CMS ENERGY CORP

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

About this filing

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$69.78+0.3%Stored close · as of Nov 10, 2026

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Contents

Consolidated Balance Sheets (Unaudited)

ASSETS
In Millions
	September 302025	December 312024
Current Assets
Cash and cash equivalents	$242	$44
Restricted cash and cash equivalents	69	75
Accounts receivable and accrued revenue, less allowance of $28 in 2025 and $23 in 2024	890	1,019
Accounts and notes receivable – related parties	10	17
Inventories at average cost
Gas in underground storage	566	435
Materials and supplies	299	291
Generating plant fuel stock	28	30
Deferred property taxes	294	448
Regulatory assets	84	229
Prepayments and other current assets	90	86
Total current assets	2,572	2,674
Plant, Property, and Equipment
Plant, property, and equipment, gross	35,021	33,434
Less accumulated depreciation and amortization	9,772	9,310
Plant, property, and equipment, net	25,249	24,124
Construction work in progress	2,532	1,766
Total plant, property, and equipment	27,781	25,890
Other Non-current Assets
Regulatory assets	3,545	3,569
Accounts receivable	24	26
Accounts and notes receivable – related parties	88	92
Postretirement benefits	1,622	1,514
Other	148	323
Total other non-current assets	5,427	5,524
Total Assets	$35,780	$34,088

LIABILITIES AND EQUITY
In Millions
	September 302025	December 312024
Current Liabilities
Current portion of long-term debt and finance leases	$579	$456
Notes payable	—	65
Accounts payable	984	917
Accounts payable – related parties	15	12
Accrued rate refunds	9	38
Accrued interest	147	130
Accrued taxes	290	678
Regulatory liabilities	89	111
Other current liabilities	204	185
Total current liabilities	2,317	2,592
Non-current Liabilities
Long-term debt	11,537	10,818
Long-term debt – related parties	1,005	823
Non-current portion of finance leases	84	69
Regulatory liabilities	4,104	4,067
Postretirement benefits	67	70
Asset retirement obligations	696	694
Deferred investment tax credit	119	122
Deferred income taxes	3,185	3,053
Other non-current liabilities	342	349
Total non-current liabilities	21,139	20,065
Commitments and Contingencies (Notes 1 and 2)
Equity
Common stockholder’s equity
Common stock, authorized 125.0 shares; outstanding 84.1 shares in both periods	841	841
Other paid-in capital	8,869	8,174
Accumulated other comprehensive loss	(11)	(11)
Retained earnings	2,588	2,390
Total common stockholder’s equity	12,287	11,394
Cumulative preferred stock, $4.50 series, authorized 7.5 shares; outstanding 0.4 shares in both periods	37	37
Total equity	12,324	11,431
Total Liabilities and Equity	$35,780	$34,088

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.