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v3.25.2

Reportable Segments (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting Information [Line Items] |
Schedule of Financial Information by Reportable Segments |
In Millions
Three Months Ended June 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 1,359 |  |  | $ | 387 |  |  | $ | 92 |  |  | $ | 1,838 |  |  | $ | — |  |  | $ | 1,838 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 537 |  |  | — |  |  | 66 |  |  | 603 |  |  | — |  |  | 603 |
Cost of gas sold |  | — |  |  | 123 |  |  | 1 |  |  | 124 |  |  | — |  |  | 124 |
Maintenance and other operating expenses |  | 264 |  |  | 112 |  |  | 18 |  |  | 394 |  |  | 3 |  |  | 397 |
Depreciation and amortization |  | 222 |  |  | 54 |  |  | 12 |  |  | 288 |  |  | — |  |  | 288 |
General taxes |  | 73 |  |  | 33 |  |  | 3 |  |  | 109 |  |  | — |  |  | 109 |
Total operating expenses |  | 1,096 |  |  | 322 |  |  | 100 |  |  | 1,518 |  |  | 3 |  |  | 1,521 |
Operating Income (Loss) |  | 263 |  |  | 65 |  |  | (8) |  |  | 320 |  |  | (3) |  |  | 317 |
Other income |  | 36 |  |  | 23 |  |  | 2 |  |  | 61 |  |  | 76 |  |  | 137 |
Interest charges |  | 89 |  |  | 51 |  |  | (1) |  |  | 139 |  |  | 60 |  |  | 199 |
Income (Loss) Before Income Taxes |  | 210 |  |  | 37 |  |  | (5) |  |  | 242 |  |  | 13 |  |  | 255 |
Income tax expense (benefit) |  | 42 |  |  | 12 |  |  | (18) |  |  | 36 |  |  | 26 |  |  | 62 |
Income (Loss) From Continuing Operations |  | 168 |  |  | 25 |  |  | 13 |  |  | 206 |  |  | (13) |  |  | 193 |
Other segment items 2 |  | (1) |  |  | — |  |  | 9 |  |  | 8 |  |  | (3) |  |  | 5 |
Net Income (Loss) Available to Common Stockholders |  | $ | 167 |  |  | $ | 25 |  |  | $ | 22 |  |  | $ | 214 |  |  | $ | (16) |  |  | $ | 198 |
Property, plant, and equipment, gross |  | $ | 20,761 |  | 3 | $ | 13,609 |  | 3 | $ | 1,562 |  |  | $ | 35,932 |  |  | $ | 30 |  |  | $ | 35,962 |
Total assets |  | 21,942 |  | 3 | 13,388 |  | 3 | 2,105 |  |  | 37,435 |  |  | 264 |  |  | 37,699 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends. 3 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 1,359 |  |  | $ | 387 |  |  | $ | 1,746 |  |  | $ | — |  |  | $ | 1,746 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 537 |  |  | — |  |  | 537 |  |  | — |  |  | 537 |
Cost of gas sold |  | — |  |  | 123 |  |  | 123 |  |  | — |  |  | 123 |
Maintenance and other operating expenses |  | 264 |  |  | 112 |  |  | 376 |  |  | — |  |  | 376 |
Depreciation and amortization |  | 222 |  |  | 54 |  |  | 276 |  |  | — |  |  | 276 |
General taxes |  | 73 |  |  | 33 |  |  | 106 |  |  | — |  |  | 106 |
Total operating expenses |  | 1,096 |  |  | 322 |  |  | 1,418 |  |  | — |  |  | 1,418 |
Operating Income |  | 263 |  |  | 65 |  |  | 328 |  |  | — |  |  | 328 |
Other income |  | 36 |  |  | 23 |  |  | 59 |  |  | 1 |  |  | 60 |
Interest charges |  | 89 |  |  | 51 |  |  | 140 |  |  | 1 |  |  | 141 |
Income Before Income Taxes |  | 210 |  |  | 37 |  |  | 247 |  |  | — |  |  | 247 |
Income tax expense |  | 42 |  |  | 12 |  |  | 54 |  |  | 5 |  |  | 59 |
Net Income (Loss) |  | 168 |  |  | 25 |  |  | 193 |  |  | (5) |  |  | 188 |
Other segment items 2 |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Net Income (Loss) Available to Common Stockholder |  | $ | 167 |  |  | $ | 25 |  |  | $ | 192 |  |  | $ | (5) |  |  | $ | 187 |
Property, plant, and equipment, gross |  | $ | 20,761 |  | 3 | $ | 13,609 |  | 3 | $ | 34,370 |  |  | $ | 36 |  |  | $ | 34,406 |
Total assets |  | 21,997 |  | 3 | 13,430 |  | 3 | 35,427 |  |  | 40 |  |  | 35,467 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of preferred stock dividends. 3 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 1,226 |  |  | $ | 307 |  |  | $ | 74 |  |  | $ | 1,607 |  |  | $ | — |  |  | $ | 1,607 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 444 |  |  | — |  |  | 35 |  |  | 479 |  |  | — |  |  | 479 |
Cost of gas sold |  | — |  |  | 66 |  |  | — |  |  | 66 |  |  | — |  |  | 66 |
Maintenance and other operating expenses |  | 261 |  |  | 116 |  |  | 24 |  |  | 401 |  |  | 3 |  |  | 404 |
Depreciation and amortization |  | 209 |  |  | 51 |  |  | 13 |  |  | 273 |  |  | — |  |  | 273 |
General taxes |  | 68 |  |  | 31 |  |  | 3 |  |  | 102 |  |  | — |  |  | 102 |
Total operating expenses |  | 982 |  |  | 264 |  |  | 75 |  |  | 1,321 |  |  | 3 |  |  | 1,324 |
Operating Income (Loss) |  | 244 |  |  | 43 |  |  | (1) |  |  | 286 |  |  | (3) |  |  | 283 |
Other income |  | 36 |  |  | 23 |  |  | 2 |  |  | 61 |  |  | 52 |  |  | 113 |
Interest charges |  | 79 |  |  | 46 |  |  | — |  |  | 125 |  |  | 48 |  |  | 173 |
Income Before Income Taxes |  | 201 |  |  | 20 |  |  | 1 |  |  | 222 |  |  | 1 |  |  | 223 |
Income tax expense |  | 30 |  |  | 5 |  |  | 2 |  |  | 37 |  |  | 4 |  |  | 41 |
Income (Loss) From Continuing Operations |  | 171 |  |  | 15 |  |  | (1) |  |  | 185 |  |  | (3) |  |  | 182 |
Other segment items 2 |  | (1) |  |  | — |  |  | 17 |  |  | 16 |  |  | (3) |  |  | 13 |
Net Income (Loss) Available to Common Stockholders |  | $ | 170 |  |  | $ | 15 |  |  | $ | 16 |  |  | $ | 201 |  |  | $ | (6) |  |  | $ | 195 |
Property, plant, and equipment, gross |  | $ | 19,557 |  | 3 | $ | 12,638 |  | 3 | $ | 1,464 |  |  | $ | 33,659 |  |  | $ | 21 |  |  | $ | 33,680 |
Total assets |  | 20,122 |  | 3 | 12,469 |  | 3 | 1,659 |  |  | 34,250 |  |  | 105 |  |  | 34,355 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends. 3 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 1,226 |  |  | $ | 307 |  |  | $ | 1,533 |  |  | $ | — |  |  | $ | 1,533 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 444 |  |  | — |  |  | 444 |  |  | — |  |  | 444 |
Cost of gas sold |  | — |  |  | 66 |  |  | 66 |  |  | — |  |  | 66 |
Maintenance and other operating expenses |  | 261 |  |  | 116 |  |  | 377 |  |  | — |  |  | 377 |
Depreciation and amortization |  | 209 |  |  | 51 |  |  | 260 |  |  | 1 |  |  | 261 |
General taxes |  | 68 |  |  | 31 |  |  | 99 |  |  | — |  |  | 99 |
Total operating expenses |  | 982 |  |  | 264 |  |  | 1,246 |  |  | 1 |  |  | 1,247 |
Operating Income (Loss) |  | 244 |  |  | 43 |  |  | 287 |  |  | (1) |  |  | 286 |
Other income |  | 36 |  |  | 23 |  |  | 59 |  |  | — |  |  | 59 |
Interest charges |  | 79 |  |  | 46 |  |  | 125 |  |  | 1 |  |  | 126 |
Income (Loss) Before Income Taxes |  | 201 |  |  | 20 |  |  | 221 |  |  | (2) |  |  | 219 |
Income tax expense |  | 30 |  |  | 5 |  |  | 35 |  |  | 6 |  |  | 41 |
Net Income (Loss) |  | 171 |  |  | 15 |  |  | 186 |  |  | (8) |  |  | 178 |
Other segment items 2 |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Net Income (Loss) Available to Common Stockholder |  | $ | 170 |  |  | $ | 15 |  |  | $ | 185 |  |  | $ | (8) |  |  | $ | 177 |
Property, plant, and equipment, gross |  | $ | 19,557 |  |  | $ | 12,638 |  |  | $ | 32,195 |  |  | $ | 29 |  |  | $ | 32,224 |
Total assets |  | 20,180 |  |  | 12,512 |  |  | 32,692 |  |  | 26 |  |  | 32,718 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of preferred stock dividends. 3 Amounts 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
Six Months Ended June 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 2,658 |  |  | $ | 1,436 |  |  | $ | 191 |  |  | $ | 4,285 |  |  | $ | — |  |  | $ | 4,285 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,083 |  |  | — |  |  | 135 |  |  | 1,218 |  |  | — |  |  | 1,218 |
Cost of gas sold |  | — |  |  | 505 |  |  | 2 |  |  | 507 |  |  | — |  |  | 507 |
Maintenance and other operating expenses |  | 521 |  |  | 228 |  |  | 48 |  |  | 797 |  |  | 5 |  |  | 802 |
Depreciation and amortization |  | 443 |  |  | 208 |  |  | 25 |  |  | 676 |  |  | — |  |  | 676 |
General taxes |  | 146 |  |  | 119 |  |  | 6 |  |  | 271 |  |  | — |  |  | 271 |
Total operating expenses |  | 2,193 |  |  | 1,060 |  |  | 216 |  |  | 3,469 |  |  | 5 |  |  | 3,474 |
Operating Income (Loss) |  | 465 |  |  | 376 |  |  | (25) |  |  | 816 |  |  | (5) |  |  | 811 |
Other income |  | 63 |  |  | 42 |  |  | 3 |  |  | 108 |  |  | 79 |  |  | 187 |
Interest charges |  | 171 |  |  | 99 |  |  | (1) |  |  | 269 |  |  | 116 |  |  | 385 |
Income (Loss) Before Income Taxes |  | 357 |  |  | 319 |  |  | (21) |  |  | 655 |  |  | (42) |  |  | 613 |
Income tax expense (benefit) |  | 65 |  |  | 81 |  |  | (7) |  |  | 139 |  |  | (14) |  |  | 125 |
Income (Loss) From Continuing Operations |  | 292 |  |  | 238 |  |  | (14) |  |  | 516 |  |  | (28) |  |  | 488 |
Other segment items 2 |  | (1) |  |  | — |  |  | 18 |  |  | 17 |  |  | (5) |  |  | 12 |
Net Income (Loss) Available to Common Stockholders |  | $ | 291 |  |  | $ | 238 |  |  | $ | 4 |  |  | $ | 533 |  |  | $ | (33) |  |  | $ | 500 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 2,658 |  |  | $ | 1,436 |  |  | $ | 4,094 |  |  | $ | — |  |  | $ | 4,094 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,083 |  |  | — |  |  | 1,083 |  |  | — |  |  | 1,083 |
Cost of gas sold |  | — |  |  | 505 |  |  | 505 |  |  | — |  |  | 505 |
Maintenance and other operating expenses |  | 521 |  |  | 228 |  |  | 749 |  |  | — |  |  | 749 |
Depreciation and amortization |  | 443 |  |  | 208 |  |  | 651 |  |  | — |  |  | 651 |
General taxes |  | 146 |  |  | 119 |  |  | 265 |  |  | — |  |  | 265 |
Total operating expenses |  | 2,193 |  |  | 1,060 |  |  | 3,253 |  |  | — |  |  | 3,253 |
Operating Income |  | 465 |  |  | 376 |  |  | 841 |  |  | — |  |  | 841 |
Other income |  | 63 |  |  | 42 |  |  | 105 |  |  | 1 |  |  | 106 |
Interest charges |  | 171 |  |  | 99 |  |  | 270 |  |  | 1 |  |  | 271 |
Income Before Income Taxes |  | 357 |  |  | 319 |  |  | 676 |  |  | — |  |  | 676 |
Income tax expense (benefit) |  | 65 |  |  | 81 |  |  | 146 |  |  | (4) |  |  | 142 |
Net Income |  | 292 |  |  | 238 |  |  | 530 |  |  | 4 |  |  | 534 |
Other segment items 2 |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Net Income Available to Common Stockholder |  | $ | 291 |  |  | $ | 238 |  |  | $ | 529 |  |  | $ | 4 |  |  | $ | 533 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of preferred stock dividends.
In Millions
Six Months Ended June 30, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 2,358 |  |  | $ | 1,272 |  |  | $ | 153 |  |  | $ | 3,783 |  |  | $ | — |  |  | $ | 3,783 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 893 |  |  | — |  |  | 74 |  |  | 967 |  |  | — |  |  | 967 |
Cost of gas sold |  | — |  |  | 416 |  |  | 1 |  |  | 417 |  |  | — |  |  | 417 |
Maintenance and other operating expenses |  | 499 |  |  | 256 |  |  | 46 |  |  | 801 |  |  | 5 |  |  | 806 |
Depreciation and amortization |  | 422 |  |  | 194 |  |  | 24 |  |  | 640 |  |  | 1 |  |  | 641 |
General taxes |  | 139 |  |  | 112 |  |  | 6 |  |  | 257 |  |  | — |  |  | 257 |
Total operating expenses |  | 1,953 |  |  | 978 |  |  | 151 |  |  | 3,082 |  |  | 6 |  |  | 3,088 |
Operating Income (Loss) |  | 405 |  |  | 294 |  |  | 2 |  |  | 701 |  |  | (6) |  |  | 695 |
Other income |  | 70 |  |  | 45 |  |  | 8 |  |  | 123 |  |  | 76 |  |  | 199 |
Interest charges |  | 160 |  |  | 94 |  |  | 1 |  |  | 255 |  |  | 95 |  |  | 350 |
Income (Loss) Before Income Taxes |  | 315 |  |  | 245 |  |  | 9 |  |  | 569 |  |  | (25) |  |  | 544 |
Income tax expense (benefit) |  | 47 |  |  | 61 |  |  | 3 |  |  | 111 |  |  | (12) |  |  | 99 |
Income (Loss) From Continuing Operations |  | 268 |  |  | 184 |  |  | 6 |  |  | 458 |  |  | (13) |  |  | 445 |
Other segment items 2 |  | (1) |  |  | — |  |  | 41 |  |  | 40 |  |  | (5) |  |  | 35 |
Net Income (Loss) Available to Common Stockholders |  | $ | 267 |  |  | $ | 184 |  |  | $ | 47 |  |  | $ | 498 |  |  | $ | (18) |  |  | $ | 480 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2024 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 2,358 |  |  | $ | 1,272 |  |  | $ | 3,630 |  |  | $ | — |  |  | $ | 3,630 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 893 |  |  | — |  |  | 893 |  |  | — |  |  | 893 |
Cost of gas sold |  | — |  |  | 416 |  |  | 416 |  |  | — |  |  | 416 |
Maintenance and other operating expenses |  | 499 |  |  | 256 |  |  | 755 |  |  | — |  |  | 755 |
Depreciation and amortization |  | 422 |  |  | 194 |  |  | 616 |  |  | 1 |  |  | 617 |
General taxes |  | 139 |  |  | 112 |  |  | 251 |  |  | — |  |  | 251 |
Total operating expenses |  | 1,953 |  |  | 978 |  |  | 2,931 |  |  | 1 |  |  | 2,932 |
Operating Income (Loss) |  | 405 |  |  | 294 |  |  | 699 |  |  | (1) |  |  | 698 |
Other income |  | 70 |  |  | 45 |  |  | 115 |  |  | — |  |  | 115 |
Interest charges |  | 160 |  |  | 94 |  |  | 254 |  |  | 1 |  |  | 255 |
Income (Loss) Before Income Taxes |  | 315 |  |  | 245 |  |  | 560 |  |  | (2) |  |  | 558 |
Income tax expense (benefit) |  | 47 |  |  | 61 |  |  | 108 |  |  | (3) |  |  | 105 |
Net Income |  | 268 |  |  | 184 |  |  | 452 |  |  | 1 |  |  | 453 |
Other segment items 2 |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Net Income Available to Common Stockholder |  | $ | 267 |  |  | $ | 184 |  |  | $ | 451 |  |  | $ | 1 |  |  | $ | 452 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of preferred stock dividends.
Consumers Energy Company |
Segment Reporting Information [Line Items] |
Schedule of Financial Information by Reportable Segments |
In Millions
Three Months Ended June 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 1,359 |  |  | $ | 387 |  |  | $ | 92 |  |  | $ | 1,838 |  |  | $ | — |  |  | $ | 1,838 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 537 |  |  | — |  |  | 66 |  |  | 603 |  |  | — |  |  | 603 |
Cost of gas sold |  | — |  |  | 123 |  |  | 1 |  |  | 124 |  |  | — |  |  | 124 |
Maintenance and other operating expenses |  | 264 |  |  | 112 |  |  | 18 |  |  | 394 |  |  | 3 |  |  | 397 |
Depreciation and amortization |  | 222 |  |  | 54 |  |  | 12 |  |  | 288 |  |  | — |  |  | 288 |
General taxes |  | 73 |  |  | 33 |  |  | 3 |  |  | 109 |  |  | — |  |  | 109 |
Total operating expenses |  | 1,096 |  |  | 322 |  |  | 100 |  |  | 1,518 |  |  | 3 |  |  | 1,521 |
Operating Income (Loss) |  | 263 |  |  | 65 |  |  | (8) |  |  | 320 |  |  | (3) |  |  | 317 |
Other income |  | 36 |  |  | 23 |  |  | 2 |  |  | 61 |  |  | 76 |  |  | 137 |
Interest charges |  | 89 |  |  | 51 |  |  | (1) |  |  | 139 |  |  | 60 |  |  | 199 |
Income (Loss) Before Income Taxes |  | 210 |  |  | 37 |  |  | (5) |  |  | 242 |  |  | 13 |  |  | 255 |
Income tax expense (benefit) |  | 42 |  |  | 12 |  |  | (18) |  |  | 36 |  |  | 26 |  |  | 62 |
Income (Loss) From Continuing Operations |  | 168 |  |  | 25 |  |  | 13 |  |  | 206 |  |  | (13) |  |  | 193 |
Other segment items 2 |  | (1) |  |  | — |  |  | 9 |  |  | 8 |  |  | (3) |  |  | 5 |
Net Income (Loss) Available to Common Stockholders |  | $ | 167 |  |  | $ | 25 |  |  | $ | 22 |  |  | $ | 214 |  |  | $ | (16) |  |  | $ | 198 |
Property, plant, and equipment, gross |  | $ | 20,761 |  | 3 | $ | 13,609 |  | 3 | $ | 1,562 |  |  | $ | 35,932 |  |  | $ | 30 |  |  | $ | 35,962 |
Total assets |  | 21,942 |  | 3 | 13,388 |  | 3 | 2,105 |  |  | 37,435 |  |  | 264 |  |  | 37,699 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends. 3 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 1,359 |  |  | $ | 387 |  |  | $ | 1,746 |  |  | $ | — |  |  | $ | 1,746 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 537 |  |  | — |  |  | 537 |  |  | — |  |  | 537 |
Cost of gas sold |  | — |  |  | 123 |  |  | 123 |  |  | — |  |  | 123 |
Maintenance and other operating expenses |  | 264 |  |  | 112 |  |  | 376 |  |  | — |  |  | 376 |
Depreciation and amortization |  | 222 |  |  | 54 |  |  | 276 |  |  | — |  |  | 276 |
General taxes |  | 73 |  |  | 33 |  |  | 106 |  |  | — |  |  | 106 |
Total operating expenses |  | 1,096 |  |  | 322 |  |  | 1,418 |  |  | — |  |  | 1,418 |
Operating Income |  | 263 |  |  | 65 |  |  | 328 |  |  | — |  |  | 328 |
Other income |  | 36 |  |  | 23 |  |  | 59 |  |  | 1 |  |  | 60 |
Interest charges |  | 89 |  |  | 51 |  |  | 140 |  |  | 1 |  |  | 141 |
Income Before Income Taxes |  | 210 |  |  | 37 |  |  | 247 |  |  | — |  |  | 247 |
Income tax expense |  | 42 |  |  | 12 |  |  | 54 |  |  | 5 |  |  | 59 |
Net Income (Loss) |  | 168 |  |  | 25 |  |  | 193 |  |  | (5) |  |  | 188 |
Other segment items 2 |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Net Income (Loss) Available to Common Stockholder |  | $ | 167 |  |  | $ | 25 |  |  | $ | 192 |  |  | $ | (5) |  |  | $ | 187 |
Property, plant, and equipment, gross |  | $ | 20,761 |  | 3 | $ | 13,609 |  | 3 | $ | 34,370 |  |  | $ | 36 |  |  | $ | 34,406 |
Total assets |  | 21,997 |  | 3 | 13,430 |  | 3 | 35,427 |  |  | 40 |  |  | 35,467 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of preferred stock dividends. 3 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 1,226 |  |  | $ | 307 |  |  | $ | 74 |  |  | $ | 1,607 |  |  | $ | — |  |  | $ | 1,607 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 444 |  |  | — |  |  | 35 |  |  | 479 |  |  | — |  |  | 479 |
Cost of gas sold |  | — |  |  | 66 |  |  | — |  |  | 66 |  |  | — |  |  | 66 |
Maintenance and other operating expenses |  | 261 |  |  | 116 |  |  | 24 |  |  | 401 |  |  | 3 |  |  | 404 |
Depreciation and amortization |  | 209 |  |  | 51 |  |  | 13 |  |  | 273 |  |  | — |  |  | 273 |
General taxes |  | 68 |  |  | 31 |  |  | 3 |  |  | 102 |  |  | — |  |  | 102 |
Total operating expenses |  | 982 |  |  | 264 |  |  | 75 |  |  | 1,321 |  |  | 3 |  |  | 1,324 |
Operating Income (Loss) |  | 244 |  |  | 43 |  |  | (1) |  |  | 286 |  |  | (3) |  |  | 283 |
Other income |  | 36 |  |  | 23 |  |  | 2 |  |  | 61 |  |  | 52 |  |  | 113 |
Interest charges |  | 79 |  |  | 46 |  |  | — |  |  | 125 |  |  | 48 |  |  | 173 |
Income Before Income Taxes |  | 201 |  |  | 20 |  |  | 1 |  |  | 222 |  |  | 1 |  |  | 223 |
Income tax expense |  | 30 |  |  | 5 |  |  | 2 |  |  | 37 |  |  | 4 |  |  | 41 |
Income (Loss) From Continuing Operations |  | 171 |  |  | 15 |  |  | (1) |  |  | 185 |  |  | (3) |  |  | 182 |
Other segment items 2 |  | (1) |  |  | — |  |  | 17 |  |  | 16 |  |  | (3) |  |  | 13 |
Net Income (Loss) Available to Common Stockholders |  | $ | 170 |  |  | $ | 15 |  |  | $ | 16 |  |  | $ | 201 |  |  | $ | (6) |  |  | $ | 195 |
Property, plant, and equipment, gross |  | $ | 19,557 |  | 3 | $ | 12,638 |  | 3 | $ | 1,464 |  |  | $ | 33,659 |  |  | $ | 21 |  |  | $ | 33,680 |
Total assets |  | 20,122 |  | 3 | 12,469 |  | 3 | 1,659 |  |  | 34,250 |  |  | 105 |  |  | 34,355 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends. 3 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 1,226 |  |  | $ | 307 |  |  | $ | 1,533 |  |  | $ | — |  |  | $ | 1,533 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 444 |  |  | — |  |  | 444 |  |  | — |  |  | 444 |
Cost of gas sold |  | — |  |  | 66 |  |  | 66 |  |  | — |  |  | 66 |
Maintenance and other operating expenses |  | 261 |  |  | 116 |  |  | 377 |  |  | — |  |  | 377 |
Depreciation and amortization |  | 209 |  |  | 51 |  |  | 260 |  |  | 1 |  |  | 261 |
General taxes |  | 68 |  |  | 31 |  |  | 99 |  |  | — |  |  | 99 |
Total operating expenses |  | 982 |  |  | 264 |  |  | 1,246 |  |  | 1 |  |  | 1,247 |
Operating Income (Loss) |  | 244 |  |  | 43 |  |  | 287 |  |  | (1) |  |  | 286 |
Other income |  | 36 |  |  | 23 |  |  | 59 |  |  | — |  |  | 59 |
Interest charges |  | 79 |  |  | 46 |  |  | 125 |  |  | 1 |  |  | 126 |
Income (Loss) Before Income Taxes |  | 201 |  |  | 20 |  |  | 221 |  |  | (2) |  |  | 219 |
Income tax expense |  | 30 |  |  | 5 |  |  | 35 |  |  | 6 |  |  | 41 |
Net Income (Loss) |  | 171 |  |  | 15 |  |  | 186 |  |  | (8) |  |  | 178 |
Other segment items 2 |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Net Income (Loss) Available to Common Stockholder |  | $ | 170 |  |  | $ | 15 |  |  | $ | 185 |  |  | $ | (8) |  |  | $ | 177 |
Property, plant, and equipment, gross |  | $ | 19,557 |  |  | $ | 12,638 |  |  | $ | 32,195 |  |  | $ | 29 |  |  | $ | 32,224 |
Total assets |  | 20,180 |  |  | 12,512 |  |  | 32,692 |  |  | 26 |  |  | 32,718 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of preferred stock dividends. 3 Amounts 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
Six Months Ended June 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 2,658 |  |  | $ | 1,436 |  |  | $ | 191 |  |  | $ | 4,285 |  |  | $ | — |  |  | $ | 4,285 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,083 |  |  | — |  |  | 135 |  |  | 1,218 |  |  | — |  |  | 1,218 |
Cost of gas sold |  | — |  |  | 505 |  |  | 2 |  |  | 507 |  |  | — |  |  | 507 |
Maintenance and other operating expenses |  | 521 |  |  | 228 |  |  | 48 |  |  | 797 |  |  | 5 |  |  | 802 |
Depreciation and amortization |  | 443 |  |  | 208 |  |  | 25 |  |  | 676 |  |  | — |  |  | 676 |
General taxes |  | 146 |  |  | 119 |  |  | 6 |  |  | 271 |  |  | — |  |  | 271 |
Total operating expenses |  | 2,193 |  |  | 1,060 |  |  | 216 |  |  | 3,469 |  |  | 5 |  |  | 3,474 |
Operating Income (Loss) |  | 465 |  |  | 376 |  |  | (25) |  |  | 816 |  |  | (5) |  |  | 811 |
Other income |  | 63 |  |  | 42 |  |  | 3 |  |  | 108 |  |  | 79 |  |  | 187 |
Interest charges |  | 171 |  |  | 99 |  |  | (1) |  |  | 269 |  |  | 116 |  |  | 385 |
Income (Loss) Before Income Taxes |  | 357 |  |  | 319 |  |  | (21) |  |  | 655 |  |  | (42) |  |  | 613 |
Income tax expense (benefit) |  | 65 |  |  | 81 |  |  | (7) |  |  | 139 |  |  | (14) |  |  | 125 |
Income (Loss) From Continuing Operations |  | 292 |  |  | 238 |  |  | (14) |  |  | 516 |  |  | (28) |  |  | 488 |
Other segment items 2 |  | (1) |  |  | — |  |  | 18 |  |  | 17 |  |  | (5) |  |  | 12 |
Net Income (Loss) Available to Common Stockholders |  | $ | 291 |  |  | $ | 238 |  |  | $ | 4 |  |  | $ | 533 |  |  | $ | (33) |  |  | $ | 500 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 2,658 |  |  | $ | 1,436 |  |  | $ | 4,094 |  |  | $ | — |  |  | $ | 4,094 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,083 |  |  | — |  |  | 1,083 |  |  | — |  |  | 1,083 |
Cost of gas sold |  | — |  |  | 505 |  |  | 505 |  |  | — |  |  | 505 |
Maintenance and other operating expenses |  | 521 |  |  | 228 |  |  | 749 |  |  | — |  |  | 749 |
Depreciation and amortization |  | 443 |  |  | 208 |  |  | 651 |  |  | — |  |  | 651 |
General taxes |  | 146 |  |  | 119 |  |  | 265 |  |  | — |  |  | 265 |
Total operating expenses |  | 2,193 |  |  | 1,060 |  |  | 3,253 |  |  | — |  |  | 3,253 |
Operating Income |  | 465 |  |  | 376 |  |  | 841 |  |  | — |  |  | 841 |
Other income |  | 63 |  |  | 42 |  |  | 105 |  |  | 1 |  |  | 106 |
Interest charges |  | 171 |  |  | 99 |  |  | 270 |  |  | 1 |  |  | 271 |
Income Before Income Taxes |  | 357 |  |  | 319 |  |  | 676 |  |  | — |  |  | 676 |
Income tax expense (benefit) |  | 65 |  |  | 81 |  |  | 146 |  |  | (4) |  |  | 142 |
Net Income |  | 292 |  |  | 238 |  |  | 530 |  |  | 4 |  |  | 534 |
Other segment items 2 |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Net Income Available to Common Stockholder |  | $ | 291 |  |  | $ | 238 |  |  | $ | 529 |  |  | $ | 4 |  |  | $ | 533 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of preferred stock dividends.
In Millions
Six Months Ended June 30, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 2,358 |  |  | $ | 1,272 |  |  | $ | 153 |  |  | $ | 3,783 |  |  | $ | — |  |  | $ | 3,783 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 893 |  |  | — |  |  | 74 |  |  | 967 |  |  | — |  |  | 967 |
Cost of gas sold |  | — |  |  | 416 |  |  | 1 |  |  | 417 |  |  | — |  |  | 417 |
Maintenance and other operating expenses |  | 499 |  |  | 256 |  |  | 46 |  |  | 801 |  |  | 5 |  |  | 806 |
Depreciation and amortization |  | 422 |  |  | 194 |  |  | 24 |  |  | 640 |  |  | 1 |  |  | 641 |
General taxes |  | 139 |  |  | 112 |  |  | 6 |  |  | 257 |  |  | — |  |  | 257 |
Total operating expenses |  | 1,953 |  |  | 978 |  |  | 151 |  |  | 3,082 |  |  | 6 |  |  | 3,088 |
Operating Income (Loss) |  | 405 |  |  | 294 |  |  | 2 |  |  | 701 |  |  | (6) |  |  | 695 |
Other income |  | 70 |  |  | 45 |  |  | 8 |  |  | 123 |  |  | 76 |  |  | 199 |
Interest charges |  | 160 |  |  | 94 |  |  | 1 |  |  | 255 |  |  | 95 |  |  | 350 |
Income (Loss) Before Income Taxes |  | 315 |  |  | 245 |  |  | 9 |  |  | 569 |  |  | (25) |  |  | 544 |
Income tax expense (benefit) |  | 47 |  |  | 61 |  |  | 3 |  |  | 111 |  |  | (12) |  |  | 99 |
Income (Loss) From Continuing Operations |  | 268 |  |  | 184 |  |  | 6 |  |  | 458 |  |  | (13) |  |  | 445 |
Other segment items 2 |  | (1) |  |  | — |  |  | 41 |  |  | 40 |  |  | (5) |  |  | 35 |
Net Income (Loss) Available to Common Stockholders |  | $ | 267 |  |  | $ | 184 |  |  | $ | 47 |  |  | $ | 498 |  |  | $ | (18) |  |  | $ | 480 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2024 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 2,358 |  |  | $ | 1,272 |  |  | $ | 3,630 |  |  | $ | — |  |  | $ | 3,630 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 893 |  |  | — |  |  | 893 |  |  | — |  |  | 893 |
Cost of gas sold |  | — |  |  | 416 |  |  | 416 |  |  | — |  |  | 416 |
Maintenance and other operating expenses |  | 499 |  |  | 256 |  |  | 755 |  |  | — |  |  | 755 |
Depreciation and amortization |  | 422 |  |  | 194 |  |  | 616 |  |  | 1 |  |  | 617 |
General taxes |  | 139 |  |  | 112 |  |  | 251 |  |  | — |  |  | 251 |
Total operating expenses |  | 1,953 |  |  | 978 |  |  | 2,931 |  |  | 1 |  |  | 2,932 |
Operating Income (Loss) |  | 405 |  |  | 294 |  |  | 699 |  |  | (1) |  |  | 698 |
Other income |  | 70 |  |  | 45 |  |  | 115 |  |  | — |  |  | 115 |
Interest charges |  | 160 |  |  | 94 |  |  | 254 |  |  | 1 |  |  | 255 |
Income (Loss) Before Income Taxes |  | 315 |  |  | 245 |  |  | 560 |  |  | (2) |  |  | 558 |
Income tax expense (benefit) |  | 47 |  |  | 61 |  |  | 108 |  |  | (3) |  |  | 105 |
Net Income |  | 268 |  |  | 184 |  |  | 452 |  |  | 1 |  |  | 453 |
Other segment items 2 |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Net Income Available to Common Stockholder |  | $ | 267 |  |  | $ | 184 |  |  | $ | 451 |  |  | $ | 1 |  |  | $ | 452 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise of preferred stock dividends.

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