v3.25.4

Revenue (Tables) | 12 Months Ended
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Dec. 31, 2025
Disaggregation of Revenue [Line Items] |
Disaggregation of Revenue | Presented in the following tables are the components of operating revenue:
In Millions
Year Ended December 31, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy 1 |  | Consolidated
CMS Energy, including Consumers
Consumers utility revenue |  | $ | 5,578 |  |  | $ | 2,468 |  |  | $ | — |  |  |  |  | $ | 8,046 |
Other |  | — |  |  | — |  |  | 259 |  |  |  |  | 259 |
Revenue recognized from contracts with customers |  | $ | 5,578 |  |  | $ | 2,468 |  |  | $ | 259 |  |  |  |  | $ | 8,305 |
Leasing income |  | — |  |  | — |  |  | 149 |  |  |  |  | 149 |
Financing income |  | 10 |  |  | 6 |  |  | — |  |  |  |  | 16 |
Consumers alternative-revenue programs |  | 50 |  |  | 19 |  |  | — |  |  |  |  | 69 |
Total operating revenue – CMS Energy |  | $ | 5,638 |  |  | $ | 2,493 |  |  | $ | 408 |  |  |  |  | $ | 8,539 |
Consumers
Consumers utility revenue |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 2,661 |  |  | $ | 1,701 |  |  |  |  |  |  | $ | 4,362 |
Commercial |  | 1,888 |  |  | 538 |  |  |  |  |  |  | 2,426 |
Industrial |  | 762 |  |  | 62 |  |  |  |  |  |  | 824 |
Other |  | 267 |  |  | 167 |  |  |  |  |  |  | 434 |
Revenue recognized from contracts with customers |  | $ | 5,578 |  |  | $ | 2,468 |  |  |  |  |  |  | $ | 8,046 |
Financing income |  | 10 |  |  | 6 |  |  |  |  |  |  | 16 |
Alternative-revenue programs |  | 50 |  |  | 19 |  |  |  |  |  |  | 69 |
Other non-segment revenue |  | — |  |  | — |  |  |  |  |  |  | 1 |
Total operating revenue – Consumers |  | $ | 5,638 |  |  | $ | 2,493 |  |  |  |  |  |  | $ | 8,132 |
1 Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Year Ended December 31, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy 1 |  | Consolidated
CMS Energy, including Consumers
Consumers utility revenue |  | $ | 4,995 |  |  | $ | 2,114 |  |  | $ | — |  |  |  |  | $ | 7,109 |
Other |  | — |  |  | — |  |  | 211 |  |  |  |  | 211 |
Revenue recognized from contracts with customers |  | $ | 4,995 |  |  | $ | 2,114 |  |  | $ | 211 |  |  |  |  | $ | 7,320 |
Leasing income |  | — |  |  | — |  |  | 105 |  |  |  |  | 105 |
Financing income |  | 10 |  |  | 5 |  |  | — |  |  |  |  | 15 |
Consumers alternative-revenue programs |  | 56 |  |  | 19 |  |  | — |  |  |  |  | 75 |
Total operating revenue – CMS Energy |  | $ | 5,061 |  |  | $ | 2,138 |  |  | $ | 316 |  |  |  |  | $ | 7,515 |
Consumers
Consumers utility revenue |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 2,318 |  |  | $ | 1,429 |  |  |  |  |  |  | $ | 3,747 |
Commercial |  | 1,674 |  |  | 440 |  |  |  |  |  |  | 2,114 |
Industrial |  | 670 |  |  | 50 |  |  |  |  |  |  | 720 |
Other |  | 333 |  |  | 195 |  |  |  |  |  |  | 528 |
Revenue recognized from contracts with customers |  | $ | 4,995 |  |  | $ | 2,114 |  |  |  |  |  |  | $ | 7,109 |
Financing income |  | 10 |  |  | 5 |  |  |  |  |  |  | 15 |
Alternative-revenue programs |  | 56 |  |  | 19 |  |  |  |  |  |  | 75 |
Other non-segment revenue |  | — |  |  | — |  |  |  |  |  |  | 1 |
Total operating revenue – Consumers |  | $ | 5,061 |  |  | $ | 2,138 |  |  |  |  |  |  | $ | 7,200 |
1 Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Year Ended December 31, 2023 | Electric Utility | Gas Utility | NorthStar Clean Energy 1 |  |  | Consolidated
CMS Energy, including Consumers
Consumers utility revenue |  | $ | 4,686 |  |  | $ | 2,394 |  |  | $ | — |  |  |  |  |  |  | $ | 7,080 |
Other |  | — |  |  | — |  |  | 181 |  |  |  |  |  |  | 181 |
Revenue recognized from contracts with customers |  | $ | 4,686 |  |  | $ | 2,394 |  |  | $ | 181 |  |  |  |  |  |  | $ | 7,261 |
Leasing income |  | — |  |  | — |  |  | 116 |  |  |  |  |  |  | 116 |
Financing income |  | 10 |  |  | 6 |  |  | — |  |  |  |  |  |  | 16 |
Consumers alternative-revenue programs |  | 49 |  |  | 20 |  |  | — |  |  |  |  |  |  | 69 |
Total operating revenue – CMS Energy |  | $ | 4,745 |  |  | $ | 2,420 |  |  | $ | 297 |  |  |  |  |  |  | $ | 7,462 |
Consumers
Consumers utility revenue |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 2,236 |  |  | $ | 1,619 |  |  |  |  |  |  |  |  | $ | 3,855 |
Commercial |  | 1,550 |  |  | 489 |  |  |  |  |  |  |  |  | 2,039 |
Industrial |  | 660 |  |  | 60 |  |  |  |  |  |  |  |  | 720 |
Other |  | 240 |  |  | 226 |  |  |  |  |  |  |  |  | 466 |
Revenue recognized from contracts with customers |  | $ | 4,686 |  |  | $ | 2,394 |  |  |  |  |  |  |  |  | $ | 7,080 |
Financing income |  | 10 |  |  | 6 |  |  |  |  |  |  |  |  | 16 |
Alternative-revenue programs |  | 49 |  |  | 20 |  |  |  |  |  |  |  |  | 69 |
Other non-segment revenue |  | — |  |  | — |  |  |  |  |  |  |  |  | 1 |
Total operating revenue – Consumers |  | $ | 4,745 |  |  | $ | 2,420 |  |  |  |  |  |  |  |  | $ | 7,166 |
1 Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
Consumers Energy Company |
Disaggregation of Revenue [Line Items] |
Disaggregation of Revenue | Presented in the following tables are the components of operating revenue:
In Millions
Year Ended December 31, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy 1 |  | Consolidated
CMS Energy, including Consumers
Consumers utility revenue |  | $ | 5,578 |  |  | $ | 2,468 |  |  | $ | — |  |  |  |  | $ | 8,046 |
Other |  | — |  |  | — |  |  | 259 |  |  |  |  | 259 |
Revenue recognized from contracts with customers |  | $ | 5,578 |  |  | $ | 2,468 |  |  | $ | 259 |  |  |  |  | $ | 8,305 |
Leasing income |  | — |  |  | — |  |  | 149 |  |  |  |  | 149 |
Financing income |  | 10 |  |  | 6 |  |  | — |  |  |  |  | 16 |
Consumers alternative-revenue programs |  | 50 |  |  | 19 |  |  | — |  |  |  |  | 69 |
Total operating revenue – CMS Energy |  | $ | 5,638 |  |  | $ | 2,493 |  |  | $ | 408 |  |  |  |  | $ | 8,539 |
Consumers
Consumers utility revenue |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 2,661 |  |  | $ | 1,701 |  |  |  |  |  |  | $ | 4,362 |
Commercial |  | 1,888 |  |  | 538 |  |  |  |  |  |  | 2,426 |
Industrial |  | 762 |  |  | 62 |  |  |  |  |  |  | 824 |
Other |  | 267 |  |  | 167 |  |  |  |  |  |  | 434 |
Revenue recognized from contracts with customers |  | $ | 5,578 |  |  | $ | 2,468 |  |  |  |  |  |  | $ | 8,046 |
Financing income |  | 10 |  |  | 6 |  |  |  |  |  |  | 16 |
Alternative-revenue programs |  | 50 |  |  | 19 |  |  |  |  |  |  | 69 |
Other non-segment revenue |  | — |  |  | — |  |  |  |  |  |  | 1 |
Total operating revenue – Consumers |  | $ | 5,638 |  |  | $ | 2,493 |  |  |  |  |  |  | $ | 8,132 |
1 Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Year Ended December 31, 2024 | Electric Utility | Gas Utility | NorthStar Clean Energy 1 |  | Consolidated
CMS Energy, including Consumers
Consumers utility revenue |  | $ | 4,995 |  |  | $ | 2,114 |  |  | $ | — |  |  |  |  | $ | 7,109 |
Other |  | — |  |  | — |  |  | 211 |  |  |  |  | 211 |
Revenue recognized from contracts with customers |  | $ | 4,995 |  |  | $ | 2,114 |  |  | $ | 211 |  |  |  |  | $ | 7,320 |
Leasing income |  | — |  |  | — |  |  | 105 |  |  |  |  | 105 |
Financing income |  | 10 |  |  | 5 |  |  | — |  |  |  |  | 15 |
Consumers alternative-revenue programs |  | 56 |  |  | 19 |  |  | — |  |  |  |  | 75 |
Total operating revenue – CMS Energy |  | $ | 5,061 |  |  | $ | 2,138 |  |  | $ | 316 |  |  |  |  | $ | 7,515 |
Consumers
Consumers utility revenue |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 2,318 |  |  | $ | 1,429 |  |  |  |  |  |  | $ | 3,747 |
Commercial |  | 1,674 |  |  | 440 |  |  |  |  |  |  | 2,114 |
Industrial |  | 670 |  |  | 50 |  |  |  |  |  |  | 720 |
Other |  | 333 |  |  | 195 |  |  |  |  |  |  | 528 |
Revenue recognized from contracts with customers |  | $ | 4,995 |  |  | $ | 2,114 |  |  |  |  |  |  | $ | 7,109 |
Financing income |  | 10 |  |  | 5 |  |  |  |  |  |  | 15 |
Alternative-revenue programs |  | 56 |  |  | 19 |  |  |  |  |  |  | 75 |
Other non-segment revenue |  | — |  |  | — |  |  |  |  |  |  | 1 |
Total operating revenue – Consumers |  | $ | 5,061 |  |  | $ | 2,138 |  |  |  |  |  |  | $ | 7,200 |
1 Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Year Ended December 31, 2023 | Electric Utility | Gas Utility | NorthStar Clean Energy 1 |  |  | Consolidated
CMS Energy, including Consumers
Consumers utility revenue |  | $ | 4,686 |  |  | $ | 2,394 |  |  | $ | — |  |  |  |  |  |  | $ | 7,080 |
Other |  | — |  |  | — |  |  | 181 |  |  |  |  |  |  | 181 |
Revenue recognized from contracts with customers |  | $ | 4,686 |  |  | $ | 2,394 |  |  | $ | 181 |  |  |  |  |  |  | $ | 7,261 |
Leasing income |  | — |  |  | — |  |  | 116 |  |  |  |  |  |  | 116 |
Financing income |  | 10 |  |  | 6 |  |  | — |  |  |  |  |  |  | 16 |
Consumers alternative-revenue programs |  | 49 |  |  | 20 |  |  | — |  |  |  |  |  |  | 69 |
Total operating revenue – CMS Energy |  | $ | 4,745 |  |  | $ | 2,420 |  |  | $ | 297 |  |  |  |  |  |  | $ | 7,462 |
Consumers
Consumers utility revenue |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 2,236 |  |  | $ | 1,619 |  |  |  |  |  |  |  |  | $ | 3,855 |
Commercial |  | 1,550 |  |  | 489 |  |  |  |  |  |  |  |  | 2,039 |
Industrial |  | 660 |  |  | 60 |  |  |  |  |  |  |  |  | 720 |
Other |  | 240 |  |  | 226 |  |  |  |  |  |  |  |  | 466 |
Revenue recognized from contracts with customers |  | $ | 4,686 |  |  | $ | 2,394 |  |  |  |  |  |  |  |  | $ | 7,080 |
Financing income |  | 10 |  |  | 6 |  |  |  |  |  |  |  |  | 16 |
Alternative-revenue programs |  | 49 |  |  | 20 |  |  |  |  |  |  |  |  | 69 |
Other non-segment revenue |  | — |  |  | — |  |  |  |  |  |  |  |  | 1 |
Total operating revenue – Consumers |  | $ | 4,745 |  |  | $ | 2,420 |  |  |  |  |  |  |  |  | $ | 7,166 |
1 Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.

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