Revenue

9 Months Ended

Sep. 30, 2025

Disaggregation of Revenue [Line Items]

Presented in the following tables are the components of operating revenue:


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

1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $28 million for the three months ended September 30, 2025.


In Millions
Three Months Ended September 30, 2024	Electric Utility			Gas Utility			NorthStar Clean Energy1			Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	1,443		$	212		$	—		$	1,655
Other		—			—			56			56
Revenue recognized from contracts with customers		$	1,443		$	212		$	56		$	1,711
Leasing income		—			—			26			26
Financing income		4			1			—			5
Consumers alternative-revenue programs		1			—			—			1

Total operating revenue – CMS Energy		$	1,448		$	213		$	82		$	1,743
Consumers
Consumers utility revenue
Residential		$	707		$	127					$	834
Commercial		486			40						526
Industrial		169			5						174
Other		81			40						121
Revenue recognized from contracts with customers		$	1,443		$	212					$	1,655

Financing income		4			1						5
Alternative-revenue programs		1			—						1


Total operating revenue – Consumers		$	1,448		$	213					$	1,661

1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $15 million for the three months ended September 30, 2024.


In Millions
Nine Months Ended September 30, 2025	Electric Utility			Gas Utility			NorthStar Clean Energy1			Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	4,324		$	1,665		$	—		$	5,989
Other		—			—			182			182
Revenue recognized from contracts with customers		$	4,324		$	1,665		$	182		$	6,171
Leasing income		—			—			117			117
Financing income		7			5			—			12
Consumers alternative-revenue programs		6			—			—			6

Total operating revenue – CMS Energy		$	4,337		$	1,670		$	299		$	6,306
Consumers
Consumers utility revenue
Residential		$	2,055		$	1,146					$	3,201
Commercial		1,468			374						1,842
Industrial		576			46						622
Other		225			99						324
Revenue recognized from contracts with customers		$	4,324		$	1,665					$	5,989

Financing income		7			5						12
Alternative-revenue programs		6			—						6


Total operating revenue – Consumers		$	4,337		$	1,670					$	6,007

1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 30, 2025.


In Millions
Nine Months Ended September 30, 2024	Electric Utility			Gas Utility			NorthStar Clean Energy1			Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	3,793		$	1,480		$	—		$	5,273
Other		—			—			158			158
Revenue recognized from contracts with customers		$	3,793		$	1,480		$	158		$	5,431
Leasing income		—			—			77			77
Financing income		8			5			—			13
Consumers alternative-revenue programs		5			—			—			5

Total operating revenue – CMS Energy		$	3,806		$	1,485		$	235		$	5,526
Consumers
Consumers utility revenue
Residential		$	1,779		$	998					$	2,777
Commercial		1,279			311						1,590
Industrial		499			37						536
Other		236			134						370
Revenue recognized from contracts with customers		$	3,793		$	1,480					$	5,273

Financing income		8			5						13
Alternative-revenue programs		5			—						5


Total operating revenue – Consumers		$	3,806		$	1,485					$	5,291

1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the nine months ended September 30, 2024.

Electric and Gas Utilities

Consumers Utility Revenue: Consumers recognizes revenue primarily from the sale of electric and gas utility services at tariff-based rates regulated by the MPSC. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. Consumers’ tariff-based sales performance obligations are described below.

•Consumers has performance obligations for the service of standing ready to deliver electricity or natural gas to customers, and it satisfies these performance obligations over time. Consumers recognizes revenue at a fixed rate as it provides these services. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of Consumers’ service to stand ready to deliver.

•Consumers has performance obligations for the service of delivering the commodity of electricity or natural gas to customers, and it satisfies these performance obligations upon delivery. Consumers recognizes revenue at a price per unit of electricity or natural gas delivered, based on the tariffs established by the MPSC. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of a bundled

product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.

In some instances, Consumers has specific fixed-term contracts with large commercial and industrial customers to provide electricity or gas at certain tariff rates or to provide gas transportation services at contracted rates. The amount of electricity and gas to be delivered under these contracts and the associated future revenue to be received are generally dependent on the customers’ needs. Accordingly, Consumers recognizes revenues at the tariff or contracted rate as electricity or gas is delivered to the customer. Consumers also has other miscellaneous contracts with customers related to pole and other property rentals and utility contract work. Generally, these contracts are short term or evergreen in nature.

Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.

CMS Energy and Consumers recorded uncollectible accounts expense of $10 million for the three months ended September 30, 2025 and $7 million for the three months ended September 30, 2024. CMS Energy and Consumers recorded uncollectible accounts expense of $30 million for the nine months ended September 30, 2025 and $24 million for the nine months ended September 30, 2024.

Consumers’ customers are billed monthly in cycles having billing dates that do not generally coincide with the end of a calendar month. This results in customers having received electricity or natural gas that they have not been billed for as of the month-end. Consumers estimates its unbilled revenues by applying an average billed rate to total unbilled deliveries for each customer class. Unbilled revenues, which are recorded as accounts receivable and accrued revenue on CMS Energy’s and Consumers’ consolidated balance sheets, were $381 million at September 30, 2025 and $584 million at December 31, 2024.

Alternative‑revenue Program: Under a demand response incentive mechanism, Consumers earns a financial incentive when it meets demand response targets set by the MPSC. Consumers recognizes revenue related to this program once demand response incentive objectives are complete, the incentive amount is calculable, and the incentive revenue will be collected within a 24‑month period.

Consumers also accounts for its financial compensation mechanism as an alternative-revenue program. Consumers recognizes revenue related to the financial compensation mechanism as payments are made on MPSC-approved PPAs.

Consumers does not reclassify revenue from its alternative-revenue program to revenue from contracts with customers at the time the amounts are collected from customers.

Consumers Energy Company

Disaggregation of Revenue [Line Items]

Revenue

Presented in the following tables are the components of operating revenue:


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


In Millions
Three Months Ended September 30, 2024	Electric Utility			Gas Utility			NorthStar Clean Energy1			Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	1,443		$	212		$	—		$	1,655
Other		—			—			56			56
Revenue recognized from contracts with customers		$	1,443		$	212		$	56		$	1,711
Leasing income		—			—			26			26
Financing income		4			1			—			5
Consumers alternative-revenue programs		1			—			—			1

Total operating revenue – CMS Energy		$	1,448		$	213		$	82		$	1,743
Consumers
Consumers utility revenue
Residential		$	707		$	127					$	834
Commercial		486			40						526
Industrial		169			5						174
Other		81			40						121
Revenue recognized from contracts with customers		$	1,443		$	212					$	1,655

Financing income		4			1						5
Alternative-revenue programs		1			—						1


Total operating revenue – Consumers		$	1,448		$	213					$	1,661

1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $15 million for the three months ended September 30, 2024.


In Millions
Nine Months Ended September 30, 2025	Electric Utility			Gas Utility			NorthStar Clean Energy1			Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	4,324		$	1,665		$	—		$	5,989
Other		—			—			182			182
Revenue recognized from contracts with customers		$	4,324		$	1,665		$	182		$	6,171
Leasing income		—			—			117			117
Financing income		7			5			—			12
Consumers alternative-revenue programs		6			—			—			6

Total operating revenue – CMS Energy		$	4,337		$	1,670		$	299		$	6,306
Consumers
Consumers utility revenue
Residential		$	2,055		$	1,146					$	3,201
Commercial		1,468			374						1,842
Industrial		576			46						622
Other		225			99						324
Revenue recognized from contracts with customers		$	4,324		$	1,665					$	5,989

Financing income		7			5						12
Alternative-revenue programs		6			—						6


Total operating revenue – Consumers		$	4,337		$	1,670					$	6,007

1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $82 million for the nine months ended September 30, 2025.


In Millions
Nine Months Ended September 30, 2024	Electric Utility			Gas Utility			NorthStar Clean Energy1			Consolidated
CMS Energy, including Consumers
Consumers utility revenue		$	3,793		$	1,480		$	—		$	5,273
Other		—			—			158			158
Revenue recognized from contracts with customers		$	3,793		$	1,480		$	158		$	5,431
Leasing income		—			—			77			77
Financing income		8			5			—			13
Consumers alternative-revenue programs		5			—			—			5

Total operating revenue – CMS Energy		$	3,806		$	1,485		$	235		$	5,526
Consumers
Consumers utility revenue
Residential		$	1,779		$	998					$	2,777
Commercial		1,279			311						1,590
Industrial		499			37						536
Other		236			134						370
Revenue recognized from contracts with customers		$	3,793		$	1,480					$	5,273

Financing income		8			5						13
Alternative-revenue programs		5			—						5


Total operating revenue – Consumers		$	3,806		$	1,485					$	5,291

1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the nine months ended September 30, 2024.

Electric and Gas Utilities

product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.

Consumers does not reclassify revenue from its alternative-revenue program to revenue from contracts with customers at the time the amounts are collected from customers.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

CMS ENERGY CORP 10-Q