v3.25.4

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Financial Instruments [Line Items]

Schedule of Carrying Amounts and Fair Values of Financial Instruments

For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 6, Fair Value Measurements.

In Millions
			December 31, 2025																																	December 31, 2024
			Carrying Amount						Fair Value																											Carrying Amount						Fair Value
									Total						Level																											Total						Level
															1						2						3																					1						2						3
CMS Energy, including Consumers
Assets
Long-term receivables1						$	7					$	6					$	—					$	—					$	6								$	9					$	8					$	—					$	—					$	8
Liabilities
Long-term debt2						18,757						17,645						2,042						13,663						1,940									16,386						14,876						1,018						11,952						1,906
Long-term payables3						7						7						—						—						7									9						9						—						—						9
Consumers
Assets
Long-term receivables1						$	7					$	6					$	—					$	—					$	6								$	9					$	8					$	—					$	—					$	8
Notes receivable – related party4						90						90						—						—						90									94						94						—						—						94
Liabilities
Long-term debt5						12,097						11,031						—						9,091						1,940									11,270						9,940						—						8,034						1,906
Long-term debt – related party6						1,005						657						—						657						—									823						549						—						549						—
Long-term payables						2						2						—						—						2									4						4						—						—						4

1Includes current portion of long-term accounts receivable and notes receivable of $3 million at December 31, 2025 and $4 million at December 31, 2024.

2Includes current portion of long-term debt of $950 million at December 31, 2025 and $1.2 billion at December 31, 2024.

3Includes current portion of long-term payables of $2 million at December 31, 2025 and 2024.

4Includes current portion of notes receivable – related party of $7 million at December 31, 2025 and 2024. For more information on notes receivable – related party, see Note 18, Related-party Transactions—Consumers

5Includes current portion of long-term debt of $573 million at December 31, 2025 and $452 million at December 31, 2024.

6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 5, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.

Consumers Energy Company

Financial Instruments [Line Items]

Schedule of Carrying Amounts and Fair Values of Financial Instruments

For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 6, Fair Value Measurements.

In Millions
			December 31, 2025																																	December 31, 2024
			Carrying Amount						Fair Value																											Carrying Amount						Fair Value
									Total						Level																											Total						Level
															1						2						3																					1						2						3
CMS Energy, including Consumers
Assets
Long-term receivables1						$	7					$	6					$	—					$	—					$	6								$	9					$	8					$	—					$	—					$	8
Liabilities
Long-term debt2						18,757						17,645						2,042						13,663						1,940									16,386						14,876						1,018						11,952						1,906
Long-term payables3						7						7						—						—						7									9						9						—						—						9
Consumers
Assets
Long-term receivables1						$	7					$	6					$	—					$	—					$	6								$	9					$	8					$	—					$	—					$	8
Notes receivable – related party4						90						90						—						—						90									94						94						—						—						94
Liabilities
Long-term debt5						12,097						11,031						—						9,091						1,940									11,270						9,940						—						8,034						1,906
Long-term debt – related party6						1,005						657						—						657						—									823						549						—						549						—
Long-term payables						2						2						—						—						2									4						4						—						—						4

1Includes current portion of long-term accounts receivable and notes receivable of $3 million at December 31, 2025 and $4 million at December 31, 2024.

2Includes current portion of long-term debt of $950 million at December 31, 2025 and $1.2 billion at December 31, 2024.

3Includes current portion of long-term payables of $2 million at December 31, 2025 and 2024.

4Includes current portion of notes receivable – related party of $7 million at December 31, 2025 and 2024. For more information on notes receivable – related party, see Note 18, Related-party Transactions—Consumers

5Includes current portion of long-term debt of $573 million at December 31, 2025 and $452 million at December 31, 2024.

6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 5, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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