CMS ENERGY CORP

For the period ended Dec 31, 2025. Filed Feb 10, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 10, 2026

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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Balance Sheets

Consolidated Balance Sheets

ASSETS
In Millions
December 31	2025	2024
Current Assets
Cash and cash equivalents	$25	$44
Restricted cash and cash equivalents	86	75
Accounts receivable and accrued revenue, less allowance of $27 in 2025 and $23 in 2024	1,210	1,019
Accounts and notes receivable – related parties	15	17
Inventories at average cost
Gas in underground storage	427	435
Materials and supplies	316	291
Generating plant fuel stock	31	30
Deferred property taxes	479	448
Regulatory assets	104	229
Prepayments and other current assets	132	86
Total current assets	2,825	2,674
Plant, Property, and Equipment
Plant, property, and equipment, gross	36,120	33,434
Less accumulated depreciation and amortization	9,842	9,310
Plant, property, and equipment, net	26,278	24,124
Construction work in progress	2,354	1,766
Total plant, property, and equipment	28,632	25,890
Other Non-current Assets
Regulatory assets	3,355	3,569
Accounts receivable	24	26
Accounts and notes receivable – related parties	88	92
Postretirement benefits	1,821	1,514
Other	346	323
Total other non-current assets	5,634	5,524
Total Assets	$37,091	$34,088

LIABILITIES AND EQUITY
In Millions
December 31	2025	2024
Current Liabilities
Current portion of long-term debt and finance leases	$579	$456
Notes payable	—	65
Notes payable – related parties	340	—
Accounts payable	1,229	917
Accounts payable – related parties	14	12
Accrued rate refunds	28	38
Accrued interest	149	130
Accrued taxes	747	678
Regulatory liabilities	85	111
Other current liabilities	163	185
Total current liabilities	3,334	2,592
Non-current Liabilities
Long-term debt	11,524	10,818
Long-term debt – related parties	1,005	823
Non-current portion of finance leases	81	69
Regulatory liabilities	4,091	4,067
Postretirement benefits	70	70
AROs	753	694
Deferred investment tax credit	118	122
Deferred income taxes	3,201	3,053
Other non-current liabilities	336	349
Total non-current liabilities	21,179	20,065
Commitments and Contingencies (Notes 3 and 4)
Equity
Common stockholder’s equity
Common stock, authorized 125.0 shares; outstanding 84.1 shares in both periods	841	841
Other paid-in capital	9,094	8,174
Accumulated other comprehensive loss	(13)	(11)
Retained earnings	2,619	2,390
Total common stockholder’s equity	12,541	11,394
Cumulative preferred stock, $4.50 series, authorized 7.5 shares; outstanding 0.4 shares in both periods	37	37
Total equity	12,578	11,431
Total Liabilities and Equity	$37,091	$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.