Reportable Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting Information [Line Items]

Reportable Segments

Reportable Segments

Reportable segments consist of business units defined by the products and services they offer. CMS Energy’s and Consumers’ chief operating decision-maker is the CEO. The chief operating decision-maker evaluates segment performance and profitability using net income available to CMS Energy’s common stockholders. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.

Resource allocation to CMS Energy’s and Consumers’ segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, and capital requirements, aligning with CMS Energy’s and Consumers’ strategic objectives and regulatory obligations. The chief operating decision-maker reviews budget-to-actual variances on a monthly basis and makes interim decisions to reallocate resources among segments as needed, ensuring a timely and effective response to changing conditions. For the electric utility and gas utility segments, the chief operating decision-maker uses this assessment to determine whether the segments are achieving their regulatory authorized return on equity.

Accounting policies for CMS Energy’s and Consumers’ segments are as described in Note 1, Significant Accounting Policies. The consolidated financial statements reflect the assets, liabilities, revenues, and expenses of the individual segments when appropriate. Accounts are allocated among the segments when common accounts are attributable to more than one segment. The allocations are based on certain measures of business activities, such as revenue, labor dollars, customers, other operating and maintenance expense, construction expense, leased property, taxes, or functional surveys. For example, customer receivables are allocated based on revenue, and pension provisions are allocated based on labor dollars.

Inter-segment sales and transfers are accounted for at current market prices and are eliminated in consolidated net income available to common stockholders by segment. Inter-segment sales and transfers were immaterial for all periods presented.

CMS Energy

The segments reported for CMS Energy are:

•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan

•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan

•NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production

CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.

Consumers

The segments reported for Consumers are:

•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan

•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan

Consumers’ other consolidated entities are presented within other reconciling items.

Presented in the following tables is financial information by segment:

In Millions
Year Ended December 31, 2025	Electric Utility			Gas Utility			NorthStar Clean Energy			Segments Total			Other Reconciling Items			Consolidated
CMS Energy, including Consumers
Operating revenue		$	5,638		$	2,493		$	408		$	8,539		$	—		$	8,539
Operating expenses
Power supply cost1		2,193			—			264			2,457			—			2,457
Cost of gas sold		—			803			6			809			—			809
Maintenance and other operating expenses		1,146			468			100			1,714			13			1,727
Depreciation and amortization		903			350			52			1,305			1			1,306
General taxes		297			201			14			512			1			513
Total operating expenses		4,539			1,822			436			6,797			15			6,812
Operating Income (Loss)		1,099			671			(28)			1,742			(15)			1,727
Other income2		124			83			17			224			86			310
Interest charges		353			206			(7)			552			237			789
Income (Loss) Before Income Taxes		870			548			(4)			1,414			(166)			1,248
Income tax expense (benefit)		150			138			(4)			284			(38)			246
Income (Loss) From Continuing Operations		720			410			—			1,130			(128)			1,002
Other segment items3		(1)			(1)			71			69			(10)			59
Net Income (Loss) Available to Common Stockholders		$	719		$	409		$	71		$	1,199		$	(138)		$	1,061
Property, plant, and equipment, gross		$	21,871	4	$	14,218	4	$	1,649		$	37,738		$	25		$	37,763
Investments in equity method investees		—			—			61			61			—			61
Total assets		22,760		4	14,188		4	2,496			39,444			497			39,941
Capital expenditures5		2,408		6	1,064		6	498			3,970			—			3,970

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Includes income from equity method investees of $5 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense

3Other segment items comprise loss attributable to noncontrolling interests and preferred stock dividends.

4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

5Amounts include assets placed under finance lease.

6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2025	Electric Utility			Gas Utility			Segments Total			Other Reconciling Items			Consolidated
Consumers
Operating revenue		$	5,638		$	2,493		$	8,131		$	1		$	8,132
Operating expenses
Power supply cost1		2,193			—			2,193			—			2,193
Cost of gas sold		—			803			803			—			803
Maintenance and other operating expenses		1,146			468			1,614			—			1,614
Depreciation and amortization		903			350			1,253			1			1,254
General taxes		297			201			498			1			499
Total operating expenses		4,539			1,822			6,361			2			6,363
Operating Income (Loss)		1,099			671			1,770			(1)			1,769
Other income		124			83			207			1			208
Interest charges		353			206			559			1			560
Income (Loss) Before Income Taxes		870			548			1,418			(1)			1,417
Income tax expense		150			138			288			—			288
Net Income (Loss)		720			410			1,130			(1)			1,129
Other segment items2		(1)			(1)			(2)			—			(2)
Net Income (Loss) Available to Common Stockholder		$	719		$	409		$	1,128		$	(1)		$	1,127
Property, plant, and equipment, gross		$	21,871	3	$	14,218	3	$	36,089		$	31		$	36,120
Total assets		22,814		3	14,229		3	37,043			48			37,091
Capital expenditures4		2,408		5	1,064		5	3,472			—			3,472

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Other segment items comprise preferred stock dividends.

3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

4Amounts include assets placed under finance lease.

5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2024	Electric Utility			Gas Utility			NorthStar Clean Energy			Segments Total			Other Reconciling Items			Consolidated
CMS Energy, including Consumers
Operating revenue		$	5,061		$	2,138		$	316		$	7,515		$	—		$	7,515
Operating expenses
Power supply cost1		1,867			—			161			2,028			—			2,028
Cost of gas sold		—			637			3			640			—			640
Maintenance and other operating expenses		1,066			454			101			1,621			17			1,638
Depreciation and amortization		865			325			49			1,239			1			1,240
General taxes		281			188			12			481			1			482
Total operating expenses		4,079			1,604			326			6,009			19			6,028
Operating Income (Loss)		982			534			(10)			1,506			(19)			1,487
Other income2		126			86			14			226			118			344
Interest charges		324			192			4			520			188			708
Income (Loss) Before Income Taxes		784			428			—			1,212			(89)			1,123
Income tax expense (benefit)		102			99			(5)			196			(20)			176
Income (Loss) From Continuing Operations		682			329			5			1,016			(69)			947
Other segment items3		(1)			(1)			58			56			(10)			46
Net Income (Loss) Available to Common Stockholders		$	681		$	328		$	63		$	1,072		$	(79)		$	993
Property, plant, and equipment, gross		$	20,137	4	$	13,268	4	$	1,506		$	34,911		$	21		$	34,932
Investments in equity method investees		—			—			64			64			—			64
Total assets		20,710		4	13,247		4	1,893			35,850			70			35,920
Capital expenditures5		1,871		6	1,141		6	288			$	3,300		1			3,301

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense.

3Other segment items comprise loss attributable to noncontrolling interests and preferred stock dividends.

4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

5Amounts include assets placed under finance lease.

6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2024	Electric Utility			Gas Utility			Segments Total			Other Reconciling Items			Consolidated
Consumers
Operating revenue		$	5,061		$	2,138		$	7,199		$	1		$	7,200
Operating expenses
Power supply cost1		1,867			—			1,867			—			1,867
Cost of gas sold		—			637			637			—			637
Maintenance and other operating expenses		1,066			454			1,520			—			1,520
Depreciation and amortization		865			325			1,190			1			1,191
General taxes		281			188			469			1			470
Total operating expenses		4,079			1,604			5,683			2			5,685
Operating Income (Loss)		982			534			1,516			(1)			1,515
Other income		126			86			212			—			212
Interest charges		324			192			516			2			518
Income (Loss) Before Income Taxes		784			428			1,212			(3)			1,209
Income tax expense (benefit)		102			99			201			(1)			200
Net Income (Loss)		682			329			1,011			(2)			1,009
Other segment items2		(1)			(1)			(2)			—			(2)
Net Income (Loss) Available to Common Stockholder		$	681		$	328		$	1,009		$	(2)		$	1,007
Property, plant, and equipment, gross		$	20,137	3	$	13,268	3	$	33,405		$	29		$	33,434
Total assets		20,767		3	13,289		3	34,056			32			34,088
Capital expenditures4		1,871		5	1,141		5	3,012			—			3,012

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Other segment items comprise preferred stock dividends.

3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

4Amounts include assets placed under finance lease.

5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2023	Electric Utility			Gas Utility			NorthStar Clean Energy			Segments Total			Other Reconciling Items			Consolidated
CMS Energy, including Consumers
Operating revenue		$	4,745		$	2,420		$	297		$	7,462		$	—		$	7,462
Operating expenses
Power supply cost1		1,841			—			170			2,011			—			2,011
Cost of gas sold		—			897			5			902			—			902
Maintenance and other operating expenses		1,075			511			88			1,674			13			1,687
Depreciation and amortization		797			338			43			1,178			2			1,180
General taxes		260			176			10			446			1			447
Total operating expenses		3,973			1,922			316			6,211			16			6,227
Operating Income (Loss)		772			498			(19)			1,251			(16)			1,235
Other income2		131			77			12			220			142			362
Interest charges		285			161			2			448			195			643
Income (Loss) Before Income Taxes		618			414			(9)			1,023			(69)			954
Income tax expense (benefit)		67			98			4			169			(22)			147
Income (Loss) From Continuing Operations		551			316			(13)			854			(47)			807
Other segment items3		(1)			(1)			80			78			(8)			70
Net Income (Loss) Available to Common Stockholders		$	550		$	315		$	67		$	932		$	(55)		$	877

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense.

3Other segment items comprise income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.

In Millions
Year Ended December 31, 2023	Electric Utility			Gas Utility			Segments Total			Other Reconciling Items			Consolidated
Consumers
Operating revenue		$	4,745		$	2,420		$	7,165		$	1		$	7,166
Operating expenses
Power supply cost1		1,841			—			1,841			—			1,841
Cost of gas sold		—			897			897			—			897
Maintenance and other operating expenses		1,075			511			1,586			—			1,586
Depreciation and amortization		797			338			1,135			2			1,137
General taxes		260			176			436			1			437
Total operating expenses		3,973			1,922			5,895			3			5,898
Operating Income (Loss)		772			498			1,270			(2)			1,268
Other income		131			77			208			—			208
Interest charges		285			161			446			2			448
Income (Loss) Before Income Taxes		618			414			1,032			(4)			1,028
Income tax expense (benefit)		67			98			165			(4)			161
Net Income		551			316			867			—			867
Other segment items2		(1)			(1)			(2)			—			(2)
Net Income Available to Common Stockholder		$	550		$	315		$	865		$	—		$	865

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Other segment items comprise preferred stock dividends.

Consumers Energy Company

Segment Reporting Information [Line Items]

Reportable Segments

Reportable Segments

Reportable segments consist of business units defined by the products and services they offer. CMS Energy’s and Consumers’ chief operating decision-maker is the CEO. The chief operating decision-maker evaluates segment performance and profitability using net income available to CMS Energy’s common stockholders. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.

Resource allocation to CMS Energy’s and Consumers’ segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, and capital requirements, aligning with CMS Energy’s and Consumers’ strategic objectives and regulatory obligations. The chief operating decision-maker reviews budget-to-actual variances on a monthly basis and makes interim decisions to reallocate resources among segments as needed, ensuring a timely and effective response to changing conditions. For the electric utility and gas utility segments, the chief operating decision-maker uses this assessment to determine whether the segments are achieving their regulatory authorized return on equity.

Accounting policies for CMS Energy’s and Consumers’ segments are as described in Note 1, Significant Accounting Policies. The consolidated financial statements reflect the assets, liabilities, revenues, and expenses of the individual segments when appropriate. Accounts are allocated among the segments when common accounts are attributable to more than one segment. The allocations are based on certain measures of business activities, such as revenue, labor dollars, customers, other operating and maintenance expense, construction expense, leased property, taxes, or functional surveys. For example, customer receivables are allocated based on revenue, and pension provisions are allocated based on labor dollars.

Inter-segment sales and transfers are accounted for at current market prices and are eliminated in consolidated net income available to common stockholders by segment. Inter-segment sales and transfers were immaterial for all periods presented.

CMS Energy

The segments reported for CMS Energy are:

•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan

•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan

•NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production

CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.

Consumers

The segments reported for Consumers are:

•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan

•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan

Consumers’ other consolidated entities are presented within other reconciling items.

Presented in the following tables is financial information by segment:

In Millions
Year Ended December 31, 2025	Electric Utility			Gas Utility			NorthStar Clean Energy			Segments Total			Other Reconciling Items			Consolidated
CMS Energy, including Consumers
Operating revenue		$	5,638		$	2,493		$	408		$	8,539		$	—		$	8,539
Operating expenses
Power supply cost1		2,193			—			264			2,457			—			2,457
Cost of gas sold		—			803			6			809			—			809
Maintenance and other operating expenses		1,146			468			100			1,714			13			1,727
Depreciation and amortization		903			350			52			1,305			1			1,306
General taxes		297			201			14			512			1			513
Total operating expenses		4,539			1,822			436			6,797			15			6,812
Operating Income (Loss)		1,099			671			(28)			1,742			(15)			1,727
Other income2		124			83			17			224			86			310
Interest charges		353			206			(7)			552			237			789
Income (Loss) Before Income Taxes		870			548			(4)			1,414			(166)			1,248
Income tax expense (benefit)		150			138			(4)			284			(38)			246
Income (Loss) From Continuing Operations		720			410			—			1,130			(128)			1,002
Other segment items3		(1)			(1)			71			69			(10)			59
Net Income (Loss) Available to Common Stockholders		$	719		$	409		$	71		$	1,199		$	(138)		$	1,061
Property, plant, and equipment, gross		$	21,871	4	$	14,218	4	$	1,649		$	37,738		$	25		$	37,763
Investments in equity method investees		—			—			61			61			—			61
Total assets		22,760		4	14,188		4	2,496			39,444			497			39,941
Capital expenditures5		2,408		6	1,064		6	498			3,970			—			3,970

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Includes income from equity method investees of $5 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense

3Other segment items comprise loss attributable to noncontrolling interests and preferred stock dividends.

4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

5Amounts include assets placed under finance lease.

6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2025	Electric Utility			Gas Utility			Segments Total			Other Reconciling Items			Consolidated
Consumers
Operating revenue		$	5,638		$	2,493		$	8,131		$	1		$	8,132
Operating expenses
Power supply cost1		2,193			—			2,193			—			2,193
Cost of gas sold		—			803			803			—			803
Maintenance and other operating expenses		1,146			468			1,614			—			1,614
Depreciation and amortization		903			350			1,253			1			1,254
General taxes		297			201			498			1			499
Total operating expenses		4,539			1,822			6,361			2			6,363
Operating Income (Loss)		1,099			671			1,770			(1)			1,769
Other income		124			83			207			1			208
Interest charges		353			206			559			1			560
Income (Loss) Before Income Taxes		870			548			1,418			(1)			1,417
Income tax expense		150			138			288			—			288
Net Income (Loss)		720			410			1,130			(1)			1,129
Other segment items2		(1)			(1)			(2)			—			(2)
Net Income (Loss) Available to Common Stockholder		$	719		$	409		$	1,128		$	(1)		$	1,127
Property, plant, and equipment, gross		$	21,871	3	$	14,218	3	$	36,089		$	31		$	36,120
Total assets		22,814		3	14,229		3	37,043			48			37,091
Capital expenditures4		2,408		5	1,064		5	3,472			—			3,472

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Other segment items comprise preferred stock dividends.

3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

4Amounts include assets placed under finance lease.

5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2024	Electric Utility			Gas Utility			NorthStar Clean Energy			Segments Total			Other Reconciling Items			Consolidated
CMS Energy, including Consumers
Operating revenue		$	5,061		$	2,138		$	316		$	7,515		$	—		$	7,515
Operating expenses
Power supply cost1		1,867			—			161			2,028			—			2,028
Cost of gas sold		—			637			3			640			—			640
Maintenance and other operating expenses		1,066			454			101			1,621			17			1,638
Depreciation and amortization		865			325			49			1,239			1			1,240
General taxes		281			188			12			481			1			482
Total operating expenses		4,079			1,604			326			6,009			19			6,028
Operating Income (Loss)		982			534			(10)			1,506			(19)			1,487
Other income2		126			86			14			226			118			344
Interest charges		324			192			4			520			188			708
Income (Loss) Before Income Taxes		784			428			—			1,212			(89)			1,123
Income tax expense (benefit)		102			99			(5)			196			(20)			176
Income (Loss) From Continuing Operations		682			329			5			1,016			(69)			947
Other segment items3		(1)			(1)			58			56			(10)			46
Net Income (Loss) Available to Common Stockholders		$	681		$	328		$	63		$	1,072		$	(79)		$	993
Property, plant, and equipment, gross		$	20,137	4	$	13,268	4	$	1,506		$	34,911		$	21		$	34,932
Investments in equity method investees		—			—			64			64			—			64
Total assets		20,710		4	13,247		4	1,893			35,850			70			35,920
Capital expenditures5		1,871		6	1,141		6	288			$	3,300		1			3,301

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense.

3Other segment items comprise loss attributable to noncontrolling interests and preferred stock dividends.

4Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

5Amounts include assets placed under finance lease.

6Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2024	Electric Utility			Gas Utility			Segments Total			Other Reconciling Items			Consolidated
Consumers
Operating revenue		$	5,061		$	2,138		$	7,199		$	1		$	7,200
Operating expenses
Power supply cost1		1,867			—			1,867			—			1,867
Cost of gas sold		—			637			637			—			637
Maintenance and other operating expenses		1,066			454			1,520			—			1,520
Depreciation and amortization		865			325			1,190			1			1,191
General taxes		281			188			469			1			470
Total operating expenses		4,079			1,604			5,683			2			5,685
Operating Income (Loss)		982			534			1,516			(1)			1,515
Other income		126			86			212			—			212
Interest charges		324			192			516			2			518
Income (Loss) Before Income Taxes		784			428			1,212			(3)			1,209
Income tax expense (benefit)		102			99			201			(1)			200
Net Income (Loss)		682			329			1,011			(2)			1,009
Other segment items2		(1)			(1)			(2)			—			(2)
Net Income (Loss) Available to Common Stockholder		$	681		$	328		$	1,009		$	(2)		$	1,007
Property, plant, and equipment, gross		$	20,137	3	$	13,268	3	$	33,405		$	29		$	33,434
Total assets		20,767		3	13,289		3	34,056			32			34,088
Capital expenditures4		1,871		5	1,141		5	3,012			—			3,012

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Other segment items comprise preferred stock dividends.

3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

4Amounts include assets placed under finance lease.

5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

In Millions
Year Ended December 31, 2023	Electric Utility			Gas Utility			NorthStar Clean Energy			Segments Total			Other Reconciling Items			Consolidated
CMS Energy, including Consumers
Operating revenue		$	4,745		$	2,420		$	297		$	7,462		$	—		$	7,462
Operating expenses
Power supply cost1		1,841			—			170			2,011			—			2,011
Cost of gas sold		—			897			5			902			—			902
Maintenance and other operating expenses		1,075			511			88			1,674			13			1,687
Depreciation and amortization		797			338			43			1,178			2			1,180
General taxes		260			176			10			446			1			447
Total operating expenses		3,973			1,922			316			6,211			16			6,227
Operating Income (Loss)		772			498			(19)			1,251			(16)			1,235
Other income2		131			77			12			220			142			362
Interest charges		285			161			2			448			195			643
Income (Loss) Before Income Taxes		618			414			(9)			1,023			(69)			954
Income tax expense (benefit)		67			98			4			169			(22)			147
Income (Loss) From Continuing Operations		551			316			(13)			854			(47)			807
Other segment items3		(1)			(1)			80			78			(8)			70
Net Income (Loss) Available to Common Stockholders		$	550		$	315		$	67		$	932		$	(55)		$	877

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Includes income from equity method investees of $7 million attributable to NorthStar Clean Energy. See Note 16, Other Income and Other Expense.

3Other segment items comprise income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.

In Millions
Year Ended December 31, 2023	Electric Utility			Gas Utility			Segments Total			Other Reconciling Items			Consolidated
Consumers
Operating revenue		$	4,745		$	2,420		$	7,165		$	1		$	7,166
Operating expenses
Power supply cost1		1,841			—			1,841			—			1,841
Cost of gas sold		—			897			897			—			897
Maintenance and other operating expenses		1,075			511			1,586			—			1,586
Depreciation and amortization		797			338			1,135			2			1,137
General taxes		260			176			436			1			437
Total operating expenses		3,973			1,922			5,895			3			5,898
Operating Income (Loss)		772			498			1,270			(2)			1,268
Other income		131			77			208			—			208
Interest charges		285			161			446			2			448
Income (Loss) Before Income Taxes		618			414			1,032			(4)			1,028
Income tax expense (benefit)		67			98			165			(4)			161
Net Income		551			316			867			—			867
Other segment items2		(1)			(1)			(2)			—			(2)
Net Income Available to Common Stockholder		$	550		$	315		$	865		$	—		$	865

1Power supply costs comprise fuel for electric generation, purchased and interchange power, and purchased power – related parties.

2Other segment items comprise preferred stock dividends.