v3.25.4

Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting Information [Line Items]

Schedule of Financial Information by Reportable Segments

Presented in the following tables is financial information by segment:

In Millions
Year Ended December 31, 2025			Electric Utility						Gas Utility						NorthStar Clean Energy						Segments Total						Other Reconciling Items						Consolidated
CMS Energy, including Consumers
Operating revenue						$	5,638					$	2,493					$	408					$	8,539					$	—					$	8,539
Operating expenses
Power supply cost1						2,193						—						264						2,457						—						2,457
Cost of gas sold						—						803						6						809						—						809
Maintenance and other operating expenses						1,146						468						100						1,714						13						1,727
Depreciation and amortization						903						350						52						1,305						1						1,306
General taxes						297						201						14						512						1						513
Total operating expenses						4,539						1,822						436						6,797						15						6,812
Operating Income (Loss)						1,099						671						(28)						1,742						(15)						1,727
Other income2						124						83						17						224						86						310
Interest charges						353						206						(7)						552						237						789
Income (Loss) Before Income Taxes						870						548						(4)						1,414						(166)						1,248
Income tax expense (benefit)						150						138						(4)						284						(38)						246
Income (Loss) From Continuing Operations						720						410						—						1,130						(128)						1,002
Other segment items3						(1)						(1)						71						69						(10)						59
Net Income (Loss) Available to Common Stockholders						$	719					$	409					$	71					$	1,199					$	(138)					$	1,061
Property, plant, and equipment, gross						$	21,871		4			$	14,218		4			$	1,649					$	37,738					$	25					$	37,763
Investments in equity method investees						—						—						61						61						—						61
Total assets						22,760			4			14,188			4			2,496						39,444						497						39,941
Capital expenditures5						2,408			6			1,064			6			498						3,970						—						3,970

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Includes income from equity method investees of $5 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense

3Other segment items comprise loss attributable to noncontrolling interests and preferred stock dividends.

4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

5Amounts include assets placed under finance lease.

6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2025			Electric Utility						Gas Utility						Segments Total						Other Reconciling Items						Consolidated
Consumers
Operating revenue						$	5,638					$	2,493					$	8,131					$	1					$	8,132
Operating expenses
Power supply cost1						2,193						—						2,193						—						2,193
Cost of gas sold						—						803						803						—						803
Maintenance and other operating expenses						1,146						468						1,614						—						1,614
Depreciation and amortization						903						350						1,253						1						1,254
General taxes						297						201						498						1						499
Total operating expenses						4,539						1,822						6,361						2						6,363
Operating Income (Loss)						1,099						671						1,770						(1)						1,769
Other income						124						83						207						1						208
Interest charges						353						206						559						1						560
Income (Loss) Before Income Taxes						870						548						1,418						(1)						1,417
Income tax expense						150						138						288						—						288
Net Income (Loss)						720						410						1,130						(1)						1,129
Other segment items2						(1)						(1)						(2)						—						(2)
Net Income (Loss) Available to Common Stockholder						$	719					$	409					$	1,128					$	(1)					$	1,127
Property, plant, and equipment, gross						$	21,871		3			$	14,218		3			$	36,089					$	31					$	36,120
Total assets						22,814			3			14,229			3			37,043						48						37,091
Capital expenditures4						2,408			5			1,064			5			3,472						—						3,472

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Other segment items comprise preferred stock dividends.

3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

4Amounts include assets placed under finance lease.

5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2024			Electric Utility						Gas Utility						NorthStar Clean Energy						Segments Total						Other Reconciling Items						Consolidated
CMS Energy, including Consumers
Operating revenue						$	5,061					$	2,138					$	316					$	7,515					$	—					$	7,515
Operating expenses
Power supply cost1						1,867						—						161						2,028						—						2,028
Cost of gas sold						—						637						3						640						—						640
Maintenance and other operating expenses						1,066						454						101						1,621						17						1,638
Depreciation and amortization						865						325						49						1,239						1						1,240
General taxes						281						188						12						481						1						482
Total operating expenses						4,079						1,604						326						6,009						19						6,028
Operating Income (Loss)						982						534						(10)						1,506						(19)						1,487
Other income2						126						86						14						226						118						344
Interest charges						324						192						4						520						188						708
Income (Loss) Before Income Taxes						784						428						—						1,212						(89)						1,123
Income tax expense (benefit)						102						99						(5)						196						(20)						176
Income (Loss) From Continuing Operations						682						329						5						1,016						(69)						947
Other segment items3						(1)						(1)						58						56						(10)						46
Net Income (Loss) Available to Common Stockholders						$	681					$	328					$	63					$	1,072					$	(79)					$	993
Property, plant, and equipment, gross						$	20,137		4			$	13,268		4			$	1,506					$	34,911					$	21					$	34,932
Investments in equity method investees						—						—						64						64						—						64
Total assets						20,710			4			13,247			4			1,893						35,850						70						35,920
Capital expenditures5						1,871			6			1,141			6			288						$	3,300					1						3,301

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense.

3Other segment items comprise loss attributable to noncontrolling interests and preferred stock dividends.

4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

5Amounts include assets placed under finance lease.

6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2024			Electric Utility						Gas Utility						Segments Total						Other Reconciling Items						Consolidated
Consumers
Operating revenue						$	5,061					$	2,138					$	7,199					$	1					$	7,200
Operating expenses
Power supply cost1						1,867						—						1,867						—						1,867
Cost of gas sold						—						637						637						—						637
Maintenance and other operating expenses						1,066						454						1,520						—						1,520
Depreciation and amortization						865						325						1,190						1						1,191
General taxes						281						188						469						1						470
Total operating expenses						4,079						1,604						5,683						2						5,685
Operating Income (Loss)						982						534						1,516						(1)						1,515
Other income						126						86						212						—						212
Interest charges						324						192						516						2						518
Income (Loss) Before Income Taxes						784						428						1,212						(3)						1,209
Income tax expense (benefit)						102						99						201						(1)						200
Net Income (Loss)						682						329						1,011						(2)						1,009
Other segment items2						(1)						(1)						(2)						—						(2)
Net Income (Loss) Available to Common Stockholder						$	681					$	328					$	1,009					$	(2)					$	1,007
Property, plant, and equipment, gross						$	20,137		3			$	13,268		3			$	33,405					$	29					$	33,434
Total assets						20,767			3			13,289			3			34,056						32						34,088
Capital expenditures4						1,871			5			1,141			5			3,012						—						3,012

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Other segment items comprise preferred stock dividends.

3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

4Amounts include assets placed under finance lease.

5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2023			Electric Utility						Gas Utility						NorthStar Clean Energy						Segments Total						Other Reconciling Items						Consolidated
CMS Energy, including Consumers
Operating revenue						$	4,745					$	2,420					$	297					$	7,462					$	—					$	7,462
Operating expenses
Power supply cost1						1,841						—						170						2,011						—						2,011
Cost of gas sold						—						897						5						902						—						902
Maintenance and other operating expenses						1,075						511						88						1,674						13						1,687
Depreciation and amortization						797						338						43						1,178						2						1,180
General taxes						260						176						10						446						1						447
Total operating expenses						3,973						1,922						316						6,211						16						6,227
Operating Income (Loss)						772						498						(19)						1,251						(16)						1,235
Other income2						131						77						12						220						142						362
Interest charges						285						161						2						448						195						643
Income (Loss) Before Income Taxes						618						414						(9)						1,023						(69)						954
Income tax expense (benefit)						67						98						4						169						(22)						147
Income (Loss) From Continuing Operations						551						316						(13)						854						(47)						807
Other segment items3						(1)						(1)						80						78						(8)						70
Net Income (Loss) Available to Common Stockholders						$	550					$	315					$	67					$	932					$	(55)					$	877

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense.

3Other segment items comprise income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.

In Millions
Year Ended December 31, 2023			Electric Utility						Gas Utility						Segments Total						Other Reconciling Items						Consolidated
Consumers
Operating revenue						$	4,745					$	2,420					$	7,165					$	1					$	7,166
Operating expenses
Power supply cost1						1,841						—						1,841						—						1,841
Cost of gas sold						—						897						897						—						897
Maintenance and other operating expenses						1,075						511						1,586						—						1,586
Depreciation and amortization						797						338						1,135						2						1,137
General taxes						260						176						436						1						437
Total operating expenses						3,973						1,922						5,895						3						5,898
Operating Income (Loss)						772						498						1,270						(2)						1,268
Other income						131						77						208						—						208
Interest charges						285						161						446						2						448
Income (Loss) Before Income Taxes						618						414						1,032						(4)						1,028
Income tax expense (benefit)						67						98						165						(4)						161
Net Income						551						316						867						—						867
Other segment items2						(1)						(1)						(2)						—						(2)
Net Income Available to Common Stockholder						$	550					$	315					$	865					$	—					$	865

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Other segment items comprise preferred stock dividends.

Consumers Energy Company

Segment Reporting Information [Line Items]

Schedule of Financial Information by Reportable Segments

Presented in the following tables is financial information by segment:

In Millions
Year Ended December 31, 2025			Electric Utility						Gas Utility						NorthStar Clean Energy						Segments Total						Other Reconciling Items						Consolidated
CMS Energy, including Consumers
Operating revenue						$	5,638					$	2,493					$	408					$	8,539					$	—					$	8,539
Operating expenses
Power supply cost1						2,193						—						264						2,457						—						2,457
Cost of gas sold						—						803						6						809						—						809
Maintenance and other operating expenses						1,146						468						100						1,714						13						1,727
Depreciation and amortization						903						350						52						1,305						1						1,306
General taxes						297						201						14						512						1						513
Total operating expenses						4,539						1,822						436						6,797						15						6,812
Operating Income (Loss)						1,099						671						(28)						1,742						(15)						1,727
Other income2						124						83						17						224						86						310
Interest charges						353						206						(7)						552						237						789
Income (Loss) Before Income Taxes						870						548						(4)						1,414						(166)						1,248
Income tax expense (benefit)						150						138						(4)						284						(38)						246
Income (Loss) From Continuing Operations						720						410						—						1,130						(128)						1,002
Other segment items3						(1)						(1)						71						69						(10)						59
Net Income (Loss) Available to Common Stockholders						$	719					$	409					$	71					$	1,199					$	(138)					$	1,061
Property, plant, and equipment, gross						$	21,871		4			$	14,218		4			$	1,649					$	37,738					$	25					$	37,763
Investments in equity method investees						—						—						61						61						—						61
Total assets						22,760			4			14,188			4			2,496						39,444						497						39,941
Capital expenditures5						2,408			6			1,064			6			498						3,970						—						3,970

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Includes income from equity method investees of $5 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense

3Other segment items comprise loss attributable to noncontrolling interests and preferred stock dividends.

4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

5Amounts include assets placed under finance lease.

6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2025			Electric Utility						Gas Utility						Segments Total						Other Reconciling Items						Consolidated
Consumers
Operating revenue						$	5,638					$	2,493					$	8,131					$	1					$	8,132
Operating expenses
Power supply cost1						2,193						—						2,193						—						2,193
Cost of gas sold						—						803						803						—						803
Maintenance and other operating expenses						1,146						468						1,614						—						1,614
Depreciation and amortization						903						350						1,253						1						1,254
General taxes						297						201						498						1						499
Total operating expenses						4,539						1,822						6,361						2						6,363
Operating Income (Loss)						1,099						671						1,770						(1)						1,769
Other income						124						83						207						1						208
Interest charges						353						206						559						1						560
Income (Loss) Before Income Taxes						870						548						1,418						(1)						1,417
Income tax expense						150						138						288						—						288
Net Income (Loss)						720						410						1,130						(1)						1,129
Other segment items2						(1)						(1)						(2)						—						(2)
Net Income (Loss) Available to Common Stockholder						$	719					$	409					$	1,128					$	(1)					$	1,127
Property, plant, and equipment, gross						$	21,871		3			$	14,218		3			$	36,089					$	31					$	36,120
Total assets						22,814			3			14,229			3			37,043						48						37,091
Capital expenditures4						2,408			5			1,064			5			3,472						—						3,472

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Other segment items comprise preferred stock dividends.

3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

4Amounts include assets placed under finance lease.

5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2024			Electric Utility						Gas Utility						NorthStar Clean Energy						Segments Total						Other Reconciling Items						Consolidated
CMS Energy, including Consumers
Operating revenue						$	5,061					$	2,138					$	316					$	7,515					$	—					$	7,515
Operating expenses
Power supply cost1						1,867						—						161						2,028						—						2,028
Cost of gas sold						—						637						3						640						—						640
Maintenance and other operating expenses						1,066						454						101						1,621						17						1,638
Depreciation and amortization						865						325						49						1,239						1						1,240
General taxes						281						188						12						481						1						482
Total operating expenses						4,079						1,604						326						6,009						19						6,028
Operating Income (Loss)						982						534						(10)						1,506						(19)						1,487
Other income2						126						86						14						226						118						344
Interest charges						324						192						4						520						188						708
Income (Loss) Before Income Taxes						784						428						—						1,212						(89)						1,123
Income tax expense (benefit)						102						99						(5)						196						(20)						176
Income (Loss) From Continuing Operations						682						329						5						1,016						(69)						947
Other segment items3						(1)						(1)						58						56						(10)						46
Net Income (Loss) Available to Common Stockholders						$	681					$	328					$	63					$	1,072					$	(79)					$	993
Property, plant, and equipment, gross						$	20,137		4			$	13,268		4			$	1,506					$	34,911					$	21					$	34,932
Investments in equity method investees						—						—						64						64						—						64
Total assets						20,710			4			13,247			4			1,893						35,850						70						35,920
Capital expenditures5						1,871			6			1,141			6			288						$	3,300					1						3,301

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense.

3Other segment items comprise loss attributable to noncontrolling interests and preferred stock dividends.

4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

5Amounts include assets placed under finance lease.

6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2024			Electric Utility						Gas Utility						Segments Total						Other Reconciling Items						Consolidated
Consumers
Operating revenue						$	5,061					$	2,138					$	7,199					$	1					$	7,200
Operating expenses
Power supply cost1						1,867						—						1,867						—						1,867
Cost of gas sold						—						637						637						—						637
Maintenance and other operating expenses						1,066						454						1,520						—						1,520
Depreciation and amortization						865						325						1,190						1						1,191
General taxes						281						188						469						1						470
Total operating expenses						4,079						1,604						5,683						2						5,685
Operating Income (Loss)						982						534						1,516						(1)						1,515
Other income						126						86						212						—						212
Interest charges						324						192						516						2						518
Income (Loss) Before Income Taxes						784						428						1,212						(3)						1,209
Income tax expense (benefit)						102						99						201						(1)						200
Net Income (Loss)						682						329						1,011						(2)						1,009
Other segment items2						(1)						(1)						(2)						—						(2)
Net Income (Loss) Available to Common Stockholder						$	681					$	328					$	1,009					$	(2)					$	1,007
Property, plant, and equipment, gross						$	20,137		3			$	13,268		3			$	33,405					$	29					$	33,434
Total assets						20,767			3			13,289			3			34,056						32						34,088
Capital expenditures4						1,871			5			1,141			5			3,012						—						3,012

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Other segment items comprise preferred stock dividends.

3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

4Amounts include assets placed under finance lease.

5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2023			Electric Utility						Gas Utility						NorthStar Clean Energy						Segments Total						Other Reconciling Items						Consolidated
CMS Energy, including Consumers
Operating revenue						$	4,745					$	2,420					$	297					$	7,462					$	—					$	7,462
Operating expenses
Power supply cost1						1,841						—						170						2,011						—						2,011
Cost of gas sold						—						897						5						902						—						902
Maintenance and other operating expenses						1,075						511						88						1,674						13						1,687
Depreciation and amortization						797						338						43						1,178						2						1,180
General taxes						260						176						10						446						1						447
Total operating expenses						3,973						1,922						316						6,211						16						6,227
Operating Income (Loss)						772						498						(19)						1,251						(16)						1,235
Other income2						131						77						12						220						142						362
Interest charges						285						161						2						448						195						643
Income (Loss) Before Income Taxes						618						414						(9)						1,023						(69)						954
Income tax expense (benefit)						67						98						4						169						(22)						147
Income (Loss) From Continuing Operations						551						316						(13)						854						(47)						807
Other segment items3						(1)						(1)						80						78						(8)						70
Net Income (Loss) Available to Common Stockholders						$	550					$	315					$	67					$	932					$	(55)					$	877

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense.

3Other segment items comprise income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.

In Millions
Year Ended December 31, 2023			Electric Utility						Gas Utility						Segments Total						Other Reconciling Items						Consolidated
Consumers
Operating revenue						$	4,745					$	2,420					$	7,165					$	1					$	7,166
Operating expenses
Power supply cost1						1,841						—						1,841						—						1,841
Cost of gas sold						—						897						897						—						897
Maintenance and other operating expenses						1,075						511						1,586						—						1,586
Depreciation and amortization						797						338						1,135						2						1,137
General taxes						260						176						436						1						437
Total operating expenses						3,973						1,922						5,895						3						5,898
Operating Income (Loss)						772						498						1,270						(2)						1,268
Other income						131						77						208						—						208
Interest charges						285						161						446						2						448
Income (Loss) Before Income Taxes						618						414						1,032						(4)						1,028
Income tax expense (benefit)						67						98						165						(4)						161
Net Income						551						316						867						—						867
Other segment items2						(1)						(1)						(2)						—						(2)
Net Income Available to Common Stockholder						$	550					$	315					$	865					$	—					$	865

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Other segment items comprise preferred stock dividends.

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