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Midas Edge

PUBLIC SERVICE CO OF NEW MEXICO

For the period ended Sep 30, 2025. Filed Oct 31, 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.

Sep 30, 2025 · Filed Oct 31, 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 September 30,Nine Months Ended September 30,
2025202420252024
(In thousands)
Net Earnings$136,304$136,398$175,114$238,728
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) of $(36), $(241), $(164), and $(92)105708481270
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $69, $93, $155, and $3,285(204)(273)(456)(9,647)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(349), $(309), $(1,047), and $(927)1,0259073,0762,722
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) benefit of $(242), $2,383, $391, and $3,477713(6,999)(1,147)(10,212)
Reclassification adjustment for gains included in net earnings, net of income tax (expense) benefit of $0, $(735), $0, and $(2,148)—2,158—6,308
Total Other Comprehensive Income (Loss)1,639(3,499)1,954(10,559)
Comprehensive Income137,943132,899177,068228,169
Comprehensive (Income) Attributable to Valencia Non-controlling Interest(5,462)(5,064)(13,509)(11,891)
Preferred Stock Dividend Requirements of Subsidiary(132)(132)(396)(396)
Comprehensive Income Attributable to TXNM$132,349$127,703$163,163$215,882
Nine Months Ended September 30,
20252024
(In thousands)
Cash Flows From Operating Activities:
Net earnings$175,114$238,728
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization361,095313,919
Deferred income tax expense19,90138,383
(Gain) on sale of NMRD—(4,449)
(Gains) on investment securities(33,691)(32,326)
Stock based compensation expense6,6767,845
Regulatory disallowances(731)10,601
Allowance for equity funds used during construction(11,319)(13,911)
Other, net2,7353,025
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues(76,923)(38,466)
Materials, supplies, and fuel stock(6,125)(22,484)
Other current assets(13,584)14,835
Other assets(27,568)(80,640)
Accounts payable3,007(24,027)
Accrued interest and taxes28,77018,462
Other current liabilities(2,620)(85,393)
Other liabilities2,0535,419
Net cash flows from operating activities426,790349,521
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant(886,111)(905,513)
Proceeds from sale of plant assets—2,840
Proceeds from sales of investment securities440,720745,645
Purchases of investment securities(445,054)(756,591)
Proceeds from sale of NMRD—116,936
Investments in NMRD—(12,550)
Other, net(75)3,375
Net cash flows used in investing activities(890,520)(805,858)
Nine Months Ended September 30,
20252024
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings$1,910,600$2,181,800
Revolving credit facilities repayments(2,206,100)(1,984,700)
Long-term borrowings3,153,6001,233,000
Repayment of long-term debt(2,990,507)(819,529)
Issuance of common stock842,891—
Awards of common stock(8,433)(7,983)
Dividends paid(118,855)(105,254)
Valencia’s transactions with its owner(15,102)(13,780)
Transmission interconnection and security deposit arrangements33,93679,718
Refunds paid under transmission interconnection and security deposit arrangements(102,811)(74,667)
Debt issuance costs and other, net(17,590)(19,775)
Net cash flows from financing activities481,629468,830
Change in Cash, Cash Equivalents, and Restricted Cash17,89912,493
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period22,0853,943
Cash, Cash Equivalents, and Restricted Cash at End of Period$39,984$16,436
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$7,918$9,201
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized$161,677$147,418
Income taxes paid (refunded), net$2,350$(395)
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions$53,059$44,714
September 30,2025December 31,2024
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents$32,066$4,498
Accounts receivable, net of allowance for credit losses of $1,348 and $1,398190,913130,351
Unbilled revenues82,44069,176
Other receivables42,25637,236
Materials, supplies, and fuel stock172,986166,861
Regulatory assets29,15741,492
Prepaid assets30,72125,452
Income taxes receivable8,6427,684
Other current assets6,25516,086
Total current assets595,436498,836
Other Property and Investments:
Investment securities493,895475,524
Other investments268259
Non-utility property, net36,67828,832
Total other property and investments530,841504,615
Utility Plant:
Plant in service and plant held for future use11,109,31910,697,774
Less accumulated depreciation and amortization2,966,6152,829,296
8,142,7047,868,478
Construction work in progress791,841495,976
Nuclear fuel, net of accumulated amortization of $36,411 and $28,24575,72372,554
Net utility plant9,010,2688,437,008
Deferred Charges and Other Assets:
Regulatory assets953,075962,003
Goodwill278,297278,297
Operating lease right-of-use assets, net of accumulated amortization320,127272,894
Other deferred charges283,490258,080
Total deferred charges and other assets1,834,9891,771,274
$11,971,534$11,211,733
September 30,2025December 31,2024
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt$313,800$609,300
Current installments of long-term debt (includes $7,303 and $6,907 related to ETBC I)402,311611,603
Accounts payable154,416204,468
Customer deposits6,6886,533
Accrued interest and taxes134,484104,756
Regulatory liabilities23,70834,173
Operating lease liabilities15,36614,293
Dividends declared43,07436,889
Transmission interconnection arrangement liabilities—68,085
Other current liabilities82,37384,998
Total current liabilities1,176,2201,775,098
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $324,504 and $331,726 related to ETBC I)4,680,3654,311,765
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes945,750899,392
Regulatory liabilities760,536748,738
Asset retirement obligations248,461244,618
Accrued pension liability and postretirement benefit cost15,69623,065
Operating lease liabilities300,165255,376
Other deferred credits371,467358,867
Total deferred credits and other liabilities2,642,0752,530,056
Total liabilities8,498,6608,616,919
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 108,921,356 and 92,659,335 shares)2,565,5781,724,444
Accumulated other comprehensive income (loss), net of income taxes(73,754)(75,708)
Retained earnings924,214887,649
Total TXNM common stockholders’ equity3,416,0382,536,385
Non-controlling interest in Valencia45,30746,900
Total equity3,461,3452,583,285
$11,971,534$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.