CMS Energy Corporation Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash Flows from Operating Activities
Net Income	$ 295	$ 263
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	388	368
Deferred income taxes and investment tax credits	60	51
Other non‑cash operating activities and reconciling adjustments	(46)	(36)
Changes in assets and liabilities
Accounts receivable and accrued revenue	(5)	27
Inventories	190	259
Accounts payable and accrued rate refunds	13	(69)
Other current assets and liabilities	41	(1)
Other non‑current assets and liabilities	64	94
Net cash provided by operating activities	1,000	956
Cash Flows from Investing Activities
Capital expenditures (excludes assets placed under finance lease)	(888)	(613)
Cost to retire property and other investing activities	(30)	(24)
Net cash used in investing activities	(918)	(637)
Cash Flows from Financing Activities
Proceeds from issuance of debt	1,200	599
Retirement of debt	(717)	(319)
Decrease in notes payable	(65)	(93)
Issuance of common stock	3	272
Payment of dividends on common and preferred stock	(166)	(156)
Proceeds from the sale of membership interests in VIEs	44	0
Other financing costs	(33)	(9)
Net cash provided by financing activities	266	294
Net Increase in Cash and Cash Equivalents, Including Restricted Amounts	348	613
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period	178	248
Cash and Cash Equivalents, Including Restricted Amounts, End of Period	526	861
Non‑cash transactions
Capital expenditures not paid	$ 315	$ 156