| Schedule of Financial Information by Reportable Segments |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | In Millions | | Three Months Ended June 30, 2026 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | 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 expenses | | 308 | | | 121 | | | 30 | | | 459 | | | 5 | | | 464 | | | Depreciation and amortization | | 236 | | | 57 | | | 15 | | | 308 | | | — | | | 308 | | | General taxes | | 78 | | | 36 | | | 3 | | | 117 | | | 1 | | | 118 | | | Total operating expenses | | 1,139 | | | 316 | | | 104 | | | 1,559 | | | 6 | | | 1,565 | | | Operating Income (Loss) | | 199 | | | 72 | | | (1) | | | 270 | | | (6) | | | 264 | | | Other income | | 46 | | | 23 | | | 3 | | | 72 | | | 3 | | | 75 | | | Interest charges | | 86 | | | 58 | | | 4 | | | 148 | | | 62 | | | 210 | | | Income (Loss) Before Income Taxes | | 159 | | | 37 | | | (2) | | | 194 | | | (65) | | | 129 | | | Income tax expense (benefit) | | 21 | | | 10 | | | 5 | | | 36 | | | (3) | | | 33 | | | Income (Loss) From Continuing Operations | | 138 | | | 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 assets | | 23,926 | | 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, 2026 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | 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 expenses | | 308 | | | 121 | | | 429 | | | — | | | 429 | | | Depreciation and amortization | | 236 | | | 57 | | | 293 | | | — | | | 293 | | | General taxes | | 78 | | | 36 | | | 114 | | | — | | | 114 | | | Total operating expenses | | 1,139 | | | 316 | | | 1,455 | | | — | | | 1,455 | | | Operating Income | | 199 | | | 72 | | | 271 | | | — | | | 271 | | | Other income | | 46 | | | 23 | | | 69 | | | — | | | 69 | | | Interest charges | | 86 | | | 58 | | | 144 | | | — | | | 144 | | | Income Before Income Taxes | | 159 | | | 37 | | | 196 | | | — | | | 196 | | | Income tax expense | | 21 | | | 10 | | | 31 | | | 7 | | | 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 assets | | 23,979 | | 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, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | 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 expenses | | 264 | | | 112 | | | 18 | | | 394 | | | 3 | | | 397 | | | Depreciation and amortization | | 222 | | | 54 | | | 12 | | | 288 | | | — | | | 288 | | | General taxes | | 73 | | | 33 | | | 3 | | | 109 | | | — | | | 109 | | | Total operating expenses | | 1,096 | | | 322 | | | 100 | | | 1,518 | | | 3 | | | 1,521 | | | Operating Income (Loss) | | 263 | | | 65 | | | (8) | | | 320 | | | (3) | | | 317 | | | Other income | | 36 | | | 23 | | | 2 | | | 61 | | | 76 | | | 137 | | | Interest charges | | 89 | | | 51 | | | (1) | | | 139 | | | 60 | | | 199 | | | Income (Loss) Before Income Taxes | | 210 | | | 37 | | | (5) | | | 242 | | | 13 | | | 255 | | | Income tax expense (benefit) | | 42 | | | 12 | | | (18) | | | 36 | | | 26 | | | 62 | | | Income (Loss) From Continuing Operations | | 168 | | | 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 assets | | 21,942 | | 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, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | 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 expenses | | 264 | | | 112 | | | 376 | | | — | | | 376 | | | Depreciation and amortization | | 222 | | | 54 | | | 276 | | | — | | | 276 | | | General taxes | | 73 | | | 33 | | | 106 | | | — | | | 106 | | | Total operating expenses | | 1,096 | | | 322 | | | 1,418 | | | — | | | 1,418 | | | Operating Income | | 263 | | | 65 | | | 328 | | | — | | | 328 | | | Other income | | 36 | | | 23 | | | 59 | | | 1 | | | 60 | | | Interest charges | | 89 | | | 51 | | | 140 | | | 1 | | | 141 | | | Income Before Income Taxes | | 210 | | | 37 | | | 247 | | | — | | | 247 | | | Income tax expense | | 42 | | | 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 assets | | 21,997 | | 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, 2026 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | 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 | | | 2 | | | 618 | | | — | | | 618 | | | Maintenance and other operating expenses | | 585 | | | 260 | | | 60 | | | 905 | | | 7 | | | 912 | | | Depreciation and amortization | | 469 | | | 224 | | | 27 | | | 720 | | | — | | | 720 | | | General taxes | | 157 | | | 127 | | | 6 | | | 290 | | | 1 | | | 291 | | | Total operating expenses | | 2,328 | | | 1,227 | | | 242 | | | 3,797 | | | 8 | | | 3,805 | | | Operating Income (Loss) | | 378 | | | 405 | | | (21) | | | 762 | | | (8) | | | 754 | | | Other income | | 89 | | | 46 | | | 10 | | | 145 | | | 5 | | | 150 | | | Interest charges | | 169 | | | 114 | | | 6 | | | 289 | | | 124 | | | 413 | | | Income (Loss) Before Income Taxes | | 298 | | | 337 | | | (17) | | | 618 | | | (127) | | | 491 | | | Income tax expense (benefit) | | 50 | | | 90 | | | 12 | | | 152 | | | (34) | | | 118 | | | Income (Loss) From Continuing Operations | | 248 | | | 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 assets | | 23,926 | | 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, 2026 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | 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 expenses | | 585 | | | 260 | | | 845 | | | — | | | 845 | | | Depreciation and amortization | | 469 | | | 224 | | | 693 | | | — | | | 693 | | | General taxes | | 157 | | | 127 | | | 284 | | | — | | | 284 | | | Total operating expenses | | 2,328 | | | 1,227 | | | 3,555 | | | — | | | 3,555 | | | Operating Income | | 378 | | | 405 | | | 783 | | | — | | | 783 | | | Other income | | 89 | | | 46 | | | 135 | | | — | | | 135 | | | Interest charges | | 169 | | | 114 | | | 283 | | | — | | | 283 | | | Income Before Income Taxes | | 298 | | | 337 | | | 635 | | | — | | | 635 | | | Income tax expense (benefit) | | 50 | | | 90 | | | 140 | | | (9) | | | 131 | | | Net Income | | 248 | | | 247 | | | 495 | | | 9 | | | 504 | | Other segment items2 | | (1) | | | — | | | (1) | | | — | | | (1) | | | Net Income Available to Common Stockholder | | $ | 247 | | | $ | 247 | | | $ | 494 | | | $ | 9 | | | $ | 503 | | | Property, plant, and equipment, gross | | $ | 22,595 | | 3 | $ | 14,548 | | 3 | $ | 37,143 | | | $ | 32 | | | $ | 37,175 | | | Total assets | | 23,979 | | 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, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | 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 expenses | | 521 | | | 228 | | | 48 | | | 797 | | | 5 | | | 802 | | | Depreciation and amortization | | 443 | | | 208 | | | 25 | | | 676 | | | — | | | 676 | | | General taxes | | 146 | | | 119 | | | 6 | | | 271 | | | — | | | 271 | | | Total operating expenses | | 2,193 | | | 1,060 | | | 216 | | | 3,469 | | | 5 | | | 3,474 | | | Operating Income (Loss) | | 465 | | | 376 | | | (25) | | | 816 | | | (5) | | | 811 | | | Other income | | 63 | | | 42 | | | 3 | | | 108 | | | 79 | | | 187 | | | Interest charges | | 171 | | | 99 | | | (1) | | | 269 | | | 116 | | | 385 | | | Income (Loss) Before Income Taxes | | 357 | | | 319 | | | (21) | | | 655 | | | (42) | | | 613 | | | Income tax expense (benefit) | | 65 | | | 81 | | | (7) | | | 139 | | | (14) | | | 125 | | | Income (Loss) From Continuing Operations | | 292 | | | 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 | | | Property, plant, and equipment, gross | | $ | 20,761 | | 3 | $ | 13,609 | | 3 | $ | 1,562 | | | $ | 35,932 | | | $ | 30 | | | $ | 35,962 | | | Total assets | | 21,942 | | 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, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | 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 expenses | | 521 | | | 228 | | | 749 | | | — | | | 749 | | | Depreciation and amortization | | 443 | | | 208 | | | 651 | | | — | | | 651 | | | General taxes | | 146 | | | 119 | | | 265 | | | — | | | 265 | | | Total operating expenses | | 2,193 | | | 1,060 | | | 3,253 | | | — | | | 3,253 | | | Operating Income | | 465 | | | 376 | | | 841 | | | — | | | 841 | | | Other income | | 63 | | | 42 | | | 105 | | | 1 | | | 106 | | | Interest charges | | 171 | | | 99 | | | 270 | | | 1 | | | 271 | | | Income Before Income Taxes | | 357 | | | 319 | | | 676 | | | — | | | 676 | | | Income tax expense (benefit) | | 65 | | | 81 | | | 146 | | | (4) | | | 142 | | | Net Income | | 292 | | | 238 | | | 530 | | | 4 | | | 534 | | Other segment items2 | | (1) | | | — | | | (1) | | | — | | | (1) | | | Net Income Available to Common Stockholder | | $ | 291 | | | $ | 238 | | | $ | 529 | | | $ | 4 | | | $ | 533 | | | Property, plant, and equipment, gross | | $ | 20,761 | | 3 | $ | 13,609 | | 3 | $ | 34,370 | | | $ | 36 | | | $ | 34,406 | | | Total assets | | 21,997 | | 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.
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| Schedule of Financial Information by Reportable Segments |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | In Millions | | Three Months Ended June 30, 2026 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | 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 expenses | | 308 | | | 121 | | | 30 | | | 459 | | | 5 | | | 464 | | | Depreciation and amortization | | 236 | | | 57 | | | 15 | | | 308 | | | — | | | 308 | | | General taxes | | 78 | | | 36 | | | 3 | | | 117 | | | 1 | | | 118 | | | Total operating expenses | | 1,139 | | | 316 | | | 104 | | | 1,559 | | | 6 | | | 1,565 | | | Operating Income (Loss) | | 199 | | | 72 | | | (1) | | | 270 | | | (6) | | | 264 | | | Other income | | 46 | | | 23 | | | 3 | | | 72 | | | 3 | | | 75 | | | Interest charges | | 86 | | | 58 | | | 4 | | | 148 | | | 62 | | | 210 | | | Income (Loss) Before Income Taxes | | 159 | | | 37 | | | (2) | | | 194 | | | (65) | | | 129 | | | Income tax expense (benefit) | | 21 | | | 10 | | | 5 | | | 36 | | | (3) | | | 33 | | | Income (Loss) From Continuing Operations | | 138 | | | 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 assets | | 23,926 | | 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, 2026 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | 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 expenses | | 308 | | | 121 | | | 429 | | | — | | | 429 | | | Depreciation and amortization | | 236 | | | 57 | | | 293 | | | — | | | 293 | | | General taxes | | 78 | | | 36 | | | 114 | | | — | | | 114 | | | Total operating expenses | | 1,139 | | | 316 | | | 1,455 | | | — | | | 1,455 | | | Operating Income | | 199 | | | 72 | | | 271 | | | — | | | 271 | | | Other income | | 46 | | | 23 | | | 69 | | | — | | | 69 | | | Interest charges | | 86 | | | 58 | | | 144 | | | — | | | 144 | | | Income Before Income Taxes | | 159 | | | 37 | | | 196 | | | — | | | 196 | | | Income tax expense | | 21 | | | 10 | | | 31 | | | 7 | | | 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 assets | | 23,979 | | 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, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | 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 expenses | | 264 | | | 112 | | | 18 | | | 394 | | | 3 | | | 397 | | | Depreciation and amortization | | 222 | | | 54 | | | 12 | | | 288 | | | — | | | 288 | | | General taxes | | 73 | | | 33 | | | 3 | | | 109 | | | — | | | 109 | | | Total operating expenses | | 1,096 | | | 322 | | | 100 | | | 1,518 | | | 3 | | | 1,521 | | | Operating Income (Loss) | | 263 | | | 65 | | | (8) | | | 320 | | | (3) | | | 317 | | | Other income | | 36 | | | 23 | | | 2 | | | 61 | | | 76 | | | 137 | | | Interest charges | | 89 | | | 51 | | | (1) | | | 139 | | | 60 | | | 199 | | | Income (Loss) Before Income Taxes | | 210 | | | 37 | | | (5) | | | 242 | | | 13 | | | 255 | | | Income tax expense (benefit) | | 42 | | | 12 | | | (18) | | | 36 | | | 26 | | | 62 | | | Income (Loss) From Continuing Operations | | 168 | | | 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 assets | | 21,942 | | 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, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | 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 expenses | | 264 | | | 112 | | | 376 | | | — | | | 376 | | | Depreciation and amortization | | 222 | | | 54 | | | 276 | | | — | | | 276 | | | General taxes | | 73 | | | 33 | | | 106 | | | — | | | 106 | | | Total operating expenses | | 1,096 | | | 322 | | | 1,418 | | | — | | | 1,418 | | | Operating Income | | 263 | | | 65 | | | 328 | | | — | | | 328 | | | Other income | | 36 | | | 23 | | | 59 | | | 1 | | | 60 | | | Interest charges | | 89 | | | 51 | | | 140 | | | 1 | | | 141 | | | Income Before Income Taxes | | 210 | | | 37 | | | 247 | | | — | | | 247 | | | Income tax expense | | 42 | | | 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 assets | | 21,997 | | 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, 2026 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | 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 | | | 2 | | | 618 | | | — | | | 618 | | | Maintenance and other operating expenses | | 585 | | | 260 | | | 60 | | | 905 | | | 7 | | | 912 | | | Depreciation and amortization | | 469 | | | 224 | | | 27 | | | 720 | | | — | | | 720 | | | General taxes | | 157 | | | 127 | | | 6 | | | 290 | | | 1 | | | 291 | | | Total operating expenses | | 2,328 | | | 1,227 | | | 242 | | | 3,797 | | | 8 | | | 3,805 | | | Operating Income (Loss) | | 378 | | | 405 | | | (21) | | | 762 | | | (8) | | | 754 | | | Other income | | 89 | | | 46 | | | 10 | | | 145 | | | 5 | | | 150 | | | Interest charges | | 169 | | | 114 | | | 6 | | | 289 | | | 124 | | | 413 | | | Income (Loss) Before Income Taxes | | 298 | | | 337 | | | (17) | | | 618 | | | (127) | | | 491 | | | Income tax expense (benefit) | | 50 | | | 90 | | | 12 | | | 152 | | | (34) | | | 118 | | | Income (Loss) From Continuing Operations | | 248 | | | 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 assets | | 23,926 | | 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, 2026 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | 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 expenses | | 585 | | | 260 | | | 845 | | | — | | | 845 | | | Depreciation and amortization | | 469 | | | 224 | | | 693 | | | — | | | 693 | | | General taxes | | 157 | | | 127 | | | 284 | | | — | | | 284 | | | Total operating expenses | | 2,328 | | | 1,227 | | | 3,555 | | | — | | | 3,555 | | | Operating Income | | 378 | | | 405 | | | 783 | | | — | | | 783 | | | Other income | | 89 | | | 46 | | | 135 | | | — | | | 135 | | | Interest charges | | 169 | | | 114 | | | 283 | | | — | | | 283 | | | Income Before Income Taxes | | 298 | | | 337 | | | 635 | | | — | | | 635 | | | Income tax expense (benefit) | | 50 | | | 90 | | | 140 | | | (9) | | | 131 | | | Net Income | | 248 | | | 247 | | | 495 | | | 9 | | | 504 | | Other segment items2 | | (1) | | | — | | | (1) | | | — | | | (1) | | | Net Income Available to Common Stockholder | | $ | 247 | | | $ | 247 | | | $ | 494 | | | $ | 9 | | | $ | 503 | | | Property, plant, and equipment, gross | | $ | 22,595 | | 3 | $ | 14,548 | | 3 | $ | 37,143 | | | $ | 32 | | | $ | 37,175 | | | Total assets | | 23,979 | | 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, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | 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 expenses | | 521 | | | 228 | | | 48 | | | 797 | | | 5 | | | 802 | | | Depreciation and amortization | | 443 | | | 208 | | | 25 | | | 676 | | | — | | | 676 | | | General taxes | | 146 | | | 119 | | | 6 | | | 271 | | | — | | | 271 | | | Total operating expenses | | 2,193 | | | 1,060 | | | 216 | | | 3,469 | | | 5 | | | 3,474 | | | Operating Income (Loss) | | 465 | | | 376 | | | (25) | | | 816 | | | (5) | | | 811 | | | Other income | | 63 | | | 42 | | | 3 | | | 108 | | | 79 | | | 187 | | | Interest charges | | 171 | | | 99 | | | (1) | | | 269 | | | 116 | | | 385 | | | Income (Loss) Before Income Taxes | | 357 | | | 319 | | | (21) | | | 655 | | | (42) | | | 613 | | | Income tax expense (benefit) | | 65 | | | 81 | | | (7) | | | 139 | | | (14) | | | 125 | | | Income (Loss) From Continuing Operations | | 292 | | | 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 | | | Property, plant, and equipment, gross | | $ | 20,761 | | 3 | $ | 13,609 | | 3 | $ | 1,562 | | | $ | 35,932 | | | $ | 30 | | | $ | 35,962 | | | Total assets | | 21,942 | | 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, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | 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 expenses | | 521 | | | 228 | | | 749 | | | — | | | 749 | | | Depreciation and amortization | | 443 | | | 208 | | | 651 | | | — | | | 651 | | | General taxes | | 146 | | | 119 | | | 265 | | | — | | | 265 | | | Total operating expenses | | 2,193 | | | 1,060 | | | 3,253 | | | — | | | 3,253 | | | Operating Income | | 465 | | | 376 | | | 841 | | | — | | | 841 | | | Other income | | 63 | | | 42 | | | 105 | | | 1 | | | 106 | | | Interest charges | | 171 | | | 99 | | | 270 | | | 1 | | | 271 | | | Income Before Income Taxes | | 357 | | | 319 | | | 676 | | | — | | | 676 | | | Income tax expense (benefit) | | 65 | | | 81 | | | 146 | | | (4) | | | 142 | | | Net Income | | 292 | | | 238 | | | 530 | | | 4 | | | 534 | | Other segment items2 | | (1) | | | — | | | (1) | | | — | | | (1) | | | Net Income Available to Common Stockholder | | $ | 291 | | | $ | 238 | | | $ | 529 | | | $ | 4 | | | $ | 533 | | | Property, plant, and equipment, gross | | $ | 20,761 | | 3 | $ | 13,609 | | 3 | $ | 34,370 | | | $ | 36 | | | $ | 34,406 | | | Total assets | | 21,997 | | 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.
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