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Reportable Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting Information [Line Items]  
Reportable Segments Reportable Segments
Reportable segments consist of business units defined by the products and services they offer. CMS Energy’s and Consumers’ chief operating decision-maker is the CEO. The chief operating decision-maker evaluates segment performance and profitability using net income available to CMS Energy’s common stockholders. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.
Resource allocation to CMS Energy’s and Consumers’ segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, and capital requirements, aligning with CMS Energy’s and Consumers’ strategic objectives and regulatory obligations. The chief operating decision-maker reviews budget-to-actual variances on a monthly basis and makes interim decisions to reallocate resources among segments as needed, ensuring a timely and effective response to changing conditions. For the electric utility and gas utility segments, the chief operating decision-maker uses this assessment to determine whether the segments are achieving their regulatory authorized return on equity.
CMS Energy
The segments reported for CMS Energy are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
•NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production
CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.
Consumers
The segments reported for Consumers are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
Consumers’ other consolidated entities are presented within other reconciling items.
Presented in the following tables is financial information by segment:
In Millions
Three Months Ended March 31, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,299 $1,049 $99 $2,447 $— $2,447 
Operating expenses
Power supply cost1
546 — 69 615 — 615 
Cost of gas sold— 382 1 383 — 383 
Maintenance and other operating expenses257 116 30 403 2 405 
Depreciation and amortization221 154 13 388 — 388 
General taxes73 86 3 162 — 162 
Total operating expenses1,097 738 116 1,951 2 1,953 
Operating Income (Loss)202 311 (17)496 (2)494 
Other income27 19 1 47 3 50 
Interest charges82 48 — 130 56 186 
Income (Loss) Before Income Taxes147 282 (16)413 (55)358 
Income tax expense (benefit)23 69 11 103 (40)63 
Income (Loss) From Continuing Operations124 213 (27)310 (15)295 
Other segment items2
— — 9 9 (2)7 
Net Income (Loss) Available to Common Stockholders$124 $213 $(18)$319 $(17)$302 
Property, plant, and equipment, gross$20,340 
3
$13,412 
3
$1,505 $35,257 $24 $35,281 
Total assets20,875 
3
13,025 
3
1,977 35,877 418 36,295 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended March 31, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,299 $1,049 $2,348 $— $2,348 
Operating expenses
Power supply cost1
546 — 546 — 546 
Cost of gas sold— 382 382 — 382 
Maintenance and other operating expenses257 116 373 — 373 
Depreciation and amortization221 154 375 — 375 
General taxes73 86 159 — 159 
Total operating expenses1,097 738 1,835 — 1,835 
Operating Income202 311 513 — 513 
Other income27 19 46 — 46 
Interest charges82 48 130 — 130 
Income Before Income Taxes147 282 429 — 429 
Income tax expense (benefit)23 69 92 (9)83 
Net Income124 213 337 9 346 
Other segment items2
— — — — — 
Net Income Available to Common Stockholder$124 $213 $337 $9 $346 
Property, plant, and equipment, gross$20,340 
3
$13,412 
3
$33,752 $30 $33,782 
Total assets20,930 
3
13,068 
3
33,998 31 34,029 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended March 31, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,132 $965 $79 $2,176 $— $2,176 
Operating expenses
Power supply cost1
449 — 39 488 — 488 
Cost of gas sold— 350 1 351 — 351 
Maintenance and other operating expenses238 140 22 400 2 402 
Depreciation and amortization213 143 11 367 1 368 
General taxes71 81 3 155 — 155 
Total operating expenses971 714 76 1,761 3 1,764 
Operating Income (Loss)161 251 3 415 (3)412 
Other income34 22 6 62 24 86 
Interest charges81 48 1 130 47 177 
Income (Loss) Before Income Taxes114 225 8 347 (26)321 
Income tax expense (benefit)17 56 1 74 (16)58 
Income (Loss) From Continuing Operations97 169 7 273 (10)263 
Other segment items2
— — 24 24 (2)22 
Net Income (Loss) Available to Common Stockholders$97 $169 $31 $297 $(12)$285 
Property, plant, and equipment, gross$19,317 
3
$12,475 
3
$1,424 $33,216 $20 $33,236 
Total assets19,759 
3
12,305 
3
1,615 33,679 222 33,901 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended March 31, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,132 $965 $2,097 $— $2,097 
Operating expenses
Power supply cost1
449 — 449 — 449 
Cost of gas sold— 350 350 — 350 
Maintenance and other operating expenses238 140 378 — 378 
Depreciation and amortization213 143 356 — 356 
General taxes71 81 152 — 152 
Total operating expenses971 714 1,685 — 1,685 
Operating Income161 251 412 — 412 
Other income34 22 56 — 56 
Interest charges81 48 129 — 129 
Income Before Income Taxes114 225 339 — 339 
Income tax expense (benefit)17 56 73 (9)64 
Net Income97 169 266 9 275 
Other segment items2
— — — — — 
Net Income Available to Common Stockholder$97 $169 $266 $9 $275 
Property, plant, and equipment, gross$19,317 
3
$12,475 
3
$31,792 $28 $31,820 
Total assets19,818 
3
12,348 
3
32,166 43 32,209 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Reportable Segments Reportable Segments
Reportable segments consist of business units defined by the products and services they offer. CMS Energy’s and Consumers’ chief operating decision-maker is the CEO. The chief operating decision-maker evaluates segment performance and profitability using net income available to CMS Energy’s common stockholders. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.
Resource allocation to CMS Energy’s and Consumers’ segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, and capital requirements, aligning with CMS Energy’s and Consumers’ strategic objectives and regulatory obligations. The chief operating decision-maker reviews budget-to-actual variances on a monthly basis and makes interim decisions to reallocate resources among segments as needed, ensuring a timely and effective response to changing conditions. For the electric utility and gas utility segments, the chief operating decision-maker uses this assessment to determine whether the segments are achieving their regulatory authorized return on equity.
CMS Energy
The segments reported for CMS Energy are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
•NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production
CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.
Consumers
The segments reported for Consumers are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
Consumers’ other consolidated entities are presented within other reconciling items.
Presented in the following tables is financial information by segment:
In Millions
Three Months Ended March 31, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,299 $1,049 $99 $2,447 $— $2,447 
Operating expenses
Power supply cost1
546 — 69 615 — 615 
Cost of gas sold— 382 1 383 — 383 
Maintenance and other operating expenses257 116 30 403 2 405 
Depreciation and amortization221 154 13 388 — 388 
General taxes73 86 3 162 — 162 
Total operating expenses1,097 738 116 1,951 2 1,953 
Operating Income (Loss)202 311 (17)496 (2)494 
Other income27 19 1 47 3 50 
Interest charges82 48 — 130 56 186 
Income (Loss) Before Income Taxes147 282 (16)413 (55)358 
Income tax expense (benefit)23 69 11 103 (40)63 
Income (Loss) From Continuing Operations124 213 (27)310 (15)295 
Other segment items2
— — 9 9 (2)7 
Net Income (Loss) Available to Common Stockholders$124 $213 $(18)$319 $(17)$302 
Property, plant, and equipment, gross$20,340 
3
$13,412 
3
$1,505 $35,257 $24 $35,281 
Total assets20,875 
3
13,025 
3
1,977 35,877 418 36,295 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended March 31, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,299 $1,049 $2,348 $— $2,348 
Operating expenses
Power supply cost1
546 — 546 — 546 
Cost of gas sold— 382 382 — 382 
Maintenance and other operating expenses257 116 373 — 373 
Depreciation and amortization221 154 375 — 375 
General taxes73 86 159 — 159 
Total operating expenses1,097 738 1,835 — 1,835 
Operating Income202 311 513 — 513 
Other income27 19 46 — 46 
Interest charges82 48 130 — 130 
Income Before Income Taxes147 282 429 — 429 
Income tax expense (benefit)23 69 92 (9)83 
Net Income124 213 337 9 346 
Other segment items2
— — — — — 
Net Income Available to Common Stockholder$124 $213 $337 $9 $346 
Property, plant, and equipment, gross$20,340 
3
$13,412 
3
$33,752 $30 $33,782 
Total assets20,930 
3
13,068 
3
33,998 31 34,029 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended March 31, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,132 $965 $79 $2,176 $— $2,176 
Operating expenses
Power supply cost1
449 — 39 488 — 488 
Cost of gas sold— 350 1 351 — 351 
Maintenance and other operating expenses238 140 22 400 2 402 
Depreciation and amortization213 143 11 367 1 368 
General taxes71 81 3 155 — 155 
Total operating expenses971 714 76 1,761 3 1,764 
Operating Income (Loss)161 251 3 415 (3)412 
Other income34 22 6 62 24 86 
Interest charges81 48 1 130 47 177 
Income (Loss) Before Income Taxes114 225 8 347 (26)321 
Income tax expense (benefit)17 56 1 74 (16)58 
Income (Loss) From Continuing Operations97 169 7 273 (10)263 
Other segment items2
— — 24 24 (2)22 
Net Income (Loss) Available to Common Stockholders$97 $169 $31 $297 $(12)$285 
Property, plant, and equipment, gross$19,317 
3
$12,475 
3
$1,424 $33,216 $20 $33,236 
Total assets19,759 
3
12,305 
3
1,615 33,679 222 33,901 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended March 31, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,132 $965 $2,097 $— $2,097 
Operating expenses
Power supply cost1
449 — 449 — 449 
Cost of gas sold— 350 350 — 350 
Maintenance and other operating expenses238 140 378 — 378 
Depreciation and amortization213 143 356 — 356 
General taxes71 81 152 — 152 
Total operating expenses971 714 1,685 — 1,685 
Operating Income161 251 412 — 412 
Other income34 22 56 — 56 
Interest charges81 48 129 — 129 
Income Before Income Taxes114 225 339 — 339 
Income tax expense (benefit)17 56 73 (9)64 
Net Income97 169 266 9 275 
Other segment items2
— — — — — 
Net Income Available to Common Stockholder$97 $169 $266 $9 $275 
Property, plant, and equipment, gross$19,317 
3
$12,475 
3
$31,792 $28 $31,820 
Total assets19,818 
3
12,348 
3
32,166 43 32,209 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.