TXNM ENERGY INC

For the period ended Mar 31, 2025. Filed May 9, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 9, 2025

TXNM$58.10-0.3%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Comprehensive Income

	Three Months Ended March 31,
	2025	2024
(In thousands)
Net Earnings	$12,797	$50,366
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(68) and $(125)	199	366
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $35 and $2,771	(102)	(8,139)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(349) and $(309)	1,025	907
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $0 and $(17)	—	50
Reclassification adjustment for gains (losses) included in net earnings, net of income tax (expense) benefit of $0 and $(697)	—	2,048
Total Other Comprehensive Income (Loss)	1,122	(4,768)
Comprehensive Income	13,919	45,598
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(3,742)	(3,044)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)
Comprehensive Income Attributable to TXNM	$10,045	$42,422

	Three Months Ended March 31,
	2025	2024
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$12,797	$50,366
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	114,300	103,004
Deferred income tax expense	618	6,935
(Gain) on sale of NMRD	—	(4,449)
(Gains) losses on investment securities	1,241	(17,998)
Stock based compensation expense	2,972	4,608
Regulatory disallowances	—	4,459
Allowance for equity funds used during construction	(1,555)	(3,292)
Other, net	861	1,031
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	8,546	29,296
Materials, supplies, and fuel stock	(1,383)	(6,457)
Other current assets	(4,401)	24,662
Other assets	(5,067)	(7,341)
Accounts payable	21,652	(31,482)
Accrued interest and taxes	(1,409)	(9,823)
Other current liabilities	(12,681)	(39,860)
Other liabilities	4,766	(10,843)
Net cash flows from operating activities	141,257	92,816
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant	(342,624)	(289,100)
Proceeds from sale of plant assets	—	2,840
Proceeds from sales of investment securities	90,103	302,510
Purchases of investment securities	(92,457)	(304,971)
Proceeds from sale of NMRD	—	116,936
Investments in NMRD	—	(12,550)
Other, net	(31)	(23)
Net cash flows used in investing activities	(345,009)	(184,358)

	Three Months Ended March 31,
	2025	2024
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	$513,000	$658,800
Revolving credit facilities repayments	(528,600)	(676,200)
Long-term borrowings	335,000	117,000
Repayment of long-term debt	(3,406)	—
Awards of common stock	(6,307)	(5,440)
Dividends paid	(37,891)	(35,085)
Valencia’s transactions with its owner	(4,270)	(4,003)
Transmission interconnection and security deposit arrangements	12,640	57,875
Refunds paid under transmission interconnection and security deposit arrangements	(80,752)	(12,003)
Debt issuance costs and other, net	(1,854)	(1,435)
Net cash flows from financing activities	197,560	99,509
Change in Cash, Cash Equivalents, and Restricted Cash	(6,192)	7,967
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	22,085	3,943
Cash, Cash Equivalents, and Restricted Cash at End of Period	$15,893	$11,910
Restricted Cash included in Other Current Assets and Other Deferred Charges on Condensed Consolidated Balance Sheets:
At beginning of period	$17,587	$1,728
At end of period	$9,840	$8,922
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$52,333	$48,912
Income taxes paid (refunded), net	$—	$(488)
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$62,988	$40,223

	March 31,2025	December 31,2024
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$6,053	$4,498
Accounts receivable, net of allowance for credit losses of $1,353 and $1,398	132,378	130,351
Unbilled revenues	57,689	69,176
Other receivables	42,381	37,236
Materials, supplies, and fuel stock	168,244	166,861
Regulatory assets	40,897	41,492
Prepaid assets	26,286	25,452
Income taxes receivable	7,284	7,684
Other current assets	8,194	16,086
Total current assets	489,406	498,836
Other Property and Investments:
Investment securities	470,179	475,524
Other investments	290	259
Non-utility property, net	28,686	28,832
Total other property and investments	499,155	504,615
Utility Plant:
Plant in service and plant held for future use	10,800,198	10,697,774
Less accumulated depreciation and amortization	2,889,262	2,829,296
	7,910,936	7,868,478
Construction work in progress	637,262	495,976
Nuclear fuel, net of accumulated amortization of $32,015 and $28,245	74,729	72,554
Net utility plant	8,622,927	8,437,008
Deferred Charges and Other Assets:
Regulatory assets	957,305	962,003
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	269,399	272,894
Other deferred charges	274,131	258,080
Total deferred charges and other assets	1,779,132	1,771,274
	$11,390,620	$11,211,733

	March 31,2025	December 31,2024
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt	$593,700	$609,300
Current installments of long-term debt (includes $7,102 and $6,907 related to ETBC I)	671,858	611,603
Accounts payable	163,132	204,468
Customer deposits	6,556	6,533
Accrued interest and taxes	102,947	104,756
Regulatory liabilities	32,207	34,173
Operating lease liabilities	14,523	14,293
Dividends declared	37,891	36,889
Transmission interconnection arrangement liabilities	—	68,085
Other current liabilities	71,361	84,998
Total current liabilities	1,694,175	1,775,098
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $328,152 and $331,726 related to ETBC I)	4,582,713	4,311,765
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	909,777	899,392
Regulatory liabilities	752,884	748,738
Asset retirement obligations	246,208	244,618
Accrued pension liability and postretirement benefit cost	20,559	23,065
Operating lease liabilities	253,493	255,376
Other deferred credits	368,575	358,867
Total deferred credits and other liabilities	2,551,496	2,530,056
Total liabilities	8,828,384	8,616,919
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
Equity:
TXNM common stockholders’ equity:
Common stock (no par value; 200,000,000 shares authorized; issued and outstanding 92,659,335 shares)	1,721,109	1,724,444
Accumulated other comprehensive income (loss), net of income taxes	(74,586)	(75,708)
Retained earnings	857,812	887,649
Total TXNM common stockholders’ equity	2,504,335	2,536,385
Non-controlling interest in Valencia	46,372	46,900
Total equity	2,550,707	2,583,285
	$11,390,620	$11,211,733

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.