CMS ENERGY CORP

For the period ended Mar 31, 2025. Filed Apr 24, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed Apr 24, 2025

CMS$69.55+0.5%Stored close · as of Nov 9, 2026

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Contents

10: 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.

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
Three Months Ended March 31, 2025 · Electric Utility · Gas Utility · NorthStar Clean Energy · Segments Total · Other Reconciling Items · Consolidated
CMS Energy, including Consumers
Operating revenue	$1,299		$1,049		$99	$2,447	$—	$2,447
Operating expenses
Power supply cost1	546		—		69	615	—	615
Cost of gas sold	—		382		1	383	—	383
Maintenance and other operating expenses	257		116		30	403	2	405
Depreciation and amortization	221		154		13	388	—	388
General taxes	73		86		3	162	—	162
Total operating expenses	1,097		738		116	1,951	2	1,953
Operating Income (Loss)	202		311		(17)	496	(2)	494
Other income	27		19		1	47	3	50
Interest charges	82		48		—	130	56	186
Income (Loss) Before Income Taxes	147		282		(16)	413	(55)	358
Income tax expense (benefit)	23		69		11	103	(40)	63
Income (Loss) From Continuing Operations	124		213		(27)	310	(15)	295
Other segment items2	—		—		9	9	(2)	7
Net Income (Loss) Available to Common Stockholders	$124		$213		$(18)	$319	$(17)	$302
Property, plant, and equipment, gross	$20,340	3	$13,412	3	$1,505	$35,257	$24	$35,281
Total assets	20,875	3	13,025	3	1,977	35,877	418	36,295

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

In Millions
Three Months Ended March 31, 2025 · Electric Utility · Gas Utility · Segments Total · Other Reconciling Items · Consolidated
Consumers
Operating revenue	$1,299		$1,049		$2,348	$—	$2,348
Operating expenses
Power supply cost1	546		—		546	—	546
Cost of gas sold	—		382		382	—	382
Maintenance and other operating expenses	257		116		373	—	373
Depreciation and amortization	221		154		375	—	375
General taxes	73		86		159	—	159
Total operating expenses	1,097		738		1,835	—	1,835
Operating Income	202		311		513	—	513
Other income	27		19		46	—	46
Interest charges	82		48		130	—	130
Income Before Income Taxes	147		282		429	—	429
Income tax expense (benefit)	23		69		92	(9)	83
Net Income	124		213		337	9	346
Other segment items2	—		—		—	—	—
Net Income Available to Common Stockholder	$124		$213		$337	$9	$346
Property, plant, and equipment, gross	$20,340	3	$13,412	3	$33,752	$30	$33,782
Total assets	20,930	3	13,068	3	33,998	31	34,029

2 Other segment items comprise of preferred stock dividends.

In Millions
Three Months Ended March 31, 2024 · Electric Utility · Gas Utility · NorthStar Clean Energy · Segments Total · Other Reconciling Items · Consolidated
CMS Energy, including Consumers
Operating revenue	$1,132		$965		$79	$2,176	$—	$2,176
Operating expenses
Power supply cost1	449		—		39	488	—	488
Cost of gas sold	—		350		1	351	—	351
Maintenance and other operating expenses	238		140		22	400	2	402
Depreciation and amortization	213		143		11	367	1	368
General taxes	71		81		3	155	—	155
Total operating expenses	971		714		76	1,761	3	1,764
Operating Income (Loss)	161		251		3	415	(3)	412
Other income	34		22		6	62	24	86
Interest charges	81		48		1	130	47	177
Income (Loss) Before Income Taxes	114		225		8	347	(26)	321
Income tax expense (benefit)	17		56		1	74	(16)	58
Income (Loss) From Continuing Operations	97		169		7	273	(10)	263
Other segment items2	—		—		24	24	(2)	22
Net Income (Loss) Available to Common Stockholders	$97		$169		$31	$297	$(12)	$285
Property, plant, and equipment, gross	$19,317	3	$12,475	3	$1,424	$33,216	$20	$33,236
Total assets	19,759	3	12,305	3	1,615	33,679	222	33,901

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

In Millions
Three Months Ended March 31, 2024 · Electric Utility · Gas Utility · Segments Total · Other Reconciling Items · Consolidated
Consumers
Operating revenue	$1,132		$965		$2,097	$—	$2,097
Operating expenses
Power supply cost1	449		—		449	—	449
Cost of gas sold	—		350		350	—	350
Maintenance and other operating expenses	238		140		378	—	378
Depreciation and amortization	213		143		356	—	356
General taxes	71		81		152	—	152
Total operating expenses	971		714		1,685	—	1,685
Operating Income	161		251		412	—	412
Other income	34		22		56	—	56
Interest charges	81		48		129	—	129
Income Before Income Taxes	114		225		339	—	339
Income tax expense (benefit)	17		56		73	(9)	64
Net Income	97		169		266	9	275
Other segment items2	—		—		—	—	—
Net Income Available to Common Stockholder	$97		$169		$266	$9	$275
Property, plant, and equipment, gross	$19,317	3	$12,475	3	$31,792	$28	$31,820
Total assets	19,818	3	12,348	3	32,166	43	32,209

2 Other segment items comprise of preferred stock dividends.

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