CMS ENERGY CORP

For the period ended Sep 30, 2025. Filed Oct 30, 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.

Sep 30, 2025 · Filed Oct 30, 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 September 30, 2025 · Electric Utility · Gas Utility · NorthStar Clean Energy · Segments Total · Other Reconciling Items · Consolidated
CMS Energy, including Consumers
Operating revenue	$1,679		$234		$108	$2,021	$—	$2,021
Operating expenses
Power supply cost1	624		—		63	687	—	687
Cost of gas sold	—		40		2	42	—	42
Maintenance and other operating expenses	285		103		25	413	3	416
Depreciation and amortization	239		35		14	288	—	288
General taxes	81		23		3	107	—	107
Total operating expenses	1,229		201		107	1,537	3	1,540
Operating Income (Loss)	450		33		1	484	(3)	481
Other income	34		22		4	60	2	62
Interest charges	92		53		(1)	144	59	203
Income (Loss) Before Income Taxes	392		2		6	400	(60)	340
Income tax expense	66		2		—	68	—	68
Income (Loss) From Continuing Operations	326		—		6	332	(60)	272
Other segment items2	—		—		5	5	(2)	3
Net Income (Loss) Available to Common Stockholders	$326		$—		$11	$337	$(62)	$275
Property, plant, and equipment, gross	$21,095	3	$13,890	3	$1,568	$36,553	$30	$36,583
Total assets	21,917	3	13,720	3	2,229	37,866	142	38,008

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

In Millions
Three Months Ended September 30, 2025 · Electric Utility · Gas Utility · Segments Total · Other Reconciling Items · Consolidated
Consumers
Operating revenue	$1,679		$234		$1,913	$—	$1,913
Operating expenses
Power supply cost1	624		—		624	—	624
Cost of gas sold	—		40		40	—	40
Maintenance and other operating expenses	285		103		388	—	388
Depreciation and amortization	239		35		274	—	274
General taxes	81		23		104	—	104
Total operating expenses	1,229		201		1,430	—	1,430
Operating Income	450		33		483	—	483
Other income	34		22		56	(1)	55
Interest charges	92		53		145	—	145
Income (Loss) Before Income Taxes	392		2		394	(1)	393
Income tax expense	66		2		68	11	79
Net Income (Loss) Available to Common Stockholder	$326		$—		$326	$(12)	$314
Property, plant, and equipment, gross	$21,095	2	$13,890	2	$34,985	$36	$35,021
Total assets	21,972	2	13,762	2	35,734	46	35,780

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

In Millions
Three Months Ended September 30, 2024 · Electric Utility · Gas Utility · NorthStar Clean Energy · Segments Total · Other Reconciling Items · Consolidated
CMS Energy, including Consumers
Operating revenue	$1,448		$213		$82	$1,743	$—	$1,743
Operating expenses
Power supply cost1	515		—		45	560	—	560
Cost of gas sold	—		31		1	32	—	32
Maintenance and other operating expenses	282		99		27	408	4	412
Depreciation and amortization	229		32		12	273	—	273
General taxes	75		20		4	99	—	99
Total operating expenses	1,101		182		89	1,372	4	1,376
Operating Income (Loss)	347		31		(7)	371	(4)	367
Other income	35		25		3	63	21	84
Interest charges	82		49		2	133	45	178
Income (Loss) Before Income Taxes	300		7		(6)	301	(28)	273
Income tax expense (benefit)	27		(4)		(6)	17	9	26
Income (Loss) From Continuing Operations	273		11		—	284	(37)	247
Other segment items2	—		—		6	6	(2)	4
Net Income (Loss) Available to Common Stockholders	$273		$11		$6	$290	$(39)	$251
Property, plant, and equipment, gross	$19,826	3	$12,840	3	$1,469	$34,135	$21	$34,156
Total assets	20,222	3	12,809	3	1,711	34,742	75	34,817

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

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

In Millions
Three Months Ended September 30, 2024 · Electric Utility · Gas Utility · Segments Total · Other Reconciling Items · Consolidated
Consumers
Operating revenue	$1,448		$213		$1,661	$—	$1,661
Operating expenses
Power supply cost1	515		—		515	—	515
Cost of gas sold	—		31		31	—	31
Maintenance and other operating expenses	282		99		381	—	381
Depreciation and amortization	229		32		261	—	261
General taxes	75		20		95	—	95
Total operating expenses	1,101		182		1,283	—	1,283
Operating Income	347		31		378	—	378
Other income	35		25		60	—	60
Interest charges	82		49		131	—	131
Income Before Income Taxes	300		7		307	—	307
Income tax expense (benefit)	27		(4)		23	11	34
Net Income (Loss) Available to Common Stockholder	$273		$11		$284	$(11)	$273
Property, plant, and equipment, gross	$19,826	2	$12,840	2	$32,666	$29	$32,695
Total assets	20,279	2	12,852	2	33,131	29	33,160

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

Presented in the following tables is financial information by segment:

In Millions
Nine Months Ended September 30, 2025	Electric Utility	Gas Utility	NorthStar Clean Energy	Segments Total	Other Reconciling Items	Consolidated
CMS Energy, including Consumers
Operating revenue	$4,337	$1,670	$299	$6,306	$—	$6,306
Operating expenses
Power supply cost1	1,707	—	198	1,905	—	1,905
Cost of gas sold	—	545	4	549	—	549
Maintenance and other operating expenses	806	331	73	1,210	8	1,218
Depreciation and amortization	682	243	39	964	—	964
General taxes	227	142	9	378	—	378
Total operating expenses	3,422	1,261	323	5,006	8	5,014
Operating Income (Loss)	915	409	(24)	1,300	(8)	1,292
Other income	97	64	7	168	81	249
Interest charges	263	152	(2)	413	175	588
Income (Loss) Before Income Taxes	749	321	(15)	1,055	(102)	953
Income tax expense (benefit)	131	83	(7)	207	(14)	193
Income (Loss) From Continuing Operations	618	238	(8)	848	(88)	760
Other segment items2	(1)	—	23	22	(7)	15
Net Income (Loss) Available to Common Stockholders	$617	$238	$15	$870	$(95)	$775

In Millions
Nine Months Ended September 30, 2025	Electric Utility	Gas Utility	Segments Total	Other Reconciling Items	Consolidated
Consumers
Operating revenue	$4,337	$1,670	$6,007	$—	$6,007
Operating expenses
Power supply cost1	1,707	—	1,707	—	1,707
Cost of gas sold	—	545	545	—	545
Maintenance and other operating expenses	806	331	1,137	—	1,137
Depreciation and amortization	682	243	925	—	925
General taxes	227	142	369	—	369
Total operating expenses	3,422	1,261	4,683	—	4,683
Operating Income	915	409	1,324	—	1,324
Other income	97	64	161	—	161
Interest charges	263	152	415	1	416
Income (Loss) Before Income Taxes	749	321	1,070	(1)	1,069
Income tax expense	131	83	214	7	221
Net Income (Loss)	618	238	856	(8)	848
Other segment items2	(1)	—	(1)	—	(1)
Net Income (Loss) Available to Common Stockholder	$617	$238	$855	$(8)	$847

2 Other segment items comprise of preferred stock dividends.

In Millions
Nine Months Ended September 30, 2024	Electric Utility	Gas Utility	NorthStar Clean Energy	Segments Total	Other Reconciling Items	Consolidated
CMS Energy, including Consumers
Operating revenue	$3,806	$1,485	$235	$5,526	$—	$5,526
Operating expenses
Power supply cost1	1,408	—	119	1,527	—	1,527
Cost of gas sold	—	447	2	449	—	449
Maintenance and other operating expenses	781	355	73	1,209	9	1,218
Depreciation and amortization	651	226	36	913	1	914
General taxes	214	132	10	356	—	356
Total operating expenses	3,054	1,160	240	4,454	10	4,464
Operating Income (Loss)	752	325	(5)	1,072	(10)	1,062
Other income	105	70	11	186	97	283
Interest charges	242	143	3	388	140	528
Income (Loss) Before Income Taxes	615	252	3	870	(53)	817
Income tax expense (benefit)	74	57	(3)	128	(3)	125
Income (Loss) From Continuing Operations	541	195	6	742	(50)	692
Other segment items2	(1)	—	47	46	(7)	39
Net Income (Loss) Available to Common Stockholders	$540	$195	$53	$788	$(57)	$731

In Millions
Nine Months Ended September 30, 2024	Electric Utility	Gas Utility	Segments Total	Other Reconciling Items	Consolidated
Consumers
Operating revenue	$3,806	$1,485	$5,291	$—	$5,291
Operating expenses
Power supply cost1	1,408	—	1,408	—	1,408
Cost of gas sold	—	447	447	—	447
Maintenance and other operating expenses	781	355	1,136	—	1,136
Depreciation and amortization	651	226	877	1	878
General taxes	214	132	346	—	346
Total operating expenses	3,054	1,160	4,214	1	4,215
Operating Income (Loss)	752	325	1,077	(1)	1,076
Other income	105	70	175	—	175
Interest charges	242	143	385	1	386
Income (Loss) Before Income Taxes	615	252	867	(2)	865
Income tax expense	74	57	131	8	139
Net Income (Loss)	541	195	736	(10)	726
Other segment items2	(1)	—	(1)	—	(1)
Net Income (Loss) Available to Common Stockholder	$540	$195	$735	$(10)	$725

2 Other segment items comprise of preferred stock dividends.

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