v3.25.4

Plant, Property, and Equipment (Tables) | 12 Months Ended
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Dec. 31, 2025
Public Utility, Property, Plant and Equipment [Line Items] |
Schedule of Property, Plant and Equipment | Presented in the following table are details of CMS Energy’s and Consumers’ plant, property, and equipment:
In Millions, Except as Noted
December 31 | Estimated Depreciable Life in Years | 2025 | 2024
CMS Energy, including Consumers |  |  |  |  |
Plant, property, and equipment, gross |  |  |  |  |
Consumers | 3 – 125 |  | $ | 36,120 |  |  | $ | 33,434 |
NorthStar Clean Energy |  |  |  |  |
Independent power production 1 | 3 – 40 |  | 1,585 |  |  | 1,452 |
Assets under finance leases 2 |  |  | 55 |  |  | 45 |
Other | 3 – 5 |  | 3 |  |  | 1 |
Plant, property, and equipment, gross |  |  | $ | 37,763 |  |  | $ | 34,932 |
Construction work in progress |  |  | 3,052 |  |  | 2,098 |
Accumulated depreciation and amortization |  |  | (10,135) |  |  | (9,569) |
Total plant, property, and equipment 3 |  |  | $ | 30,680 |  |  | $ | 27,461 |
Consumers |  |  |  |  |
Plant, property, and equipment, gross |  |  |  |  |
Electric |  |  |  |  |
Generation 4 | 15 – 125 |  | $ | 7,171 |  |  | $ | 6,576 |
Distribution | 15 – 75 |  | 13,360 |  |  | 12,135 |
Other | 5 – 55 |  | 1,209 |  |  | 1,307 |
Assets under finance leases 2 |  |  | 131 |  |  | 119 |
Gas |  |  |  |  |
Distribution | 20 – 85 |  | 8,553 |  |  | 7,942 |
Transmission | 17 – 75 |  | 3,236 |  |  | 3,081 |
Underground storage facilities 5 | 29 – 75 |  | 1,535 |  |  | 1,405 |
Other | 5 – 55 |  | 886 |  |  | 828 |
Assets under finance leases 2 |  |  | 8 |  |  | 12 |
Other non-utility property | 3 – 51 |  | 31 |  |  | 29 |
Plant, property, and equipment, gross |  |  | $ | 36,120 |  |  | $ | 33,434 |
Construction work in progress 6 |  |  | 2,354 |  |  | 1,766 |
Accumulated depreciation and amortization |  |  | (9,842) |  |  | (9,310) |
Total plant, property, and equipment 3 |  |  | $ | 28,632 |  |  | $ | 25,890 |
1 A portion of independent power production assets are leased to others under operating leases. For information regarding CMS Energy’s operating leases of owned assets, see Note 9, Leases. 2 For information regarding the amortization terms of CMS Energy’s and Consumers’ assets under finance leases, see Note 9, Leases. 3 Consumers’ plant additions were $3.1 billion for the year ended December 31, 2025 and $2.1 billion for the year ended December 31, 2024. Consumers’ plant retirements were $387 million for the year ended December 31, 2025 and $390 million for the year ended December 31, 2024. 4 Includes 13 hydroelectric dams that Consumers has agreed to sell, contingent upon MPSC and FERC approval. For more information, see Note 20, Exit Activities and Asset Sales. 5 Underground storage includes base natural gas of $24 million at December 31, 2025 and $26 million for the year ended December 31, 2024. Base natural gas is not subject to depreciation. 6 For the year ended December 31, 2025, Consumers fully impaired certain development assets totaling $20 million. Of this amount, $15 million relates to two early-phase renewable natural gas development projects that have been paused indefinitely. The remaining impairment charge was deferred as a regulatory asset and will be recovered through the Renewable Energy Plan.
Summary of Finite-Lived Intangible Assets by Major Class | Presented in the following table are details about Consumers’ intangible assets:
In Millions, Except as Noted
Description | Amortization Life in Years | December 31, 2025 |  | December 31, 2024
Gross Cost 1 | Accumulated Amortization |  | Gross Cost 1 | Accumulated Amortization
Consumers |  |  |  |  |  |  |  |  |  |
Software development | 3 – 15 |  | $ | 649 |  |  | $ | 492 |  |  |  | $ | 679 |  |  | $ | 481 |
Rights of way | 50 – 85 |  | 274 |  |  | 72 |  |  |  | 253 |  |  | 68 |
Franchises and consents | 5 – 50 |  | 16 |  |  | 12 |  |  |  | 16 |  |  | 11 |
Leasehold improvements | various 2 |  | 15 |  |  | 9 |  |  |  | 13 |  |  | 7 |
Other intangibles | various |  | 33 |  |  | 17 |  |  |  | 28 |  |  | 16 |
Total |  |  | $ | 987 |  |  | $ | 602 |  |  |  | $ | 989 |  |  | $ | 583 |
1 Consumers’ intangible asset additions were $62 million for the year ended December 31, 2025 and $90 million for the year ended December 31, 2024. Consumers’ intangible asset retirements were $64 million for the year ended December 31, 2025 and $153 million for the year ended December 31, 2024. 2 Leasehold improvements are amortized over the life of the lease, which may change whenever the lease is renewed or extended.
Summary of Accumulated Depreciation and Amortization | Presented in the following table are further details about CMS Energy’s and Consumers’ accumulated depreciation and amortization:
In Millions
Years Ended December 31 | 2025 | 2024
CMS Energy, including Consumers |  |  |  |
Utility plant assets |  | $ | 9,838 |  |  | $ | 9,307 |
Non-utility plant assets |  | 297 |  |  | 262 |
Consumers |  |  |  |
Utility plant assets |  | $ | 9,838 |  |  | $ | 9,307 |
Non-utility plant assets |  | 4 |  |  | 3 |
Summary of Depreciation and Amortization | Presented in the following table are the components of CMS Energy’s and Consumers’ depreciation and amortization expense:
In Millions
Years Ended December 31 | 2025 | 2024 | 2023
CMS Energy, including Consumers |  |  |  |  |  |
Depreciation expense – plant, property, and equipment |  | $ | 1,099 |  |  | $ | 1,041 |  |  | $ | 1,050 |
Amortization expense |  |  |  |  |  |
Software |  | 75 |  |  | 81 |  |  | 92 |
Other intangible assets |  | 7 |  |  | 5 |  |  | 5 |
Other regulatory assets |  | 8 |  |  | 2 |  |  | — |
Securitized regulatory assets |  | 117 |  |  | 111 |  |  | 33 |
Total depreciation and amortization expense |  | $ | 1,306 |  |  | $ | 1,240 |  |  | $ | 1,180 |
Consumers |  |  |  |  |  |
Depreciation expense – plant, property, and equipment |  | $ | 1,047 |  |  | $ | 992 |  |  | $ | 1,007 |
Amortization expense |  |  |  |  |  |
Software |  | 75 |  |  | 81 |  |  | 92 |
Other intangible assets |  | 7 |  |  | 5 |  |  | 5 |
Other regulatory assets |  | 8 |  |  | 2 |  |  | — |
Securitized regulatory assets |  | 117 |  |  | 111 |  |  | 33 |
Total depreciation and amortization expense |  | $ | 1,254 |  |  | $ | 1,191 |  |  | $ | 1,137 |
Schedule of Estimated Amortization Expense for Intangibles | Presented in the following table is Consumers’ estimated amortization expense on intangible assets for each of the next five years:
In Millions
| 2026 | 2027 | 2028 | 2029 | 2030
Consumers |  |  |  |  |  |  |  |  |  |
Intangible asset amortization expense |  | $ | 77 |  |  | $ | 66 |  |  | $ | 55 |  |  | $ | 50 |  |  | $ | 49 |
Consumers Energy Company |
Public Utility, Property, Plant and Equipment [Line Items] |
Schedule of Property, Plant and Equipment | Presented in the following table are details of CMS Energy’s and Consumers’ plant, property, and equipment:
In Millions, Except as Noted
December 31 | Estimated Depreciable Life in Years | 2025 | 2024
CMS Energy, including Consumers |  |  |  |  |
Plant, property, and equipment, gross |  |  |  |  |
Consumers | 3 – 125 |  | $ | 36,120 |  |  | $ | 33,434 |
NorthStar Clean Energy |  |  |  |  |
Independent power production 1 | 3 – 40 |  | 1,585 |  |  | 1,452 |
Assets under finance leases 2 |  |  | 55 |  |  | 45 |
Other | 3 – 5 |  | 3 |  |  | 1 |
Plant, property, and equipment, gross |  |  | $ | 37,763 |  |  | $ | 34,932 |
Construction work in progress |  |  | 3,052 |  |  | 2,098 |
Accumulated depreciation and amortization |  |  | (10,135) |  |  | (9,569) |
Total plant, property, and equipment 3 |  |  | $ | 30,680 |  |  | $ | 27,461 |
Consumers |  |  |  |  |
Plant, property, and equipment, gross |  |  |  |  |
Electric |  |  |  |  |
Generation 4 | 15 – 125 |  | $ | 7,171 |  |  | $ | 6,576 |
Distribution | 15 – 75 |  | 13,360 |  |  | 12,135 |
Other | 5 – 55 |  | 1,209 |  |  | 1,307 |
Assets under finance leases 2 |  |  | 131 |  |  | 119 |
Gas |  |  |  |  |
Distribution | 20 – 85 |  | 8,553 |  |  | 7,942 |
Transmission | 17 – 75 |  | 3,236 |  |  | 3,081 |
Underground storage facilities 5 | 29 – 75 |  | 1,535 |  |  | 1,405 |
Other | 5 – 55 |  | 886 |  |  | 828 |
Assets under finance leases 2 |  |  | 8 |  |  | 12 |
Other non-utility property | 3 – 51 |  | 31 |  |  | 29 |
Plant, property, and equipment, gross |  |  | $ | 36,120 |  |  | $ | 33,434 |
Construction work in progress 6 |  |  | 2,354 |  |  | 1,766 |
Accumulated depreciation and amortization |  |  | (9,842) |  |  | (9,310) |
Total plant, property, and equipment 3 |  |  | $ | 28,632 |  |  | $ | 25,890 |
1 A portion of independent power production assets are leased to others under operating leases. For information regarding CMS Energy’s operating leases of owned assets, see Note 9, Leases. 2 For information regarding the amortization terms of CMS Energy’s and Consumers’ assets under finance leases, see Note 9, Leases. 3 Consumers’ plant additions were $3.1 billion for the year ended December 31, 2025 and $2.1 billion for the year ended December 31, 2024. Consumers’ plant retirements were $387 million for the year ended December 31, 2025 and $390 million for the year ended December 31, 2024. 4 Includes 13 hydroelectric dams that Consumers has agreed to sell, contingent upon MPSC and FERC approval. For more information, see Note 20, Exit Activities and Asset Sales. 5 Underground storage includes base natural gas of $24 million at December 31, 2025 and $26 million for the year ended December 31, 2024. Base natural gas is not subject to depreciation. 6 For the year ended December 31, 2025, Consumers fully impaired certain development assets totaling $20 million. Of this amount, $15 million relates to two early-phase renewable natural gas development projects that have been paused indefinitely. The remaining impairment charge was deferred as a regulatory asset and will be recovered through the Renewable Energy Plan. Assets Under Finance Leases: Presented in the following table are further details about changes in CMS Energy’s and Consumers’ assets under finance leases:
In Millions
Years Ended December 31 | 2025 | 2024
CMS Energy, including Consumers |  |  |  |
Balance at beginning of period |  | $ | 176 |  |  | $ | 136 |
Additions |  | 53 |  |  | 55 |
Net retirements and other adjustments |  | (36) |  |  | (15) |
Balance at end of period |  | $ | 193 |  |  | $ | 176 |
Consumers |  |  |  |
Balance at beginning of period |  | $ | 131 |  |  | $ | 112 |
Additions |  | 22 |  |  | 34 |
Net retirements and other adjustments |  | (15) |  |  | (15) |
Balance at end of period |  | $ | 138 |  |  | $ | 131 |
Summary of Finite-Lived Intangible Assets by Major Class | Presented in the following table are details about Consumers’ intangible assets:
In Millions, Except as Noted
Description | Amortization Life in Years | December 31, 2025 |  | December 31, 2024
Gross Cost 1 | Accumulated Amortization |  | Gross Cost 1 | Accumulated Amortization
Consumers |  |  |  |  |  |  |  |  |  |
Software development | 3 – 15 |  | $ | 649 |  |  | $ | 492 |  |  |  | $ | 679 |  |  | $ | 481 |
Rights of way | 50 – 85 |  | 274 |  |  | 72 |  |  |  | 253 |  |  | 68 |
Franchises and consents | 5 – 50 |  | 16 |  |  | 12 |  |  |  | 16 |  |  | 11 |
Leasehold improvements | various 2 |  | 15 |  |  | 9 |  |  |  | 13 |  |  | 7 |
Other intangibles | various |  | 33 |  |  | 17 |  |  |  | 28 |  |  | 16 |
Total |  |  | $ | 987 |  |  | $ | 602 |  |  |  | $ | 989 |  |  | $ | 583 |
1 Consumers’ intangible asset additions were $62 million for the year ended December 31, 2025 and $90 million for the year ended December 31, 2024. Consumers’ intangible asset retirements were $64 million for the year ended December 31, 2025 and $153 million for the year ended December 31, 2024. 2 Leasehold improvements are amortized over the life of the lease, which may change whenever the lease is renewed or extended.
Summary of Average Capitalization Rates | Presented in the following table are Consumers’ average AFUDC capitalization rates:
Years Ended December 31 | 2025 | 2024 | 2023
Electric | 6.9 | % | 6.9 | % | 6.5 | %
Gas | 5.9 |  | 5.8 |  | 5.8 |
Summary of Accumulated Depreciation and Amortization | Presented in the following table are further details about CMS Energy’s and Consumers’ accumulated depreciation and amortization:
In Millions
Years Ended December 31 | 2025 | 2024
CMS Energy, including Consumers |  |  |  |
Utility plant assets |  | $ | 9,838 |  |  | $ | 9,307 |
Non-utility plant assets |  | 297 |  |  | 262 |
Consumers |  |  |  |
Utility plant assets |  | $ | 9,838 |  |  | $ | 9,307 |
Non-utility plant assets |  | 4 |  |  | 3 |
Summary of Composite Depreciation Rates for Properties | Presented in the following table are the composite depreciation rates for Consumers’ segment properties:
Years Ended December 31 | 2025 | 2024 | 2023
Electric utility property | 3.6 | % | 3.6 | % | 3.8 | %
Gas utility property | 2.5 |  | 2.5 |  | 2.8 |
Other property | 7.0 |  | 7.1 |  | 7.8 |
Summary of Depreciation and Amortization | Presented in the following table are the components of CMS Energy’s and Consumers’ depreciation and amortization expense:
In Millions
Years Ended December 31 | 2025 | 2024 | 2023
CMS Energy, including Consumers |  |  |  |  |  |
Depreciation expense – plant, property, and equipment |  | $ | 1,099 |  |  | $ | 1,041 |  |  | $ | 1,050 |
Amortization expense |  |  |  |  |  |
Software |  | 75 |  |  | 81 |  |  | 92 |
Other intangible assets |  | 7 |  |  | 5 |  |  | 5 |
Other regulatory assets |  | 8 |  |  | 2 |  |  | — |
Securitized regulatory assets |  | 117 |  |  | 111 |  |  | 33 |
Total depreciation and amortization expense |  | $ | 1,306 |  |  | $ | 1,240 |  |  | $ | 1,180 |
Consumers |  |  |  |  |  |
Depreciation expense – plant, property, and equipment |  | $ | 1,047 |  |  | $ | 992 |  |  | $ | 1,007 |
Amortization expense |  |  |  |  |  |
Software |  | 75 |  |  | 81 |  |  | 92 |
Other intangible assets |  | 7 |  |  | 5 |  |  | 5 |
Other regulatory assets |  | 8 |  |  | 2 |  |  | — |
Securitized regulatory assets |  | 117 |  |  | 111 |  |  | 33 |
Total depreciation and amortization expense |  | $ | 1,254 |  |  | $ | 1,191 |  |  | $ | 1,137 |
Schedule of Estimated Amortization Expense for Intangibles | Presented in the following table is Consumers’ estimated amortization expense on intangible assets for each of the next five years:
In Millions
| 2026 | 2027 | 2028 | 2029 | 2030
Consumers |  |  |  |  |  |  |  |  |  |
Intangible asset amortization expense |  | $ | 77 |  |  | $ | 66 |  |  | $ | 55 |  |  | $ | 50 |  |  | $ | 49 |
Summary of Jointly Owned Regulated Utility Facilities | Presented in the following table are Consumers’ investments in jointly owned regulated utility facilities at December 31, 2025:
In Millions, Except Ownership Share
| J.H. Campbell Unit 3 | Ludington | Other
Ownership share |  | 93.3 | % |  | 51.0 | % |  | various
Utility plant in service |  | $ | 1,726 |  | $ | 620 |  | $ | 481
Accumulated provision for depreciation |  | (916) |  | (253) |  | (97)
Plant under construction |  | — |  | 37 |  | 17
Net investment |  | $ | 810 |  | $ | 404 |  | $ | 401

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