v3.25.4
Consumers Energy Company Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income (loss) $ 1,002 $ 947 $ 808
Adjustments to reconcile net income to net cash provided by operating activities      
Deferred income taxes and investment tax credits 202 142 157
Bad debt expense 40 33 34
Postretirement benefits contributions (16) (13) (12)
Other non‑cash operating activities and reconciling adjustments (238) (241) (274)
Changes in assets and liabilities      
Accounts receivable and accrued revenue (251) (155) 241
Inventories (28) 164 185
Accounts payable and accrued rate refunds 196 15 (136)
Other current assets and liabilities 78 42 (21)
Other non‑current assets and liabilities (56) 196 147
Net cash provided by operating activities 2,235 2,370 2,309
Cash Flows from Investing Activities      
Proceeds from sale of ASP business 0 124 0
Cost to retire property and other investing activities (214) (160) (167)
Net cash used in investing activities (4,038) (3,054) (3,386)
Cash Flows from Financing Activities      
Proceeds from issuance of debt 3,609 1,962 3,551
Retirement of debt (1,150) (952) (2,132)
Increase (decrease) in notes payable (65) (28) 73
Other financing costs (65) (21) (42)
Net cash provided by financing activities 2,240 614 1,143
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts 437 (70) 66
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 178 248 182
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 615 178 248
Cash transactions      
Interest paid (net of amounts capitalized) 741 677 607
Income taxes paid (proceeds from sale of renewable energy tax credits), net (20) (69) 15
Non‑cash transactions      
Capital expenditures not paid 662 517 265
Capital Expenditures      
Cash Flows from Investing Activities      
Capital expenditures (excludes assets placed under finance lease) (3,824) (3,018) (2,407)
Covert Plant Acquisition      
Cash Flows from Investing Activities      
Capital expenditures (excludes assets placed under finance lease) 0 0 (812)
Consumers Energy Company      
Cash Flows from Operating Activities      
Net income (loss) 1,129 1,009 867
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 1,254 1,191 1,137
Deferred income taxes and investment tax credits 48 115 156
Bad debt expense 40 33 34
Postretirement benefits contributions (10) (9) (9)
Other non‑cash operating activities and reconciling adjustments (165) (137) (123)
Changes in assets and liabilities      
Accounts receivable and accrued revenue (235) (153) 219
Inventories (24) 164 186
Accounts payable and accrued rate refunds 187 19 (127)
Other current assets and liabilities 104 75 (35)
Other non‑current assets and liabilities (90) 139 125
Net cash provided by operating activities 2,238 2,446 2,430
Cash Flows from Investing Activities      
Cost to retire property and other investing activities (221) (154) (141)
Net cash used in investing activities (3,535) (2,872) (3,201)
Cash Flows from Financing Activities      
Proceeds from issuance of debt 1,123 1,297 2,666
Retirement of debt (115) (389) (1,654)
Stockholder contribution 920 735 475
Return of stockholder contribution 0 (320) 0
Payment of dividends on common and preferred stock (900) (797) (697)
Other financing costs (14) (9) (21)
Net cash provided by financing activities 1,289 489 767
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts (8) 63 (4)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 119 56 60
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 111 119 56
Cash transactions      
Interest paid (net of amounts capitalized) 526 484 417
Income taxes paid (proceeds from sale of renewable energy tax credits), net 161 (19) 31
Non‑cash transactions      
Capital expenditures not paid 533 395 264
Consumers Energy Company | Nonrelated Party      
Cash Flows from Financing Activities      
Increase (decrease) in notes payable (65) (28) 73
Consumers Energy Company | Related Party      
Cash Flows from Financing Activities      
Increase (decrease) in notes payable 340 0 (75)
Consumers Energy Company | ASP gain      
Cash Flows from Investing Activities      
Proceeds from sale of ASP business 0 124 0
Consumers Energy Company | Capital Expenditures      
Cash Flows from Investing Activities      
Capital expenditures (excludes assets placed under finance lease) (3,314) (2,842) (2,248)
Consumers Energy Company | Covert Plant Acquisition      
Cash Flows from Investing Activities      
Capital expenditures (excludes assets placed under finance lease) $ 0 $ 0 $ (812)