CMS ENERGY CORP
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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FY2025 · Filed Feb 10, 2026
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
| Commission File No. | Registrant; State of Incorporation; Address; and Telephone Number | IRS Employer Identification No. |
|---|---|---|
| 1-9513 | CMS ENERGY CORPORATION | 38-2726431 |
| 1-5611 | CONSUMERS ENERGY COMPANY | 38-0442310 |
| Securities registered pursuant to Section 12(b) of the Act: | ||
|---|---|---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| CMS Energy Corporation Common Stock, $0.01 par value | CMS | New York Stock Exchange |
| CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078 | CMSA | New York Stock Exchange |
| CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078 | CMSC | New York Stock Exchange |
| CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 | CMSD | New York Stock Exchange |
| CMS Energy Corporation Depositary Shares, each representing a 1/1,000th interest in a share of 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C | CMS PRC | New York Stock Exchange |
| Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series | CMS-PB | New York Stock Exchange |
| Securities registered pursuant to Section 12(g) of the Act: | None |
|---|
| Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| CMS Energy Corporation: | Yes | ☒ | No | ☐ | Consumers Energy Company: | Yes | ☒ | No | ☐ |
| Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| CMS Energy Corporation: | Yes | ☐ | No | ☒ | Consumers Energy Company: | Yes | ☐ | No | ☒ |
| Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| CMS Energy Corporation: | Yes | ☒ | No | ☐ | Consumers Energy Company: | Yes | ☒ | No | ☐ |
| Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| CMS Energy Corporation: | Yes | ☒ | No | ☐ | Consumers Energy Company: | Yes | ☒ | No | ☐ |
| Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act. | |||
|---|---|---|---|
| CMS Energy Corporation: | Consumers Energy Company: | ||
| Large accelerated filer | ☒ | Large accelerated filer | ☐ |
| Non‑accelerated filer | ☐ | Non‑accelerated filer | ☒ |
| Accelerated filer | ☐ | Accelerated filer | ☐ |
| Smaller reporting company | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | |||
|---|---|---|---|
| CMS Energy Corporation: | ☐ | Consumers Energy Company: | ☐ |
| Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. | |||
|---|---|---|---|
| CMS Energy Corporation: | ☒ | Consumers Energy Company: | ☒ |
| If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. | |||
|---|---|---|---|
| CMS Energy Corporation: | ☐ | Consumers Energy Company: | ☐ |
| Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). | |||
|---|---|---|---|
| CMS Energy Corporation: | ☐ | Consumers Energy Company: | ☐ |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| CMS Energy Corporation: | Yes | ☐ | No | ☒ | Consumers Energy Company: | Yes | ☐ | No | ☒ |
The aggregate market value of CMS Energy voting and non‑voting common equity held by non‑affiliates was $20.644 billion for the 297,980,694 CMS Energy Corporation Common Stock shares outstanding on June 30, 2025 based on the closing sale price of $69.28 for CMS Energy Corporation Common Stock, as reported by the New York Stock Exchange on such date. There were no shares of Consumers common equity held by non‑affiliates as of June 30, 2025.
There were 306,420,901 shares of CMS Energy Corporation Common Stock outstanding on January 16, 2026. On January 16, 2026, CMS Energy held all 84,108,789 outstanding shares of common stock of Consumers.
Documents incorporated by reference in Part III: CMS Energy’s and Consumers’ proxy statement relating to their 2026 Annual Meetings of Shareholders to be held May 8, 2026.
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