CMS Energy Corporation 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
Plant, Property, and Equipment
Plant, property, and equipment, gross	36,583	34,932
Less accumulated depreciation and amortization	10,051	9,569
Plant, property, and equipment, net	26,532	25,363
Construction work in progress	3,158	2,098
Total plant, property, and equipment	29,690	27,461
Other Non‑current Assets
Regulatory assets	3,545	3,569
Accounts receivable	18	20
Investments	64	69
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 redeemable perpetual preferred stock	224	224
Total stockholders’ equity	8,864	8,230
Noncontrolling interests	567	518
Total equity	9,431	8,748
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 Assets
Accounts receivable – related parties	12	14
Current Liabilities
Accounts payable	$ 8	$ 8