v3.26.3
Revenue (Tables)
 9 Months Ended
Sep. 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 September 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,769 $263 $— $2,032 
Other— — 138 138 
Revenue recognized from contracts with customers$1,769 $263 $138 $2,170 
Financing income3 1 — 4 
Consumers alternative-revenue programs2 — — 2 
Other— — 7 7 
Total operating revenue – CMS Energy$1,774 $264 $145 $2,183 
Consumers
Consumers utility revenue
Residential$915 $170 $1,085 
Commercial568 43 611 
Industrial223 7 230 
Other63 43 106 
Revenue recognized from contracts with customers$1,769 $263 $2,032 
Financing income3 1 4 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,774 $264 $2,038 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,675 $233 $— $1,908 
Other— — 67 67 
Revenue recognized from contracts with customers$1,675 $233 $67 $1,975 
Leasing income— — 41 41 
Financing income2 1 — 3 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,679 $234 $108 $2,021 
Consumers
Consumers utility revenue
Residential$842 $139 $981 
Commercial577 45 622 
Industrial204 6 210 
Other52 43 95 
Revenue recognized from contracts with customers$1,675 $233 $1,908 
Financing income2 1 3 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,679 $234 $1,913 
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 were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $28 million for the three months ended September 30, 2025.
In Millions
Nine Months Ended September 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,467 $1,891 $— $6,358 
Other— — 295 295 
Revenue recognized from contracts with customers$4,467 $1,891 $295 $6,653 
Leasing income— — 64 64 
Financing income8 5 — 13 
Consumers alternative-revenue programs5 — — 5 
Other— — 7 7 
Total operating revenue – CMS Energy$4,480 $1,896 $366 $6,742 
Consumers
Consumers utility revenue
Residential$2,207 $1,339 $3,546 
Commercial1,483 399 1,882 
Industrial613 47 660 
Other164 106 270 
Revenue recognized from contracts with customers$4,467 $1,891 $6,358 
Financing income8 5 13 
Alternative-revenue programs5 — 5 
Total operating revenue – Consumers$4,480 $1,896 $6,376 
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 were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $46 million for the nine months ended September 30, 2026
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,324 $1,665 $— $5,989 
Other— — 182 182 
Revenue recognized from contracts with customers$4,324 $1,665 $182 $6,171 
Leasing income— — 117 117 
Financing income7 5 — 12 
Consumers alternative-revenue programs6 — — 6 
Total operating revenue – CMS Energy$4,337 $1,670 $299 $6,306 
Consumers
Consumers utility revenue
Residential$2,055 $1,146 $3,201 
Commercial1,468 374 1,842 
Industrial576 46 622 
Other225 99 324 
Revenue recognized from contracts with customers$4,324 $1,665 $5,989 
Financing income7 5 12 
Alternative-revenue programs6 — 6 
Total operating revenue – Consumers$4,337 $1,670 $6,007 
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 were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 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 September 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,769 $263 $— $2,032 
Other— — 138 138 
Revenue recognized from contracts with customers$1,769 $263 $138 $2,170 
Financing income3 1 — 4 
Consumers alternative-revenue programs2 — — 2 
Other— — 7 7 
Total operating revenue – CMS Energy$1,774 $264 $145 $2,183 
Consumers
Consumers utility revenue
Residential$915 $170 $1,085 
Commercial568 43 611 
Industrial223 7 230 
Other63 43 106 
Revenue recognized from contracts with customers$1,769 $263 $2,032 
Financing income3 1 4 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,774 $264 $2,038 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,675 $233 $— $1,908 
Other— — 67 67 
Revenue recognized from contracts with customers$1,675 $233 $67 $1,975 
Leasing income— — 41 41 
Financing income2 1 — 3 
Consumers alternative-revenue programs2 — — 2 
Total operating revenue – CMS Energy$1,679 $234 $108 $2,021 
Consumers
Consumers utility revenue
Residential$842 $139 $981 
Commercial577 45 622 
Industrial204 6 210 
Other52 43 95 
Revenue recognized from contracts with customers$1,675 $233 $1,908 
Financing income2 1 3 
Alternative-revenue programs2 — 2 
Total operating revenue – Consumers$1,679 $234 $1,913 
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 were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $28 million for the three months ended September 30, 2025.
In Millions
Nine Months Ended September 30, 2026Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,467 $1,891 $— $6,358 
Other— — 295 295 
Revenue recognized from contracts with customers$4,467 $1,891 $295 $6,653 
Leasing income— — 64 64 
Financing income8 5 — 13 
Consumers alternative-revenue programs5 — — 5 
Other— — 7 7 
Total operating revenue – CMS Energy$4,480 $1,896 $366 $6,742 
Consumers
Consumers utility revenue
Residential$2,207 $1,339 $3,546 
Commercial1,483 399 1,882 
Industrial613 47 660 
Other164 106 270 
Revenue recognized from contracts with customers$4,467 $1,891 $6,358 
Financing income8 5 13 
Alternative-revenue programs5 — 5 
Total operating revenue – Consumers$4,480 $1,896 $6,376 
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 were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $46 million for the nine months ended September 30, 2026
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$4,324 $1,665 $— $5,989 
Other— — 182 182 
Revenue recognized from contracts with customers$4,324 $1,665 $182 $6,171 
Leasing income— — 117 117 
Financing income7 5 — 12 
Consumers alternative-revenue programs6 — — 6 
Total operating revenue – CMS Energy$4,337 $1,670 $299 $6,306 
Consumers
Consumers utility revenue
Residential$2,055 $1,146 $3,201 
Commercial1,468 374 1,842 
Industrial576 46 622 
Other225 99 324 
Revenue recognized from contracts with customers$4,324 $1,665 $5,989 
Financing income7 5 12 
Alternative-revenue programs6 — 6 
Total operating revenue – Consumers$4,337 $1,670 $6,007 
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 were accounted for as operating leases. In addition to fixed payments, these agreements had variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 30, 2025.