PUBLIC SERVICE CO OF NEW MEXICO

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

Jun 30, 2025 · Filed Aug 1, 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 June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
(In thousands)
Electric Operating Revenues	$164,048	$154,431	$313,460	$283,193
Operating Expenses:
Cost of energy	43,286	39,934	81,514	74,826
Administrative and general	14,994	13,705	27,035	27,374
Depreciation and amortization	34,926	31,033	70,139	61,415
Transmission and distribution costs	10,711	9,701	20,390	18,115
Taxes other than income taxes	11,444	10,743	22,948	21,410
Total operating expenses	115,361	105,116	222,026	203,140
Operating income	48,687	49,315	91,434	80,053
Other Income and Deductions:
Interest income	159	127	313	296
Other income	1,764	2,982	4,284	4,155
Other (deductions)	(229)	(277)	(497)	(574)
Net other income and deductions	1,694	2,832	4,100	3,877
Interest Charges	23,942	14,451	41,264	27,787
Earnings before Income Taxes	26,439	37,696	54,270	56,143
Income Taxes	5,471	7,771	11,019	11,635
Net Earnings	$20,968	$29,925	$43,251	$44,508

	Six Months Ended June 30,
	2025	2024
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$43,251	$44,508
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	75,899	61,963
Deferred income tax expense	10,464	10,322
Allowance for equity funds used during construction and other, net	(2,319)	(1,653)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(9,880)	(7,466)
Materials and supplies	(3,938)	(6,439)
Other current assets	(11,469)	6,979
Other assets	(4,716)	(4,251)
Accounts payable	8,036	(2,381)
Accrued interest and taxes	(23,947)	(8,246)
Other current liabilities	13,888	179
Other liabilities	6,994	(780)
Net cash flows from operating activities	102,263	92,735
Cash Flows From Investing Activities:
Utility plant additions	(317,739)	(253,537)
Net cash flows used in investing activities	(317,739)	(253,537)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	264,600	338,900
Revolving credit facilities repayments	(416,200)	(293,400)
Long-term borrowings	1,224,300	117,000
Repayment of long-term debt	(1,084,300)	—
Equity contribution from parent	250,000	—
Transmission interconnection and security deposit arrangements	18,800	6,750
Refunds paid under transmission interconnection and security deposit arrangements	(20,750)	(4,850)
Debt issuance costs and other, net	(5,207)	(2,324)
Net cash flows from financing activities	231,243	162,076
Change in Cash and Cash Equivalents	15,767	1,274
Cash and Cash Equivalents at Beginning of Period	233	—
Cash and Cash Equivalents at End of Period	$16,000	$1,274
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$46,365	$24,624
Income taxes paid (refunded), net	$2,350	$1,312
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$44,636	$14,697

	June 30,2025	December 31,2024
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$16,000	$233
Accounts receivable	39,697	34,419
Unbilled revenues	20,795	16,193
Other receivables	17,894	15,144
Materials and supplies	28,290	24,351
Regulatory assets	8,971	5,268
Prepaid and other current assets	10,226	4,908
Total current assets	141,873	100,516
Other Property and Investments:
Other investments	—	75
Non-utility property, net	16,146	13,137
Total other property and investments	16,146	13,212
Utility Plant:
Plant in service and plant held for future use	3,795,571	3,635,550
Less accumulated depreciation and amortization	651,123	616,741
	3,144,448	3,018,809
Construction work in progress	268,957	165,527
Net utility plant	3,413,405	3,184,336
Deferred Charges and Other Assets:
Regulatory assets	108,165	104,693
Goodwill	226,665	226,665
Operating lease right-of-use assets, net of accumulated amortization	388	923
Other deferred charges	16,700	18,780
Total deferred charges and other assets	351,918	351,061
	$3,923,342	$3,649,125

	June 30,2025	December 31,2024
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt	$—	$151,600
Accounts payable	30,515	67,116
Affiliate payables	18,414	7,339
Accrued interest and taxes	32,793	56,740
Regulatory liabilities	—	602
Operating lease liabilities	348	713
Other current liabilities	9,535	6,964
Total current liabilities	91,605	291,074
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	1,604,722	1,464,079
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	219,653	208,107
Regulatory liabilities	249,224	230,037
Asset retirement obligations	995	955
Accrued pension liability and postretirement benefit cost	604	998
Operating lease liabilities	31	167
Other deferred credits	98,068	88,519
Total deferred credits and other liabilities	568,575	528,783
Total liabilities	2,264,902	2,283,936
Commitments and Contingencies (Note 11)
Common Stockholder’s Equity:
Common stock ($10 par value; 12,000,000 shares authorized; issued and outstanding 6,358 shares)	64	64
Paid-in-capital	1,120,066	870,066
Retained earnings	538,310	495,059
Total common stockholder’s equity	1,658,440	1,365,189
	$3,923,342	$3,649,125

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.