CMS ENERGY CORP
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CMS Q3 2025 request
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| Metric | Q3 2025 | Q3 2024 | YoY |
|---|---|---|---|
| Revenue (Q) | — | — | — |
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| Commercial Utility Service · Consumers Energy Company | 622 | 526 | +18.3% |
| Commercial Utility Service · Electric Utility | 577 | 486 | +18.7% |
| Commercial Utility Service · Gas Utility | 45 | 40 | +12.5% |
| Industrial Utility Service · Consumers Energy Company | 210 | 174 | +20.7% |
| Industrial Utility Service · Electric Utility | 204 | 169 | +20.7% |
| Industrial Utility Service · Gas Utility | 6 | 5 | +20.0% |
| Other Utility Service | 67 | 56 | +19.6% |
| Other Utility Service · Consumers Energy Company | 95 | 121 | -21.5% |
| Other Utility Service · Electric Utility | 52 | 81 | -35.8% |
| Other Utility Service · Gas Utility | 43 | 40 | +7.5% |
| Other Utility Service · North Star Clean Energy | 67 | 56 | +19.6% |
| Residential Utility Services · Consumers Energy Company | 981 | 834 | +17.6% |
| Residential Utility Services · Electric Utility | 842 | 707 | +19.1% |
| Residential Utility Services · Gas Utility | 139 | 127 | +9.4% |
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| Electric Utility · Consumers Energy Company | 1,675 | 1,443 | +16.1% |
| Electric Utility · Operating Segments | 1,675 | 1,443 | +16.1% |
| Gas Utility · Consumers Energy Company | 233 | 212 | +9.9% |
| Gas Utility · Operating Segments | 233 | 212 | +9.9% |
| North Star Clean Energy · Operating Segments | 67 | 56 | +19.6% |
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| Revenue | 1,975 | 1,711 | +15.4% |
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| Consumers Energy Company | 1,908 | 1,655 | +15.3% |
| Revenue (Q) | — | — | — |
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| Electric Utility · Consumers Energy Company | 1,679 | 1,448 | +16.0% |
| Electric Utility · Operating Segments | 1,679 | 1,448 | +16.0% |
| Gas Utility · Consumers Energy Company | 234 | 213 | +9.9% |
| Gas Utility · Operating Segments | 234 | 213 | +9.9% |
| North Star Clean Energy · Operating Segments | 108 | 82 | +31.7% |
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| Revenue | 2,021 | 1,743 | +15.9% |
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| Consumers Energy Company | 1,913 | 1,661 | +15.2% |
| Consumers Energy Company · Operating Segments | 1,913 | 1,661 | +15.2% |
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| Operating Segments | 2,021 | 1,743 | +15.9% |
| Cost of Revenue (Q) | — | — | — |
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| Electricity Purchased | 513 | 362 | +41.7% |
| Oil And Gas Purchased | 42 | 32 | +31.2% |
| Oil And Gas Purchased · Gas Utility | 40 | 31 | +29.0% |
| Oil And Gas Purchased · North Star Clean Energy | 2 | 1 | +100.0% |
| Oil And Gas Purchased · Operating Segments | 42 | 32 | +31.2% |
| Total Costs & Expenses (Q) | — | — | — |
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| Electric Utility · Operating Segments | 1,229 | 1,101 | +11.6% |
| Gas Utility · Operating Segments | 201 | 182 | +10.4% |
| North Star Clean Energy · Operating Segments | 107 | 89 | +20.2% |
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| Total Costs & Expenses | 1,540 | 1,376 | +11.9% |
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| Corporate Non Segment | 3 | 4 | -25.0% |
| Operating Segments | 1,537 | 1,372 | +12.0% |
| Operating Income (Q) | — | — | — |
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| Electric Utility · Consumers Energy Company | 450 | 347 | +29.7% |
| Electric Utility · Operating Segments | 450 | 347 | +29.7% |
| Gas Utility · Consumers Energy Company | 33 | 31 | +6.5% |
| Gas Utility · Operating Segments | 33 | 31 | +6.5% |
| North Star Clean Energy · Operating Segments | 1 | -7 | +114.3% |
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| Operating Income | 481 | 367 | +31.1% |
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| Consumers Energy Company | 483 | 378 | +27.8% |
| Consumers Energy Company · Operating Segments | 483 | 378 | +27.8% |
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| Corporate Non Segment | -3 | -4 | +25.0% |
| Operating Segments | 484 | 371 | +30.5% |
| Non-Operating Income (Expense) (Q) | — | — | — |
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| Electric Utility · Consumers Energy Company | 34 | 35 | -2.9% |
| Electric Utility · Operating Segments | 34 | 35 | -2.9% |
| Gas Utility · Consumers Energy Company | 22 | 25 | -12.0% |
| Gas Utility · Operating Segments | 22 | 25 | -12.0% |
| North Star Clean Energy · Operating Segments | 4 | 3 | +33.3% |
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| Non-Operating Income (Expense) | 62 | 84 | -26.2% |
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| Consumers Energy Company | 55 | 60 | -8.3% |
| Consumers Energy Company · Corporate Non Segment | -1 | — | — |
| Consumers Energy Company · Operating Segments | 56 | 60 | -6.7% |
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| Corporate Non Segment | 2 | 21 | -90.5% |
| Operating Segments | 60 | 63 | -4.8% |
| Interest Expense (Q) | — | — | — |
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| Electric Utility · Consumers Energy Company | 92 | 82 | +12.2% |
| Electric Utility · Operating Segments | 92 | 82 | +12.2% |
| Gas Utility · Consumers Energy Company | 53 | 49 | +8.2% |
| Gas Utility · Operating Segments | 53 | 49 | +8.2% |
| North Star Clean Energy · Operating Segments | -1 | 2 | -150.0% |
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| Interest Expense | 203 | 178 | +14.0% |
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| Consumers Energy Company | 145 | 131 | +10.7% |
| Consumers Energy Company · Operating Segments | 145 | 131 | +10.7% |
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| Corporate Non Segment | 59 | 45 | +31.1% |
| Operating Segments | 144 | 133 | +8.3% |
| Income Before Taxes (Q) | — | — | — |
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| Electric Utility · Consumers Energy Company | 392 | 300 | +30.7% |
| Electric Utility · Operating Segments | 392 | 300 | +30.7% |
| Gas Utility · Consumers Energy Company | 2 | 7 | -71.4% |
| Gas Utility · Operating Segments | 2 | 7 | -71.4% |
| North Star Clean Energy · Operating Segments | 6 | -6 | +200.0% |
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| Income Before Taxes | 340 | 273 | +24.5% |
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| Consumers Energy Company | 393 | 307 | +28.0% |
| Consumers Energy Company · Corporate Non Segment | -1 | — | — |
| Consumers Energy Company · Operating Segments | 394 | 307 | +28.3% |
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| Corporate Non Segment | -60 | -28 | -114.3% |
| Operating Segments | 400 | 301 | +32.9% |
| Income Tax Expense (Benefit) (Q) | — | — | — |
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| Electric Utility · Consumers Energy Company | 66 | 27 | +144.4% |
| Electric Utility · Operating Segments | 66 | 27 | +144.4% |
| Gas Utility · Consumers Energy Company | 2 | -4 | +150.0% |
| Gas Utility · Operating Segments | 2 | -4 | +150.0% |
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| Income Tax Expense (Benefit) | 68 | 26 | +161.5% |
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| Consumers Energy Company | 79 | 34 | +132.4% |
| Consumers Energy Company · Corporate Non Segment | 11 | 11 | 0.0% |
| Consumers Energy Company · Operating Segments | 68 | 23 | +195.7% |
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| Operating Segments | 68 | 17 | +300.0% |
| Net Income (Q) | — | — | — |
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| Retained Earnings · Consumers Energy Company | 314 | 273 | +15.0% |
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| Net Income | 277 | 253 | +9.5% |
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| Consumers Energy Company | 314 | 273 | +15.0% |
| Net Income (Q) | — | — | — |
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| Noncontrolling Interest | -5 | -6 | +16.7% |
| Retained Earnings | 277 | 253 | +9.5% |
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| Net Income | 272 | 247 | +10.1% |
| Comprehensive Income (Q) | — | — | — |
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| Comprehensive Income | 277 | 253 | +9.5% |
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| Consumers Energy Company | 314 | 274 | +14.6% |
| EPS (Basic) (Q) | — | — | — |
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| EPS (Basic) | 0.92 | 0.84 | +9.5% |
| EPS (Diluted) (Q) | — | — | — |
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| EPS (Diluted) | 0.92 | 0.84 | +9.5% |
| Wtd Avg Shares (Basic) (Q) | — | — | — |
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| Wtd Avg Shares (Basic) | 299.7 | 298 | +0.6% |
| Wtd Avg Shares (Diluted) (Q) | — | — | — |
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| Wtd Avg Shares (Diluted) | 300.4 | 298.8 | +0.5% |
| Net Income Loss Attributable To Noncontrolling Interest (Q) | — | — | — |
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| Net Income Loss Attributable To Noncontrolling Interest | -5 | -6 | +16.7% |
| Net Income Loss Available To Common Stockholders Basic (Q) | — | — | — |
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| Electric Utility · Consumers Energy Company | 326 | 273 | +19.4% |
| Electric Utility · Operating Segments | 326 | 273 | +19.4% |
| North Star Clean Energy · Operating Segments | 11 | 6 | +83.3% |
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| Net Income Loss Available To Common Stockholders Basic | 275 | 251 | +9.6% |
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| Consumers Energy Company | 314 | 273 | +15.0% |
| Consumers Energy Company · Corporate Non Segment | -12 | -11 | -9.1% |
| Consumers Energy Company · Operating Segments | 326 | 284 | +14.8% |
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| Corporate Non Segment | -62 | -39 | -59.0% |
| Operating Segments | 337 | 290 | +16.2% |
| Preferred Stock Dividends Income Statement Impact (Q) | — | — | — |
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| Preferred Stock Dividends Income Statement Impact | 2 | 2 | 0.0% |
Balance Sheet
| Metric | Q3 2025 | Q3 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents (Q) | — | — | — |
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| Cash & Cash Equivalents | 362 | 412 | -12.1% |
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| Consumers Energy Company | 242 | 349 | -30.7% |
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| Variable Interest Entity Primary Beneficiary | 19 | 24 | -20.8% |
| Accounts Receivable (Q) | — | — | — |
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| Variable Interest Entity Primary Beneficiary | 3 | 3 | 0.0% |
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| Related Party | 12 | 9 | +33.3% |
| Total Current Assets (Q) | — | — | — |
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| Total Current Assets | 2,745 | 2,703 | +1.6% |
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| Consumers Energy Company | 2,572 | 2,587 | -0.6% |
| Non-Current Assets | |||
| Property, Plant & Equipment (Q) | — | — | — |
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| Property, Plant & Equipment | 29,690 | 26,671 | +11.3% |
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| Variable Interest Entity Primary Beneficiary | 1,028 | 1,036 | -0.8% |
| Other Non-Current Assets (Q) | — | — | — |
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| Other Non-Current Assets | 202 | 198 | +2.0% |
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| Consumers Energy Company | 148 | 138 | +7.2% |
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| Variable Interest Entity Primary Beneficiary | 6 | 3 | +100.0% |
| Total Assets (Q) | — | — | — |
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| Electric Utility · Consumers Energy Company | 21,972 | 12,852 | +71.0% |
| Electric Utility · Operating Segments | 21,917 | 20,222 | +8.4% |
| Gas Utility · Consumers Energy Company | 13,762 | 29 | +47355.2% |
| Gas Utility · Operating Segments | 13,720 | 12,809 | +7.1% |
| North Star Clean Energy · Operating Segments | 2,229 | 1,711 | +30.3% |
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| Total Assets | 38,008 | 34,817 | +9.2% |
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| Consumers Energy Company | 35,780 | 33,160 | +7.9% |
| Consumers Energy Company · Corporate Non Segment | 46 | — | — |
| Consumers Energy Company · Operating Segments | 35,734 | 1,069 | +3242.8% |
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| Variable Interest Entity Primary Beneficiary | 1,059 | — | — |
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| Corporate Non Segment | 142 | 20,279 | -99.3% |
| Operating Segments | 37,866 | 75 | +50388.0% |
| Current Liabilities | |||
| Accounts Payable (Q) | — | — | — |
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| Consumers Energy Company · Nonrelated Party | 984 | 901 | +9.2% |
| Consumers Energy Company · Related Party | 15 | 13 | +15.4% |
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| Variable Interest Entity Primary Beneficiary | 9 | 8 | +12.5% |
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| Nonrelated Party | 1,141 | 947 | +20.5% |
| Related Party | 8 | 7 | +14.3% |
| Current Portion of Long-Term Debt (Q) | — | — | — |
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| Current Portion of Long-Term Debt | 1.2 | 503 | -99.8% |
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| Consumers Energy Company | 572 | 503 | +13.7% |
| Total Current Liabilities (Q) | — | — | — |
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| Total Current Liabilities | 3,052 | 2,191 | +39.3% |
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| Consumers Energy Company | 2,317 | 2,074 | +11.7% |
| Non-Current Liabilities | |||
| Long-Term Debt (Q) | — | — | — |
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| Long-Term Debt | 16,774 | 15,548 | +7.9% |
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| Consumers Energy Company · Nonrelated Party | 11,537 | 10,924 | +5.6% |
| Consumers Energy Company · Related Party | 1,005 | 731 | +37.5% |
| Deferred Tax Liabilities (Q) | — | — | — |
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| Deferred Tax Liabilities | 3,172 | 2,837 | +11.8% |
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| Consumers Energy Company | 3,185 | 3,002 | +6.1% |
| Other Non-Current Liabilities (Q) | — | — | — |
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| Other Non-Current Liabilities | 396 | 427 | -7.3% |
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| Consumers Energy Company | 342 | 378 | -9.5% |
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| Variable Interest Entity Primary Beneficiary | 3 | — | — |
| Total Liabilities (Q) | — | — | — |
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| Variable Interest Entity Primary Beneficiary | 72 | 64 | +12.5% |
| Stockholders' Equity | |||
| Common Stock (Q) | — | — | — |
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| Common Stock | 3 | 3 | 0.0% |
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| Consumers Energy Company | 841 | 841 | 0.0% |
| Retained Earnings (Q) | — | — | — |
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| Retained Earnings | 2,323 | 1,928 | +20.5% |
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| Consumers Energy Company | 2,588 | 2,359 | +9.7% |
| Accumulated Other Comprehensive Income (Q) | — | — | — |
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| Accumulated Other Comprehensive Income | -41 | -45 | +8.9% |
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| Consumers Energy Company | -11 | -14 | +21.4% |
| Total Stockholders' Equity (Q) | — | — | — |
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| Total Stockholders' Equity | 8,864 | 8,111 | +9.3% |
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| Consumers Energy Company | 12,324 | 10,982 | +12.2% |
| Total Liabilities & Equity (Q) | — | — | — |
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| Total Liabilities & Equity | 38,008 | 34,817 | +9.2% |
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| Consumers Energy Company | 35,780 | 33,160 | +7.9% |
Cash Flow Statement
| Metric | YTD Q3 2025 | YTD Q3 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Depreciation & Amortization (YTD) | — | — | — |
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| Electric Utility · Operating Segments | 682 | 651 | +4.8% |
| Gas Utility · Operating Segments | 243 | 226 | +7.5% |
| North Star Clean Energy · Operating Segments | 39 | 36 | +8.3% |
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| Depreciation & Amortization | 964 | 914 | +5.5% |
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| Operating Segments | 964 | 913 | +5.6% |
| Other Non-Cash Items (YTD) | — | — | — |
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| Other Non-Cash Items | 181 | 152 | +19.1% |
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| Consumers Energy Company | 111 | 64 | +73.4% |
| Change in Inventory (YTD) | — | — | — |
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| Change in Inventory | 134 | -51 | +362.7% |
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| Consumers Energy Company | 137 | -50 | +374.0% |
| Net Cash from Operations (YTD) | — | — | — |
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| Net Cash from Operations | 1,757 | 1,967 | -10.7% |
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| Consumers Energy Company | 1,774 | 2,014 | -11.9% |
| Investing Activities | |||
| Capital Expenditures (YTD) | — | — | — |
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| Capital Expenditures | 2,750 | 2,100 | +31.0% |
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| Consumers Energy Company | 2,389 | 1,999 | +19.5% |
| Other Investing Activities (YTD) | — | — | — |
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| Other Investing Activities | 176 | 125 | +40.8% |
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| Consumers Energy Company | 180 | 119 | +51.3% |
| Net Cash from Investing (YTD) | — | — | — |
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| Net Cash from Investing | -2,926 | -2,101 | -39.3% |
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| Consumers Energy Company | -2,569 | -1,994 | -28.8% |
| Financing Activities | |||
| Debt Repayments (YTD) | — | — | — |
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| Term Loan Facility Due December2025 · Parent Company | 200 | — | — |
| Term Loan Facility Due September2025 · Parent Company | 400 | — | — |
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| Debt Repayments | 600 | 500 | +20.0% |
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| Parent Company | 600 | 250 | +140.0% |
| Net Cash from Financing (YTD) | — | — | — |
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| Net Cash from Financing | 1,423 | 353 | +303.1% |
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| Consumers Energy Company | 987 | 327 | +201.8% |
| Supplemental | |||
| Unpaid Capital Expenditures (YTD) | — | — | — |
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| Unpaid Capital Expenditures | 586 | 387 | +51.4% |
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| Consumers Energy Company | 453 | 382 | +18.6% |
| Other Cash Flow | |||
| Net Change in Cash (YTD) | — | — | — |
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| Net Change in Cash | 254 | 219 | +16.0% |
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| Consumers Energy Company | 192 | 347 | -44.7% |
Values in millions USD. Source: SEC EDGAR 10-Q filing.