TXNM Energy, Inc. (formerly PNM Resources) is an energy holding company based in Albuquerque, New Mexico. TXNM was founded in 1917 as the Albuquerque Gas and Electric Company. TXNM Energy owns both PNM and Texas - New Mexico Power (TNMP).3Wikipedia text CC BY-SA 4.0
TXNM Energy, Inc. (formerly PNM Resources) is an energy holding company based in Albuquerque, New Mexico. TXNM was founded in 1917 as the Albuquerque Gas and Electric Company. TXNM Energy owns both PNM and Texas - New Mexico Power (TNMP). In 2025, Blackstone Inc.'s infrastructure business agreed to acquire the company for an enterprise value of $11.5 billion.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue91011128$2.1B in 2025+55% since 2019Gross profit1011$655.8M in 2023+8% since 2020Operating income91011128$441.2M in 2025+206% since 2019Net income91011128$169.8M in 2025+84% since 2019
Revenue131415$487.8M in Q1 FY2026−1% since Q2 FY2025Operating income131415$77.0M in Q1 FY2026+6% since Q2 FY2025Net income131415$8.0M in Q1 FY2026−69% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Electric Operating Revenues
$2.2B
$2.0B
$1.9B
Administrative and general
$274.5M
$247.1M
$227.9M
Regulatory disallowances
-$731.0K
$9.0M
$71.9M
Depreciation and amortization
$425.6M
$384.9M
$319.5M
Transmission and distribution costs
$100.8M
$98.4M
$98.7M
Taxes other than income taxes
$109.9M
$100.6M
$95.9M
Total operating expenses
$1.7B
$1.5B
$1.7B
Operating income
$441.2M
$453.5M
$231.3M
Interest income
$20.1M
$23.5M
$22.0M
Gains on investment securities
$34.8M
$26.9M
$19.2M
Other income
$29.1M
$28.6M
$24.2M
Other (deductions)
-$73.5M
-$24.2M
-$15.9M
Net other income and (deductions)
$10.4M
$54.8M
$49.5M
Interest Charges
$271.5M
$228.1M
$190.4M
Earnings before Income Taxes
$180.0M
$280.2M
$90.5M
Income Taxes (Benefits)
$10.2M
$21.5M
-$16.4M
Net Earnings
$169.8M
$258.7M
$106.9M
(Earnings) Attributable to Valencia Non-controlling Interest
-$17.9M
-$16.0M
-$18.5M
Preferred Stock Dividend Requirements of Subsidiary
-$528.0K
-$528.0K
-$528.0K
Net Earnings Available for PNM Common Stock
$151.4M
$242.2M
$87.8M
Basic (in dollars per share)
$1
$3
$1
Diluted (in dollars per share)
$1
$3
$1
No quarter-by-quarter statement was filed.
Total assets91011128$12.1B in 2025+65% since 2019Total liabilities1691011128$8.6B in 2025+55% since 2019Shareholders’ equity1691011128$3.4B in 2025+103% since 2019Cash1691011128$18.3M in 2025+376% since 2019Long-term debt1691011128$5.1B in 2025+103% since 2019
Total assets131415$12.1B in Q1 FY2026+4% since Q2 FY2025Total liabilities131415$8.6B in Q1 FY2026+2% since Q2 FY2025Shareholders’ equity131415$3.5B in Q1 FY2026+9% since Q2 FY2025Cash131415$5.6M in Q1 FY2026−75% since Q2 FY2025Long-term debt131415$5.1B in Q1 FY2026+7% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$18.3M
$4.5M
Accounts receivable, net of allowance for credit losses of $1,394 and $1,398
$151.8M
$130.4M
Unbilled revenues
$68.2M
$69.2M
Other receivables
$53.9M
$37.2M
Materials, supplies, and fuel stock
$181.3M
$166.9M
Regulatory assets
$41.8M
$41.5M
Prepaid assets
$28.9M
$25.5M
Income taxes receivable
$8.3M
$7.7M
Other current assets
$12.1M
$16.1M
Total current assets
$564.7M
$498.8M
Investment securities
$505.7M
$475.5M
Other investments
$302.0K
$259.0K
Non-utility property, including financing leases
$40.7M
$28.8M
Total other property and investments
$546.7M
$504.6M
Plant in service and plant held for future use
$11.6B
$10.7B
Less accumulated depreciation and amortization
$3.0B
$2.8B
Net plant in service and plant held for future use
$8.6B
$7.9B
Construction work in progress
$653.2M
$496.0M
Nuclear fuel, net of accumulated amortization of $27,953 and $28,245
$76.7M
$72.6M
Net utility plant
$9.3B
$8.4B
Regulatory assets
$939.2M
$962.0M
Goodwill
$278.3M
$278.3M
$278.3M
Operating lease right-of-use assets, net of accumulated amortization
$108.5M
$272.9M
Other deferred charges
$310.4M
$258.1M
Total deferred charges and other assets
$1.6B
$1.8B
Total assets
$12.1B
$11.2B
$10.3B
Short-term debt
$181.4M
$609.3M
Current installments of long-term debt (includes $7,303 and $6,907 related to ETBC I)
Accrued pension liability and postretirement benefit cost
$6.7M
$23.1M
Operating lease liabilities
$96.7M
$255.4M
Other deferred credits
$389.1M
$358.9M
Total deferred credits and other liabilities
$2.5B
$2.5B
Total liabilities
$8.6B
$8.6B
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)
$11.5M
$11.5M
Common stock (no par value; 200,000,000 shares authorized; issued and outstanding 108,921,356 and 92,659,335 shares)
$2.6B
$1.7B
Accumulated other comprehensive income (loss), net of income taxes
-$26.8M
-$75.7M
Retained earnings
$866.9M
$887.6M
Total TXNM common stockholders equity
$3.4B
$2.5B
Non-controlling interest in Valencia
$44.0M
$46.9M
Total equity
$3.4B
$2.6B
$2.4B
$2.2B
Total liabilities and stockholders' equity
$12.1B
$11.2B
Common stock, shares authorized (in shares)
200.0M shares
200.0M shares
Allowance for uncollectible accounts
$1.4M
$1.4M
Accumulated depreciation, nuclear fuel
$28.0M
$28.2M
Long-term Debt
$5.1B
$4.3B
Cumulative preferred stock of subsidiary, stated value (in dollars per share)
$100.00
$100.00
Cumulative preferred stock of subsidiary, shares authorized (in shares)
10.0M shares
10.0M shares
Cumulative preferred stock of subsidiary, shares issued (in shares)
115.3K shares
115.3K shares
Cumulative preferred stock of subsidiary, shares outstanding (in shares)
115.3K shares
115.3K shares
Common stock, no par value (in dollars per share)
$0
$0
Common stock, shares issued (in shares)
108.9M shares
92.7M shares
Common stock, shares outstanding (in shares)
108.9M shares
92.7M shares
Cash from operations91011128$584.5M in 2025+16% since 2019Dividends paid91011128$163.4M in 2025+76% since 2019Share buybacks91011128$12.0M in 2025+21% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Net Earnings
$169.8M
$258.7M
$106.9M
Depreciation and amortization
$483.4M
$423.0M
$353.7M
Deferred income tax expense (benefit)
$8.5M
$43.0M
-$13.5M
(Gain) on sale of NMRD
$0
-$4.4M
$0
Pension settlement charge
$58.8M
$0
$0
(Gains) losses on investment securities
-$34.8M
-$26.9M
-$19.2M
Stock based compensation expense
$8.7M
$9.5M
$7.2M
Regulatory disallowances
-$731.0K
$9.0M
$71.9M
Allowance for equity funds used during construction
-$18.6M
-$17.9M
-$15.0M
Other, net
$3.0M
$4.2M
$804.0K
Accounts receivable and unbilled revenues
-$25.0M
-$13.3M
$53.2M
Materials, supplies, and fuel stock
-$14.5M
-$33.8M
-$31.3M
Other current assets
-$12.4M
$32.0M
-$52.2M
Other assets
-$50.7M
-$83.5M
-$25.8M
Accounts payable
$18.3M
$10.0M
-$33.5M
Accrued interest and taxes
$18.6M
$5.1M
$17.5M
Other current liabilities
-$17.7M
-$106.4M
$125.6M
Other liabilities
-$10.2M
-$94.0K
$5.0M
Net cash flows from operating activities
$584.5M
$508.2M
$551.2M
Additions to utility and non-utility plant
-$1.2B
-$1.2B
-$1.1B
Proceeds from sale of plant assets (Note 8)
$0
$2.8M
$32.7M
Proceeds from sales of investment securities
$693.3M
$707.3M
$574.2M
Purchases of investment securities
-$714.4M
-$756.8M
-$593.2M
Proceeds from sale of NMRD
$0
$116.9M
$0
Investments in NMRD
$0
-$12.6M
-$26.2M
Other, net
-$109.0K
$14.9M
$44.0K
Net cash flows used in investing activities
-$1.2B
-$1.2B
-$1.1B
Revolving credit facilities borrowings
$2.5B
$2.9B
$2.4B
Revolving credit facilities repayments
-$2.9B
-$2.5B
-$2.3B
Long-term borrowings
$3.7B
$1.2B
$1.4B
Repayment of long-term debt
-$3.2B
-$819.5M
-$910.0M
Issuance of common stock
$842.7M
$98.6M
$198.2M
Awards of common stock
-$12.0M
-$8.5M
-$9.6M
Dividends paid
-$163.4M
-$140.3M
-$126.7M
Valencias transactions with its owner
-$20.8M
-$19.1M
-$21.6M
Transmission interconnection and security deposit arrangements
$57.4M
$92.3M
$49.8M
Refunds paid under transmission interconnection and security deposit arrangements
-$111.8M
-$79.0M
-$21.1M
Debt issuance costs and other, net
-$24.8M
-$20.5M
-$9.8M
Net cash flows from financing activities
$642.5M
$684.4M
$537.1M
Change in Cash, Cash Equivalents, and Restricted Cash
TXNM Energy sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
TEXAS-NEW MEXICO POWER COMPANY Subsidiary · Albuquerque, New Mexico, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What TXNM Energy reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
The significant properties owned by TXNM include those owned by PNM and TNMP and are disclosed below.
See Sources of Power in Part I, Item 1 Business above for information on PNM’s owned and leased capacity in electric generating stations. As of December 31, 2025, PNM owned, or jointly owned, 3,450 miles of electric transmission lines, 5,774 miles of distribution overhead lines, 6,251 miles of underground distribution lines (excluding street lighting), and 250 substations. PNM’s electric transmission and distribution lines are generally located within easements and rights-of-way on public, private, and Native American lands. PNM owns and leases communication, office and other equipment, office space, vehicles, energy storage facilities, and real estate. PNM also owns service and office facilities throughout its service territory. See Note 8 for additional information concerning leases.
The rest of Item 2
TNMP’s facilities consist primarily of transmission and distribution facilities located in its service areas. TNMP also owns and leases vehicles, service facilities, and office locations throughout its service territory. As of December 31, 2025, TNMP owned 1,049 miles of overhead electric transmission lines, 7,346 miles of overhead distribution lines, 1,633 miles of underground distribution lines, and 106 substations. Substantially all of TNMP’s property is pledged to secure its first mortgage bonds. See Note 7.
Things Wikidata records the company as owning, with the share when stated.1
The story
TXNM was founded in 1917 as the Albuquerque Gas and Electric Company. TXNM sold the gas part of the business to Southern Union Gas Company of Dallas in 1949. These sold portions became the Gas Company of New Mexico. In 1985, however, PNM reacquired the Gas Company of New Mexico after Southern Union Gas Company reached a settlement stemming from federal antitrust litigation. In 1994, both electric and gas operations began serving customers as PNM.
In May 2003, TXNM Energy' utility subsidiary, PNM, was recognized by the American Wind Energy Association's Utility Leadership Award for PNM's role in the creation of the New Mexico Wind Energy Center. The award was presented at the National Wind Energy Conference in Austin, Texas.
In 2008, PNM sold New Mexico Gas to Continental Energy, a company backed by the private equity firm Lindsay Goldberg. It was later acquired by TECO Energy. It will soon become a division of Halifax, Canada-based Emera when its acquisition of TECO Energy closes by mid-2016.
On October 21, 2020, the company announced a strategic merger with Avangrid, a subsidiary of Iberdrola.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
331 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 103 major events, 144 insider forms, 24 large holders, 40 other. The latest 20:
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Shares outstanding108,921,356 shares; 39,117,799 Public Service Company Of New Mexico shares; 6,358 Texas New Mexico Power Company shares as of Feb 13, 202617
From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks TXNM Energy names in Item 1A of its 10-K filed Feb 27, 2026: 34 risks under these headings, as written.17
Regulatory Risks
TXNM’s utilities are subject to numerous comprehensive federal, state, tribal, and local environmental laws and regulations, including those related to climate change as well as increased stakeholder actions related to sustainability matters and reducing GHG, which may impose significant compliance costs and may significantly limit or affect their operations and financial results.
TXNM, PNM, and TNMP are subject to complex government regulation unrelated to the environment, which may have a negative impact on their businesses, financial position and results of operations.
Operational Risks
Customer electricity usage could be reduced by increases in prices charged and other factors. This could result in underutilization of PNM’s generating capacity, as well as underutilization of the capacities of PNM’s and TNMP’s transmission and distribution systems. Should this occur, operating and capital costs might not be fully recovered, and financial performance could be negatively impacted.
Advances in technology could make electric generating facilities less competitive.
Costs of decommissioning, remediation, and restoration of nuclear and fossil-fueled power plants, as well as reclamation of related coal mines, could exceed the estimates of TXNM and PNM as well as the amounts PNM recovers from its ratepayers, which could negatively impact results of operations and liquidity.
The financial performance of TXNM, PNM, and TNMP may be adversely affected if power plants, other generation resources, and transmission and distribution systems do not operate reliably and efficiently.
TXNM, PNM, and TNMP are subject to information security breaches and risks of unauthorized access to their information and operational technology systems as well as physical threats to assets.
There are inherent risks in the ownership and operation of nuclear facilities.
Peak demand for power could exceed forecasted supply capacity, resulting in increased costs for purchasing capacity in the market or building additional generation facilities and/or energy storage facilities.
Difficulties in obtaining permits and rights-of-way could negatively impact PNM’s results of operations.
The other 24 risks
General Economic and Weather Risks
Changes in interest rates could adversely affect our business.
Supply chain issues, high inflation, actions by the Federal Reserve to address inflationary concerns and other market conditions, geopolitical activity and the resulting impact on business and economic conditions could negatively affect the Company’s business, results of operations, financial condition, cash flows, and the trading value of TXNM’s common stock and the Company’s debt securities.
General economic conditions of the nation and/or specific areas can affect the Company’s customers and suppliers. Economic recession or downturn may result in decreased consumption by customers and increased bad debt expense, and could also negatively impact suppliers, all of which could negatively affect the Company.
The operating results of TXNM and its operating subsidiaries are seasonal and are affected by weather conditions.
The impact of wildfires could negatively affect PNM’s and TNMP’s results of operations.
Risks Relating to the Proposed Merger with Blackstone Infrastructure
There is no assurance when or if the proposed Merger will be completed.
Blackstone Infrastructure and TXNM may be unable to obtain the regulatory approvals required to complete the proposed Merger.
The announcement and pendency of the proposed Merger, during which TXNM is subject to certain operating restrictions, could have an adverse effect on TXNM’s businesses, results of operations, financial condition, or cash flows.
TXNM will incur substantial transaction fees and costs in connection with the proposed Merger.
The termination of the Merger Agreement could negatively impact TXNM.
Lawsuits have been, and additional lawsuits may be, filed that challenge the proposed Merger, and adverse judgments in these lawsuits may prevent the proposed Merger from becoming effective within the expected timeframe or at all.
The Merger Agreement contains provisions that could discourage a potential alternative acquirer that might be willing to pay more to acquire TXNM.
Financial Risks
TXNM has counterparty credit risk in connection with financial support that was provided to facilitate the coal supply arrangement for SJGS. Adverse developments from these factors could have a negative impact on the business, financial condition, results of operations, and cash flows of PNM and TXNM.
TXNM and its subsidiaries’ substantial indebtedness could adversely affect its financial condition.
Servicing TXNM and its subsidiaries’ debt requires a significant amount of cash, and it may not have sufficient cash flow from its business to pay its substantial debt.
Despite TXNM’s current consolidated debt levels, TXNM and its subsidiaries may still incur substantially more debt or take other actions which would intensify the risks discussed above.
The fundamental change repurchase features of the Convertible Notes may delay or prevent an otherwise beneficial attempt to acquire TXNM.
TXNM may be unable to meet its ongoing and future financial obligations and to pay dividends on its common stock if its subsidiaries are unable to pay dividends or distributions to TXNM.
Disruption in the credit and capital markets may impact the Company’s strategy and ability to raise capital.
Reduction in credit ratings or changing rating agency requirements could materially and adversely affect the Company’s growth, strategy, business, financial position, results of operations, and liquidity.
Declines in values of marketable securities held in trust funds for pension and other postretirement benefits, in the NDT and coal mine reclamation trusts, and in the SJGS decommissioning trust could result in sustained increases in costs and funding requirements for those obligations, which may affect operational results.
Impairments of goodwill and long-lived assets of TXNM, PNM, and TNMP could adversely affect the Company’s business, financial position, liquidity, and results of operations.
The impacts and implementation of U.S. tax reform legislation may negatively impact TXNM’s, PNM’s, and TNMP’s businesses, financial position, results of operations, and cash flows.
Governance Risks
Provisions of TXNM’s organizational documents, as well as several other statutory and regulatory factors, will limit another party’s ability to acquire TXNM and could deprive TXNM’s shareholders of the opportunity to receive a takeover premium for shares of TXNM’s common stock.
Legal proceedings
See Note 16 and Note 17 for information related to the following matters for TXNM, PNM, and TNMP, incorporated in this item by reference.
