v3.25.4

Schedule I - Condensed Financial Information of Registrant | 12 Months Ended
--- | ---
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract] |
Schedule I - Condensed Financial Information of Registrant | Condensed Statements of Income
In Millions
Years Ended December 31 | 2025 | 2024 | 2023
Operating Expenses |  |  |  |  |  |
Other operating expenses |  | $ | 9 |  |  | $ | 10 |  |  | $ | 10 |
Total operating expenses |  | 9 |  |  | 10 |  |  | 10 |
Operating Loss |  | (9) |  |  | (10) |  |  | (10) |
Other Income (Expense) |  |  |  |  |  |
Equity earnings of subsidiaries |  | 1,189 |  |  | 1,061 |  |  | 929 |
Nonoperating retirement benefits, net |  | (1) |  |  | (1) |  |  | (1) |
Other income |  | 69 |  |  | 45 |  |  | 31 |
Other expense |  | (2) |  |  | — |  |  | — |
Total other income |  | 1,255 |  |  | 1,105 |  |  | 959 |
Interest Charges |  |  |  |  |  |
Interest on long-term debt |  | 266 |  |  | 205 |  |  | 201 |
Intercompany interest expense and other |  | 10 |  |  | 10 |  |  | 10 |
Total interest charges |  | 276 |  |  | 215 |  |  | 211 |
Income Before Income Taxes |  | 970 |  |  | 880 |  |  | 738 |
Income Tax Benefit |  | (39) |  |  | (19) |  |  | (20) |
Net Income Attributable to CMS Energy |  | 1,009 |  |  | 899 |  |  | 758 |
Preferred Stock Dividends |  | 10 |  |  | 10 |  |  | 10 |
Net Income Available to Common Stockholders |  | $ | 999 |  |  | $ | 889 |  |  | $ | 748 |
The accompanying notes are an integral part of these statements. CMS Energy—Parent Company Condensed Statements of Cash Flows
In Millions
Years Ended December 31 | 2025 | 2024 | 2023
Cash Flows from Operating Activities |  |  |  |  |  |
Net cash provided by operating activities |  | $ | 817 |  |  | $ | 774 |  |  | $ | 595 |
Cash Flows from Investing Activities |  |  |  |  |  |
Capital expenditures |  | (1) |  |  | (1) |  |  | — |
Investment in subsidiaries |  | (1,062) |  |  | (535) |  |  | (630) |
Investment in debt securities – intercompany |  | (109) |  |  | (288) |  |  | (293) |
Decrease (increase) in notes receivable – intercompany |  | (309) |  |  | 21 |  |  | 55 |
Proceeds from DB SERP investments |  | 3 |  |  | — |  |  | — |
Net cash used in investing activities |  | (1,478) |  |  | (803) |  |  | (868) |
Cash Flows from Financing Activities |  |  |  |  |  |
Proceeds from issuance of debt |  | 2,110 |  |  | 490 |  |  | 800 |
Issuance of common stock |  | 525 |  |  | 286 |  |  | 192 |
Retirement of long-term debt |  | (850) |  |  | (250) |  |  | — |
Payment of dividends on common and preferred stock |  | (663) |  |  | (626) |  |  | (579) |
Debt issuance costs and financing fees |  | (39) |  |  | (10) |  |  | (20) |
Change in notes payable – intercompany |  | 3 |  |  | (6) |  |  | (7) |
Net cash provided by (used in) financing activities |  | 1,086 |  |  | (116) |  |  | 386 |
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts |  | 425 |  |  | (145) |  |  | 113 |
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period |  | 4 |  |  | 149 |  |  | 36 |
Cash and Cash Equivalents, Including Restricted Amounts, End of Period |  | $ | 429 |  |  | $ | 4 |  |  | $ | 149 |
The accompanying notes are an integral part of these statements. CMS Energy—Parent Company Condensed Balance Sheets
ASSETS
In Millions
December 31 | 2025 | 2024
Current Assets |  |  |  |
Cash and cash equivalents |  | $ | 429 |  |  | $ | 4 |
Notes and accrued interest receivable – intercompany |  | 350 |  |  | 40 |
Accounts receivable – intercompany and related parties |  | 8 |  |  | 8 |
Prepayments and other current assets |  | 1 |  |  | 1 |
Total current assets |  | 788 |  |  | 53 |
Other Non‑current Assets |  |  |  |
Property, plant, and equipment |  | 1 |  |  | 1 |
Deferred income taxes |  | 105 |  |  | 150 |
Investments in subsidiaries |  | 13,724 |  |  | 12,400 |
Investment in debt securities – intercompany |  | 710 |  |  | 591 |
Other investments |  | 8 |  |  | 9 |
Other |  | 23 |  |  | 21 |
Total other non‑current assets |  | 14,571 |  |  | 13,172 |
Total Assets |  | $ | 15,359 |  |  | $ | 13,225 |
LIABILITIES AND EQUITY
In Millions
December 31 | 2025 | 2024
Current Liabilities |  |  |  |
Current portion of long-term debt |  | $ | 300 |  |  | $ | 740 |
Accounts and notes payable – intercompany |  | 89 |  |  | 74 |
Accrued interest, including intercompany |  | 43 |  |  | 34 |
Accrued taxes |  | 41 |  |  | 16 |
Other current liabilities |  | 8 |  |  | 6 |
Total current liabilities |  | 481 |  |  | 870 |
Non‑current Liabilities |  |  |  |
Long-term debt |  | 5,906 |  |  | 4,226 |
Notes payable – intercompany |  | 96 |  |  | 100 |
Postretirement benefits |  | 13 |  |  | 14 |
Other non‑current liabilities |  | 14 |  |  | 17 |
Total non‑current liabilities |  | 6,029 |  |  | 4,357 |
Equity |  |  |  |
Common stock |  | 3 |  |  | 3 |
Other stockholders’ equity |  | 8,622 |  |  | 7,771 |
Total common stockholders’ equity |  | 8,625 |  |  | 7,774 |
Preferred stock |  | 224 |  |  | 224 |
Total equity |  | 8,849 |  |  | 7,998 |
Total Liabilities and Equity |  | $ | 15,359 |  |  | $ | 13,225 |
The accompanying notes are an integral part of these statements. Basis of Presentation CMS Energy’s condensed financial statements have been prepared on a parent-only basis. In accordance with Rule 12‑04 of Regulation S‑X, these parent-only financial statements do not include all of the information and notes required by GAAP for annual financial statements, and therefore these parent-only financial statements and other information included should be read in conjunction with CMS Energy’s audited consolidated financial statements contained within Item 8. Financial Statements and Supplementary Data. Guarantees CMS Energy has issued guarantees with a maximum potential obligation of $1.3 billion on behalf of some of its wholly owned subsidiaries and related parties. CMS Energy’s maximum potential obligation consists primarily of potential payments: •to third parties under certain commodity purchase and sales agreements entered into by CMS ERM and other subsidiaries of NorthStar Clean Energy •to tax equity investors that hold membership interests in certain VIEs held by NorthStar Clean Energy •to EGLE on behalf of CMS Land and CMS Capital, for environmental remediation obligations at Bay Harbor •to the DOE on behalf of Consumers, in connection with Consumers’ 2011 settlement agreement with the DOE regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers The expiration dates of these guarantees vary, depending upon contractual provisions or upon the statute of limitations under the relevant governing law.

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