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Midas Edge

PUBLIC SERVICE CO OF NEW MEXICO

For the period ended Jun 30, 2025. Filed Aug 1, 2025.

View on SEC.gov

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.

Jun 30, 2025 · Filed Aug 1, 2025

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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Condensed Consolidated Statements of Comprehensive Income

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(In thousands)
Net Earnings$26,013$51,964$38,810$102,330
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase (decrease) in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(60), $274, $(128), and $149177(804)376(438)
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $51, $421, $86, and $3,192(150)(1,235)(252)(9,374)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(349), $(309), $(698), and $(618)1,0269082,0511,815
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $633, $1,111, $633, and $1,094(1,860)(3,263)(1,860)(3,213)
Reclassification adjustment for gains included in net earnings, net of income tax (expense) benefit of $0, $(716), $0, and $(1,413)—2,102—4,150
Total Other Comprehensive Income (Loss)(807)(2,292)315(7,060)
Comprehensive Income25,20649,67239,12595,270
Comprehensive (Income) Attributable to Valencia Non-controlling Interest(4,305)(3,783)(8,047)(6,827)
Preferred Stock Dividend Requirements of Subsidiary(132)(132)(264)(264)
Comprehensive Income Attributable to TXNM$20,769$45,757$30,814$88,179
Six Months Ended June 30,
20252024
(In thousands)
Cash Flows From Operating Activities:
Net earnings$38,810$102,330
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization235,245206,365
Deferred income tax expense1,79615,385
(Gain) on sale of NMRD—(4,449)
(Gains) losses on investment securities(22,315)(18,556)
Stock based compensation expense5,2666,676
Regulatory disallowances—4,459
Allowance for equity funds used during construction(5,266)(8,130)
Other, net1,7532,039
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues(30,921)(10,120)
Materials, supplies, and fuel stock(4,313)(17,110)
Other current assets(20,651)(19,479)
Other assets(8,211)(16,382)
Accounts payable(3,669)(17,502)
Accrued interest and taxes(19,588)(6,935)
Other current liabilities(17,140)(28,350)
Other liabilities(6,001)(20,717)
Net cash flows from operating activities144,795169,524
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant(608,800)(581,818)
Proceeds from sale of plant assets—2,840
Proceeds from sales of investment securities198,728412,750
Purchases of investment securities(201,174)(417,599)
Proceeds from sale of NMRD—116,936
Investments in NMRD—(12,550)
Other, net(53)(57)
Net cash flows used in investing activities(611,299)(479,498)
Six Months Ended June 30,
20252024
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings$1,398,900$1,584,300
Revolving credit facilities repayments(1,662,500)(1,519,800)
Long-term borrowings1,719,3001,065,000
Repayment of long-term debt(1,442,706)(737,000)
Issuance of common stock645,309—
Awards of common stock(8,249)(6,248)
Dividends paid(75,781)(70,169)
Valencia’s transactions with its owner(8,918)(7,853)
Transmission interconnection and security deposit arrangements21,21564,752
Refunds paid under transmission interconnection and security deposit arrangements(95,028)(28,702)
Debt issuance costs and other, net(9,599)(17,929)
Net cash flows from financing activities481,943326,351
Change in Cash, Cash Equivalents, and Restricted Cash15,43916,377
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period22,0853,943
Cash, Cash Equivalents, and Restricted Cash at End of Period$37,524$20,320
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$15,354$17,085
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized$132,849$97,747
Income taxes paid (refunded), net$2,350$(395)
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions$53,154$47,369
June 30,2025December 31,2024
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents$22,170$4,498
Accounts receivable, net of allowance for credit losses of $1,319 and $1,398146,444130,351
Unbilled revenues81,98969,176
Other receivables46,98137,236
Materials, supplies, and fuel stock171,174166,861
Regulatory assets41,89141,492
Prepaid assets39,86925,452
Income taxes receivable9,4867,684
Other current assets13,72316,086
Total current assets573,727498,836
Other Property and Investments:
Investment securities487,033475,524
Other investments246259
Non-utility property, net32,21828,832
Total other property and investments519,497504,615
Utility Plant:
Plant in service and plant held for future use10,965,48310,697,774
Less accumulated depreciation and amortization2,904,7632,829,296
8,060,7207,868,478
Construction work in progress677,897495,976
Nuclear fuel, net of accumulated amortization of $32,051 and $28,24576,88772,554
Net utility plant8,815,5048,437,008
Deferred Charges and Other Assets:
Regulatory assets953,795962,003
Goodwill278,297278,297
Operating lease right-of-use assets, net of accumulated amortization265,919272,894
Other deferred charges268,525258,080
Total deferred charges and other assets1,766,5361,771,274
$11,675,264$11,211,733
June 30,2025December 31,2024
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt$345,700$609,300
Current installments of long-term debt (includes $7,102 and $6,907 related to ETBC I)416,701611,603
Accounts payable147,646204,468
Customer deposits6,5096,533
Accrued interest and taxes86,970104,756
Regulatory liabilities21,78734,173
Operating lease liabilities13,64014,293
Dividends declared13236,889
Transmission interconnection arrangement liabilities—68,085
Other current liabilities81,31384,998
Total current liabilities1,120,3981,775,098
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $328,179 and $331,726 related to ETBC I)4,782,5364,311,765
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes918,217899,392
Regulatory liabilities751,467748,738
Asset retirement obligations246,647244,618
Accrued pension liability and postretirement benefit cost18,21123,065
Operating lease liabilities245,847255,376
Other deferred credits363,618358,867
Total deferred credits and other liabilities2,544,0072,530,056
Total liabilities8,446,9418,616,919
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)11,52911,529
Equity:
TXNM common stockholders’ equity:
Common stock (no par value; 200,000,000 shares authorized; issued and outstanding 105,378,979 and 92,659,335 shares)2,366,7701,724,444
Accumulated other comprehensive income (loss), net of income taxes(75,393)(75,708)
Retained earnings879,388887,649
Total TXNM common stockholders’ equity3,170,7652,536,385
Non-controlling interest in Valencia46,02946,900
Total equity3,216,7942,583,285
$11,675,264$11,211,733
ContentsView on SEC.gov

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