v3.25.2
Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting Information [Line Items]  
Schedule of Financial Information by Reportable Segments
In Millions
Three Months Ended June 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,359 $387 $92 $1,838 $— $1,838 
Operating expenses
Power supply cost1
537 — 66 603 — 603 
Cost of gas sold— 123 1 124 — 124 
Maintenance and other operating expenses264 112 18 394 3 397 
Depreciation and amortization222 54 12 288 — 288 
General taxes73 33 3 109 — 109 
Total operating expenses1,096 322 100 1,518 3 1,521 
Operating Income (Loss)263 65 (8)320 (3)317 
Other income36 23 2 61 76 137 
Interest charges89 51 (1)139 60 199 
Income (Loss) Before Income Taxes210 37 (5)242 13 255 
Income tax expense (benefit)42 12 (18)36 26 62 
Income (Loss) From Continuing Operations168 25 13 206 (13)193 
Other segment items2
(1)— 9 8 (3)5 
Net Income (Loss) Available to Common Stockholders$167 $25 $22 $214 $(16)$198 
Property, plant, and equipment, gross$20,761 
3
$13,609 
3
$1,562 $35,932 $30 $35,962 
Total assets21,942 
3
13,388 
3
2,105 37,435 264 37,699 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,359 $387 $1,746 $— $1,746 
Operating expenses
Power supply cost1
537 — 537 — 537 
Cost of gas sold— 123 123 — 123 
Maintenance and other operating expenses264 112 376 — 376 
Depreciation and amortization222 54 276 — 276 
General taxes73 33 106 — 106 
Total operating expenses1,096 322 1,418 — 1,418 
Operating Income263 65 328 — 328 
Other income36 23 59 1 60 
Interest charges89 51 140 1 141 
Income Before Income Taxes210 37 247 — 247 
Income tax expense42 12 54 5 59 
Net Income (Loss)168 25 193 (5)188 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$167 $25 $192 $(5)$187 
Property, plant, and equipment, gross$20,761 
3
$13,609 
3
$34,370 $36 $34,406 
Total assets21,997 
3
13,430 
3
35,427 40 35,467 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,226 $307 $74 $1,607 $— $1,607 
Operating expenses
Power supply cost1
444 — 35 479 — 479 
Cost of gas sold— 66 — 66 — 66 
Maintenance and other operating expenses261 116 24 401 3 404 
Depreciation and amortization209 51 13 273 — 273 
General taxes68 31 3 102 — 102 
Total operating expenses982 264 75 1,321 3 1,324 
Operating Income (Loss)244 43 (1)286 (3)283 
Other income36 23 2 61 52 113 
Interest charges79 46 — 125 48 173 
Income Before Income Taxes201 20 1 222 1 223 
Income tax expense30 5 2 37 4 41 
Income (Loss) From Continuing Operations171 15 (1)185 (3)182 
Other segment items2
(1)— 17 16 (3)13 
Net Income (Loss) Available to Common Stockholders$170 $15 $16 $201 $(6)$195 
Property, plant, and equipment, gross$19,557 
3
$12,638 
3
$1,464 $33,659 $21 $33,680 
Total assets20,122 
3
12,469 
3
1,659 34,250 105 34,355 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,226 $307 $1,533 $— $1,533 
Operating expenses
Power supply cost1
444 — 444 — 444 
Cost of gas sold— 66 66 — 66 
Maintenance and other operating expenses261 116 377 — 377 
Depreciation and amortization209 51 260 1 261 
General taxes68 31 99 — 99 
Total operating expenses982 264 1,246 1 1,247 
Operating Income (Loss)244 43 287 (1)286 
Other income36 23 59 — 59 
Interest charges79 46 125 1 126 
Income (Loss) Before Income Taxes201 20 221 (2)219 
Income tax expense30 5 35 6 41 
Net Income (Loss)171 15 186 (8)178 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$170 $15 $185 $(8)$177 
Property, plant, and equipment, gross$19,557 $12,638 $32,195 $29 $32,224 
Total assets20,180 12,512 32,692 26 32,718 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Six Months Ended June 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$2,658 $1,436 $191 $4,285 $— $4,285 
Operating expenses
Power supply cost1
1,083 — 135 1,218 — 1,218 
Cost of gas sold— 505 2 507 — 507 
Maintenance and other operating expenses521 228 48 797 5 802 
Depreciation and amortization443 208 25 676 — 676 
General taxes146 119 6 271 — 271 
Total operating expenses2,193 1,060 216 3,469 5 3,474 
Operating Income (Loss)465 376 (25)816 (5)811 
Other income63 42 3 108 79 187 
Interest charges171 99 (1)269 116 385 
Income (Loss) Before Income Taxes357 319 (21)655 (42)613 
Income tax expense (benefit)65 81 (7)139 (14)125 
Income (Loss) From Continuing Operations292 238 (14)516 (28)488 
Other segment items2
(1)— 18 17 (5)12 
Net Income (Loss) Available to Common Stockholders$291 $238 $4 $533 $(33)$500 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$2,658 $1,436 $4,094 $— $4,094 
Operating expenses
Power supply cost1
1,083 — 1,083 — 1,083 
Cost of gas sold— 505 505 — 505 
Maintenance and other operating expenses521 228 749 — 749 
Depreciation and amortization443 208 651 — 651 
General taxes146 119 265 — 265 
Total operating expenses2,193 1,060 3,253 — 3,253 
Operating Income465 376 841 — 841 
Other income63 42 105 1 106 
Interest charges171 99 270 1 271 
Income Before Income Taxes357 319 676 — 676 
Income tax expense (benefit)65 81 146 (4)142 
Net Income292 238 530 4 534 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$291 $238 $529 $4 $533 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
In Millions
Six Months Ended June 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$2,358 $1,272 $153 $3,783 $— $3,783 
Operating expenses
Power supply cost1
893 — 74 967 — 967 
Cost of gas sold— 416 1 417 — 417 
Maintenance and other operating expenses499 256 46 801 5 806 
Depreciation and amortization422 194 24 640 1 641 
General taxes139 112 6 257 — 257 
Total operating expenses1,953 978 151 3,082 6 3,088 
Operating Income (Loss)405 294 2 701 (6)695 
Other income70 45 8 123 76 199 
Interest charges160 94 1 255 95 350 
Income (Loss) Before Income Taxes315 245 9 569 (25)544 
Income tax expense (benefit)47 61 3 111 (12)99 
Income (Loss) From Continuing Operations268 184 6 458 (13)445 
Other segment items2
(1)— 41 40 (5)35 
Net Income (Loss) Available to Common Stockholders$267 $184 $47 $498 $(18)$480 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$2,358 $1,272 $3,630 $— $3,630 
Operating expenses
Power supply cost1
893 — 893 — 893 
Cost of gas sold— 416 416 — 416 
Maintenance and other operating expenses499 256 755 — 755 
Depreciation and amortization422 194 616 1 617 
General taxes139 112 251 — 251 
Total operating expenses1,953 978 2,931 1 2,932 
Operating Income (Loss)405 294 699 (1)698 
Other income70 45 115 — 115 
Interest charges160 94 254 1 255 
Income (Loss) Before Income Taxes315 245 560 (2)558 
Income tax expense (benefit)47 61 108 (3)105 
Net Income268 184 452 1 453 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$267 $184 $451 $1 $452 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Schedule of Financial Information by Reportable Segments
In Millions
Three Months Ended June 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,359 $387 $92 $1,838 $— $1,838 
Operating expenses
Power supply cost1
537 — 66 603 — 603 
Cost of gas sold— 123 1 124 — 124 
Maintenance and other operating expenses264 112 18 394 3 397 
Depreciation and amortization222 54 12 288 — 288 
General taxes73 33 3 109 — 109 
Total operating expenses1,096 322 100 1,518 3 1,521 
Operating Income (Loss)263 65 (8)320 (3)317 
Other income36 23 2 61 76 137 
Interest charges89 51 (1)139 60 199 
Income (Loss) Before Income Taxes210 37 (5)242 13 255 
Income tax expense (benefit)42 12 (18)36 26 62 
Income (Loss) From Continuing Operations168 25 13 206 (13)193 
Other segment items2
(1)— 9 8 (3)5 
Net Income (Loss) Available to Common Stockholders$167 $25 $22 $214 $(16)$198 
Property, plant, and equipment, gross$20,761 
3
$13,609 
3
$1,562 $35,932 $30 $35,962 
Total assets21,942 
3
13,388 
3
2,105 37,435 264 37,699 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,359 $387 $1,746 $— $1,746 
Operating expenses
Power supply cost1
537 — 537 — 537 
Cost of gas sold— 123 123 — 123 
Maintenance and other operating expenses264 112 376 — 376 
Depreciation and amortization222 54 276 — 276 
General taxes73 33 106 — 106 
Total operating expenses1,096 322 1,418 — 1,418 
Operating Income263 65 328 — 328 
Other income36 23 59 1 60 
Interest charges89 51 140 1 141 
Income Before Income Taxes210 37 247 — 247 
Income tax expense42 12 54 5 59 
Net Income (Loss)168 25 193 (5)188 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$167 $25 $192 $(5)$187 
Property, plant, and equipment, gross$20,761 
3
$13,609 
3
$34,370 $36 $34,406 
Total assets21,997 
3
13,430 
3
35,427 40 35,467 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,226 $307 $74 $1,607 $— $1,607 
Operating expenses
Power supply cost1
444 — 35 479 — 479 
Cost of gas sold— 66 — 66 — 66 
Maintenance and other operating expenses261 116 24 401 3 404 
Depreciation and amortization209 51 13 273 — 273 
General taxes68 31 3 102 — 102 
Total operating expenses982 264 75 1,321 3 1,324 
Operating Income (Loss)244 43 (1)286 (3)283 
Other income36 23 2 61 52 113 
Interest charges79 46 — 125 48 173 
Income Before Income Taxes201 20 1 222 1 223 
Income tax expense30 5 2 37 4 41 
Income (Loss) From Continuing Operations171 15 (1)185 (3)182 
Other segment items2
(1)— 17 16 (3)13 
Net Income (Loss) Available to Common Stockholders$170 $15 $16 $201 $(6)$195 
Property, plant, and equipment, gross$19,557 
3
$12,638 
3
$1,464 $33,659 $21 $33,680 
Total assets20,122 
3
12,469 
3
1,659 34,250 105 34,355 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended June 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,226 $307 $1,533 $— $1,533 
Operating expenses
Power supply cost1
444 — 444 — 444 
Cost of gas sold— 66 66 — 66 
Maintenance and other operating expenses261 116 377 — 377 
Depreciation and amortization209 51 260 1 261 
General taxes68 31 99 — 99 
Total operating expenses982 264 1,246 1 1,247 
Operating Income (Loss)244 43 287 (1)286 
Other income36 23 59 — 59 
Interest charges79 46 125 1 126 
Income (Loss) Before Income Taxes201 20 221 (2)219 
Income tax expense30 5 35 6 41 
Net Income (Loss)171 15 186 (8)178 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$170 $15 $185 $(8)$177 
Property, plant, and equipment, gross$19,557 $12,638 $32,195 $29 $32,224 
Total assets20,180 12,512 32,692 26 32,718 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Six Months Ended June 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$2,658 $1,436 $191 $4,285 $— $4,285 
Operating expenses
Power supply cost1
1,083 — 135 1,218 — 1,218 
Cost of gas sold— 505 2 507 — 507 
Maintenance and other operating expenses521 228 48 797 5 802 
Depreciation and amortization443 208 25 676 — 676 
General taxes146 119 6 271 — 271 
Total operating expenses2,193 1,060 216 3,469 5 3,474 
Operating Income (Loss)465 376 (25)816 (5)811 
Other income63 42 3 108 79 187 
Interest charges171 99 (1)269 116 385 
Income (Loss) Before Income Taxes357 319 (21)655 (42)613 
Income tax expense (benefit)65 81 (7)139 (14)125 
Income (Loss) From Continuing Operations292 238 (14)516 (28)488 
Other segment items2
(1)— 18 17 (5)12 
Net Income (Loss) Available to Common Stockholders$291 $238 $4 $533 $(33)$500 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$2,658 $1,436 $4,094 $— $4,094 
Operating expenses
Power supply cost1
1,083 — 1,083 — 1,083 
Cost of gas sold— 505 505 — 505 
Maintenance and other operating expenses521 228 749 — 749 
Depreciation and amortization443 208 651 — 651 
General taxes146 119 265 — 265 
Total operating expenses2,193 1,060 3,253 — 3,253 
Operating Income465 376 841 — 841 
Other income63 42 105 1 106 
Interest charges171 99 270 1 271 
Income Before Income Taxes357 319 676 — 676 
Income tax expense (benefit)65 81 146 (4)142 
Net Income292 238 530 4 534 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$291 $238 $529 $4 $533 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
In Millions
Six Months Ended June 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$2,358 $1,272 $153 $3,783 $— $3,783 
Operating expenses
Power supply cost1
893 — 74 967 — 967 
Cost of gas sold— 416 1 417 — 417 
Maintenance and other operating expenses499 256 46 801 5 806 
Depreciation and amortization422 194 24 640 1 641 
General taxes139 112 6 257 — 257 
Total operating expenses1,953 978 151 3,082 6 3,088 
Operating Income (Loss)405 294 2 701 (6)695 
Other income70 45 8 123 76 199 
Interest charges160 94 1 255 95 350 
Income (Loss) Before Income Taxes315 245 9 569 (25)544 
Income tax expense (benefit)47 61 3 111 (12)99 
Income (Loss) From Continuing Operations268 184 6 458 (13)445 
Other segment items2
(1)— 41 40 (5)35 
Net Income (Loss) Available to Common Stockholders$267 $184 $47 $498 $(18)$480 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Six Months Ended June 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$2,358 $1,272 $3,630 $— $3,630 
Operating expenses
Power supply cost1
893 — 893 — 893 
Cost of gas sold— 416 416 — 416 
Maintenance and other operating expenses499 256 755 — 755 
Depreciation and amortization422 194 616 1 617 
General taxes139 112 251 — 251 
Total operating expenses1,953 978 2,931 1 2,932 
Operating Income (Loss)405 294 699 (1)698 
Other income70 45 115 — 115 
Interest charges160 94 254 1 255 
Income (Loss) Before Income Taxes315 245 560 (2)558 
Income tax expense (benefit)47 61 108 (3)105 
Net Income268 184 452 1 453 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$267 $184 $451 $1 $452 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.