v3.26.1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2026
Disaggregation of Revenue [Line Items]  
Schedule of Disaggregation of Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended June 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,333 $386 $— $1,719 
Other— — 89 89 
Revenue recognized from contracts with customers$1,333 $386 $89 $1,808 
Leasing income— — 14 14 
Financing income3 2 — 5 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,338 $388 $103 $1,829 
Consumers
Consumers utility revenue
Residential$629 $279 $908 
Commercial467 81 548 
Industrial188 7 195 
Other49 19 68 
Revenue recognized from contracts with customers$1,333 $386 $1,719 
Financing income3 2 5 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,338 $388 $1,726 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $9 million for the three months ended June 30, 2026.
In Millions
Three Months Ended June 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,355 $385 $— $1,740 
Other— — 58 58 
Revenue recognized from contracts with customers$1,355 $385 $58 $1,798 
Leasing income— — 34 34 
Financing income2 2 — 4 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,359 $387 $92 $1,838 
Consumers
Consumers utility revenue
Residential$619 $276 $895 
Commercial473 90 563 
Industrial199 10 209 
Other64 9 73 
Revenue recognized from contracts with customers$1,355 $385 $1,740 
Financing income2 2 4 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,359 $387 $1,746 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $23 million for the three months ended June 30, 2025.
In Millions
Six Months Ended June 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,698 $1,628 $— $4,326 
Other— — 157 157 
Revenue recognized from contracts with customers$2,698 $1,628 $157 $4,483 
Leasing income— — 64 64 
Financing income5 4 — 9 
Consumers alternative-revenue programs3 — — 3 
Total operating revenue – CMS Energy$2,706 $1,632 $221 $4,559 
Consumers
Consumers utility revenue
Residential$1,292 $1,169 $2,461 
Commercial915 356 1,271 
Industrial390 40 430 
Other101 63 164 
Revenue recognized from contracts with customers$2,698 $1,628 $4,326 
Financing income5 4 9 
Alternative-revenue programs3 — 3 
Total operating revenue – Consumers$2,706 $1,632 $4,338 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $46 million for the six months ended June 30, 2026
In Millions
Six Months Ended June 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,649 $1,432 $— $4,081 
Other— — 115 115 
Revenue recognized from contracts with customers$2,649 $1,432 $115 $4,196 
Leasing income— — 76 76 
Financing income5 4 — 9 
Consumers alternative-revenue programs4 — — 4 
Total operating revenue – CMS Energy$2,658 $1,436 $191 $4,285 
Consumers
Consumers utility revenue
Residential$1,213 $1,007 $2,220 
Commercial891 329 1,220 
Industrial372 40 412 
Other173 56 229 
Revenue recognized from contracts with customers$2,649 $1,432 $4,081 
Financing income5 4 9 
Alternative-revenue programs4 — 4 
Total operating revenue – Consumers$2,658 $1,436 $4,094 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $54 million for the six months ended June 30, 2025.
Consumers Energy Company  
Disaggregation of Revenue [Line Items]  
Schedule of Disaggregation of Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended June 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,333 $386 $— $1,719 
Other— — 89 89 
Revenue recognized from contracts with customers$1,333 $386 $89 $1,808 
Leasing income— — 14 14 
Financing income3 2 — 5 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,338 $388 $103 $1,829 
Consumers
Consumers utility revenue
Residential$629 $279 $908 
Commercial467 81 548 
Industrial188 7 195 
Other49 19 68 
Revenue recognized from contracts with customers$1,333 $386 $1,719 
Financing income3 2 5 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,338 $388 $1,726 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $9 million for the three months ended June 30, 2026.
In Millions
Three Months Ended June 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,355 $385 $— $1,740 
Other— — 58 58 
Revenue recognized from contracts with customers$1,355 $385 $58 $1,798 
Leasing income— — 34 34 
Financing income2 2 — 4 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,359 $387 $92 $1,838 
Consumers
Consumers utility revenue
Residential$619 $276 $895 
Commercial473 90 563 
Industrial199 10 209 
Other64 9 73 
Revenue recognized from contracts with customers$1,355 $385 $1,740 
Financing income2 2 4 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,359 $387 $1,746 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $23 million for the three months ended June 30, 2025.
In Millions
Six Months Ended June 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,698 $1,628 $— $4,326 
Other— — 157 157 
Revenue recognized from contracts with customers$2,698 $1,628 $157 $4,483 
Leasing income— — 64 64 
Financing income5 4 — 9 
Consumers alternative-revenue programs3 — — 3 
Total operating revenue – CMS Energy$2,706 $1,632 $221 $4,559 
Consumers
Consumers utility revenue
Residential$1,292 $1,169 $2,461 
Commercial915 356 1,271 
Industrial390 40 430 
Other101 63 164 
Revenue recognized from contracts with customers$2,698 $1,628 $4,326 
Financing income5 4 9 
Alternative-revenue programs3 — 3 
Total operating revenue – Consumers$2,706 $1,632 $4,338 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $46 million for the six months ended June 30, 2026
In Millions
Six Months Ended June 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,649 $1,432 $— $4,081 
Other— — 115 115 
Revenue recognized from contracts with customers$2,649 $1,432 $115 $4,196 
Leasing income— — 76 76 
Financing income5 4 — 9 
Consumers alternative-revenue programs4 — — 4 
Total operating revenue – CMS Energy$2,658 $1,436 $191 $4,285 
Consumers
Consumers utility revenue
Residential$1,213 $1,007 $2,220 
Commercial891 329 1,220 
Industrial372 40 412 
Other173 56 229 
Revenue recognized from contracts with customers$2,649 $1,432 $4,081 
Financing income5 4 9 
Alternative-revenue programs4 — 4 
Total operating revenue – Consumers$2,658 $1,436 $4,094 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $54 million for the six months ended June 30, 2025.