CMS Energy Corporation Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash Flows from Operating Activities
Net Income	$ 760	$ 692
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	964	914
Deferred income taxes and investment tax credits	171	103
Other non‑cash operating activities and reconciling adjustments	(181)	(152)
Changes in assets and liabilities
Accounts receivable and accrued revenue	114	185
Inventories	(134)	51
Accounts payable and accrued rate refunds	(6)	15
Other current assets and liabilities	103	(3)
Other non‑current assets and liabilities	(34)	162
Net cash provided by operating activities	1,757	1,967
Cash Flows from Investing Activities
Capital expenditures (excludes assets placed under finance lease)	(2,750)	(2,100)
Proceeds from sale of ASP business	0	124
Cost to retire property and other investing activities	(176)	(125)
Net cash used in investing activities	(2,926)	(2,101)
Cash Flows from Financing Activities
Proceeds from issuance of debt	2,511	1,447
Retirement of debt	(884)	(789)
Decrease in notes payable	(65)	(93)
Issuance of common stock	373	283
Payment of dividends on common and preferred stock	(496)	(470)
Proceeds from the sale of membership interests in VIEs	44	0
Other financing costs	(60)	(25)
Net cash provided by financing activities	1,423	353
Net Increase in Cash and Cash Equivalents, Including Restricted Amounts	254	219
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period	178	248
Cash and Cash Equivalents, Including Restricted Amounts, End of Period	432	467
Non‑cash transactions
Capital expenditures not paid	$ 586	$ 387