Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Financial Instruments [Line Items]

Schedule of Carrying Amounts and Fair Values of Financial Instruments

For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.

In Millions
	September 30, 2025															December 31, 2024
	Carrying Amount			Fair Value												Carrying Amount			Fair Value
				Total			Level												Total			Level
							1			2			3									1			2			3
CMS Energy, including Consumers
Assets
Long-term receivables1		$	7		$	6		$	—		$	—		$	6		$	9		$	8		$	—		$	—		$	8
Liabilities
Long-term debt2		17,930			16,993			2,111			12,932			1,950			16,386			14,876			1,018			11,952			1,906
Long-term payables3		8			8			—			—			8			9			9			—			—			9
Consumers
Assets
Long-term receivables1		$	7		$	6		$	—		$	—		$	6		$	9		$	8		$	—		$	—		$	8
Notes receivable – related party4		91			91			—			—			91			94			94			—			—			94
Liabilities
Long-term debt5		12,109			11,132			—			9,182			1,950			11,270			9,940			—			8,034			1,906
Long-term debt – related party6		1,005			674			—			674			—			823			549			—			549			—
Long-term payables		2			2			—			—			2			4			4			—			—			4

1Includes current portion of long-term accounts receivable and notes receivable of $3 million at September 30, 2025 and $4 million at December 31, 2024.

2Includes current portion of long-term debt of $1.2 billion at September 30, 2025 and December 31, 2024.

3Includes current portion of long-term payables of $1 million at September 30, 2025 and $2 million at December 31, 2024.

4Includes current portion of notes receivable – related party of $7 million at September 30, 2025 and December 31, 2024.

5Includes current portion of long-term debt of $572 million at September 30, 2025 and $452 million at December 31, 2024.

6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 3, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.

Consumers Energy Company

Financial Instruments [Line Items]

Schedule of Carrying Amounts and Fair Values of Financial Instruments

For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.

In Millions
	September 30, 2025															December 31, 2024
	Carrying Amount			Fair Value												Carrying Amount			Fair Value
				Total			Level												Total			Level
							1			2			3									1			2			3
CMS Energy, including Consumers
Assets
Long-term receivables1		$	7		$	6		$	—		$	—		$	6		$	9		$	8		$	—		$	—		$	8
Liabilities
Long-term debt2		17,930			16,993			2,111			12,932			1,950			16,386			14,876			1,018			11,952			1,906
Long-term payables3		8			8			—			—			8			9			9			—			—			9
Consumers
Assets
Long-term receivables1		$	7		$	6		$	—		$	—		$	6		$	9		$	8		$	—		$	—		$	8
Notes receivable – related party4		91			91			—			—			91			94			94			—			—			94
Liabilities
Long-term debt5		12,109			11,132			—			9,182			1,950			11,270			9,940			—			8,034			1,906
Long-term debt – related party6		1,005			674			—			674			—			823			549			—			549			—
Long-term payables		2			2			—			—			2			4			4			—			—			4

1Includes current portion of long-term accounts receivable and notes receivable of $3 million at September 30, 2025 and $4 million at December 31, 2024.

2Includes current portion of long-term debt of $1.2 billion at September 30, 2025 and December 31, 2024.

3Includes current portion of long-term payables of $1 million at September 30, 2025 and $2 million at December 31, 2024.

4Includes current portion of notes receivable – related party of $7 million at September 30, 2025 and December 31, 2024.

5Includes current portion of long-term debt of $572 million at September 30, 2025 and $452 million at December 31, 2024.

6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 3, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.