CMS Energy (CMS) FY2025 results: revenue $8.5 billion, up 13.6% on the year

CMS Energy was formed as a corporation in Michigan in 1987 and is an energy company operating primarily in Michigan. It is the parent holding company of Consumers, an electric and gas utility, and of NorthStar Clean Energy, primarily a domestic independent power producer and marketer. It operates in three business segments: electric utility, gas utility, and NorthStar Clean Energy. CMS Energy had 8,350 full-time and part-time employees at the end of 2025, 8,095 of them at Consumers, and unions represented 44 percent of them.

Consumers has served Michigan customers since 1886, was incorporated in Maine in 1910 and became a Michigan corporation in 1968. It owns and operates electric generation and distribution facilities and gas transmission, storage and distribution facilities, and provides electricity or natural gas to 6.8 million of Michigan's 10 million residents. In 2025 it served 1.9 million electric customers and 1.8 million gas customers in Michigan's Lower Peninsula. Its rates and certain other aspects of its business fall under the Michigan utility regulator and the federal energy regulator.

The electric utility

Electric deliveries were 37 billion kWh in 2025, including 3 billion kWh delivered to customers who chose another supplier, leaving net bundled sales of 34 billion kWh. Summer peak demand was 8,500 MW and the 2024-2025 winter peak 5,755 MW.

Owned generation was 5,940 MW of capacity and produced 24,236 GWh. Gas combined cycle plants at Covert, Jackson and Zeeland account for 2,155 MW of that, the Ludington pumped-storage plant and 35 conventional hydro units for 1,194 MW, the oil and gas steam units at D.E. Karn for 1,189 MW, five wind farms for 832 MW, gas combustion turbines at Zeeland for 314 MW and solar for 255 MW. Purchased power under long-term agreements added 3,250 MW and 12,169 GWh, including 1,240 MW of gas generation from the MCV Facility.

The D.E. Karn coal units, 515 MW of nameplate capacity, were retired in 2023, and the regulator has approved retiring J.H. Campbell, 1,407 MW. Consumers had planned to retire the Campbell units in May 2025, but the retirement is subject to temporary extensions under emergency orders issued by the U.S. Secretary of Energy, and it has continued to run them for the benefit of MISO's North and Central regions. Of the 7,320 GWh those units generated during 2025, 3,608 GWh was supplied to MISO to comply with the orders. To keep controllable generation available, Consumers bought the Covert Generating Station, 1,200 MW of nameplate capacity, in 2023.

The distribution system is 82,854 miles of overhead distribution lines and 10,027 miles of underground lines, plus 4,619 miles of high-voltage overhead lines at 46 kV and 69 kV, 263 miles at 138 kV, and 1,102 substations with an aggregate transformer capacity of 29 million kVA. Consumers is interconnected to the interstate high-voltage transmission system owned by METC and operated by MISO, and to neighbouring utilities.

The gas utility

Deliveries through the pipeline and distribution network, including off-system transportation, totalled 396 Bcf in 2025, of which 31 Bcf went to customers buying their gas elsewhere. The system is 2,337 miles of transmission lines, 28,433 miles of distribution mains, 14 storage fields with total storage capacity of 300 Bcf and a working gas volume of 153 Bcf, and 8 compressor stations with 147,393 installed and available horsepower.

Gas consumption increases in the winter, so Consumers injects gas into storage during the summer months for use during the winter, and during 2025 46 percent of the gas supplied to all customers in the winter months came from storage. Electric consumption runs the other way, typically increasing in the summer months because of air conditioners and other cooling equipment.

Under a Methane Reduction Plan, Consumers has set a goal of net-zero methane emissions from its natural gas delivery system by 2030. The filing says it plans to reduce methane emissions from its system by about 80 percent from 2012 baseline levels by accelerating the replacement of aging pipe, rehabilitating or retiring outdated infrastructure, and adopting new technologies and practices, and that the remaining emissions will likely be offset through clean fuel alternatives or nature-based carbon removal pathways.

NorthStar Clean Energy

Domestic independent power production, including developing and operating renewable generation, and the marketing of that production. At the end of 2025 CMS Energy held interests in independent power plants with gross capacity of 2,085 MW, which generated 7,485 GWh; the share attributable to its own ownership interest was 1,665 MW of capacity and 6,018 GWh. They include a wholly owned 770 MW natural gas plant in Dearborn, Michigan and a 51 percent interest in a 525 MW wind plant in Coke County, Texas, alongside solar in Arkansas, Michigan and Ohio, wood waste plants in Michigan and North Carolina, and a half share in a coal plant at Filer City, Michigan. The group's energy marketing arm sold 2 Bcf of natural gas and 7,625 GWh of electricity in 2025.

From CMS Energy's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 10 February 2026: read the full 10-K.