v3.26.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2026
Financial Instruments [Line Items]  
Schedule of Carrying Amounts and Fair Values of Financial Instruments For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 5, Fair Value Measurements.
In Millions
September 30, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Liabilities
Long-term debt2
19,995 17,748 1,839 14,174 1,735 18,757 17,645 2,042 13,663 1,940 
Long-term payables3
5 5 — — 5 7 7 — — 7 
Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Notes receivable – related party4
88 88 — — 88 90 90 — — 90 
Liabilities
Long-term debt5
13,616 11,790 — 10,055 1,735 12,097 11,031 — 9,091 1,940 
Long-term debt – related party1,005 584 — 584 — 1,005 657 — 657 — 
Long-term payables1 1 — — 1 2 2 — — 2 
1Includes current portion of long-term accounts receivable and notes receivable of $2 million at September 30, 2026 and $3 million at December 31, 2025.
2Includes current portion of long-term debt of $1.3 billion at September 30, 2026 and $950 million at December 31, 2025.
3Includes current portion of long-term payables of $1 million at September 30, 2026 and $2 million at December 31, 2025.
4Includes current portion of notes receivable – related party of $7 million at September 30, 2026 and December 31, 2025.
5Includes current portion of long-term debt of $464 million at September 30, 2026 and $573 million at December 31, 2025.
Consumers Energy Company  
Financial Instruments [Line Items]  
Schedule of Carrying Amounts and Fair Values of Financial Instruments For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 5, Fair Value Measurements.
In Millions
September 30, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Liabilities
Long-term debt2
19,995 17,748 1,839 14,174 1,735 18,757 17,645 2,042 13,663 1,940 
Long-term payables3
5 5 — — 5 7 7 — — 7 
Consumers
Assets
Long-term receivables1
$6 $5 $— $— $5 $7 $6 $— $— $6 
Notes receivable – related party4
88 88 — — 88 90 90 — — 90 
Liabilities
Long-term debt5
13,616 11,790 — 10,055 1,735 12,097 11,031 — 9,091 1,940 
Long-term debt – related party1,005 584 — 584 — 1,005 657 — 657 — 
Long-term payables1 1 — — 1 2 2 — — 2 
1Includes current portion of long-term accounts receivable and notes receivable of $2 million at September 30, 2026 and $3 million at December 31, 2025.
2Includes current portion of long-term debt of $1.3 billion at September 30, 2026 and $950 million at December 31, 2025.
3Includes current portion of long-term payables of $1 million at September 30, 2026 and $2 million at December 31, 2025.
4Includes current portion of notes receivable – related party of $7 million at September 30, 2026 and December 31, 2025.
5Includes current portion of long-term debt of $464 million at September 30, 2026 and $573 million at December 31, 2025.