Consumers Energy Company Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current Assets
Cash and cash equivalents	$ 362	$ 103
Restricted cash and cash equivalents	70	75
Inventories at average cost
Gas in underground storage	566	435
Materials and supplies	307	299
Generating plant fuel stock	30	35
Deferred property taxes	294	448
Regulatory assets	84	229
Prepayments and other current assets	98	103
Total current assets	2,745	2,790
Other Non‑current Assets
Regulatory assets	3,545	3,569
Accounts and notes receivable – related parties	18	20
Postretirement benefits	1,744	1,627
Other	202	384
Total other non‑current assets	5,573	5,669
Total Assets	38,008	35,920
Current Liabilities
Current portion of long-term debt and finance leases	1,162	1,195
Notes payable	0	65
Accrued rate refunds	9	38
Accrued interest	204	156
Accrued taxes	200	654
Regulatory liabilities	89	111
Other current liabilities	239	209
Total current liabilities	3,052	3,521
Non‑current Liabilities
Long-term debt	16,774	15,194
Non-current portion of finance leases	137	112
Regulatory liabilities	4,104	4,067
Postretirement benefits	92	96
Asset retirement obligations	731	728
Deferred investment tax credit	119	122
Deferred income taxes	3,172	2,925
Other non‑current liabilities	396	407
Total non‑current liabilities	25,525	23,651
Commitments and Contingencies
Common stockholders’ equity
Common stock	3	3
Other paid-in capital	6,355	6,009
Accumulated other comprehensive loss	(41)	(41)
Retained earnings	2,323	2,035
Total common stockholders’ equity	8,640	8,006
Cumulative preferred stock	224	224
Total stockholders’ equity	8,864	8,230
Total Liabilities and Equity	38,008	35,920
Nonrelated Party
Current Assets
Accounts receivable and accrued revenue, less allowance of $28 in 2025 and $23 in 2024	922	1,049
Current Liabilities
Accounts payable	1,141	1,085
Related Party
Current Liabilities
Accounts payable	8	8
Consumers Energy Company
Current Assets
Cash and cash equivalents	242	44
Restricted cash and cash equivalents	69	75
Inventories at average cost
Gas in underground storage	566	435
Materials and supplies	299	291
Generating plant fuel stock	28	30
Deferred property taxes	294	448
Regulatory assets	84	229
Prepayments and other current assets	90	86
Total current assets	2,572	2,674
Plant, Property, and Equipment
Plant, property, and equipment, gross	35,021	33,434
Less accumulated depreciation and amortization	9,772	9,310
Plant, property, and equipment, net	25,249	24,124
Construction work in progress	2,532	1,766
Total plant, property, and equipment	27,781	25,890
Other Non‑current Assets
Regulatory assets	3,545	3,569
Postretirement benefits	1,622	1,514
Other	148	323
Total other non‑current assets	5,427	5,524
Total Assets	35,780	34,088
Current Liabilities
Current portion of long-term debt and finance leases	579	456
Notes payable	0	65
Accrued rate refunds	9	38
Accrued interest	147	130
Accrued taxes	290	678
Regulatory liabilities	89	111
Other current liabilities	204	185
Total current liabilities	2,317	2,592
Non‑current Liabilities
Non-current portion of finance leases	84	69
Regulatory liabilities	4,104	4,067
Postretirement benefits	67	70
Asset retirement obligations	696	694
Deferred investment tax credit	119	122
Deferred income taxes	3,185	3,053
Other non‑current liabilities	342	349
Total non‑current liabilities	21,139	20,065
Commitments and Contingencies
Common stockholders’ equity
Common stock	841	841
Other paid-in capital	8,869	8,174
Accumulated other comprehensive loss	(11)	(11)
Retained earnings	2,588	2,390
Total common stockholders’ equity	12,287	11,394
Cumulative preferred stock	37	37
Total stockholders’ equity	12,324	11,431
Total Liabilities and Equity	35,780	34,088
Consumers Energy Company | Nonrelated Party
Current Assets
Accounts receivable and accrued revenue, less allowance of $28 in 2025 and $23 in 2024	890	1,019
Other Non‑current Assets
Accounts receivable	24	26
Current Liabilities
Accounts payable	984	917
Non‑current Liabilities
Long-term debt	11,537	10,818
Consumers Energy Company | Related Party
Current Assets
Accounts and notes receivable – related parties	10	17
Other Non‑current Assets
Accounts and notes receivable – related parties	88	92
Current Liabilities
Accounts payable	15	12
Non‑current Liabilities
Long-term debt	$ 1,005	$ 823