v3.26.1
Reportable Segments (Tables)
6 Months Ended
Jun. 30, 2026
Segment Reporting [Line Items]  
Schedule of Financial Information by Reportable Segments
In Millions
Three Months Ended June 30, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,338 $388 $103 $1,829 $— $1,829 
Operating expenses
Power supply cost1
517 — 56 573 — 573 
Cost of gas sold— 102 — 102 — 102 
Maintenance and other operating expenses308 121 30 459 464 
Depreciation and amortization236 57 15 308 — 308 
General taxes78 36 117 118 
Total operating expenses1,139 316 104 1,559 1,565 
Operating Income (Loss)199 72 (1)270 (6)264 
Other income46 23 72 75 
Interest charges86 58 148 62 210 
Income (Loss) Before Income Taxes159 37 (2)194 (65)129 
Income tax expense (benefit)21 10 36 (3)33 
Income (Loss) From Continuing Operations138 27 (7)158 (62)96 
Other segment items2
(1)— 25 24 (3)21 
Net Income (Loss) Available to Common Stockholders$137 $27 $18 $182 $(65)$117 
Property, plant, and equipment, gross$22,595 
3
$14,548 
3
$2,058 $39,201 $26 $39,227 
Total assets23,926 
3
14,193 
3
2,689 40,808 97 40,905 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect 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, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,338 $388 $1,726 $— $1,726 
Operating expenses
Power supply cost1
517 — 517 — 517 
Cost of gas sold— 102 102 — 102 
Maintenance and other operating expenses308 121 429 — 429 
Depreciation and amortization236 57 293 — 293 
General taxes78 36 114 — 114 
Total operating expenses1,139 316 1,455 — 1,455 
Operating Income199 72 271 — 271 
Other income46 23 69 — 69 
Interest charges86 58 144 — 144 
Income Before Income Taxes159 37 196 — 196 
Income tax expense21 10 31 38 
Net Income (Loss)138 27 165 (7)158 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$137 $27 $164 $(7)$157 
Property, plant, and equipment, gross$22,595 
3
$14,548 
3
$37,143 $32 $37,175 
Total assets23,979 
3
14,234 
3
38,213 53 38,266 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect 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 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— 123 124 — 124 
Maintenance and other operating expenses264 112 18 394 397 
Depreciation and amortization222 54 12 288 — 288 
General taxes73 33 109 — 109 
Total operating expenses1,096 322 100 1,518 1,521 
Operating Income (Loss)263 65 (8)320 (3)317 
Other income36 23 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)— (3)
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 reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect 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 60 
Interest charges89 51 140 141 
Income Before Income Taxes210 37 247 — 247 
Income tax expense42 12 54 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 reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect 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, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$2,706 $1,632 $221 $4,559 $— $4,559 
Operating expenses
Power supply cost1
1,117 — 147 1,264 — 1,264 
Cost of gas sold— 616 618 — 618 
Maintenance and other operating expenses585 260 60 905 912 
Depreciation and amortization469 224 27 720 — 720 
General taxes157 127 290 291 
Total operating expenses2,328 1,227 242 3,797 3,805 
Operating Income (Loss)378 405 (21)762 (8)754 
Other income89 46 10 145 150 
Interest charges169 114 289 124 413 
Income (Loss) Before Income Taxes298 337 (17)618 (127)491 
Income tax expense (benefit)50 90 12 152 (34)118 
Income (Loss) From Continuing Operations248 247 (29)466 (93)373 
Other segment items2
(1)— 88 87 (5)82 
Net Income (Loss) Available to Common Stockholders$247 $247 $59 $553 $(98)$455 
Property, plant, and equipment, gross$22,595 
3
$14,548 
3
$2,058 $39,201 $26 $39,227 
Total assets23,926 
3
14,193 
3
2,689 40,808 97 40,905 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect 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
Six Months Ended June 30, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$2,706 $1,632 $4,338 $— $4,338 
Operating expenses
Power supply cost1
1,117 — 1,117 — 1,117 
Cost of gas sold— 616 616 — 616 
Maintenance and other operating expenses585 260 845 — 845 
Depreciation and amortization469 224 693 — 693 
General taxes157 127 284 — 284 
Total operating expenses2,328 1,227 3,555 — 3,555 
Operating Income378 405 783 — 783 
Other income89 46 135 — 135 
Interest charges169 114 283 — 283 
Income Before Income Taxes298 337 635 — 635 
Income tax expense (benefit)50 90 140 (9)131 
Net Income248 247 495 504 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$247 $247 $494 $$503 
Property, plant, and equipment, gross$22,595 
3
$14,548 
3
$37,143 $32 $37,175 
Total assets23,979 
3
14,234 
3
38,213 53 38,266 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Six Months Ended June 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$2,658 $1,436 $191 $4,285 $— $4,285 
Operating expenses
Power supply cost1
1,083 — 135 1,218 — 1,218 
Cost of gas sold— 505 507 — 507 
Maintenance and other operating expenses521 228 48 797 802 
Depreciation and amortization443 208 25 676 — 676 
General taxes146 119 271 — 271 
Total operating expenses2,193 1,060 216 3,469 3,474 
Operating Income (Loss)465 376 (25)816 (5)811 
Other income63 42 108 79 187 
Interest charges171 99 (1)269 116 385 
Income (Loss) Before Income Taxes357 319 (21)655 (42)613 
Income tax expense (benefit)65 81 (7)139 (14)125 
Income (Loss) From Continuing Operations292 238 (14)516 (28)488 
Other segment items2
(1)— 18 17 (5)12 
Net Income (Loss) Available to Common Stockholders$291 $238 $$533 $(33)$500 
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 reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect 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
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 42 105 106 
Interest charges171 99 270 271 
Income Before Income Taxes357 319 676 — 676 
Income tax expense (benefit)65 81 146 (4)142 
Net Income292 238 530 534 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$291 $238 $529 $$533 
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 reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Consumers Energy Company  
Segment Reporting [Line Items]  
Schedule of Financial Information by Reportable Segments
In Millions
Three Months Ended June 30, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,338 $388 $103 $1,829 $— $1,829 
Operating expenses
Power supply cost1
517 — 56 573 — 573 
Cost of gas sold— 102 — 102 — 102 
Maintenance and other operating expenses308 121 30 459 464 
Depreciation and amortization236 57 15 308 — 308 
General taxes78 36 117 118 
Total operating expenses1,139 316 104 1,559 1,565 
Operating Income (Loss)199 72 (1)270 (6)264 
Other income46 23 72 75 
Interest charges86 58 148 62 210 
Income (Loss) Before Income Taxes159 37 (2)194 (65)129 
Income tax expense (benefit)21 10 36 (3)33 
Income (Loss) From Continuing Operations138 27 (7)158 (62)96 
Other segment items2
(1)— 25 24 (3)21 
Net Income (Loss) Available to Common Stockholders$137 $27 $18 $182 $(65)$117 
Property, plant, and equipment, gross$22,595 
3
$14,548 
3
$2,058 $39,201 $26 $39,227 
Total assets23,926 
3
14,193 
3
2,689 40,808 97 40,905 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect 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, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,338 $388 $1,726 $— $1,726 
Operating expenses
Power supply cost1
517 — 517 — 517 
Cost of gas sold— 102 102 — 102 
Maintenance and other operating expenses308 121 429 — 429 
Depreciation and amortization236 57 293 — 293 
General taxes78 36 114 — 114 
Total operating expenses1,139 316 1,455 — 1,455 
Operating Income199 72 271 — 271 
Other income46 23 69 — 69 
Interest charges86 58 144 — 144 
Income Before Income Taxes159 37 196 — 196 
Income tax expense21 10 31 38 
Net Income (Loss)138 27 165 (7)158 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$137 $27 $164 $(7)$157 
Property, plant, and equipment, gross$22,595 
3
$14,548 
3
$37,143 $32 $37,175 
Total assets23,979 
3
14,234 
3
38,213 53 38,266 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect 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 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— 123 124 — 124 
Maintenance and other operating expenses264 112 18 394 397 
Depreciation and amortization222 54 12 288 — 288 
General taxes73 33 109 — 109 
Total operating expenses1,096 322 100 1,518 1,521 
Operating Income (Loss)263 65 (8)320 (3)317 
Other income36 23 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)— (3)
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 reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect 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 60 
Interest charges89 51 140 141 
Income Before Income Taxes210 37 247 — 247 
Income tax expense42 12 54 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 reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect 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, 2026Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$2,706 $1,632 $221 $4,559 $— $4,559 
Operating expenses
Power supply cost1
1,117 — 147 1,264 — 1,264 
Cost of gas sold— 616 618 — 618 
Maintenance and other operating expenses585 260 60 905 912 
Depreciation and amortization469 224 27 720 — 720 
General taxes157 127 290 291 
Total operating expenses2,328 1,227 242 3,797 3,805 
Operating Income (Loss)378 405 (21)762 (8)754 
Other income89 46 10 145 150 
Interest charges169 114 289 124 413 
Income (Loss) Before Income Taxes298 337 (17)618 (127)491 
Income tax expense (benefit)50 90 12 152 (34)118 
Income (Loss) From Continuing Operations248 247 (29)466 (93)373 
Other segment items2
(1)— 88 87 (5)82 
Net Income (Loss) Available to Common Stockholders$247 $247 $59 $553 $(98)$455 
Property, plant, and equipment, gross$22,595 
3
$14,548 
3
$2,058 $39,201 $26 $39,227 
Total assets23,926 
3
14,193 
3
2,689 40,808 97 40,905 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect 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
Six Months Ended June 30, 2026Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$2,706 $1,632 $4,338 $— $4,338 
Operating expenses
Power supply cost1
1,117 — 1,117 — 1,117 
Cost of gas sold— 616 616 — 616 
Maintenance and other operating expenses585 260 845 — 845 
Depreciation and amortization469 224 693 — 693 
General taxes157 127 284 — 284 
Total operating expenses2,328 1,227 3,555 — 3,555 
Operating Income378 405 783 — 783 
Other income89 46 135 — 135 
Interest charges169 114 283 — 283 
Income Before Income Taxes298 337 635 — 635 
Income tax expense (benefit)50 90 140 (9)131 
Net Income248 247 495 504 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$247 $247 $494 $$503 
Property, plant, and equipment, gross$22,595 
3
$14,548 
3
$37,143 $32 $37,175 
Total assets23,979 
3
14,234 
3
38,213 53 38,266 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
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— 505 507 — 507 
Maintenance and other operating expenses521 228 48 797 802 
Depreciation and amortization443 208 25 676 — 676 
General taxes146 119 271 — 271 
Total operating expenses2,193 1,060 216 3,469 3,474 
Operating Income (Loss)465 376 (25)816 (5)811 
Other income63 42 108 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 $$533 $(33)$500 
Property, plant, and equipment, gross$20,761 
3
$13,609 
3
$1,562 $35,932 $30 $35,962 
Total assets21,942 
3
13,388 
3
2,105 37,435 264 37,699 
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Six Months Ended June 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$2,658 $1,436 $4,094 $— $4,094 
Operating expenses
Power supply cost1
1,083 — 1,083 — 1,083 
Cost of gas sold— 505 505 — 505 
Maintenance and other operating expenses521 228 749 — 749 
Depreciation and amortization443 208 651 — 651 
General taxes146 119 265 — 265 
Total operating expenses2,193 1,060 3,253 — 3,253 
Operating Income465 376 841 — 841 
Other income63 42 105 106 
Interest charges171 99 270 271 
Income Before Income Taxes357 319 676 — 676 
Income tax expense (benefit)65 81 146 (4)142 
Net Income292 238 530 534 
Other segment items2
(1)— (1)— (1)
Net Income Available to Common Stockholder$291 $238 $529 $$533 
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 reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items reflect preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.