$CMS-PB

CONSUMERS ENERGY CO

CIK:0000201533|SEC Filings

CMS Energy Corporation Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenue	$ 1,829	$ 1,838	$ 4,559	$ 4,285
Operating Expenses
Fuel for electric generation	104	134	324	351
Purchased power – related parties	14	30	34	48
Maintenance and other operating expenses	464	397	912	802
Depreciation and amortization	308	288	720	676
General taxes	118	109	291	271
Total operating expenses	1,565	1,521	3,805	3,474
Operating Income	264	317	754	811
Other Income (Expense)
Non-operating retirement benefits, net	50	47	101	89
Other income	29	95	57	109
Other expense	(4)	(5)	(8)	(11)
Total other income	75	137	150	187
Interest Charges
Interest on long-term debt	211	199	420	386
Allowance for borrowed funds used during construction	(9)	(3)	(17)	(6)
Total interest charges	210	199	413	385
Income (Loss) Before Income Taxes	129	255	491	613
Income tax expense	33	62	118	125
Net Income	96	193	373	488
Loss Attributable to Noncontrolling Interests	(24)	(8)	(87)	(17)
Net Income	120	201	460	505
Preferred Stock Dividends	3	3	5	5
Net Income (Loss) Available to Common Stockholders	$ 117	$ 198	$ 455	$ 500
Basic Earnings Per Average Common Share (in dollars per share)	$ 0.38	$ 0.67	$ 1.48	$ 1.68
Diluted Earnings Per Average Common Share (in dollars per share)	$ 0.37	$ 0.66	$ 1.47	$ 1.67
Related Party
Interest Charges
Interest expense – related parties	$ 3	$ 3	$ 6	$ 6
Nonrelated Party
Interest Charges
Other interest expense	5	0	4	(1)
Purchased and interchange power
Operating Expenses
Cost of goods and services sold	455	439	906	819
Cost of gas sold
Operating Expenses
Cost of goods and services sold	$ 102	$ 124	$ 618	$ 507

CMS Energy Corporation Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net Income	$ 373	$ 488
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	720	676
Deferred income taxes and investment tax credits	114	124
Other non‑cash operating activities and reconciling adjustments	(104)	(144)
Changes in assets and liabilities
Accounts receivable and accrued revenue	211	80
Inventories	(34)	34
Accounts payable and accrued rate refunds	(136)	24
Other current assets and liabilities	(7)	117
Other non‑current assets and liabilities	190	15
Net cash provided by operating activities	1,327	1,414
Cash Flows from Investing Activities
Capital expenditures (excludes assets placed under finance lease)	(2,006)	(1,772)
Cost to retire property and other investing activities	(87)	(108)
Net cash used in investing activities	(2,093)	(1,880)
Cash Flows from Financing Activities
Proceeds from issuance of debt	1,167	2,449
Retirement of debt	(883)	(841)
Decrease in notes payable	0	(65)
Issuance of common stock	528	17
Payment of dividends on common and preferred stock	(358)	(331)
Other financing costs	(18)	(60)
Net cash provided by financing activities	496	1,213
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts	(270)	747
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period	615	178
Cash and Cash Equivalents, Including Restricted Amounts, End of Period	345	925
Non‑cash transactions
Capital expenditures not paid	590	537
Deemed contribution from sale of membership interest	87	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	$ 60	$ 0

CMS Energy Corporation Consolidated Balance Sheets (Unaudited) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 241	$ 509
Restricted cash and cash equivalents	104	106
Inventories at average cost
Gas in underground storage	414	427
Materials and supplies	345	329
Generating plant fuel stock	65	35
Deferred property taxes	350	479
Regulatory assets	81	104
Prepayments and other current assets	243	160
Total current assets	2,866	3,472
Plant, Property, and Equipment
Plant, property, and equipment, gross	39,227	37,763
Less accumulated depreciation and amortization	10,496	10,135
Plant, property, and equipment, net	28,731	27,628
Construction work in progress	3,598	3,052
Total plant, property, and equipment	32,329	30,680
Other Non‑current Assets
Regulatory assets	3,274	3,355
Accounts receivable	18	18
Investments	63	61
Postretirement benefits	2,053	1,957
Other	302	398
Total other non‑current assets	5,710	5,789
Total Assets	40,905	39,941
Current Liabilities
Current portion of long-term debt and finance leases	870	956
Accrued rate refunds	0	28
Accrued interest	183	182
Accrued taxes	498	708
Regulatory liabilities	96	85
Other current liabilities	187	185
Total current liabilities	3,063	3,548
Non‑current Liabilities
Long-term debt	18,172	17,807
Non-current portion of finance leases	259	135
Regulatory liabilities	4,152	4,091
Postretirement benefits	93	95
AROs	808	792
Deferred investment tax credit	116	118
Deferred income taxes	3,399	3,252
Other non‑current liabilities	444	392
Total non‑current liabilities	27,443	26,682
Commitments and Contingencies (Notes 2, 3, and 8)
Common stockholders’ equity
Common stock	3	3
Other paid-in capital	7,036	6,510
Accumulated other comprehensive loss	(35)	(36)
Retained earnings	2,546	2,443
Total common stockholders’ equity	9,550	8,920
Cumulative redeemable perpetual preferred stock	224	224
Total stockholders’ equity	9,774	9,144
Noncontrolling interests	625	567
Total equity	10,399	9,711
Total Liabilities and Equity	$ 40,905	$ 39,941
Common stock authorized (in shares)	700.0	350.0
Nonrelated Party
Current Assets
Accounts receivable and accrued revenue, less allowance of $32 in 2026 and $27 in 2025	$ 1,008	$ 1,306
Current Liabilities
Accounts payable	1,223	1,395
Related Party
Current Assets
Accounts receivable – related parties	15	17
Current Liabilities
Accounts payable	$ 6	$ 9