v3.25.4
Schedule I - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule I - Condensed Financial Information of Registrant
Condensed Statements of Income
In Millions
Years Ended December 31202520242023
Operating Expenses
Other operating expenses$9 $10 $10 
Total operating expenses9 10 10 
Operating Loss(9)(10)(10)
Other Income (Expense)
Equity earnings of subsidiaries1,189 1,061 929 
Nonoperating retirement benefits, net(1)(1)(1)
Other income69 45 31 
Other expense(2)— — 
Total other income1,255 1,105 959 
Interest Charges
Interest on long-term debt266 205 201 
Intercompany interest expense and other10 10 10 
Total interest charges276 215 211 
Income Before Income Taxes970 880 738 
Income Tax Benefit(39)(19)(20)
Net Income Attributable to CMS Energy1,009 899 758 
Preferred Stock Dividends10 10 10 
Net Income Available to Common Stockholders$999 $889 $748 
The accompanying notes are an integral part of these statements.
CMS Energy—Parent Company
Condensed Statements of Cash Flows
In Millions
Years Ended December 31202520242023
Cash Flows from Operating Activities
Net cash provided by operating activities$817 $774 $595 
Cash Flows from Investing Activities
Capital expenditures(1)(1)— 
Investment in subsidiaries(1,062)(535)(630)
Investment in debt securities – intercompany(109)(288)(293)
Decrease (increase) in notes receivable – intercompany(309)21 55 
Proceeds from DB SERP investments3 — — 
Net cash used in investing activities(1,478)(803)(868)
Cash Flows from Financing Activities
Proceeds from issuance of debt2,110 490 800 
Issuance of common stock525 286 192 
Retirement of long-term debt(850)(250)— 
Payment of dividends on common and preferred stock(663)(626)(579)
Debt issuance costs and financing fees(39)(10)(20)
Change in notes payable – intercompany3 (6)(7)
Net cash provided by (used in) financing activities1,086 (116)386 
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts425 (145)113 
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period4 149 36 
Cash and Cash Equivalents, Including Restricted Amounts, End of Period$429 $4 $149 
The accompanying notes are an integral part of these statements.
CMS Energy—Parent Company
Condensed Balance Sheets
ASSETS
In Millions
December 3120252024
Current Assets
Cash and cash equivalents$429 $4 
Notes and accrued interest receivable – intercompany350 40 
Accounts receivable – intercompany and related parties8 8 
Prepayments and other current assets1 1 
Total current assets788 53 
Other Non‑current Assets
Property, plant, and equipment1 1 
Deferred income taxes105 150 
Investments in subsidiaries13,724 12,400 
Investment in debt securities – intercompany710 591 
Other investments 8 9 
Other23 21 
Total other non‑current assets14,571 13,172 
Total Assets$15,359 $13,225 
LIABILITIES AND EQUITY
In Millions
December 3120252024
Current Liabilities
Current portion of long-term debt$300 $740 
Accounts and notes payable – intercompany89 74 
Accrued interest, including intercompany43 34 
Accrued taxes41 16 
Other current liabilities8 6 
Total current liabilities481 870 
Non‑current Liabilities
Long-term debt5,906 4,226 
Notes payable – intercompany96 100 
Postretirement benefits13 14 
Other non‑current liabilities14 17 
Total non‑current liabilities6,029 4,357 
Equity
Common stock3 3 
Other stockholders’ equity8,622 7,771 
Total common stockholders’ equity8,625 7,774 
Preferred stock224 224 
Total equity8,849 7,998 
Total Liabilities and Equity$15,359 $13,225 
The accompanying notes are an integral part of these statements.
Basis of Presentation
CMS Energy’s condensed financial statements have been prepared on a parent-only basis. In accordance with Rule 12‑04 of Regulation S‑X, these parent-only financial statements do not include all of the information and notes required by GAAP for annual financial statements, and therefore these parent-only financial statements and other information included should be read in conjunction with CMS Energy’s audited consolidated financial statements contained within Item 8. Financial Statements and Supplementary Data.
Guarantees
CMS Energy has issued guarantees with a maximum potential obligation of $1.3 billion on behalf of some of its wholly owned subsidiaries and related parties. CMS Energy’s maximum potential obligation consists primarily of potential payments:
•to third parties under certain commodity purchase and sales agreements entered into by CMS ERM and other subsidiaries of NorthStar Clean Energy
•to tax equity investors that hold membership interests in certain VIEs held by NorthStar Clean Energy
•to EGLE on behalf of CMS Land and CMS Capital, for environmental remediation obligations at Bay Harbor
•to the DOE on behalf of Consumers, in connection with Consumers’ 2011 settlement agreement with the DOE regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers
The expiration dates of these guarantees vary, depending upon contractual provisions or upon the statute of limitations under the relevant governing law.