CMS ENERGY CORPORATION
Consolidated Statements of Income
(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

Nine Months Ended

9/30/23

9/30/22

9/30/23

9/30/22

Operating revenue

$

1,673

$

2,024

$

5,512

$

6,318

Operating expenses

1,402

1,766

4,683

5,365

Operating Income

271

258

829

953

Other income

77

54

279

145

Interest charges

164

130

471

380

Income Before Income Taxes

184

182

637

718

Income tax expense

11

19

81

72

Income From Continuing Operations

173

163

556

646

Income from discontinued operations, net of tax

-

-

1

4

Net Income

173

163

557

650

Loss attributable to noncontrolling interests

(3)

(2)

(21)

(16)

Net Income Attributable to CMS Energy

176

165

578

666

Preferred stock dividends

2

2

7

7

Net Income Available to Common Stockholders

$

174

$

163

$

571

$

659

Diluted Earnings Per Average Common Share

Income from continuing operations per average common share
    available to common stockholders

$

0.60

$

0.56

$

1.96

$

2.26

Income from discontinued operations per average common share
    available to common stockholders

-

-

-

0.01

Diluted earnings per average common share

$

0.60

$

0.56

$

1.96

$

2.27

CMS ENERGY CORPORATION
Summarized Consolidated Balance Sheets
(Unaudited)

In Millions

As of

9/30/23

12/31/22

Assets

Current assets

Cash and cash equivalents

$

157

$

164

Restricted cash and cash equivalents

27

18

Other current assets

2,265

3,251

Total current assets

2,449

3,433

Non-current assets

Plant, property, and equipment

24,694

22,713

Other non-current assets

5,370

5,207

Total Assets

$

32,513

$

31,353

Liabilities and Equity

Current liabilities ⁽¹⁾

$

1,429

$

1,866

Non-current liabilities ⁽¹⁾

7,859

7,583

Capitalization

Debt and finance leases (excluding securitization debt) ⁽²⁾

15,311

14,139

Preferred stock and securities

224

224

Noncontrolling interests

572

580

Common stockholders' equity

6,962

6,791

Total capitalization (excluding securitization debt)

23,069

21,734

Securitization debt ⁽²⁾

156

170

Total Liabilities and Equity

$

32,513

$

31,353

⁽¹⁾

Excludes debt and finance leases.

⁽²⁾

Includes current and non-current portions.

CMS ENERGY CORPORATION

Summarized Consolidated Statements of Cash Flows

(Unaudited)

In Millions

Nine Months Ended

9/30/23

9/30/22

Beginning of Period Cash and Cash Equivalents, Including Restricted Amounts

$

182

$

476

Net cash provided by operating activities 

1,904

667

Net cash used in investing activities

(2,737)

(1,808)

Cash flows from operating and investing activities

(833)

(1,141)

Net cash provided by financing activities

835

860

Total Cash Flows

$

2

$

(281)

End of Period Cash and Cash Equivalents, Including Restricted Amounts 

$

184

$

195

CMS ENERGY CORPORATION
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
(Unaudited)

In Millions, Except Per Share Amounts

Three Months Ended

Nine Months Ended

9/30/23

9/30/22

9/30/23

9/30/22

Net Income Available to Common Stockholders

$

174

$

163

$

571

$

659

Reconciling items:

Disposal of discontinued operations gain

-

-

(1)

(5)

Tax impact

-

-

* 

1

Other exclusions from adjusted earnings**

1

* 

6

(1)

Tax impact

(1)

(*)

(2)

 * 

Voluntary separation program

5

(*)

33

11

Tax impact

(1)

* 

(8)

(3)

Adjusted net income – non-GAAP

$

178

$

163

$

599

$

662

Average Common Shares Outstanding - Diluted

291.4

290.1

291.3

290.0

Diluted Earnings Per Average Common Share

Reported net income per share

$

0.60

$

0.56

$

1.96

$

2.27

Reconciling items:

Disposal of discontinued operations gain

-

-

(*)

(0.01)

Tax impact

-

-

* 

* 

Other exclusions from adjusted earnings**

* 

* 

0.02

(*)

Tax impact

(*)

(*)

(*)

* 

Voluntary separation program

0.01

(*)

0.11

0.04

Tax impact

(*)

* 

(0.03)

(0.01)

Adjusted net income per share – non-GAAP

$

0.61

$

0.56

$

2.06

$

2.29

*

Less than $0.5 million or $0.01 per share.

**