CMS ENERGY CORP

For the period ended Sep 30, 2026. Filed Oct 27, 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.

Sep 30, 2026 · Filed Oct 27, 2026

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

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Contents

12: 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 September 30, 2026 · Electric Utility · Gas Utility · NorthStar Clean Energy · Segments Total · Other Reconciling Items · Consolidated
CMS Energy, including Consumers
Operating revenue	$1,774		$264		$145	$2,183	$—	$2,183
Operating expenses
Power supply cost1	677		—		85	762	—	762
Cost of gas sold	—		43		2	45	—	45
Maintenance and other operating expenses	256		106		555	917	3	920
Depreciation and amortization	251		37		10	298	—	298
General taxes	85		23		3	111	—	111
Total operating expenses	1,269		209		655	2,133	3	2,136
Operating Income (Loss)	505		55		(510)	50	(3)	47
Other income (expense)	46		26		(19)	53	1	54
Interest charges	87		61		2	150	64	214
Income (Loss) Before Income Taxes	464		20		(531)	(47)	(66)	(113)
Income tax expense (benefit)	65		7		(124)	(52)	30	(22)
Income (Loss) From Continuing Operations	399		13		(407)	5	(96)	(91)
Other segment items2	—		—		214	214	(2)	212
Net Income (Loss) Available to Common Stockholders	$399		$13		$(193)	$219	$(98)	$121
Property, plant, and equipment, gross	$23,383	3	$14,975	3	$916	$39,274	$26	$39,300
Total assets	24,309	3	14,738	3	2,415	41,462	221	41,683

In Millions
Three Months Ended September 30, 2026 · Electric Utility · Gas Utility · Segments Total · Other Reconciling Items · Consolidated
Consumers
Operating revenue	$1,774		$264		$2,038	$—	$2,038
Operating expenses
Power supply cost1	677		—		677	—	677
Cost of gas sold	—		43		43	—	43
Maintenance and other operating expenses	256		106		362	—	362
Depreciation and amortization	251		37		288	—	288
General taxes	85		23		108	—	108
Total operating expenses	1,269		209		1,478	—	1,478
Operating Income	505		55		560	—	560
Other income	46		26		72	—	72
Interest charges	87		61		148	1	149
Income (Loss) Before Income Taxes	464		20		484	(1)	483
Income tax expense	65		7		72	20	92
Net Income (Loss)	399		13		412	(21)	391
Other segment items2	—		—		—	—	—
Net Income (Loss) Available to Common Stockholder	$399		$13		$412	$(21)	$391
Property, plant, and equipment, gross	$23,383	3	$14,975	3	$38,358	$23	$38,381
Total assets	24,362	3	14,778	3	39,140	64	39,204

In Millions
Three Months Ended September 30, 2025 · Electric Utility · Gas Utility · NorthStar Clean Energy · Segments Total · Other Reconciling Items · Consolidated
CMS Energy, including Consumers
Operating revenue	$1,679		$234		$108	$2,021	$—	$2,021
Operating expenses
Power supply cost1	624		—		63	687	—	687
Cost of gas sold	—		40		2	42	—	42
Maintenance and other operating expenses	285		103		25	413	3	416
Depreciation and amortization	239		35		14	288	—	288
General taxes	81		23		3	107	—	107
Total operating expenses	1,229		201		107	1,537	3	1,540
Operating Income (Loss)	450		33		1	484	(3)	481
Other income	34		22		4	60	2	62
Interest charges	92		53		(1)	144	59	203
Income (Loss) Before Income Taxes	392		2		6	400	(60)	340
Income tax expense	66		2		—	68	—	68
Income (Loss) From Continuing Operations	326		—		6	332	(60)	272
Other segment items2	—		—		5	5	(2)	3
Net Income (Loss) Available to Common Stockholders	$326		$—		$11	$337	$(62)	$275
Property, plant, and equipment, gross	$21,095	3	$13,890	3	$1,568	$36,553	$30	$36,583
Total assets	21,917	3	13,720	3	2,229	37,866	142	38,008

In Millions
Three Months Ended September 30, 2025 · Electric Utility · Gas Utility · Segments Total · Other Reconciling Items · Consolidated
Consumers
Operating revenue	$1,679		$234		$1,913	$—	$1,913
Operating expenses
Power supply cost1	624		—		624	—	624
Cost of gas sold	—		40		40	—	40
Maintenance and other operating expenses	285		103		388	—	388
Depreciation and amortization	239		35		274	—	274
General taxes	81		23		104	—	104
Total operating expenses	1,229		201		1,430	—	1,430
Operating Income	450		33		483	—	483
Other income (expense)	34		22		56	(1)	55
Interest charges	92		53		145	—	145
Income (Loss) Before Income Taxes	392		2		394	(1)	393
Income tax expense	66		2		68	11	79
Net Income (Loss)	326		—		326	(12)	314
Other segment items2	—		—		—	—	—
Net Income (Loss) Available to Common Stockholder	$326		$—		$326	$(12)	$314
Property, plant, and equipment, gross	$21,095	3	$13,890	3	$34,985	$36	$35,021
Total assets	21,972	3	13,762	3	35,734	46	35,780

Presented in the following tables is financial information by segment:

In Millions
Nine Months Ended September 30, 2026	Electric Utility	Gas Utility	NorthStar Clean Energy	Segments Total	Other Reconciling Items	Consolidated
CMS Energy, including Consumers
Operating revenue	$4,480	$1,896	$366	$6,742	$—	$6,742
Operating expenses
Power supply cost1	1,794	—	232	2,026	—	2,026
Cost of gas sold	—	659	4	663	—	663
Maintenance and other operating expenses	841	366	615	1,822	10	1,832
Depreciation and amortization	720	261	37	1,018	—	1,018
General taxes	242	150	9	401	1	402
Total operating expenses	3,597	1,436	897	5,930	11	5,941
Operating Income (Loss)	883	460	(531)	812	(11)	801
Other income (expense)	135	72	(9)	198	6	204
Interest charges	256	175	8	439	188	627
Income (Loss) Before Income Taxes	762	357	(548)	571	(193)	378
Income tax expense (benefit)	115	97	(112)	100	(4)	96
Income (Loss) From Continuing Operations	647	260	(436)	471	(189)	282
Other segment items2	(1)	—	302	301	(7)	294
Net Income (Loss) Available to Common Stockholders	$646	$260	$(134)	$772	$(196)	$576

In Millions
Nine Months Ended September 30, 2026	Electric Utility	Gas Utility	Segments Total	Other Reconciling Items	Consolidated
Consumers
Operating revenue	$4,480	$1,896	$6,376	$—	$6,376
Operating expenses
Power supply cost1	1,794	—	1,794	—	1,794
Cost of gas sold	—	659	659	—	659
Maintenance and other operating expenses	841	366	1,207	—	1,207
Depreciation and amortization	720	261	981	—	981
General taxes	242	150	392	—	392
Total operating expenses	3,597	1,436	5,033	—	5,033
Operating Income	883	460	1,343	—	1,343
Other income	135	72	207	—	207
Interest charges	256	175	431	1	432
Income (Loss) Before Income Taxes	762	357	1,119	(1)	1,118
Income tax expense	115	97	212	11	223
Net Income (Loss)	647	260	907	(12)	895
Other segment items2	(1)	—	(1)	—	(1)
Net Income (Loss) Available to Common Stockholder	$646	$260	$906	$(12)	$894

In Millions
Nine Months Ended September 30, 2025	Electric Utility	Gas Utility	NorthStar Clean Energy	Segments Total	Other Reconciling Items	Consolidated
CMS Energy, including Consumers
Operating revenue	$4,337	$1,670	$299	$6,306	$—	$6,306
Operating expenses
Power supply cost1	1,707	—	198	1,905	—	1,905
Cost of gas sold	—	545	4	549	—	549
Maintenance and other operating expenses	806	331	73	1,210	8	1,218
Depreciation and amortization	682	243	39	964	—	964
General taxes	227	142	9	378	—	378
Total operating expenses	3,422	1,261	323	5,006	8	5,014
Operating Income (Loss)	915	409	(24)	1,300	(8)	1,292
Other income	97	64	7	168	81	249
Interest charges	263	152	(2)	413	175	588
Income (Loss) Before Income Taxes	749	321	(15)	1,055	(102)	953
Income tax expense (benefit)	131	83	(7)	207	(14)	193
Income (Loss) From Continuing Operations	618	238	(8)	848	(88)	760
Other segment items2	(1)	—	23	22	(7)	15
Net Income (Loss) Available to Common Stockholders	$617	$238	$15	$870	$(95)	$775

In Millions
Nine Months Ended September 30, 2025	Electric Utility	Gas Utility	Segments Total	Other Reconciling Items	Consolidated
Consumers
Operating revenue	$4,337	$1,670	$6,007	$—	$6,007
Operating expenses
Power supply cost1	1,707	—	1,707	—	1,707
Cost of gas sold	—	545	545	—	545
Maintenance and other operating expenses	806	331	1,137	—	1,137
Depreciation and amortization	682	243	925	—	925
General taxes	227	142	369	—	369
Total operating expenses	3,422	1,261	4,683	—	4,683
Operating Income	915	409	1,324	—	1,324
Other income	97	64	161	—	161
Interest charges	263	152	415	1	416
Income (Loss) Before Income Taxes	749	321	1,070	(1)	1,069
Income tax expense	131	83	214	7	221
Net Income (Loss)	618	238	856	(8)	848
Other segment items2	(1)	—	(1)	—	(1)
Net Income (Loss) Available to Common Stockholder	$617	$238	$855	$(8)	$847

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