TXNM ENERGY INC

Listed Company

TXNMCIK 0001108426NYSELarge AcceleratedElectric ServicesNew MexicoFY ends Dec 31

Period

FY 2025

Revenue

$2.17B

Net Income

$169.83M

Total Assets

$12.06B

Equity

$3.40B

Shares Out

108.92M

Op. Cash Flow

$584.49M

Business

TXNM ENERGY INC is a holding company that owns and operates two regulated electric utilities, PNM and TNMP, providing electric generation, transmission and distribution services. It offers retail and wholesale electricity, transmission and distribution services, renewable energy procurement, energy storage, grid modernization, and related corporate services. The company operates through business segments that include PNM (generation, retail and transmission), TNMP (transmission and distribution), and Corporate and Other (holding company and shared services). TXNM serves residential, commercial and industrial customers in New Mexico and Texas, including sales to retail electric providers and participation in wholesale markets such as EIM and regional market initiatives.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Electric Operating Revenues	2,166	1,971	1,939	2,250	1,780
Administrative and general	274	247	228	227	230
Regulatory disallowances	−731,000	9	72	—	—
Depreciation and amortization	426	385	320	305	284
Transmission and distribution costs	101	98	99	95	81
Taxes other than income taxes	110	101	96	93	86
Total operating expenses	1,724	1,518	1,708	1,856	1,472
Operating income	441	453	231	394	308
Interest income	20	24	22	16	15
Gains on investment securities	35	27	19	−78	17
Other income	29	29	24	22	20
Other (deductions)	−74	−24	−16	−14	−19
Net other income and (deductions)	10	55	50	−55	33
Interest Charges	272	228	190	128	—
Earnings before Income Taxes	180	280	91	211	244
Income Taxes (Benefits)	10	22	−16	26	33
Net Earnings	170	259	107	185	212
(Earnings) Attributable to Valencia Non-controlling Interest	−18	−16	−19	−15	−15
Preferred Stock Dividend Requirements of Subsidiary	−528,000	−528,000	−528,000	−528,000	—
Net Earnings Available for PNM Common Stock	151	242	88	170	196
Basic (in dollars per share)	1.49	2.67	1.02	—	—
Diluted (in dollars per share)	1.48	2.67	1.02	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	18	4	2	4	1
Accounts receivable, net of allowance for credit losses of $1,394 and $1,398	152	130	126	184	123
Unbilled revenues	68	69	64	63	58
Other receivables	54	37	77	20	19
Materials, supplies, and fuel stock	181	167	98	67	65
Regulatory assets	42	41	73	20	15
Prepaid assets	29	25	20	18	37
Income taxes receivable	8	8	7	2	5
Other current assets	12	16	9	32	2
Total current assets	565	499	476	411	325
Investment securities	506	476	444	—	—
Other investments	302,000	259,000	171,000	177,000	265,000
Non-utility property, including financing leases	41	29	29	—	—
Total other property and investments	547	505	594	535	578
Plant in service and plant held for future use	11,592	10,698	9,701	9,165	9,358
Less accumulated depreciation and amortization	3,011	2,829	2,756	2,660	2,953
Net plant in service and plant held for future use	8,582	7,868	6,945	6,505	—
Construction work in progress	653	496	590	373	249
Nuclear fuel, net of accumulated amortization of $27,953 and $28,245	77	73	75	95	99
Net utility plant	9,311	8,437	7,610	6,973	6,753
Regulatory assets	939	962	914	847	514
Goodwill	278	278	278	278	278
Operating lease right-of-use assets, net of accumulated amortization	109	273	182	56	80
Other deferred charges	310	258	—	—	—
Total deferred charges and other assets	1,637	1,771	1,574	1,338	1,011
Total assets	12,059	11,212	10,253	9,257	8,667
Short-term debt	181	609	262	232	63
Current installments of long-term debt (includes $7,303 and $6,907 related to ETBC I)	303	612	280	185	179
Accounts payable	243	204	205	216	173
Customer deposits	7	7	6	6	5
Accrued interest and taxes	124	105	99	77	70
Regulatory liabilities	11	34	140	17	8
Operating lease liabilities	9	14	12	19	27
Dividends declared	46	37	35	32	132,000
Transmission interconnection arrangement liabilities	16	68	97	20	40
Other current liabilities	78	85	94	87	99
Total current liabilities	1,018	1,775	1,231	890	664
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $324,531 and $331,726 related to ETBC I)	5,116	4,312	4,242	3,893	3,520
Accumulated deferred income taxes	961	899	845	823	765
Regulatory liabilities	757	749	771	755	841
Asset retirement obligations	255	245	246	223	234
Accrued pension liability and postretirement benefit cost	7	23	21	33	19
Operating lease liabilities	97	255	167	41	56
Other deferred credits	389	359	319	342	333
Total deferred credits and other liabilities	2,466	2,530	2,370	2,218	2,249
Total liabilities	8,600	8,617	7,842	7,001	6,432
Commitments and Contingencies (See Note 16)	—	—	—	—	—
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	12	12	12	12	12
Common stock (no par value; 200,000,000 shares authorized; issued and outstanding 108,921,356 and 92,659,335 shares)	2,564	1,724	1,625	1,429	1,429
Accumulated other comprehensive income (loss), net of income taxes	−27	−76	−63	−66	−72
Retained earnings	867	888	787	829	810
Total TXNM common stockholders equity	3,404	2,536	2,349	2,192	2,168
Non-controlling interest in Valencia	44	47	50	53	55
Total equity	3,448	2,583	2,399	2,245	2,223
Total liabilities and stockholders' equity	12,059	11,212	10,253	9,257	8,667
Common stock, shares authorized (in shares)	200	200	120	120	120

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	483	423	354	341	320
Deferred income tax expense (benefit)	8	43	−14	25	31
(Gain) on sale of NMRD	0	−4	0	0	—
Pension settlement charge	59	0	0	—	—
Stock based compensation expense	9	9	7	8	9
Allowance for equity funds used during construction	−19	−18	−15	−14	−13
Other, net	3	4	804,000	2	5
Accounts receivable and unbilled revenues	−25	−13	53	−73	−26
Materials, supplies, and fuel stock	−14	−34	−31	−9	1
Other current assets	−12	32	−52	17	2
Other assets	−51	−84	−26	5	31
Accounts payable	18	10	−34	48	11
Accrued interest and taxes	19	5	18	9	3
Other current liabilities	−18	−106	126	−29	7
Other liabilities	−10	−94,000	5	−28	−30
Net cash flows from operating activities	584	508	551	567	548
Additions to utility and non-utility plant	−1,196	−1,247	−1,076	−913	−935
Proceeds from sale of plant assets (Note 8)	0	3	33	0	—
Proceeds from sales of investment securities	693	707	574	526	460
Purchases of investment securities	−714	−757	−593	−565	−478
Proceeds from sale of NMRD	0	117	0	0	—
Investments in NMRD	0	−13	−26	0	0
Other, net	−109,000	15	44,000	674,000	−9,000
Net cash flows used in investing activities	−1,217	−1,174	−1,088	−950	−952
Revolving credit facilities borrowings	2,500	2,892	2,359	1,830	—
Revolving credit facilities repayments	−2,928	−2,545	−2,329	−1,660	—
Long-term borrowings	3,694	1,233	1,358	558	1,816
Repayment of long-term debt	−3,191	−820	−910	−180	−1,411
Issuance of common stock	843	99	198	0	0
Awards of common stock	−12	−8	−10	−8	−10
Dividends paid	−163	−140	−127	−120	−113
Valencias transactions with its owner	−21	−19	−22	−18	−19
Transmission interconnection and security deposit arrangements	57	92	50	97	81
Refunds paid under transmission interconnection and security deposit arrangements	−112	−79	−21	—	—
Debt issuance costs and other, net	−25	−20	−10	−6	−6
Net cash flows from financing activities	643	684	537	386	358
Change in Cash, Cash Equivalents, and Restricted Cash	10	18	−135,000	3	−47
Interest paid, net of amounts capitalized	234	208	155	118	91
Income taxes paid (refunded), net	2	−998,000	2	−1	1
(Increase) decrease in accrued plant additions	−20	11	−23	4	7

Filings

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