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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 Earnings

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In thousands)
Electric Operating Revenues$463,720$406,519$1,135,472$1,048,305
Operating Expenses:
Cost of energy152,853101,495408,143313,679
Administrative and general61,42159,809178,557166,421
Energy production costs21,17221,25971,79968,055
Regulatory disallowances(731)6,142(731)10,601
Depreciation and amortization61,36656,424181,947163,941
Transmission and distribution costs18,12715,12349,70344,823
Taxes other than income taxes14,11112,25842,67637,735
Total operating expenses328,319272,510932,094805,255
Operating income135,401134,009203,378243,050
Other Income and Deductions:
Interest income4,2718,67412,21717,644
Gains on investment securities11,37613,77033,69132,326
Other income3,7614,4079,12412,049
Other (deductions)(2,074)(881)(7,893)(2,664)
Net other income and deductions17,33425,97047,13959,355
Interest Charges33,80527,85295,59678,848
Earnings before Income Taxes118,930132,127154,921223,557
Income Taxes10,90718,26513,28029,897
Net Earnings108,023113,862141,641193,660
(Earnings) Attributable to Valencia Non-controlling Interest(5,462)(5,064)(13,509)(11,891)
Net Earnings Attributable to PNM102,561108,798128,132181,769
Preferred Stock Dividend Requirements(132)(132)(396)(396)
Net Earnings Available for PNM Common Stock$102,429$108,666$127,736$181,373

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In thousands)
Net Earnings$108,023$113,862$141,641$193,660
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
Total Other Comprehensive Income (Loss)9261,3423,101(6,655)
Comprehensive Income108,949115,204144,742187,005
Comprehensive (Income) Attributable to Valencia Non-controlling Interest(5,462)(5,064)(13,509)(11,891)
Comprehensive Income Attributable to PNM$103,487$110,140$131,233$175,114
Nine Months Ended September 30,
20252024
(In thousands)
Cash Flows From Operating Activities:
Net earnings$141,641$193,660
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization210,111185,815
Deferred income tax expense (benefit)13,62323,710
(Gains) on investment securities(33,691)(32,326)
Regulatory disallowances(731)10,601
Allowance for equity funds used during construction(5,986)(10,503)
Other, net2,9423,055
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues(53,639)(22,676)
Materials, supplies, and fuel stock114(13,928)
Other current assets(4,620)5,064
Other assets(10,891)(37,489)
Accounts payable(573)(17,022)
Accrued interest and taxes22,67426,457
Other current liabilities(3,662)(76,559)
Other liabilities(16,266)(3,068)
Net cash flows from operating activities261,046234,791
Cash Flows From Investing Activities:
Utility plant additions(447,091)(493,381)
Proceeds from sale of plant assets—2,840
Proceeds from sales of investment securities440,720745,645
Purchases of investment securities(445,054)(756,591)
Other, net(84)3,376
Net cash flows used in investing activities(451,509)(498,111)
Nine Months Ended September 30,
20252024
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings$784,400$1,025,500
Revolving credit facilities repayments(989,900)(983,100)
Long-term borrowings845,000398,000
Repayment of long-term debt(360,907)(200,529)
Equity contribution from parent—55,000
Dividends paid(396)(396)
Valencia’s transactions with its owner(15,102)(13,780)
Transmission interconnection and security deposit arrangements11,48668,468
Refunds paid under transmission interconnection and security deposit arrangements(82,061)(69,817)
Debt issuance costs and other, net(5,258)(4,260)
Net cash flows from financing activities187,262275,086
Change in Cash, Cash Equivalents, and Restricted Cash(3,201)11,766
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period20,2852,586
Cash, Cash Equivalents, and Restricted Cash at End of Period$17,084$14,352
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$77,316$58,652
Income taxes paid (refunded), net$—$(1,707)
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions$14,433$17,238
September 30,2025December 31,2024
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents$9,166$2,698
Accounts receivable, net of allowance for credit losses of $1,348 and $1,398139,92995,932
Unbilled revenues59,52852,983
Other receivables23,04724,174
Affiliate receivables8,7499,241
Materials, supplies, and fuel stock142,396142,510
Regulatory assets29,15736,224
Prepaid assets19,48214,746
Income taxes receivable16,65216,309
Other current assets6,27716,091
Total current assets454,383410,908
Other Property and Investments:
Investment securities493,895475,524
Other investments268184
Non-utility property, net15,49713,647
Total other property and investments509,660489,355
Utility Plant:
Plant in service and plant held for future use6,992,4826,797,493
Less accumulated depreciation and amortization2,170,1032,079,363
4,822,3794,718,130
Construction work in progress487,546328,403
Nuclear fuel, net of accumulated amortization of $36,411 and $28,24575,72372,554
Net utility plant5,385,6485,119,087
Deferred Charges and Other Assets:
Regulatory assets839,091857,310
Goodwill51,63251,632
Operating lease right-of-use assets, net of accumulated amortization319,432271,433
Other deferred charges233,460207,554
Total deferred charges and other assets1,443,6151,387,929
$7,793,306$7,407,279
September 30,2025December 31,2024
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt$158,300$363,800
Current installments of long-term debt (includes $7,303 and $6,907 related to ETBC I)402,311560,637
Accounts payable108,877123,883
Affiliate payables14,45415,695
Customer deposits6,6886,533
Accrued interest and taxes69,94046,923
Regulatory liabilities21,15233,571
Operating lease liabilities15,16413,542
Dividends declared132132
Transmission interconnection arrangement liabilities—68,085
Other current liabilities48,94350,099
Total current liabilities845,9611,282,900
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $324,504 and $331,726 related to ETBC I)2,539,1801,898,955
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes794,421756,218
Regulatory liabilities499,955518,701
Asset retirement obligations247,446243,663
Accrued pension liability and postretirement benefit cost15,28822,067
Operating lease liabilities299,662254,702
Other deferred credits226,422234,346
Total deferred credits and liabilities2,083,1942,029,697
Total liabilities5,468,3355,211,552
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)11,52911,529
Equity:
PNM common stockholder’s equity:
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares)1,602,9181,602,918
Accumulated other comprehensive income (loss), net of income taxes(72,607)(75,708)
Retained earnings737,824610,088
Total PNM common stockholder’s equity2,268,1352,137,298
Non-controlling interest in Valencia45,30746,900
Total equity2,313,4422,184,198
$7,793,306$7,407,279
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.