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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6: Financial Instruments

Presented in the following table are the carrying amounts and fair values, by level within the fair value hierarchy, of CMS Energy’s and Consumers’ financial instruments that are not recorded at fair value. The table excludes cash, cash equivalents, short-term financial instruments, and trade accounts receivable and payable whose carrying amounts approximate their fair values. For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 5, Fair Value Measurements.

In Millions
June 30, 2026 · December 31, 2025
Carrying Amount · Fair Value · Carrying Amount · Fair Value
Total · Level · Total · Level
	1	2	3	1	2	3
CMS Energy, including Consumers
Assets
Long-term receivables1		$6		$5			$—	$—	$5	$7	$6	$—	$—	$6
Liabilities
Long-term debt2		19,036		18,438			1,984	14,643	1,811	18,757	17,645	2,042	13,663	1,940
Long-term payables3		6		6			—	—	6	7	7	—	—	7
Consumers
Assets
Long-term receivables1		$6		$5			$—	$—	$5	$7	$6	$—	$—	$6
Notes receivable – related party4		89		89			—	—	89	90	90	—	—	90
Liabilities
Long-term debt5		12,769		12,209			—	10,398	1,811	12,097	11,031	—	9,091	1,940
Long-term debt – related party6		1,005		649			—	649	—	1,005	657	—	657	—
Long-term payables		1		1			—	—	1	2	2	—	—	2

1 Includes current portion of long-term accounts receivable and notes receivable of $2 million at June 30, 2026 and $3 million at December 31, 2025.

2 Includes current portion of long-term debt of $864 million at June 30, 2026 and $950 million at December 31, 2025.

3 Includes current portion of long-term payables of $1 million at June 30, 2026 and$2 million at December 31, 2025.

4 Includes current portion of notes receivable – related party of $7 million at June 30, 2026 and December 31, 2025.

5 Includes current portion of long-term debt of $461 million at June 30, 2026 and $573 million at December 31, 2025.

6 For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 4, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.

Notes receivable – related party represents Consumers’ portion of the DB SERP demand note payable issued by CMS Energy to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028.

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