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CMS Energy Corporation Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows from Operating Activities    
Net Income (Loss) $ 282 $ 760
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation and amortization 1,018 964
Deferred income taxes and investment tax credits 81 171
NorthStar Clean Energy impairment and disposal 502 0
Other non‑cash operating activities and reconciling adjustments (149) (181)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 231 114
Inventories (142) (134)
Accounts payable and accrued rate refunds (111) (6)
Other current assets and liabilities 5 103
Other non‑current assets and liabilities 81 (34)
Net cash provided by operating activities 1,798 1,757
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (2,945) (2,750)
Cost to retire property and other investing activities (166) (176)
Net cash used in investing activities (3,111) (2,926)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 2,173 2,511
Retirement of debt (929) (884)
Decrease in notes payable 0 (65)
Issuance of common stock 530 373
Payment of dividends on common and preferred stock (539) (496)
Other financing costs (34) (60)
Net cash provided by financing activities 1,277 1,423
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts (36) 254
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 615 178
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 579 432
Non‑cash transactions    
Capital expenditures not paid 662 586
Deemed contribution from sale of membership interest 166 0
Class B Membership    
Cash Flows from Financing Activities    
Proceeds from the sale of membership interests in VIEs 0 44
Class A - Tax Equity Membership    
Cash Flows from Financing Activities    
Proceeds from the sale of membership interests in VIEs 76 $ 0
Non‑cash transactions    
Deemed contribution from sale of membership interest $ 87