v3.25.4
CMS Energy Corporation Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 509 $ 103
Restricted cash and cash equivalents 106 75
Inventories at average cost    
Gas in underground storage 427 435
Materials and supplies 329 299
Generating plant fuel stock 35 35
Deferred property taxes 479 448
Regulatory assets 104 229
Prepayments and other current assets 160 103
Total current assets 3,472 2,790
Plant, Property, and Equipment    
Plant, property, and equipment, gross 37,763 34,932
Less accumulated depreciation and amortization 10,135 9,569
Plant, property, and equipment, net 27,628 25,363
Construction work in progress 3,052 2,098
Total plant, property, and equipment 30,680 27,461
Other Non‑current Assets    
Regulatory assets 3,355 3,569
Accounts receivable 18 20
Investments 61 69
Postretirement benefits 1,957 1,627
Other 398 384
Total other non‑current assets 5,789 5,669
Total Assets 39,941 35,920
Current Liabilities    
Current portion of long-term debt and finance leases 956 1,195
Notes payable 0 65
Accrued rate refunds 28 38
Accrued interest 182 156
Accrued taxes 708 654
Regulatory liabilities 85 111
Other current liabilities 185 209
Total current liabilities 3,548 3,521
Non‑current Liabilities    
Long-term debt 17,807 15,194
Non-current portion of finance leases 135 112
Regulatory liabilities 4,091 4,067
Postretirement benefits 95 96
AROs 792 728
Deferred investment tax credit 118 122
Deferred income taxes 3,252 2,925
Other non‑current liabilities 392 407
Total non‑current liabilities 26,682 23,651
Commitments and Contingencies
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 6,510 6,009
Accumulated other comprehensive loss (36) (41)
Retained earnings 2,443 2,035
Total common stockholders’ equity 8,920 8,006
Cumulative redeemable perpetual preferred stock 224 224
Total stockholders’ equity 9,144 8,230
Noncontrolling interests 567 518
Total equity 9,711 8,748
Total Liabilities and Equity 39,941 35,920
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $27 in 2025 and $23 in 2024 1,306 1,049
Current Liabilities    
Accounts payable 1,395 1,085
Related Party    
Current Assets    
Accounts receivable – related parties 17 14
Current Liabilities    
Accounts payable $ 9 $ 8