CMS ENERGY CORP
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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FY2025 · Filed Feb 10, 2026
CMS$69.55+0.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
| ASSETS | ||
|---|---|---|
| In Millions | ||
| December 31 | 2025 | 2024 |
| Current Assets | ||
| Cash and cash equivalents | $509 | $103 |
| Restricted cash and cash equivalents | 106 | 75 |
| Accounts receivable and accrued revenue, less allowance of $27 in 2025 and $23 in 2024 | 1,306 | 1,049 |
| Accounts receivable – related parties | 17 | 14 |
| Inventories at average cost | ||
| Gas in underground storage | 427 | 435 |
| Materials and supplies | 329 | 299 |
| Generating plant fuel stock | 35 | 35 |
| Deferred property taxes | 479 | 448 |
| Regulatory assets | 104 | 229 |
| Prepayments and other current assets | 160 | 103 |
| Total current assets | 3,472 | 2,790 |
| Plant, Property, and Equipment | ||
| Plant, property, and equipment, gross | 37,763 | 34,932 |
| Less accumulated depreciation and amortization | 10,135 | 9,569 |
| Plant, property, and equipment, net | 27,628 | 25,363 |
| Construction work in progress | 3,052 | 2,098 |
| Total plant, property, and equipment | 30,680 | 27,461 |
| Other Non‑current Assets | ||
| Regulatory assets | 3,355 | 3,569 |
| Accounts receivable | 18 | 20 |
| Investments | 61 | 69 |
| Postretirement benefits | 1,957 | 1,627 |
| Other | 398 | 384 |
| Total other non‑current assets | 5,789 | 5,669 |
| Total Assets | $39,941 | $35,920 |
| LIABILITIES AND EQUITY | ||
|---|---|---|
| In Millions | ||
| December 31 | 2025 | 2024 |
| Current Liabilities | ||
| Current portion of long-term debt and finance leases | $956 | $1,195 |
| Notes payable | — | 65 |
| Accounts payable | 1,395 | 1,085 |
| Accounts payable – related parties | 9 | 8 |
| Accrued rate refunds | 28 | 38 |
| Accrued interest | 182 | 156 |
| Accrued taxes | 708 | 654 |
| Regulatory liabilities | 85 | 111 |
| Other current liabilities | 185 | 209 |
| Total current liabilities | 3,548 | 3,521 |
| Non‑current Liabilities | ||
| Long-term debt | 17,807 | 15,194 |
| Non-current portion of finance leases | 135 | 112 |
| Regulatory liabilities | 4,091 | 4,067 |
| Postretirement benefits | 95 | 96 |
| AROs | 792 | 728 |
| Deferred investment tax credit | 118 | 122 |
| Deferred income taxes | 3,252 | 2,925 |
| Other non‑current liabilities | 392 | 407 |
| Total non‑current liabilities | 26,682 | 23,651 |
| Commitments and Contingencies (Notes 3 and 4) | ||
| Equity | ||
| Common stockholders’ equity | ||
| Common stock, authorized 350.0 shares in both periods; outstanding 306.4 shares in 2025 and 298.8 shares in 2024 | 3 | 3 |
| Other paid-in capital | 6,510 | 6,009 |
| Accumulated other comprehensive loss | (36) | (41) |
| Retained earnings | 2,443 | 2,035 |
| Total common stockholders’ equity | 8,920 | 8,006 |
| Cumulative redeemable perpetual preferred stock, Series C, authorized 9.2 depositary shares; outstanding 9.2 depositary shares in both periods | 224 | 224 |
| Total stockholders’ equity | 9,144 | 8,230 |
| Noncontrolling interests | 567 | 518 |
| Total equity | 9,711 | 8,748 |
| Total Liabilities and Equity | $39,941 | $35,920 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.