CMS ENERGY CORP
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CMS Q4 2025 request
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue | 2,233 | 1,989 | +12.3% |
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| Electric Utility · Consumers Energy Company | 1,301 | 1,255 | +3.7% |
| Electric Utility · Operating Segments | 1,301 | 1,255 | +3.7% |
| Gas Utility · Consumers Energy Company | 823 | 653 | +26.0% |
| Gas Utility · Operating Segments | 823 | 653 | +26.0% |
| NorthStar Clean Energy · Operating Segments | 109 | 81 | +34.6% |
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| Consumers Energy Company | 2,125 | 1,909 | +11.3% |
| Consumers Energy Company · Operating Segments | 2,124 | 1,908 | +11.3% |
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| Operating Segments | 2,233 | 1,989 | +12.3% |
| Fuel Costs | 153 | 175 | -12.6% |
| Utilities Operating Expense Fuel Used (Q) | — | — | — |
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| Consumers Energy Company | 116 | 145 | -20.0% |
| Cost of Revenue (Q) | — | — | — |
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| Electricity Purchased | 374 | 308 | +21.4% |
| Oil And Gas Purchased | 260 | 191 | +36.1% |
| Oil And Gas Purchased · Gas Utility | 258 | 190 | +35.8% |
| Oil And Gas Purchased · NorthStar Clean Energy | 2 | 1 | +100.0% |
| Oil And Gas Purchased · Operating Segments | 260 | 191 | +36.1% |
| Utilities Operating Expense Purchased Power (Q) | — | — | — |
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| Consumers Energy Company | 345 | 296 | +16.6% |
| Purchased Power Related Parties | 25 | 18 | +38.9% |
| Utilities Operating Expense Purchased Power Related Parties (Q) | — | — | — |
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| Consumers Energy Company | 25 | 18 | +38.9% |
| Other Cost And Expense Operating | 509 | 420 | +21.2% |
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| Electric Utility · Operating Segments | 340 | 285 | +19.3% |
| Gas Utility · Operating Segments | 137 | 99 | +38.4% |
| NorthStar Clean Energy · Operating Segments | 27 | 28 | -3.6% |
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| Corporate Non Segment | 5 | 8 | -37.5% |
| Operating Segments | 504 | 412 | +22.3% |
| Utilities Operating Expense Gas And Petroleum Purchased (Q) | — | — | — |
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| Gas Utility · Consumers Energy Company | 258 | 190 | +35.8% |
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| Consumers Energy Company | 258 | 190 | +35.8% |
| Consumers Energy Company · Operating Segments | 258 | 190 | +35.8% |
| Depreciation & Amortization | 342 | 326 | +4.9% |
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| Electric Utility · Operating Segments | 221 | 214 | +3.3% |
| Gas Utility · Operating Segments | 107 | 99 | +8.1% |
| NorthStar Clean Energy · Operating Segments | 13 | 13 | 0.0% |
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| Operating Segments | 341 | 326 | +4.6% |
| Utilities Operating Expense Maintenance And Operations (Q) | — | — | — |
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| Electric Utility · Consumers Energy Company | 340 | 285 | +19.3% |
| Gas Utility · Consumers Energy Company | 137 | 99 | +38.4% |
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| Consumers Energy Company | 477 | 384 | +24.2% |
| Consumers Energy Company · Operating Segments | 477 | 384 | +24.2% |
| Taxes Excluding Income And Excise Taxes | 135 | 126 | +7.1% |
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| Electric Utility · Operating Segments | 70 | 67 | +4.5% |
| Gas Utility · Operating Segments | 59 | 56 | +5.4% |
| NorthStar Clean Energy · Operating Segments | 5 | 2 | +150.0% |
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| Operating Segments | 134 | 125 | +7.2% |
| Utilities Operating Expense Depreciation And Amortization (Q) | — | — | — |
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| Electric Utility · Consumers Energy Company | 221 | 214 | +3.3% |
| Gas Utility · Consumers Energy Company | 107 | 99 | +8.1% |
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| Consumers Energy Company | 329 | 313 | +5.1% |
| Consumers Energy Company · Operating Segments | 328 | 313 | +4.8% |
| Total Costs & Expenses | 1,798 | 1,564 | +15.0% |
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| Electric Utility · Operating Segments | 1,117 | 1,025 | +9.0% |
| Gas Utility · Operating Segments | 561 | 444 | +26.4% |
| NorthStar Clean Energy · Operating Segments | 113 | 86 | +31.4% |
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| Corporate Non Segment | 7 | 9 | -22.2% |
| Operating Segments | 1,791 | 1,555 | +15.2% |
| Utilities Operating Expense Taxes (Q) | — | — | — |
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| Electric Utility · Consumers Energy Company | 70 | 67 | +4.5% |
| Gas Utility · Consumers Energy Company | 59 | 56 | +5.4% |
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| Consumers Energy Company | 130 | 124 | +4.8% |
| Consumers Energy Company · Operating Segments | 129 | 123 | +4.9% |
| Utilities Operating Expense (Q) | — | — | — |
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| Electric Utility · Consumers Energy Company | 1,117 | 1,025 | +9.0% |
| Gas Utility · Consumers Energy Company | 561 | 444 | +26.4% |
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| Consumers Energy Company | 1,680 | 1,470 | +14.3% |
| Consumers Energy Company · Operating Segments | 1,678 | 1,469 | +14.2% |
| Operating Income | 435 | 425 | +2.4% |
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| Electric Utility · Consumers Energy Company | 184 | 230 | -20.0% |
| Electric Utility · Operating Segments | 184 | 230 | -20.0% |
| Gas Utility · Consumers Energy Company | 262 | 209 | +25.4% |
| Gas Utility · Operating Segments | 262 | 209 | +25.4% |
| NorthStar Clean Energy · Operating Segments | -4 | -5 | +20.0% |
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| Consumers Energy Company | 445 | 439 | +1.4% |
| Consumers Energy Company · Operating Segments | 446 | 439 | +1.6% |
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| Corporate Non Segment | -7 | -9 | +22.2% |
| Operating Segments | 442 | 434 | +1.8% |
| Other Nonoperating Income Expense Retirement Benefits Net | 49 | 42 | +16.7% |
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| Consumers Energy Company | 47 | 39 | +20.5% |
| Other Nonoperating Income | 23 | 40 | -42.5% |
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| Consumers Energy Company | 11 | 18 | -38.9% |
| Other Nonoperating Expense | -11 | -21 | +47.6% |
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| Consumers Energy Company | -11 | -20 | +45.0% |
| Non-Operating Income (Expense) | 61 | 61 | 0.0% |
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| Electric Utility · Consumers Energy Company | 27 | 21 | +28.6% |
| Electric Utility · Operating Segments | 27 | 21 | +28.6% |
| Gas Utility · Consumers Energy Company | 19 | 16 | +18.8% |
| Gas Utility · Operating Segments | 19 | 16 | +18.8% |
| NorthStar Clean Energy · Operating Segments | 10 | 3 | +233.3% |
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| Consumers Energy Company | 47 | 37 | +27.0% |
| Consumers Energy Company · Operating Segments | 46 | 37 | +24.3% |
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| Corporate Non Segment | 5 | 21 | -76.2% |
| Operating Segments | 56 | 40 | +40.0% |
| Interest Expense Debt | 208 | 181 | +14.9% |
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| Repurchased Debt · Consumers Energy Company | 7 | 6 | +16.7% |
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| Consumers Energy Company | 133 | 124 | +7.3% |
| Interest Expense Other (Q) | — | — | — |
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| Consumers Energy Company · Nonrelated Party | 2 | 4 | -50.0% |
| Consumers Energy Company · Related Party | 11 | 9 | +22.2% |
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| Related Party | 3 | 3 | 0.0% |
| Interest Costs Capitalized Adjustment | -2 | -7 | +71.4% |
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| Consumers Energy Company | -2 | -5 | +60.0% |
| Interest Expense | 201 | 180 | +11.7% |
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| Electric Utility · Consumers Energy Company | 90 | 82 | +9.8% |
| Electric Utility · Operating Segments | 90 | 82 | +9.8% |
| Gas Utility · Consumers Energy Company | 54 | 49 | +10.2% |
| Gas Utility · Operating Segments | 54 | 49 | +10.2% |
| NorthStar Clean Energy · Operating Segments | -5 | 1 | -600.0% |
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| Consumers Energy Company | 144 | 132 | +9.1% |
| Consumers Energy Company · Corporate Non Segment | 0 | 1 | -100.0% |
| Consumers Energy Company · Operating Segments | 144 | 131 | +9.9% |
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| Corporate Non Segment | 62 | 48 | +29.2% |
| Operating Segments | 139 | 132 | +5.3% |
| Income Before Taxes | 295 | 306 | -3.6% |
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| Electric Utility · Consumers Energy Company | 121 | 169 | -28.4% |
| Electric Utility · Operating Segments | 121 | 169 | -28.4% |
| Gas Utility · Consumers Energy Company | 227 | 176 | +29.0% |
| Gas Utility · Operating Segments | 227 | 176 | +29.0% |
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| Consumers Energy Company | 348 | 344 | +1.2% |
| Consumers Energy Company · Corporate Non Segment | 0 | -1 | +100.0% |
| Consumers Energy Company · Operating Segments | 348 | 345 | +0.9% |
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| Corporate Non Segment | -64 | -36 | -77.8% |
| Operating Segments | 359 | 342 | +5.0% |
| Income Tax Expense (Benefit) | 53 | 51 | +3.9% |
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| Electric Utility · Consumers Energy Company | 19 | 28 | -32.1% |
| Electric Utility · Operating Segments | 19 | 28 | -32.1% |
| Gas Utility · Consumers Energy Company | 55 | 42 | +31.0% |
| Gas Utility · Operating Segments | 55 | 42 | +31.0% |
| NorthStar Clean Energy · Operating Segments | 3 | -2 | +250.0% |
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| Consumers Energy Company | 67 | 61 | +9.8% |
| Consumers Energy Company · Operating Segments | 74 | 70 | +5.7% |
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| Corporate Non Segment | -24 | -17 | -41.2% |
| Operating Segments | 77 | 68 | +13.2% |
| Net Income | 289 | 265 | +9.1% |
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| Electric Utility · Consumers Energy Company | 102 | 141 | -27.7% |
| Gas Utility · Consumers Energy Company | 172 | 134 | +28.4% |
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| Retained Earnings · Consumers Energy Company | 281 | 283 | -0.7% |
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| Consumers Energy Company | 281 | 283 | -0.7% |
| Consumers Energy Company · Corporate Non Segment | 7 | 8 | -12.5% |
| Consumers Energy Company · Operating Segments | 274 | 275 | -0.4% |
| Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest | 242 | 255 | -5.1% |
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| Electric Utility · Operating Segments | 102 | 141 | -27.7% |
| Gas Utility · Operating Segments | 172 | 134 | +28.4% |
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| Corporate Non Segment | -40 | -19 | -110.5% |
| Operating Segments | 282 | 274 | +2.9% |
| Preferred Stock Dividends Income Statement Impact | 3 | 3 | 0.0% |
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| Consumers Energy Company | 1 | 1 | 0.0% |
| Net Income | 242 | 255 | -5.1% |
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| Noncontrolling Interest | -47 | -10 | -370.0% |
| Retained Earnings | 289 | 265 | +9.1% |
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| Consumers Energy Company | 281 | 283 | -0.7% |
| Net Income Loss Available To Common Stockholders Basic | 286 | 262 | +9.2% |
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| Electric Utility · Consumers Energy Company | 102 | 141 | -27.7% |
| Electric Utility · Operating Segments | 102 | 141 | -27.7% |
| Gas Utility · Consumers Energy Company | 171 | 133 | +28.6% |
| Gas Utility · Operating Segments | 171 | 133 | +28.6% |
| NorthStar Clean Energy · Operating Segments | 56 | 10 | +460.0% |
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| Consumers Energy Company | 280 | 282 | -0.7% |
| Consumers Energy Company · Corporate Non Segment | 7 | 8 | -12.5% |
| Consumers Energy Company · Operating Segments | 273 | 274 | -0.4% |
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| Corporate Non Segment | -43 | -22 | -95.5% |
| Operating Segments | 329 | 284 | +15.8% |
| Net Income Loss Attributable To Noncontrolling Interest | -47 | -10 | -370.0% |
| EPS (Basic) | 0.94 | 0.89 | +5.6% |
| EPS (Diluted) | 0.94 | 0.88 | +6.8% |
| Revenue | 2,134 | 1,889 | +13.0% |
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| Commercial · Consumers Energy Company | 584 | 524 | +11.5% |
| Commercial · Electric Utility | 420 | 395 | +6.3% |
| Commercial · Gas Utility | 164 | 129 | +27.1% |
| Industrial · Consumers Energy Company | 202 | 184 | +9.8% |
| Industrial · Electric Utility | 186 | 171 | +8.8% |
| Industrial · Gas Utility | 16 | 13 | +23.1% |
| Other | 77 | 53 | +45.3% |
| Other · Consumers Energy Company | 110 | 158 | -30.4% |
| Other · Electric Utility | 42 | 97 | -56.7% |
| Other · Gas Utility | 68 | 61 | +11.5% |
| Other · NorthStar Clean Energy | 77 | 53 | +45.3% |
| Residential · Consumers Energy Company | 1,161 | 970 | +19.7% |
| Residential · Electric Utility | 606 | 539 | +12.4% |
| Residential · Gas Utility | 555 | 431 | +28.8% |
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| Electric Utility · Consumers Energy Company | 1,254 | 1,202 | +4.3% |
| Electric Utility · Operating Segments | 1,254 | 1,202 | +4.3% |
| Gas Utility · Consumers Energy Company | 803 | 634 | +26.7% |
| Gas Utility · Operating Segments | 803 | 634 | +26.7% |
| NorthStar Clean Energy · Operating Segments | 77 | 53 | +45.3% |
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| Consumers Energy Company | 2,057 | 1,836 | +12.0% |
| Comprehensive Income | 294 | 269 | +9.3% |
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| Consumers Energy Company | 279 | 286 | -2.4% |
| Wtd Avg Shares (Basic) | 1.6 | 0.1 | +1500.0% |
| Wtd Avg Shares (Diluted) | 1.6 | 0.1 | +1500.0% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Accounts Receivable (Q) | — | — | — |
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| Variable Interest Entity Primary Beneficiary | 42 | 4 | +950.0% |
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| Related Party | 17 | 14 | +21.4% |
| Cash & Cash Equivalents | 509 | 103 | +394.2% |
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| Consumers Energy Company | 25 | 44 | -43.2% |
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| Parent Company | 429 | 4 | +10625.0% |
| Variable Interest Entity Primary Beneficiary | 20 | 18 | +11.1% |
| Restricted Cash And Cash Equivalents At Carrying Value | 106 | 75 | +41.3% |
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| Fair Value Inputs Level1 | 106 | 75 | +41.3% |
| Fair Value Inputs Level1 · Consumers Energy Company | 86 | 75 | +14.7% |
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| Consumers Energy Company | 86 | 75 | +14.7% |
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| Variable Interest Entity Primary Beneficiary | 19 | — | — |
| Accounts Receivable And Accrued Revenue After Allowance For Credit Loss Current (Q) | — | — | — |
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| Consumers Energy Company · Nonrelated Party | 1,210 | 1,019 | +18.7% |
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| Nonrelated Party | 1,306 | 1,049 | +24.5% |
| Accounts Notes And Loans Receivable Net Current (Q) | — | — | — |
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| Consumers Energy Company · Related Party | 15 | 17 | -11.8% |
| Energy Related Inventory Gas Stored Underground | 427 | 435 | -1.8% |
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| Consumers Energy Company | 427 | 435 | -1.8% |
| Other Inventory Supplies | 329 | 299 | +10.0% |
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| Consumers Energy Company | 316 | 291 | +8.6% |
| Energy Related Inventory Other Fossil Fuel | 35 | 35 | 0.0% |
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| Consumers Energy Company | 31 | 30 | +3.3% |
| Deferred Property Taxes | 479 | 448 | +6.9% |
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| Consumers Energy Company | 479 | 448 | +6.9% |
| Regulatory Assets Current | 104 | 229 | -54.6% |
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| Consumers Energy Company | 104 | 229 | -54.6% |
| Consumers Energy Company · Energy Waste Reduction Plan Incentive | 66 | 60 | +10.0% |
| Consumers Energy Company · Other Regulatory Assets Liabilities | 28 | 25 | +12.0% |
| Consumers Energy Company · Retention incentive program | 10 | 18 | -44.4% |
| Other Assets Current | 160 | 103 | +55.3% |
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| Consumers Energy Company | 132 | 86 | +53.5% |
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| Parent Company | 1 | 1 | 0.0% |
| Variable Interest Entity Primary Beneficiary | 5 | 3 | +66.7% |
| Total Current Assets | 3,472 | 2,790 | +24.4% |
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| Consumers Energy Company | 2,825 | 2,674 | +5.6% |
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| Parent Company | 788 | 53 | +1386.8% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 30,680 | 27,461 | +11.7% |
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| Parent Company | 1 | 1 | 0.0% |
| Variable Interest Entity Primary Beneficiary | 1,037 | 1,024 | +1.3% |
| Regulatory Assets Noncurrent | 3,355 | 3,569 | -6.0% |
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| Consumers Energy Company | 3,355 | 3,569 | -6.0% |
| Consumers Energy Company · Asset Retirement Obligation Costs | 379 | 366 | +3.6% |
| Consumers Energy Company · Costs of coal-fueled electric generating units to be retired | 1,179 | 1,266 | -6.9% |
| Consumers Energy Company · Decommissioning costs | 197 | 158 | +24.7% |
| Consumers Energy Company · Energy waste reduction plan | 26 | 31 | -16.1% |
| Consumers Energy Company · Energy Waste Reduction Plan Incentive | 64 | 64 | 0.0% |
| Consumers Energy Company · Loss On Reacquired Debt | 89 | 92 | -3.3% |
| Consumers Energy Company · Ludington Plant Overhaul Contract Dispute | 60 | 31 | +93.5% |
| Consumers Energy Company · MGP sites | 82 | 90 | -8.9% |
| Consumers Energy Company · Other Regulatory Assets Liabilities | 54 | 25 | +116.0% |
| Consumers Energy Company · Postretirement Benefit Costs | 589 | 747 | -21.2% |
| Consumers Energy Company · Postretirement benefits expense deferral mechanism | 22 | 21 | +4.8% |
| Consumers Energy Company · Renewable Energy Program | 7 | — | — |
| Consumers Energy Company · Retention incentive program | 6 | 12 | -50.0% |
| Consumers Energy Company · Securitized costs | 549 | 666 | -17.6% |
| Consumers Energy Company · Service restoration cost deferral | 52 | — | — |
| Accounts Receivable Net Noncurrent (Q) | — | — | — |
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| Consumers Energy Company · Nonrelated Party | 24 | 26 | -7.7% |
| Long Term Accounts Notes And Loans Receivable Net Noncurrent | 18 | 20 | -10.0% |
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| Consumers Energy Company · Related Party | 88 | 92 | -4.3% |
| Defined Benefit Plan Assets For Plan Benefits Noncurrent | 1,957 | 1,627 | +20.3% |
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| Other Postretirement Benefit Plans Defined Benefit | 903 | 757 | +19.3% |
| Other Postretirement Benefit Plans Defined Benefit · Consumers Energy Company | 812 | 678 | +19.8% |
| Pension Plans Defined Benefit | 1,054 | 870 | +21.1% |
| Pension Plans Defined Benefit · Consumers Energy Company | 1,009 | 836 | +20.7% |
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| Consumers Energy Company | 1,821 | 1,514 | +20.3% |
| Other Non-Current Assets | 398 | 384 | +3.6% |
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| Consumers Energy Company | 346 | 323 | +7.1% |
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| Parent Company | 23 | 21 | +9.5% |
| Variable Interest Entity Primary Beneficiary | 5 | 3 | +66.7% |
| Total Assets | 39,941 | 35,920 | +11.2% |
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| Electric Utility · Consumers Energy Company | 22,814 | 20,767 | +9.9% |
| Electric Utility · Operating Segments | 22,760 | 20,710 | +9.9% |
| Gas Utility · Consumers Energy Company | 14,229 | 13,289 | +7.1% |
| Gas Utility · Operating Segments | 14,188 | 13,247 | +7.1% |
| NorthStar Clean Energy · Operating Segments | 2,496 | 1,893 | +31.9% |
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| Consumers Energy Company | 37,091 | 34,088 | +8.8% |
| Consumers Energy Company · Corporate Non Segment | 48 | 32 | +50.0% |
| Consumers Energy Company · Operating Segments | 37,043 | 34,056 | +8.8% |
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| Parent Company | 15,359 | 13,225 | +16.1% |
| Variable Interest Entity Primary Beneficiary | 1,485 | 1,052 | +41.2% |
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| Corporate Non Segment | 497 | 70 | +610.0% |
| Operating Segments | 39,444 | 35,850 | +10.0% |
| Operating Lease Right-of-Use Assets | 22 | 24 | -8.3% |
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| Consumers Energy Company | 18 | 20 | -10.0% |
| Other Assets | |||
| Property Plant And Equipment Gross Excluding C W I P | 37,763 | 34,932 | +8.1% |
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| Electric Utility · Operating Segments | 21,871 | 20,137 | +8.6% |
| Gas Utility · Operating Segments | 14,218 | 13,268 | +7.2% |
| Independent power production | 1,585 | 1,452 | +9.2% |
| NorthStar Clean Energy · Operating Segments | 1,649 | 1,506 | +9.5% |
| Other | 3 | 1 | +200.0% |
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| Corporate Non Segment | 25 | 21 | +19.0% |
| Operating Segments | 37,738 | 34,911 | +8.1% |
| Accumulated Depreciation Depletion And Amortization Property Plant And Equipment | 10,135 | 9,569 | +5.9% |
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| Non-utility plant assets | 297 | 262 | +13.4% |
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| Utility plant assets | 9,838 | 9,307 | +5.7% |
| Property Plant And Equipment Net Excluding C W I P | 27,628 | 25,363 | +8.9% |
| Investments In Affiliates Subsidiaries Associates And Joint Ventures | 61 | 69 | -11.6% |
| Public Utilities Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization And Construction Work In Progress (Q) | — | — | — |
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| Electric Utility · Consumers Energy Company | 21,871 | 20,137 | +8.6% |
| Gas Utility · Consumers Energy Company | 14,218 | 13,268 | +7.2% |
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| Consumers Energy Company | 36,120 | 33,434 | +8.0% |
| Consumers Energy Company · Corporate Non Segment | 31 | 29 | +6.9% |
| Consumers Energy Company · Operating Segments | 36,089 | 33,405 | +8.0% |
| Public Utilities Property Plantand Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization (Q) | — | — | — |
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| Consumers Energy Company | 9,842 | 9,310 | +5.7% |
| Consumers Energy Company · Non-utility plant assets | 4 | 3 | +33.3% |
| Consumers Energy Company · Utility plant assets | 9,838 | 9,307 | +5.7% |
| Public Utilities Property Plant And Equipment Net Excluding C W I P (Q) | — | — | — |
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| Consumers Energy Company | 26,278 | 24,124 | +8.9% |
| Public Utilities Property Plant And Equipment Construction Work In Progress (Q) | — | — | — |
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| Consumers Energy Company | 2,354 | 1,766 | +33.3% |
| Public Utilities Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization (Q) | — | — | — |
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| Consumers Energy Company | 28,632 | 25,890 | +10.6% |
| Assets Noncurrent Other Than Property Plant And Equipment | 5,789 | 5,669 | +2.1% |
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| Consumers Energy Company | 5,634 | 5,524 | +2.0% |
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| Parent Company | 14,571 | 13,172 | +10.6% |
| Current Liabilities | |||
| Long Term Debt And Lease Obligation Current Excluding Notes Payable | 956 | 1,195 | -20.0% |
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| Consumers Energy Company | 579 | 456 | +27.0% |
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| Variable Interest Entity Primary Beneficiary | 65 | — | — |
| Notes Payable Current (Q) | — | — | — |
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| Consumers Energy Company · Line Of Credit | 340 | — | — |
| Consumers Energy Company · Related Party | 340 | — | — |
| Accounts Payable (Q) | — | — | — |
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| Consumers Energy Company · Nonrelated Party | 1,229 | 917 | +34.0% |
| Consumers Energy Company · Related Party | 14 | 12 | +16.7% |
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| Variable Interest Entity Primary Beneficiary | 29 | 8 | +262.5% |
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| Nonrelated Party | 1,395 | 1,085 | +28.6% |
| Related Party | 9 | 8 | +12.5% |
| Accrued Rate Refunds | 28 | 38 | -26.3% |
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| Consumers Energy Company | 28 | 38 | -26.3% |
| Consumers Energy Company · GCR underrecoveries | 28 | 25 | +12.0% |
| Interest And Dividends Payable Current | 182 | 156 | +16.7% |
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| Consumers Energy Company | 149 | 130 | +14.6% |
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| Parent Company | 43 | 34 | +26.5% |
| Taxes Payable Current | 708 | 654 | +8.3% |
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| Consumers Energy Company | 747 | 678 | +10.2% |
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| Parent Company | 41 | 16 | +156.2% |
| Regulatory Liability Current | 85 | 111 | -23.4% |
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| Consumers Energy Company | 85 | 111 | -23.4% |
| Consumers Energy Company · ASP gain | 28 | 47 | -40.4% |
| Consumers Energy Company · Deferred Income Tax Charges | 47 | 53 | -11.3% |
| Consumers Energy Company · Other Regulatory Assets Liabilities | 10 | 11 | -9.1% |
| Other Liabilities Current | 185 | 209 | -11.5% |
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| Consumers Energy Company | 163 | 185 | -11.9% |
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| Parent Company | 8 | 6 | +33.3% |
| Total Current Liabilities | 3,548 | 3,521 | +0.8% |
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| Consumers Energy Company | 3,334 | 2,592 | +28.6% |
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| Parent Company | 481 | 870 | -44.7% |
| Current Portion of Long-Term Debt | 950 | 1,192 | -20.3% |
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| Consumers Energy Company | 573 | 452 | +26.8% |
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| Parent Company | 300 | 740 | -59.5% |
| Non-Current Liabilities | |||
| Long-Term Debt | 17,807 | 15,194 | +17.2% |
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| Consumers Energy Company · Nonrelated Party | 11,524 | 10,818 | +6.5% |
| Consumers Energy Company · Related Party | 1,005 | 823 | +22.1% |
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| Parent Company | 5,906 | 4,226 | +39.8% |
| Variable Interest Entity Primary Beneficiary | 118 | — | — |
| Finance Lease Liability Noncurrent | 135 | 112 | +20.5% |
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| Consumers Energy Company | 81 | 69 | +17.4% |
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| Variable Interest Entity Primary Beneficiary | 39 | 23 | +69.6% |
| Regulatory Liability Noncurrent | 4,091 | 4,067 | +0.6% |
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| Consumers Energy Company | 4,091 | 4,067 | +0.6% |
| Consumers Energy Company · ASP gain | 19 | 46 | -58.7% |
| Consumers Energy Company · Deferred Income Tax Charges | 1,118 | 1,163 | -3.9% |
| Consumers Energy Company · Energy waste reduction plan | 68 | 41 | +65.9% |
| Consumers Energy Company · Green Giving Program | 41 | — | — |
| Consumers Energy Company · Other Regulatory Assets Liabilities | 40 | 24 | +66.7% |
| Consumers Energy Company · Postretirement benefits expense deferral mechanism | 40 | 37 | +8.1% |
| Consumers Energy Company · Removal Costs | 2,727 | 2,665 | +2.3% |
| Consumers Energy Company · Renewable energy grant | 38 | 40 | -5.0% |
| Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent | 95 | 96 | -1.0% |
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| Supplemental Employee Retirement Plan Defined Benefit | 94 | 95 | -1.1% |
| Supplemental Employee Retirement Plan Defined Benefit · Consumers Energy Company | 69 | 69 | 0.0% |
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| Consumers Energy Company | 70 | 70 | 0.0% |
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| Parent Company | 13 | 14 | -7.1% |
| Asset Retirement Obligations Noncurrent | 792 | 728 | +8.8% |
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| Consumers Energy Company | 753 | 694 | +8.5% |
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| Variable Interest Entity Primary Beneficiary | 38 | 33 | +15.2% |
| Accumulated Deferred Investment Tax Credit | 118 | 122 | -3.3% |
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| Consumers Energy Company | 118 | 122 | -3.3% |
| Deferred Tax Liabilities | 3,252 | 2,925 | +11.2% |
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| Consumers Energy Company | 3,201 | 3,053 | +4.8% |
| Other Non-Current Liabilities | 392 | 407 | -3.7% |
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| Consumers Energy Company | 336 | 349 | -3.7% |
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| Parent Company | 14 | 17 | -17.6% |
| Variable Interest Entity Primary Beneficiary | 3 | — | — |
| Liabilities Noncurrent | 26,682 | 23,651 | +12.8% |
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| Consumers Energy Company | 21,179 | 20,065 | +5.6% |
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| Parent Company | 6,029 | 4,357 | +38.4% |
| Operating Lease Liabilities | 19 | 21 | -9.5% |
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| Consumers Energy Company | 15 | 17 | -11.8% |
| Total Liabilities (Q) | — | — | — |
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| Variable Interest Entity Primary Beneficiary | 292 | 64 | +356.2% |
| Stockholders' Equity | |||
| Minority Interest | 567 | 518 | +9.5% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 9,711 | 8,748 | +11.0% |
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| Accumulated Defined Benefit Plans Adjustment | -36 | -41 | +12.2% |
| Accumulated Defined Benefit Plans Adjustment · Consumers Energy Company | -13 | -11 | -18.2% |
| Additional Paid In Capital | 6,510 | 6,009 | +8.3% |
| Additional Paid In Capital · Consumers Energy Company | 9,094 | 8,174 | +11.3% |
| Common Stock | 3 | 3 | 0.0% |
| Common Stock · Consumers Energy Company | 841 | 841 | 0.0% |
| Noncontrolling Interest | 567 | 518 | +9.5% |
| Preferred Stock | 224 | 224 | 0.0% |
| Preferred Stock · Consumers Energy Company | 37 | 37 | 0.0% |
| Retained Earnings | 2,443 | 2,035 | +20.0% |
| Retained Earnings · Consumers Energy Company | 2,619 | 2,390 | +9.6% |
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| Consumers Energy Company | 12,578 | 11,431 | +10.0% |
| Common Stock | 3 | 3 | 0.0% |
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| Consumers Energy Company | 841 | 841 | 0.0% |
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| Parent Company | 3 | 3 | 0.0% |
| Additional Paid In Capital Common Stock | 6,510 | 6,009 | +8.3% |
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| Consumers Energy Company | 9,094 | 8,174 | +11.3% |
| Accumulated Other Comprehensive Income | -36 | -41 | +12.2% |
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| Consumers Energy Company | -13 | -11 | -18.2% |
| Retained Earnings | 2,443 | 2,035 | +20.0% |
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| Consumers Energy Company | 2,619 | 2,390 | +9.6% |
| Common Stockholders Equity | 8,920 | 8,006 | +11.4% |
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| Consumers Energy Company | 12,541 | 11,394 | +10.1% |
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| Parent Company | 8,625 | 7,774 | +10.9% |
| Preferred Stock Value | 224 | 224 | 0.0% |
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| Consumers Energy Company | 37 | 37 | 0.0% |
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| Parent Company | 224 | 224 | 0.0% |
| Total Stockholders' Equity | 9,144 | 8,230 | +11.1% |
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| Consumers Energy Company | 12,578 | 11,431 | +10.0% |
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| Parent Company | 8,849 | 7,998 | +10.6% |
| Total Liabilities & Equity | 39,941 | 35,920 | +11.2% |
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| Consumers Energy Company | 37,091 | 34,088 | +8.8% |
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| Parent Company | 15,359 | 13,225 | +16.1% |
| Construction In Progress Gross | 3,052 | 2,098 | +45.5% |
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| Variable Interest Entity Primary Beneficiary | 357 | — | — |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Deferred Income Taxes And Tax Credits | 31 | 39 | -20.5% |
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| Consumers Energy Company | -9 | 16 | -156.2% |
| Provision For Doubtful Accounts | 10 | 9 | +11.1% |
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| Consumers Energy Company | 10 | 9 | +11.1% |
| Other Non-Cash Items | -57 | -89 | +36.0% |
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| Consumers Energy Company | -54 | -73 | +26.0% |
| Increase Decrease In Accounts And Other Receivables | -365 | -340 | -7.4% |
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| Consumers Energy Company | -359 | -337 | -6.5% |
| Change in Inventory | 106 | 113 | -6.2% |
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| Consumers Energy Company | 113 | 114 | -0.9% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | 202 | 0 | — |
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| Consumers Energy Company | 186 | -6 | +3200.0% |
| Increase Decrease In Other Current Assets And Liabilities Net | -25 | 45 | -155.6% |
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| Consumers Energy Company | -17 | 104 | -116.3% |
| Increase Decrease In Other Noncurrent Assets And Liabilities Net | -22 | 34 | -164.7% |
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| Consumers Energy Company | -36 | -6 | -500.0% |
| Net Cash from Operations | 478 | 403 | +18.6% |
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| Consumers Energy Company | 464 | 432 | +7.4% |
| Investing Activities | |||
| Other Investing Activities | -38 | -35 | -8.6% |
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| Consumers Energy Company | -41 | -35 | -17.1% |
| Net Cash from Investing | -1,112 | -953 | -16.7% |
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| Consumers Energy Company | -966 | -878 | -10.0% |
| Capital Expenditures (Q) | — | — | — |
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| Capital Expenditures | -925 | -843 | -9.7% |
| Financing Activities | |||
| Proceeds From Issuance Of Common Stock | 152 | 3 | +4966.7% |
| Payments Of Ordinary Dividends Common And Preferred | -167 | -156 | -7.1% |
| Proceeds From Issuance Of Long Term Debt | 1,098 | 515 | +113.2% |
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| Consumers Energy Company | 0 | 0 | — |
| Repayments Of Long Term Debt | -266 | -163 | -63.2% |
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| Consumers Energy Company | -15 | -67 | +77.6% |
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| First mortgage bonds · Related Party | 0 | -71 | +100.0% |
| Proceeds From Repayments Of Short Term Debt | 0 | 65 | -100.0% |
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| Proceeds From Repayments Of Short Term Debt | 0 | 65 | -100.0% |
| Proceeds From Contributed Capital (Q) | — | — | — |
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| Consumers Energy Company | 225 | 415 | -45.8% |
| Payments Of Ordinary Dividends (Q) | — | — | — |
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| Consumers Energy Company | -250 | -252 | +0.8% |
| Proceeds From Payments For Other Financing Activities | -5 | 4 | -225.0% |
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| Consumers Energy Company | 2 | 1 | +100.0% |
| Net Cash from Financing | 817 | 261 | +213.0% |
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| Consumers Energy Company | 302 | 162 | +86.4% |
| Supplemental | |||
| Unpaid Capital Expenditures | 76 | 130 | -41.5% |
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| Consumers Energy Company | 80 | 13 | +515.4% |
| Other Cash Flow | |||
| Net Change in Cash | 183 | -289 | +163.3% |
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| Consumers Energy Company | -200 | -284 | +29.6% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 615 | 178 | +245.5% |
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| Consumers Energy Company | 111 | 119 | -6.7% |
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| Parent Company | 429 | 4 | +10625.0% |
Values in millions USD. Source: SEC EDGAR 10-K filing.