| Schedule of Financial Information by Reportable Segments |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | In Millions | | Three Months Ended September 30, 2026 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | CMS Energy, including Consumers | | Operating revenue | | $ | 1,774 | | | $ | 264 | | | $ | 145 | | | $ | 2,183 | | | $ | — | | | $ | 2,183 | | | Operating expenses | | | | | | | | | | | | | Power supply cost1 | | 677 | | | — | | | 85 | | | 762 | | | — | | | 762 | | | Cost of gas sold | | — | | | 43 | | | 2 | | | 45 | | | — | | | 45 | | | Maintenance and other operating expenses | | 256 | | | 106 | | | 555 | | | 917 | | | 3 | | | 920 | | | Depreciation and amortization | | 251 | | | 37 | | | 10 | | | 298 | | | — | | | 298 | | | General taxes | | 85 | | | 23 | | | 3 | | | 111 | | | — | | | 111 | | | Total operating expenses | | 1,269 | | | 209 | | | 655 | | | 2,133 | | | 3 | | | 2,136 | | | Operating Income (Loss) | | 505 | | | 55 | | | (510) | | | 50 | | | (3) | | | 47 | | | Other income (expense) | | 46 | | | 26 | | | (19) | | | 53 | | | 1 | | | 54 | | | Interest charges | | 87 | | | 61 | | | 2 | | | 150 | | | 64 | | | 214 | | | Income (Loss) Before Income Taxes | | 464 | | | 20 | | | (531) | | | (47) | | | (66) | | | (113) | | | Income tax expense (benefit) | | 65 | | | 7 | | | (124) | | | (52) | | | 30 | | | (22) | | | Income (Loss) From Continuing Operations | | 399 | | | 13 | | | (407) | | | 5 | | | (96) | | | (91) | | Other segment items2 | | — | | | — | | | 214 | | | 214 | | | (2) | | | 212 | | | Net Income (Loss) Available to Common Stockholders | | $ | 399 | | | $ | 13 | | | $ | (193) | | | $ | 219 | | | $ | (98) | | | $ | 121 | | | Property, plant, and equipment, gross | | $ | 23,383 | | 3 | $ | 14,975 | | 3 | $ | 916 | | | $ | 39,274 | | | $ | 26 | | | $ | 39,300 | | | Total assets | | 24,309 | | 3 | 14,738 | | 3 | 2,415 | | | 41,462 | | | 221 | | | 41,683 | |
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 September 30, 2026 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | Consumers | | Operating revenue | | $ | 1,774 | | | $ | 264 | | | $ | 2,038 | | | $ | — | | | $ | 2,038 | | | Operating expenses | | | | | | | | | | | Power supply cost1 | | 677 | | | — | | | 677 | | | — | | | 677 | | | Cost of gas sold | | — | | | 43 | | | 43 | | | — | | | 43 | | | Maintenance and other operating expenses | | 256 | | | 106 | | | 362 | | | — | | | 362 | | | Depreciation and amortization | | 251 | | | 37 | | | 288 | | | — | | | 288 | | | General taxes | | 85 | | | 23 | | | 108 | | | — | | | 108 | | | Total operating expenses | | 1,269 | | | 209 | | | 1,478 | | | — | | | 1,478 | | | Operating Income | | 505 | | | 55 | | | 560 | | | — | | | 560 | | | Other income | | 46 | | | 26 | | | 72 | | | — | | | 72 | | | Interest charges | | 87 | | | 61 | | | 148 | | | 1 | | | 149 | | | Income (Loss) Before Income Taxes | | 464 | | | 20 | | | 484 | | | (1) | | | 483 | | | Income tax expense | | 65 | | | 7 | | | 72 | | | 20 | | | 92 | | | Net Income (Loss) | | 399 | | | 13 | | | 412 | | | (21) | | | 391 | | Other segment items2 | | — | | | — | | | — | | | — | | | — | | | Net Income (Loss) Available to Common Stockholder | | $ | 399 | | | $ | 13 | | | $ | 412 | | | $ | (21) | | | $ | 391 | | | Property, plant, and equipment, gross | | $ | 23,383 | | 3 | $ | 14,975 | | 3 | $ | 38,358 | | | $ | 23 | | | $ | 38,381 | | | Total assets | | 24,362 | | 3 | 14,778 | | 3 | 39,140 | | | 64 | | | 39,204 | |
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 September 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | CMS Energy, including Consumers | | Operating revenue | | $ | 1,679 | | | $ | 234 | | | $ | 108 | | | $ | 2,021 | | | $ | — | | | $ | 2,021 | | | Operating expenses | | | | | | | | | | | | | Power supply cost1 | | 624 | | | — | | | 63 | | | 687 | | | — | | | 687 | | | Cost of gas sold | | — | | | 40 | | | 2 | | | 42 | | | — | | | 42 | | | Maintenance and other operating expenses | | 285 | | | 103 | | | 25 | | | 413 | | | 3 | | | 416 | | | Depreciation and amortization | | 239 | | | 35 | | | 14 | | | 288 | | | — | | | 288 | | | General taxes | | 81 | | | 23 | | | 3 | | | 107 | | | — | | | 107 | | | Total operating expenses | | 1,229 | | | 201 | | | 107 | | | 1,537 | | | 3 | | | 1,540 | | | Operating Income (Loss) | | 450 | | | 33 | | | 1 | | | 484 | | | (3) | | | 481 | | | Other income | | 34 | | | 22 | | | 4 | | | 60 | | | 2 | | | 62 | | | Interest charges | | 92 | | | 53 | | | (1) | | | 144 | | | 59 | | | 203 | | | Income (Loss) Before Income Taxes | | 392 | | | 2 | | | 6 | | | 400 | | | (60) | | | 340 | | | Income tax expense | | 66 | | | 2 | | | — | | | 68 | | | — | | | 68 | | | Income (Loss) From Continuing Operations | | 326 | | | — | | | 6 | | | 332 | | | (60) | | | 272 | | Other segment items2 | | — | | | — | | | 5 | | | 5 | | | (2) | | | 3 | | | Net Income (Loss) Available to Common Stockholders | | $ | 326 | | | $ | — | | | $ | 11 | | | $ | 337 | | | $ | (62) | | | $ | 275 | | | Property, plant, and equipment, gross | | $ | 21,095 | | 3 | $ | 13,890 | | 3 | $ | 1,568 | | | $ | 36,553 | | | $ | 30 | | | $ | 36,583 | | | Total assets | | 21,917 | | 3 | 13,720 | | 3 | 2,229 | | | 37,866 | | | 142 | | | 38,008 | |
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 September 30, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | Consumers | | Operating revenue | | $ | 1,679 | | | $ | 234 | | | $ | 1,913 | | | $ | — | | | $ | 1,913 | | | Operating expenses | | | | | | | | | | | Power supply cost1 | | 624 | | | — | | | 624 | | | — | | | 624 | | | Cost of gas sold | | — | | | 40 | | | 40 | | | — | | | 40 | | | Maintenance and other operating expenses | | 285 | | | 103 | | | 388 | | | — | | | 388 | | | Depreciation and amortization | | 239 | | | 35 | | | 274 | | | — | | | 274 | | | General taxes | | 81 | | | 23 | | | 104 | | | — | | | 104 | | | Total operating expenses | | 1,229 | | | 201 | | | 1,430 | | | — | | | 1,430 | | | Operating Income | | 450 | | | 33 | | | 483 | | | — | | | 483 | | | Other income (expense) | | 34 | | | 22 | | | 56 | | | (1) | | | 55 | | | Interest charges | | 92 | | | 53 | | | 145 | | | — | | | 145 | | | Income (Loss) Before Income Taxes | | 392 | | | 2 | | | 394 | | | (1) | | | 393 | | | Income tax expense | | 66 | | | 2 | | | 68 | | | 11 | | | 79 | | | Net Income (Loss) | | 326 | | | — | | | 326 | | | (12) | | | 314 | | Other segment items2 | | — | | | — | | | — | | | — | | | — | | | Net Income (Loss) Available to Common Stockholder | | $ | 326 | | | $ | — | | | $ | 326 | | | $ | (12) | | | $ | 314 | | | Property, plant, and equipment, gross | | $ | 21,095 | | 3 | $ | 13,890 | | 3 | $ | 34,985 | | | $ | 36 | | | $ | 35,021 | | | Total assets | | 21,972 | | 3 | 13,762 | | 3 | 35,734 | | | 46 | | | 35,780 | |
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 | | Nine Months Ended September 30, 2026 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | CMS Energy, including Consumers | | Operating revenue | | $ | 4,480 | | | $ | 1,896 | | | $ | 366 | | | $ | 6,742 | | | $ | — | | | $ | 6,742 | | | Operating expenses | | | | | | | | | | | | | Power supply cost1 | | 1,794 | | | — | | | 232 | | | 2,026 | | | — | | | 2,026 | | | Cost of gas sold | | — | | | 659 | | | 4 | | | 663 | | | — | | | 663 | | | Maintenance and other operating expenses | | 841 | | | 366 | | | 615 | | | 1,822 | | | 10 | | | 1,832 | | | Depreciation and amortization | | 720 | | | 261 | | | 37 | | | 1,018 | | | — | | | 1,018 | | | General taxes | | 242 | | | 150 | | | 9 | | | 401 | | | 1 | | | 402 | | | Total operating expenses | | 3,597 | | | 1,436 | | | 897 | | | 5,930 | | | 11 | | | 5,941 | | | Operating Income (Loss) | | 883 | | | 460 | | | (531) | | | 812 | | | (11) | | | 801 | | | Other income (expense) | | 135 | | | 72 | | | (9) | | | 198 | | | 6 | | | 204 | | | Interest charges | | 256 | | | 175 | | | 8 | | | 439 | | | 188 | | | 627 | | | Income (Loss) Before Income Taxes | | 762 | | | 357 | | | (548) | | | 571 | | | (193) | | | 378 | | | Income tax expense (benefit) | | 115 | | | 97 | | | (112) | | | 100 | | | (4) | | | 96 | | | Income (Loss) From Continuing Operations | | 647 | | | 260 | | | (436) | | | 471 | | | (189) | | | 282 | | Other segment items2 | | (1) | | | — | | | 302 | | | 301 | | | (7) | | | 294 | | | Net Income (Loss) Available to Common Stockholders | | $ | 646 | | | $ | 260 | | | $ | (134) | | | $ | 772 | | | $ | (196) | | | $ | 576 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | In Millions | | Nine Months Ended September 30, 2026 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | Consumers | | Operating revenue | | $ | 4,480 | | | $ | 1,896 | | | $ | 6,376 | | | $ | — | | | $ | 6,376 | | | Operating expenses | | | | | | | | | | | Power supply cost1 | | 1,794 | | | — | | | 1,794 | | | — | | | 1,794 | | | Cost of gas sold | | — | | | 659 | | | 659 | | | — | | | 659 | | | Maintenance and other operating expenses | | 841 | | | 366 | | | 1,207 | | | — | | | 1,207 | | | Depreciation and amortization | | 720 | | | 261 | | | 981 | | | — | | | 981 | | | General taxes | | 242 | | | 150 | | | 392 | | | — | | | 392 | | | Total operating expenses | | 3,597 | | | 1,436 | | | 5,033 | | | — | | | 5,033 | | | Operating Income | | 883 | | | 460 | | | 1,343 | | | — | | | 1,343 | | | Other income | | 135 | | | 72 | | | 207 | | | — | | | 207 | | | Interest charges | | 256 | | | 175 | | | 431 | | | 1 | | | 432 | | | Income (Loss) Before Income Taxes | | 762 | | | 357 | | | 1,119 | | | (1) | | | 1,118 | | | Income tax expense | | 115 | | | 97 | | | 212 | | | 11 | | | 223 | | | Net Income (Loss) | | 647 | | | 260 | | | 907 | | | (12) | | | 895 | | Other segment items2 | | (1) | | | — | | | (1) | | | — | | | (1) | | | Net Income (Loss) Available to Common Stockholder | | $ | 646 | | | $ | 260 | | | $ | 906 | | | $ | (12) | | | $ | 894 | | | | | | | | | | | | | | | | | | | | | | | |
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2Other segment items reflect preferred stock dividends. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | In Millions | | Nine Months Ended September 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | CMS Energy, including Consumers | | Operating revenue | | $ | 4,337 | | | $ | 1,670 | | | $ | 299 | | | $ | 6,306 | | | $ | — | | | $ | 6,306 | | | Operating expenses | | | | | | | | | | | | | Power supply cost1 | | 1,707 | | | — | | | 198 | | | 1,905 | | | — | | | 1,905 | | | Cost of gas sold | | — | | | 545 | | | 4 | | | 549 | | | — | | | 549 | | | Maintenance and other operating expenses | | 806 | | | 331 | | | 73 | | | 1,210 | | | 8 | | | 1,218 | | | Depreciation and amortization | | 682 | | | 243 | | | 39 | | | 964 | | | — | | | 964 | | | General taxes | | 227 | | | 142 | | | 9 | | | 378 | | | — | | | 378 | | | Total operating expenses | | 3,422 | | | 1,261 | | | 323 | | | 5,006 | | | 8 | | | 5,014 | | | Operating Income (Loss) | | 915 | | | 409 | | | (24) | | | 1,300 | | | (8) | | | 1,292 | | | Other income | | 97 | | | 64 | | | 7 | | | 168 | | | 81 | | | 249 | | | Interest charges | | 263 | | | 152 | | | (2) | | | 413 | | | 175 | | | 588 | | | Income (Loss) Before Income Taxes | | 749 | | | 321 | | | (15) | | | 1,055 | | | (102) | | | 953 | | | Income tax expense (benefit) | | 131 | | | 83 | | | (7) | | | 207 | | | (14) | | | 193 | | | Income (Loss) From Continuing Operations | | 618 | | | 238 | | | (8) | | | 848 | | | (88) | | | 760 | | Other segment items2 | | (1) | | | — | | | 23 | | | 22 | | | (7) | | | 15 | | | Net Income (Loss) Available to Common Stockholders | | $ | 617 | | | $ | 238 | | | $ | 15 | | | $ | 870 | | | $ | (95) | | | $ | 775 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | In Millions | | Nine Months Ended September 30, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | Consumers | | Operating revenue | | $ | 4,337 | | | $ | 1,670 | | | $ | 6,007 | | | $ | — | | | $ | 6,007 | | | Operating expenses | | | | | | | | | | | Power supply cost1 | | 1,707 | | | — | | | 1,707 | | | — | | | 1,707 | | | Cost of gas sold | | — | | | 545 | | | 545 | | | — | | | 545 | | | Maintenance and other operating expenses | | 806 | | | 331 | | | 1,137 | | | — | | | 1,137 | | | Depreciation and amortization | | 682 | | | 243 | | | 925 | | | — | | | 925 | | | General taxes | | 227 | | | 142 | | | 369 | | | — | | | 369 | | | Total operating expenses | | 3,422 | | | 1,261 | | | 4,683 | | | — | | | 4,683 | | | Operating Income | | 915 | | | 409 | | | 1,324 | | | — | | | 1,324 | | | Other income | | 97 | | | 64 | | | 161 | | | — | | | 161 | | | Interest charges | | 263 | | | 152 | | | 415 | | | 1 | | | 416 | | | Income (Loss) Before Income Taxes | | 749 | | | 321 | | | 1,070 | | | (1) | | | 1,069 | | | Income tax expense | | 131 | | | 83 | | | 214 | | | 7 | | | 221 | | | Net Income (Loss) | | 618 | | | 238 | | | 856 | | | (8) | | | 848 | | Other segment items2 | | (1) | | | — | | | (1) | | | — | | | (1) | | | Net Income (Loss) Available to Common Stockholder | | $ | 617 | | | $ | 238 | | | $ | 855 | | | $ | (8) | | | $ | 847 | | | | | | | | | | | | | | | | | | | | | | | |
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2Other segment items reflect preferred stock dividends.
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| Schedule of Financial Information by Reportable Segments |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | In Millions | | Three Months Ended September 30, 2026 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | CMS Energy, including Consumers | | Operating revenue | | $ | 1,774 | | | $ | 264 | | | $ | 145 | | | $ | 2,183 | | | $ | — | | | $ | 2,183 | | | Operating expenses | | | | | | | | | | | | | Power supply cost1 | | 677 | | | — | | | 85 | | | 762 | | | — | | | 762 | | | Cost of gas sold | | — | | | 43 | | | 2 | | | 45 | | | — | | | 45 | | | Maintenance and other operating expenses | | 256 | | | 106 | | | 555 | | | 917 | | | 3 | | | 920 | | | Depreciation and amortization | | 251 | | | 37 | | | 10 | | | 298 | | | — | | | 298 | | | General taxes | | 85 | | | 23 | | | 3 | | | 111 | | | — | | | 111 | | | Total operating expenses | | 1,269 | | | 209 | | | 655 | | | 2,133 | | | 3 | | | 2,136 | | | Operating Income (Loss) | | 505 | | | 55 | | | (510) | | | 50 | | | (3) | | | 47 | | | Other income (expense) | | 46 | | | 26 | | | (19) | | | 53 | | | 1 | | | 54 | | | Interest charges | | 87 | | | 61 | | | 2 | | | 150 | | | 64 | | | 214 | | | Income (Loss) Before Income Taxes | | 464 | | | 20 | | | (531) | | | (47) | | | (66) | | | (113) | | | Income tax expense (benefit) | | 65 | | | 7 | | | (124) | | | (52) | | | 30 | | | (22) | | | Income (Loss) From Continuing Operations | | 399 | | | 13 | | | (407) | | | 5 | | | (96) | | | (91) | | Other segment items2 | | — | | | — | | | 214 | | | 214 | | | (2) | | | 212 | | | Net Income (Loss) Available to Common Stockholders | | $ | 399 | | | $ | 13 | | | $ | (193) | | | $ | 219 | | | $ | (98) | | | $ | 121 | | | Property, plant, and equipment, gross | | $ | 23,383 | | 3 | $ | 14,975 | | 3 | $ | 916 | | | $ | 39,274 | | | $ | 26 | | | $ | 39,300 | | | Total assets | | 24,309 | | 3 | 14,738 | | 3 | 2,415 | | | 41,462 | | | 221 | | | 41,683 | |
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 September 30, 2026 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | Consumers | | Operating revenue | | $ | 1,774 | | | $ | 264 | | | $ | 2,038 | | | $ | — | | | $ | 2,038 | | | Operating expenses | | | | | | | | | | | Power supply cost1 | | 677 | | | — | | | 677 | | | — | | | 677 | | | Cost of gas sold | | — | | | 43 | | | 43 | | | — | | | 43 | | | Maintenance and other operating expenses | | 256 | | | 106 | | | 362 | | | — | | | 362 | | | Depreciation and amortization | | 251 | | | 37 | | | 288 | | | — | | | 288 | | | General taxes | | 85 | | | 23 | | | 108 | | | — | | | 108 | | | Total operating expenses | | 1,269 | | | 209 | | | 1,478 | | | — | | | 1,478 | | | Operating Income | | 505 | | | 55 | | | 560 | | | — | | | 560 | | | Other income | | 46 | | | 26 | | | 72 | | | — | | | 72 | | | Interest charges | | 87 | | | 61 | | | 148 | | | 1 | | | 149 | | | Income (Loss) Before Income Taxes | | 464 | | | 20 | | | 484 | | | (1) | | | 483 | | | Income tax expense | | 65 | | | 7 | | | 72 | | | 20 | | | 92 | | | Net Income (Loss) | | 399 | | | 13 | | | 412 | | | (21) | | | 391 | | Other segment items2 | | — | | | — | | | — | | | — | | | — | | | Net Income (Loss) Available to Common Stockholder | | $ | 399 | | | $ | 13 | | | $ | 412 | | | $ | (21) | | | $ | 391 | | | Property, plant, and equipment, gross | | $ | 23,383 | | 3 | $ | 14,975 | | 3 | $ | 38,358 | | | $ | 23 | | | $ | 38,381 | | | Total assets | | 24,362 | | 3 | 14,778 | | 3 | 39,140 | | | 64 | | | 39,204 | |
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 September 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | CMS Energy, including Consumers | | Operating revenue | | $ | 1,679 | | | $ | 234 | | | $ | 108 | | | $ | 2,021 | | | $ | — | | | $ | 2,021 | | | Operating expenses | | | | | | | | | | | | | Power supply cost1 | | 624 | | | — | | | 63 | | | 687 | | | — | | | 687 | | | Cost of gas sold | | — | | | 40 | | | 2 | | | 42 | | | — | | | 42 | | | Maintenance and other operating expenses | | 285 | | | 103 | | | 25 | | | 413 | | | 3 | | | 416 | | | Depreciation and amortization | | 239 | | | 35 | | | 14 | | | 288 | | | — | | | 288 | | | General taxes | | 81 | | | 23 | | | 3 | | | 107 | | | — | | | 107 | | | Total operating expenses | | 1,229 | | | 201 | | | 107 | | | 1,537 | | | 3 | | | 1,540 | | | Operating Income (Loss) | | 450 | | | 33 | | | 1 | | | 484 | | | (3) | | | 481 | | | Other income | | 34 | | | 22 | | | 4 | | | 60 | | | 2 | | | 62 | | | Interest charges | | 92 | | | 53 | | | (1) | | | 144 | | | 59 | | | 203 | | | Income (Loss) Before Income Taxes | | 392 | | | 2 | | | 6 | | | 400 | | | (60) | | | 340 | | | Income tax expense | | 66 | | | 2 | | | — | | | 68 | | | — | | | 68 | | | Income (Loss) From Continuing Operations | | 326 | | | — | | | 6 | | | 332 | | | (60) | | | 272 | | Other segment items2 | | — | | | — | | | 5 | | | 5 | | | (2) | | | 3 | | | Net Income (Loss) Available to Common Stockholders | | $ | 326 | | | $ | — | | | $ | 11 | | | $ | 337 | | | $ | (62) | | | $ | 275 | | | Property, plant, and equipment, gross | | $ | 21,095 | | 3 | $ | 13,890 | | 3 | $ | 1,568 | | | $ | 36,553 | | | $ | 30 | | | $ | 36,583 | | | Total assets | | 21,917 | | 3 | 13,720 | | 3 | 2,229 | | | 37,866 | | | 142 | | | 38,008 | |
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 September 30, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | Consumers | | Operating revenue | | $ | 1,679 | | | $ | 234 | | | $ | 1,913 | | | $ | — | | | $ | 1,913 | | | Operating expenses | | | | | | | | | | | Power supply cost1 | | 624 | | | — | | | 624 | | | — | | | 624 | | | Cost of gas sold | | — | | | 40 | | | 40 | | | — | | | 40 | | | Maintenance and other operating expenses | | 285 | | | 103 | | | 388 | | | — | | | 388 | | | Depreciation and amortization | | 239 | | | 35 | | | 274 | | | — | | | 274 | | | General taxes | | 81 | | | 23 | | | 104 | | | — | | | 104 | | | Total operating expenses | | 1,229 | | | 201 | | | 1,430 | | | — | | | 1,430 | | | Operating Income | | 450 | | | 33 | | | 483 | | | — | | | 483 | | | Other income (expense) | | 34 | | | 22 | | | 56 | | | (1) | | | 55 | | | Interest charges | | 92 | | | 53 | | | 145 | | | — | | | 145 | | | Income (Loss) Before Income Taxes | | 392 | | | 2 | | | 394 | | | (1) | | | 393 | | | Income tax expense | | 66 | | | 2 | | | 68 | | | 11 | | | 79 | | | Net Income (Loss) | | 326 | | | — | | | 326 | | | (12) | | | 314 | | Other segment items2 | | — | | | — | | | — | | | — | | | — | | | Net Income (Loss) Available to Common Stockholder | | $ | 326 | | | $ | — | | | $ | 326 | | | $ | (12) | | | $ | 314 | | | Property, plant, and equipment, gross | | $ | 21,095 | | 3 | $ | 13,890 | | 3 | $ | 34,985 | | | $ | 36 | | | $ | 35,021 | | | Total assets | | 21,972 | | 3 | 13,762 | | 3 | 35,734 | | | 46 | | | 35,780 | |
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 | | Nine Months Ended September 30, 2026 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | CMS Energy, including Consumers | | Operating revenue | | $ | 4,480 | | | $ | 1,896 | | | $ | 366 | | | $ | 6,742 | | | $ | — | | | $ | 6,742 | | | Operating expenses | | | | | | | | | | | | | Power supply cost1 | | 1,794 | | | — | | | 232 | | | 2,026 | | | — | | | 2,026 | | | Cost of gas sold | | — | | | 659 | | | 4 | | | 663 | | | — | | | 663 | | | Maintenance and other operating expenses | | 841 | | | 366 | | | 615 | | | 1,822 | | | 10 | | | 1,832 | | | Depreciation and amortization | | 720 | | | 261 | | | 37 | | | 1,018 | | | — | | | 1,018 | | | General taxes | | 242 | | | 150 | | | 9 | | | 401 | | | 1 | | | 402 | | | Total operating expenses | | 3,597 | | | 1,436 | | | 897 | | | 5,930 | | | 11 | | | 5,941 | | | Operating Income (Loss) | | 883 | | | 460 | | | (531) | | | 812 | | | (11) | | | 801 | | | Other income (expense) | | 135 | | | 72 | | | (9) | | | 198 | | | 6 | | | 204 | | | Interest charges | | 256 | | | 175 | | | 8 | | | 439 | | | 188 | | | 627 | | | Income (Loss) Before Income Taxes | | 762 | | | 357 | | | (548) | | | 571 | | | (193) | | | 378 | | | Income tax expense (benefit) | | 115 | | | 97 | | | (112) | | | 100 | | | (4) | | | 96 | | | Income (Loss) From Continuing Operations | | 647 | | | 260 | | | (436) | | | 471 | | | (189) | | | 282 | | Other segment items2 | | (1) | | | — | | | 302 | | | 301 | | | (7) | | | 294 | | | Net Income (Loss) Available to Common Stockholders | | $ | 646 | | | $ | 260 | | | $ | (134) | | | $ | 772 | | | $ | (196) | | | $ | 576 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | In Millions | | Nine Months Ended September 30, 2026 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | Consumers | | Operating revenue | | $ | 4,480 | | | $ | 1,896 | | | $ | 6,376 | | | $ | — | | | $ | 6,376 | | | Operating expenses | | | | | | | | | | | Power supply cost1 | | 1,794 | | | — | | | 1,794 | | | — | | | 1,794 | | | Cost of gas sold | | — | | | 659 | | | 659 | | | — | | | 659 | | | Maintenance and other operating expenses | | 841 | | | 366 | | | 1,207 | | | — | | | 1,207 | | | Depreciation and amortization | | 720 | | | 261 | | | 981 | | | — | | | 981 | | | General taxes | | 242 | | | 150 | | | 392 | | | — | | | 392 | | | Total operating expenses | | 3,597 | | | 1,436 | | | 5,033 | | | — | | | 5,033 | | | Operating Income | | 883 | | | 460 | | | 1,343 | | | — | | | 1,343 | | | Other income | | 135 | | | 72 | | | 207 | | | — | | | 207 | | | Interest charges | | 256 | | | 175 | | | 431 | | | 1 | | | 432 | | | Income (Loss) Before Income Taxes | | 762 | | | 357 | | | 1,119 | | | (1) | | | 1,118 | | | Income tax expense | | 115 | | | 97 | | | 212 | | | 11 | | | 223 | | | Net Income (Loss) | | 647 | | | 260 | | | 907 | | | (12) | | | 895 | | Other segment items2 | | (1) | | | — | | | (1) | | | — | | | (1) | | | Net Income (Loss) Available to Common Stockholder | | $ | 646 | | | $ | 260 | | | $ | 906 | | | $ | (12) | | | $ | 894 | | | | | | | | | | | | | | | | | | | | | | | |
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2Other segment items reflect preferred stock dividends. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | In Millions | | Nine Months Ended September 30, 2025 | Electric Utility | Gas Utility | NorthStar Clean Energy | Segments Total | Other Reconciling Items | Consolidated | | CMS Energy, including Consumers | | Operating revenue | | $ | 4,337 | | | $ | 1,670 | | | $ | 299 | | | $ | 6,306 | | | $ | — | | | $ | 6,306 | | | Operating expenses | | | | | | | | | | | | | Power supply cost1 | | 1,707 | | | — | | | 198 | | | 1,905 | | | — | | | 1,905 | | | Cost of gas sold | | — | | | 545 | | | 4 | | | 549 | | | — | | | 549 | | | Maintenance and other operating expenses | | 806 | | | 331 | | | 73 | | | 1,210 | | | 8 | | | 1,218 | | | Depreciation and amortization | | 682 | | | 243 | | | 39 | | | 964 | | | — | | | 964 | | | General taxes | | 227 | | | 142 | | | 9 | | | 378 | | | — | | | 378 | | | Total operating expenses | | 3,422 | | | 1,261 | | | 323 | | | 5,006 | | | 8 | | | 5,014 | | | Operating Income (Loss) | | 915 | | | 409 | | | (24) | | | 1,300 | | | (8) | | | 1,292 | | | Other income | | 97 | | | 64 | | | 7 | | | 168 | | | 81 | | | 249 | | | Interest charges | | 263 | | | 152 | | | (2) | | | 413 | | | 175 | | | 588 | | | Income (Loss) Before Income Taxes | | 749 | | | 321 | | | (15) | | | 1,055 | | | (102) | | | 953 | | | Income tax expense (benefit) | | 131 | | | 83 | | | (7) | | | 207 | | | (14) | | | 193 | | | Income (Loss) From Continuing Operations | | 618 | | | 238 | | | (8) | | | 848 | | | (88) | | | 760 | | Other segment items2 | | (1) | | | — | | | 23 | | | 22 | | | (7) | | | 15 | | | Net Income (Loss) Available to Common Stockholders | | $ | 617 | | | $ | 238 | | | $ | 15 | | | $ | 870 | | | $ | (95) | | | $ | 775 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | In Millions | | Nine Months Ended September 30, 2025 | Electric Utility | Gas Utility | Segments Total | Other Reconciling Items | Consolidated | | Consumers | | Operating revenue | | $ | 4,337 | | | $ | 1,670 | | | $ | 6,007 | | | $ | — | | | $ | 6,007 | | | Operating expenses | | | | | | | | | | | Power supply cost1 | | 1,707 | | | — | | | 1,707 | | | — | | | 1,707 | | | Cost of gas sold | | — | | | 545 | | | 545 | | | — | | | 545 | | | Maintenance and other operating expenses | | 806 | | | 331 | | | 1,137 | | | — | | | 1,137 | | | Depreciation and amortization | | 682 | | | 243 | | | 925 | | | — | | | 925 | | | General taxes | | 227 | | | 142 | | | 369 | | | — | | | 369 | | | Total operating expenses | | 3,422 | | | 1,261 | | | 4,683 | | | — | | | 4,683 | | | Operating Income | | 915 | | | 409 | | | 1,324 | | | — | | | 1,324 | | | Other income | | 97 | | | 64 | | | 161 | | | — | | | 161 | | | Interest charges | | 263 | | | 152 | | | 415 | | | 1 | | | 416 | | | Income (Loss) Before Income Taxes | | 749 | | | 321 | | | 1,070 | | | (1) | | | 1,069 | | | Income tax expense | | 131 | | | 83 | | | 214 | | | 7 | | | 221 | | | Net Income (Loss) | | 618 | | | 238 | | | 856 | | | (8) | | | 848 | | Other segment items2 | | (1) | | | — | | | (1) | | | — | | | (1) | | | Net Income (Loss) Available to Common Stockholder | | $ | 617 | | | $ | 238 | | | $ | 855 | | | $ | (8) | | | $ | 847 | | | | | | | | | | | | | | | | | | | | | | | |
1Power supply costs reflect fuel for electric generation, purchased and interchange power, and purchased power – related parties. 2Other segment items reflect preferred stock dividends.
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