v3.25.4
Stock-based Compensation (Tables)
12 Months Ended
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Restricted Stock Activity
Presented in the following tables is the activity for restricted stock and restricted stock units under the PISP:
CMS Energy, including ConsumersConsumers
Year Ended December 31, 2025Number of
Shares
Weighted-average
Grant Date Fair Value
Per Share
Number of
Shares
Weighted-average
Grant Date Fair Value
Per Share
Nonvested at beginning of period1,162,787 $59.34 1,081,573 $59.35 
Granted
Restricted stock523,663 50.19 480,258 49.86 
Restricted stock units18,491 56.80 17,713 56.80 
Vested
Restricted stock(450,699)46.30 (424,830)46.33 
Restricted stock units(27,035)51.79 (25,994)51.82 
Forfeited – restricted stock(38,364)60.19 (36,119)60.01 
Nonvested at end of period1,188,843 $60.36 1,092,601 $60.36 
Year Ended December 31, 2025CMS Energy, including
Consumers
Consumers
Granted
Time-lapse awards118,842 109,242 
Market-based awards139,248 126,302 
Performance-based awards147,982 134,540 
Restricted stock units14,406 13,800 
Dividends on market-based awards13,484 12,472 
Dividends on performance-based awards14,458 13,389 
Dividends on restricted stock units4,085 3,913 
Additional market-based shares based on achievement of condition5,982 5,624 
Additional performance-based shares based on achievement of condition83,667 78,689 
Total granted542,154 497,971 
Schedule of Significant Assumptions
Presented in the following table are the most significant assumptions used to estimate the fair value of the market-based restricted stock awards:
Years Ended December 31202520242023
Expected volatility20.7%20.2%30.3%
Expected dividend yield3.13.52.9
Risk-free rate4.24.13.9
Summary of Weighted-average Grant-date Fair Value
Presented in the following table is the weighted-average grant-date fair value of all awards under the PISP:
In Millions
Years Ended December 31202520242023
CMS Energy, including Consumers
Weighted-average grant-date fair value per share
Restricted stock granted$50.19 $44.76 $52.62 
Restricted stock units granted56.80 52.43 50.32 
Consumers
Weighted-average grant-date fair value per share
Restricted stock granted$49.86 $44.49 $52.42 
Restricted stock units granted56.80 52.46 50.34 
Schedule of Amounts Related to Restricted Stock Awards and Restricted Stock Units
Presented in the following table are amounts related to restricted stock awards and restricted stock units:
In Millions
Years Ended December 31202520242023
CMS Energy, including Consumers
Fair value of shares that vested during the year$33 $28 $20 
Compensation expense recognized25 27 28 
Income tax benefit recognized
Consumers
Fair value of shares that vested during the year$32 $27 $19 
Compensation expense recognized23 25 26 
Income tax benefit recognized
Consumers Energy Company  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Restricted Stock Activity
Presented in the following tables is the activity for restricted stock and restricted stock units under the PISP:
CMS Energy, including ConsumersConsumers
Year Ended December 31, 2025Number of
Shares
Weighted-average
Grant Date Fair Value
Per Share
Number of
Shares
Weighted-average
Grant Date Fair Value
Per Share
Nonvested at beginning of period1,162,787 $59.34 1,081,573 $59.35 
Granted
Restricted stock523,663 50.19 480,258 49.86 
Restricted stock units18,491 56.80 17,713 56.80 
Vested
Restricted stock(450,699)46.30 (424,830)46.33 
Restricted stock units(27,035)51.79 (25,994)51.82 
Forfeited – restricted stock(38,364)60.19 (36,119)60.01 
Nonvested at end of period1,188,843 $60.36 1,092,601 $60.36 
Year Ended December 31, 2025CMS Energy, including
Consumers
Consumers
Granted
Time-lapse awards118,842 109,242 
Market-based awards139,248 126,302 
Performance-based awards147,982 134,540 
Restricted stock units14,406 13,800 
Dividends on market-based awards13,484 12,472 
Dividends on performance-based awards14,458 13,389 
Dividends on restricted stock units4,085 3,913 
Additional market-based shares based on achievement of condition5,982 5,624 
Additional performance-based shares based on achievement of condition83,667 78,689 
Total granted542,154 497,971 
Schedule of Significant Assumptions
Presented in the following table are the most significant assumptions used to estimate the fair value of the market-based restricted stock awards:
Years Ended December 31202520242023
Expected volatility20.7%20.2%30.3%
Expected dividend yield3.13.52.9
Risk-free rate4.24.13.9
Summary of Weighted-average Grant-date Fair Value
Presented in the following table is the weighted-average grant-date fair value of all awards under the PISP:
In Millions
Years Ended December 31202520242023
CMS Energy, including Consumers
Weighted-average grant-date fair value per share
Restricted stock granted$50.19 $44.76 $52.62 
Restricted stock units granted56.80 52.43 50.32 
Consumers
Weighted-average grant-date fair value per share
Restricted stock granted$49.86 $44.49 $52.42 
Restricted stock units granted56.80 52.46 50.34 
Schedule of Amounts Related to Restricted Stock Awards and Restricted Stock Units
Presented in the following table are amounts related to restricted stock awards and restricted stock units:
In Millions
Years Ended December 31202520242023
CMS Energy, including Consumers
Fair value of shares that vested during the year$33 $28 $20 
Compensation expense recognized25 27 28 
Income tax benefit recognized
Consumers
Fair value of shares that vested during the year$32 $27 $19 
Compensation expense recognized23 25 26 
Income tax benefit recognized