v3.26.3
CMS Energy Corporation Consolidated Balance Sheets (Unaudited) - USD ($)
shares in Millions, $ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current Assets    
Cash and cash equivalents $ 451 $ 509
Restricted cash and cash equivalents 102 106
Inventories at average cost    
Gas in underground storage 551 427
Materials and supplies 342 329
Generating plant fuel stock 40 35
Deferred property taxes 318 479
Regulatory assets 59 104
Assets held for sale 43 0
Prepayments and other current assets 148 160
Total current assets 3,206 3,472
Plant, Property, and Equipment    
Plant, property, and equipment, gross 39,300 37,763
Less accumulated depreciation and amortization 10,468 10,135
Plant, property, and equipment, net 28,832 27,628
Construction work in progress 3,108 3,052
Total plant, property, and equipment 31,940 30,680
Other Non‑current Assets    
Regulatory assets 3,381 3,355
Accounts receivable 17 18
Investments 29 61
Postretirement benefits 2,101 1,957
Assets held for sale 783 0
Other 226 398
Total other non‑current assets 6,537 5,789
Total Assets 41,683 39,941
Current Liabilities    
Current portion of long-term debt and finance leases 1,258 956
Accrued rate refunds 0 28
Accrued interest 227 182
Accrued taxes 225 708
Regulatory liabilities 95 85
Liabilities held for sale 14 0
Other current liabilities 237 185
Total current liabilities 3,388 3,548
Non‑current Liabilities    
Long-term debt 18,743 17,807
Non-current portion of finance leases 206 135
Regulatory liabilities 4,149 4,091
Postretirement benefits 92 95
AROs 778 792
Deferred investment tax credit 168 118
Deferred income taxes 3,306 3,252
Liabilities held for sale 87 0
Other non‑current liabilities 471 392
Total non‑current liabilities 28,000 26,682
Commitments and Contingencies (Notes 2, 3, and 8)
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 7,046 6,510
Accumulated other comprehensive loss (35) (36)
Retained earnings 2,488 2,443
Total common stockholders’ equity 9,502 8,920
Cumulative redeemable perpetual preferred stock 224 224
Total stockholders’ equity 9,726 9,144
Noncontrolling interests 569 567
Total equity 10,295 9,711
Total Liabilities and Equity $ 41,683 $ 39,941
Series C Preferred Stock Depositary Shares    
Common stockholders’ equity    
Preferred stock authorized (in shares) 9.2 9.2
Preferred stock outstanding (in shares) 9.2 9.2
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $42 in 2026 and $27 in 2025 $ 1,137 $ 1,306
Current Liabilities    
Accounts payable 1,326 1,395
Related Party    
Current Assets    
Accounts receivable – related parties 15 17
Current Liabilities    
Accounts payable $ 6 $ 9