CMS ENERGY CORP

For the period ended Jun 30, 2026. Filed Jul 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.

Jun 30, 2026 · Filed Jul 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 and the marketing of independent power production

CMS Energy presents corporate interest, other expenses, 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.

In Millions
Three Months Ended June 30, 2026 · Electric Utility · Gas Utility · NorthStar Clean Energy · Segments Total · Other Reconciling Items · Consolidated
CMS Energy, including Consumers
Operating revenue	$1,338		$388		$103	$1,829	$—	$1,829
Operating expenses
Power supply cost1	517		—		56	573	—	573
Cost of gas sold	—		102		—	102	—	102
Maintenance and other operating expenses	308		121		30	459	5	464
Depreciation and amortization	236		57		15	308	—	308
General taxes	78		36		3	117	1	118
Total operating expenses	1,139		316		104	1,559	6	1,565
Operating Income (Loss)	199		72		(1)	270	(6)	264
Other income	46		23		3	72	3	75
Interest charges	86		58		4	148	62	210
Income (Loss) Before Income Taxes	159		37		(2)	194	(65)	129
Income tax expense (benefit)	21		10		5	36	(3)	33
Income (Loss) From Continuing Operations	138		27		(7)	158	(62)	96
Other segment items2	(1)		—		25	24	(3)	21
Net Income (Loss) Available to Common Stockholders	$137		$27		$18	$182	$(65)	$117
Property, plant, and equipment, gross	$22,595	3	$14,548	3	$2,058	$39,201	$26	$39,227
Total assets	23,926	3	14,193	3	2,689	40,808	97	40,905

In Millions
Three Months Ended June 30, 2026 · Electric Utility · Gas Utility · Segments Total · Other Reconciling Items · Consolidated
Consumers
Operating revenue	$1,338		$388		$1,726	$—	$1,726
Operating expenses
Power supply cost1	517		—		517	—	517
Cost of gas sold	—		102		102	—	102
Maintenance and other operating expenses	308		121		429	—	429
Depreciation and amortization	236		57		293	—	293
General taxes	78		36		114	—	114
Total operating expenses	1,139		316		1,455	—	1,455
Operating Income	199		72		271	—	271
Other income	46		23		69	—	69
Interest charges	86		58		144	—	144
Income Before Income Taxes	159		37		196	—	196
Income tax expense	21		10		31	7	38
Net Income (Loss)	138		27		165	(7)	158
Other segment items2	(1)		—		(1)	—	(1)
Net Income (Loss) Available to Common Stockholder	$137		$27		$164	$(7)	$157
Property, plant, and equipment, gross	$22,595	3	$14,548	3	$37,143	$32	$37,175
Total assets	23,979	3	14,234	3	38,213	53	38,266

In Millions
Three Months Ended June 30, 2025 · Electric Utility · Gas Utility · NorthStar Clean Energy · Segments Total · Other Reconciling Items · Consolidated
CMS Energy, including Consumers
Operating revenue	$1,359		$387		$92	$1,838	$—	$1,838
Operating expenses
Power supply cost1	537		—		66	603	—	603
Cost of gas sold	—		123		1	124	—	124
Maintenance and other operating expenses	264		112		18	394	3	397
Depreciation and amortization	222		54		12	288	—	288
General taxes	73		33		3	109	—	109
Total operating expenses	1,096		322		100	1,518	3	1,521
Operating Income (Loss)	263		65		(8)	320	(3)	317
Other income	36		23		2	61	76	137
Interest charges	89		51		(1)	139	60	199
Income (Loss) Before Income Taxes	210		37		(5)	242	13	255
Income tax expense (benefit)	42		12		(18)	36	26	62
Income (Loss) From Continuing Operations	168		25		13	206	(13)	193
Other segment items2	(1)		—		9	8	(3)	5
Net Income (Loss) Available to Common Stockholders	$167		$25		$22	$214	$(16)	$198
Property, plant, and equipment, gross	$20,761	3	$13,609	3	$1,562	$35,932	$30	$35,962
Total assets	21,942	3	13,388	3	2,105	37,435	264	37,699

In Millions
Three Months Ended June 30, 2025 · Electric Utility · Gas Utility · Segments Total · Other Reconciling Items · Consolidated
Consumers
Operating revenue	$1,359		$387		$1,746	$—	$1,746
Operating expenses
Power supply cost1	537		—		537	—	537
Cost of gas sold	—		123		123	—	123
Maintenance and other operating expenses	264		112		376	—	376
Depreciation and amortization	222		54		276	—	276
General taxes	73		33		106	—	106
Total operating expenses	1,096		322		1,418	—	1,418
Operating Income	263		65		328	—	328
Other income	36		23		59	1	60
Interest charges	89		51		140	1	141
Income Before Income Taxes	210		37		247	—	247
Income tax expense	42		12		54	5	59
Net Income (Loss)	168		25		193	(5)	188
Other segment items2	(1)		—		(1)	—	(1)
Net Income (Loss) Available to Common Stockholder	$167		$25		$192	$(5)	$187
Property, plant, and equipment, gross	$20,761	3	$13,609	3	$34,370	$36	$34,406
Total assets	21,997	3	13,430	3	35,427	40	35,467

Presented in the following tables is financial information by segment:

In Millions
Six Months Ended June 30, 2026 · Electric Utility · Gas Utility · NorthStar Clean Energy · Segments Total · Other Reconciling Items · Consolidated
CMS Energy, including Consumers
Operating revenue	$2,706		$1,632		$221	$4,559	$—	$4,559
Operating expenses
Power supply cost1	1,117		—		147	1,264	—	1,264
Cost of gas sold	—		616		2	618	—	618
Maintenance and other operating expenses	585		260		60	905	7	912
Depreciation and amortization	469		224		27	720	—	720
General taxes	157		127		6	290	1	291
Total operating expenses	2,328		1,227		242	3,797	8	3,805
Operating Income (Loss)	378		405		(21)	762	(8)	754
Other income	89		46		10	145	5	150
Interest charges	169		114		6	289	124	413
Income (Loss) Before Income Taxes	298		337		(17)	618	(127)	491
Income tax expense (benefit)	50		90		12	152	(34)	118
Income (Loss) From Continuing Operations	248		247		(29)	466	(93)	373
Other segment items2	(1)		—		88	87	(5)	82
Net Income (Loss) Available to Common Stockholders	$247		$247		$59	$553	$(98)	$455
Property, plant, and equipment, gross	$22,595	3	$14,548	3	$2,058	$39,201	$26	$39,227
Total assets	23,926	3	14,193	3	2,689	40,808	97	40,905

In Millions
Six Months Ended June 30, 2026 · Electric Utility · Gas Utility · Segments Total · Other Reconciling Items · Consolidated
Consumers
Operating revenue	$2,706		$1,632		$4,338	$—	$4,338
Operating expenses
Power supply cost1	1,117		—		1,117	—	1,117
Cost of gas sold	—		616		616	—	616
Maintenance and other operating expenses	585		260		845	—	845
Depreciation and amortization	469		224		693	—	693
General taxes	157		127		284	—	284
Total operating expenses	2,328		1,227		3,555	—	3,555
Operating Income	378		405		783	—	783
Other income	89		46		135	—	135
Interest charges	169		114		283	—	283
Income Before Income Taxes	298		337		635	—	635
Income tax expense (benefit)	50		90		140	(9)	131
Net Income	248		247		495	9	504
Other segment items2	(1)		—		(1)	—	(1)
Net Income Available to Common Stockholder	$247		$247		$494	$9	$503
Property, plant, and equipment, gross	$22,595	3	$14,548	3	$37,143	$32	$37,175
Total assets	23,979	3	14,234	3	38,213	53	38,266

In Millions
Six Months Ended June 30, 2025 · Electric Utility · Gas Utility · NorthStar Clean Energy · Segments Total · Other Reconciling Items · Consolidated
CMS Energy, including Consumers
Operating revenue	$2,658		$1,436		$191	$4,285	$—	$4,285
Operating expenses
Power supply cost1	1,083		—		135	1,218	—	1,218
Cost of gas sold	—		505		2	507	—	507
Maintenance and other operating expenses	521		228		48	797	5	802
Depreciation and amortization	443		208		25	676	—	676
General taxes	146		119		6	271	—	271
Total operating expenses	2,193		1,060		216	3,469	5	3,474
Operating Income (Loss)	465		376		(25)	816	(5)	811
Other income	63		42		3	108	79	187
Interest charges	171		99		(1)	269	116	385
Income (Loss) Before Income Taxes	357		319		(21)	655	(42)	613
Income tax expense (benefit)	65		81		(7)	139	(14)	125
Income (Loss) From Continuing Operations	292		238		(14)	516	(28)	488
Other segment items2	(1)		—		18	17	(5)	12
Net Income (Loss) Available to Common Stockholders	$291		$238		$4	$533	$(33)	$500
Property, plant, and equipment, gross	$20,761	3	$13,609	3	$1,562	$35,932	$30	$35,962
Total assets	21,942	3	13,388	3	2,105	37,435	264	37,699

In Millions
Six Months Ended June 30, 2025 · Electric Utility · Gas Utility · Segments Total · Other Reconciling Items · Consolidated
Consumers
Operating revenue	$2,658		$1,436		$4,094	$—	$4,094
Operating expenses
Power supply cost1	1,083		—		1,083	—	1,083
Cost of gas sold	—		505		505	—	505
Maintenance and other operating expenses	521		228		749	—	749
Depreciation and amortization	443		208		651	—	651
General taxes	146		119		265	—	265
Total operating expenses	2,193		1,060		3,253	—	3,253
Operating Income	465		376		841	—	841
Other income	63		42		105	1	106
Interest charges	171		99		270	1	271
Income Before Income Taxes	357		319		676	—	676
Income tax expense (benefit)	65		81		146	(4)	142
Net Income	292		238		530	4	534
Other segment items2	(1)		—		(1)	—	(1)
Net Income Available to Common Stockholder	$291		$238		$529	$4	$533
Property, plant, and equipment, gross	$20,761	3	$13,609	3	$34,370	$36	$34,406
Total assets	21,997	3	13,430	3	35,427	40	35,467

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.