v3.25.4
Financings and Capitalization (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Instrument [Line Items]  
Summary of Long-Term Debt
Presented in the following table is CMS Energy’s long-term debt at December 31:
In Millions, Except Interest Rate and Maturity
Interest Rate
(%)		Maturity20252024
CMS Energy, including Consumers
CMS Energy, parent only
Senior notes3.600 2025$— $250 
3.000 2026300 300 
2.950 2027275 275 
3.450 2027350 350 
4.700 2043250 250 
4.875 2044300 300 
$1,475 $1,725 
Convertible senior notes1
3.375 
2
2028$800 $800 
3.125 
3
20311,000 — 
$1,800 $800 
Junior subordinated notes4
4.750 
5
2050$500 $500 
3.750 
6
2050400 400 
6.500 
7
20551,000 — 
5.625 2078200 200 
5.875 2078280 280 
5.875 2079630 630 
$3,010 $2,010 
Term loan facilities variable2025$— $90 
variable2025— 400 
$— $490 
Total CMS Energy, parent only$6,285 $5,025 
CMS Energy subsidiaries
Consumers$12,196 $11,370 
NorthStar Clean Energy
Revolving credit facilityvariable
8
2028235 150 
Construction financing agreement9
variableFive years after conversion date223 — 
Total principal amount outstanding$18,939 $16,545 
Current amounts(950)(1,192)
Unamortized discounts(28)(29)
Unamortized issuance costs(154)(130)
Total CMS Energy long-term debt$17,807 $15,194 
1Holders of the convertible senior notes may convert their notes at their option in accordance with the conditions outlined in the related indentures. CMS Energy will settle conversions of the notes in accordance with the terms outlined in the related indentures. The conversion rate will be subject to adjustment for
anti‑dilutive events and fundamental change and redemption provisions as described in the related indentures. There are no sinking fund requirements for the notes.
2At December 31, 2025, the conversion price for the notes was $73.61 per share of common stock. Unamortized debt costs associated with this issuance were $6 million at December 31, 2025 and $9 million at December 31, 2024.
3At December 31, 2025, the conversion price for the notes was $90.61 per share of common stock. Unamortized debt costs associated with this issuance were $12 million at December 31, 2025.
4These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.
5On June 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five‑year treasury rate plus 4.116 percent.
6On December 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five‑year treasury rate plus 2.900 percent.
7On June 1, 2035, and every five years thereafter, the notes will reset to an interest rate equal to the five‑year treasury rate plus 1.961 percent.
8Loans under this facility have an interest rate of one-month Term SOFR plus 1.750 percent less an adjustment of 0.050 percent for green credit advances. At December 31, 2025, the weighted-average interest rate for the loans issued under this facility was 5.436 percent.
9Loans under this facility have an interest rate of one-month Term SOFR plus 2.250 percent. At December 31, 2025, the weighted-average interest rate for the loans issued under this facility was 6.476 percent. At completion of project construction, scheduled for the first half of 2026, a portion of this financing will convert into a term loan that will mature five years after the conversion date.
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during 2025:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Junior subordinated notes$1,000 6.500 February 2025June 2055
Term loan credit agreement110 variableFebruary 2025December 2025
Convertible senior notes1,000 3.125 November 2025May 2031
Total CMS Energy, parent only$2,110 
NorthStar Clean Energy
Construction financing agreement$223 variableFebruary 2025
Five years after conversion date
Total NorthStar Clean Energy$223 
Consumers
First mortgage bonds$500 4.500 May 2025January 2031
First mortgage bonds625 5.050 May 2025May 2035
Total Consumers$1,125 
Total CMS Energy$3,458 
Presented in the following table is a summary of major long-term debt retirements during 2025:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Term loan credit agreement$400 variableFebruary 2025September 2025
Term loan credit agreement200 variableFebruary 2025December 2025
Senior notes250 3.600 November 2025November 2025
Total CMS Energy, parent only$850 
Total CMS Energy$850 
Schedule of Debt Maturities
Debt Maturities: At December 31, 2025, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
20262027202820292030
CMS Energy, including Consumers
Long-term debt
CMS Energy, parent only$300 $625 $800 $— $— 
NorthStar Clean Energy77 — 235 — — 
Consumers
573 263 843 1,256 812 
Total CMS Energy$950 $888 $1,878 $1,256 $812 
Consumers
Long-term debt$573 $263 $843 $1,256 $812 
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at December 31, 2025:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
Unsecured revolving credit facility, expiring November 20301
$750 $— $35 $715 
Unsecured letter of credit facility, expiring September 2026
50 — 50 — 
NorthStar Clean Energy
Secured revolving credit facility, expiring May 20282
$250 $235 $10 $5 
Secured letter of credit facility, expiring September 20283
37 — 37 — 
Secured letter of credit facility4
19 — 12 7 
Consumers
Secured revolving credit facility, expiring November 20305,6
$1,100 $— $6 $1,094 
Secured revolving credit facility, expiring November 20285,6
300 — — 300 
Secured letter of credit facility, expiring May 20275
100 — 100 — 
Unsecured letter of credit facility, expiring March 202850 — 43 7 
Unsecured letter of credit facility7
100 — 97 3 
Unsecured letter of credit facility7
100 — 100 — 
1There were no borrowings under this facility during the year ended December 31, 2025.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At December 31, 2025, the net book value of the pledged equity interests was $514 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to a subsidiary of Aviator Wind Equity Holdings and is secured by assets of Aviator Wind. For more information regarding Aviator Wind Equity Holdings and Aviator Wind, see Note 19, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility is secured under a construction-to-term financing agreement and will expire five years after the term conversion date.
5Obligations under these facilities are secured by first mortgage bonds of Consumers.
6There were no borrowings under these facilities during the year ended December 31, 2025.
7Uncommitted letter of credit facility with automatic renewal provisions and therefore no expiration.
Schedule of Supplier Finance Program
Presented in the following table is the activity under NorthStar Clean Energy’s supplier financing program during the year ended December 31, 2025
In Millions
Year Ended December 3120252024
Balance of payables under suppler financing program at beginning of period$22 $— 
Payables confirmed158 22 
Payments and other adjustments(102)— 
Balance of payables under suppler financing program at end of period$78 $22 
Schedule of Preferred Stock Presented in the following table are details of CMS Energy’s Series C preferred stock at December 31, 2025 and 2024:
Depositary Share Par Value Depositary Share Optional Redemption PriceNumber of Depositary Shares AuthorizedNumber of Depositary Shares Outstanding
Cumulative, redeemable perpetual$25 $25 9,200,000 9,200,000 
Consumers Energy Company  
Debt Instrument [Line Items]  
Summary of Long-Term Debt
Presented in the following table is Consumers’ long-term debt at December 31:
In Millions, Except Interest Rate and Maturity
Interest Rate
(%)		Maturity20252024
Consumers
First mortgage bonds5.240 2026$115 $115 
3.680 2027100 100 
3.390 202735 35 
4.650 2028425 425 
3.800 2028300 300 
4.900 2029500 500 
5.070 202950 50 
4.600 2029600 600 
4.700 2030700 700 
4.500 2031500 — 
5.170 203295 95 
3.600 2032350 350 
3.180 2032100 100 
4.625 2033700 700 
5.050 2035625 — 
5.800 2035175 175 
5.380 2037140 140 
3.520 2037335 335 
4.010 2038215 215 
6.170 204050 50 
4.970 204050 50 
4.310 2042263 263 
3.950 2043425 425 
4.100 2045250 250 
3.250 2046450 450 
3.950 2047350 350 
4.050 2048550 550 
4.350 2049550 550 
3.750 2050300 300 
3.100 2050550 550 
3.500 2051575 575 
2.650 2052300 300 
4.200 2052450 450 
3.860 205250 50 
4.280 2057185 185 
2.500 2060525 525 
4.350 2064250 250 
variable
1
206976 76 
variable
1
2070134 134 
variable
1
2070127 127 
$12,520 $11,395 
In Millions, Except Interest Rate and Maturity
Interest Rate
(%)		Maturity20252024
Tax-exempt revenue bonds0.875 
2
2035$35 $35 
3.350 
3
204975 75 
$110 $110 
2014 Securitization bonds3.528 
4
2029
5
$81 $112 
2023 Securitization bonds5.281 
6
2028-2031
5
504 588 
$585 $700 
Total principal amount outstanding$13,215 $12,205 
Current amounts(573)(452)
Long-term debt – related parties7 principal amount outstanding
2043-2060(1,019)(835)
Unamortized discounts(26)(27)
Unamortized issuance costs(73)(73)
Total long-term debt$11,524 $10,818 
1The variable-rate bonds bear interest quarterly at a rate of three‑month SOFR minus 0.038 percent, subject to a zero‑percent floor. At December 31, 2025, the interest rates were 3.685 percent for bonds due September 2069, 3.851 percent for bonds due May 2070, and 3.897 percent for bonds due October 2070. The interest rate for the variable-rate bonds at December 31, 2024 were 4.320 percent, 4.483 percent, and 4.551 percent, respectively. The holders of these variable-rate bonds may put them to Consumers for redemption on certain dates prior to their stated maturity, including dates within one year of December 31, 2025.
2The interest rate on these tax-exempt revenue bonds will reset on October 8, 2026.
3The interest rate on these tax‑exempt revenue bonds will reset on October 1, 2027.
4The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2014 Securitization Funding, was 3.528 percent at December 31, 2025 and 2024.
5Principal and interest payments are made semiannually.
6The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2023 Securitization Funding, was 5.281 percent at December 31, 2025 and 5.322 percent at December 31, 2024.
7Long-term debt – related parties reflects Consumers’ outstanding debt held by its parent as a result of CMS Energy’s repurchase of Consumers’ first mortgage bonds. Unamortized discounts associated with the repurchase of Consumers’ first mortgage bonds were $5 million at December 31, 2025 and 2024. Unamortized issuance costs were $9 million at December 31, 2025 and $7 million at December 31, 2024.
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during 2025:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Junior subordinated notes$1,000 6.500 February 2025June 2055
Term loan credit agreement110 variableFebruary 2025December 2025
Convertible senior notes1,000 3.125 November 2025May 2031
Total CMS Energy, parent only$2,110 
NorthStar Clean Energy
Construction financing agreement$223 variableFebruary 2025
Five years after conversion date
Total NorthStar Clean Energy$223 
Consumers
First mortgage bonds$500 4.500 May 2025January 2031
First mortgage bonds625 5.050 May 2025May 2035
Total Consumers$1,125 
Total CMS Energy$3,458 
Schedule of Debt Maturities
Debt Maturities: At December 31, 2025, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
20262027202820292030
CMS Energy, including Consumers
Long-term debt
CMS Energy, parent only$300 $625 $800 $— $— 
NorthStar Clean Energy77 — 235 — — 
Consumers
573 263 843 1,256 812 
Total CMS Energy$950 $888 $1,878 $1,256 $812 
Consumers
Long-term debt$573 $263 $843 $1,256 $812 
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at December 31, 2025:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
Unsecured revolving credit facility, expiring November 20301
$750 $— $35 $715 
Unsecured letter of credit facility, expiring September 2026
50 — 50 — 
NorthStar Clean Energy
Secured revolving credit facility, expiring May 20282
$250 $235 $10 $5 
Secured letter of credit facility, expiring September 20283
37 — 37 — 
Secured letter of credit facility4
19 — 12 7 
Consumers
Secured revolving credit facility, expiring November 20305,6
$1,100 $— $6 $1,094 
Secured revolving credit facility, expiring November 20285,6
300 — — 300 
Secured letter of credit facility, expiring May 20275
100 — 100 — 
Unsecured letter of credit facility, expiring March 202850 — 43 7 
Unsecured letter of credit facility7
100 — 97 3 
Unsecured letter of credit facility7
100 — 100 — 
1There were no borrowings under this facility during the year ended December 31, 2025.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At December 31, 2025, the net book value of the pledged equity interests was $514 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to a subsidiary of Aviator Wind Equity Holdings and is secured by assets of Aviator Wind. For more information regarding Aviator Wind Equity Holdings and Aviator Wind, see Note 19, Variable Interest Entities.
4The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility is secured under a construction-to-term financing agreement and will expire five years after the term conversion date.
5Obligations under these facilities are secured by first mortgage bonds of Consumers.
6There were no borrowings under these facilities during the year ended December 31, 2025.
7Uncommitted letter of credit facility with automatic renewal provisions and therefore no expiration.
Schedule of Preferred Stock Presented in the following table are details of Consumers’ preferred stock at December 31, 2025 and 2024:
Par ValueOptional Redemption PriceNumber of Shares AuthorizedNumber of Shares Outstanding
Cumulative, with no mandatory redemption
$100 $110 7,500,000 373,148 
NorthStar Clean Energy  
Debt Instrument [Line Items]  
Schedule of Supplier Finance Program
Presented in the following table is the activity under NorthStar Clean Energy’s supplier financing program during the year ended December 31, 2025
In Millions
Year Ended December 3120252024
Balance of payables under suppler financing program at beginning of period$22 $— 
Payables confirmed158 22 
Payments and other adjustments(102)— 
Balance of payables under suppler financing program at end of period$78 $22