v3.25.4
Consumers Energy Company Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 509 $ 103
Restricted cash and cash equivalents 106 75
Inventories at average cost    
Gas in underground storage 427 435
Materials and supplies 329 299
Generating plant fuel stock 35 35
Deferred property taxes 479 448
Regulatory assets 104 229
Prepayments and other current assets 160 103
Total current assets 3,472 2,790
Other Non‑current Assets    
Regulatory assets 3,355 3,569
Accounts and notes receivable – related parties 18 20
Postretirement benefits 1,957 1,627
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 and finance leases 956 1,195
Notes payable 0 65
Accrued rate refunds 28 38
Accrued interest 182 156
Accrued taxes 708 654
Regulatory liabilities 85 111
Other current liabilities 185 209
Total current liabilities 3,548 3,521
Non‑current Liabilities    
Long-term debt 17,807 15,194
Non-current portion of finance leases 135 112
Regulatory liabilities 4,091 4,067
Postretirement benefits 95 96
AROs 792 728
Deferred investment tax credit 118 122
Deferred income taxes 3,252 2,925
Other non‑current liabilities 392 407
Total non‑current liabilities 26,682 23,651
Commitments and Contingencies
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 6,510 6,009
Accumulated other comprehensive loss (36) (41)
Retained earnings 2,443 2,035
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
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $27 in 2025 and $23 in 2024 1,306 1,049
Current Liabilities    
Accounts payable 1,395 1,085
Related Party    
Current Liabilities    
Accounts payable 9 8
Consumers Energy Company    
Current Assets    
Cash and cash equivalents 25 44
Restricted cash and cash equivalents 86 75
Inventories at average cost    
Gas in underground storage 427 435
Materials and supplies 316 291
Generating plant fuel stock 31 30
Deferred property taxes 479 448
Regulatory assets 104 229
Prepayments and other current assets 132 86
Total current assets 2,825 2,674
Plant, Property, and Equipment    
Plant, property, and equipment, gross 36,120 33,434
Less accumulated depreciation and amortization 9,842 9,310
Plant, property, and equipment, net 26,278 24,124
Construction work in progress 2,354 1,766
Total plant, property, and equipment 28,632 25,890
Other Non‑current Assets    
Regulatory assets 3,355 3,569
Postretirement benefits 1,821 1,514
Other 346 323
Total other non‑current assets 5,634 5,524
Total Assets 37,091 34,088
Current Liabilities    
Current portion of long-term debt and finance leases 579 456
Accrued rate refunds 28 38
Accrued interest 149 130
Accrued taxes 747 678
Regulatory liabilities 85 111
Other current liabilities 163 185
Total current liabilities 3,334 2,592
Non‑current Liabilities    
Non-current portion of finance leases 81 69
Regulatory liabilities 4,091 4,067
Postretirement benefits 70 70
AROs 753 694
Deferred investment tax credit 118 122
Deferred income taxes 3,201 3,053
Other non‑current liabilities 336 349
Total non‑current liabilities 21,179 20,065
Commitments and Contingencies
Common stockholders’ equity    
Common stock 841 841
Other paid-in capital 9,094 8,174
Accumulated other comprehensive loss (13) (11)
Retained earnings 2,619 2,390
Total common stockholders’ equity 12,541 11,394
Cumulative preferred stock 37 37
Total stockholders’ equity 12,578 11,431
Total Liabilities and Equity 37,091 34,088
Consumers Energy Company | Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $27 in 2025 and $23 in 2024 1,210 1,019
Other Non‑current Assets    
Accounts receivable 24 26
Current Liabilities    
Notes payable 0 65
Accounts payable 1,229 917
Non‑current Liabilities    
Long-term debt 11,524 10,818
Consumers Energy Company | Related Party    
Current Assets    
Accounts and notes receivable – related parties 15 17
Other Non‑current Assets    
Accounts and notes receivable – related parties 88 92
Current Liabilities    
Notes payable 340 0
Accounts payable 14 12
Non‑current Liabilities    
Long-term debt $ 1,005 $ 823