For the quarter ending 2026-03-31, CMS-PB had -$352M decrease in cash & cash equivalents over the period. $2,416M in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income | 277 | 242 | 272 | 488 |
| Depreciation and amortization | 412 | 342 | 288 | 676 |
| Deferred income taxes and investment tax credits | 82 | 31 | 47 | 124 |
| Bad debt expense | - | 40 | - | - |
| Postretirement benefits contributions | - | 16 | - | - |
| Other noncash operating activities and reconcilingadjustments | 55 | 57 | 37 | 144 |
| Accounts receivable and accrued revenue | 24 | 365 | -34 | -80 |
| Inventories | -148 | -106 | 168 | -34 |
| Accounts payable and accrued rate refunds | -137 | 202 | -30 | 24 |
| Other current assets and liabilities | 63 | 25 | 14 | -117 |
| Other noncurrent assets and liabilities | -65 | 22 | 49 | -15 |
| Net cash provided by operating activities | 705 | 478 | 343 | 1,414 |
| Capital expenditures (excludes assets placed under finance lease)-Ongoing Capital Expenditures | - | 3,824 | - | - |
| Capital expenditures (excludes assets placed under finance lease)-Covert Plant Acquisition | - | 0 | - | - |
| Proceeds from sale of asp business | - | 0 | 0 | 0 |
| Capital expenditures (excludes assets placed under finance lease) | -1,711 | - | 978 | 1,772 |
| Cost to retire property and other investing activities | 34 | 38 | 68 | 108 |
| Net cash used in investing activities | -1,073 | -1,112 | -1,046 | -1,880 |
| Proceeds from issuance of debt | 258 | 1,098 | 62 | 2,449 |
| Retirement of debt | 204 | 266 | 43 | 841 |
| Proceeds from the sale of membership interests in vies | - | - | 0 | 44 |
| Decrease in notes payable | 0 | 0 | 0 | -65 |
| Issuance of common stock | 166 | 152 | 356 | 17 |
| Payment of dividends on common and preferred stock | 178 | 167 | 165 | 331 |
| Proceeds from the sale of membership interests in vies | 0 | 44 | - | - |
| Proceeds from the sale of membership interests in vies-Class ATax Equity Membership | - | 15 | - | - |
| Contributions from noncontrolling interests | - | 4 | - | - |
| Distributions to noncontrolling interests | - | 14 | - | - |
| Other financing costs | -26 | -5 | 0 | -60 |
| Net cash provided by financing activities | 16 | 817 | 210 | 1,213 |
| Net increase (decrease) in cash and cash equivalents,including restricted amounts | -352 | 183 | -493 | 747 |
| Cash and cash equivalents,including restricted amounts, beginning of period | 615 | 432 | 178 | - |
| Cash and cash equivalents,including restricted amounts, end of period | 263 | 615 | 432 | - |
CONSUMERS ENERGY CO (CMS-PB)
CONSUMERS ENERGY CO (CMS-PB)