v3.25.4

Reportable Segments (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting Information [Line Items] |
Schedule of Financial Information by Reportable Segments | Presented in the following tables is financial information by segment:
In Millions
Year Ended December 31, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 5,638 |  |  | $ | 2,493 |  |  | $ | 408 |  |  | $ | 8,539 |  |  | $ | — |  |  | $ | 8,539 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 2,193 |  |  | — |  |  | 264 |  |  | 2,457 |  |  | — |  |  | 2,457 |
Cost of gas sold |  | — |  |  | 803 |  |  | 6 |  |  | 809 |  |  | — |  |  | 809 |
Maintenance and other operating expenses |  | 1,146 |  |  | 468 |  |  | 100 |  |  | 1,714 |  |  | 13 |  |  | 1,727 |
Depreciation and amortization |  | 903 |  |  | 350 |  |  | 52 |  |  | 1,305 |  |  | 1 |  |  | 1,306 |
General taxes |  | 297 |  |  | 201 |  |  | 14 |  |  | 512 |  |  | 1 |  |  | 513 |
Total operating expenses |  | 4,539 |  |  | 1,822 |  |  | 436 |  |  | 6,797 |  |  | 15 |  |  | 6,812 |
Operating Income (Loss) |  | 1,099 |  |  | 671 |  |  | (28) |  |  | 1,742 |  |  | (15) |  |  | 1,727 |
Other income 2 |  | 124 |  |  | 83 |  |  | 17 |  |  | 224 |  |  | 86 |  |  | 310 |
Interest charges |  | 353 |  |  | 206 |  |  | (7) |  |  | 552 |  |  | 237 |  |  | 789 |
Income (Loss) Before Income Taxes |  | 870 |  |  | 548 |  |  | (4) |  |  | 1,414 |  |  | (166) |  |  | 1,248 |
Income tax expense (benefit) |  | 150 |  |  | 138 |  |  | (4) |  |  | 284 |  |  | (38) |  |  | 246 |
Income (Loss) From Continuing Operations |  | 720 |  |  | 410 |  |  | — |  |  | 1,130 |  |  | (128) |  |  | 1,002 |
Other segment items 3 |  | (1) |  |  | (1) |  |  | 71 |  |  | 69 |  |  | (10) |  |  | 59 |
Net Income (Loss) Available to Common Stockholders |  | $ | 719 |  |  | $ | 409 |  |  | $ | 71 |  |  | $ | 1,199 |  |  | $ | (138) |  |  | $ | 1,061 |
Property, plant, and equipment, gross |  | $ | 21,871 |  | 4 | $ | 14,218 |  | 4 | $ | 1,649 |  |  | $ | 37,738 |  |  | $ | 25 |  |  | $ | 37,763 |
Investments in equity method investees |  | — |  |  | — |  |  | 61 |  |  | 61 |  |  | — |  |  | 61 |
Total assets |  | 22,760 |  | 4 | 14,188 |  | 4 | 2,496 |  |  | 39,444 |  |  | 497 |  |  | 39,941 |
Capital expenditures 5 |  | 2,408 |  | 6 | 1,064 |  | 6 | 498 |  |  | 3,970 |  |  | — |  |  | 3,970 |
1 Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Includes income from equity method investees of $5 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense 3 Other segment items comprise loss attributable to noncontrolling interests and preferred stock dividends. 4 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses. 5 Amounts include assets placed under finance lease. 6 Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 5,638 |  |  | $ | 2,493 |  |  | $ | 8,131 |  |  | $ | 1 |  |  | $ | 8,132 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 2,193 |  |  | — |  |  | 2,193 |  |  | — |  |  | 2,193 |
Cost of gas sold |  | — |  |  | 803 |  |  | 803 |  |  | — |  |  | 803 |
Maintenance and other operating expenses |  | 1,146 |  |  | 468 |  |  | 1,614 |  |  | — |  |  | 1,614 |
Depreciation and amortization |  | 903 |  |  | 350 |  |  | 1,253 |  |  | 1 |  |  | 1,254 |
General taxes |  | 297 |  |  | 201 |  |  | 498 |  |  | 1 |  |  | 499 |
Total operating expenses |  | 4,539 |  |  | 1,822 |  |  | 6,361 |  |  | 2 |  |  | 6,363 |
Operating Income (Loss) |  | 1,099 |  |  | 671 |  |  | 1,770 |  |  | (1) |  |  | 1,769 |
Other income |  | 124 |  |  | 83 |  |  | 207 |  |  | 1 |  |  | 208 |
Interest charges |  | 353 |  |  | 206 |  |  | 559 |  |  | 1 |  |  | 560 |
Income (Loss) Before Income Taxes |  | 870 |  |  | 548 |  |  | 1,418 |  |  | (1) |  |  | 1,417 |
Income tax expense |  | 150 |  |  | 138 |  |  | 288 |  |  | — |  |  | 288 |
Net Income (Loss) |  | 720 |  |  | 410 |  |  | 1,130 |  |  | (1) |  |  | 1,129 |
Other segment items 2 |  | (1) |  |  | (1) |  |  | (2) |  |  | — |  |  | (2) |
Net Income (Loss) Available to Common Stockholder |  | $ | 719 |  |  | $ | 409 |  |  | $ | 1,128 |  |  | $ | (1) |  |  | $ | 1,127 |
Property, plant, and equipment, gross |  | $ | 21,871 |  | 3 | $ | 14,218 |  | 3 | $ | 36,089 |  |  | $ | 31 |  |  | $ | 36,120 |
Total assets |  | 22,814 |  | 3 | 14,229 |  | 3 | 37,043 |  |  | 48 |  |  | 37,091 |
Capital expenditures 4 |  | 2,408 |  | 5 | 1,064 |  | 5 | 3,472 |  |  | — |  |  | 3,472 |
1 Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise preferred stock dividends. 3 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses. 4 Amounts include assets placed under finance lease. 5 Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 5,061 |  |  | $ | 2,138 |  |  | $ | 316 |  |  | $ | 7,515 |  |  | $ | — |  |  | $ | 7,515 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,867 |  |  | — |  |  | 161 |  |  | 2,028 |  |  | — |  |  | 2,028 |
Cost of gas sold |  | — |  |  | 637 |  |  | 3 |  |  | 640 |  |  | — |  |  | 640 |
Maintenance and other operating expenses |  | 1,066 |  |  | 454 |  |  | 101 |  |  | 1,621 |  |  | 17 |  |  | 1,638 |
Depreciation and amortization |  | 865 |  |  | 325 |  |  | 49 |  |  | 1,239 |  |  | 1 |  |  | 1,240 |
General taxes |  | 281 |  |  | 188 |  |  | 12 |  |  | 481 |  |  | 1 |  |  | 482 |
Total operating expenses |  | 4,079 |  |  | 1,604 |  |  | 326 |  |  | 6,009 |  |  | 19 |  |  | 6,028 |
Operating Income (Loss) |  | 982 |  |  | 534 |  |  | (10) |  |  | 1,506 |  |  | (19) |  |  | 1,487 |
Other income 2 |  | 126 |  |  | 86 |  |  | 14 |  |  | 226 |  |  | 118 |  |  | 344 |
Interest charges |  | 324 |  |  | 192 |  |  | 4 |  |  | 520 |  |  | 188 |  |  | 708 |
Income (Loss) Before Income Taxes |  | 784 |  |  | 428 |  |  | — |  |  | 1,212 |  |  | (89) |  |  | 1,123 |
Income tax expense (benefit) |  | 102 |  |  | 99 |  |  | (5) |  |  | 196 |  |  | (20) |  |  | 176 |
Income (Loss) From Continuing Operations |  | 682 |  |  | 329 |  |  | 5 |  |  | 1,016 |  |  | (69) |  |  | 947 |
Other segment items 3 |  | (1) |  |  | (1) |  |  | 58 |  |  | 56 |  |  | (10) |  |  | 46 |
Net Income (Loss) Available to Common Stockholders |  | $ | 681 |  |  | $ | 328 |  |  | $ | 63 |  |  | $ | 1,072 |  |  | $ | (79) |  |  | $ | 993 |
Property, plant, and equipment, gross |  | $ | 20,137 |  | 4 | $ | 13,268 |  | 4 | $ | 1,506 |  |  | $ | 34,911 |  |  | $ | 21 |  |  | $ | 34,932 |
Investments in equity method investees |  | — |  |  | — |  |  | 64 |  |  | 64 |  |  | — |  |  | 64 |
Total assets |  | 20,710 |  | 4 | 13,247 |  | 4 | 1,893 |  |  | 35,850 |  |  | 70 |  |  | 35,920 |
Capital expenditures 5 |  | 1,871 |  | 6 | 1,141 |  | 6 | 288 |  |  | $ | 3,300 |  |  | 1 |  |  | 3,301 |
1 Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense. 3 Other segment items comprise loss attributable to noncontrolling interests and preferred stock dividends. 4 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses. 5 Amounts include assets placed under finance lease. 6 Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2024 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 5,061 |  |  | $ | 2,138 |  |  | $ | 7,199 |  |  | $ | 1 |  |  | $ | 7,200 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,867 |  |  | — |  |  | 1,867 |  |  | — |  |  | 1,867 |
Cost of gas sold |  | — |  |  | 637 |  |  | 637 |  |  | — |  |  | 637 |
Maintenance and other operating expenses |  | 1,066 |  |  | 454 |  |  | 1,520 |  |  | — |  |  | 1,520 |
Depreciation and amortization |  | 865 |  |  | 325 |  |  | 1,190 |  |  | 1 |  |  | 1,191 |
General taxes |  | 281 |  |  | 188 |  |  | 469 |  |  | 1 |  |  | 470 |
Total operating expenses |  | 4,079 |  |  | 1,604 |  |  | 5,683 |  |  | 2 |  |  | 5,685 |
Operating Income (Loss) |  | 982 |  |  | 534 |  |  | 1,516 |  |  | (1) |  |  | 1,515 |
Other income |  | 126 |  |  | 86 |  |  | 212 |  |  | — |  |  | 212 |
Interest charges |  | 324 |  |  | 192 |  |  | 516 |  |  | 2 |  |  | 518 |
Income (Loss) Before Income Taxes |  | 784 |  |  | 428 |  |  | 1,212 |  |  | (3) |  |  | 1,209 |
Income tax expense (benefit) |  | 102 |  |  | 99 |  |  | 201 |  |  | (1) |  |  | 200 |
Net Income (Loss) |  | 682 |  |  | 329 |  |  | 1,011 |  |  | (2) |  |  | 1,009 |
Other segment items 2 |  | (1) |  |  | (1) |  |  | (2) |  |  | — |  |  | (2) |
Net Income (Loss) Available to Common Stockholder |  | $ | 681 |  |  | $ | 328 |  |  | $ | 1,009 |  |  | $ | (2) |  |  | $ | 1,007 |
Property, plant, and equipment, gross |  | $ | 20,137 |  | 3 | $ | 13,268 |  | 3 | $ | 33,405 |  |  | $ | 29 |  |  | $ | 33,434 |
Total assets |  | 20,767 |  | 3 | 13,289 |  | 3 | 34,056 |  |  | 32 |  |  | 34,088 |
Capital expenditures 4 |  | 1,871 |  | 5 | 1,141 |  | 5 | 3,012 |  |  | — |  |  | 3,012 |
1 Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise preferred stock dividends. 3 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses. 4 Amounts include assets placed under finance lease. 5 Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2023 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 4,745 |  |  | $ | 2,420 |  |  | $ | 297 |  |  | $ | 7,462 |  |  | $ | — |  |  | $ | 7,462 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,841 |  |  | — |  |  | 170 |  |  | 2,011 |  |  | — |  |  | 2,011 |
Cost of gas sold |  | — |  |  | 897 |  |  | 5 |  |  | 902 |  |  | — |  |  | 902 |
Maintenance and other operating expenses |  | 1,075 |  |  | 511 |  |  | 88 |  |  | 1,674 |  |  | 13 |  |  | 1,687 |
Depreciation and amortization |  | 797 |  |  | 338 |  |  | 43 |  |  | 1,178 |  |  | 2 |  |  | 1,180 |
General taxes |  | 260 |  |  | 176 |  |  | 10 |  |  | 446 |  |  | 1 |  |  | 447 |
Total operating expenses |  | 3,973 |  |  | 1,922 |  |  | 316 |  |  | 6,211 |  |  | 16 |  |  | 6,227 |
Operating Income (Loss) |  | 772 |  |  | 498 |  |  | (19) |  |  | 1,251 |  |  | (16) |  |  | 1,235 |
Other income 2 |  | 131 |  |  | 77 |  |  | 12 |  |  | 220 |  |  | 142 |  |  | 362 |
Interest charges |  | 285 |  |  | 161 |  |  | 2 |  |  | 448 |  |  | 195 |  |  | 643 |
Income (Loss) Before Income Taxes |  | 618 |  |  | 414 |  |  | (9) |  |  | 1,023 |  |  | (69) |  |  | 954 |
Income tax expense (benefit) |  | 67 |  |  | 98 |  |  | 4 |  |  | 169 |  |  | (22) |  |  | 147 |
Income (Loss) From Continuing Operations |  | 551 |  |  | 316 |  |  | (13) |  |  | 854 |  |  | (47) |  |  | 807 |
Other segment items 3 |  | (1) |  |  | (1) |  |  | 80 |  |  | 78 |  |  | (8) |  |  | 70 |
Net Income (Loss) Available to Common Stockholders |  | $ | 550 |  |  | $ | 315 |  |  | $ | 67 |  |  | $ | 932 |  |  | $ | (55) |  |  | $ | 877 |
1 Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense. 3 Other segment items comprise income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
In Millions
Year Ended December 31, 2023 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 4,745 |  |  | $ | 2,420 |  |  | $ | 7,165 |  |  | $ | 1 |  |  | $ | 7,166 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,841 |  |  | — |  |  | 1,841 |  |  | — |  |  | 1,841 |
Cost of gas sold |  | — |  |  | 897 |  |  | 897 |  |  | — |  |  | 897 |
Maintenance and other operating expenses |  | 1,075 |  |  | 511 |  |  | 1,586 |  |  | — |  |  | 1,586 |
Depreciation and amortization |  | 797 |  |  | 338 |  |  | 1,135 |  |  | 2 |  |  | 1,137 |
General taxes |  | 260 |  |  | 176 |  |  | 436 |  |  | 1 |  |  | 437 |
Total operating expenses |  | 3,973 |  |  | 1,922 |  |  | 5,895 |  |  | 3 |  |  | 5,898 |
Operating Income (Loss) |  | 772 |  |  | 498 |  |  | 1,270 |  |  | (2) |  |  | 1,268 |
Other income |  | 131 |  |  | 77 |  |  | 208 |  |  | — |  |  | 208 |
Interest charges |  | 285 |  |  | 161 |  |  | 446 |  |  | 2 |  |  | 448 |
Income (Loss) Before Income Taxes |  | 618 |  |  | 414 |  |  | 1,032 |  |  | (4) |  |  | 1,028 |
Income tax expense (benefit) |  | 67 |  |  | 98 |  |  | 165 |  |  | (4) |  |  | 161 |
Net Income |  | 551 |  |  | 316 |  |  | 867 |  |  | — |  |  | 867 |
Other segment items 2 |  | (1) |  |  | (1) |  |  | (2) |  |  | — |  |  | (2) |
Net Income Available to Common Stockholder |  | $ | 550 |  |  | $ | 315 |  |  | $ | 865 |  |  | $ | — |  |  | $ | 865 |
1 Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise preferred stock dividends.
Consumers Energy Company |
Segment Reporting Information [Line Items] |
Schedule of Financial Information by Reportable Segments | Presented in the following tables is financial information by segment:
In Millions
Year Ended December 31, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 5,638 |  |  | $ | 2,493 |  |  | $ | 408 |  |  | $ | 8,539 |  |  | $ | — |  |  | $ | 8,539 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 2,193 |  |  | — |  |  | 264 |  |  | 2,457 |  |  | — |  |  | 2,457 |
Cost of gas sold |  | — |  |  | 803 |  |  | 6 |  |  | 809 |  |  | — |  |  | 809 |
Maintenance and other operating expenses |  | 1,146 |  |  | 468 |  |  | 100 |  |  | 1,714 |  |  | 13 |  |  | 1,727 |
Depreciation and amortization |  | 903 |  |  | 350 |  |  | 52 |  |  | 1,305 |  |  | 1 |  |  | 1,306 |
General taxes |  | 297 |  |  | 201 |  |  | 14 |  |  | 512 |  |  | 1 |  |  | 513 |
Total operating expenses |  | 4,539 |  |  | 1,822 |  |  | 436 |  |  | 6,797 |  |  | 15 |  |  | 6,812 |
Operating Income (Loss) |  | 1,099 |  |  | 671 |  |  | (28) |  |  | 1,742 |  |  | (15) |  |  | 1,727 |
Other income 2 |  | 124 |  |  | 83 |  |  | 17 |  |  | 224 |  |  | 86 |  |  | 310 |
Interest charges |  | 353 |  |  | 206 |  |  | (7) |  |  | 552 |  |  | 237 |  |  | 789 |
Income (Loss) Before Income Taxes |  | 870 |  |  | 548 |  |  | (4) |  |  | 1,414 |  |  | (166) |  |  | 1,248 |
Income tax expense (benefit) |  | 150 |  |  | 138 |  |  | (4) |  |  | 284 |  |  | (38) |  |  | 246 |
Income (Loss) From Continuing Operations |  | 720 |  |  | 410 |  |  | — |  |  | 1,130 |  |  | (128) |  |  | 1,002 |
Other segment items 3 |  | (1) |  |  | (1) |  |  | 71 |  |  | 69 |  |  | (10) |  |  | 59 |
Net Income (Loss) Available to Common Stockholders |  | $ | 719 |  |  | $ | 409 |  |  | $ | 71 |  |  | $ | 1,199 |  |  | $ | (138) |  |  | $ | 1,061 |
Property, plant, and equipment, gross |  | $ | 21,871 |  | 4 | $ | 14,218 |  | 4 | $ | 1,649 |  |  | $ | 37,738 |  |  | $ | 25 |  |  | $ | 37,763 |
Investments in equity method investees |  | — |  |  | — |  |  | 61 |  |  | 61 |  |  | — |  |  | 61 |
Total assets |  | 22,760 |  | 4 | 14,188 |  | 4 | 2,496 |  |  | 39,444 |  |  | 497 |  |  | 39,941 |
Capital expenditures 5 |  | 2,408 |  | 6 | 1,064 |  | 6 | 498 |  |  | 3,970 |  |  | — |  |  | 3,970 |
1 Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Includes income from equity method investees of $5 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense 3 Other segment items comprise loss attributable to noncontrolling interests and preferred stock dividends. 4 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses. 5 Amounts include assets placed under finance lease. 6 Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 5,638 |  |  | $ | 2,493 |  |  | $ | 8,131 |  |  | $ | 1 |  |  | $ | 8,132 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 2,193 |  |  | — |  |  | 2,193 |  |  | — |  |  | 2,193 |
Cost of gas sold |  | — |  |  | 803 |  |  | 803 |  |  | — |  |  | 803 |
Maintenance and other operating expenses |  | 1,146 |  |  | 468 |  |  | 1,614 |  |  | — |  |  | 1,614 |
Depreciation and amortization |  | 903 |  |  | 350 |  |  | 1,253 |  |  | 1 |  |  | 1,254 |
General taxes |  | 297 |  |  | 201 |  |  | 498 |  |  | 1 |  |  | 499 |
Total operating expenses |  | 4,539 |  |  | 1,822 |  |  | 6,361 |  |  | 2 |  |  | 6,363 |
Operating Income (Loss) |  | 1,099 |  |  | 671 |  |  | 1,770 |  |  | (1) |  |  | 1,769 |
Other income |  | 124 |  |  | 83 |  |  | 207 |  |  | 1 |  |  | 208 |
Interest charges |  | 353 |  |  | 206 |  |  | 559 |  |  | 1 |  |  | 560 |
Income (Loss) Before Income Taxes |  | 870 |  |  | 548 |  |  | 1,418 |  |  | (1) |  |  | 1,417 |
Income tax expense |  | 150 |  |  | 138 |  |  | 288 |  |  | — |  |  | 288 |
Net Income (Loss) |  | 720 |  |  | 410 |  |  | 1,130 |  |  | (1) |  |  | 1,129 |
Other segment items 2 |  | (1) |  |  | (1) |  |  | (2) |  |  | — |  |  | (2) |
Net Income (Loss) Available to Common Stockholder |  | $ | 719 |  |  | $ | 409 |  |  | $ | 1,128 |  |  | $ | (1) |  |  | $ | 1,127 |
Property, plant, and equipment, gross |  | $ | 21,871 |  | 3 | $ | 14,218 |  | 3 | $ | 36,089 |  |  | $ | 31 |  |  | $ | 36,120 |
Total assets |  | 22,814 |  | 3 | 14,229 |  | 3 | 37,043 |  |  | 48 |  |  | 37,091 |
Capital expenditures 4 |  | 2,408 |  | 5 | 1,064 |  | 5 | 3,472 |  |  | — |  |  | 3,472 |
1 Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise preferred stock dividends. 3 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses. 4 Amounts include assets placed under finance lease. 5 Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 5,061 |  |  | $ | 2,138 |  |  | $ | 316 |  |  | $ | 7,515 |  |  | $ | — |  |  | $ | 7,515 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,867 |  |  | — |  |  | 161 |  |  | 2,028 |  |  | — |  |  | 2,028 |
Cost of gas sold |  | — |  |  | 637 |  |  | 3 |  |  | 640 |  |  | — |  |  | 640 |
Maintenance and other operating expenses |  | 1,066 |  |  | 454 |  |  | 101 |  |  | 1,621 |  |  | 17 |  |  | 1,638 |
Depreciation and amortization |  | 865 |  |  | 325 |  |  | 49 |  |  | 1,239 |  |  | 1 |  |  | 1,240 |
General taxes |  | 281 |  |  | 188 |  |  | 12 |  |  | 481 |  |  | 1 |  |  | 482 |
Total operating expenses |  | 4,079 |  |  | 1,604 |  |  | 326 |  |  | 6,009 |  |  | 19 |  |  | 6,028 |
Operating Income (Loss) |  | 982 |  |  | 534 |  |  | (10) |  |  | 1,506 |  |  | (19) |  |  | 1,487 |
Other income 2 |  | 126 |  |  | 86 |  |  | 14 |  |  | 226 |  |  | 118 |  |  | 344 |
Interest charges |  | 324 |  |  | 192 |  |  | 4 |  |  | 520 |  |  | 188 |  |  | 708 |
Income (Loss) Before Income Taxes |  | 784 |  |  | 428 |  |  | — |  |  | 1,212 |  |  | (89) |  |  | 1,123 |
Income tax expense (benefit) |  | 102 |  |  | 99 |  |  | (5) |  |  | 196 |  |  | (20) |  |  | 176 |
Income (Loss) From Continuing Operations |  | 682 |  |  | 329 |  |  | 5 |  |  | 1,016 |  |  | (69) |  |  | 947 |
Other segment items 3 |  | (1) |  |  | (1) |  |  | 58 |  |  | 56 |  |  | (10) |  |  | 46 |
Net Income (Loss) Available to Common Stockholders |  | $ | 681 |  |  | $ | 328 |  |  | $ | 63 |  |  | $ | 1,072 |  |  | $ | (79) |  |  | $ | 993 |
Property, plant, and equipment, gross |  | $ | 20,137 |  | 4 | $ | 13,268 |  | 4 | $ | 1,506 |  |  | $ | 34,911 |  |  | $ | 21 |  |  | $ | 34,932 |
Investments in equity method investees |  | — |  |  | — |  |  | 64 |  |  | 64 |  |  | — |  |  | 64 |
Total assets |  | 20,710 |  | 4 | 13,247 |  | 4 | 1,893 |  |  | 35,850 |  |  | 70 |  |  | 35,920 |
Capital expenditures 5 |  | 1,871 |  | 6 | 1,141 |  | 6 | 288 |  |  | $ | 3,300 |  |  | 1 |  |  | 3,301 |
1 Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense. 3 Other segment items comprise loss attributable to noncontrolling interests and preferred stock dividends. 4 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses. 5 Amounts include assets placed under finance lease. 6 Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2024 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 5,061 |  |  | $ | 2,138 |  |  | $ | 7,199 |  |  | $ | 1 |  |  | $ | 7,200 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,867 |  |  | — |  |  | 1,867 |  |  | — |  |  | 1,867 |
Cost of gas sold |  | — |  |  | 637 |  |  | 637 |  |  | — |  |  | 637 |
Maintenance and other operating expenses |  | 1,066 |  |  | 454 |  |  | 1,520 |  |  | — |  |  | 1,520 |
Depreciation and amortization |  | 865 |  |  | 325 |  |  | 1,190 |  |  | 1 |  |  | 1,191 |
General taxes |  | 281 |  |  | 188 |  |  | 469 |  |  | 1 |  |  | 470 |
Total operating expenses |  | 4,079 |  |  | 1,604 |  |  | 5,683 |  |  | 2 |  |  | 5,685 |
Operating Income (Loss) |  | 982 |  |  | 534 |  |  | 1,516 |  |  | (1) |  |  | 1,515 |
Other income |  | 126 |  |  | 86 |  |  | 212 |  |  | — |  |  | 212 |
Interest charges |  | 324 |  |  | 192 |  |  | 516 |  |  | 2 |  |  | 518 |
Income (Loss) Before Income Taxes |  | 784 |  |  | 428 |  |  | 1,212 |  |  | (3) |  |  | 1,209 |
Income tax expense (benefit) |  | 102 |  |  | 99 |  |  | 201 |  |  | (1) |  |  | 200 |
Net Income (Loss) |  | 682 |  |  | 329 |  |  | 1,011 |  |  | (2) |  |  | 1,009 |
Other segment items 2 |  | (1) |  |  | (1) |  |  | (2) |  |  | — |  |  | (2) |
Net Income (Loss) Available to Common Stockholder |  | $ | 681 |  |  | $ | 328 |  |  | $ | 1,009 |  |  | $ | (2) |  |  | $ | 1,007 |
Property, plant, and equipment, gross |  | $ | 20,137 |  | 3 | $ | 13,268 |  | 3 | $ | 33,405 |  |  | $ | 29 |  |  | $ | 33,434 |
Total assets |  | 20,767 |  | 3 | 13,289 |  | 3 | 34,056 |  |  | 32 |  |  | 34,088 |
Capital expenditures 4 |  | 1,871 |  | 5 | 1,141 |  | 5 | 3,012 |  |  | — |  |  | 3,012 |
1 Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise preferred stock dividends. 3 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses. 4 Amounts include assets placed under finance lease. 5 Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.
In Millions
Year Ended December 31, 2023 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated
CMS Energy, including Consumers
Operating revenue |  | $ | 4,745 |  |  | $ | 2,420 |  |  | $ | 297 |  |  | $ | 7,462 |  |  | $ | — |  |  | $ | 7,462 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,841 |  |  | — |  |  | 170 |  |  | 2,011 |  |  | — |  |  | 2,011 |
Cost of gas sold |  | — |  |  | 897 |  |  | 5 |  |  | 902 |  |  | — |  |  | 902 |
Maintenance and other operating expenses |  | 1,075 |  |  | 511 |  |  | 88 |  |  | 1,674 |  |  | 13 |  |  | 1,687 |
Depreciation and amortization |  | 797 |  |  | 338 |  |  | 43 |  |  | 1,178 |  |  | 2 |  |  | 1,180 |
General taxes |  | 260 |  |  | 176 |  |  | 10 |  |  | 446 |  |  | 1 |  |  | 447 |
Total operating expenses |  | 3,973 |  |  | 1,922 |  |  | 316 |  |  | 6,211 |  |  | 16 |  |  | 6,227 |
Operating Income (Loss) |  | 772 |  |  | 498 |  |  | (19) |  |  | 1,251 |  |  | (16) |  |  | 1,235 |
Other income 2 |  | 131 |  |  | 77 |  |  | 12 |  |  | 220 |  |  | 142 |  |  | 362 |
Interest charges |  | 285 |  |  | 161 |  |  | 2 |  |  | 448 |  |  | 195 |  |  | 643 |
Income (Loss) Before Income Taxes |  | 618 |  |  | 414 |  |  | (9) |  |  | 1,023 |  |  | (69) |  |  | 954 |
Income tax expense (benefit) |  | 67 |  |  | 98 |  |  | 4 |  |  | 169 |  |  | (22) |  |  | 147 |
Income (Loss) From Continuing Operations |  | 551 |  |  | 316 |  |  | (13) |  |  | 854 |  |  | (47) |  |  | 807 |
Other segment items 3 |  | (1) |  |  | (1) |  |  | 80 |  |  | 78 |  |  | (8) |  |  | 70 |
Net Income (Loss) Available to Common Stockholders |  | $ | 550 |  |  | $ | 315 |  |  | $ | 67 |  |  | $ | 932 |  |  | $ | (55) |  |  | $ | 877 |
1 Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense. 3 Other segment items comprise income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
In Millions
Year Ended December 31, 2023 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated
Consumers
Operating revenue |  | $ | 4,745 |  |  | $ | 2,420 |  |  | $ | 7,165 |  |  | $ | 1 |  |  | $ | 7,166 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Power supply cost 1 |  | 1,841 |  |  | — |  |  | 1,841 |  |  | — |  |  | 1,841 |
Cost of gas sold |  | — |  |  | 897 |  |  | 897 |  |  | — |  |  | 897 |
Maintenance and other operating expenses |  | 1,075 |  |  | 511 |  |  | 1,586 |  |  | — |  |  | 1,586 |
Depreciation and amortization |  | 797 |  |  | 338 |  |  | 1,135 |  |  | 2 |  |  | 1,137 |
General taxes |  | 260 |  |  | 176 |  |  | 436 |  |  | 1 |  |  | 437 |
Total operating expenses |  | 3,973 |  |  | 1,922 |  |  | 5,895 |  |  | 3 |  |  | 5,898 |
Operating Income (Loss) |  | 772 |  |  | 498 |  |  | 1,270 |  |  | (2) |  |  | 1,268 |
Other income |  | 131 |  |  | 77 |  |  | 208 |  |  | — |  |  | 208 |
Interest charges |  | 285 |  |  | 161 |  |  | 446 |  |  | 2 |  |  | 448 |
Income (Loss) Before Income Taxes |  | 618 |  |  | 414 |  |  | 1,032 |  |  | (4) |  |  | 1,028 |
Income tax expense (benefit) |  | 67 |  |  | 98 |  |  | 165 |  |  | (4) |  |  | 161 |
Net Income |  | 551 |  |  | 316 |  |  | 867 |  |  | — |  |  | 867 |
Other segment items 2 |  | (1) |  |  | (1) |  |  | (2) |  |  | — |  |  | (2) |
Net Income Available to Common Stockholder |  | $ | 550 |  |  | $ | 315 |  |  | $ | 865 |  |  | $ | — |  |  | $ | 865 |
1 Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2 Other segment items comprise preferred stock dividends.

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