v3.25.4
Schedule I - Condensed Financial Information of Registrant (Condensed Balance Sheets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 509 $ 103
Prepayments and other current assets 160 103
Total current assets 3,472 2,790
Other Non‑current Assets    
Plant, property, and equipment, net 30,680 27,461
Investments in subsidiaries 61 64
Other 398 384
Total other non‑current assets 5,789 5,669
Total Assets 39,941 35,920
Current Liabilities    
Current portion of long-term debt 950 1,192
Accrued interest, including intercompany 182 156
Accrued taxes 708 654
Other current liabilities 185 209
Total current liabilities 3,548 3,521
Non‑current Liabilities    
Long-term debt 17,807 15,194
Postretirement benefits 95 96
Other non‑current liabilities 392 407
Total non‑current liabilities 26,682 23,651
Equity    
Common stock 3 3
Total common stockholders’ equity 8,920 8,006
Cumulative preferred stock 224 224
Total stockholders’ equity 9,144 8,230
Total Liabilities and Equity 39,941 35,920
CMS Energy    
Current Assets    
Cash and cash equivalents 429 4
Prepayments and other current assets 1 1
Total current assets 788 53
Other Non‑current Assets    
Plant, property, and equipment, net 1 1
Deferred income taxes 105 150
Other investments 8 9
Other 23 21
Total other non‑current assets 14,571 13,172
Total Assets 15,359 13,225
Current Liabilities    
Current portion of long-term debt 300 740
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
Cumulative preferred stock 224 224
Total stockholders’ equity 8,849 7,998
Total Liabilities and Equity 15,359 13,225
CMS Energy | Intercompany    
Current Assets    
Notes receivable 350 40
Other Non‑current Assets    
Investments in subsidiaries 13,724 12,400
Investment in debt securities – intercompany 710 591
Current Liabilities    
Accounts and notes payable – intercompany 89 74
CMS Energy | Intercompany and related parties    
Current Assets    
Accounts receivable – intercompany and related parties $ 8 $ 8