November 20301
$750 $— $14 $736 
Unsecured letter of credit facility, expiring September 2027
50 — 49 1 
NorthStar Clean Energy
Secured revolving credit facility, expiring May 20282
$300 $75 $151 $74 
Secured letter of credit facility, expiring May 20293
75 — — 75 
Secured letter of credit facility4
19 — 19 — 
Secured letter of credit facility5
22 — 7 15 
Consumers
Secured revolving credit facility, expiring November 20301,6
$1,100 $— $28 $1,072 
Secured revolving credit facility, expiring November 20281,6
300 — — 300 
Secured letter of credit facility, expiring May 20276
100 — 67 33 
Unsecured letter of credit facility, expiring March 202850 — 38 12 
Unsecured letter of credit facility7
98 — 98 — 
Unsecured letter of credit facility7
100 — 100 — 
Unsecured letter of credit facility7
106 — 106 — 
Unsecured letter of credit facility7
125 — 125 — 
1There were no borrowings under this facility during the nine months ended September 30, 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 September 30, 2026, the net book value of the pledged equity interests was $930 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 NorthStar Clean Energy and is secured by development assets.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy and is secured under term loans maturing in June 2031.
5The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy and is secured under a construction-to-term financing agreement. It will expire five years after the term conversion date.
6Obligations under these facilities are secured by first mortgage bonds of Consumers.
7Letters of credit issued under this uncommitted letter of credit facility have expiration dates with automatic renewal provisions.
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. In April 2026, FERC approved Consumers’ application for authority to issue long-term and short-term debt securities. The authorization is effective May 1, 2026 through 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 September 30, 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 September 30, 2026, there were no outstanding borrowings under the agreement.
NorthStar Clean Energy’s Supplier Financing Program: Under a supplier financing program, NorthStar Clean Energy agrees to pay a bank that is acting as its payment agent the stated amount of confirmed invoices from participating suppliers on the original maturity dates of the invoices. NorthStar Clean Energy is required to pay the bank for supplier invoices that have been confirmed as valid under the program in full within 180 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 $46 million at September 30, 2026 and $78 million at December 31, 2025.
Dividend Restrictions: At September 30, 2026, payment of dividends by CMS Energy on its common stock was limited to $9.5 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at September 30, 2026, Consumers had $2.7 billion of unrestricted retained earnings available to pay dividends on its common stock to CMS Energy. Provisions of the Federal Power Act and the Natural Gas Act appear to restrict dividends payable by Consumers to the amount of Consumers’ retained earnings. Several decisions from FERC suggest that, under a variety of circumstances, dividends from Consumers on its common stock would not be limited to amounts in Consumers’ retained earnings. Any decision by Consumers to pay dividends on its common stock in excess of retained earnings would be based on specific facts and circumstances and would be subject to a formal regulatory filing process.
During the nine months ended September 30, 2026, Consumers paid $672 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 could 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.
During the nine months ended September 30, 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 all of the remaining forward sale contracts under this program by issuing approximately 6.5 million shares at a weighted average price of $75.80 per share, resulting in net proceeds of $495 million. CMS Energy has fully utilized the program and does not have any remaining capacity available for future issuances under the 2023 equity offering program.
In May 2026, 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 $3 billion in privately negotiated transactions, in “at the market” offerings, or through forward sales transactions. There have been no sales of securities under this program.
Under 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. The initial forward price includes a deduction for commissions, is adjusted on a daily basis over the term of the contract based on an interest rate factor, and is reduced on certain dates by predetermined amounts to reflect expected dividend payments. No amounts are recorded on CMS Energy’s consolidated balance sheets until a forward equity sale contract is settled. At September 30, 2026, CMS Energy had no outstanding forward equity sale contracts.
Consumers Energy Company  
Debt Instrument [Line Items]  
Financings and Capitalization Financings and Capitalization
Financings: Presented in the following table is a summary of major long-term debt issuances during the nine months ended September 30, 2026:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
NorthStar Clean Energy
Term loan1
$24 variableApril 2026June 2031
Term loan1
90 variableJune 2026June 2031
Construction financing agreement2
287 variableMarch 2026Five years after conversion date
Total NorthStar Clean Energy$401 
Consumers
First mortgage bonds$850 5.125 May 2026May 2036
First mortgage bonds450 4.900 August 2026August 2031
First mortgage bonds450 6.100 August 2026August 2056
Total Consumers$1,750 
Total CMS Energy$2,151 
1At completion of project construction, NorthStar Clean Energy converted construction financing agreements into term loans.
2At September 30, 2026, the amount outstanding under this construction financing agreement was $287 million. In October 2026, upon completion of certain project construction, NorthStar Clean Energy converted $55 million of these outstanding borrowings into a term loan and repaid $55 million. NorthStar Clean Energy expects to convert an additional $74 million of outstanding borrowings into a term loan and repay the remaining $103 million. Both term loans will mature five years after the final conversion date.
Retirements: Presented in the following table is a summary of major long-term debt retirements during the nine months ended September 30, 2026:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Senior notes$300 3.000May 2026May 2026
Total CMS Energy, parent only$300 
NorthStar Clean Energy
Construction financing agreement1
$270 variableJune 2026June 2026
Total NorthStar Clean Energy$270 
Consumers
First mortgage bonds$115 5.240May 2026May 2026
Total Consumers$115 
Total CMS Energy$685 
1At completion of project construction, NorthStar Clean Energy converted $114 million of the construction financing agreements into term loans and repaid the remaining $156 million.
Credit Facilities: The following credit facilities with banks were available at September 30, 2026:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
Unsecured revolving credit facility, expiring November 20301
$750 $— $14 $736 
Unsecured letter of credit facility, expiring September 2027
50 — 49 1 
NorthStar Clean Energy
Secured revolving credit facility, expiring May 20282
$300 $75 $151 $74 
Secured letter of credit facility, expiring May 20293
75 — — 75 
Secured letter of credit facility4
19 — 19 — 
Secured letter of credit facility5
22 — 7 15 
Consumers
Secured revolving credit facility, expiring November 20301,6
$1,100 $— $28 $1,072 
Secured revolving credit facility, expiring November 20281,6
300 — — 300 
Secured letter of credit facility, expiring May 20276
100 — 67 33 
Unsecured letter of credit facility, expiring March 202850 — 38 12 
Unsecured letter of credit facility7
98 — 98 — 
Unsecured letter of credit facility7
100 — 100 — 
Unsecured letter of credit facility7
106 — 106 — 
Unsecured letter of credit facility7
125 — 125 — 
1There were no borrowings under this facility during the nine months ended September 30, 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 September 30, 2026, the net book value of the pledged equity interests was $930 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 NorthStar Clean Energy and is secured by development assets.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy and is secured under term loans maturing in June 2031.
5The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy and is secured under a construction-to-term financing agreement. It will expire five years after the term conversion date.
6Obligations under these facilities are secured by first mortgage bonds of Consumers.
7Letters of credit issued under this uncommitted letter of credit facility have expiration dates with automatic renewal provisions.
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. In April 2026, FERC approved Consumers’ application for authority to issue long-term and short-term debt securities. The authorization is effective May 1, 2026 through 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 September 30, 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 September 30, 2026, there were no outstanding borrowings under the agreement.
Dividend Restrictions: At September 30, 2026, payment of dividends by CMS Energy on its common stock was limited to $9.5 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at September 30, 2026, Consumers had $2.7 billion of unrestricted retained earnings available to pay dividends on its common stock to CMS Energy. Provisions of the Federal Power Act and the Natural Gas Act appear to restrict dividends payable by Consumers to the amount of Consumers’ retained earnings. Several decisions from FERC suggest that, under a variety of circumstances, dividends from Consumers on its common stock would not be limited to amounts in Consumers’ retained earnings. Any decision by Consumers to pay dividends on its common stock in excess of retained earnings would be based on specific facts and circumstances and would be subject to a formal regulatory filing process.
During the nine months ended September 30, 2026, Consumers paid $672 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 could 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.
During the nine months ended September 30, 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 all of the remaining forward sale contracts under this program by issuing approximately 6.5 million shares at a weighted average price of $75.80 per share, resulting in net proceeds of $495 million. CMS Energy has fully utilized the program and does not have any remaining capacity available for future issuances under the 2023 equity offering program.
In May 2026, 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 $3 billion in privately negotiated transactions, in “at the market” offerings, or through forward sales transactions. There have been no sales of securities under this program.
Under 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. The initial forward price includes a deduction for commissions, is adjusted on a daily basis over the term of the contract based on an interest rate factor, and is reduced on certain dates by predetermined amounts to reflect expected dividend payments. No amounts are recorded on CMS Energy’s consolidated balance sheets until a forward equity sale contract is settled. At September 30, 2026, CMS Energy had no outstanding forward equity sale contracts.
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. NorthStar Clean Energy is required to pay the bank for supplier invoices that have been confirmed as valid under the program in full within 180 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 $46 million at September 30, 2026 and $78 million at December 31, 2025.
v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 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
September 30
2026		December 31
2025		September 30
2026		December 31
2025
Assets1
Cash equivalents$88 $154 $— $— 
Restricted cash equivalents102 106 68 86 
Nonqualified deferred compensation plan assets37 36 29 27 
Derivative instruments14 2 2 2 
Total assets$241 $298 $99 $115 
Liabilities1
Nonqualified deferred compensation plan liabilities$37 $36 $29 $27 
Derivative instruments— 3 — — 
Total liabilities$37 $39 $29 $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 on these swaps are reported in other income, while losses are reported in other expense on CMS Energy’s consolidated statements of income. For the three months ended September 30, 2026, CMS Energy recognized a gain of $12 million on these swaps,
compared with a loss of less than $1 million for the three months ended September 30, 2025. For the nine months ended September 30, 2026, CMS Energy recognized a gain of $15 million, compared with a loss of $4 million for the nine months ended September 30, 2025. The fair value of these swaps recorded in other assets on CMS Energy’s consolidated balance sheets totaled $12 million at September 30, 2026, compared with a fair value recorded in other liabilities of $3 million at December 31, 2025.
The majority of derivatives classified as Level 3 are FTRs held by Consumers. Due to the lack of quoted pricing information, Consumers determines the fair value of its FTRs based on Consumers’ average historical settlements. Consumers reports derivatives associated with FTRs in other current assets on its consolidated balance sheets. There was no material activity within the Level 3 category of derivatives during the periods presented.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Presented in the following table are CMS Energy’s assets, by level within the fair value hierarchy, reported at fair value on a nonrecurring basis during the three months ended September 30, 2026:
In Millions
Level 1Level 2Level 3
Long-lived assets held for sale$— $— $789 
Equity method investments— — 18 
During the three months ended September 30, 2026, NorthStar Clean Energy committed to plans to sell certain consolidated renewable energy projects. Upon classification as held for sale, NorthStar Clean Energy wrote down the long-lived assets to their fair value of $789 million.
As part of the divestment strategy, NorthStar Clean Energy also committed to plans to sell its investments accounted for under the equity method. NorthStar Clean Energy recognized an other-than-temporary impairment and wrote down its interests in non-consolidated VIEs expected to be sold to their fair value of $18 million.
The fair values were determined using definitive agreements, indicative bids received from prospective buyers, and other market information and may differ materially from actual proceeds received upon completion of the divestment. These valuations used unobservable inputs; therefore, they were classified within Level 3 of the fair value hierarchy. For additional information, see Note 14, Exit Activities and Asset Sales.
Consumers Energy Company  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements Fair Value Measurements
Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When measuring fair value, CMS Energy and Consumers are required to incorporate all assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. A fair value hierarchy prioritizes inputs used to measure fair value according to their observability in the market. The three levels of the fair value hierarchy are as follows:
•Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 inputs are observable, market-based inputs, other than Level 1 prices. Level 2 inputs may include quoted prices for similar assets or liabilities in active markets, quoted prices in inactive markets, and inputs derived from or corroborated by observable market data.
•Level 3 inputs are unobservable inputs that reflect CMS Energy’s or Consumers’ own assumptions about how market participants would value their assets and liabilities.
CMS Energy and Consumers classify fair value measurements within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement in its entirety.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
September 30
2026		December 31
2025		September 30
2026		December 31
2025
Assets1
Cash equivalents$88 $154 $— $— 
Restricted cash equivalents102 106 68 86 
Nonqualified deferred compensation plan assets37 36 29 27 
Derivative instruments14 2 2 2 
Total assets$241 $298 $99 $115 
Liabilities1
Nonqualified deferred compensation plan liabilities$37 $36 $29 $27 
Derivative instruments— 3 — — 
Total liabilities$37 $39 $29 $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 on these swaps are reported in other income, while losses are reported in other expense on CMS Energy’s consolidated statements of income. For the three months ended September 30, 2026, CMS Energy recognized a gain of $12 million on these swaps,
compared with a loss of less than $1 million for the three months ended September 30, 2025. For the nine months ended September 30, 2026, CMS Energy recognized a gain of $15 million, compared with a loss of $4 million for the nine months ended September 30, 2025. The fair value of these swaps recorded in other assets on CMS Energy’s consolidated balance sheets totaled $12 million at September 30, 2026, compared with a fair value recorded in other liabilities of $3 million at December 31, 2025.
The majority of derivatives classified as Level 3 are FTRs held by Consumers. Due to the lack of quoted pricing information, Consumers determines the fair value of its FTRs based on Consumers’ average historical settlements. Consumers reports derivatives associated with FTRs in other current assets on its consolidated balance sheets. There was no material activity within the Level 3 category of derivatives during the periods presented.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Presented in the following table are CMS Energy’s assets, by level within the fair value hierarchy, reported at fair value on a nonrecurring basis during the three months ended September 30, 2026:
In Millions
Level 1Level 2Level 3
Long-lived assets held for sale$— $— $789 
Equity method investments— — 18 
During the three months ended September 30, 2026, NorthStar Clean Energy committed to plans to sell certain consolidated renewable energy projects. Upon classification as held for sale, NorthStar Clean Energy wrote down the long-lived assets to their fair value of $789 million.
As part of the divestment strategy, NorthStar Clean Energy also committed to plans to sell its investments accounted for under the equity method. NorthStar Clean Energy recognized an other-than-temporary impairment and wrote down its interests in non-consolidated VIEs expected to be sold to their fair value of $18 million.
The fair values were determined using definitive agreements, indicative bids received from prospective buyers, and other market information and may differ materially from actual proceeds received upon completion of the divestment. These valuations used unobservable inputs; therefore, they were classified within Level 3 of the fair value hierarchy. For additional information, see Note 14, Exit Activities and Asset Sales.
v3.26.3
Financial Instruments
 9 Months Ended
Sep. 30, 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
September 30, 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
19,995 17,748 1,839 14,174 1,735 18,757 17,645 2,042 13,663 1,940 
Long-term payables3
5 5 — — 5 7 7 — — 7 
Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Notes receivable – related party4
88 88 — — 88 90 90 — — 90 
Liabilities
Long-term debt5
13,616 11,790 — 10,055 1,735 12,097 11,031 — 9,091 1,940 
Long-term debt – related party1,005 584 — 584 — 1,005 657 — 657 — 
Long-term payables1 1 — — 1 2 2 — — 2 
1Includes current portion of long-term accounts receivable and notes receivable of $2 million at September 30, 2026 and $3 million at December 31, 2025.
2Includes current portion of long-term debt of $1.3 billion at September 30, 2026 and $950 million at December 31, 2025.
3Includes current portion of long-term payables of $1 million at September 30, 2026 and $2 million at December 31, 2025.
4Includes current portion of notes receivable – related party of $7 million at September 30, 2026 and December 31, 2025.
5Includes current portion of long-term debt of $464 million at September 30, 2026 and $573 million at December 31, 2025.
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
September 30, 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
19,995 17,748 1,839 14,174 1,735 18,757 17,645 2,042 13,663 1,940 
Long-term payables3
5 5 — — 5 7 7 — — 7 
Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Notes receivable – related party4
88 88 — — 88 90 90 — — 90 
Liabilities
Long-term debt5
13,616 11,790 — 10,055 1,735 12,097 11,031 — 9,091 1,940 
Long-term debt – related party1,005 584 — 584 — 1,005 657 — 657 — 
Long-term payables1 1 — — 1 2 2 — — 2 
1Includes current portion of long-term accounts receivable and notes receivable of $2 million at September 30, 2026 and $3 million at December 31, 2025.
2Includes current portion of long-term debt of $1.3 billion at September 30, 2026 and $950 million at December 31, 2025.
3Includes current portion of long-term payables of $1 million at September 30, 2026 and $2 million at December 31, 2025.
4Includes current portion of notes receivable – related party of $7 million at September 30, 2026 and December 31, 2025.
5Includes current portion of long-term debt of $464 million at September 30, 2026 and $573 million at December 31, 2025.
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.
v3.26.3
Retirement Benefits
 9 Months Ended
Sep. 30, 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 EndedNine Months EndedThree Months EndedNine Months Ended
September 3020262025202620252026202520262025
CMS Energy, including Consumers
Net periodic credit
Service cost$6 $6 $18 $19 $2 $2 $6 $6 
Interest cost25 27 75 81 10 10 29 32 
Expected return on plan assets(60)(57)(179)(171)(31)(27)(93)(83)
Amortization of:
Net loss4 3 11 8 — — — 2 
Prior service cost (credit)— 1 2 3 (8)(8)(24)(25)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(22)$(17)$(65)$(52)$(27)$(23)$(82)$(68)
Consumers
Net periodic credit
Service cost$6 $6 $18 $18 $2 $2 $6 $6 
Interest cost24 26 71 77 9 11 28 32 
Expected return on plan assets(57)(54)(169)(162)(29)(26)(87)(78)
Amortization of:
Net loss4 2 10 7 — — — 2 
Prior service cost (credit)— 1 2 3 (7)(8)(23)(25)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(20)$(16)$(60)$(49)$(25)$(21)$(76)$(63)
In Consumers’ electric and gas rate cases, the MPSC approved a mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expenses above or below the amounts used to set existing rates. Amounts deferred will be collected from or refunded to customers over ten years. At September 30, 2026, CMS Energy, including Consumers, had deferred $8 million of pension credits and $10 million of OPEB credits under this mechanism related to 2026 expense. At September 30, 2025, CMS Energy, including Consumers, had deferred $1 million of pension costs and $7 million of OPEB credits under this mechanism related to 2025 expense.
Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefits Retirement Benefits
CMS Energy and Consumers provide pension, OPEB, and other retirement benefits to eligible employees under a number of different plans.
Costs: Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension PlansOPEB Plan
Three Months EndedNine Months EndedThree Months EndedNine Months Ended
September 3020262025202620252026202520262025
CMS Energy, including Consumers
Net periodic credit
Service cost$6 $6 $18 $19 $2 $2 $6 $6 
Interest cost25 27 75 81 10 10 29 32 
Expected return on plan assets(60)(57)(179)(171)(31)(27)(93)(83)
Amortization of:
Net loss4 3 11 8 — — — 2 
Prior service cost (credit)— 1 2 3 (8)(8)(24)(25)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(22)$(17)$(65)$(52)$(27)$(23)$(82)$(68)
Consumers
Net periodic credit
Service cost$6 $6 $18 $18 $2 $2 $6 $6 
Interest cost24 26 71 77 9 11 28 32 
Expected return on plan assets(57)(54)(169)(162)(29)(26)(87)(78)
Amortization of:
Net loss4 2 10 7 — — — 2 
Prior service cost (credit)— 1 2 3 (7)(8)(23)(25)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(20)$(16)$(60)$(49)$(25)$(21)$(76)$(63)
In Consumers’ electric and gas rate cases, the MPSC approved a mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expenses above or below the amounts used to set existing rates. Amounts deferred will be collected from or refunded to customers over ten years. At September 30, 2026, CMS Energy, including Consumers, had deferred $8 million of pension credits and $10 million of OPEB credits under this mechanism related to 2026 expense. At September 30, 2025, CMS Energy, including Consumers, had deferred $1 million of pension costs and $7 million of OPEB credits under this mechanism related to 2025 expense.
v3.26.3
Income Taxes
 9 Months Ended
Sep. 30, 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:
Nine Months Ended September 3020262025
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 effect1
7.4 6.4 
Tax credits
Renewable energy tax credits(12.5)(5.7)
Other(1.3)(0.5)
Nontaxable or nondeductible items0.6 0.3 
Changes in unrecognized tax benefits2
5.3 0.7 
Other adjustments
Taxes attributable to noncontrolling interests15.8 1.2 
TCJA excess deferred taxes(8.1)(3.5)
Property differences(3.2)(0.4)
Other, net0.4 0.8 
Effective tax rate25.4 %20.3 %
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 effect1
4.5 5.8 
Tax credits
Renewable energy tax credits(3.7)(3.3)
Other(0.4)(0.4)
Nontaxable or nondeductible items0.2 0.3 
Changes in unrecognized tax benefits2
1.8 0.6 
Other adjustments
TCJA excess deferred taxes(2.5)(3.0)
Property differences(1.0)(0.3)
Effective tax rate19.9 %20.7 %
1    In June 2025, state deferred tax balances were increased by $12 million to reflect a change in Illinois tax law that establishes nexus for Consumers. The policy change is effective for tax years beginning January 1, 2026.
2    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 regarding 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. In June 2026, CMS Energy filed a request for leave to appeal the Michigan Court of Appeals’ decision to the Michigan Supreme Court. CMS Energy is currently awaiting the Court’s decision on whether to grant review.
CMS Energy and Consumers evaluated and increased their uncertain tax positions associated with this matter, recognizing a $19 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:
Nine Months Ended September 3020262025
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 effect1
7.4 6.4 
Tax credits
Renewable energy tax credits(12.5)(5.7)
Other(1.3)(0.5)
Nontaxable or nondeductible items0.6 0.3 
Changes in unrecognized tax benefits2
5.3 0.7 
Other adjustments
Taxes attributable to noncontrolling interests15.8 1.2 
TCJA excess deferred taxes(8.1)(3.5)
Property differences(3.2)(0.4)
Other, net0.4 0.8 
Effective tax rate25.4 %20.3 %
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 effect1
4.5 5.8 
Tax credits
Renewable energy tax credits(3.7)(3.3)
Other(0.4)(0.4)
Nontaxable or nondeductible items0.2 0.3 
Changes in unrecognized tax benefits2
1.8 0.6 
Other adjustments
TCJA excess deferred taxes(2.5)(3.0)
Property differences(1.0)(0.3)
Effective tax rate19.9 %20.7 %
1    In June 2025, state deferred tax balances were increased by $12 million to reflect a change in Illinois tax law that establishes nexus for Consumers. The policy change is effective for tax years beginning January 1, 2026.
2    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 regarding 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. In June 2026, CMS Energy filed a request for leave to appeal the Michigan Court of Appeals’ decision to the Michigan Supreme Court. CMS Energy is currently awaiting the Court’s decision on whether to grant review.
CMS Energy and Consumers evaluated and increased their uncertain tax positions associated with this matter, recognizing a $19 million increase to income tax expense during 2026. While CMS Energy and Consumers are confident in the merits of their position, if the appeal to the Michigan Supreme Court was unsuccessful, the companies would be required to revise the estimated value of their state deferred tax liabilities, which could result in a material impact to their results of operations.
v3.26.3
Earnings Per Share—CMS Energy
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share—CMS Energy Earnings Per Share—CMS Energy
Presented in the following table are CMS Energy’s basic and diluted EPS computations based on income (loss) from continuing operations:
In Millions, Except Per Share Amounts
Three Months EndedNine Months Ended
September 302026202520262025
Income available to common stockholders
Income (loss) from continuing operations$(91)$272 $282 $760 
Less loss attributable to noncontrolling interests(214)(5)(301)(22)
Less preferred stock dividends2 2 7 7 
Income (loss) from continuing operations available to common stockholders – basic and diluted$121 $275 $576 $775 
Average common shares outstanding
Weighted-average shares – basic312.9 299.7 309.9 298.8 
Add dilutive nonvested stock awards0.2 0.6 0.3 0.6 
Add dilutive forward equity sale contracts— 0.1 — — 
Add dilutive contingently convertible securities0.1 — 0.2 — 
Weighted-average shares – diluted313.2 300.4 310.4 299.4 
Income (loss) from continuing operations per average common share available to common stockholders
Basic$0.39 $0.92 $1.86 $2.59 
Diluted0.39 0.92 1.86 2.59 
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 and settled forward equity sale contracts. These forward equity sale contracts are non-participating securities. While the forward sale price in the forward equity sale contract is decreased on certain dates by certain predetermined amounts to reflect expected dividend payments, these
price adjustments were set upon inception of the agreement and the forward contract does not give the owner the right to participate in undistributed earnings. Accordingly, the forward equity sale contracts were included in the computation of diluted EPS, but not in the computation of basic EPS.
The potentially dilutive impact from these forward equity sale contracts is reflected in diluted EPS using the treasury stock method. There will be a dilutive effect on EPS when the average market price of common stock shares is above the applicable adjusted forward sale price. Additionally, any physical settlement or net share settlement of the agreements would dilute EPS. For further details on the forward equity sale contracts, see Note 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.
v3.26.3
Revenue
 9 Months Ended
Sep. 30, 2026
Disaggregation of Revenue [Line Items]  
Revenue Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended September 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,769 $263 $— $2,032 
Other— — 138 138 
Revenue recognized from contracts with customers$1,769 $263 $138 $2,170 
Financing income3 1 — 4 
Consumers alternative-revenue programs2 — — 2 
Other— — 7 7 
Total operating revenue – CMS Energy$1,774 $264 $145 $2,183 
Consumers
Consumers utility revenue
Residential$915 $170 $1,085 
Commercial568 43 611 
Industrial223 7 230 
Other63 43 106 
Revenue recognized from contracts with customers$1,769 $263 $2,032 
Financing income3 1 4 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,774 $264 $2,038 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,675 $233 $— $1,908 
Other— — 67 67 
Revenue recognized from contracts with customers$1,675 $233 $67 $1,975 
Leasing income— — 41 41 
Financing income2 1 — 3 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,679 $234 $108 $2,021 
Consumers
Consumers utility revenue
Residential$842 $139 $981 
Commercial577 45 622 
Industrial204 6 210 
Other52 43 95 
Revenue recognized from contracts with customers$1,675 $233 $1,908 
Financing income2 1 3 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,679 $234 $1,913 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $28 million for the three months ended September 30, 2025.
In Millions
Nine Months Ended September 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,467 $1,891 $— $6,358 
Other— — 295 295 
Revenue recognized from contracts with customers$4,467 $1,891 $295 $6,653 
Leasing income— — 64 64 
Financing income8 5 — 13 
Consumers alternative-revenue programs5 — — 5 
Other— — 7 7 
Total operating revenue – CMS Energy$4,480 $1,896 $366 $6,742 
Consumers
Consumers utility revenue
Residential$2,207 $1,339 $3,546 
Commercial1,483 399 1,882 
Industrial613 47 660 
Other164 106 270 
Revenue recognized from contracts with customers$4,467 $1,891 $6,358 
Financing income8 5 13 
Alternative-revenue programs5 — 5 
Total operating revenue – Consumers$4,480 $1,896 $6,376 
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 were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $46 million for the nine months ended September 30, 2026.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,324 $1,665 $— $5,989 
Other— — 182 182 
Revenue recognized from contracts with customers$4,324 $1,665 $182 $6,171 
Leasing income— — 117 117 
Financing income7 5 — 12 
Consumers alternative-revenue programs6 — — 6 
Total operating revenue – CMS Energy$4,337 $1,670 $299 $6,306 
Consumers
Consumers utility revenue
Residential$2,055 $1,146 $3,201 
Commercial1,468 374 1,842 
Industrial576 46 622 
Other225 99 324 
Revenue recognized from contracts with customers$4,324 $1,665 $5,989 
Financing income7 5 12 
Alternative-revenue programs6 — 6 
Total operating revenue – Consumers$4,337 $1,670 $6,007 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 30, 2025.
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 ratemaking 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 ratemaking 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 supportable forecasts. 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 $9 million for the three months ended September 30, 2026 and $10 million for the three months ended September 30, 2025. CMS Energy and Consumers recorded uncollectible accounts expense of $29 million for the nine months ended September 30, 2026 and $30 million for the nine months ended September 30, 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 $437 million at September 30, 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 September 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,769 $263 $— $2,032 
Other— — 138 138 
Revenue recognized from contracts with customers$1,769 $263 $138 $2,170 
Financing income3 1 — 4 
Consumers alternative-revenue programs2 — — 2 
Other— — 7 7 
Total operating revenue – CMS Energy$1,774 $264 $145 $2,183 
Consumers
Consumers utility revenue
Residential$915 $170 $1,085 
Commercial568 43 611 
Industrial223 7 230 
Other63 43 106 
Revenue recognized from contracts with customers$1,769 $263 $2,032 
Financing income3 1 4 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,774 $264 $2,038 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,675 $233 $— $1,908 
Other— — 67 67 
Revenue recognized from contracts with customers$1,675 $233 $67 $1,975 
Leasing income— — 41 41 
Financing income2 1 — 3 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,679 $234 $108 $2,021 
Consumers
Consumers utility revenue
Residential$842 $139 $981 
Commercial577 45 622 
Industrial204 6 210 
Other52 43 95 
Revenue recognized from contracts with customers$1,675 $233 $1,908 
Financing income2 1 3 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,679 $234 $1,913 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $28 million for the three months ended September 30, 2025.
In Millions
Nine Months Ended September 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,467 $1,891 $— $6,358 
Other— — 295 295 
Revenue recognized from contracts with customers$4,467 $1,891 $295 $6,653 
Leasing income— — 64 64 
Financing income8 5 — 13 
Consumers alternative-revenue programs5 — — 5 
Other— — 7 7 
Total operating revenue – CMS Energy$4,480 $1,896 $366 $6,742 
Consumers
Consumers utility revenue
Residential$2,207 $1,339 $3,546 
Commercial1,483 399 1,882 
Industrial613 47 660 
Other164 106 270 
Revenue recognized from contracts with customers$4,467 $1,891 $6,358 
Financing income8 5 13 
Alternative-revenue programs5 — 5 
Total operating revenue – Consumers$4,480 $1,896 $6,376 
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 were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $46 million for the nine months ended September 30, 2026.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,324 $1,665 $— $5,989 
Other— — 182 182 
Revenue recognized from contracts with customers$4,324 $1,665 $182 $6,171 
Leasing income— — 117 117 
Financing income7 5 — 12 
Consumers alternative-revenue programs6 — — 6 
Total operating revenue – CMS Energy$4,337 $1,670 $299 $6,306 
Consumers
Consumers utility revenue
Residential$2,055 $1,146 $3,201 
Commercial1,468 374 1,842 
Industrial576 46 622 
Other225 99 324 
Revenue recognized from contracts with customers$4,324 $1,665 $5,989 
Financing income7 5 12 
Alternative-revenue programs6 — 6 
Total operating revenue – Consumers$4,337 $1,670 $6,007 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 30, 2025.
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 ratemaking 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 ratemaking 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 supportable forecasts. 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 $9 million for the three months ended September 30, 2026 and $10 million for the three months ended September 30, 2025. CMS Energy and Consumers recorded uncollectible accounts expense of $29 million for the nine months ended September 30, 2026 and $30 million for the nine months ended September 30, 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 $437 million at September 30, 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.
v3.26.3
Cash and Cash Equivalents
 9 Months Ended
Sep. 30, 2026
Cash and Cash Equivalents [Line Items]  
Cash and Cash Equivalents Cash and Cash Equivalents
Presented in the following table are the components of total cash and cash equivalents, including restricted amounts, and their location on CMS Energy’s and Consumers’ consolidated balance sheets:
In Millions
September 30, 2026December 31, 2025
CMS Energy, including Consumers
Cash and cash equivalents$451 $509 
Restricted cash and cash equivalents102 106 
Current assets held for sale26 — 
Cash and cash equivalents, including restricted amounts – CMS Energy$579 $615 
Consumers
Cash and cash equivalents$257 $25 
Restricted cash and cash equivalents68 86 
Cash and cash equivalents, including restricted amounts – Consumers$325 $111 
Cash and Cash Equivalents: Cash and cash equivalents include short-term, highly liquid investments with original maturities of three months or less.
Restricted Cash and Cash Equivalents: Restricted cash and cash equivalents are held primarily for the repayment of securitization bonds and funds held in escrow. These amounts are classified as current assets since they relate to payments that could or will occur within one year.
Current Assets Held for Sale: During the three months ended September 30, 2026, NorthStar Clean Energy committed to plans to sell certain consolidated renewable energy projects. Accordingly, the cash and cash equivalents of the projects to be sold are presented as held for sale on CMS Energy’s consolidated balance sheet at September 30, 2026. For additional information, see Note 14, Exit Activities and Asset Sales.
Consumers Energy Company  
Cash and Cash Equivalents [Line Items]  
Cash and Cash Equivalents Cash and Cash Equivalents
Presented in the following table are the components of total cash and cash equivalents, including restricted amounts, and their location on CMS Energy’s and Consumers’ consolidated balance sheets:
In Millions
September 30, 2026December 31, 2025
CMS Energy, including Consumers
Cash and cash equivalents$451 $509 
Restricted cash and cash equivalents102 106 
Current assets held for sale26 — 
Cash and cash equivalents, including restricted amounts – CMS Energy$579 $615 
Consumers
Cash and cash equivalents$257 $25 
Restricted cash and cash equivalents68 86 
Cash and cash equivalents, including restricted amounts – Consumers$325 $111 
Cash and Cash Equivalents: Cash and cash equivalents include short-term, highly liquid investments with original maturities of three months or less.
Restricted Cash and Cash Equivalents: Restricted cash and cash equivalents are held primarily for the repayment of securitization bonds and funds held in escrow. These amounts are classified as current assets since they relate to payments that could or will occur within one year.
Current Assets Held for Sale: During the three months ended September 30, 2026, NorthStar Clean Energy committed to plans to sell certain consolidated renewable energy projects. Accordingly, the cash and cash equivalents of the projects to be sold are presented as held for sale on CMS Energy’s consolidated balance sheet at September 30, 2026. For additional information, see Note 14, Exit Activities and Asset Sales.
v3.26.3
Reportable Segments
 9 Months Ended
Sep. 30, 2026
Segment Reporting [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 and the marketing of independent power production
CMS Energy presents corporate interest, other expenses, and Consumers’ other consolidated entities within other reconciling items.
Consumers
The segments reported for Consumers are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
Consumers’ other consolidated entities are presented within other reconciling items.
In Millions
Three Months Ended September 30, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,774 $264 $145 $2,183 $— $2,183 
Operating expenses
Power supply cost1
677 — 85 762 — 762 
Cost of gas sold— 43 2 45 — 45 
Maintenance and other operating expenses256 106 555 917 3 920 
Depreciation and amortization251 37 10 298 — 298 
General taxes85 23 3 111 — 111 
Total operating expenses1,269 209 655 2,133 3 2,136 
Operating Income (Loss)505 55 (510)50 (3)47 
Other income (expense)46 26 (19)53 1 54 
Interest charges87 61 2 150 64 214 
Income (Loss) Before Income Taxes464 20 (531)(47)(66)(113)
Income tax expense (benefit)65 7 (124)(52)30 (22)
Income (Loss) From Continuing Operations399 13 (407)5 (96)(91)
Other segment items2
— — 214 214 (2)212 
Net Income (Loss) Available to Common Stockholders$399 $13 $(193)$219 $(98)$121 
Property, plant, and equipment, gross$23,383 
3
$14,975 
3
$916 $39,274 $26 $39,300 
Total assets24,309 
3
14,738 
3
2,415 41,462 221 41,683 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,774 $264 $2,038 $— $2,038 
Operating expenses
Power supply cost1
677 — 677 — 677 
Cost of gas sold— 43 43 — 43 
Maintenance and other operating expenses256 106 362 — 362 
Depreciation and amortization251 37 288 — 288 
General taxes85 23 108 — 108 
Total operating expenses1,269 209 1,478 — 1,478 
Operating Income505 55 560 — 560 
Other income46 26 72 — 72 
Interest charges87 61 148 1 149 
Income (Loss) Before Income Taxes464 20 484 (1)483 
Income tax expense65 7 72 20 92 
Net Income (Loss)399 13 412 (21)391 
Other segment items2
— — — — — 
Net Income (Loss) Available to Common Stockholder$399 $13 $412 $(21)$391 
Property, plant, and equipment, gross$23,383 
3
$14,975 
3
$38,358 $23 $38,381 
Total assets24,362 
3
14,778 
3
39,140 64 39,204 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,679 $234 $108 $2,021 $— $2,021 
Operating expenses
Power supply cost1
624 — 63 687 — 687 
Cost of gas sold— 40 2 42 — 42 
Maintenance and other operating expenses285 103 25 413 3 416 
Depreciation and amortization239 35 14 288 — 288 
General taxes81 23 3 107 — 107 
Total operating expenses1,229 201 107 1,537 3 1,540 
Operating Income (Loss)450 33 1 484 (3)481 
Other income34 22 4 60 2 62 
Interest charges92 53 (1)144 59 203 
Income (Loss) Before Income Taxes392 2 6 400 (60)340 
Income tax expense66 2 — 68 — 68 
Income (Loss) From Continuing Operations326 — 6 332 (60)272 
Other segment items2
— — 5 5 (2)3 
Net Income (Loss) Available to Common Stockholders$326 $— $11 $337 $(62)$275 
Property, plant, and equipment, gross$21,095 
3
$13,890 
3
$1,568 $36,553 $30 $36,583 
Total assets21,917 
3
13,720 
3
2,229 37,866 142 38,008 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,679 $234 $1,913 $— $1,913 
Operating expenses
Power supply cost1
624 — 624 — 624 
Cost of gas sold— 40 40 — 40 
Maintenance and other operating expenses285 103 388 — 388 
Depreciation and amortization239 35 274 — 274 
General taxes81 23 104 — 104 
Total operating expenses1,229 201 1,430 — 1,430 
Operating Income450 33 483 — 483 
Other income (expense)34 22 56 (1)55 
Interest charges92 53 145 — 145 
Income (Loss) Before Income Taxes392 2 394 (1)393 
Income tax expense66 2 68 11 79 
Net Income (Loss)326 — 326 (12)314 
Other segment items2
— — — — — 
Net Income (Loss) Available to Common Stockholder$326 $— $326 $(12)$314 
Property, plant, and equipment, gross$21,095 
3
$13,890 
3
$34,985 $36 $35,021 
Total assets21,972 
3
13,762 
3
35,734 46 35,780 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Nine Months Ended September 30, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,480 $1,896 $366 $6,742 $— $6,742 
Operating expenses
Power supply cost1
1,794 — 232 2,026 — 2,026 
Cost of gas sold— 659 4 663 — 663 
Maintenance and other operating expenses841 366 615 1,822 10 1,832 
Depreciation and amortization720 261 37 1,018 — 1,018 
General taxes242 150 9 401 1 402 
Total operating expenses3,597 1,436 897 5,930 11 5,941 
Operating Income (Loss)883 460 (531)812 (11)801 
Other income (expense)135 72 (9)198 6 204 
Interest charges256 175 8 439 188 627 
Income (Loss) Before Income Taxes762 357 (548)571 (193)378 
Income tax expense (benefit)115 97 (112)100 (4)96 
Income (Loss) From Continuing Operations647 260 (436)471 (189)282 
Other segment items2
(1)— 302 301 (7)294 
Net Income (Loss) Available to Common Stockholders$646 $260 $(134)$772 $(196)$576 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,480 $1,896 $6,376 $— $6,376 
Operating expenses
Power supply cost1
1,794 — 1,794 — 1,794 
Cost of gas sold— 659 659 — 659 
Maintenance and other operating expenses841 366 1,207 — 1,207 
Depreciation and amortization720 261 981 — 981 
General taxes242 150 392 — 392 
Total operating expenses3,597 1,436 5,033 — 5,033 
Operating Income883 460 1,343 — 1,343 
Other income135 72 207 — 207 
Interest charges256 175 431 1 432 
Income (Loss) Before Income Taxes762 357 1,119 (1)1,118 
Income tax expense115 97 212 11 223 
Net Income (Loss)647 260 907 (12)895 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$646 $260 $906 $(12)$894 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,337 $1,670 $299 $6,306 $— $6,306 
Operating expenses
Power supply cost1
1,707 — 198 1,905 — 1,905 
Cost of gas sold— 545 4 549 — 549 
Maintenance and other operating expenses806 331 73 1,210 8 1,218 
Depreciation and amortization682 243 39 964 — 964 
General taxes227 142 9 378 — 378 
Total operating expenses3,422 1,261 323 5,006 8 5,014 
Operating Income (Loss)915 409 (24)1,300 (8)1,292 
Other income97 64 7 168 81 249 
Interest charges263 152 (2)413 175 588 
Income (Loss) Before Income Taxes749 321 (15)1,055 (102)953 
Income tax expense (benefit)131 83 (7)207 (14)193 
Income (Loss) From Continuing Operations618 238 (8)848 (88)760 
Other segment items2
(1)— 23 22 (7)15 
Net Income (Loss) Available to Common Stockholders$617 $238 $15 $870 $(95)$775 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,337 $1,670 $6,007 $— $6,007 
Operating expenses
Power supply cost1
1,707 — 1,707 — 1,707 
Cost of gas sold— 545 545 — 545 
Maintenance and other operating expenses806 331 1,137 — 1,137 
Depreciation and amortization682 243 925 — 925 
General taxes227 142 369 — 369 
Total operating expenses3,422 1,261 4,683 — 4,683 
Operating Income915 409 1,324 — 1,324 
Other income97 64 161 — 161 
Interest charges263 152 415 1 416 
Income (Loss) Before Income Taxes749 321 1,070 (1)1,069 
Income tax expense131 83 214 7 221 
Net Income (Loss)618 238 856 (8)848 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$617 $238 $855 $(8)$847 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
Consumers Energy Company  
Segment Reporting [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 and the marketing of independent power production
CMS Energy presents corporate interest, other expenses, and Consumers’ other consolidated entities within other reconciling items.
Consumers
The segments reported for Consumers are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
Consumers’ other consolidated entities are presented within other reconciling items.
In Millions
Three Months Ended September 30, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,774 $264 $145 $2,183 $— $2,183 
Operating expenses
Power supply cost1
677 — 85 762 — 762 
Cost of gas sold— 43 2 45 — 45 
Maintenance and other operating expenses256 106 555 917 3 920 
Depreciation and amortization251 37 10 298 — 298 
General taxes85 23 3 111 — 111 
Total operating expenses1,269 209 655 2,133 3 2,136 
Operating Income (Loss)505 55 (510)50 (3)47 
Other income (expense)46 26 (19)53 1 54 
Interest charges87 61 2 150 64 214 
Income (Loss) Before Income Taxes464 20 (531)(47)(66)(113)
Income tax expense (benefit)65 7 (124)(52)30 (22)
Income (Loss) From Continuing Operations399 13 (407)5 (96)(91)
Other segment items2
— — 214 214 (2)212 
Net Income (Loss) Available to Common Stockholders$399 $13 $(193)$219 $(98)$121 
Property, plant, and equipment, gross$23,383 
3
$14,975 
3
$916 $39,274 $26 $39,300 
Total assets24,309 
3
14,738 
3
2,415 41,462 221 41,683 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,774 $264 $2,038 $— $2,038 
Operating expenses
Power supply cost1
677 — 677 — 677 
Cost of gas sold— 43 43 — 43 
Maintenance and other operating expenses256 106 362 — 362 
Depreciation and amortization251 37 288 — 288 
General taxes85 23 108 — 108 
Total operating expenses1,269 209 1,478 — 1,478 
Operating Income505 55 560 — 560 
Other income46 26 72 — 72 
Interest charges87 61 148 1 149 
Income (Loss) Before Income Taxes464 20 484 (1)483 
Income tax expense65 7 72 20 92 
Net Income (Loss)399 13 412 (21)391 
Other segment items2
— — — — — 
Net Income (Loss) Available to Common Stockholder$399 $13 $412 $(21)$391 
Property, plant, and equipment, gross$23,383 
3
$14,975 
3
$38,358 $23 $38,381 
Total assets24,362 
3
14,778 
3
39,140 64 39,204 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,679 $234 $108 $2,021 $— $2,021 
Operating expenses
Power supply cost1
624 — 63 687 — 687 
Cost of gas sold— 40 2 42 — 42 
Maintenance and other operating expenses285 103 25 413 3 416 
Depreciation and amortization239 35 14 288 — 288 
General taxes81 23 3 107 — 107 
Total operating expenses1,229 201 107 1,537 3 1,540 
Operating Income (Loss)450 33 1 484 (3)481 
Other income34 22 4 60 2 62 
Interest charges92 53 (1)144 59 203 
Income (Loss) Before Income Taxes392 2 6 400 (60)340 
Income tax expense66 2 — 68 — 68 
Income (Loss) From Continuing Operations326 — 6 332 (60)272 
Other segment items2
— — 5 5 (2)3 
Net Income (Loss) Available to Common Stockholders$326 $— $11 $337 $(62)$275 
Property, plant, and equipment, gross$21,095 
3
$13,890 
3
$1,568 $36,553 $30 $36,583 
Total assets21,917 
3
13,720 
3
2,229 37,866 142 38,008 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,679 $234 $1,913 $— $1,913 
Operating expenses
Power supply cost1
624 — 624 — 624 
Cost of gas sold— 40 40 — 40 
Maintenance and other operating expenses285 103 388 — 388 
Depreciation and amortization239 35 274 — 274 
General taxes81 23 104 — 104 
Total operating expenses1,229 201 1,430 — 1,430 
Operating Income450 33 483 — 483 
Other income (expense)34 22 56 (1)55 
Interest charges92 53 145 — 145 
Income (Loss) Before Income Taxes392 2 394 (1)393 
Income tax expense66 2 68 11 79 
Net Income (Loss)326 — 326 (12)314 
Other segment items2
— — — — — 
Net Income (Loss) Available to Common Stockholder$326 $— $326 $(12)$314 
Property, plant, and equipment, gross$21,095 
3
$13,890 
3
$34,985 $36 $35,021 
Total assets21,972 
3
13,762 
3
35,734 46 35,780 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Nine Months Ended September 30, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,480 $1,896 $366 $6,742 $— $6,742 
Operating expenses
Power supply cost1
1,794 — 232 2,026 — 2,026 
Cost of gas sold— 659 4 663 — 663 
Maintenance and other operating expenses841 366 615 1,822 10 1,832 
Depreciation and amortization720 261 37 1,018 — 1,018 
General taxes242 150 9 401 1 402 
Total operating expenses3,597 1,436 897 5,930 11 5,941 
Operating Income (Loss)883 460 (531)812 (11)801 
Other income (expense)135 72 (9)198 6 204 
Interest charges256 175 8 439 188 627 
Income (Loss) Before Income Taxes762 357 (548)571 (193)378 
Income tax expense (benefit)115 97 (112)100 (4)96 
Income (Loss) From Continuing Operations647 260 (436)471 (189)282 
Other segment items2
(1)— 302 301 (7)294 
Net Income (Loss) Available to Common Stockholders$646 $260 $(134)$772 $(196)$576 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,480 $1,896 $6,376 $— $6,376 
Operating expenses
Power supply cost1
1,794 — 1,794 — 1,794 
Cost of gas sold— 659 659 — 659 
Maintenance and other operating expenses841 366 1,207 — 1,207 
Depreciation and amortization720 261 981 — 981 
General taxes242 150 392 — 392 
Total operating expenses3,597 1,436 5,033 — 5,033 
Operating Income883 460 1,343 — 1,343 
Other income135 72 207 — 207 
Interest charges256 175 431 1 432 
Income (Loss) Before Income Taxes762 357 1,119 (1)1,118 
Income tax expense115 97 212 11 223 
Net Income (Loss)647 260 907 (12)895 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$646 $260 $906 $(12)$894 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,337 $1,670 $299 $6,306 $— $6,306 
Operating expenses
Power supply cost1
1,707 — 198 1,905 — 1,905 
Cost of gas sold— 545 4 549 — 549 
Maintenance and other operating expenses806 331 73 1,210 8 1,218 
Depreciation and amortization682 243 39 964 — 964 
General taxes227 142 9 378 — 378 
Total operating expenses3,422 1,261 323 5,006 8 5,014 
Operating Income (Loss)915 409 (24)1,300 (8)1,292 
Other income97 64 7 168 81 249 
Interest charges263 152 (2)413 175 588 
Income (Loss) Before Income Taxes749 321 (15)1,055 (102)953 
Income tax expense (benefit)131 83 (7)207 (14)193 
Income (Loss) From Continuing Operations618 238 (8)848 (88)760 
Other segment items2
(1)— 23 22 (7)15 
Net Income (Loss) Available to Common Stockholders$617 $238 $15 $870 $(95)$775 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,337 $1,670 $6,007 $— $6,007 
Operating expenses
Power supply cost1
1,707 — 1,707 — 1,707 
Cost of gas sold— 545 545 — 545 
Maintenance and other operating expenses806 331 1,137 — 1,137 
Depreciation and amortization682 243 925 — 925 
General taxes227 142 369 — 369 
Total operating expenses3,422 1,261 4,683 — 4,683 
Operating Income915 409 1,324 — 1,324 
Other income97 64 161 — 161 
Interest charges263 152 415 1 416 
Income (Loss) Before Income Taxes749 321 1,070 (1)1,069 
Income tax expense131 83 214 7 221 
Net Income (Loss)618 238 856 (8)848 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$617 $238 $855 $(8)$847 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
v3.26.3
Variable Interest Entities
 9 Months Ended
Sep. 30, 2026
Variable Interest Entity [Line Items]  
Variable Interest Entities Variable Interest Entities
In June 2026, NorthStar Clean Energy sold a Class A membership interest in HL Solar Holdings to a tax equity investor. HL Solar Holdings is the holding company of:
•a 100‑MW solar generation project in St. Clair County, Michigan, which achieved commercial operation in August 2026
•a 120‑MW solar generation project in Hart Township, Michigan, which achieved commercial operation in October 2026
The nameplate capacity of both projects has been committed under long-term renewable energy purchase agreements. During the nine months ended September 30, 2026, the tax equity investor contributed $24 million and recognized deemed contributions of $166 million associated with the projects being placed into service for tax purposes. In October 2026, the tax equity investor contributed $34 million and will contribute additional amounts in late 2026.
NorthStar Clean Energy consolidates this and other entities that it does not wholly own, but for which it manages and controls the entities’ operating activities. NorthStar Clean Energy is the primary beneficiary of these entities because it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies. NorthStar Clean Energy is pursuing the sale of several of these entities and
has classified their assets and liabilities as held for sale. For additional details of these entities, see Note 14, Exit Activities and Asset Sales.
Presented in the following table is information about the VIEs NorthStar Clean Energy consolidates and plans to hold going forward:
Consolidated VIENorthStar Clean Energy’s ownership interestDescription of VIE
BG Solar Holdings1
Class B membership interest
Holding company of a 200-MW solar generation project in Branch County, Michigan
HL Solar HoldingsClass B membership interest
Holding company of a 100‑MW solar generation project in St. Clair County, Michigan, and a 120‑MW solar generation project in Hart Township, Michigan
1During 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 $87 million. In June 2026, the project achieved commercial operation and the tax equity investor contributed an additional $56 million.
For each of these VIEs, the Class A membership interest in the entity is held by a tax equity investor and is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets. Under the associated limited liability company agreement, the tax equity investor is guaranteed preferred returns from the entity. Earnings, tax attributes, and cash flows generated by those entities 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 assets and liabilities associated with consolidated VIEs included on CMS Energy’s consolidated balance sheets:
In Millions
September 30, 2026December 31, 2025
Current
Cash and cash equivalents$13 $20 
Restricted cash and cash equivalents33 19 
Accounts receivable167 42 
Assets held for sale39 — 
Prepayments and other current assets— 5 
Non-current
Plant, property, and equipment, net594 1,037 
Construction work in progress246 357 
Assets held for sale686 — 
Other non-current assets22 5 
Total assets1
$1,800 $1,485 
Current
Current portion of long-term debt and finance leases$155 $65 
Accounts payable23 29 
Liabilities held for sale11 — 
Non-current
Long-term debt130 118 
Non-current portion of finance leases29 39 
AROs9 38 
Liabilities held for sale59 — 
Other non-current liabilities4 3 
Total liabilities$420 $292 
1Assets may be used only to meet VIEs’ obligations and commitments.
NorthStar Clean Energy is obligated under certain indemnities that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. For additional details on these indemnity obligations, see Note 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 $458 million at September 30, 2026 and $549 million at December 31, 2025. The carrying value of securitization bonds on Consumers’ consolidated balance sheets was $479 million at September 30, 2026 and $585 million at December 31, 2025.
Consumers Energy Company  
Variable Interest Entity [Line Items]  
Variable Interest Entities Variable Interest Entities
In June 2026, NorthStar Clean Energy sold a Class A membership interest in HL Solar Holdings to a tax equity investor. HL Solar Holdings is the holding company of:
•a 100‑MW solar generation project in St. Clair County, Michigan, which achieved commercial operation in August 2026
•a 120‑MW solar generation project in Hart Township, Michigan, which achieved commercial operation in October 2026
The nameplate capacity of both projects has been committed under long-term renewable energy purchase agreements. During the nine months ended September 30, 2026, the tax equity investor contributed $24 million and recognized deemed contributions of $166 million associated with the projects being placed into service for tax purposes. In October 2026, the tax equity investor contributed $34 million and will contribute additional amounts in late 2026.
NorthStar Clean Energy consolidates this and other entities that it does not wholly own, but for which it manages and controls the entities’ operating activities. NorthStar Clean Energy is the primary beneficiary of these entities because it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies. NorthStar Clean Energy is pursuing the sale of several of these entities and
has classified their assets and liabilities as held for sale. For additional details of these entities, see Note 14, Exit Activities and Asset Sales.
Presented in the following table is information about the VIEs NorthStar Clean Energy consolidates and plans to hold going forward:
Consolidated VIENorthStar Clean Energy’s ownership interestDescription of VIE
BG Solar Holdings1
Class B membership interest
Holding company of a 200-MW solar generation project in Branch County, Michigan
HL Solar HoldingsClass B membership interest
Holding company of a 100‑MW solar generation project in St. Clair County, Michigan, and a 120‑MW solar generation project in Hart Township, Michigan
1During 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 $87 million. In June 2026, the project achieved commercial operation and the tax equity investor contributed an additional $56 million.
For each of these VIEs, the Class A membership interest in the entity is held by a tax equity investor and is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets. Under the associated limited liability company agreement, the tax equity investor is guaranteed preferred returns from the entity. Earnings, tax attributes, and cash flows generated by those entities 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 assets and liabilities associated with consolidated VIEs included on CMS Energy’s consolidated balance sheets:
In Millions
September 30, 2026December 31, 2025
Current
Cash and cash equivalents$13 $20 
Restricted cash and cash equivalents33 19 
Accounts receivable167 42 
Assets held for sale39 — 
Prepayments and other current assets— 5 
Non-current
Plant, property, and equipment, net594 1,037 
Construction work in progress246 357 
Assets held for sale686 — 
Other non-current assets22 5 
Total assets1
$1,800 $1,485 
Current
Current portion of long-term debt and finance leases$155 $65 
Accounts payable23 29 
Liabilities held for sale11 — 
Non-current
Long-term debt130 118 
Non-current portion of finance leases29 39 
AROs9 38 
Liabilities held for sale59 — 
Other non-current liabilities4 3 
Total liabilities$420 $292 
1Assets may be used only to meet VIEs’ obligations and commitments.
NorthStar Clean Energy is obligated under certain indemnities that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. For additional details on these indemnity obligations, see Note 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 $458 million at September 30, 2026 and $549 million at December 31, 2025. The carrying value of securitization bonds on Consumers’ consolidated balance sheets was $479 million at September 30, 2026 and $585 million at December 31, 2025.
v3.26.3
Exit Activities and Asset Sales
 9 Months Ended
Sep. 30, 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
Nine Months Ended September 3020262025
1
Retention benefit liability at beginning of period$2 $14 
Costs deferred as a regulatory asset2
11 4 
Costs paid or settled(11)— 
Retention benefit liability at the end of the period$2 $18 
1Includes amounts associated with a retention incentive program established in connection with the planned retirement of J.H. Campbell in May 2025. Final payments under this program were made in November 2025.
2Includes $4 million for the three months ended September 30, 2026 and $1 million for the three months ended September 30, 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.
In July 2026, Consumers filed exceptions to the proposal for decision issued in the related regulatory proceeding. The filing proposed a state-administered fund that would be established using all financial compensation mechanism revenues received under the PPA, estimated to total approximately $270 million over the term of the agreement. Under the proposal, the fund would be controlled by the State of Michigan and used to support dam safety improvements, emergency response and remediation efforts, and future decommissioning or license surrender obligations associated with the hydroelectric facilities. The proposal is subject to regulatory review and approval.
In September 2026, Consumers extended its waiver of the statutory deadline applicable to the proceeding to provide additional time for discussions among the parties regarding potential resolution of outstanding matters, resulting in an anticipated MPSC order in November 2026.
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 September 30, 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.
NorthStar Clean Energy Strategic Divestments: In July 2026, the CMS Energy Board of Directors approved a plan to divest certain renewable projects owned by NorthStar Clean Energy and to exit non‑utility renewables development. The projects included in the planned divestment are primarily non‑Michigan-based renewable generation projects.
CMS Energy launched a sales process for these projects. Certain sales have been completed or are subject to definitive agreements, and CMS Energy is in various stages of negotiations with potential buyers for the remaining projects. At September 30, 2026, the criteria for classification as held for sale were met for four individual disposal groups associated with the planned divestment. Accordingly, the related assets and liabilities were classified as held for sale on CMS Energy’s consolidated balance sheet at September 30, 2026.
Upon classification as held for sale, each disposal group was measured at the lower of its carrying amount or fair value less costs to sell. The determination of fair value less costs to sell required judgment and included definitive agreements, indicative bids received from prospective buyers, and other market information, adjusted as necessary for estimated costs to sell. CMS Energy recognized aggregate impairment charges of $454 million for the three and nine months ended September 30, 2026, of which $102 million was attributable to noncontrolling interests, that were recorded in NorthStar Clean Energy impairment, disposal, and exit costs on CMS Energy’s consolidated statements of income. The impairment charges reflected the amount by which the carrying amounts of the disposal groups exceeded their respective estimated fair values less costs to sell.
Additionally, CMS Energy completed the sale of a 24-MW solar facility located in Delta Township, Michigan, to an unrelated party during the third quarter of 2026. The sale resulted in a loss of $15 million, which was recorded in NorthStar Clean Energy impairment, disposal, and exit costs on CMS Energy’s consolidated statements of income.
At September 30, 2026, the assets and liabilities classified as held for sale consisted of the following:
In Millions
September 30, 2026
Assets
Current
Cash and cash equivalents$26 
Accounts receivable and other current assets17 
Total current assets$43 
Non‑current
Plant, property, and equipment, net$693 
Construction work in progress76 
Other non‑current assets14 
Total non‑current assets$783 
Total assets$826 
Liabilities
Current
Accounts payable and other current liabilities$14 
Total current liabilities$14 
Non‑current
Non-current portion of finance leases$52 
AROs35 
Total non‑current liabilities$87 
Total liabilities$101 
Certain of the entities held for sale are not wholly owned by NorthStar Clean Energy and are VIEs. As the primary beneficiary of these entities, NorthStar Clean Energy consolidates these entities and the remaining ownership interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheet. The noncontrolling interest associated with these consolidated VIEs held for sale totaled $479 million at September 30, 2026, before the attribution of $102 million of the impairment loss to the noncontrolling interest. NorthStar Clean Energy is obligated under certain indemnities, with varying durations, that protect the noncontrolling interests against losses incurred as a result of breaches of representations and warranties under the associated membership agreements. At September 30, 2026, the maximum obligation associated with these indemnifications was $180 million, and no amount has been recorded.
CMS Energy expects to complete the divestment within 12 months of the date the disposal groups were classified as held for sale, subject to negotiating contractual terms with third parties, regulatory approvals, and other customary closing conditions. Because the sales process remains ongoing and is subject to market conditions and transaction-specific factors, the losses recognized upon completion of the sales could differ from the impairment charges recorded for the three and nine months ended September 30, 2026.
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
Nine Months Ended September 3020262025
1
Retention benefit liability at beginning of period$2 $14 
Costs deferred as a regulatory asset2
11 4 
Costs paid or settled(11)— 
Retention benefit liability at the end of the period$2 $18 
1Includes amounts associated with a retention incentive program established in connection with the planned retirement of J.H. Campbell in May 2025. Final payments under this program were made in November 2025.
2Includes $4 million for the three months ended September 30, 2026 and $1 million for the three months ended September 30, 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.
In July 2026, Consumers filed exceptions to the proposal for decision issued in the related regulatory proceeding. The filing proposed a state-administered fund that would be established using all financial compensation mechanism revenues received under the PPA, estimated to total approximately $270 million over the term of the agreement. Under the proposal, the fund would be controlled by the State of Michigan and used to support dam safety improvements, emergency response and remediation efforts, and future decommissioning or license surrender obligations associated with the hydroelectric facilities. The proposal is subject to regulatory review and approval.
In September 2026, Consumers extended its waiver of the statutory deadline applicable to the proceeding to provide additional time for discussions among the parties regarding potential resolution of outstanding matters, resulting in an anticipated MPSC order in November 2026.
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 September 30, 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.
NorthStar Clean Energy Strategic Divestments: In July 2026, the CMS Energy Board of Directors approved a plan to divest certain renewable projects owned by NorthStar Clean Energy and to exit non‑utility renewables development. The projects included in the planned divestment are primarily non‑Michigan-based renewable generation projects.
CMS Energy launched a sales process for these projects. Certain sales have been completed or are subject to definitive agreements, and CMS Energy is in various stages of negotiations with potential buyers for the remaining projects. At September 30, 2026, the criteria for classification as held for sale were met for four individual disposal groups associated with the planned divestment. Accordingly, the related assets and liabilities were classified as held for sale on CMS Energy’s consolidated balance sheet at September 30, 2026.
Upon classification as held for sale, each disposal group was measured at the lower of its carrying amount or fair value less costs to sell. The determination of fair value less costs to sell required judgment and included definitive agreements, indicative bids received from prospective buyers, and other market information, adjusted as necessary for estimated costs to sell. CMS Energy recognized aggregate impairment charges of $454 million for the three and nine months ended September 30, 2026, of which $102 million was attributable to noncontrolling interests, that were recorded in NorthStar Clean Energy impairment, disposal, and exit costs on CMS Energy’s consolidated statements of income. The impairment charges reflected the amount by which the carrying amounts of the disposal groups exceeded their respective estimated fair values less costs to sell.
Additionally, CMS Energy completed the sale of a 24-MW solar facility located in Delta Township, Michigan, to an unrelated party during the third quarter of 2026. The sale resulted in a loss of $15 million, which was recorded in NorthStar Clean Energy impairment, disposal, and exit costs on CMS Energy’s consolidated statements of income.
At September 30, 2026, the assets and liabilities classified as held for sale consisted of the following:
In Millions
September 30, 2026
Assets
Current
Cash and cash equivalents$26 
Accounts receivable and other current assets17 
Total current assets$43 
Non‑current
Plant, property, and equipment, net$693 
Construction work in progress76 
Other non‑current assets14 
Total non‑current assets$783 
Total assets$826 
Liabilities
Current
Accounts payable and other current liabilities$14 
Total current liabilities$14 
Non‑current
Non-current portion of finance leases$52 
AROs35 
Total non‑current liabilities$87 
Total liabilities$101 
Certain of the entities held for sale are not wholly owned by NorthStar Clean Energy and are VIEs. As the primary beneficiary of these entities, NorthStar Clean Energy consolidates these entities and the remaining ownership interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheet. The noncontrolling interest associated with these consolidated VIEs held for sale totaled $479 million at September 30, 2026, before the attribution of $102 million of the impairment loss to the noncontrolling interest. NorthStar Clean Energy is obligated under certain indemnities, with varying durations, that protect the noncontrolling interests against losses incurred as a result of breaches of representations and warranties under the associated membership agreements. At September 30, 2026, the maximum obligation associated with these indemnifications was $180 million, and no amount has been recorded.
CMS Energy expects to complete the divestment within 12 months of the date the disposal groups were classified as held for sale, subject to negotiating contractual terms with third parties, regulatory approvals, and other customary closing conditions. Because the sales process remains ongoing and is subject to market conditions and transaction-specific factors, the losses recognized upon completion of the sales could differ from the impairment charges recorded for the three and nine months ended September 30, 2026.
v3.26.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 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
v3.26.3
New Accounting Standards (Policies)
 9 Months Ended
Sep. 30, 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. CMS Energy and Consumers will adopt the guidance upon the effective date. The standard will not have a material impact on CMS Energy’s or Consumers’ consolidated net income, cash flows, or financial position.
ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818): This standard establishes a comprehensive accounting model for environmental credits based on the intended use of those credits and requires recognition of certain environmental credit obligations arising from regulatory
compliance programs. The guidance also expands disclosure related to environmental credit activities, obligations, and significant estimates and judgments. The amendments are effective for annual and interim reporting periods beginning after December 15, 2027. The guidance is required to be applied on a retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the annual reporting period of adoption. Prior-period financial statement information will not be recast. 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 and settled forward equity sale contracts. These forward equity sale contracts are non-participating securities. While the forward sale price in the forward equity sale contract is decreased on certain dates by certain predetermined amounts to reflect expected dividend payments, these
price adjustments were set upon inception of the agreement and the forward contract does not give the owner the right to participate in undistributed earnings. Accordingly, the forward equity sale contracts were included in the computation of diluted EPS, but not in the computation of basic EPS.
The potentially dilutive impact from these forward equity sale contracts is reflected in diluted EPS using the treasury stock method. There will be a dilutive effect on EPS when the average market price of common stock shares is above the applicable adjusted forward sale price. Additionally, any physical settlement or net share settlement of the agreements would dilute EPS. For further details on the forward equity sale contracts, see Note 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 supportable forecasts. 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.
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. CMS Energy and Consumers will adopt the guidance upon the effective date. The standard will not have a material impact on CMS Energy’s or Consumers’ consolidated net income, cash flows, or financial position.
ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818): This standard establishes a comprehensive accounting model for environmental credits based on the intended use of those credits and requires recognition of certain environmental credit obligations arising from regulatory
compliance programs. The guidance also expands disclosure related to environmental credit activities, obligations, and significant estimates and judgments. The amendments are effective for annual and interim reporting periods beginning after December 15, 2027. The guidance is required to be applied on a retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the annual reporting period of adoption. Prior-period financial statement information will not be recast. 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 ratemaking 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 ratemaking 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 supportable forecasts. 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.
v3.26.3
Contingencies and Commitments (Tables)
 9 Months Ended
Sep. 30, 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$1 $4 $4 $4 $4 $4 
Schedule of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at September 30, 2026:
In Millions
 
Guarantee Description
Issue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from stock and asset sale agreements1
variousindefinite$152 $— 
Indemnity obligations from sale of membership interests in VIEs2
variousvarious52 — 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These 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.
2These obligations arose from the sale of membership interests in BG Solar Holdings and HL Solar Holdings 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 further details on NorthStar Clean Energy’s ownership interest in these entities, see Note 13, Variable Interest Entities.
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$1 $3 $33 $19 $3 $21 
Schedule of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at September 30, 2026:
In Millions
 
Guarantee Description
Issue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from stock and asset sale agreements1
variousindefinite$152 $— 
Indemnity obligations from sale of membership interests in VIEs2
variousvarious52 — 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These 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.
2These obligations arose from the sale of membership interests in BG Solar Holdings and HL Solar Holdings 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 further details on NorthStar Clean Energy’s ownership interest in these entities, see Note 13, Variable Interest Entities.
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.
v3.26.3
Financings and Capitalization (Tables)
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 2026:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
NorthStar Clean Energy
Term loan1
$24 variableApril 2026June 2031
Term loan1
90 variableJune 2026June 2031
Construction financing agreement2
287 variableMarch 2026Five years after conversion date
Total NorthStar Clean Energy$401 
Consumers
First mortgage bonds$850 5.125 May 2026May 2036
First mortgage bonds450 4.900 August 2026August 2031
First mortgage bonds450 6.100 August 2026August 2056
Total Consumers$1,750 
Total CMS Energy$2,151 
1At completion of project construction, NorthStar Clean Energy converted construction financing agreements into term loans.
2At September 30, 2026, the amount outstanding under this construction financing agreement was $287 million. In October 2026, upon completion of certain project construction, NorthStar Clean Energy converted $55 million of these outstanding borrowings into a term loan and repaid $55 million. NorthStar Clean Energy expects to convert an additional $74 million of outstanding borrowings into a term loan and repay the remaining $103 million. Both term loans will mature five years after the final conversion date.
Presented in the following table is a summary of major long-term debt retirements during the nine months ended September 30, 2026:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Senior notes$300 3.000May 2026May 2026
Total CMS Energy, parent only$300 
NorthStar Clean Energy
Construction financing agreement1
$270 variableJune 2026June 2026
Total NorthStar Clean Energy$270 
Consumers
First mortgage bonds$115 5.240May 2026May 2026
Total Consumers$115 
Total CMS Energy$685 
1At completion of project construction, NorthStar Clean Energy converted $114 million of the construction financing agreements into term loans and repaid the remaining $156 million.
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at September 30, 2026:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
Unsecured revolving credit facility, expiring November 20301
$750 $— $14 $736 
Unsecured letter of credit facility, expiring September 2027
50 — 49 1 
NorthStar Clean Energy
Secured revolving credit facility, expiring May 20282
$300 $75 $151 $74 
Secured letter of credit facility, expiring May 20293
75 — — 75 
Secured letter of credit facility4
19 — 19 — 
Secured letter of credit facility5
22 — 7 15 
Consumers
Secured revolving credit facility, expiring November 20301,6
$1,100 $— $28 $1,072 
Secured revolving credit facility, expiring November 20281,6
300 — — 300 
Secured letter of credit facility, expiring May 20276
100 — 67 33 
Unsecured letter of credit facility, expiring March 202850 — 38 12 
Unsecured letter of credit facility7
98 — 98 — 
Unsecured letter of credit facility7
100 — 100 — 
Unsecured letter of credit facility7
106 — 106 — 
Unsecured letter of credit facility7
125 — 125 — 
1There were no borrowings under this facility during the nine months ended September 30, 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 September 30, 2026, the net book value of the pledged equity interests was $930 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 NorthStar Clean Energy and is secured by development assets.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy and is secured under term loans maturing in June 2031.
5The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy and is secured under a construction-to-term financing agreement. It will expire five years after the term conversion date.
6Obligations under these facilities are secured by first mortgage bonds of Consumers.
7Letters of credit issued under this uncommitted letter of credit facility have expiration dates with automatic renewal provisions.
Consumers Energy Company  
Debt Instrument [Line Items]  
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during the nine months ended September 30, 2026:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
NorthStar Clean Energy
Term loan1
$24 variableApril 2026June 2031
Term loan1
90 variableJune 2026June 2031
Construction financing agreement2
287 variableMarch 2026Five years after conversion date
Total NorthStar Clean Energy$401 
Consumers
First mortgage bonds$850 5.125 May 2026May 2036
First mortgage bonds450 4.900 August 2026August 2031
First mortgage bonds450 6.100 August 2026August 2056
Total Consumers$1,750 
Total CMS Energy$2,151 
1At completion of project construction, NorthStar Clean Energy converted construction financing agreements into term loans.
2At September 30, 2026, the amount outstanding under this construction financing agreement was $287 million. In October 2026, upon completion of certain project construction, NorthStar Clean Energy converted $55 million of these outstanding borrowings into a term loan and repaid $55 million. NorthStar Clean Energy expects to convert an additional $74 million of outstanding borrowings into a term loan and repay the remaining $103 million. Both term loans will mature five years after the final conversion date.
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at September 30, 2026:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
Unsecured revolving credit facility, expiring November 20301
$750 $— $14 $736 
Unsecured letter of credit facility, expiring September 2027
50 — 49 1 
NorthStar Clean Energy
Secured revolving credit facility, expiring May 20282
$300 $75 $151 $74 
Secured letter of credit facility, expiring May 20293
75 — — 75 
Secured letter of credit facility4
19 — 19 — 
Secured letter of credit facility5
22 — 7 15 
Consumers
Secured revolving credit facility, expiring November 20301,6
$1,100 $— $28 $1,072 
Secured revolving credit facility, expiring November 20281,6
300 — — 300 
Secured letter of credit facility, expiring May 20276
100 — 67 33 
Unsecured letter of credit facility, expiring March 202850 — 38 12 
Unsecured letter of credit facility7
98 — 98 — 
Unsecured letter of credit facility7
100 — 100 — 
Unsecured letter of credit facility7
106 — 106 — 
Unsecured letter of credit facility7
125 — 125 — 
1There were no borrowings under this facility during the nine months ended September 30, 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 September 30, 2026, the net book value of the pledged equity interests was $930 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 NorthStar Clean Energy and is secured by development assets.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy and is secured under term loans maturing in June 2031.
5The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy and is secured under a construction-to-term financing agreement. It will expire five years after the term conversion date.
6Obligations under these facilities are secured by first mortgage bonds of Consumers.
7Letters of credit issued under this uncommitted letter of credit facility have expiration dates with automatic renewal provisions.
v3.26.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 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
September 30
2026		December 31
2025		September 30
2026		December 31
2025
Assets1
Cash equivalents$88 $154 $— $— 
Restricted cash equivalents102 106 68 86 
Nonqualified deferred compensation plan assets37 36 29 27 
Derivative instruments14 2 2 2 
Total assets$241 $298 $99 $115 
Liabilities1
Nonqualified deferred compensation plan liabilities$37 $36 $29 $27 
Derivative instruments— 3 — — 
Total liabilities$37 $39 $29 $27 
Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Presented in the following table are CMS Energy’s assets, by level within the fair value hierarchy, reported at fair value on a nonrecurring basis during the three months ended September 30, 2026:
In Millions
Level 1Level 2Level 3
Long-lived assets held for sale$— $— $789 
Equity method investments— — 18 
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
September 30
2026		December 31
2025		September 30
2026		December 31
2025
Assets1
Cash equivalents$88 $154 $— $— 
Restricted cash equivalents102 106 68 86 
Nonqualified deferred compensation plan assets37 36 29 27 
Derivative instruments14 2 2 2 
Total assets$241 $298 $99 $115 
Liabilities1
Nonqualified deferred compensation plan liabilities$37 $36 $29 $27 
Derivative instruments— 3 — — 
Total liabilities$37 $39 $29 $27 
v3.26.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 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
September 30, 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
19,995 17,748 1,839 14,174 1,735 18,757 17,645 2,042 13,663 1,940 
Long-term payables3
5 5 — — 5 7 7 — — 7 
Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Notes receivable – related party4
88 88 — — 88 90 90 — — 90 
Liabilities
Long-term debt5
13,616 11,790 — 10,055 1,735 12,097 11,031 — 9,091 1,940 
Long-term debt – related party1,005 584 — 584 — 1,005 657 — 657 — 
Long-term payables1 1 — — 1 2 2 — — 2 
1Includes current portion of long-term accounts receivable and notes receivable of $2 million at September 30, 2026 and $3 million at December 31, 2025.
2Includes current portion of long-term debt of $1.3 billion at September 30, 2026 and $950 million at December 31, 2025.
3Includes current portion of long-term payables of $1 million at September 30, 2026 and $2 million at December 31, 2025.
4Includes current portion of notes receivable – related party of $7 million at September 30, 2026 and December 31, 2025.
5Includes current portion of long-term debt of $464 million at September 30, 2026 and $573 million at December 31, 2025.
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
September 30, 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
19,995 17,748 1,839 14,174 1,735 18,757 17,645 2,042 13,663 1,940 
Long-term payables3
5 5 — — 5 7 7 — — 7 
Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Notes receivable – related party4
88 88 — — 88 90 90 — — 90 
Liabilities
Long-term debt5
13,616 11,790 — 10,055 1,735 12,097 11,031 — 9,091 1,940 
Long-term debt – related party1,005 584 — 584 — 1,005 657 — 657 — 
Long-term payables1 1 — — 1 2 2 — — 2 
1Includes current portion of long-term accounts receivable and notes receivable of $2 million at September 30, 2026 and $3 million at December 31, 2025.
2Includes current portion of long-term debt of $1.3 billion at September 30, 2026 and $950 million at December 31, 2025.
3Includes current portion of long-term payables of $1 million at September 30, 2026 and $2 million at December 31, 2025.
4Includes current portion of notes receivable – related party of $7 million at September 30, 2026 and December 31, 2025.
5Includes current portion of long-term debt of $464 million at September 30, 2026 and $573 million at December 31, 2025.
v3.26.3
Retirement Benefits (Tables)
 9 Months Ended
Sep. 30, 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 EndedNine Months EndedThree Months EndedNine Months Ended
September 3020262025202620252026202520262025
CMS Energy, including Consumers
Net periodic credit
Service cost$6 $6 $18 $19 $2 $2 $6 $6 
Interest cost25 27 75 81 10 10 29 32 
Expected return on plan assets(60)(57)(179)(171)(31)(27)(93)(83)
Amortization of:
Net loss4 3 11 8 — — — 2 
Prior service cost (credit)— 1 2 3 (8)(8)(24)(25)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(22)$(17)$(65)$(52)$(27)$(23)$(82)$(68)
Consumers
Net periodic credit
Service cost$6 $6 $18 $18 $2 $2 $6 $6 
Interest cost24 26 71 77 9 11 28 32 
Expected return on plan assets(57)(54)(169)(162)(29)(26)(87)(78)
Amortization of:
Net loss4 2 10 7 — — — 2 
Prior service cost (credit)— 1 2 3 (7)(8)(23)(25)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(20)$(16)$(60)$(49)$(25)$(21)$(76)$(63)
Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Benefit Costs Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension PlansOPEB Plan
Three Months EndedNine Months EndedThree Months EndedNine Months Ended
September 3020262025202620252026202520262025
CMS Energy, including Consumers
Net periodic credit
Service cost$6 $6 $18 $19 $2 $2 $6 $6 
Interest cost25 27 75 81 10 10 29 32 
Expected return on plan assets(60)(57)(179)(171)(31)(27)(93)(83)
Amortization of:
Net loss4 3 11 8 — — — 2 
Prior service cost (credit)— 1 2 3 (8)(8)(24)(25)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(22)$(17)$(65)$(52)$(27)$(23)$(82)$(68)
Consumers
Net periodic credit
Service cost$6 $6 $18 $18 $2 $2 $6 $6 
Interest cost24 26 71 77 9 11 28 32 
Expected return on plan assets(57)(54)(169)(162)(29)(26)(87)(78)
Amortization of:
Net loss4 2 10 7 — — — 2 
Prior service cost (credit)— 1 2 3 (7)(8)(23)(25)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(20)$(16)$(60)$(49)$(25)$(21)$(76)$(63)
v3.26.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 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:
Nine Months Ended September 3020262025
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 effect1
7.4 6.4 
Tax credits
Renewable energy tax credits(12.5)(5.7)
Other(1.3)(0.5)
Nontaxable or nondeductible items0.6 0.3 
Changes in unrecognized tax benefits2
5.3 0.7 
Other adjustments
Taxes attributable to noncontrolling interests15.8 1.2 
TCJA excess deferred taxes(8.1)(3.5)
Property differences(3.2)(0.4)
Other, net0.4 0.8 
Effective tax rate25.4 %20.3 %
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 effect1
4.5 5.8 
Tax credits
Renewable energy tax credits(3.7)(3.3)
Other(0.4)(0.4)
Nontaxable or nondeductible items0.2 0.3 
Changes in unrecognized tax benefits2
1.8 0.6 
Other adjustments
TCJA excess deferred taxes(2.5)(3.0)
Property differences(1.0)(0.3)
Effective tax rate19.9 %20.7 %
1    In June 2025, state deferred tax balances were increased by $12 million to reflect a change in Illinois tax law that establishes nexus for Consumers. The policy change is effective for tax years beginning January 1, 2026.
2    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:
Nine Months Ended September 3020262025
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 effect1
7.4 6.4 
Tax credits
Renewable energy tax credits(12.5)(5.7)
Other(1.3)(0.5)
Nontaxable or nondeductible items0.6 0.3 
Changes in unrecognized tax benefits2
5.3 0.7 
Other adjustments
Taxes attributable to noncontrolling interests15.8 1.2 
TCJA excess deferred taxes(8.1)(3.5)
Property differences(3.2)(0.4)
Other, net0.4 0.8 
Effective tax rate25.4 %20.3 %
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 effect1
4.5 5.8 
Tax credits
Renewable energy tax credits(3.7)(3.3)
Other(0.4)(0.4)
Nontaxable or nondeductible items0.2 0.3 
Changes in unrecognized tax benefits2
1.8 0.6 
Other adjustments
TCJA excess deferred taxes(2.5)(3.0)
Property differences(1.0)(0.3)
Effective tax rate19.9 %20.7 %
1    In June 2025, state deferred tax balances were increased by $12 million to reflect a change in Illinois tax law that establishes nexus for Consumers. The policy change is effective for tax years beginning January 1, 2026.
2    The change in unrecognized tax benefits was primarily associated with Consumers’ state income tax claim.
v3.26.3
Earnings Per Share—CMS Energy (Tables)
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted EPS Computations
Presented in the following table are CMS Energy’s basic and diluted EPS computations based on income (loss) from continuing operations:
In Millions, Except Per Share Amounts
Three Months EndedNine Months Ended
September 302026202520262025
Income available to common stockholders
Income (loss) from continuing operations$(91)$272 $282 $760 
Less loss attributable to noncontrolling interests(214)(5)(301)(22)
Less preferred stock dividends2 2 7 7 
Income (loss) from continuing operations available to common stockholders – basic and diluted$121 $275 $576 $775 
Average common shares outstanding
Weighted-average shares – basic312.9 299.7 309.9 298.8 
Add dilutive nonvested stock awards0.2 0.6 0.3 0.6 
Add dilutive forward equity sale contracts— 0.1 — — 
Add dilutive contingently convertible securities0.1 — 0.2 — 
Weighted-average shares – diluted313.2 300.4 310.4 299.4 
Income (loss) from continuing operations per average common share available to common stockholders
Basic$0.39 $0.92 $1.86 $2.59 
Diluted0.39 0.92 1.86 2.59 
v3.26.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,769 $263 $— $2,032 
Other— — 138 138 
Revenue recognized from contracts with customers$1,769 $263 $138 $2,170 
Financing income3 1 — 4 
Consumers alternative-revenue programs2 — — 2 
Other— — 7 7 
Total operating revenue – CMS Energy$1,774 $264 $145 $2,183 
Consumers
Consumers utility revenue
Residential$915 $170 $1,085 
Commercial568 43 611 
Industrial223 7 230 
Other63 43 106 
Revenue recognized from contracts with customers$1,769 $263 $2,032 
Financing income3 1 4 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,774 $264 $2,038 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,675 $233 $— $1,908 
Other— — 67 67 
Revenue recognized from contracts with customers$1,675 $233 $67 $1,975 
Leasing income— — 41 41 
Financing income2 1 — 3 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,679 $234 $108 $2,021 
Consumers
Consumers utility revenue
Residential$842 $139 $981 
Commercial577 45 622 
Industrial204 6 210 
Other52 43 95 
Revenue recognized from contracts with customers$1,675 $233 $1,908 
Financing income2 1 3 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,679 $234 $1,913 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $28 million for the three months ended September 30, 2025.
In Millions
Nine Months Ended September 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,467 $1,891 $— $6,358 
Other— — 295 295 
Revenue recognized from contracts with customers$4,467 $1,891 $295 $6,653 
Leasing income— — 64 64 
Financing income8 5 — 13 
Consumers alternative-revenue programs5 — — 5 
Other— — 7 7 
Total operating revenue – CMS Energy$4,480 $1,896 $366 $6,742 
Consumers
Consumers utility revenue
Residential$2,207 $1,339 $3,546 
Commercial1,483 399 1,882 
Industrial613 47 660 
Other164 106 270 
Revenue recognized from contracts with customers$4,467 $1,891 $6,358 
Financing income8 5 13 
Alternative-revenue programs5 — 5 
Total operating revenue – Consumers$4,480 $1,896 $6,376 
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 were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $46 million for the nine months ended September 30, 2026
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,324 $1,665 $— $5,989 
Other— — 182 182 
Revenue recognized from contracts with customers$4,324 $1,665 $182 $6,171 
Leasing income— — 117 117 
Financing income7 5 — 12 
Consumers alternative-revenue programs6 — — 6 
Total operating revenue – CMS Energy$4,337 $1,670 $299 $6,306 
Consumers
Consumers utility revenue
Residential$2,055 $1,146 $3,201 
Commercial1,468 374 1,842 
Industrial576 46 622 
Other225 99 324 
Revenue recognized from contracts with customers$4,324 $1,665 $5,989 
Financing income7 5 12 
Alternative-revenue programs6 — 6 
Total operating revenue – Consumers$4,337 $1,670 $6,007 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 30, 2025.
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 September 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,769 $263 $— $2,032 
Other— — 138 138 
Revenue recognized from contracts with customers$1,769 $263 $138 $2,170 
Financing income3 1 — 4 
Consumers alternative-revenue programs2 — — 2 
Other— — 7 7 
Total operating revenue – CMS Energy$1,774 $264 $145 $2,183 
Consumers
Consumers utility revenue
Residential$915 $170 $1,085 
Commercial568 43 611 
Industrial223 7 230 
Other63 43 106 
Revenue recognized from contracts with customers$1,769 $263 $2,032 
Financing income3 1 4 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,774 $264 $2,038 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,675 $233 $— $1,908 
Other— — 67 67 
Revenue recognized from contracts with customers$1,675 $233 $67 $1,975 
Leasing income— — 41 41 
Financing income2 1 — 3 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,679 $234 $108 $2,021 
Consumers
Consumers utility revenue
Residential$842 $139 $981 
Commercial577 45 622 
Industrial204 6 210 
Other52 43 95 
Revenue recognized from contracts with customers$1,675 $233 $1,908 
Financing income2 1 3 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,679 $234 $1,913 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $28 million for the three months ended September 30, 2025.
In Millions
Nine Months Ended September 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,467 $1,891 $— $6,358 
Other— — 295 295 
Revenue recognized from contracts with customers$4,467 $1,891 $295 $6,653 
Leasing income— — 64 64 
Financing income8 5 — 13 
Consumers alternative-revenue programs5 — — 5 
Other— — 7 7 
Total operating revenue – CMS Energy$4,480 $1,896 $366 $6,742 
Consumers
Consumers utility revenue
Residential$2,207 $1,339 $3,546 
Commercial1,483 399 1,882 
Industrial613 47 660 
Other164 106 270 
Revenue recognized from contracts with customers$4,467 $1,891 $6,358 
Financing income8 5 13 
Alternative-revenue programs5 — 5 
Total operating revenue – Consumers$4,480 $1,896 $6,376 
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 were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $46 million for the nine months ended September 30, 2026
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,324 $1,665 $— $5,989 
Other— — 182 182 
Revenue recognized from contracts with customers$4,324 $1,665 $182 $6,171 
Leasing income— — 117 117 
Financing income7 5 — 12 
Consumers alternative-revenue programs6 — — 6 
Total operating revenue – CMS Energy$4,337 $1,670 $299 $6,306 
Consumers
Consumers utility revenue
Residential$2,055 $1,146 $3,201 
Commercial1,468 374 1,842 
Industrial576 46 622 
Other225 99 324 
Revenue recognized from contracts with customers$4,324 $1,665 $5,989 
Financing income7 5 12 
Alternative-revenue programs6 — 6 
Total operating revenue – Consumers$4,337 $1,670 $6,007 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 30, 2025.
v3.26.3
Cash and Cash Equivalents (Tables)
 9 Months Ended
Sep. 30, 2026
Cash and Cash Equivalents [Line Items]  
Schedule of Cash and Cash Equivalents
Presented in the following table are the components of total cash and cash equivalents, including restricted amounts, and their location on CMS Energy’s and Consumers’ consolidated balance sheets:
In Millions
September 30, 2026December 31, 2025
CMS Energy, including Consumers
Cash and cash equivalents$451 $509 
Restricted cash and cash equivalents102 106 
Current assets held for sale26 — 
Cash and cash equivalents, including restricted amounts – CMS Energy$579 $615 
Consumers
Cash and cash equivalents$257 $25 
Restricted cash and cash equivalents68 86 
Cash and cash equivalents, including restricted amounts – Consumers$325 $111 
Schedule of Restrictions on Cash and Cash Equivalents
Presented in the following table are the components of total cash and cash equivalents, including restricted amounts, and their location on CMS Energy’s and Consumers’ consolidated balance sheets:
In Millions
September 30, 2026December 31, 2025
CMS Energy, including Consumers
Cash and cash equivalents$451 $509 
Restricted cash and cash equivalents102 106 
Current assets held for sale26 — 
Cash and cash equivalents, including restricted amounts – CMS Energy$579 $615 
Consumers
Cash and cash equivalents$257 $25 
Restricted cash and cash equivalents68 86 
Cash and cash equivalents, including restricted amounts – Consumers$325 $111 
Consumers Energy Company  
Cash and Cash Equivalents [Line Items]  
Schedule of Cash and Cash Equivalents
Presented in the following table are the components of total cash and cash equivalents, including restricted amounts, and their location on CMS Energy’s and Consumers’ consolidated balance sheets:
In Millions
September 30, 2026December 31, 2025
CMS Energy, including Consumers
Cash and cash equivalents$451 $509 
Restricted cash and cash equivalents102 106 
Current assets held for sale26 — 
Cash and cash equivalents, including restricted amounts – CMS Energy$579 $615 
Consumers
Cash and cash equivalents$257 $25 
Restricted cash and cash equivalents68 86 
Cash and cash equivalents, including restricted amounts – Consumers$325 $111 
Schedule of Restrictions on Cash and Cash Equivalents
Presented in the following table are the components of total cash and cash equivalents, including restricted amounts, and their location on CMS Energy’s and Consumers’ consolidated balance sheets:
In Millions
September 30, 2026December 31, 2025
CMS Energy, including Consumers
Cash and cash equivalents$451 $509 
Restricted cash and cash equivalents102 106 
Current assets held for sale26 — 
Cash and cash equivalents, including restricted amounts – CMS Energy$579 $615 
Consumers
Cash and cash equivalents$257 $25 
Restricted cash and cash equivalents68 86 
Cash and cash equivalents, including restricted amounts – Consumers$325 $111 
v3.26.3
Reportable Segments (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Line Items]  
Schedule of Financial Information by Reportable Segments
In Millions
Three Months Ended September 30, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,774 $264 $145 $2,183 $— $2,183 
Operating expenses
Power supply cost1
677 — 85 762 — 762 
Cost of gas sold— 43 2 45 — 45 
Maintenance and other operating expenses256 106 555 917 3 920 
Depreciation and amortization251 37 10 298 — 298 
General taxes85 23 3 111 — 111 
Total operating expenses1,269 209 655 2,133 3 2,136 
Operating Income (Loss)505 55 (510)50 (3)47 
Other income (expense)46 26 (19)53 1 54 
Interest charges87 61 2 150 64 214 
Income (Loss) Before Income Taxes464 20 (531)(47)(66)(113)
Income tax expense (benefit)65 7 (124)(52)30 (22)
Income (Loss) From Continuing Operations399 13 (407)5 (96)(91)
Other segment items2
— — 214 214 (2)212 
Net Income (Loss) Available to Common Stockholders$399 $13 $(193)$219 $(98)$121 
Property, plant, and equipment, gross$23,383 
3
$14,975 
3
$916 $39,274 $26 $39,300 
Total assets24,309 
3
14,738 
3
2,415 41,462 221 41,683 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,774 $264 $2,038 $— $2,038 
Operating expenses
Power supply cost1
677 — 677 — 677 
Cost of gas sold— 43 43 — 43 
Maintenance and other operating expenses256 106 362 — 362 
Depreciation and amortization251 37 288 — 288 
General taxes85 23 108 — 108 
Total operating expenses1,269 209 1,478 — 1,478 
Operating Income505 55 560 — 560 
Other income46 26 72 — 72 
Interest charges87 61 148 1 149 
Income (Loss) Before Income Taxes464 20 484 (1)483 
Income tax expense65 7 72 20 92 
Net Income (Loss)399 13 412 (21)391 
Other segment items2
— — — — — 
Net Income (Loss) Available to Common Stockholder$399 $13 $412 $(21)$391 
Property, plant, and equipment, gross$23,383 
3
$14,975 
3
$38,358 $23 $38,381 
Total assets24,362 
3
14,778 
3
39,140 64 39,204 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,679 $234 $108 $2,021 $— $2,021 
Operating expenses
Power supply cost1
624 — 63 687 — 687 
Cost of gas sold— 40 2 42 — 42 
Maintenance and other operating expenses285 103 25 413 3 416 
Depreciation and amortization239 35 14 288 — 288 
General taxes81 23 3 107 — 107 
Total operating expenses1,229 201 107 1,537 3 1,540 
Operating Income (Loss)450 33 1 484 (3)481 
Other income34 22 4 60 2 62 
Interest charges92 53 (1)144 59 203 
Income (Loss) Before Income Taxes392 2 6 400 (60)340 
Income tax expense66 2 — 68 — 68 
Income (Loss) From Continuing Operations326 — 6 332 (60)272 
Other segment items2
— — 5 5 (2)3 
Net Income (Loss) Available to Common Stockholders$326 $— $11 $337 $(62)$275 
Property, plant, and equipment, gross$21,095 
3
$13,890 
3
$1,568 $36,553 $30 $36,583 
Total assets21,917 
3
13,720 
3
2,229 37,866 142 38,008 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,679 $234 $1,913 $— $1,913 
Operating expenses
Power supply cost1
624 — 624 — 624 
Cost of gas sold— 40 40 — 40 
Maintenance and other operating expenses285 103 388 — 388 
Depreciation and amortization239 35 274 — 274 
General taxes81 23 104 — 104 
Total operating expenses1,229 201 1,430 — 1,430 
Operating Income450 33 483 — 483 
Other income (expense)34 22 56 (1)55 
Interest charges92 53 145 — 145 
Income (Loss) Before Income Taxes392 2 394 (1)393 
Income tax expense66 2 68 11 79 
Net Income (Loss)326 — 326 (12)314 
Other segment items2
— — — — — 
Net Income (Loss) Available to Common Stockholder$326 $— $326 $(12)$314 
Property, plant, and equipment, gross$21,095 
3
$13,890 
3
$34,985 $36 $35,021 
Total assets21,972 
3
13,762 
3
35,734 46 35,780 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Nine Months Ended September 30, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,480 $1,896 $366 $6,742 $— $6,742 
Operating expenses
Power supply cost1
1,794 — 232 2,026 — 2,026 
Cost of gas sold— 659 4 663 — 663 
Maintenance and other operating expenses841 366 615 1,822 10 1,832 
Depreciation and amortization720 261 37 1,018 — 1,018 
General taxes242 150 9 401 1 402 
Total operating expenses3,597 1,436 897 5,930 11 5,941 
Operating Income (Loss)883 460 (531)812 (11)801 
Other income (expense)135 72 (9)198 6 204 
Interest charges256 175 8 439 188 627 
Income (Loss) Before Income Taxes762 357 (548)571 (193)378 
Income tax expense (benefit)115 97 (112)100 (4)96 
Income (Loss) From Continuing Operations647 260 (436)471 (189)282 
Other segment items2
(1)— 302 301 (7)294 
Net Income (Loss) Available to Common Stockholders$646 $260 $(134)$772 $(196)$576 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,480 $1,896 $6,376 $— $6,376 
Operating expenses
Power supply cost1
1,794 — 1,794 — 1,794 
Cost of gas sold— 659 659 — 659 
Maintenance and other operating expenses841 366 1,207 — 1,207 
Depreciation and amortization720 261 981 — 981 
General taxes242 150 392 — 392 
Total operating expenses3,597 1,436 5,033 — 5,033 
Operating Income883 460 1,343 — 1,343 
Other income135 72 207 — 207 
Interest charges256 175 431 1 432 
Income (Loss) Before Income Taxes762 357 1,119 (1)1,118 
Income tax expense115 97 212 11 223 
Net Income (Loss)647 260 907 (12)895 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$646 $260 $906 $(12)$894 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,337 $1,670 $299 $6,306 $— $6,306 
Operating expenses
Power supply cost1
1,707 — 198 1,905 — 1,905 
Cost of gas sold— 545 4 549 — 549 
Maintenance and other operating expenses806 331 73 1,210 8 1,218 
Depreciation and amortization682 243 39 964 — 964 
General taxes227 142 9 378 — 378 
Total operating expenses3,422 1,261 323 5,006 8 5,014 
Operating Income (Loss)915 409 (24)1,300 (8)1,292 
Other income97 64 7 168 81 249 
Interest charges263 152 (2)413 175 588 
Income (Loss) Before Income Taxes749 321 (15)1,055 (102)953 
Income tax expense (benefit)131 83 (7)207 (14)193 
Income (Loss) From Continuing Operations618 238 (8)848 (88)760 
Other segment items2
(1)— 23 22 (7)15 
Net Income (Loss) Available to Common Stockholders$617 $238 $15 $870 $(95)$775 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,337 $1,670 $6,007 $— $6,007 
Operating expenses
Power supply cost1
1,707 — 1,707 — 1,707 
Cost of gas sold— 545 545 — 545 
Maintenance and other operating expenses806 331 1,137 — 1,137 
Depreciation and amortization682 243 925 — 925 
General taxes227 142 369 — 369 
Total operating expenses3,422 1,261 4,683 — 4,683 
Operating Income915 409 1,324 — 1,324 
Other income97 64 161 — 161 
Interest charges263 152 415 1 416 
Income (Loss) Before Income Taxes749 321 1,070 (1)1,069 
Income tax expense131 83 214 7 221 
Net Income (Loss)618 238 856 (8)848 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$617 $238 $855 $(8)$847 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
Consumers Energy Company  
Segment Reporting [Line Items]  
Schedule of Financial Information by Reportable Segments
In Millions
Three Months Ended September 30, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,774 $264 $145 $2,183 $— $2,183 
Operating expenses
Power supply cost1
677 — 85 762 — 762 
Cost of gas sold— 43 2 45 — 45 
Maintenance and other operating expenses256 106 555 917 3 920 
Depreciation and amortization251 37 10 298 — 298 
General taxes85 23 3 111 — 111 
Total operating expenses1,269 209 655 2,133 3 2,136 
Operating Income (Loss)505 55 (510)50 (3)47 
Other income (expense)46 26 (19)53 1 54 
Interest charges87 61 2 150 64 214 
Income (Loss) Before Income Taxes464 20 (531)(47)(66)(113)
Income tax expense (benefit)65 7 (124)(52)30 (22)
Income (Loss) From Continuing Operations399 13 (407)5 (96)(91)
Other segment items2
— — 214 214 (2)212 
Net Income (Loss) Available to Common Stockholders$399 $13 $(193)$219 $(98)$121 
Property, plant, and equipment, gross$23,383 
3
$14,975 
3
$916 $39,274 $26 $39,300 
Total assets24,309 
3
14,738 
3
2,415 41,462 221 41,683 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,774 $264 $2,038 $— $2,038 
Operating expenses
Power supply cost1
677 — 677 — 677 
Cost of gas sold— 43 43 — 43 
Maintenance and other operating expenses256 106 362 — 362 
Depreciation and amortization251 37 288 — 288 
General taxes85 23 108 — 108 
Total operating expenses1,269 209 1,478 — 1,478 
Operating Income505 55 560 — 560 
Other income46 26 72 — 72 
Interest charges87 61 148 1 149 
Income (Loss) Before Income Taxes464 20 484 (1)483 
Income tax expense65 7 72 20 92 
Net Income (Loss)399 13 412 (21)391 
Other segment items2
— — — — — 
Net Income (Loss) Available to Common Stockholder$399 $13 $412 $(21)$391 
Property, plant, and equipment, gross$23,383 
3
$14,975 
3
$38,358 $23 $38,381 
Total assets24,362 
3
14,778 
3
39,140 64 39,204 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,679 $234 $108 $2,021 $— $2,021 
Operating expenses
Power supply cost1
624 — 63 687 — 687 
Cost of gas sold— 40 2 42 — 42 
Maintenance and other operating expenses285 103 25 413 3 416 
Depreciation and amortization239 35 14 288 — 288 
General taxes81 23 3 107 — 107 
Total operating expenses1,229 201 107 1,537 3 1,540 
Operating Income (Loss)450 33 1 484 (3)481 
Other income34 22 4 60 2 62 
Interest charges92 53 (1)144 59 203 
Income (Loss) Before Income Taxes392 2 6 400 (60)340 
Income tax expense66 2 — 68 — 68 
Income (Loss) From Continuing Operations326 — 6 332 (60)272 
Other segment items2
— — 5 5 (2)3 
Net Income (Loss) Available to Common Stockholders$326 $— $11 $337 $(62)$275 
Property, plant, and equipment, gross$21,095 
3
$13,890 
3
$1,568 $36,553 $30 $36,583 
Total assets21,917 
3
13,720 
3
2,229 37,866 142 38,008 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,679 $234 $1,913 $— $1,913 
Operating expenses
Power supply cost1
624 — 624 — 624 
Cost of gas sold— 40 40 — 40 
Maintenance and other operating expenses285 103 388 — 388 
Depreciation and amortization239 35 274 — 274 
General taxes81 23 104 — 104 
Total operating expenses1,229 201 1,430 — 1,430 
Operating Income450 33 483 — 483 
Other income (expense)34 22 56 (1)55 
Interest charges92 53 145 — 145 
Income (Loss) Before Income Taxes392 2 394 (1)393 
Income tax expense66 2 68 11 79 
Net Income (Loss)326 — 326 (12)314 
Other segment items2
— — — — — 
Net Income (Loss) Available to Common Stockholder$326 $— $326 $(12)$314 
Property, plant, and equipment, gross$21,095 
3
$13,890 
3
$34,985 $36 $35,021 
Total assets21,972 
3
13,762 
3
35,734 46 35,780 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Nine Months Ended September 30, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,480 $1,896 $366 $6,742 $— $6,742 
Operating expenses
Power supply cost1
1,794 — 232 2,026 — 2,026 
Cost of gas sold— 659 4 663 — 663 
Maintenance and other operating expenses841 366 615 1,822 10 1,832 
Depreciation and amortization720 261 37 1,018 — 1,018 
General taxes242 150 9 401 1 402 
Total operating expenses3,597 1,436 897 5,930 11 5,941 
Operating Income (Loss)883 460 (531)812 (11)801 
Other income (expense)135 72 (9)198 6 204 
Interest charges256 175 8 439 188 627 
Income (Loss) Before Income Taxes762 357 (548)571 (193)378 
Income tax expense (benefit)115 97 (112)100 (4)96 
Income (Loss) From Continuing Operations647 260 (436)471 (189)282 
Other segment items2
(1)— 302 301 (7)294 
Net Income (Loss) Available to Common Stockholders$646 $260 $(134)$772 $(196)$576 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,480 $1,896 $6,376 $— $6,376 
Operating expenses
Power supply cost1
1,794 — 1,794 — 1,794 
Cost of gas sold— 659 659 — 659 
Maintenance and other operating expenses841 366 1,207 — 1,207 
Depreciation and amortization720 261 981 — 981 
General taxes242 150 392 — 392 
Total operating expenses3,597 1,436 5,033 — 5,033 
Operating Income883 460 1,343 — 1,343 
Other income135 72 207 — 207 
Interest charges256 175 431 1 432 
Income (Loss) Before Income Taxes762 357 1,119 (1)1,118 
Income tax expense115 97 212 11 223 
Net Income (Loss)647 260 907 (12)895 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$646 $260 $906 $(12)$894 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,337 $1,670 $299 $6,306 $— $6,306 
Operating expenses
Power supply cost1
1,707 — 198 1,905 — 1,905 
Cost of gas sold— 545 4 549 — 549 
Maintenance and other operating expenses806 331 73 1,210 8 1,218 
Depreciation and amortization682 243 39 964 — 964 
General taxes227 142 9 378 — 378 
Total operating expenses3,422 1,261 323 5,006 8 5,014 
Operating Income (Loss)915 409 (24)1,300 (8)1,292 
Other income97 64 7 168 81 249 
Interest charges263 152 (2)413 175 588 
Income (Loss) Before Income Taxes749 321 (15)1,055 (102)953 
Income tax expense (benefit)131 83 (7)207 (14)193 
Income (Loss) From Continuing Operations618 238 (8)848 (88)760 
Other segment items2
(1)— 23 22 (7)15 
Net Income (Loss) Available to Common Stockholders$617 $238 $15 $870 $(95)$775 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,337 $1,670 $6,007 $— $6,007 
Operating expenses
Power supply cost1
1,707 — 1,707 — 1,707 
Cost of gas sold— 545 545 — 545 
Maintenance and other operating expenses806 331 1,137 — 1,137 
Depreciation and amortization682 243 925 — 925 
General taxes227 142 369 — 369 
Total operating expenses3,422 1,261 4,683 — 4,683 
Operating Income915 409 1,324 — 1,324 
Other income97 64 161 — 161 
Interest charges263 152 415 1 416 
Income (Loss) Before Income Taxes749 321 1,070 (1)1,069 
Income tax expense131 83 214 7 221 
Net Income (Loss)618 238 856 (8)848 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$617 $238 $855 $(8)$847 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
v3.26.3
Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 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 and plans to hold going forward:
Consolidated VIENorthStar Clean Energy’s ownership interestDescription of VIE
BG Solar Holdings1
Class B membership interest
Holding company of a 200-MW solar generation project in Branch County, Michigan
HL Solar HoldingsClass B membership interest
Holding company of a 100‑MW solar generation project in St. Clair County, Michigan, and a 120‑MW solar generation project in Hart Township, Michigan
1During 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 $87 million. In June 2026, the project achieved commercial operation and the tax equity investor contributed an additional $56 million.
Presented in the following table are the carrying values of assets and liabilities associated with consolidated VIEs included on CMS Energy’s consolidated balance sheets:
In Millions
September 30, 2026December 31, 2025
Current
Cash and cash equivalents$13 $20 
Restricted cash and cash equivalents33 19 
Accounts receivable167 42 
Assets held for sale39 — 
Prepayments and other current assets— 5 
Non-current
Plant, property, and equipment, net594 1,037 
Construction work in progress246 357 
Assets held for sale686 — 
Other non-current assets22 5 
Total assets1
$1,800 $1,485 
Current
Current portion of long-term debt and finance leases$155 $65 
Accounts payable23 29 
Liabilities held for sale11 — 
Non-current
Long-term debt130 118 
Non-current portion of finance leases29 39 
AROs9 38 
Liabilities held for sale59 — 
Other non-current liabilities4 3 
Total liabilities$420 $292 
1Assets may be used only to meet VIEs’ obligations and commitments.
v3.26.3
Exit Activities and Asset Sales (Tables)
 9 Months Ended
Sep. 30, 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
Nine Months Ended September 3020262025
1
Retention benefit liability at beginning of period$2 $14 
Costs deferred as a regulatory asset2
11 4 
Costs paid or settled(11)— 
Retention benefit liability at the end of the period$2 $18 
1Includes amounts associated with a retention incentive program established in connection with the planned retirement of J.H. Campbell in May 2025. Final payments under this program were made in November 2025.
2Includes $4 million for the three months ended September 30, 2026 and $1 million for the three months ended September 30, 2025.
Schedule of Income, Assets, and Liabilities from Discontinued Operations
At September 30, 2026, the assets and liabilities classified as held for sale consisted of the following:
In Millions
September 30, 2026
Assets
Current
Cash and cash equivalents$26 
Accounts receivable and other current assets17 
Total current assets$43 
Non‑current
Plant, property, and equipment, net$693 
Construction work in progress76 
Other non‑current assets14 
Total non‑current assets$783 
Total assets$826 
Liabilities
Current
Accounts payable and other current liabilities$14 
Total current liabilities$14 
Non‑current
Non-current portion of finance leases$52 
AROs35 
Total non‑current liabilities$87 
Total liabilities$101 
Certain of the entities held for sale are not wholly owned by NorthStar Clean Energy and are VIEs. As the primary beneficiary of these entities, NorthStar Clean Energy consolidates these entities and the remaining ownership interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheet. The noncontrolling interest associated with these consolidated VIEs held for sale totaled $479 million at September 30, 2026, before the attribution of $102 million of the impairment loss to the noncontrolling interest. NorthStar Clean Energy is obligated under certain indemnities, with varying durations, that protect the noncontrolling interests against losses incurred as a result of breaches of representations and warranties under the associated membership agreements. At September 30, 2026, the maximum obligation associated with these indemnifications was $180 million, and no amount has been recorded.
CMS Energy expects to complete the divestment within 12 months of the date the disposal groups were classified as held for sale, subject to negotiating contractual terms with third parties, regulatory approvals, and other customary closing conditions. Because the sales process remains ongoing and is subject to market conditions and transaction-specific factors, the losses recognized upon completion of the sales could differ from the impairment charges recorded for the three and nine months ended September 30, 2026.
Presented in the following table are the expenses comprising NorthStar Clean Energy impairment, disposal, and exit costs on CMS Energy’s consolidated statements of income:
In Millions
Three and Nine Months Ended September 302026
Impairment of long-lived assets held for sale1
$454 
Loss on sale of long-lived assets15 
Contract termination costs2
33 
Retention and severance3
7 
Other exit costs16 
NorthStar Clean Energy impairment, disposal, and exit costs
$525 
1Includes $102 million attributable to noncontrolling interests.
2Includes breakage fees associated with development and equipment purchase contracts. Breakage fees incurred were reported as other current liabilities on CMS Energy’s consolidated balance sheet at September 30, 2026. Additional contract termination costs associated with the divestment strategy are not expected to be significant.
3The aggregate cost of the retention incentive and severance program is estimated to be $10 million and is expected to be substantially completed by December 31, 2026. Retention and severance amounts incurred to date were reported as other current liabilities on CMS Energy’s consolidated balance sheet at September 30, 2026.
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
Nine Months Ended September 3020262025
1
Retention benefit liability at beginning of period$2 $14 
Costs deferred as a regulatory asset2
11 4 
Costs paid or settled(11)— 
Retention benefit liability at the end of the period$2 $18 
1Includes amounts associated with a retention incentive program established in connection with the planned retirement of J.H. Campbell in May 2025. Final payments under this program were made in November 2025.
2Includes $4 million for the three months ended September 30, 2026 and $1 million for the three months ended September 30, 2025.
Schedule of Income, Assets, and Liabilities from Discontinued Operations
At September 30, 2026, the assets and liabilities classified as held for sale consisted of the following:
In Millions
September 30, 2026
Assets
Current
Cash and cash equivalents$26 
Accounts receivable and other current assets17 
Total current assets$43 
Non‑current
Plant, property, and equipment, net$693 
Construction work in progress76 
Other non‑current assets14 
Total non‑current assets$783 
Total assets$826 
Liabilities
Current
Accounts payable and other current liabilities$14 
Total current liabilities$14 
Non‑current
Non-current portion of finance leases$52 
AROs35 
Total non‑current liabilities$87 
Total liabilities$101 
Certain of the entities held for sale are not wholly owned by NorthStar Clean Energy and are VIEs. As the primary beneficiary of these entities, NorthStar Clean Energy consolidates these entities and the remaining ownership interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheet. The noncontrolling interest associated with these consolidated VIEs held for sale totaled $479 million at September 30, 2026, before the attribution of $102 million of the impairment loss to the noncontrolling interest. NorthStar Clean Energy is obligated under certain indemnities, with varying durations, that protect the noncontrolling interests against losses incurred as a result of breaches of representations and warranties under the associated membership agreements. At September 30, 2026, the maximum obligation associated with these indemnifications was $180 million, and no amount has been recorded.
CMS Energy expects to complete the divestment within 12 months of the date the disposal groups were classified as held for sale, subject to negotiating contractual terms with third parties, regulatory approvals, and other customary closing conditions. Because the sales process remains ongoing and is subject to market conditions and transaction-specific factors, the losses recognized upon completion of the sales could differ from the impairment charges recorded for the three and nine months ended September 30, 2026.
Presented in the following table are the expenses comprising NorthStar Clean Energy impairment, disposal, and exit costs on CMS Energy’s consolidated statements of income:
In Millions
Three and Nine Months Ended September 302026
Impairment of long-lived assets held for sale1
$454 
Loss on sale of long-lived assets15 
Contract termination costs2
33 
Retention and severance3
7 
Other exit costs16 
NorthStar Clean Energy impairment, disposal, and exit costs
$525 
1Includes $102 million attributable to noncontrolling interests.
2Includes breakage fees associated with development and equipment purchase contracts. Breakage fees incurred were reported as other current liabilities on CMS Energy’s consolidated balance sheet at September 30, 2026. Additional contract termination costs associated with the divestment strategy are not expected to be significant.
3The aggregate cost of the retention incentive and severance program is estimated to be $10 million and is expected to be substantially completed by December 31, 2026. Retention and severance amounts incurred to date were reported as other current liabilities on CMS Energy’s consolidated balance sheet at September 30, 2026.
v3.26.3
Regulatory Matters (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended 16 Months Ended
Jul. 31, 2026
Apr. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Aug. 20, 2025
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Public Utilities, General Disclosures [Line Items]                    
Operating Revenue         $ 2,183 $ 2,021   $ 6,742 $ 6,306  
Consumers Energy Company                    
Public Utilities, General Disclosures [Line Items]                    
Operating Revenue         2,038 $ 1,913   6,376 $ 6,007  
Consumers Energy Company | Service restoration cost deferral                    
Public Utilities, General Disclosures [Line Items]                    
Public utility filing with the MPSC         $ 57     $ 57   $ 57
Consumers Energy Company | J.H. Campbell Generating Units                    
Public Utilities, General Disclosures [Line Items]                    
Financial impact of emergency order $ 97           $ 42     303
Operating Revenue $ 144           $ 78     $ 344
2025 Electric Rate Case                    
Public Utilities, General Disclosures [Line Items]                    
Amended requested annual rate increase       $ 387            
2025 Electric Rate Case | Consumers Energy Company                    
Public Utilities, General Disclosures [Line Items]                    
Requested annual rate increase       $ 423            
Requested annual rate increase, as a percent       10.25%            
Public utilities operating and maintenance costs     $ 22 $ 21            
Public utilities deferred information technology development costs     15 15            
Amended requested annual rate increase   $ 328                
Surcharge for the recovery of excess distribution investments     24 $ 24            
Additional annual rate increase authorized     $ 277              
Rate of return on equity authorized     9.90%              
Ordered rate amendment     $ 217              
v3.26.3
Contingencies and Commitments (Narrative) (Details)
$ in Millions
 1 Months Ended 9 Months Ended 12 Months Ended
Oct. 27, 2026
USD ($)
Dec. 31, 2025
USD ($)
Sep. 30, 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 $ 3,381  
Consumers Energy Company        
Loss Contingencies [Line Items]        
Regulatory assets   3,355 3,381  
Consumers Energy Company | MGP sites        
Loss Contingencies [Line Items]        
Regulatory assets     113  
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  
Consumers Energy Company | Ludington Plant Overhaul Contract Dispute | Subsequent Event        
Loss Contingencies [Line Items]        
Damages sought $ 485      
Loss contingency accrual prejudgment interest $ 90      
Bay Harbor        
Loss Contingencies [Line Items]        
Accrual for environmental loss contingencies     $ 47  
Discount rate (in percent)     4.34%  
Accrual for environmental loss contingencies, inflation rate (in percent)     1.00%  
Accrual for environmental loss contingencies, gross     $ 59  
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     $ 95  
Number of former MGPs | facility     23  
Regulatory asset collection period (in years)     10 years  
v3.26.3
Contingencies and Commitments (Schedule of Remediation and Other Response Activity Costs by Year) (Details)
$ in Millions
Sep. 30, 2026
USD ($)
Consumers Energy Company | MGP sites  
Site Contingency [Line Items]  
2026 $ 1
2027 3
2028 33
2029 19
2030 3
2031 21
Bay Harbor  
Site Contingency [Line Items]  
2026 1
2027 4
2028 4
2029 4
2030 4
2031 $ 4
v3.26.3
Contingencies and Commitments (Schedule of Guarantees) (Details)
$ in Millions
Sep. 30, 2026
USD ($)
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 152
Carrying Amount 0
Indemnity obligations from stock and asset sale agreements  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation 52
Carrying Amount $ 0
v3.26.3
Financings and Capitalization (Schedule of Major Long-Term Debt Issuances and Retirements) (Details) - USD ($)
$ in Millions
 1 Months Ended 9 Months Ended
Oct. 27, 2026
Sep. 30, 2026
Sep. 30, 2025
Debt Instrument [Line Items]      
Principal Amount   $ 2,151  
Repayments of debt   685  
Payment for purchase of first mortgage bonds   929 $ 884
Subsequent Event      
Debt Instrument [Line Items]      
Repayments of debt $ 55    
Consumers Energy Company      
Debt Instrument [Line Items]      
Principal Amount   $ 1,750  
Debt instrument, interest rate, stated (in percent)   5.24%  
Repayments of debt   $ 115  
Payment for purchase of first mortgage bonds   220 $ 100
5.125% First Mortgage Bonds Due May 2026 | First mortgage bonds | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal Amount   $ 850  
Debt instrument, interest rate, stated (in percent)   5.125%  
4.900% First Mortgage Bonds Due August 2026 | First mortgage bonds | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal Amount   $ 450  
Debt instrument, interest rate, stated (in percent)   4.90%  
6.100% First Mortgage Bonds Due August 2026 | First mortgage bonds | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal Amount   $ 450  
Debt instrument, interest rate, stated (in percent)   6.10%  
NorthStar Clean Energy, Including Subsidiaries      
Debt Instrument [Line Items]      
Debt instrument, increase (decrease), net   $ 401  
Repayments of debt   270  
NorthStar Clean Energy, Including Subsidiaries | Construction financing agreement      
Debt Instrument [Line Items]      
Repayments of debt   270  
Payment for purchase of first mortgage bonds   156  
NorthStar Clean Energy, Including Subsidiaries | Term Loan      
Debt Instrument [Line Items]      
Debt instrument, increase (decrease), net   24  
NorthStar Clean Energy, Including Subsidiaries | Term Loan      
Debt Instrument [Line Items]      
Debt instrument, increase (decrease), net   90  
NorthStar Clean Energy, Including Subsidiaries | Construction Financing Agreement, Second Half Of 2026 | Construction financing agreement      
Debt Instrument [Line Items]      
Debt instrument, increase (decrease), net   287  
NorthStar Clean Energy, Including Subsidiaries | Construction Financing Agreement, Second Half Of 2026 | Construction financing agreement | Subsequent Event      
Debt Instrument [Line Items]      
Debt conversion, converted instrument, amount 55    
Convertible debt 74    
Repayments to be made $ 103    
NorthStar Clean Energy, Including Subsidiaries | Construction Financing Agreement, First Half Of 2026 | Construction financing agreement      
Debt Instrument [Line Items]      
Debt conversion, converted instrument, amount   114  
NorthStar Clean Energy, Including Subsidiaries | Term Loan | Subsequent Event      
Debt Instrument [Line Items]      
Debt instrument, term (in years) 5 years    
CMS Energy      
Debt Instrument [Line Items]      
Repayments of debt   $ 300  
CMS Energy | Senior notes | Senior notes      
Debt Instrument [Line Items]      
Debt instrument, interest rate, stated (in percent)   3.00%  
Repayments of debt   $ 300  
v3.26.3
Financings and Capitalization (Schedule of Revolving Credit Facilities) (Details)
 9 Months Ended
Sep. 30, 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 28,000,000
Amount Available 1,072,000,000
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 67,000,000
Amount Available 33,000,000
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 38,000,000
Amount Available 12,000,000
Consumers Energy Company | Unsecured Letter Of Credit Facility  
Line of Credit Facility [Line Items]  
Amount of Facility 98,000,000
Amount Borrowed 0
Letters of Credit Outstanding 98,000,000
Amount Available 0
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 | Unsecured Letter Of Credit Facility  
Line of Credit Facility [Line Items]  
Amount of Facility 106,000,000
Amount Borrowed 0
Letters of Credit Outstanding 106,000,000
Amount Available 0
Consumers Energy Company | Unsecured Letter Of Credit Facility  
Line of Credit Facility [Line Items]  
Amount of Facility 125,000,000
Amount Borrowed 0
Letters of Credit Outstanding 125,000,000
Amount Available 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 14,000,000
Amount Available 736,000,000
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 49,000,000
Amount Available 1,000,000
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 151,000,000
Amount Available 74,000,000
Equity interests 930,000,000
NorthStar Clean Energy, Including Subsidiaries | Secured Line of Credit Facility, Expiring May 2029  
Line of Credit Facility [Line Items]  
Amount of Facility 75,000,000
Amount Borrowed 0
Letters of Credit Outstanding 0
Amount Available 75,000,000
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 19,000,000
Amount Available 0
NorthStar Clean Energy, Including Subsidiaries | Secured Letter Of Credit Facility  
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
Debt instrument, term (in years) 5 years
v3.26.3
Financings and Capitalization (Narrative) (Details) - USD ($)
$ / shares in Units, shares in Millions
 1 Months Ended 9 Months Ended 12 Months Ended
May 31, 2026
Dec. 31, 2025
Sep. 30, 2026
Dec. 31, 2023
Mar. 31, 2026
Schedule Of Financing And Capitalization [Line Items]          
Limitation on payment of stock dividends     $ 9,500,000,000    
Dividends paid     $ 672,000,000    
Stock offering program maximum value $ 3,000,000,000     $ 1,000,000,000  
Shares contracted under forward sale agreements (in shares)     6.4    
Initial forward price (in dollars per share)     $ 75.63    
Settlement Of Forward Contracts          
Schedule Of Financing And Capitalization [Line Items]          
Shares subject to forward equity sale agreement (in shares)     6.5    
Settlement of forward contracts through issuance of stock (in dollars per share)     $ 75.80    
Issuance of common stock     $ 495,000,000    
Consumers Energy Company          
Schedule Of Financing And Capitalization [Line Items]          
Unrestricted retained earnings     2,700,000,000    
Consumers Energy Company | Related Party          
Schedule Of Financing And Capitalization [Line Items]          
Notes payable   $ 340,000,000 0    
Consumers Energy Company | Credit Agreement | Related Party          
Schedule Of 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     $ 0    
NorthStar Clean Energy          
Schedule Of Financing And Capitalization [Line Items]          
Supplier financing program, payment period (in days)     180 days    
Supplier financing program, termination period (in days)     30 days    
NorthStar Clean Energy | NorthStar Clean Energy's Supplier Financing Program          
Schedule Of Financing And Capitalization [Line Items]          
Supplier finance obligations   $ 78,000,000 $ 46,000,000    
Commercial Paper | Consumers Energy Company          
Schedule Of Financing And Capitalization [Line Items]          
Short-term debt authorized borrowings     500,000,000    
Short-term borrowings outstanding     $ 0    
v3.26.3
Fair Value Measurements (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Assets    
Restricted cash equivalents $ 102 $ 106
Consumers Energy Company    
Assets    
Restricted cash equivalents 68 86
Fair Value, Inputs, Level 1, 2 and 3    
Assets    
Total assets 241 298
Liabilities    
Total liabilities 37 39
Fair Value, Inputs, Level 1, 2 and 3 | Consumers Energy Company    
Assets    
Total assets 99 115
Liabilities    
Total liabilities 29 27
Fair Value, Inputs, Level 1    
Assets    
Cash equivalents 88 154
Restricted cash equivalents 102 106
Nonqualified deferred compensation plan assets 37 36
Liabilities    
Nonqualified deferred compensation plan liabilities 37 36
Fair Value, Inputs, Level 1 | Consumers Energy Company    
Assets    
Cash equivalents 0 0
Restricted cash equivalents 68 86
Nonqualified deferred compensation plan assets 29 27
Liabilities    
Nonqualified deferred compensation plan liabilities 29 27
Fair Value, Inputs, Level 2 And Level 3    
Assets    
Derivative instruments 14 2
Liabilities    
Derivative instruments 0 3
Fair Value, Inputs, Level 2 And Level 3 | Consumers Energy Company    
Assets    
Derivative instruments 2 2
Liabilities    
Derivative instruments $ 0 $ 0
v3.26.3
Fair Value Measurements - (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Level 3 | Fair Value, Nonrecurring          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Long-lived assets held for sale $ 789   $ 789    
Investments 18   18    
Not Designated as Hedging Instrument, Economic Hedge          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Derivative instruments 12   12   $ 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   209    
Derivative instrument hedging gain (loss) $ 12 $ (1) $ 15 $ (4)  
v3.26.3
Fair Value Measurements ( Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis) (Details) - Fair Value, Nonrecurring
$ in Millions
Sep. 30, 2026
USD ($)
Level 1  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Long-lived assets held for sale $ 0
Equity method investments 0
Level 2  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Long-lived assets held for sale 0
Equity method investments 0
Level 3  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Long-lived assets held for sale 789
Equity method investments $ 18
v3.26.3
Financial Instruments (Schedule of Carrying Amounts and Fair Values of Financial Instruments) (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Liabilities    
Current accounts receivable and notes receivable $ 2 $ 3
Current portion of long-term debt 1,300 950
Current portion of long-term payables 1 2
Carrying Amount    
Assets    
Long-term receivables 6 7
Liabilities    
Long-term debt 19,995 18,757
Long-term payables 5 7
Fair Value    
Assets    
Long-term receivables 5 6
Liabilities    
Long-term debt 17,748 17,645
Long-term payables 5 7
Consumers Energy Company    
Liabilities    
Current accounts receivable and notes receivable 2 3
Current portion of long-term debt 464 573
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 88 90
Liabilities    
Long-term payables 1 2
Consumers Energy Company | Carrying Amount | Nonrelated Party    
Liabilities    
Long-term debt 13,616 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 88 90
Liabilities    
Long-term payables 1 2
Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 11,790 11,031
Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 584 657
Level 1 | Fair Value    
Assets    
Long-term receivables 0 0
Liabilities    
Long-term debt 1,839 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 14,174 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 10,055 9,091
Level 2 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 584 657
Level 3 | Fair Value    
Assets    
Long-term receivables 5 6
Liabilities    
Long-term debt 1,735 1,940
Long-term payables 5 7
Level 3 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 5 6
Notes receivable related party 88 90
Liabilities    
Long-term payables 1 2
Level 3 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 1,735 1,940
Level 3 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt $ 0 $ 0
v3.26.3
Financial Instruments (Narrative) (Details) - Consumers Energy Company
Sep. 30, 2026
Financial Instruments [Line Items]  
Debt instrument, interest rate, stated (in percent) 5.24%
CMS Energy Note Payable  
Financial Instruments [Line Items]  
Debt instrument, interest rate, stated (in percent) 4.10%
v3.26.3
Retirement Benefits (Schedule of Net Benefit Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
DB Pension Plans        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost $ 6 $ 6 $ 18 $ 19
Interest cost 25 27 75 81
Expected return on plan assets (60) (57) (179) (171)
Amortization of:        
Net loss 4 3 11 8
Prior service cost (credit) 0 1 2 3
Settlement loss 3 3 8 8
Net periodic credit (22) (17) (65) (52)
DB Pension Plans | Consumers Energy Company        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost 6 6 18 18
Interest cost 24 26 71 77
Expected return on plan assets (57) (54) (169) (162)
Amortization of:        
Net loss 4 2 10 7
Prior service cost (credit) 0 1 2 3
Settlement loss 3 3 8 8
Net periodic credit (20) (16) (60) (49)
OPEB Plan        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost 2 2 6 6
Interest cost 10 10 29 32
Expected return on plan assets (31) (27) (93) (83)
Amortization of:        
Net loss 0 0 0 2
Prior service cost (credit) (8) (8) (24) (25)
Settlement loss 0 0 0 0
Net periodic credit (27) (23) (82) (68)
OPEB Plan | Consumers Energy Company        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost 2 2 6 6
Interest cost 9 11 28 32
Expected return on plan assets (29) (26) (87) (78)
Amortization of:        
Net loss 0 0 0 2
Prior service cost (credit) (7) (8) (23) (25)
Settlement loss 0 0 0 0
Net periodic credit $ (25) $ (21) $ (76) $ (63)
v3.26.3
Retirement Benefits (Narrative) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Defined Benefit Plan Disclosure [Line Items]    
Deferred credits refund period (in years) 10 years  
DB Pension Plans | Volatility Mechanism    
Defined Benefit Plan Disclosure [Line Items]    
Deferred credits (costs)   $ 1
DB Pension Plans | Volatility Mechanism    
Defined Benefit Plan Disclosure [Line Items]    
Deferred credits (costs) $ 8  
OPEB Plan | Volatility Mechanism    
Defined Benefit Plan Disclosure [Line Items]    
Deferred credits (costs) $ 10 $ 7
v3.26.3
Income Taxes (Schedule of Effective Income Rate Reconciliation) (Details) - USD ($)
$ in Millions
 1 Months Ended 9 Months Ended
Jun. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Percent      
Income tax expense at statutory rate   21.00% 21.00%
State and local income taxes, net of federal income tax effect   7.40% 6.40%
Renewable energy tax credits   (12.50%) (5.70%)
Other   (1.30%) (0.50%)
Nontaxable or nondeductible items   0.60% 0.30%
Changes in unrecognized tax benefits   5.30% 0.70%
Taxes attributable to noncontrolling interests   15.80% 1.20%
TCJA excess deferred taxes   (8.10%) (3.50%)
Property differences   (0.032) (0.004)
Other, net   0.40% 0.80%
Effective tax rate   25.40% 20.30%
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   4.50% 5.80%
Renewable energy tax credits   (3.70%) (3.30%)
Other   (0.40%) (0.40%)
Nontaxable or nondeductible items   0.20% 0.30%
Changes in unrecognized tax benefits   1.80% 0.60%
TCJA excess deferred taxes   (2.50%) (3.00%)
Property differences   (0.010) (0.003)
Effective tax rate   19.90% 20.70%
State deferred tax balances $ 12    
v3.26.3
Income Taxes (Narrative) (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2026
USD ($)
Income Tax Disclosure [Abstract]  
Additions for prior-year tax positions $ 19
v3.26.3
Earnings Per Share—CMS Energy (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Income available to common stockholders        
Income (loss) from continuing operations $ (91) $ 272 $ 282 $ 760
Less loss attributable to noncontrolling interests (214) (5) (301) (22)
Less preferred stock dividends 2 2 7 7
Income (loss) from continuing operations available to common stockholders – basic and diluted $ 121 $ 275 $ 576 $ 775
Average common shares outstanding        
Weighted average shares - basic (in shares) 312.9 299.7 309.9 298.8
Dilutive nonvested stock awards (in shares) 0.2 0.6 0.3 0.6
Dilutive forward equity sale contracts (in shares) 0.0 0.1 0.0 0.0
Dilutive contingently convertible securities (in shares) 0.1 0.0 0.2 0.0
Weighted average shares - diluted (in shares) 313.2 300.4 310.4 299.4
Income (loss) from continuing operations per average common share available to common stockholders        
Basic (in dollars per share) $ 0.39 $ 0.92 $ 1.86 $ 2.59
Diluted (in dollars per share) $ 0.39 $ 0.92 $ 1.86 $ 2.59
v3.26.3
Revenue (Schedule of Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers $ 2,170 $ 1,975 $ 6,653 $ 6,171
Lease Income   41 64 117
Financing income 4 3 13 12
Alternative-revenue programs 2 2 5 6
Other 7   7  
Total operating revenue 2,183 2,021 6,742 6,306
Utility Revenue        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 2,032 1,908 6,358 5,989
Other        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 138 67 295 182
Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 2,032 1,908 6,358 5,989
Financing income 4 3 13 12
Alternative-revenue programs 2 2 5 6
Total operating revenue 2,038 1,913 6,376 6,007
Consumers Energy Company | Residential        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,085 981 3,546 3,201
Consumers Energy Company | Commercial        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 611 622 1,882 1,842
Consumers Energy Company | Industrial        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 230 210 660 622
Consumers Energy Company | Other        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 106 95 270 324
Operating Segments        
Disaggregation of Revenue [Line Items]        
Total operating revenue 2,183 2,021 6,742 6,306
Operating Segments | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Total operating revenue 2,038 1,913 6,376 6,007
Operating Segments | Electric Utility        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,769 1,675 4,467 4,324
Financing income 3 2 8 7
Alternative-revenue programs 2 2 5 6
Total operating revenue 1,774 1,679 4,480 4,337
Operating Segments | Electric Utility | Utility Revenue        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,769 1,675 4,467 4,324
Operating Segments | Electric Utility | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,769 1,675 4,467 4,324
Financing income 3 2 8 7
Alternative-revenue programs 2 2 5 6
Total operating revenue 1,774 1,679 4,480 4,337
Operating Segments | Electric Utility | Consumers Energy Company | Residential        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 915 842 2,207 2,055
Operating Segments | Electric Utility | Consumers Energy Company | Commercial        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 568 577 1,483 1,468
Operating Segments | Electric Utility | Consumers Energy Company | Industrial        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 223 204 613 576
Operating Segments | Electric Utility | Consumers Energy Company | Other        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 63 52 164 225
Operating Segments | Gas Utility        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 263 233 1,891 1,665
Financing income 1 1 5 5
Alternative-revenue programs 0 0 0 0
Total operating revenue 264 234 1,896 1,670
Operating Segments | Gas Utility | Utility Revenue        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 263 233 1,891 1,665
Operating Segments | Gas Utility | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 263 233 1,891 1,665
Financing income 1 1 5 5
Alternative-revenue programs 0 0 0 0
Total operating revenue 264 234 1,896 1,670
Operating Segments | Gas Utility | Consumers Energy Company | Residential        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 170 139 1,339 1,146
Operating Segments | Gas Utility | Consumers Energy Company | Commercial        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 43 45 399 374
Operating Segments | Gas Utility | Consumers Energy Company | Industrial        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 7 6 47 46
Operating Segments | Gas Utility | Consumers Energy Company | Other        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 43 43 106 99
Operating Segments | NorthStar Clean Energy        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 138 67 295 182
Lease Income   41 64 117
Other 7   7  
Total operating revenue 145 108 366 299
Variable lease income   28 46 82
Operating Segments | NorthStar Clean Energy | Other        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers $ 138 $ 67 $ 295 $ 182
v3.26.3
Revenue (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Disaggregation of Revenue [Line Items]          
Bad debt expense $ 9 $ 10 $ 29 $ 30  
Unbilled receivables 437   437   $ 659
Consumers Energy Company          
Disaggregation of Revenue [Line Items]          
Bad debt expense 9 $ 10 29 $ 30  
Unbilled receivables $ 437   $ 437   $ 659
v3.26.3
Cash and Cash Equivalents (Schedule Of Cash And Cash Equivalents, Including Restricted Amounts) (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 451 $ 509    
Restricted cash and cash equivalents 102 106    
Current assets held for sale 26 0    
Cash and cash equivalents, including restricted amounts 579 615 $ 432 $ 178
Consumers Energy Company        
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents 257 25    
Restricted cash and cash equivalents 68 86    
Cash and cash equivalents, including restricted amounts $ 325 $ 111 $ 311 $ 119
v3.26.3
Reportable Segments (Narrative) (Details)
 9 Months Ended
Sep. 30, 2026
Segment
Segment Reporting [Line Items]  
Number of reportable segments 3
Consumers Energy Company  
Segment Reporting [Line Items]  
Number of reportable segments 2
v3.26.3
Reportable Segments (Schedule of Financial Information by Reportable Segments, CMS Energy, including Consumers) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Segment Reporting [Line Items]          
Operating Revenue $ 2,183 $ 2,021 $ 6,742 $ 6,306  
Power supply cost 762 687 2,026 1,905  
Maintenance and other operating expenses 920 416 1,832 1,218  
Depreciation and amortization 298 288 1,018 964  
General taxes 111 107 402 378  
Total operating expenses 2,136 1,540 5,941 5,014  
Operating Income 47 481 801 1,292  
Other income (expense) 54 62 204 249  
Total interest charges 214 203 627 588  
Income (Loss) Before Income Taxes (113) 340 378 953  
Income tax expense (benefit) (22) 68 96 193  
Income (Loss) From Continuing Operations (91) 272 282 760  
Other segment items 212 3 294 15  
Net Income (Loss) Available to Common Stockholders 121 275 576 775  
Plant, property, and equipment, gross 39,300 36,583 39,300 36,583 $ 37,763
Total assets 41,683 38,008 41,683 38,008 $ 39,941
Cost of gas sold          
Segment Reporting [Line Items]          
Cost of gas sold 45 42 663 549  
Operating Segments          
Segment Reporting [Line Items]          
Operating Revenue 2,183 2,021 6,742 6,306  
Power supply cost 762 687 2,026 1,905  
Maintenance and other operating expenses 917 413 1,822 1,210  
Depreciation and amortization 298 288 1,018 964  
General taxes 111 107 401 378  
Total operating expenses 2,133 1,537 5,930 5,006  
Operating Income 50 484 812 1,300  
Other income (expense) 53 60 198 168  
Total interest charges 150 144 439 413  
Income (Loss) Before Income Taxes (47) 400 571 1,055  
Income tax expense (benefit) (52) 68 100 207  
Income (Loss) From Continuing Operations 5 332 471 848  
Other segment items 214 5 301 22  
Net Income (Loss) Available to Common Stockholders 219 337 772 870  
Plant, property, and equipment, gross 39,274 36,553 39,274 36,553  
Total assets 41,462 37,866 41,462 37,866  
Operating Segments | Cost of gas sold          
Segment Reporting [Line Items]          
Cost of gas sold 45 42 663 549  
Other Reconciling Items          
Segment Reporting [Line Items]          
Operating Revenue 0 0 0 0  
Power supply cost 0 0 0 0  
Maintenance and other operating expenses 3 3 10 8  
Depreciation and amortization 0 0 0 0  
General taxes 0 0 1 0  
Total operating expenses 3 3 11 8  
Operating Income (3) (3) (11) (8)  
Other income (expense) 1 2 6 81  
Total interest charges 64 59 188 175  
Income (Loss) Before Income Taxes (66) (60) (193) (102)  
Income tax expense (benefit) 30 0 (4) (14)  
Income (Loss) From Continuing Operations (96) (60) (189) (88)  
Other segment items (2) (2) (7) (7)  
Net Income (Loss) Available to Common Stockholders (98) (62) (196) (95)  
Plant, property, and equipment, gross 26 30 26 30  
Total assets 221 142 221 142  
Other Reconciling Items | Cost of gas sold          
Segment Reporting [Line Items]          
Cost of gas sold 0 0 0 0  
Electric Utility | Operating Segments          
Segment Reporting [Line Items]          
Operating Revenue 1,774 1,679 4,480 4,337  
Power supply cost 677 624 1,794 1,707  
Maintenance and other operating expenses 256 285 841 806  
Depreciation and amortization 251 239 720 682  
General taxes 85 81 242 227  
Total operating expenses 1,269 1,229 3,597 3,422  
Operating Income 505 450 883 915  
Other income (expense) 46 34 135 97  
Total interest charges 87 92 256 263  
Income (Loss) Before Income Taxes 464 392 762 749  
Income tax expense (benefit) 65 66 115 131  
Income (Loss) From Continuing Operations 399 326 647 618  
Other segment items 0 0 (1) (1)  
Net Income (Loss) Available to Common Stockholders 399 326 646 617  
Plant, property, and equipment, gross 23,383 21,095 23,383 21,095  
Total assets 24,309 21,917 24,309 21,917  
Electric Utility | Operating Segments | Cost of gas sold          
Segment Reporting [Line Items]          
Cost of gas sold 0 0 0 0  
Gas Utility | Operating Segments          
Segment Reporting [Line Items]          
Operating Revenue 264 234 1,896 1,670  
Power supply cost 0 0 0 0  
Maintenance and other operating expenses 106 103 366 331  
Depreciation and amortization 37 35 261 243  
General taxes 23 23 150 142  
Total operating expenses 209 201 1,436 1,261  
Operating Income 55 33 460 409  
Other income (expense) 26 22 72 64  
Total interest charges 61 53 175 152  
Income (Loss) Before Income Taxes 20 2 357 321  
Income tax expense (benefit) 7 2 97 83  
Income (Loss) From Continuing Operations 13 0 260 238  
Other segment items 0 0 0 0  
Net Income (Loss) Available to Common Stockholders 13 0 260 238  
Plant, property, and equipment, gross 14,975 13,890 14,975 13,890  
Total assets 14,738 13,720 14,738 13,720  
Gas Utility | Operating Segments | Cost of gas sold          
Segment Reporting [Line Items]          
Cost of gas sold 43 40 659 545  
NorthStar Clean Energy | Operating Segments          
Segment Reporting [Line Items]          
Operating Revenue 145 108 366 299  
Power supply cost 85 63 232 198  
Maintenance and other operating expenses 555 25 615 73  
Depreciation and amortization 10 14 37 39  
General taxes 3 3 9 9  
Total operating expenses 655 107 897 323  
Operating Income (510) 1 (531) (24)  
Other income (expense) (19) 4 (9) 7  
Total interest charges 2 (1) 8 (2)  
Income (Loss) Before Income Taxes (531) 6 (548) (15)  
Income tax expense (benefit) (124) 0 (112) (7)  
Income (Loss) From Continuing Operations (407) 6 (436) (8)  
Other segment items 214 5 302 23  
Net Income (Loss) Available to Common Stockholders (193) 11 (134) 15  
Plant, property, and equipment, gross 916 1,568 916 1,568  
Total assets 2,415 2,229 2,415 2,229  
NorthStar Clean Energy | Operating Segments | Cost of gas sold          
Segment Reporting [Line Items]          
Cost of gas sold $ 2 $ 2 $ 4 $ 4  
v3.26.3
Reportable Segments (Schedule of Financial Information by Reportable Segments, Consumers) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Segment Reporting [Line Items]          
Operating Revenue $ 2,183 $ 2,021 $ 6,742 $ 6,306  
Power supply cost 762 687 2,026 1,905  
Operating Income 47 481 801 1,292  
Other income (expense) 54 62 204 249  
Total interest charges 214 203 627 588  
Income (Loss) Before Income Taxes (113) 340 378 953  
Income Tax Expense (Benefit) (22) 68 96 193  
Net Income (Loss) 123 277 583 782  
Other segment items 212 3 294 15  
Net Income (Loss) Available to Common Stockholders 121 275 576 775  
Total assets 41,683 38,008 41,683 38,008 $ 39,941
Consumers Energy Company          
Segment Reporting [Line Items]          
Operating Revenue 2,038 1,913 6,376 6,007  
Power supply cost 677 624 1,794 1,707  
Cost of gas sold 43 40 659 545  
Maintenance and other operating expenses 362 388 1,207 1,137  
Depreciation and amortization 288 274 981 925  
General taxes 108 104 392 369  
Total operating expenses 1,478 1,430 5,033 4,683  
Operating Income 560 483 1,343 1,324  
Other income (expense) 72 55 207 161  
Total interest charges 149 145 432 416  
Income (Loss) Before Income Taxes 483 393 1,118 1,069  
Income Tax Expense (Benefit) 92 79 223 221  
Net Income (Loss) 391 314 895 848  
Other segment items 0 0 (1) (1)  
Net Income (Loss) Available to Common Stockholders 391 314 894 847  
Property, plant, and equipment, gross 38,381 35,021 38,381 35,021 36,120
Total assets 39,204 35,780 39,204 35,780 $ 37,091
Operating Segments          
Segment Reporting [Line Items]          
Operating Revenue 2,183 2,021 6,742 6,306  
Power supply cost 762 687 2,026 1,905  
Operating Income 50 484 812 1,300  
Other income (expense) 53 60 198 168  
Total interest charges 150 144 439 413  
Income (Loss) Before Income Taxes (47) 400 571 1,055  
Income Tax Expense (Benefit) (52) 68 100 207  
Other segment items 214 5 301 22  
Net Income (Loss) Available to Common Stockholders 219 337 772 870  
Total assets 41,462 37,866 41,462 37,866  
Operating Segments | Consumers Energy Company          
Segment Reporting [Line Items]          
Operating Revenue 2,038 1,913 6,376 6,007  
Power supply cost 677 624 1,794 1,707  
Cost of gas sold 43 40 659 545  
Maintenance and other operating expenses 362 388 1,207 1,137  
Depreciation and amortization 288 274 981 925  
General taxes 108 104 392 369  
Total operating expenses 1,478 1,430 5,033 4,683  
Operating Income 560 483 1,343 1,324  
Other income (expense) 72 56 207 161  
Total interest charges 148 145 431 415  
Income (Loss) Before Income Taxes 484 394 1,119 1,070  
Income Tax Expense (Benefit) 72 68 212 214  
Net Income (Loss) 412 326 907 856  
Other segment items 0 0 (1) (1)  
Net Income (Loss) Available to Common Stockholders 412 326 906 855  
Property, plant, and equipment, gross 38,358 34,985 38,358 34,985  
Total assets 39,140 35,734 39,140 35,734  
Operating Segments | Electric Utility          
Segment Reporting [Line Items]          
Operating Revenue 1,774 1,679 4,480 4,337  
Power supply cost 677 624 1,794 1,707  
Operating Income 505 450 883 915  
Other income (expense) 46 34 135 97  
Total interest charges 87 92 256 263  
Income (Loss) Before Income Taxes 464 392 762 749  
Income Tax Expense (Benefit) 65 66 115 131  
Other segment items 0 0 (1) (1)  
Net Income (Loss) Available to Common Stockholders 399 326 646 617  
Total assets 24,309 21,917 24,309 21,917  
Operating Segments | Electric Utility | Consumers Energy Company          
Segment Reporting [Line Items]          
Operating Revenue 1,774 1,679 4,480 4,337  
Power supply cost 677 624 1,794 1,707  
Cost of gas sold 0 0 0 0  
Maintenance and other operating expenses 256 285 841 806  
Depreciation and amortization 251 239 720 682  
General taxes 85 81 242 227  
Total operating expenses 1,269 1,229 3,597 3,422  
Operating Income 505 450 883 915  
Other income (expense) 46 34 135 97  
Total interest charges 87 92 256 263  
Income (Loss) Before Income Taxes 464 392 762 749  
Income Tax Expense (Benefit) 65 66 115 131  
Net Income (Loss) 399 326 647 618  
Other segment items 0 0 (1) (1)  
Net Income (Loss) Available to Common Stockholders 399 326 646 617  
Property, plant, and equipment, gross 23,383 21,095 23,383 21,095  
Total assets 24,362 21,972 24,362 21,972  
Operating Segments | Gas Utility          
Segment Reporting [Line Items]          
Operating Revenue 264 234 1,896 1,670  
Power supply cost 0 0 0 0  
Operating Income 55 33 460 409  
Other income (expense) 26 22 72 64  
Total interest charges 61 53 175 152  
Income (Loss) Before Income Taxes 20 2 357 321  
Income Tax Expense (Benefit) 7 2 97 83  
Other segment items 0 0 0 0  
Net Income (Loss) Available to Common Stockholders 13 0 260 238  
Total assets 14,738 13,720 14,738 13,720  
Operating Segments | Gas Utility | Consumers Energy Company          
Segment Reporting [Line Items]          
Operating Revenue 264 234 1,896 1,670  
Power supply cost 0 0 0 0  
Cost of gas sold 43 40 659 545  
Maintenance and other operating expenses 106 103 366 331  
Depreciation and amortization 37 35 261 243  
General taxes 23 23 150 142  
Total operating expenses 209 201 1,436 1,261  
Operating Income 55 33 460 409  
Other income (expense) 26 22 72 64  
Total interest charges 61 53 175 152  
Income (Loss) Before Income Taxes 20 2 357 321  
Income Tax Expense (Benefit) 7 2 97 83  
Net Income (Loss) 13 0 260 238  
Other segment items 0 0 0 0  
Net Income (Loss) Available to Common Stockholders 13 0 260 238  
Property, plant, and equipment, gross 14,975 13,890 14,975 13,890  
Total assets 14,778 13,762 14,778 13,762  
Other Reconciling Items          
Segment Reporting [Line Items]          
Operating Revenue 0 0 0 0  
Power supply cost 0 0 0 0  
Operating Income (3) (3) (11) (8)  
Other income (expense) 1 2 6 81  
Total interest charges 64 59 188 175  
Income (Loss) Before Income Taxes (66) (60) (193) (102)  
Income Tax Expense (Benefit) 30 0 (4) (14)  
Other segment items (2) (2) (7) (7)  
Net Income (Loss) Available to Common Stockholders (98) (62) (196) (95)  
Total assets 221 142 221 142  
Other Reconciling Items | Consumers Energy Company          
Segment Reporting [Line Items]          
Operating Revenue 0 0 0 0  
Power supply cost 0 0 0 0  
Cost of gas sold 0 0 0 0  
Maintenance and other operating expenses 0 0 0 0  
Depreciation and amortization 0 0 0 0  
General taxes 0 0 0 0  
Total operating expenses 0 0 0 0  
Operating Income 0 0 0 0  
Other income (expense) 0 (1) 0 0  
Total interest charges 1 0 1 1  
Income (Loss) Before Income Taxes (1) (1) (1) (1)  
Income Tax Expense (Benefit) 20 11 11 7  
Net Income (Loss) (21) (12) (12) (8)  
Other segment items 0 0 0 0  
Net Income (Loss) Available to Common Stockholders (21) (12) (12) (8)  
Property, plant, and equipment, gross 23 36 23 36  
Total assets $ 64 $ 46 $ 64 $ 46  
v3.26.3
Variable Interest Entities (Narrative) (Details)
$ in Millions
 1 Months Ended 9 Months Ended
Oct. 27, 2026
USD ($)
Jun. 30, 2026
MW
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Variable Interest Entity [Line Items]          
Deemed contribution from sale of membership interest     $ 166 $ 0  
Securitization bonds          
Variable Interest Entity [Line Items]          
Total principal amount outstanding     479   $ 585
Variable Interest Entity, Primary Beneficiary          
Variable Interest Entity [Line Items]          
Regulatory asset     458   $ 549
Variable Interest Entity, Primary Beneficiary | HL Solar Holdings          
Variable Interest Entity [Line Items]          
Proceeds from the sale of membership interests in VIEs     24    
Deemed contribution from sale of membership interest     $ 166    
Variable Interest Entity, Primary Beneficiary | HL Solar Holdings | Subsequent Event          
Variable Interest Entity [Line Items]          
Proceeds from the sale of membership interests in VIEs $ 34        
St. Clair County | Variable Interest Entity, Primary Beneficiary | HL Solar Holdings          
Variable Interest Entity [Line Items]          
Nameplate capacity (in MW) | MW   100      
Hart Township | Variable Interest Entity, Primary Beneficiary | HL Solar Holdings          
Variable Interest Entity [Line Items]          
Nameplate capacity (in MW) | MW   120      
v3.26.3
Variable Interest Entities (Schedule of VIE Information) (Details)
$ in Millions
 1 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
MW
Sep. 30, 2026
USD ($)
MW
Sep. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Variable Interest Entity [Line Items]        
Deemed contribution from sale of membership interest   $ 166 $ 0  
BG Solar Holdings        
Variable Interest Entity [Line Items]        
Deemed contribution from sale of membership interest       $ 35
Class A - Tax Equity Membership        
Variable Interest Entity [Line Items]        
Proceeds from the sale of membership interests in VIEs $ 56 76 $ 0 $ 15
Deemed contribution from sale of membership interest   $ 87    
Variable Interest Entity, Primary Beneficiary | BG Solar Holdings        
Variable Interest Entity [Line Items]        
Nameplate capacity (in MW) | MW   200    
Variable Interest Entity, Primary Beneficiary | HL Solar Holdings        
Variable Interest Entity [Line Items]        
Proceeds from the sale of membership interests in VIEs   $ 24    
Deemed contribution from sale of membership interest   $ 166    
Variable Interest Entity, Primary Beneficiary | HL Solar Holdings | St. Clair County        
Variable Interest Entity [Line Items]        
Nameplate capacity (in MW) | MW 100      
Variable Interest Entity, Primary Beneficiary | HL Solar Holdings | Hart Township        
Variable Interest Entity [Line Items]        
Nameplate capacity (in MW) | MW 120      
v3.26.3
Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Variable Interest Entity [Line Items]      
Cash and cash equivalents $ 451 $ 509  
Restricted cash and cash equivalents 102 106  
Assets held for sale 43 0  
Prepayments and other current assets 148 160  
Plant, property, and equipment, net 31,940 30,680  
Construction work in progress 3,108 3,052  
Assets held for sale 783 0  
Other non-current assets 226 398  
Total Assets 41,683 39,941 $ 38,008
Current portion of long-term debt and finance leases 1,258 956  
Liabilities held for sale 14 0  
Long-term debt 18,743 17,807  
Non-current portion of finance leases 206 135  
AROs 778 792  
Liabilities held for sale 87 0  
Other non‑current liabilities 471 392  
Variable Interest Entity, Primary Beneficiary      
Variable Interest Entity [Line Items]      
Cash and cash equivalents 13 20  
Restricted cash and cash equivalents 33 19  
Accounts receivable 167 42  
Assets held for sale 39 0  
Prepayments and other current assets 0 5  
Plant, property, and equipment, net 594 1,037  
Construction work in progress 246 357  
Assets held for sale 686 0  
Other non-current assets 22 5  
Total Assets 1,800 1,485  
Current portion of long-term debt and finance leases 155 65  
Accounts payable 23 29  
Liabilities held for sale 11 0  
Long-term debt 130 118  
Non-current portion of finance leases 29 39  
AROs 9 38  
Liabilities held for sale 59 0  
Other non‑current liabilities 4 3  
Total liabilities $ 420 $ 292  
v3.26.3
Exit Activities and Asset Sales (Narrative) (Details)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2025
facility
Sep. 30, 2026
USD ($)
group
MW
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
group
Sep. 30, 2025
USD ($)
Jul. 31, 2026
USD ($)
Feb. 17, 2026
USD ($)
Dec. 31, 2025
USD ($)
Restructuring Cost and Reserve [Line Items]                
Facilities agreed to sell | facility 13              
Duration of purchase agreement (in years) 30 years              
Amount of regulatory commitment assets           $ 270    
Impairment     $ 0 $ 102 $ 0      
Temporary impairment charges   $ 33 $ 0 $ 33 $ 0      
NorthStar Clean Energy Strategic Divestments                
Restructuring Cost and Reserve [Line Items]                
Number of disposal groups | group   4   4        
NorthStar Clean Energy Strategic Divestments | Disposal Group, Held-for-Sale, Not Discontinued Operations                
Restructuring Cost and Reserve [Line Items]                
Expected cost   $ 10   $ 10        
Impairment   (102)   (102)        
Noncontrolling interest associated with VIEs held for sale   479   479        
Discontinued operation, maximum obligation   180   180        
Temporary impairment charges   33   33        
Variable Interest Entity, Primary Beneficiary | NorthStar Clean Energy Strategic Divestments | Disposal Group, Held-for-Sale, Not Discontinued Operations                
Restructuring Cost and Reserve [Line Items]                
Impairment charges   454   454        
Loss on sale of long-lived assets   $ 15   15        
Variable Interest Entity, Primary Beneficiary | Delta Solar Equity Holdings                
Restructuring Cost and Reserve [Line Items]                
Nameplate capacity (in MW) | MW   24            
Variable Interest Entity, Primary Beneficiary | Delta Solar Equity Holdings | Disposal Group, Held-for-Sale, Not Discontinued Operations                
Restructuring Cost and Reserve [Line Items]                
Loss on sale of long-lived assets   $ 15            
Variable Interest Entity, Not Primary Beneficiary | NorthStar Clean Energy Strategic Divestments | Disposal Group, Held-for-Sale, Not Discontinued Operations                
Restructuring Cost and Reserve [Line Items]                
Investments   $ 18   $ 18       $ 54
Retention Benefits | J.H. Campbell Generating Units                
Restructuring Cost and Reserve [Line Items]                
Expected cost             $ 4  
v3.26.3
Exit Activities and Asset Sales (Schedule of Retention Benefit Liability Roll Forward) (Details) - Retention Benefits - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Restructuring Reserve [Roll Forward]        
Retention benefit liability at beginning of period     $ 2 $ 14
Costs deferred as a regulatory asset2 $ 4 $ 1 11 4
Costs paid or settled     (11) 0
Retention benefit liability at the end of the period $ 2 $ 18 $ 2 $ 18
v3.26.3
Exit Activities and Asset Sales (Schedule of Income, Assets, and Liabilities from Discontinued Operations) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Current          
Cash and cash equivalents $ 26   $ 26   $ 0
Total current assets 43   43   0
Non‑current          
Total non‑current assets 783   783   0
Current          
Total current liabilities 14   14   0
Non‑current          
Total non‑current liabilities 87   87   0
Impairment   $ 0 (102) $ 0  
Variable Interest Entity, Primary Beneficiary          
Current          
Total current assets 39   39   0
Non‑current          
Total non‑current assets 686   686   0
Current          
Total current liabilities 11   11   0
Non‑current          
Total non‑current liabilities 59   59   $ 0
Disposal Group, Held-for-Sale, Not Discontinued Operations | NorthStar Clean Energy Strategic Divestments          
Current          
Cash and cash equivalents 26   26    
Accounts receivable and other current assets 17   17    
Total current assets 43   43    
Non‑current          
Plant, property, and equipment, net 693   693    
Construction work in progress 76   76    
Other non‑current assets 14   14    
Total non‑current assets 783   783    
Total assets 826   826    
Current          
Accounts payable and other current liabilities 14   14    
Total current liabilities 14   14    
Non‑current          
Non-current portion of finance leases 52   52    
AROs 35   35    
Total non‑current liabilities 87   87    
Total liabilities 101   101    
Noncontrolling interest associated with VIEs held for sale 479   479    
Discontinued operation, maximum obligation 180   180    
Impairment 102   102    
Expected cost $ 10   $ 10    
v3.26.3
Exit Activities and Asset Sales (Schedule of impairment, disposal, and exit costs) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Restructuring Cost and Reserve [Line Items]        
NorthStar Clean Energy impairment, disposal, and exit costs $ 525 $ 0 $ 525 $ 0
Variable Interest Entity, Primary Beneficiary | NorthStar Clean Energy Strategic Divestments | Disposal Group, Held-for-Sale, Not Discontinued Operations        
Restructuring Cost and Reserve [Line Items]        
Impairment of long-lived assets held for sale 454   454  
Loss on sale of long-lived assets 15   15  
Contract termination costs 33   33  
Retention and severance 7   7  
Other exit costs 16   16  
NorthStar Clean Energy impairment, disposal, and exit costs $ 525   $ 525