TXNM ENERGY INC

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

About this filing

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 Earnings

	Three Months Ended March 31,
	2025	2024
(In thousands)
Electric Operating Revenues	$333,380	$308,115
Operating Expenses:
Cost of energy	130,954	97,412
Administrative and general	57,610	51,736
Energy production costs	24,546	22,212
Regulatory disallowances	—	4,459
Depreciation and amortization	59,803	53,287
Transmission and distribution costs	15,826	14,350
Taxes other than income taxes	13,303	13,709
Total operating expenses	302,042	257,165
Operating income	31,338	50,950
Other Income and Deductions:
Interest income	4,217	4,527
Gains (losses) on investment securities	(1,241)	17,998
Other income	1,802	3,418
Other (deductions)	(1,518)	(870)
Net other income and deductions	3,260	25,073
Interest Charges	29,816	25,116
Earnings before Income Taxes	4,782	50,907
Income Taxes (Benefits)	(37)	5,811
Net Earnings	4,819	45,096
(Earnings) Attributable to Valencia Non-controlling Interest	(3,742)	(3,044)
Net Earnings Attributable to PNM	1,077	42,052
Preferred Stock Dividend Requirements	(132)	(132)
Net Earnings Available for PNM Common Stock	$945	$41,920

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended March 31,
	2025	2024
(In thousands)
Net Earnings	$4,819	$45,096
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
Total Other Comprehensive Income (Loss)	1,122	(6,866)
Comprehensive Income	5,941	38,230
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(3,742)	(3,044)
Comprehensive Income Attributable to PNM	$2,199	$35,186

	Three Months Ended March 31,
	2025	2024
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$4,819	$45,096
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	66,622	60,356
Deferred income tax expense (benefit)	(35)	6,030
(Gains) losses on investment securities	1,241	(17,998)
Regulatory disallowances	—	4,459
Allowance for equity funds used during construction	(953)	(3,015)
Other, net	873	927
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	7,877	22,352
Materials, supplies, and fuel stock	90	(3,612)
Other current assets	(11,011)	3,864
Other assets	(2,035)	293
Accounts payable	18,617	(29,330)
Accrued interest and taxes	12,817	19,787
Other current liabilities	(5,823)	(27,435)
Other liabilities	(4,201)	(7,407)
Net cash flows from operating activities	88,898	74,367
Cash Flows From Investing Activities:
Utility plant additions	(144,676)	(154,975)
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)
Other, net	(31)	(23)
Net cash flows used in investing activities	(147,061)	(154,619)

	Three Months Ended March 31,
	2025	2024
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	$203,700	$292,500
Revolving credit facilities repayments	(269,200)	(243,800)
Short-term borrowings – affiliate, net	1,600	2,300
Long-term borrowings	195,000	—
Repayment of long-term debt	(3,406)	—
Dividends paid	(132)	(132)
Valencia’s transactions with its owner	(4,270)	(4,003)
Transmission interconnection and security deposit arrangements	2,190	51,125
Refunds paid under transmission interconnection and security deposit arrangements	(72,252)	(9,103)
Debt issuance costs and other, net	(558)	(474)
Net cash flows from financing activities	52,672	88,413
Change in Cash, Cash Equivalents, and Restricted Cash	(5,491)	8,161
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	20,285	2,586
Cash, Cash Equivalents, and Restricted Cash at End of Period	$14,794	$10,747
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	$24,219	$9,121
Income taxes paid (refunded), net	$—	$—
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$18,207	$14,770

	March 31,2025	December 31,2024
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$4,954	$2,698
Accounts receivable, net of allowance for credit losses of $1,353 and $1,398	97,038	95,932
Unbilled revenues	43,086	52,983
Other receivables	32,617	24,174
Affiliate receivables	9,190	9,241
Materials, supplies, and fuel stock	142,419	142,510
Regulatory assets	37,460	36,224
Prepaid assets	16,872	14,746
Income taxes receivable	16,311	16,309
Other current assets	8,267	16,091
Total current assets	408,214	410,908
Other Property and Investments:
Investment securities	470,179	475,524
Other investments	215	184
Non-utility property, net	13,809	13,647
Total other property and investments	484,203	489,355
Utility Plant:
Plant in service and plant held for future use	6,867,879	6,797,493
Less accumulated depreciation and amortization	2,112,546	2,079,363
	4,755,333	4,718,130
Construction work in progress	355,461	328,403
Nuclear fuel, net of accumulated amortization of $32,015 and $28,245	74,729	72,554
Net utility plant	5,185,523	5,119,087
Deferred Charges and Other Assets:
Regulatory assets	851,188	857,310
Goodwill	51,632	51,632
Operating lease right-of-use assets, net of accumulated amortization	268,291	271,433
Other deferred charges	222,765	207,554
Total deferred charges and other assets	1,393,876	1,387,929
	$7,471,816	$7,407,279

	March 31,2025	December 31,2024
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt	$298,300	$363,800
Short-term debt - affiliate	1,600	—
Current installments of long-term debt (includes $7,102 and $6,907 related to ETBC I)	560,942	560,637
Accounts payable	124,293	123,883
Affiliate payables	12,321	15,695
Customer deposits	6,556	6,533
Accrued interest and taxes	59,742	46,923
Regulatory liabilities	30,946	33,571
Operating lease liabilities	13,958	13,542
Dividends declared	132	132
Transmission interconnection arrangement liabilities	—	68,085
Other current liabilities	48,138	50,099
Total current liabilities	1,156,928	1,282,900
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $328,152 and $331,726 related to ETBC I)	2,090,616	1,898,955
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	765,386	756,218
Regulatory liabilities	511,369	518,701
Asset retirement obligations	245,233	243,663
Accrued pension liability and postretirement benefit cost	19,758	22,067
Operating lease liabilities	252,963	254,702
Other deferred credits	232,297	234,346
Total deferred credits and liabilities	2,027,006	2,029,697
Total liabilities	5,274,550	5,211,552
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
Equity:
PNM common stockholder’s equity:
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares)	1,602,918	1,602,918
Accumulated other comprehensive income (loss), net of income taxes	(74,586)	(75,708)
Retained earnings	611,033	610,088
Total PNM common stockholder’s equity	2,139,365	2,137,298
Non-controlling interest in Valencia	46,372	46,900
Total equity	2,185,737	2,184,198
	$7,471,816	$7,407,279

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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.