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STRATUM

CMS

CMS ENERGY CORP
CIK 0000811156 · Electric & Other Services Combined
Net margin
11.7%
as of 2025-12-31
Operating margin
20.2%
as of 2025-12-31
Revenue YoY growth
13.6%
as of 2025-12-31
Disclosure completeness
9 / 10

Categories of dependency expected for this filer that were actually found stated in Risk Factors / MD&A.

Provenance: CMS’s most recent Revenue
$8,539,000,000
Filing
0000811156-26-000004 (10-K)
Period
2025-01-01 to 2025-12-31
XBRL tag
us-gaap:Revenues
Context
c-1
Mapping
seed · confidence 1.00
View the filed document ↗
What the filing says drives results

Extracted from Risk Factors / MD&A, checked verbatim against the source text before being stored.

COMMODITY PRICEItem 1A Risk Factors

In order to obtain the gas it needs for electric generation fuel, Consumers’ electric utility purchases gas from the market near the time of consumption, at prices that allow it to compete in the electric wholesale market.

SUPPLY CHAINItem 1A Risk Factors

In order to obtain the coal it needs, Consumers has historically entered into physical coal supply contracts, leased a fleet of railcars, and secured transportation contracts with various companies to provide rail services for delivery of purchased coal to Consumers’ generating facilities.

SUPPLY CHAINItem 1A Risk Factors

During 2025, Consumers acquired 32 percent of its electric supply through long-term PPAs and the MISO energy market.

SUPPLY CHAINItem 1A Risk Factors

In 2025, Consumers purchased 86 percent of the gas it delivered to its full-service sales customers.

SUPPLY CHAINItem 1A Risk Factors

Consumers’ firm gas transportation contracts are with Panhandle Eastern Pipe Line Company and Trunkline Gas Company, LLC, each a non‑affiliated company.

SUPPLY CHAINItem 1A Risk Factors

At December 31, 2025, Consumers had future commitments to purchase capacity and energy under long‑term PPAs with various generating plants.

CAPITAL ACCESS LIQUIDITYItem 1A Risk Factors

The payments for 2026 through 2060 are estimated to total $17.0 billion and, for each of the next five years, range from $0.9 billion to $1.0 billion annually.

REGULATORY COMPLIANCEItem 1A Risk Factors

Rate proceedings and other regulatory actions may affect operations and financial results.