$TXNM

PNM RESOURCES INC

CIK:0001108426|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - TXNM ENERGY, INC. AND SUBSIDIARIES - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Electric Operating Revenues	$ 548,554	$ 502,420	$ 1,053,536	$ 985,212
Operating Expenses:
Administrative and general	64,868	75,991	131,781	136,760
Depreciation and amortization	114,631	105,235	226,954	209,786
Transmission and distribution costs	25,377	26,461	51,264	51,966
Taxes other than income taxes	30,897	28,329	62,850	54,679
Total operating expenses	425,252	429,719	853,223	840,622
Total operating expenses	123,302	72,701	200,313	144,590
Other Income and Deductions:
Interest income	4,179	3,872	7,746	8,119
Gains on investment securities	24,414	23,556	15,470	22,315
Other income	8,111	5,704	14,968	10,433
Other (deductions)	(2,997)	(6,481)	(4,897)	(8,739)
Net other income and deductions	33,707	26,651	33,287	32,128
Interest Charges	69,343	72,013	137,938	135,564
Earnings before Income Taxes	87,666	27,339	95,662	41,154
Income Taxes	12,276	1,326	12,267	2,344
Net Earnings	75,390	26,013	83,395	38,810
(Earnings) Attributable to Valencia Non-controlling Interest	(3,994)	(4,305)	(8,130)	(8,047)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)	(264)	(264)
Net earnings (losses) available for common stock	$ 71,264	$ 21,576	$ 75,001	$ 30,499
Net Earnings Attributable to TXNM per Common Share:
Basic (in dollars per share)	$ 0.64	$ 0.22	$ 0.68	$ 0.32
Diluted (in dollars per share)	0.64	0.22	0.67	0.32
Dividends Declared per Common Share (in dollars per share)	$ 0.4225	$ 0.4075	$ 0.8450	$ 0.8150
Cost of energy
Electric Operating Revenues	$ 548,554	$ 502,420	$ 1,053,536	$ 985,212
Operating Expenses:
Energy costs	164,139	167,622	330,631	336,804
Energy production costs
Operating Expenses:
Energy costs	$ 25,340	$ 26,081	$ 49,743	$ 50,627

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - TXNM ENERGY, INC. AND SUBSIDIARIES - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net earnings	$ 83,395	$ 38,810
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	253,039	235,245
Deferred income tax expense	11,123	1,796
Losses on investment securities	(15,470)	(22,315)
Stock based compensation expense	4,278	5,266
Allowance for equity funds used during construction	(10,756)	(5,266)
Other, net	2,189	1,753
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(18,510)	(30,921)
Materials, supplies, and fuel stock	(12,478)	(4,313)
Other current assets	(63,473)	(20,651)
Other assets	(59,518)	(8,211)
Accounts payable	(2,879)	(3,669)
Accrued interest and taxes	7,985	(19,588)
Other current liabilities	15,766	(17,140)
Other liabilities	28,328	(6,001)
Net cash flows from operating activities	223,019	144,795
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant	(577,560)	(608,800)
Proceeds from sales of investment securities	329,672	198,728
Purchases of investment securities	(333,215)	(201,174)
Other, net	75	(53)
Net cash flows used in investing activities	(581,028)	(611,299)
Cash Flows From Financing Activities:
Short-term borrowings	1,856,250	1,398,900
Repayments of short-term borrowings	(1,554,650)	(1,662,500)
Long-term borrowings	0	1,719,300
Repayment of long-term debt	(3,601)	(1,442,706)
Issuance of common stock	123,297	645,309
Awards of common stock	(6,365)	(8,249)
Dividends paid	(93,057)	(75,781)
Valencia’s transactions with its owner	(4,172)	(8,918)
Transmission interconnection and security deposit arrangements	44,954	21,215
Refunds paid under transmission interconnection and security deposit arrangements	(6,363)	(95,028)
Debt issuance costs and other, net	(3,252)	(9,599)
Net cash flows from financing activities	353,041	481,943
Change in Cash, Cash Equivalents, and Restricted Cash	(4,968)	15,439
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	31,953	22,085
Cash, Cash Equivalents, and Restricted Cash at End of Period	26,985	37,524
Restricted Cash included in Other Current Assets and Other Deferred Charges on Condensed Consolidated Balance Sheets:
At beginning of period	13,697	17,587
At end of period	12,395	15,354
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	119,999	132,849
Income taxes paid, net	2,048	2,350
Supplemental schedule of noncash investing activities:
Decrease (increase) in accrued plant additions	$ 45,576	$ 53,154

CONDENSED CONSOLIDATED BALANCE SHEETS - TXNM ENERGY, INC. AND SUBSIDIARIES - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 14,590		$ 18,256
Accounts receivable, net of allowance for credit losses of $1,573 and $1,394	145,410		151,804
Unbilled revenues	90,358		68,214
Other receivables	67,064		53,875
Materials, supplies, and fuel stock	193,794		181,316
Regulatory assets	91,215		41,785
Prepaid assets	32,582		28,946
Income taxes receivable	9,230		8,322
Other current assets	16,107		12,144
Total current assets	660,350		564,662
Other Property and Investments:
Investment securities	513,644		505,655
Other investments	228		302
Non-utility property, net	44,074		40,729
Total other property and investments	557,946		546,686
Utility Plant:
Plant in service and plant held for future use	11,902,839		11,592,121
Less accumulated depreciation and amortization	3,131,594		3,010,588
Net plant in service and plant held for future use	8,771,245		8,581,533
Construction work in progress	787,263		653,206
Nuclear fuel, net of accumulated amortization of $25,206 and $27,953	77,937		76,696
Net utility plant	9,636,445		9,311,435
Deferred Charges and Other Assets:
Regulatory assets	933,240		939,249
Goodwill	278,297		278,297	$ 278,297
Operating lease right-of-use assets, net of accumulated amortization	47,935		108,517
Other deferred charges	393,709		310,439
Total deferred charges and other assets	1,653,181		1,636,502
Total assets	12,507,922		12,059,285	11,675,264
Current Liabilities:
Short-term debt	483,000		181,400
Current installments of long-term debt (includes $7,509 and $7,303 related to ETBC I)	227,817		302,538
Accounts payable	194,608		243,062
Customer deposits	7,025		6,893
Accrued interest and taxes	132,907		124,014
Regulatory liabilities	14,944		11,022
Operating lease liabilities	7,109		8,969
Dividends declared	132		46,151
Transmission interconnection arrangement liabilities	16,745		15,878
Other current liabilities	100,370		77,610
Total current liabilities	1,184,657		1,017,537
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $320,779 and $324,531 related to ETBC I)	5,187,896		5,116,026
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	990,599		961,230
Regulatory liabilities	781,084		757,319
Asset retirement obligations	258,431		255,097
Accrued pension liability and postretirement benefit cost	6,653		6,736
Operating lease liabilities	34,773		96,735
Other deferred credits	449,892		389,070
Total deferred credits and other liabilities	2,521,432		2,466,187
Total liabilities	8,893,985		8,599,750
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock of Subsidiary without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529		11,529
TXNM common stockholders’ equity:
Common stock (no par value; 200,000,000 shares authorized; issued and outstanding 111,045,010 and 108,921,356 shares)	2,685,140		2,563,930
Accumulated other comprehensive income (loss), net of income taxes	(25,809)		(26,816)
Retained earnings	895,131		866,904
Total common stockholder’s equity	3,554,462		3,404,018
Non-controlling interest in Valencia	47,946		43,988
Total equity	3,602,408	$ 3,513,552	3,448,006	$ 3,216,794	$ 2,550,707	$ 2,583,285
Total liabilities and stockholders' equity	$ 12,507,922		$ 12,059,285