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v3.25.3

Reportable Segments (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting Information [Line Items] |
Schedule of Financial Information by Reportable Segments |
In Millions
Three Months Ended September 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 1,679 |  |  | $ | 234 |  |  | $ | 108 |  |  | $ | 2,021 |  |  | $ | — |  |  | $ | 2,021 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 624 |  |  | — |  |  | 63 |  |  | 687 |  |  | — |  |  | 687 |
Cost of gas sold |  | — |  |  | 40 |  |  | 2 |  |  | 42 |  |  | — |  |  | 42 |
Maintenance and other operating expenses |  | 285 |  |  | 103 |  |  | 25 |  |  | 413 |  |  | 3 |  |  | 416 |
Depreciation and amortization |  | 239 |  |  | 35 |  |  | 14 |  |  | 288 |  |  | — |  |  | 288 |
General taxes |  | 81 |  |  | 23 |  |  | 3 |  |  | 107 |  |  | — |  |  | 107 |
Total operating expenses |  | 1,229 |  |  | 201 |  |  | 107 |  |  | 1,537 |  |  | 3 |  |  | 1,540 |
Operating Income (Loss) |  | 450 |  |  | 33 |  |  | 1 |  |  | 484 |  |  | (3) |  |  | 481 |
Other income |  | 34 |  |  | 22 |  |  | 4 |  |  | 60 |  |  | 2 |  |  | 62 |
Interest charges |  | 92 |  |  | 53 |  |  | (1) |  |  | 144 |  |  | 59 |  |  | 203 |
Income (Loss) Before Income Taxes |  | 392 |  |  | 2 |  |  | 6 |  |  | 400 |  |  | (60) |  |  | 340 |
Income tax expense |  | 66 |  |  | 2 |  |  | — |  |  | 68 |  |  | — |  |  | 68 |
Income (Loss) From Continuing Operations |  | 326 |  |  | — |  |  | 6 |  |  | 332 |  |  | (60) |  |  | 272 |
Other segment items 2 |  | — |  |  | — |  |  | 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 assets |  | 21,917 |  | 3 | 13,720 |  | 3 | 2,229 |  |  | 37,866 |  |  | 142 |  |  | 38,008 |
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 September 30, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 1,679 |  |  | $ | 234 |  |  | $ | 1,913 |  |  | $ | — |  |  | $ | 1,913 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 624 |  |  | — |  |  | 624 |  |  | — |  |  | 624 |
Cost of gas sold |  | — |  |  | 40 |  |  | 40 |  |  | — |  |  | 40 |
Maintenance and other operating expenses |  | 285 |  |  | 103 |  |  | 388 |  |  | — |  |  | 388 |
Depreciation and amortization |  | 239 |  |  | 35 |  |  | 274 |  |  | — |  |  | 274 |
General taxes |  | 81 |  |  | 23 |  |  | 104 |  |  | — |  |  | 104 |
Total operating expenses |  | 1,229 |  |  | 201 |  |  | 1,430 |  |  | — |  |  | 1,430 |
Operating Income |  | 450 |  |  | 33 |  |  | 483 |  |  | — |  |  | 483 |
Other income |  | 34 |  |  | 22 |  |  | 56 |  |  | (1) |  |  | 55 |
Interest charges |  | 92 |  |  | 53 |  |  | 145 |  |  | — |  |  | 145 |
Income (Loss) Before Income Taxes |  | 392 |  |  | 2 |  |  | 394 |  |  | (1) |  |  | 393 |
Income tax expense |  | 66 |  |  | 2 |  |  | 68 |  |  | 11 |  |  | 79 |
Net Income (Loss) Available to Common Stockholder |  | $ | 326 |  |  | $ | — |  |  | $ | 326 |  |  | $ | (12) |  |  | $ | 314 |
Property, plant, and equipment, gross |  | $ | 21,095 |  | 2 | $ | 13,890 |  | 2 | $ | 34,985 |  |  | $ | 36 |  |  | $ | 35,021 |
Total assets |  | 21,972 |  | 2 | 13,762 |  | 2 | 35,734 |  |  | 46 |  |  | 35,780 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 1,448 |  |  | $ | 213 |  |  | $ | 82 |  |  | $ | 1,743 |  |  | $ | — |  |  | $ | 1,743 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 515 |  |  | — |  |  | 45 |  |  | 560 |  |  | — |  |  | 560 |
Cost of gas sold |  | — |  |  | 31 |  |  | 1 |  |  | 32 |  |  | — |  |  | 32 |
Maintenance and other operating expenses |  | 282 |  |  | 99 |  |  | 27 |  |  | 408 |  |  | 4 |  |  | 412 |
Depreciation and amortization |  | 229 |  |  | 32 |  |  | 12 |  |  | 273 |  |  | — |  |  | 273 |
General taxes |  | 75 |  |  | 20 |  |  | 4 |  |  | 99 |  |  | — |  |  | 99 |
Total operating expenses |  | 1,101 |  |  | 182 |  |  | 89 |  |  | 1,372 |  |  | 4 |  |  | 1,376 |
Operating Income (Loss) |  | 347 |  |  | 31 |  |  | (7) |  |  | 371 |  |  | (4) |  |  | 367 |
Other income |  | 35 |  |  | 25 |  |  | 3 |  |  | 63 |  |  | 21 |  |  | 84 |
Interest charges |  | 82 |  |  | 49 |  |  | 2 |  |  | 133 |  |  | 45 |  |  | 178 |
Income (Loss) Before Income Taxes |  | 300 |  |  | 7 |  |  | (6) |  |  | 301 |  |  | (28) |  |  | 273 |
Income tax expense (benefit) |  | 27 |  |  | (4) |  |  | (6) |  |  | 17 |  |  | 9 |  |  | 26 |
Income (Loss) From Continuing Operations |  | 273 |  |  | 11 |  |  | — |  |  | 284 |  |  | (37) |  |  | 247 |
Other segment items 2 |  | — |  |  | — |  |  | 6 |  |  | 6 |  |  | (2) |  |  | 4 |
Net Income (Loss) Available to Common Stockholders |  | $ | 273 |  |  | $ | 11 |  |  | $ | 6 |  |  | $ | 290 |  |  | $ | (39) |  |  | $ | 251 |
Property, plant, and equipment, gross |  | $ | 19,826 |  | 3 | $ | 12,840 |  | 3 | $ | 1,469 |  |  | $ | 34,135 |  |  | $ | 21 |  |  | $ | 34,156 |
Total assets |  | 20,222 |  | 3 | 12,809 |  | 3 | 1,711 |  |  | 34,742 |  |  | 75 |  |  | 34,817 |
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 September 30, 2024 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 1,448 |  |  | $ | 213 |  |  | $ | 1,661 |  |  | $ | — |  |  | $ | 1,661 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 515 |  |  | — |  |  | 515 |  |  | — |  |  | 515 |
Cost of gas sold |  | — |  |  | 31 |  |  | 31 |  |  | — |  |  | 31 |
Maintenance and other operating expenses |  | 282 |  |  | 99 |  |  | 381 |  |  | — |  |  | 381 |
Depreciation and amortization |  | 229 |  |  | 32 |  |  | 261 |  |  | — |  |  | 261 |
General taxes |  | 75 |  |  | 20 |  |  | 95 |  |  | — |  |  | 95 |
Total operating expenses |  | 1,101 |  |  | 182 |  |  | 1,283 |  |  | — |  |  | 1,283 |
Operating Income |  | 347 |  |  | 31 |  |  | 378 |  |  | — |  |  | 378 |
Other income |  | 35 |  |  | 25 |  |  | 60 |  |  | — |  |  | 60 |
Interest charges |  | 82 |  |  | 49 |  |  | 131 |  |  | — |  |  | 131 |
Income Before Income Taxes |  | 300 |  |  | 7 |  |  | 307 |  |  | — |  |  | 307 |
Income tax expense (benefit) |  | 27 |  |  | (4) |  |  | 23 |  |  | 11 |  |  | 34 |
Net Income (Loss) Available to Common Stockholder |  | $ | 273 |  |  | $ | 11 |  |  | $ | 284 |  |  | $ | (11) |  |  | $ | 273 |
Property, plant, and equipment, gross |  | $ | 19,826 |  | 2 | $ | 12,840 |  | 2 | $ | 32,666 |  |  | $ | 29 |  |  | $ | 32,695 |
Total assets |  | 20,279 |  | 2 | 12,852 |  | 2 | 33,131 |  |  | 29 |  |  | 33,160 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 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
Nine Months Ended September 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 4,337 |  |  | $ | 1,670 |  |  | $ | 299 |  |  | $ | 6,306 |  |  | $ | — |  |  | $ | 6,306 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,707 |  |  | — |  |  | 198 |  |  | 1,905 |  |  | — |  |  | 1,905 |
Cost of gas sold |  | — |  |  | 545 |  |  | 4 |  |  | 549 |  |  | — |  |  | 549 |
Maintenance and other operating expenses |  | 806 |  |  | 331 |  |  | 73 |  |  | 1,210 |  |  | 8 |  |  | 1,218 |
Depreciation and amortization |  | 682 |  |  | 243 |  |  | 39 |  |  | 964 |  |  | — |  |  | 964 |
General taxes |  | 227 |  |  | 142 |  |  | 9 |  |  | 378 |  |  | — |  |  | 378 |
Total operating expenses |  | 3,422 |  |  | 1,261 |  |  | 323 |  |  | 5,006 |  |  | 8 |  |  | 5,014 |
Operating Income (Loss) |  | 915 |  |  | 409 |  |  | (24) |  |  | 1,300 |  |  | (8) |  |  | 1,292 |
Other income |  | 97 |  |  | 64 |  |  | 7 |  |  | 168 |  |  | 81 |  |  | 249 |
Interest charges |  | 263 |  |  | 152 |  |  | (2) |  |  | 413 |  |  | 175 |  |  | 588 |
Income (Loss) Before Income Taxes |  | 749 |  |  | 321 |  |  | (15) |  |  | 1,055 |  |  | (102) |  |  | 953 |
Income tax expense (benefit) |  | 131 |  |  | 83 |  |  | (7) |  |  | 207 |  |  | (14) |  |  | 193 |
Income (Loss) From Continuing Operations |  | 618 |  |  | 238 |  |  | (8) |  |  | 848 |  |  | (88) |  |  | 760 |
Other segment items 2 |  | (1) |  |  | — |  |  | 23 |  |  | 22 |  |  | (7) |  |  | 15 |
Net Income (Loss) Available to Common Stockholders |  | $ | 617 |  |  | $ | 238 |  |  | $ | 15 |  |  | $ | 870 |  |  | $ | (95) |  |  | $ | 775 |
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
Nine Months Ended September 30, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 4,337 |  |  | $ | 1,670 |  |  | $ | 6,007 |  |  | $ | — |  |  | $ | 6,007 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,707 |  |  | — |  |  | 1,707 |  |  | — |  |  | 1,707 |
Cost of gas sold |  | — |  |  | 545 |  |  | 545 |  |  | — |  |  | 545 |
Maintenance and other operating expenses |  | 806 |  |  | 331 |  |  | 1,137 |  |  | — |  |  | 1,137 |
Depreciation and amortization |  | 682 |  |  | 243 |  |  | 925 |  |  | — |  |  | 925 |
General taxes |  | 227 |  |  | 142 |  |  | 369 |  |  | — |  |  | 369 |
Total operating expenses |  | 3,422 |  |  | 1,261 |  |  | 4,683 |  |  | — |  |  | 4,683 |
Operating Income |  | 915 |  |  | 409 |  |  | 1,324 |  |  | — |  |  | 1,324 |
Other income |  | 97 |  |  | 64 |  |  | 161 |  |  | — |  |  | 161 |
Interest charges |  | 263 |  |  | 152 |  |  | 415 |  |  | 1 |  |  | 416 |
Income (Loss) Before Income Taxes |  | 749 |  |  | 321 |  |  | 1,070 |  |  | (1) |  |  | 1,069 |
Income tax expense |  | 131 |  |  | 83 |  |  | 214 |  |  | 7 |  |  | 221 |
Net Income (Loss) |  | 618 |  |  | 238 |  |  | 856 |  |  | (8) |  |  | 848 |
Other segment items 2 |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Net Income (Loss) Available to Common Stockholder |  | $ | 617 |  |  | $ | 238 |  |  | $ | 855 |  |  | $ | (8) |  |  | $ | 847 |
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
Nine Months Ended September 30, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 3,806 |  |  | $ | 1,485 |  |  | $ | 235 |  |  | $ | 5,526 |  |  | $ | — |  |  | $ | 5,526 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,408 |  |  | — |  |  | 119 |  |  | 1,527 |  |  | — |  |  | 1,527 |
Cost of gas sold |  | — |  |  | 447 |  |  | 2 |  |  | 449 |  |  | — |  |  | 449 |
Maintenance and other operating expenses |  | 781 |  |  | 355 |  |  | 73 |  |  | 1,209 |  |  | 9 |  |  | 1,218 |
Depreciation and amortization |  | 651 |  |  | 226 |  |  | 36 |  |  | 913 |  |  | 1 |  |  | 914 |
General taxes |  | 214 |  |  | 132 |  |  | 10 |  |  | 356 |  |  | — |  |  | 356 |
Total operating expenses |  | 3,054 |  |  | 1,160 |  |  | 240 |  |  | 4,454 |  |  | 10 |  |  | 4,464 |
Operating Income (Loss) |  | 752 |  |  | 325 |  |  | (5) |  |  | 1,072 |  |  | (10) |  |  | 1,062 |
Other income |  | 105 |  |  | 70 |  |  | 11 |  |  | 186 |  |  | 97 |  |  | 283 |
Interest charges |  | 242 |  |  | 143 |  |  | 3 |  |  | 388 |  |  | 140 |  |  | 528 |
Income (Loss) Before Income Taxes |  | 615 |  |  | 252 |  |  | 3 |  |  | 870 |  |  | (53) |  |  | 817 |
Income tax expense (benefit) |  | 74 |  |  | 57 |  |  | (3) |  |  | 128 |  |  | (3) |  |  | 125 |
Income (Loss) From Continuing Operations |  | 541 |  |  | 195 |  |  | 6 |  |  | 742 |  |  | (50) |  |  | 692 |
Other segment items 2 |  | (1) |  |  | — |  |  | 47 |  |  | 46 |  |  | (7) |  |  | 39 |
Net Income (Loss) Available to Common Stockholders |  | $ | 540 |  |  | $ | 195 |  |  | $ | 53 |  |  | $ | 788 |  |  | $ | (57) |  |  | $ | 731 |
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
Nine Months Ended September 30, 2024 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 3,806 |  |  | $ | 1,485 |  |  | $ | 5,291 |  |  | $ | — |  |  | $ | 5,291 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,408 |  |  | — |  |  | 1,408 |  |  | — |  |  | 1,408 |
Cost of gas sold |  | — |  |  | 447 |  |  | 447 |  |  | — |  |  | 447 |
Maintenance and other operating expenses |  | 781 |  |  | 355 |  |  | 1,136 |  |  | — |  |  | 1,136 |
Depreciation and amortization |  | 651 |  |  | 226 |  |  | 877 |  |  | 1 |  |  | 878 |
General taxes |  | 214 |  |  | 132 |  |  | 346 |  |  | — |  |  | 346 |
Total operating expenses |  | 3,054 |  |  | 1,160 |  |  | 4,214 |  |  | 1 |  |  | 4,215 |
Operating Income (Loss) |  | 752 |  |  | 325 |  |  | 1,077 |  |  | (1) |  |  | 1,076 |
Other income |  | 105 |  |  | 70 |  |  | 175 |  |  | — |  |  | 175 |
Interest charges |  | 242 |  |  | 143 |  |  | 385 |  |  | 1 |  |  | 386 |
Income (Loss) Before Income Taxes |  | 615 |  |  | 252 |  |  | 867 |  |  | (2) |  |  | 865 |
Income tax expense |  | 74 |  |  | 57 |  |  | 131 |  |  | 8 |  |  | 139 |
Net Income (Loss) |  | 541 |  |  | 195 |  |  | 736 |  |  | (10) |  |  | 726 |
Other segment items 2 |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Net Income (Loss) Available to Common Stockholder |  | $ | 540 |  |  | $ | 195 |  |  | $ | 735 |  |  | $ | (10) |  |  | $ | 725 |
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 September 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 1,679 |  |  | $ | 234 |  |  | $ | 108 |  |  | $ | 2,021 |  |  | $ | — |  |  | $ | 2,021 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 624 |  |  | — |  |  | 63 |  |  | 687 |  |  | — |  |  | 687 |
Cost of gas sold |  | — |  |  | 40 |  |  | 2 |  |  | 42 |  |  | — |  |  | 42 |
Maintenance and other operating expenses |  | 285 |  |  | 103 |  |  | 25 |  |  | 413 |  |  | 3 |  |  | 416 |
Depreciation and amortization |  | 239 |  |  | 35 |  |  | 14 |  |  | 288 |  |  | — |  |  | 288 |
General taxes |  | 81 |  |  | 23 |  |  | 3 |  |  | 107 |  |  | — |  |  | 107 |
Total operating expenses |  | 1,229 |  |  | 201 |  |  | 107 |  |  | 1,537 |  |  | 3 |  |  | 1,540 |
Operating Income (Loss) |  | 450 |  |  | 33 |  |  | 1 |  |  | 484 |  |  | (3) |  |  | 481 |
Other income |  | 34 |  |  | 22 |  |  | 4 |  |  | 60 |  |  | 2 |  |  | 62 |
Interest charges |  | 92 |  |  | 53 |  |  | (1) |  |  | 144 |  |  | 59 |  |  | 203 |
Income (Loss) Before Income Taxes |  | 392 |  |  | 2 |  |  | 6 |  |  | 400 |  |  | (60) |  |  | 340 |
Income tax expense |  | 66 |  |  | 2 |  |  | — |  |  | 68 |  |  | — |  |  | 68 |
Income (Loss) From Continuing Operations |  | 326 |  |  | — |  |  | 6 |  |  | 332 |  |  | (60) |  |  | 272 |
Other segment items 2 |  | — |  |  | — |  |  | 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 assets |  | 21,917 |  | 3 | 13,720 |  | 3 | 2,229 |  |  | 37,866 |  |  | 142 |  |  | 38,008 |
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 September 30, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 1,679 |  |  | $ | 234 |  |  | $ | 1,913 |  |  | $ | — |  |  | $ | 1,913 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 624 |  |  | — |  |  | 624 |  |  | — |  |  | 624 |
Cost of gas sold |  | — |  |  | 40 |  |  | 40 |  |  | — |  |  | 40 |
Maintenance and other operating expenses |  | 285 |  |  | 103 |  |  | 388 |  |  | — |  |  | 388 |
Depreciation and amortization |  | 239 |  |  | 35 |  |  | 274 |  |  | — |  |  | 274 |
General taxes |  | 81 |  |  | 23 |  |  | 104 |  |  | — |  |  | 104 |
Total operating expenses |  | 1,229 |  |  | 201 |  |  | 1,430 |  |  | — |  |  | 1,430 |
Operating Income |  | 450 |  |  | 33 |  |  | 483 |  |  | — |  |  | 483 |
Other income |  | 34 |  |  | 22 |  |  | 56 |  |  | (1) |  |  | 55 |
Interest charges |  | 92 |  |  | 53 |  |  | 145 |  |  | — |  |  | 145 |
Income (Loss) Before Income Taxes |  | 392 |  |  | 2 |  |  | 394 |  |  | (1) |  |  | 393 |
Income tax expense |  | 66 |  |  | 2 |  |  | 68 |  |  | 11 |  |  | 79 |
Net Income (Loss) Available to Common Stockholder |  | $ | 326 |  |  | $ | — |  |  | $ | 326 |  |  | $ | (12) |  |  | $ | 314 |
Property, plant, and equipment, gross |  | $ | 21,095 |  | 2 | $ | 13,890 |  | 2 | $ | 34,985 |  |  | $ | 36 |  |  | $ | 35,021 |
Total assets |  | 21,972 |  | 2 | 13,762 |  | 2 | 35,734 |  |  | 46 |  |  | 35,780 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 1,448 |  |  | $ | 213 |  |  | $ | 82 |  |  | $ | 1,743 |  |  | $ | — |  |  | $ | 1,743 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 515 |  |  | — |  |  | 45 |  |  | 560 |  |  | — |  |  | 560 |
Cost of gas sold |  | — |  |  | 31 |  |  | 1 |  |  | 32 |  |  | — |  |  | 32 |
Maintenance and other operating expenses |  | 282 |  |  | 99 |  |  | 27 |  |  | 408 |  |  | 4 |  |  | 412 |
Depreciation and amortization |  | 229 |  |  | 32 |  |  | 12 |  |  | 273 |  |  | — |  |  | 273 |
General taxes |  | 75 |  |  | 20 |  |  | 4 |  |  | 99 |  |  | — |  |  | 99 |
Total operating expenses |  | 1,101 |  |  | 182 |  |  | 89 |  |  | 1,372 |  |  | 4 |  |  | 1,376 |
Operating Income (Loss) |  | 347 |  |  | 31 |  |  | (7) |  |  | 371 |  |  | (4) |  |  | 367 |
Other income |  | 35 |  |  | 25 |  |  | 3 |  |  | 63 |  |  | 21 |  |  | 84 |
Interest charges |  | 82 |  |  | 49 |  |  | 2 |  |  | 133 |  |  | 45 |  |  | 178 |
Income (Loss) Before Income Taxes |  | 300 |  |  | 7 |  |  | (6) |  |  | 301 |  |  | (28) |  |  | 273 |
Income tax expense (benefit) |  | 27 |  |  | (4) |  |  | (6) |  |  | 17 |  |  | 9 |  |  | 26 |
Income (Loss) From Continuing Operations |  | 273 |  |  | 11 |  |  | — |  |  | 284 |  |  | (37) |  |  | 247 |
Other segment items 2 |  | — |  |  | — |  |  | 6 |  |  | 6 |  |  | (2) |  |  | 4 |
Net Income (Loss) Available to Common Stockholders |  | $ | 273 |  |  | $ | 11 |  |  | $ | 6 |  |  | $ | 290 |  |  | $ | (39) |  |  | $ | 251 |
Property, plant, and equipment, gross |  | $ | 19,826 |  | 3 | $ | 12,840 |  | 3 | $ | 1,469 |  |  | $ | 34,135 |  |  | $ | 21 |  |  | $ | 34,156 |
Total assets |  | 20,222 |  | 3 | 12,809 |  | 3 | 1,711 |  |  | 34,742 |  |  | 75 |  |  | 34,817 |
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 September 30, 2024 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 1,448 |  |  | $ | 213 |  |  | $ | 1,661 |  |  | $ | — |  |  | $ | 1,661 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 515 |  |  | — |  |  | 515 |  |  | — |  |  | 515 |
Cost of gas sold |  | — |  |  | 31 |  |  | 31 |  |  | — |  |  | 31 |
Maintenance and other operating expenses |  | 282 |  |  | 99 |  |  | 381 |  |  | — |  |  | 381 |
Depreciation and amortization |  | 229 |  |  | 32 |  |  | 261 |  |  | — |  |  | 261 |
General taxes |  | 75 |  |  | 20 |  |  | 95 |  |  | — |  |  | 95 |
Total operating expenses |  | 1,101 |  |  | 182 |  |  | 1,283 |  |  | — |  |  | 1,283 |
Operating Income |  | 347 |  |  | 31 |  |  | 378 |  |  | — |  |  | 378 |
Other income |  | 35 |  |  | 25 |  |  | 60 |  |  | — |  |  | 60 |
Interest charges |  | 82 |  |  | 49 |  |  | 131 |  |  | — |  |  | 131 |
Income Before Income Taxes |  | 300 |  |  | 7 |  |  | 307 |  |  | — |  |  | 307 |
Income tax expense (benefit) |  | 27 |  |  | (4) |  |  | 23 |  |  | 11 |  |  | 34 |
Net Income (Loss) Available to Common Stockholder |  | $ | 273 |  |  | $ | 11 |  |  | $ | 284 |  |  | $ | (11) |  |  | $ | 273 |
Property, plant, and equipment, gross |  | $ | 19,826 |  | 2 | $ | 12,840 |  | 2 | $ | 32,666 |  |  | $ | 29 |  |  | $ | 32,695 |
Total assets |  | 20,279 |  | 2 | 12,852 |  | 2 | 33,131 |  |  | 29 |  |  | 33,160 |
1 Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 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
Nine Months Ended September 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 4,337 |  |  | $ | 1,670 |  |  | $ | 299 |  |  | $ | 6,306 |  |  | $ | — |  |  | $ | 6,306 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,707 |  |  | — |  |  | 198 |  |  | 1,905 |  |  | — |  |  | 1,905 |
Cost of gas sold |  | — |  |  | 545 |  |  | 4 |  |  | 549 |  |  | — |  |  | 549 |
Maintenance and other operating expenses |  | 806 |  |  | 331 |  |  | 73 |  |  | 1,210 |  |  | 8 |  |  | 1,218 |
Depreciation and amortization |  | 682 |  |  | 243 |  |  | 39 |  |  | 964 |  |  | — |  |  | 964 |
General taxes |  | 227 |  |  | 142 |  |  | 9 |  |  | 378 |  |  | — |  |  | 378 |
Total operating expenses |  | 3,422 |  |  | 1,261 |  |  | 323 |  |  | 5,006 |  |  | 8 |  |  | 5,014 |
Operating Income (Loss) |  | 915 |  |  | 409 |  |  | (24) |  |  | 1,300 |  |  | (8) |  |  | 1,292 |
Other income |  | 97 |  |  | 64 |  |  | 7 |  |  | 168 |  |  | 81 |  |  | 249 |
Interest charges |  | 263 |  |  | 152 |  |  | (2) |  |  | 413 |  |  | 175 |  |  | 588 |
Income (Loss) Before Income Taxes |  | 749 |  |  | 321 |  |  | (15) |  |  | 1,055 |  |  | (102) |  |  | 953 |
Income tax expense (benefit) |  | 131 |  |  | 83 |  |  | (7) |  |  | 207 |  |  | (14) |  |  | 193 |
Income (Loss) From Continuing Operations |  | 618 |  |  | 238 |  |  | (8) |  |  | 848 |  |  | (88) |  |  | 760 |
Other segment items 2 |  | (1) |  |  | — |  |  | 23 |  |  | 22 |  |  | (7) |  |  | 15 |
Net Income (Loss) Available to Common Stockholders |  | $ | 617 |  |  | $ | 238 |  |  | $ | 15 |  |  | $ | 870 |  |  | $ | (95) |  |  | $ | 775 |
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
Nine Months Ended September 30, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 4,337 |  |  | $ | 1,670 |  |  | $ | 6,007 |  |  | $ | — |  |  | $ | 6,007 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,707 |  |  | — |  |  | 1,707 |  |  | — |  |  | 1,707 |
Cost of gas sold |  | — |  |  | 545 |  |  | 545 |  |  | — |  |  | 545 |
Maintenance and other operating expenses |  | 806 |  |  | 331 |  |  | 1,137 |  |  | — |  |  | 1,137 |
Depreciation and amortization |  | 682 |  |  | 243 |  |  | 925 |  |  | — |  |  | 925 |
General taxes |  | 227 |  |  | 142 |  |  | 369 |  |  | — |  |  | 369 |
Total operating expenses |  | 3,422 |  |  | 1,261 |  |  | 4,683 |  |  | — |  |  | 4,683 |
Operating Income |  | 915 |  |  | 409 |  |  | 1,324 |  |  | — |  |  | 1,324 |
Other income |  | 97 |  |  | 64 |  |  | 161 |  |  | — |  |  | 161 |
Interest charges |  | 263 |  |  | 152 |  |  | 415 |  |  | 1 |  |  | 416 |
Income (Loss) Before Income Taxes |  | 749 |  |  | 321 |  |  | 1,070 |  |  | (1) |  |  | 1,069 |
Income tax expense |  | 131 |  |  | 83 |  |  | 214 |  |  | 7 |  |  | 221 |
Net Income (Loss) |  | 618 |  |  | 238 |  |  | 856 |  |  | (8) |  |  | 848 |
Other segment items 2 |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Net Income (Loss) Available to Common Stockholder |  | $ | 617 |  |  | $ | 238 |  |  | $ | 855 |  |  | $ | (8) |  |  | $ | 847 |
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
Nine Months Ended September 30, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 3,806 |  |  | $ | 1,485 |  |  | $ | 235 |  |  | $ | 5,526 |  |  | $ | — |  |  | $ | 5,526 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,408 |  |  | — |  |  | 119 |  |  | 1,527 |  |  | — |  |  | 1,527 |
Cost of gas sold |  | — |  |  | 447 |  |  | 2 |  |  | 449 |  |  | — |  |  | 449 |
Maintenance and other operating expenses |  | 781 |  |  | 355 |  |  | 73 |  |  | 1,209 |  |  | 9 |  |  | 1,218 |
Depreciation and amortization |  | 651 |  |  | 226 |  |  | 36 |  |  | 913 |  |  | 1 |  |  | 914 |
General taxes |  | 214 |  |  | 132 |  |  | 10 |  |  | 356 |  |  | — |  |  | 356 |
Total operating expenses |  | 3,054 |  |  | 1,160 |  |  | 240 |  |  | 4,454 |  |  | 10 |  |  | 4,464 |
Operating Income (Loss) |  | 752 |  |  | 325 |  |  | (5) |  |  | 1,072 |  |  | (10) |  |  | 1,062 |
Other income |  | 105 |  |  | 70 |  |  | 11 |  |  | 186 |  |  | 97 |  |  | 283 |
Interest charges |  | 242 |  |  | 143 |  |  | 3 |  |  | 388 |  |  | 140 |  |  | 528 |
Income (Loss) Before Income Taxes |  | 615 |  |  | 252 |  |  | 3 |  |  | 870 |  |  | (53) |  |  | 817 |
Income tax expense (benefit) |  | 74 |  |  | 57 |  |  | (3) |  |  | 128 |  |  | (3) |  |  | 125 |
Income (Loss) From Continuing Operations |  | 541 |  |  | 195 |  |  | 6 |  |  | 742 |  |  | (50) |  |  | 692 |
Other segment items 2 |  | (1) |  |  | — |  |  | 47 |  |  | 46 |  |  | (7) |  |  | 39 |
Net Income (Loss) Available to Common Stockholders |  | $ | 540 |  |  | $ | 195 |  |  | $ | 53 |  |  | $ | 788 |  |  | $ | (57) |  |  | $ | 731 |
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
Nine Months Ended September 30, 2024 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 3,806 |  |  | $ | 1,485 |  |  | $ | 5,291 |  |  | $ | — |  |  | $ | 5,291 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,408 |  |  | — |  |  | 1,408 |  |  | — |  |  | 1,408 |
Cost of gas sold |  | — |  |  | 447 |  |  | 447 |  |  | — |  |  | 447 |
Maintenance and other operating expenses |  | 781 |  |  | 355 |  |  | 1,136 |  |  | — |  |  | 1,136 |
Depreciation and amortization |  | 651 |  |  | 226 |  |  | 877 |  |  | 1 |  |  | 878 |
General taxes |  | 214 |  |  | 132 |  |  | 346 |  |  | — |  |  | 346 |
Total operating expenses |  | 3,054 |  |  | 1,160 |  |  | 4,214 |  |  | 1 |  |  | 4,215 |
Operating Income (Loss) |  | 752 |  |  | 325 |  |  | 1,077 |  |  | (1) |  |  | 1,076 |
Other income |  | 105 |  |  | 70 |  |  | 175 |  |  | — |  |  | 175 |
Interest charges |  | 242 |  |  | 143 |  |  | 385 |  |  | 1 |  |  | 386 |
Income (Loss) Before Income Taxes |  | 615 |  |  | 252 |  |  | 867 |  |  | (2) |  |  | 865 |
Income tax expense |  | 74 |  |  | 57 |  |  | 131 |  |  | 8 |  |  | 139 |
Net Income (Loss) |  | 541 |  |  | 195 |  |  | 736 |  |  | (10) |  |  | 726 |
Other segment items 2 |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Net Income (Loss) Available to Common Stockholder |  | $ | 540 |  |  | $ | 195 |  |  | $ | 735 |  |  | $ | (10) |  |  | $ | 725 |
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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