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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____to_____

Commission File No.

Registrant; State of Incorporation; Address; and Telephone Number

IRS Employer Identification No.

1-9513

$\"CMS_Logo.jpg\"$

CMS ENERGY CORPORATION

38-2726431

(A Michigan Corporation)

One Energy Plaza, Jackson, Michigan 49201

(517) 788-0550

1-5611

$\"CE_Logo_JPEG.jpg\"$

CONSUMERS ENERGY COMPANY

38-0442310

(A Michigan Corporation)

One Energy Plaza, Jackson, Michigan 49201

(517) 788-0550

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

CMS Energy Corporation Common Stock, $0.01 par value

CMS

New York Stock Exchange

CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078

CMSA

New York Stock Exchange

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078

CMSC

New York Stock Exchange

CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079

CMSD

New York Stock Exchange

CMS Energy Corporation Depositary Shares, each representing a 1/1,000th interest in a share of 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C

CMS PRC

New York Stock Exchange

Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series

CMS-PB

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

CMS Energy Corporation:

Yes

☒

☐

Consumers Energy Company:

Yes

☒

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

CMS Energy Corporation:

Yes

☒

☐

Consumers Energy Company:

Yes

☒

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

CMS Energy Corporation:

Consumers Energy Company:

Large accelerated filer

☒

Large accelerated filer

☐

Non‑accelerated filer

☐

Non‑accelerated filer

☒

Accelerated filer

☐

Accelerated filer

☐

Smaller reporting company

☐

Smaller reporting company

☐

Emerging growth company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

CMS Energy Corporation:

☐

Consumers Energy Company:

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act).

CMS Energy Corporation:

Yes

☐

☒

Consumers Energy Company:

Yes

☐

☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock at October 12, 2026:

CMS Energy Corporation:

CMS Energy Corporation Common Stock, $0.01 par value

313,625,618

Consumers Energy Company:

Consumers Common Stock, $10 par value, privately held by CMS Energy Corporation

84,108,789


Glossary	2
Filing Format	9
Available Information	9
Forward-looking Statements and Information	9











Part I—Financial Information	15
Item 1.	Financial Statements	47



Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	98
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	98


Item 4.	Controls and Procedures	99


Part II—Other Information	100
Item 1.	Legal Proceedings	100
Item 1A.	Risk Factors	100
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	100
Item 3.	Defaults Upon Senior Securities	101
Item 4.	Mine Safety Disclosures	101
Item 5 .	Other Information	101
Item 6.	Exhibits	103










Signatures	104





2023 Energy Law
Michigan’s Public Acts 229, 230, 231, 233, 234, and 235 of 2023







ABATE
Association of Businesses Advocating Tariff Equity




AFUDC
Allowance for borrowed and equity funds used during construction







ARO
Asset retirement obligation







ASP
Appliance Service Plan

ASU
Financial Accounting Standards Board Accounting Standards Update










Bay Harbor
A residential/commercial real estate area located near Petoskey, Michigan, in which CMS Energy sold its interest in 2002

Bcf
Billion cubic feet

BG Solar Holdings
BG Solar Holdings, LLC, a VIE in which BG Solar Holdings I, LLC, a wholly owned subsidiary of Grand River Solar, LLC, a wholly owned subsidiary of NorthStar Clean Energy, holds a Class B membership interest
















CCR
Coal combustion residual

CCRMU
Coal Combustion Residuals Management Unit




CEO
Chief Executive Officer


CERCLA
Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended

CFO
Chief Financial Officer







Clean Air Act
Federal Clean Air Act of 1963, as amended

Clean Water Act
Federal Water Pollution Control Act of 1972, as amended




CMS Energy
CMS Energy Corporation and its consolidated subsidiaries, unless otherwise noted; the parent of Consumers and NorthStar Clean Energy
















CMS Land
CMS Land Company, a wholly owned subsidiary of CMS Capital, L.L.C., a wholly owned subsidiary of CMS Energy




Consumers
Consumers Energy Company and its consolidated subsidiaries, unless otherwise noted; a wholly owned subsidiary of CMS Energy







Covert Generating Station
A 1,200-MW natural gas-fueled generation station that was acquired by Consumers in 2023 from New Covert Generating Company, LLC, a non-affiliated company







CSAPR
Cross-State Air Pollution Rule of 2011, as amended







DB Pension Plans
Defined benefit pension plans of CMS Energy and Consumers, including certain present and former affiliates and subsidiaries

DB SERP
Defined Benefit Supplemental Executive Retirement Plan



















Dodd-Frank Act
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010

DOE
U.S. Department of Energy


DTE Electric
DTE Electric Company, a non‑affiliated company




EGLE
Michigan Department of Environment, Great Lakes, and Energy

Electric Supply Plan
Consumers’ long-term strategy for delivering safe, reliable, affordable, clean, and equitable energy to its customers; this plan is outlined in Consumers’ IRP and incorporates the REP

Endangered Species Act
Federal Endangered Species Act of 1973, as amended




Energy waste reduction
The reduction of energy consumption through energy efficiency and demand-side energy conservation, as established under Michigan law




EPA
U.S. Environmental Protection Agency

EPS
Earnings per share




ERP
Enterprise Resource Planning software

Exchange Act
Securities Exchange Act of 1934




Federal Power Act
Federal Power Act of 1920




FERC
Federal Energy Regulatory Commission







FTR
Financial transmission right

GAAP
U.S. Generally Accepted Accounting Principles


GCR
Gas cost recovery













GW
Gigawatt, a unit of energy equal to 1 billion watts




HL Solar Holdings
HL Solar Holdings, LLC, a VIE in which HL Solar Holdings I, LLC, a wholly owned subsidiary of Grand River Solar, LLC, a wholly owned subsidiary of NorthStar Clean Energy, holds a Class B membership interest










IRP
Integrated Resource Plan

IRS
Internal Revenue Service

IT
Information technology

J.H. Campbell
J.H. Campbell Generating Complex, a three-unit coal-fueled electric generating facility comprised of Units 1 and 2, which are wholly owned by Consumers, and Unit 3, which Consumers jointly owns with the Michigan Public Power Agency, holding a 4.80‑percent interest, and Wolverine Power, holding a 1.89‑percent interest, each a non-affiliated entity







kWh
Kilowatt-hour, a unit of energy equal to 1,000 watt-hours




Ludington
Ludington pumped-storage plant, jointly owned by Consumers and DTE Electric

MATS
Mercury and Air Toxics Standards, which limit mercury, acid gases, and other toxic pollution from coal‑fueled and oil‑fueled power plants




MCV Facility
A 1,647-MW natural gas-fueled, combined-cycle cogeneration facility operated by the MCV Partnership

MCV Partnership
Midland Cogeneration Venture Limited Partnership, a non-affiliated company


METC
Michigan Electric Transmission Company, LLC, a non‑affiliated company

MGP
Manufactured gas plant




Migratory Bird Treaty Act
Migratory Bird Treaty Act of 1918, as amended




MISO
Midcontinent Independent System Operator, Inc.

MISO Tariff
MISO Open Access Transmission, Energy, and Operating Reserve Markets Tariff

Mothball
To place a generating unit into a state of extended reserve shutdown in which the unit is inactive and unavailable for service for a specified period, during which the unit can be brought back into service after receiving appropriate notification and completing any necessary maintenance or other work; generation owners in MISO must request approval to mothball a unit, and MISO then evaluates the request for reliability impacts

MPSC
Michigan Public Service Commission




MW
Megawatt, a unit of energy equal to 1 million watts




NAAQS
National Ambient Air Quality Standards

Natural Gas Act
Natural Gas Act of 1938










NorthStar Clean Energy
NorthStar Clean Energy Company and its consolidated subsidiaries, unless otherwise noted; a wholly owned subsidiary of CMS Energy

NOx
Nitrogen oxides


NPDES
National Pollutant Discharge Elimination System, a permit system for regulating point sources of pollution under the Clean Water Act

NREPA
Part 201 of Michigan’s Natural Resources and Environmental Protection Act of 1994, as amended













OPEB
Other post-employment benefits

OPEB Plan
Postretirement health care and life insurance plans of CMS Energy and Consumers, including certain present and former affiliates and subsidiaries










PCB
Polychlorinated biphenyl













PPA
Power purchase agreement

PSCR
Power supply cost recovery




RCRA
Federal Resource Conservation and Recovery Act of 1976










REP
Renewable Energy Plan

ROA
Retail Open Access, which allows electric generation customers to choose alternative electric suppliers pursuant to Michigan’s Public Acts 141 and 142 of 2000, as amended




SEC
U.S. Securities and Exchange Commission

Securitization
A financing method authorized by statute and approved by the MPSC which allows a utility to sell its right to receive a portion of the rate payments received from its customers for the repayment of securitization bonds issued by a special-purpose entity affiliated with such utility







SOFR
Secured overnight financing rate calculated and published by the Federal Reserve Bank of New York


TAES
Toshiba America Energy Systems Corporation, a non-affiliated company

TBJH
TBJH Inc., a non-affiliated company

TCJA
Tax Cuts and Jobs Act of 2017

Term SOFR
The rate per annum that is a forward-looking term rate based on SOFR




Toshiba
Toshiba Corporation, a non-affiliated company

Toshiba International
Toshiba International Corporation, a non-affiliated company










VIE
Variable interest entity


CMS Energy Consolidated Financial Statements (Unaudited)	47
Consolidated Statements of Income (Unaudited)	47
Consolidated Statements of Comprehensive Income (Unaudited)	48
Consolidated Statements of Cash Flows (Unaudited)	49
Consolidated Balance Sheets (Unaudited)	50
Consolidated Statements of Changes in Equity (Unaudited)	52
Consumers Consolidated Financial Statements (Unaudited)	53
Consolidated Statements of Income (Unaudited)	53
Consolidated Statements of Comprehensive Income (Unaudited)	54
Consolidated Statements of Cash Flows (Unaudited)	55
Consolidated Balance Sheets (Unaudited)	56
Consolidated Statements of Changes in Equity (Unaudited)	58
Notes to the Unaudited Consolidated Financial Statements	59
1:	New Accounting Standards	59
2:	Regulatory Matters	60
3:	Contingencies and Commitments	62
4:	Financings and Capitalization	66
5:	Fair Value Measurements	70
6:	Financial Instruments	73

7:	Retirement Benefits	74
8:	Income Taxes	75
9:	Earnings Per Share—CMS Energy	76
10:	Revenue	78
11:	Cash and Cash Equivalents	83
12:	Reportable Segments	84
13:	Variable Interest Entities	92
14:	Exit Activities and Asset Sales	95


In Millions, Except Per Share Amounts
	Three Months Ended		Nine Months Ended
September 30	2026	2025	Change	2026	2025	Change
Net Income Available to Common Stockholders		$	121		$	275	$	(154)	$	576	$	775	$	(199)
Basic Earnings Per Average Common Share		$	0.39		$	0.92	$	(0.53)	$	1.86	$	2.59	$	(0.73)
Diluted Earnings Per Average Common Share		$	0.39		$	0.92	$	(0.53)	$	1.86	$	2.59	$	(0.73)


In Millions
	Three Months Ended		Nine Months Ended
September 30, 2025				$	275				$	775
Reasons for the change
Consumers electric utility and gas utility
Electric sales		$	12				$	(21)
Gas sales		5				—
Electric rate increase		41				104
Gas rate increase, offset partially by the absence of ASP sale gain amortization		19				93
Higher other income, net of expenses, due primarily to AFUDC		16				46
Absence of coal-fueled generation costs1		—				16
Lower (higher) income tax expenses		(4)				2
Higher depreciation and amortization		(14)				(56)
Lower (higher) service restoration costs2		36				(34)
Higher other maintenance and operating expenses		(16)				(31)
Higher property taxes, reflecting higher capital spending		(4)				(23)
Lower (higher) IT expenses, including early-phase ERP implementation costs		2				(18)
Higher interest charges		(3)				(16)
Higher vegetation management costs		(4)				(11)
				$	86				$	51
NorthStar Clean Energy				(204)				(149)
Corporate interest and other				(36)				(101)

September 30, 2026				$	121				$	576


In Millions
	Three Months Ended		Nine Months Ended
September 30, 2025				$	326				$	617
Reasons for the change
Electric deliveries1 and rate increases
Rate increase, including return on higher renewable capital spending		$	41				$	104
Higher (lower) revenue due to volume and sales mix		18				(11)
Lower energy waste reduction program revenues		(11)				(27)
Lower other revenues		(6)				(10)
				$	42				$	56
Maintenance and other operating expenses
Lower (higher) service restoration costs2		36				(34)
Lower (higher) IT expenses, including early-phase ERP implementation costs		2				(18)
Higher vegetation management costs		(4)				(11)
Absence of coal-fueled generation costs3		—				16
Lower energy waste reduction program costs		11				27
Higher other maintenance and operating expenses		(16)				(15)
				29				(35)
Depreciation and amortization
Increased plant in service, reflecting higher capital spending				(12)				(38)
General taxes
Higher property taxes, reflecting higher capital spending				(4)				(15)
Other income, net of expenses
Higher AFUDC due primarily to the REP4		16				44
Lower other income, net of expenses		(4)				(6)
				12				38
Interest charges
Higher AFUDC interest due primarily to the REP4		7				19
Higher debt expense		(9)				(20)
Lower other interest charges		7				8
				5				7
Income taxes
Decrease (increase) in tax reserves5		3				(9)
Higher electric utility pre-tax earnings		(19)				(3)
Absence of change in state tax law5		—				8
Renewable energy tax credits		7				8
Lower other income taxes		10				12
				1				16
September 30, 2026				$	399				$	646


In Millions
	Three Months Ended		Nine Months Ended
September 30, 2025				$	—				$	238
Reasons for the change
Gas deliveries1 and rate increases
Rate increase		$	22				$	112
Higher other revenues		5				—
				$	27				$	112
Maintenance and other operating expenses
Absence of ASP sale gain amortization2		(3)				(19)
Higher maintenance and other operating expenses		—				(16)
				(3)				(35)
Depreciation and amortization
Increased plant in service, reflecting higher capital spending				(2)				(18)
General taxes
Higher property taxes, reflecting higher capital spending				—				(8)
Other income, net of expenses				4				8
Interest charges				(8)				(23)
Income taxes
Decrease (increase) in tax reserves3		1				(5)
Higher gas utility pre-tax earnings		(4)				(9)
Absence of change in state tax law3		—				4
Higher other income taxes		(2)				(4)
				(5)				(14)
September 30, 2026				$	13				$	260


In Millions
	Three Months Ended	Nine Months Ended
September 30, 2025			$	11		$	15
Reasons for the change
Impairment, disposal, and exit costs1			$	(456)		$	(456)
Lower operating earnings			—		(1)
Higher earnings from Michigan renewable projects, reflecting projects achieving commercial operation			116		185
Lower tax expense reflecting lower pre-tax earnings			124		105
Lower other expenses			12		18
September 30, 2026			$	(193)		$	(134)


In Millions
CMS Energy, including Consumers
Nine Months Ended September 30, 2025	$	1,757
Reasons for the change
Lower net income	$	(478)
Non‑cash transactions1	498
Favorable impact of changes in core working capital,2 due primarily to lower PSCR undercollections and higher collections on receivables, offset partially by higher GCR undercollections and timing of payments to vendors	4
Favorable impact of changes in other assets and liabilities, due primarily to higher tax credit sale proceeds, offset partially by final recovery of previously deferred power supply costs and higher property tax payments	17
Nine Months Ended September 30, 2026	$	1,798
Consumers
Nine Months Ended September 30, 2025	$	1,774
Reasons for the change
Higher net income	$	47
Non‑cash transactions1	67
Favorable impact of changes in core working capital,2 due primarily to lower PSCR undercollections and higher collections on receivables, offset partially by higher GCR undercollections and timing of payments to vendors	9
Unfavorable impact of changes in other assets and liabilities, due primarily to final recovery of previously deferred power supply costs, higher property tax payments, and higher income tax payments to CMS Energy	(226)
Nine Months Ended September 30, 2026	$	1,671


	Limit	Actual
CMS Energy, parent only
Debt to capital1	< 0.70 to 1.0	0.56 to 1.0
NorthStar Clean Energy
Debt to capital2	< 0.50 to 1.0	0.13 to 1.0
Debt service coverage2	> 2.00 to 1.0	8.78 to 1.0
Pledged equity interests to aggregate commitment2,3	> 2.00 to 1.0	3.10 to 1.0
Consumers
Debt to capital4	< 0.65 to 1.0	0.51 to 1.0


In Millions
Projected 12-Month Period Ending April 30	2028
Investment in rate base		$	244
Operating and maintenance costs		43
Sales and other revenue		59
Cost of capital		97
Subtotal		$	443
Surcharge		25
Total		$	468


In Millions
Nine Months Ended September 30	2026	2025
Cash Flows from Operating Activities
Net income (loss)		$	282		$	760
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization		1,018		964
Deferred income taxes and investment tax credits		81		171



NorthStar Clean Energy impairment and disposal		502		—
Other non‑cash operating activities and reconciling adjustments		(149)		(181)

Changes in assets and liabilities
Accounts receivable and accrued revenue		231		114
Inventories		(142)		(134)
Accounts payable and accrued rate refunds		(111)		(6)
Other current assets and liabilities		5		103
Other non‑current assets and liabilities		81		(34)
Net cash provided by operating activities		1,798		1,757
Cash Flows from Investing Activities
Capital expenditures (excludes assets placed under finance lease)		(2,945)		(2,750)









Cost to retire property and other investing activities		(166)		(176)
Net cash used in investing activities		(3,111)		(2,926)
Cash Flows from Financing Activities
Proceeds from issuance of debt		2,173		2,511
Retirement of debt		(929)		(884)

Decrease in notes payable		—		(65)
Issuance of common stock		530		373

Payment of dividends on common and preferred stock		(539)		(496)

Proceeds from the sale of membership interests in VIEs		—		44
Proceeds from the sale of membership interest in VIE to tax equity investor		76		—



Other financing costs		(34)		(60)
Net cash provided by financing activities		1,277		1,423
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts		(36)		254
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period		615		178
Cash and Cash Equivalents, Including Restricted Amounts, End of Period		$	579		$	432
Other Non‑cash Investing and Financing Activities



Non‑cash transactions
Capital expenditures not paid		$	662		$	586
Deemed contribution from sale of membership interest		$	166		$	—


ASSETS
In Millions
	September 30 2026	December 31 2025
Current Assets
Cash and cash equivalents		$	451		$	509
Restricted cash and cash equivalents		102		106
Accounts receivable and accrued revenue, less allowance of $42 in 2026 and $27 in 2025		1,137		1,306


Accounts receivable – related parties		15		17

Inventories at average cost
Gas in underground storage		551		427
Materials and supplies		342		329
Generating plant fuel stock		40		35
Deferred property taxes		318		479
Regulatory assets		59		104
Assets held for sale		43		—
Prepayments and other current assets		148		160
Total current assets		3,206		3,472
Plant, Property, and Equipment
Plant, property, and equipment, gross		39,300		37,763
Less accumulated depreciation and amortization		10,468		10,135
Plant, property, and equipment, net		28,832		27,628
Construction work in progress		3,108		3,052
Total plant, property, and equipment		31,940		30,680
Other Non‑current Assets
Regulatory assets		3,381		3,355
Accounts receivable		17		18
Investments		29		61
Postretirement benefits		2,101		1,957
Assets held for sale		783		—
Other		226		398
Total other non‑current assets		6,537		5,789
Total Assets		$	41,683		$	39,941


LIABILITIES AND EQUITY
In Millions
	September 30 2026	December 31 2025
Current Liabilities
Current portion of long-term debt and finance leases		$	1,258		$	956

Accounts payable		1,326		1,395
Accounts payable – related parties		6		9
Accrued rate refunds		—		28
Accrued interest		227		182
Accrued taxes		225		708
Regulatory liabilities		95		85
Liabilities held for sale		14		—
Other current liabilities		237		185
Total current liabilities		3,388		3,548
Non‑current Liabilities
Long-term debt		18,743		17,807
Non-current portion of finance leases		206		135
Regulatory liabilities		4,149		4,091
Postretirement benefits		92		95
AROs		778		792
Deferred investment tax credit		168		118
Deferred income taxes		3,306		3,252
Liabilities held for sale		87		—
Other non‑current liabilities		471		392
Total non‑current liabilities		28,000		26,682
Commitments and Contingencies (Notes 2, 3, and 8)
Equity
Common stockholders’ equity
Common stock, authorized 700.0 shares in 2026 and 350.0 shares in 2025; outstanding 313.6 shares in 2026 and 306.4 shares in 2025		3		3
Other paid-in capital		7,046		6,510
Accumulated other comprehensive loss		(35)		(36)
Retained earnings		2,488		2,443
Total common stockholders’ equity		9,502		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		9,726		9,144
Noncontrolling interests		569		567
Total equity		10,295		9,711
Total Liabilities and Equity		$	41,683		$	39,941


In Millions
	2026	2027	2028	2029	2030	2031

Long-term leachate disposal and operating and maintenance costs		$	1			$	4	$	4	$	4	$	4	$	4


In Millions
Guarantee Description	Issue Date	Expiration Date	Maximum Obligation	Carrying Amount
CMS Energy, including Consumers
Indemnity obligations from stock and asset sale agreements1	various	indefinite		$	152		$	—
Indemnity obligations from sale of membership interests in VIEs2	various	various		52		—
Guarantee3	2011	indefinite		30		—
Consumers
Guarantee3	2011	indefinite		$	30		$	—


	Principal (In Millions)	Interest Rate (%)	Retirement Date	Maturity Date
CMS Energy, parent only
Senior notes		$	300		3.000		May 2026	May 2026

Total CMS Energy, parent only		$	300
NorthStar Clean Energy
Construction financing agreement1		$	270		variable	June 2026	June 2026
Total NorthStar Clean Energy		$	270
Consumers
First mortgage bonds		$	115		5.240		May 2026	May 2026

Total Consumers		$	115
Total CMS Energy		$	685


In Millions
Expiration Date	Amount of Facility	Amount Borrowed	Letters of Credit Outstanding	Amount Available
CMS Energy, parent only
Unsecured revolving credit facility, expiring November 20301		$	750			$	—		$	14	$	736
Unsecured letter of credit facility, expiring September 2027		50			—			49		1
NorthStar Clean Energy
Secured revolving credit facility, expiring May 20282		$	300			$	75		$	151	$	74
Secured letter of credit facility, expiring May 20293		75			—			—		75
Secured letter of credit facility4		19			—			19		—
Secured letter of credit facility5		22			—			7		15
Consumers
Secured revolving credit facility, expiring November 20301,6		$	1,100			$	—		$	28	$	1,072
Secured revolving credit facility, expiring November 20281,6		300			—			—		300
Secured letter of credit facility, expiring May 20276		100			—			67		33
Unsecured letter of credit facility, expiring March 2028		50			—			38		12
Unsecured letter of credit facility7		98			—			98		—
Unsecured letter of credit facility7		100			—			100		—
Unsecured letter of credit facility7		106			—			106		—
Unsecured letter of credit facility7		125			—			125		—


In Millions
	Level 1	Level 2	Level 3
Long-lived assets held for sale		$	—		$	—		$	789
Equity method investments		—		—			18


In Millions
	September 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		19,995			17,748			1,839		14,174	1,735		18,757		17,645		2,042	13,663		1,940
Long-term payables3		5			5			—		—	5		7		7		—	—		7
Consumers
Assets
Long-term receivables1		$	6			$	5		$	—	$	—	$	5		$	7	$	6		$	—	$	—	$	6

Notes receivable – related party4		88			88			—		—	88		90		90		—	—		90
Liabilities
Long-term debt5		13,616			11,790			—		10,055	1,735		12,097		11,031		—	9,091		1,940
Long-term debt – related party		1,005			584			—		584	—		1,005		657		—	657		—
Long-term payables		1			1			—		—	1		2		2		—	—		2


In Millions
Three Months Ended September 30, 2026	Electric Utility	Gas Utility	NorthStar Clean Energy1	Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	1,769		$	263		$	—					$	2,032
Other		—		—			138				138
Revenue recognized from contracts with customers		$	1,769		$	263		$	138					$	2,170

Financing income		3		1			—				4
Consumers alternative-revenue programs		2		—			—				2
Other		—		—			7				7

Total operating revenue – CMS Energy		$	1,774		$	264		$	145					$	2,183
Consumers
Consumers utility revenue
Residential		$	915		$	170						$	1,085
Commercial		568		43						611
Industrial		223		7						230
Other		63		43						106
Revenue recognized from contracts with customers		$	1,769		$	263						$	2,032

Financing income		3		1						4
Alternative-revenue programs		2		—						2


Total operating revenue – Consumers		$	1,774		$	264						$	2,038


In Millions
Three Months Ended September 30, 2025	Electric Utility	Gas Utility	NorthStar Clean Energy1	Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	1,675		$	233		$	—					$	1,908
Other		—		—			67				67
Revenue recognized from contracts with customers		$	1,675		$	233		$	67					$	1,975
Leasing income		—		—			41				41
Financing income		2		1			—				3
Consumers alternative-revenue programs		2		—			—				2

Total operating revenue – CMS Energy		$	1,679		$	234		$	108					$	2,021
Consumers
Consumers utility revenue
Residential		$	842		$	139						$	981
Commercial		577		45						622
Industrial		204		6						210
Other		52		43						95
Revenue recognized from contracts with customers		$	1,675		$	233						$	1,908

Financing income		2		1						3
Alternative-revenue programs		2		—						2


Total operating revenue – Consumers		$	1,679		$	234						$	1,913


Consolidated VIE	NorthStar Clean Energy’s ownership interest	Description of VIE


BG Solar Holdings1	Class B membership interest	Holding company of a 200-MW solar generation project in Branch County, Michigan

HL Solar Holdings	Class B membership interest	Holding company of a 100‑MW solar generation project in St. Clair County, Michigan, and a 120‑MW solar generation project in Hart Township, Michigan


In Millions
Three and Nine Months Ended September 30	2026
Impairment of long-lived assets held for sale1		$	454
Loss on sale of long-lived assets		15
Contract termination costs2		33
Retention and severance3		7
Other exit costs		16
NorthStar Clean Energy impairment, disposal, and exit costs		$	525


Period	Total Number of Shares Purchased1	Average Price Paid Per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares That May Yet Be Purchased Under Publicly Announced Plans or Programs
July 1, 2026 to July 31, 2026		7			$	77.73		—		—
August 1, 2026 to August 31, 2026		178			71.11		—		—
September 1, 2026 to September 30, 2026		—			—		—		—
Total		185			$	71.36		—		—


Exhibits		Description
4.1	—	157th Supplemental Indenture dated as of August 4, 2026, between Consumers and The Bank of New York Mellon, as Trustee (Exhibit 4.1 to Form 8-K filed August 4, 2026, and incorporated herein by reference)
31.1	—	CMS Energy’s certification of the CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	—	CMS Energy’s certification of the CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.3	—	Consumers’ certification of the CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.4	—	Consumers’ certification of the CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	—	CMS Energy’s certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	—	Consumers’ certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	—	Inline XBRL Instance Document
101.SCH	—	Inline XBRL Taxonomy Extension Schema
101.CAL	—	Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF	—	Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB	—	Inline XBRL Taxonomy Extension Labels Linkbase
101.PRE	—	Inline XBRL Taxonomy Extension Presentation Linkbase
104	—	Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document)


		CMS ENERGY CORPORATION


Dated: October 27, 2026	By:	/s/ Srikanth Maddipati
		Srikanth Maddipati
		Executive Vice President and Chief Financial Officer


		CONSUMERS ENERGY COMPANY


Dated: October 27, 2026	By:	/s/ Srikanth Maddipati
		Srikanth Maddipati
		Executive Vice President and Chief Financial Officer