CMS Energy Corp (NYSE: CMS) is a Michigan-based energy holding company that operates through its principal subsidiary, Consumers Energy Company, providing regulated electric and natural gas utility services. Revenue is earned through regulated tariff rates set by state authorities, covering electricity generation, transmission, and distribution alongside natural gas distribution to residential, commercial, and industrial customers. CMS Energy also holds interests in non-utility operations through its NorthStar Clean Energy segment, which includes wind and solar generation assets such as Aviator Wind Holdings and BG Solar Holdings. The company filed its 10-K for the fiscal year ended December 31, 2025 on February 10, 2026. CMS Energy held all outstanding common shares of Consumers Energy as of January 16, 2026, making Consumers a wholly owned subsidiary. The capital structure reflects a regulated utility model, which is characteristically debt-heavy and capital-intensive, with rate base investment driving earnings. CMS Energy lists 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C on a national exchange alongside its common stock.

Revenue model

Regulated tariff-based revenue from electric and natural gas distribution services to Michigan customers through Consumers Energy; supplemented by non-utility energy generation revenues through NorthStar Clean Energy subsidiaries.

Products and services

Regulated electric service (generation, transmission, distribution); regulated natural gas distribution; Appliance Service Plans (ASP); wind energy generation (Aviator Wind); solar energy generation (BG Solar Holdings); non-utility clean energy assets.

Customers and end markets

Residential, commercial, and industrial electricity and natural gas customers in Michigan served by Consumers Energy Company.

Value-chain role

Vertically integrated regulated utility (generation, transmission, distribution) and non-utility renewable energy owner-operator in Michigan.

Geographic exposure

Michigan, United States. Primary service territory operated by Consumers Energy Company.

Source: SEC 10-K, filed 2026-02-10

Industry: Electric & Other Services Combined Peers: Ameren Corp Avista Corp Black Hills Corp CenterPoint Energy Inc Dominion Energy Inc DTE Energy Co NiSource Inc NORTHWESTERN CORP PUBLIC SERVICE ENTERPRISE GROUP INC WEC Energy Group Inc