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Revenue (Tables) | 9 Months Ended
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Sep. 30, 2025
Disaggregation of Revenue [Line Items] |
Disaggregation of Revenue | Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended September 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy 1 |  | 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 income |  | 2 |  |  | 1 |  |  | — |  |  |  |  | 3 |
Consumers alternative-revenue programs |  | 2 |  |  | — |  |  | — |  |  |  |  | 2 |
Total operating revenue – CMS Energy |  | $ | 1,679 |  |  | $ | 234 |  |  | $ | 108 |  |  |  |  | $ | 2,021 |
Consumers
Consumers utility revenue |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 842 |  |  | $ | 139 |  |  |  |  |  |  | $ | 981 |
Commercial |  | 577 |  |  | 45 |  |  |  |  |  |  | 622 |
Industrial |  | 204 |  |  | 6 |  |  |  |  |  |  | 210 |
Other |  | 52 |  |  | 43 |  |  |  |  |  |  | 95 |
Revenue recognized from contracts with customers |  | $ | 1,675 |  |  | $ | 233 |  |  |  |  |  |  | $ | 1,908 |
Financing income |  | 2 |  |  | 1 |  |  |  |  |  |  | 3 |
Alternative-revenue programs |  | 2 |  |  | — |  |  |  |  |  |  | 2 |
Total operating revenue – Consumers |  | $ | 1,679 |  |  | $ | 234 |  |  |  |  |  |  | $ | 1,913 |
1 Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $28 million for the three months ended September 30, 2025.
In Millions
Three Months Ended September 30, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy 1 |  | Consolidated
CMS Energy, including Consumers
Consumers utility revenue |  | $ | 1,443 |  |  | $ | 212 |  |  | $ | — |  |  |  |  | $ | 1,655 |
Other |  | — |  |  | — |  |  | 56 |  |  |  |  | 56 |
Revenue recognized from contracts with customers |  | $ | 1,443 |  |  | $ | 212 |  |  | $ | 56 |  |  |  |  | $ | 1,711 |
Leasing income |  | — |  |  | — |  |  | 26 |  |  |  |  | 26 |
Financing income |  | 4 |  |  | 1 |  |  | — |  |  |  |  | 5 |
Consumers alternative-revenue programs |  | 1 |  |  | — |  |  | — |  |  |  |  | 1 |
Total operating revenue – CMS Energy |  | $ | 1,448 |  |  | $ | 213 |  |  | $ | 82 |  |  |  |  | $ | 1,743 |
Consumers
Consumers utility revenue |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 707 |  |  | $ | 127 |  |  |  |  |  |  | $ | 834 |
Commercial |  | 486 |  |  | 40 |  |  |  |  |  |  | 526 |
Industrial |  | 169 |  |  | 5 |  |  |  |  |  |  | 174 |
Other |  | 81 |  |  | 40 |  |  |  |  |  |  | 121 |
Revenue recognized from contracts with customers |  | $ | 1,443 |  |  | $ | 212 |  |  |  |  |  |  | $ | 1,655 |
Financing income |  | 4 |  |  | 1 |  |  |  |  |  |  | 5 |
Alternative-revenue programs |  | 1 |  |  | — |  |  |  |  |  |  | 1 |
Total operating revenue – Consumers |  | $ | 1,448 |  |  | $ | 213 |  |  |  |  |  |  | $ | 1,661 |
1 Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $15 million for the three months ended September 30, 2024.
In Millions
Nine Months Ended September 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy 1 |  | 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 income |  | 7 |  |  | 5 |  |  | — |  |  |  |  | 12 |
Consumers alternative-revenue programs |  | 6 |  |  | — |  |  | — |  |  |  |  | 6 |
Total operating revenue – CMS Energy |  | $ | 4,337 |  |  | $ | 1,670 |  |  | $ | 299 |  |  |  |  | $ | 6,306 |
Consumers
Consumers utility revenue |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 2,055 |  |  | $ | 1,146 |  |  |  |  |  |  | $ | 3,201 |
Commercial |  | 1,468 |  |  | 374 |  |  |  |  |  |  | 1,842 |
Industrial |  | 576 |  |  | 46 |  |  |  |  |  |  | 622 |
Other |  | 225 |  |  | 99 |  |  |  |  |  |  | 324 |
Revenue recognized from contracts with customers |  | $ | 4,324 |  |  | $ | 1,665 |  |  |  |  |  |  | $ | 5,989 |
Financing income |  | 7 |  |  | 5 |  |  |  |  |  |  | 12 |
Alternative-revenue programs |  | 6 |  |  | — |  |  |  |  |  |  | 6 |
Total operating revenue – Consumers |  | $ | 4,337 |  |  | $ | 1,670 |  |  |  |  |  |  | $ | 6,007 |
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 30, 2025
In Millions
Nine Months Ended September 30, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy 1 |  | Consolidated
CMS Energy, including Consumers
Consumers utility revenue |  | $ | 3,793 |  |  | $ | 1,480 |  |  | $ | — |  |  |  |  | $ | 5,273 |
Other |  | — |  |  | — |  |  | 158 |  |  |  |  | 158 |
Revenue recognized from contracts with customers |  | $ | 3,793 |  |  | $ | 1,480 |  |  | $ | 158 |  |  |  |  | $ | 5,431 |
Leasing income |  | — |  |  | — |  |  | 77 |  |  |  |  | 77 |
Financing income |  | 8 |  |  | 5 |  |  | — |  |  |  |  | 13 |
Consumers alternative-revenue programs |  | 5 |  |  | — |  |  | — |  |  |  |  | 5 |
Total operating revenue – CMS Energy |  | $ | 3,806 |  |  | $ | 1,485 |  |  | $ | 235 |  |  |  |  | $ | 5,526 |
Consumers
Consumers utility revenue |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 1,779 |  |  | $ | 998 |  |  |  |  |  |  | $ | 2,777 |
Commercial |  | 1,279 |  |  | 311 |  |  |  |  |  |  | 1,590 |
Industrial |  | 499 |  |  | 37 |  |  |  |  |  |  | 536 |
Other |  | 236 |  |  | 134 |  |  |  |  |  |  | 370 |
Revenue recognized from contracts with customers |  | $ | 3,793 |  |  | $ | 1,480 |  |  |  |  |  |  | $ | 5,273 |
Financing income |  | 8 |  |  | 5 |  |  |  |  |  |  | 13 |
Alternative-revenue programs |  | 5 |  |  | — |  |  |  |  |  |  | 5 |
Total operating revenue – Consumers |  | $ | 3,806 |  |  | $ | 1,485 |  |  |  |  |  |  | $ | 5,291 |
1 Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the nine months ended September 30, 2024.
Consumers Energy Company |
Disaggregation of Revenue [Line Items] |
Disaggregation of Revenue | Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended September 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy 1 |  | 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 income |  | 2 |  |  | 1 |  |  | — |  |  |  |  | 3 |
Consumers alternative-revenue programs |  | 2 |  |  | — |  |  | — |  |  |  |  | 2 |
Total operating revenue – CMS Energy |  | $ | 1,679 |  |  | $ | 234 |  |  | $ | 108 |  |  |  |  | $ | 2,021 |
Consumers
Consumers utility revenue |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 842 |  |  | $ | 139 |  |  |  |  |  |  | $ | 981 |
Commercial |  | 577 |  |  | 45 |  |  |  |  |  |  | 622 |
Industrial |  | 204 |  |  | 6 |  |  |  |  |  |  | 210 |
Other |  | 52 |  |  | 43 |  |  |  |  |  |  | 95 |
Revenue recognized from contracts with customers |  | $ | 1,675 |  |  | $ | 233 |  |  |  |  |  |  | $ | 1,908 |
Financing income |  | 2 |  |  | 1 |  |  |  |  |  |  | 3 |
Alternative-revenue programs |  | 2 |  |  | — |  |  |  |  |  |  | 2 |
Total operating revenue – Consumers |  | $ | 1,679 |  |  | $ | 234 |  |  |  |  |  |  | $ | 1,913 |
1 Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $28 million for the three months ended September 30, 2025.
In Millions
Three Months Ended September 30, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy 1 |  | Consolidated
CMS Energy, including Consumers
Consumers utility revenue |  | $ | 1,443 |  |  | $ | 212 |  |  | $ | — |  |  |  |  | $ | 1,655 |
Other |  | — |  |  | — |  |  | 56 |  |  |  |  | 56 |
Revenue recognized from contracts with customers |  | $ | 1,443 |  |  | $ | 212 |  |  | $ | 56 |  |  |  |  | $ | 1,711 |
Leasing income |  | — |  |  | — |  |  | 26 |  |  |  |  | 26 |
Financing income |  | 4 |  |  | 1 |  |  | — |  |  |  |  | 5 |
Consumers alternative-revenue programs |  | 1 |  |  | — |  |  | — |  |  |  |  | 1 |
Total operating revenue – CMS Energy |  | $ | 1,448 |  |  | $ | 213 |  |  | $ | 82 |  |  |  |  | $ | 1,743 |
Consumers
Consumers utility revenue |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 707 |  |  | $ | 127 |  |  |  |  |  |  | $ | 834 |
Commercial |  | 486 |  |  | 40 |  |  |  |  |  |  | 526 |
Industrial |  | 169 |  |  | 5 |  |  |  |  |  |  | 174 |
Other |  | 81 |  |  | 40 |  |  |  |  |  |  | 121 |
Revenue recognized from contracts with customers |  | $ | 1,443 |  |  | $ | 212 |  |  |  |  |  |  | $ | 1,655 |
Financing income |  | 4 |  |  | 1 |  |  |  |  |  |  | 5 |
Alternative-revenue programs |  | 1 |  |  | — |  |  |  |  |  |  | 1 |
Total operating revenue – Consumers |  | $ | 1,448 |  |  | $ | 213 |  |  |  |  |  |  | $ | 1,661 |
1 Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $15 million for the three months ended September 30, 2024.
In Millions
Nine Months Ended September 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy 1 |  | 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 income |  | 7 |  |  | 5 |  |  | — |  |  |  |  | 12 |
Consumers alternative-revenue programs |  | 6 |  |  | — |  |  | — |  |  |  |  | 6 |
Total operating revenue – CMS Energy |  | $ | 4,337 |  |  | $ | 1,670 |  |  | $ | 299 |  |  |  |  | $ | 6,306 |
Consumers
Consumers utility revenue |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 2,055 |  |  | $ | 1,146 |  |  |  |  |  |  | $ | 3,201 |
Commercial |  | 1,468 |  |  | 374 |  |  |  |  |  |  | 1,842 |
Industrial |  | 576 |  |  | 46 |  |  |  |  |  |  | 622 |
Other |  | 225 |  |  | 99 |  |  |  |  |  |  | 324 |
Revenue recognized from contracts with customers |  | $ | 4,324 |  |  | $ | 1,665 |  |  |  |  |  |  | $ | 5,989 |
Financing income |  | 7 |  |  | 5 |  |  |  |  |  |  | 12 |
Alternative-revenue programs |  | 6 |  |  | — |  |  |  |  |  |  | 6 |
Total operating revenue – Consumers |  | $ | 4,337 |  |  | $ | 1,670 |  |  |  |  |  |  | $ | 6,007 |
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 30, 2025
In Millions
Nine Months Ended September 30, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy 1 |  | Consolidated
CMS Energy, including Consumers
Consumers utility revenue |  | $ | 3,793 |  |  | $ | 1,480 |  |  | $ | — |  |  |  |  | $ | 5,273 |
Other |  | — |  |  | — |  |  | 158 |  |  |  |  | 158 |
Revenue recognized from contracts with customers |  | $ | 3,793 |  |  | $ | 1,480 |  |  | $ | 158 |  |  |  |  | $ | 5,431 |
Leasing income |  | — |  |  | — |  |  | 77 |  |  |  |  | 77 |
Financing income |  | 8 |  |  | 5 |  |  | — |  |  |  |  | 13 |
Consumers alternative-revenue programs |  | 5 |  |  | — |  |  | — |  |  |  |  | 5 |
Total operating revenue – CMS Energy |  | $ | 3,806 |  |  | $ | 1,485 |  |  | $ | 235 |  |  |  |  | $ | 5,526 |
Consumers
Consumers utility revenue |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 1,779 |  |  | $ | 998 |  |  |  |  |  |  | $ | 2,777 |
Commercial |  | 1,279 |  |  | 311 |  |  |  |  |  |  | 1,590 |
Industrial |  | 499 |  |  | 37 |  |  |  |  |  |  | 536 |
Other |  | 236 |  |  | 134 |  |  |  |  |  |  | 370 |
Revenue recognized from contracts with customers |  | $ | 3,793 |  |  | $ | 1,480 |  |  |  |  |  |  | $ | 5,273 |
Financing income |  | 8 |  |  | 5 |  |  |  |  |  |  | 13 |
Alternative-revenue programs |  | 5 |  |  | — |  |  |  |  |  |  | 5 |
Total operating revenue – Consumers |  | $ | 3,806 |  |  | $ | 1,485 |  |  |  |  |  |  | $ | 5,291 |
1 Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the nine months ended September 30, 2024.

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