CMS ENERGY CORP

For the period ended Mar 31, 2026. Filed Apr 28, 2026.

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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.

Mar 31, 2026 · Filed Apr 28, 2026

CMS$69.55+0.5%Stored close · as of Nov 9, 2026

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Contents

11: Reportable Segments

Reportable segments consist of business units defined by the products and services they offer. CMS Energy’s and Consumers’ chief operating decision-maker is the CEO. The chief operating decision-maker evaluates segment performance and profitability using net income available to CMS Energy’s common stockholders. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.

Resource allocation to CMS Energy’s and Consumers’ segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, and capital requirements, aligning with CMS Energy’s and Consumers’ strategic objectives and regulatory obligations. The chief operating decision-maker reviews budget-to-actual variances on a monthly basis and makes interim decisions to reallocate resources among segments as needed, ensuring a timely and effective response to changing conditions. For the electric utility and gas utility segments, the chief operating decision-maker uses this assessment to determine whether the segments are achieving their regulatory authorized return on equity.

CMS Energy

The segments reported for CMS Energy are:

electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan

gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan

NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production

CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.

Consumers

The segments reported for Consumers are:

electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan

gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan

Consumers’ other consolidated entities are presented within other reconciling items.

Presented in the following tables is financial information by segment:

In Millions
Three Months Ended March 31, 2026 · Electric Utility · Gas Utility · NorthStar Clean Energy · Segments Total · Other Reconciling Items · Consolidated
CMS Energy, including Consumers
Operating revenue	$1,368		$1,244		$118	$2,730	$—	$2,730
Operating expenses
Power supply cost1	600		—		91	691	—	691
Cost of gas sold	—		514		2	516	—	516
Maintenance and other operating expenses	277		139		30	446	2	448
Depreciation and amortization	233		167		12	412	—	412
General taxes	79		91		3	173	—	173
Total operating expenses	1,189		911		138	2,238	2	2,240
Operating Income (Loss)	179		333		(20)	492	(2)	490
Other income	43		23		7	73	2	75
Interest charges	83		56		2	141	62	203
Income (Loss) Before Income Taxes	139		300		(15)	424	(62)	362
Income tax expense (benefit)	29		80		7	116	(31)	85
Income (Loss) From Continuing Operations	110		220		(22)	308	(31)	277
Other segment items2	—		—		63	63	(2)	61
Net Income (Loss) Available to Common Stockholders	$110		$220		$41	$371	$(33)	$338
Property, plant, and equipment, gross	$22,253	3	$14,371	3	$1,673	$38,297	$26	$38,323
Total assets	23,427	3	13,989	3	2,742	40,158	127	40,285

2 Other segment items comprise loss attributable to noncontrolling interests and preferred stock dividends.

3 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

In Millions
Three Months Ended March 31, 2026 · Electric Utility · Gas Utility · Segments Total · Other Reconciling Items · Consolidated
Consumers
Operating revenue	$1,368		$1,244		$2,612	$—	$2,612
Operating expenses
Power supply cost1	600		—		600	—	600
Cost of gas sold	—		514		514	—	514
Maintenance and other operating expenses	277		139		416	—	416
Depreciation and amortization	233		167		400	—	400
General taxes	79		91		170	—	170
Total operating expenses	1,189		911		2,100	—	2,100
Operating Income	179		333		512	—	512
Other income	43		23		66	—	66
Interest charges	83		56		139	—	139
Income Before Income Taxes	139		300		439	—	439
Income tax expense (benefit)	29		80		109	(16)	93
Net Income Available to Common Stockholder	$110		$220		$330	$16	$346
Property, plant, and equipment, gross	$22,253	2	$14,371	2	$36,624	$32	$36,656
Total assets	23,481	2	14,029	2	37,510	52	37,562

2 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

In Millions
Three Months Ended March 31, 2025 · Electric Utility · Gas Utility · NorthStar Clean Energy · Segments Total · Other Reconciling Items · Consolidated
CMS Energy, including Consumers
Operating revenue	$1,299		$1,049		$99	$2,447	$—	$2,447
Operating expenses
Power supply cost1	546		—		69	615	—	615
Cost of gas sold	—		382		1	383	—	383
Maintenance and other operating expenses	257		116		30	403	2	405
Depreciation and amortization	221		154		13	388	—	388
General taxes	73		86		3	162	—	162
Total operating expenses	1,097		738		116	1,951	2	1,953
Operating Income (Loss)	202		311		(17)	496	(2)	494
Other income	27		19		1	47	3	50
Interest charges	82		48		—	130	56	186
Income (Loss) Before Income Taxes	147		282		(16)	413	(55)	358
Income tax expense (benefit)	23		69		11	103	(40)	63
Income (Loss) From Continuing Operations	124		213		(27)	310	(15)	295
Other segment items2	—		—		9	9	(2)	7
Net Income (Loss) Available to Common Stockholders	$124		$213		$(18)	$319	$(17)	$302
Property, plant, and equipment, gross	$20,340	3	$13,412	3	$1,505	$35,257	$24	$35,281
Total assets	20,875	3	13,025	3	1,977	35,877	418	36,295

2 Other segment items comprise loss attributable to noncontrolling interests and preferred stock dividends.

3 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

In Millions
Three Months Ended March 31, 2025 · Electric Utility · Gas Utility · Segments Total · Other Reconciling Items · Consolidated
Consumers
Operating revenue	$1,299		$1,049		$2,348	$—	$2,348
Operating expenses
Power supply cost1	546		—		546	—	546
Cost of gas sold	—		382		382	—	382
Maintenance and other operating expenses	257		116		373	—	373
Depreciation and amortization	221		154		375	—	375
General taxes	73		86		159	—	159
Total operating expenses	1,097		738		1,835	—	1,835
Operating Income	202		311		513	—	513
Other income	27		19		46	—	46
Interest charges	82		48		130	—	130
Income Before Income Taxes	147		282		429	—	429
Income tax expense (benefit)	23		69		92	(9)	83
Net Income Available to Common Stockholder	$124		$213		$337	$9	$346
Property, plant, and equipment, gross	$20,340	2	$13,412	2	$33,752	$30	$33,782
Total assets	20,930	2	13,068	2	33,998	31	34,029

2 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

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