CMS ENERGY CORP

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

About this filing

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$69.78+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

Consolidated Balance Sheets (Unaudited)

ASSETS
In Millions
	March 312026	December 312025
Current Assets
Cash and cash equivalents	$175	$509
Restricted cash and cash equivalents	88	106
Accounts receivable and accrued revenue, less allowance of $32 in 2026 and $27 in 2025	1,402	1,306
Accounts receivable – related parties	14	17
Inventories at average cost
Gas in underground storage	257	427
Materials and supplies	338	329
Generating plant fuel stock	47	35
Deferred property taxes	385	479
Regulatory assets	94	104
Prepayments and other current assets	225	160
Total current assets	3,025	3,472
Plant, Property, and Equipment
Plant, property, and equipment, gross	38,323	37,763
Less accumulated depreciation and amortization	10,384	10,135
Plant, property, and equipment, net	27,939	27,628
Construction work in progress	3,594	3,052
Total plant, property, and equipment	31,533	30,680
Other Non‑current Assets
Regulatory assets	3,298	3,355
Accounts receivable	18	18
Investments	65	61
Postretirement benefits	2,005	1,957
Other	341	398
Total other non‑current assets	5,727	5,789
Total Assets	$40,285	$39,941

LIABILITIES AND EQUITY
In Millions
	March 312026	December 312025
Current Liabilities
Current portion of long-term debt and finance leases	$1,360	$956
Accounts payable	1,231	1,395
Accounts payable – related parties	7	9
Accrued rate refunds	—	28
Accrued interest	207	182
Accrued taxes	516	708
Regulatory liabilities	87	85
Other current liabilities	184	185
Total current liabilities	3,592	3,548
Non‑current Liabilities
Long-term debt	17,456	17,807
Non-current portion of finance leases	262	135
Regulatory liabilities	4,154	4,091
Postretirement benefits	94	95
AROs	797	792
Deferred investment tax credit	117	118
Deferred income taxes	3,345	3,252
Other non‑current liabilities	417	392
Total non‑current liabilities	26,642	26,682
Commitments and Contingencies (Notes 2, 3, and 8)
Equity
Common stockholders’ equity
Common stock, authorized 350.0 shares in both periods; outstanding 308.9 shares in 2026 and 306.4 shares in 2025	3	3
Other paid-in capital	6,669	6,510
Accumulated other comprehensive loss	(35)	(36)
Retained earnings	2,605	2,443
Total common stockholders’ equity	9,242	8,920
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	9,466	9,144
Noncontrolling interests	585	567
Total equity	10,051	9,711
Total Liabilities and Equity	$40,285	$39,941

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.