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. Financial Statements and Supplementary Data

Index to Financial Statements

CMS Energy Consolidated Financial Statements	94
Consolidated Statements of Income	94
Consolidated Statements of Comprehensive Income	95
Consolidated Statements of Cash Flows	96
Consolidated Balance Sheets	98
Consolidated Statements of Changes in Equity	100
Consumers Consolidated Financial Statements	101
Consolidated Statements of Income	101
Consolidated Statements of Comprehensive Income	102
Consolidated Statements of Cash Flows	104
Consolidated Balance Sheets	106
Consolidated Statements of Changes in Equity	108
Notes to the Consolidated Financial Statements	109
1:	Significant Accounting Policies	109
2:	New Accounting Standards	111
3:	Regulatory Matters	112
4:	Contingencies and Commitments	119
5:	Financings and Capitalization	125
6:	Fair Value Measurements	134
7:	Financial Instruments	136
8:	Plant, Property, and Equipment	138
9:	Leases	142
10:	Asset Retirement Obligations	146
11:	Retirement Benefits	148
12:	Stock-based Compensation	159
13:	Income Taxes	162
14:	Earnings Per Share—CMS Energy	168
15:	Revenue	170
16:	Other Income and Other Expense	174
17:	Reportable Segments	175
18:	Related-party Transactions—Consumers	182
19:	Variable Interest Entities	183
20:	Exit Activities and Asset Sales	186
Reports of Independent Registered Public Accounting Firm (PCAOB ID 238)	188
CMS Energy	188
Consumers	192

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.