Revenue (Tables)

9 Months Ended

Sep. 30, 2025

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

Presented in the following tables are the components of operating revenue:

In Millions
Three Months Ended September 30, 2025	Electric Utility			Gas Utility			NorthStar Clean Energy1			Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	1,675		$	233		$	—		$	1,908
Other		—			—			67			67
Revenue recognized from contracts with customers		$	1,675		$	233		$	67		$	1,975
Leasing income		—			—			41			41
Financing income		2			1			—			3
Consumers alternative-revenue programs		2			—			—			2
Total operating revenue – CMS Energy		$	1,679		$	234		$	108		$	2,021
Consumers
Consumers utility revenue
Residential		$	842		$	139					$	981
Commercial		577			45						622
Industrial		204			6						210
Other		52			43						95
Revenue recognized from contracts with customers		$	1,675		$	233					$	1,908
Financing income		2			1						3
Alternative-revenue programs		2			—						2
Total operating revenue – Consumers		$	1,679		$	234					$	1,913

1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $28 million for the three months ended September 30, 2025.

In Millions
Three Months Ended September 30, 2024	Electric Utility			Gas Utility			NorthStar Clean Energy1			Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	1,443		$	212		$	—		$	1,655
Other		—			—			56			56
Revenue recognized from contracts with customers		$	1,443		$	212		$	56		$	1,711
Leasing income		—			—			26			26
Financing income		4			1			—			5
Consumers alternative-revenue programs		1			—			—			1
Total operating revenue – CMS Energy		$	1,448		$	213		$	82		$	1,743
Consumers
Consumers utility revenue
Residential		$	707		$	127					$	834
Commercial		486			40						526
Industrial		169			5						174
Other		81			40						121
Revenue recognized from contracts with customers		$	1,443		$	212					$	1,655
Financing income		4			1						5
Alternative-revenue programs		1			—						1
Total operating revenue – Consumers		$	1,448		$	213					$	1,661

1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $15 million for the three months ended September 30, 2024.

In Millions
Nine Months Ended September 30, 2025	Electric Utility			Gas Utility			NorthStar Clean Energy1			Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	4,324		$	1,665		$	—		$	5,989
Other		—			—			182			182
Revenue recognized from contracts with customers		$	4,324		$	1,665		$	182		$	6,171
Leasing income		—			—			117			117
Financing income		7			5			—			12
Consumers alternative-revenue programs		6			—			—			6
Total operating revenue – CMS Energy		$	4,337		$	1,670		$	299		$	6,306
Consumers
Consumers utility revenue
Residential		$	2,055		$	1,146					$	3,201
Commercial		1,468			374						1,842
Industrial		576			46						622
Other		225			99						324
Revenue recognized from contracts with customers		$	4,324		$	1,665					$	5,989
Financing income		7			5						12
Alternative-revenue programs		6			—						6
Total operating revenue – Consumers		$	4,337		$	1,670					$	6,007

1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 30, 2025

In Millions
Nine Months Ended September 30, 2024	Electric Utility			Gas Utility			NorthStar Clean Energy1			Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	3,793		$	1,480		$	—		$	5,273
Other		—			—			158			158
Revenue recognized from contracts with customers		$	3,793		$	1,480		$	158		$	5,431
Leasing income		—			—			77			77
Financing income		8			5			—			13
Consumers alternative-revenue programs		5			—			—			5
Total operating revenue – CMS Energy		$	3,806		$	1,485		$	235		$	5,526
Consumers
Consumers utility revenue
Residential		$	1,779		$	998					$	2,777
Commercial		1,279			311						1,590
Industrial		499			37						536
Other		236			134						370
Revenue recognized from contracts with customers		$	3,793		$	1,480					$	5,273
Financing income		8			5						13
Alternative-revenue programs		5			—						5
Total operating revenue – Consumers		$	3,806		$	1,485					$	5,291

1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the nine months ended September 30, 2024.

Consumers Energy Company

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

Presented in the following tables are the components of operating revenue:

In Millions
Three Months Ended September 30, 2025	Electric Utility			Gas Utility			NorthStar Clean Energy1			Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	1,675		$	233		$	—		$	1,908
Other		—			—			67			67
Revenue recognized from contracts with customers		$	1,675		$	233		$	67		$	1,975
Leasing income		—			—			41			41
Financing income		2			1			—			3
Consumers alternative-revenue programs		2			—			—			2
Total operating revenue – CMS Energy		$	1,679		$	234		$	108		$	2,021
Consumers
Consumers utility revenue
Residential		$	842		$	139					$	981
Commercial		577			45						622
Industrial		204			6						210
Other		52			43						95
Revenue recognized from contracts with customers		$	1,675		$	233					$	1,908
Financing income		2			1						3
Alternative-revenue programs		2			—						2
Total operating revenue – Consumers		$	1,679		$	234					$	1,913

1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $28 million for the three months ended September 30, 2025.

In Millions
Three Months Ended September 30, 2024	Electric Utility			Gas Utility			NorthStar Clean Energy1			Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	1,443		$	212		$	—		$	1,655
Other		—			—			56			56
Revenue recognized from contracts with customers		$	1,443		$	212		$	56		$	1,711
Leasing income		—			—			26			26
Financing income		4			1			—			5
Consumers alternative-revenue programs		1			—			—			1
Total operating revenue – CMS Energy		$	1,448		$	213		$	82		$	1,743
Consumers
Consumers utility revenue
Residential		$	707		$	127					$	834
Commercial		486			40						526
Industrial		169			5						174
Other		81			40						121
Revenue recognized from contracts with customers		$	1,443		$	212					$	1,655
Financing income		4			1						5
Alternative-revenue programs		1			—						1
Total operating revenue – Consumers		$	1,448		$	213					$	1,661

1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $15 million for the three months ended September 30, 2024.

In Millions
Nine Months Ended September 30, 2025	Electric Utility			Gas Utility			NorthStar Clean Energy1			Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	4,324		$	1,665		$	—		$	5,989
Other		—			—			182			182
Revenue recognized from contracts with customers		$	4,324		$	1,665		$	182		$	6,171
Leasing income		—			—			117			117
Financing income		7			5			—			12
Consumers alternative-revenue programs		6			—			—			6
Total operating revenue – CMS Energy		$	4,337		$	1,670		$	299		$	6,306
Consumers
Consumers utility revenue
Residential		$	2,055		$	1,146					$	3,201
Commercial		1,468			374						1,842
Industrial		576			46						622
Other		225			99						324
Revenue recognized from contracts with customers		$	4,324		$	1,665					$	5,989
Financing income		7			5						12
Alternative-revenue programs		6			—						6
Total operating revenue – Consumers		$	4,337		$	1,670					$	6,007

1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 30, 2025

In Millions
Nine Months Ended September 30, 2024	Electric Utility			Gas Utility			NorthStar Clean Energy1			Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	3,793		$	1,480		$	—		$	5,273
Other		—			—			158			158
Revenue recognized from contracts with customers		$	3,793		$	1,480		$	158		$	5,431
Leasing income		—			—			77			77
Financing income		8			5			—			13
Consumers alternative-revenue programs		5			—			—			5
Total operating revenue – CMS Energy		$	3,806		$	1,485		$	235		$	5,526
Consumers
Consumers utility revenue
Residential		$	1,779		$	998					$	2,777
Commercial		1,279			311						1,590
Industrial		499			37						536
Other		236			134						370
Revenue recognized from contracts with customers		$	3,793		$	1,480					$	5,273
Financing income		8			5						13
Alternative-revenue programs		5			—						5
Total operating revenue – Consumers		$	3,806		$	1,485					$	5,291

1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the nine months ended September 30, 2024.