CMS ENERGY CORP

For the period ended Jun 30, 2025. Filed Jul 31, 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.

Jun 30, 2025 · Filed Jul 31, 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.

In Millions
Three Months Ended June 30, 2025 · Electric Utility · Gas Utility · NorthStar Clean Energy · Segments Total · Other Reconciling Items · Consolidated
CMS Energy, including Consumers
Operating revenue	$1,359		$387		$92	$1,838	$—	$1,838
Operating expenses
Power supply cost1	537		—		66	603	—	603
Cost of gas sold	—		123		1	124	—	124
Maintenance and other operating expenses	264		112		18	394	3	397
Depreciation and amortization	222		54		12	288	—	288
General taxes	73		33		3	109	—	109
Total operating expenses	1,096		322		100	1,518	3	1,521
Operating Income (Loss)	263		65		(8)	320	(3)	317
Other income	36		23		2	61	76	137
Interest charges	89		51		(1)	139	60	199
Income (Loss) Before Income Taxes	210		37		(5)	242	13	255
Income tax expense (benefit)	42		12		(18)	36	26	62
Income (Loss) From Continuing Operations	168		25		13	206	(13)	193
Other segment items2	(1)		—		9	8	(3)	5
Net Income (Loss) Available to Common Stockholders	$167		$25		$22	$214	$(16)	$198
Property, plant, and equipment, gross	$20,761	3	$13,609	3	$1,562	$35,932	$30	$35,962
Total assets	21,942	3	13,388	3	2,105	37,435	264	37,699

In Millions
Three Months Ended June 30, 2025 · Electric Utility · Gas Utility · Segments Total · Other Reconciling Items · Consolidated
Consumers
Operating revenue	$1,359		$387		$1,746	$—	$1,746
Operating expenses
Power supply cost1	537		—		537	—	537
Cost of gas sold	—		123		123	—	123
Maintenance and other operating expenses	264		112		376	—	376
Depreciation and amortization	222		54		276	—	276
General taxes	73		33		106	—	106
Total operating expenses	1,096		322		1,418	—	1,418
Operating Income	263		65		328	—	328
Other income	36		23		59	1	60
Interest charges	89		51		140	1	141
Income Before Income Taxes	210		37		247	—	247
Income tax expense	42		12		54	5	59
Net Income (Loss)	168		25		193	(5)	188
Other segment items2	(1)		—		(1)	—	(1)
Net Income (Loss) Available to Common Stockholder	$167		$25		$192	$(5)	$187
Property, plant, and equipment, gross	$20,761	3	$13,609	3	$34,370	$36	$34,406
Total assets	21,997	3	13,430	3	35,427	40	35,467

In Millions
Three Months Ended June 30, 2024 · Electric Utility · Gas Utility · NorthStar Clean Energy · Segments Total · Other Reconciling Items · Consolidated
CMS Energy, including Consumers
Operating revenue	$1,226		$307		$74	$1,607	$—	$1,607
Operating expenses
Power supply cost1	444		—		35	479	—	479
Cost of gas sold	—		66		—	66	—	66
Maintenance and other operating expenses	261		116		24	401	3	404
Depreciation and amortization	209		51		13	273	—	273
General taxes	68		31		3	102	—	102
Total operating expenses	982		264		75	1,321	3	1,324
Operating Income (Loss)	244		43		(1)	286	(3)	283
Other income	36		23		2	61	52	113
Interest charges	79		46		—	125	48	173
Income Before Income Taxes	201		20		1	222	1	223
Income tax expense	30		5		2	37	4	41
Income (Loss) From Continuing Operations	171		15		(1)	185	(3)	182
Other segment items2	(1)		—		17	16	(3)	13
Net Income (Loss) Available to Common Stockholders	$170		$15		$16	$201	$(6)	$195
Property, plant, and equipment, gross	$19,557	3	$12,638	3	$1,464	$33,659	$21	$33,680
Total assets	20,122	3	12,469	3	1,659	34,250	105	34,355

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

In Millions
Three Months Ended June 30, 2024	Electric Utility	Gas Utility	Segments Total	Other Reconciling Items	Consolidated
Consumers
Operating revenue	$1,226	$307	$1,533	$—	$1,533
Operating expenses
Power supply cost1	444	—	444	—	444
Cost of gas sold	—	66	66	—	66
Maintenance and other operating expenses	261	116	377	—	377
Depreciation and amortization	209	51	260	1	261
General taxes	68	31	99	—	99
Total operating expenses	982	264	1,246	1	1,247
Operating Income (Loss)	244	43	287	(1)	286
Other income	36	23	59	—	59
Interest charges	79	46	125	1	126
Income (Loss) Before Income Taxes	201	20	221	(2)	219
Income tax expense	30	5	35	6	41
Net Income (Loss)	171	15	186	(8)	178
Other segment items2	(1)	—	(1)	—	(1)
Net Income (Loss) Available to Common Stockholder	$170	$15	$185	$(8)	$177
Property, plant, and equipment, gross	$19,557	$12,638	$32,195	$29	$32,224
Total assets	20,180	12,512	32,692	26	32,718

Presented in the following tables is financial information by segment:

In Millions
Six Months Ended June 30, 2025	Electric Utility	Gas Utility	NorthStar Clean Energy	Segments Total	Other Reconciling Items	Consolidated
CMS Energy, including Consumers
Operating revenue	$2,658	$1,436	$191	$4,285	$—	$4,285
Operating expenses
Power supply cost1	1,083	—	135	1,218	—	1,218
Cost of gas sold	—	505	2	507	—	507
Maintenance and other operating expenses	521	228	48	797	5	802
Depreciation and amortization	443	208	25	676	—	676
General taxes	146	119	6	271	—	271
Total operating expenses	2,193	1,060	216	3,469	5	3,474
Operating Income (Loss)	465	376	(25)	816	(5)	811
Other income	63	42	3	108	79	187
Interest charges	171	99	(1)	269	116	385
Income (Loss) Before Income Taxes	357	319	(21)	655	(42)	613
Income tax expense (benefit)	65	81	(7)	139	(14)	125
Income (Loss) From Continuing Operations	292	238	(14)	516	(28)	488
Other segment items2	(1)	—	18	17	(5)	12
Net Income (Loss) Available to Common Stockholders	$291	$238	$4	$533	$(33)	$500

In Millions
Six Months Ended June 30, 2025	Electric Utility	Gas Utility	Segments Total	Other Reconciling Items	Consolidated
Consumers
Operating revenue	$2,658	$1,436	$4,094	$—	$4,094
Operating expenses
Power supply cost1	1,083	—	1,083	—	1,083
Cost of gas sold	—	505	505	—	505
Maintenance and other operating expenses	521	228	749	—	749
Depreciation and amortization	443	208	651	—	651
General taxes	146	119	265	—	265
Total operating expenses	2,193	1,060	3,253	—	3,253
Operating Income	465	376	841	—	841
Other income	63	42	105	1	106
Interest charges	171	99	270	1	271
Income Before Income Taxes	357	319	676	—	676
Income tax expense (benefit)	65	81	146	(4)	142
Net Income	292	238	530	4	534
Other segment items2	(1)	—	(1)	—	(1)
Net Income Available to Common Stockholder	$291	$238	$529	$4	$533

In Millions
Six Months Ended June 30, 2024	Electric Utility	Gas Utility	NorthStar Clean Energy	Segments Total	Other Reconciling Items	Consolidated
CMS Energy, including Consumers
Operating revenue	$2,358	$1,272	$153	$3,783	$—	$3,783
Operating expenses
Power supply cost1	893	—	74	967	—	967
Cost of gas sold	—	416	1	417	—	417
Maintenance and other operating expenses	499	256	46	801	5	806
Depreciation and amortization	422	194	24	640	1	641
General taxes	139	112	6	257	—	257
Total operating expenses	1,953	978	151	3,082	6	3,088
Operating Income (Loss)	405	294	2	701	(6)	695
Other income	70	45	8	123	76	199
Interest charges	160	94	1	255	95	350
Income (Loss) Before Income Taxes	315	245	9	569	(25)	544
Income tax expense (benefit)	47	61	3	111	(12)	99
Income (Loss) From Continuing Operations	268	184	6	458	(13)	445
Other segment items2	(1)	—	41	40	(5)	35
Net Income (Loss) Available to Common Stockholders	$267	$184	$47	$498	$(18)	$480

In Millions
Six Months Ended June 30, 2024	Electric Utility	Gas Utility	Segments Total	Other Reconciling Items	Consolidated
Consumers
Operating revenue	$2,358	$1,272	$3,630	$—	$3,630
Operating expenses
Power supply cost1	893	—	893	—	893
Cost of gas sold	—	416	416	—	416
Maintenance and other operating expenses	499	256	755	—	755
Depreciation and amortization	422	194	616	1	617
General taxes	139	112	251	—	251
Total operating expenses	1,953	978	2,931	1	2,932
Operating Income (Loss)	405	294	699	(1)	698
Other income	70	45	115	—	115
Interest charges	160	94	254	1	255
Income (Loss) Before Income Taxes	315	245	560	(2)	558
Income tax expense (benefit)	47	61	108	(3)	105
Net Income	268	184	452	1	453
Other segment items2	(1)	—	(1)	—	(1)
Net Income Available to Common Stockholder	$267	$184	$451	$1	$452

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