PUBLIC SERVICE CO OF NEW MEXICO

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

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.

See the whole filing, with its images and exhibits

Contents

Condensed Consolidated Statements of Earnings

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
(In thousands)
Electric Operating Revenues	$183,442	$162,737	$496,902	$445,930
Operating Expenses:
Cost of energy	42,189	37,414	123,703	112,240
Administrative and general	13,858	14,423	40,893	41,797
Depreciation and amortization	34,956	31,732	105,095	93,147
Transmission and distribution costs	9,040	8,537	29,430	26,652
Taxes other than income taxes	12,659	12,161	35,607	33,571
Total operating expenses	112,702	104,267	334,728	307,407
Operating income	70,740	58,470	162,174	138,523
Other Income and Deductions:
Interest income	2,281	130	2,594	426
Other income	3,716	3,137	8,000	7,292
Other (deductions)	(374)	(852)	(871)	(1,426)
Net other income and deductions	5,623	2,415	9,723	6,292
Interest Charges	24,754	15,924	66,018	43,711
Earnings before Income Taxes	51,609	44,961	105,879	101,104
Income Taxes	10,479	9,266	21,498	20,901
Net Earnings	$41,130	$35,695	$84,381	$80,203

	Nine Months Ended September 30,
	2025	2024
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$84,381	$80,203
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	114,648	93,892
Deferred income tax expense	11,779	17,432
Allowance for equity funds used during construction and other, net	(5,539)	(3,543)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(23,284)	(15,791)
Materials and supplies	(6,239)	(8,556)
Other current assets	(10,908)	9,526
Other assets	(8,711)	(26,686)
Accounts payable	3,985	(1,980)
Accrued interest and taxes	5,757	1,688
Other current liabilities	13,330	(4,503)
Other liabilities	14,130	1,860
Net cash flows from operating activities	193,329	143,542
Cash Flows From Investing Activities:
Utility plant additions	(400,769)	(392,933)
Net cash flows used in investing activities	(400,769)	(392,933)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	349,600	499,300
Revolving credit facilities repayments	(501,200)	(456,900)
Long-term borrowings	2,308,600	285,000
Repayment of long-term debt	(2,168,600)	(80,000)
Equity contribution from parent	250,000	—
Transmission interconnection and security deposit arrangements	22,450	11,250
Refunds paid under transmission interconnection and security deposit arrangements	(20,750)	(4,850)
Debt issuance costs and other, net	(11,141)	(3,468)
Net cash flows from financing activities	228,959	250,332
Change in Cash and Cash Equivalents	21,519	941
Cash and Cash Equivalents at Beginning of Period	233	—
Cash and Cash Equivalents at End of Period	$21,752	$941
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$48,477	$40,626
Income taxes paid (refunded), net	$2,350	$1,312
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$38,519	$21,105

	September 30,2025	December 31,2024
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$21,752	$233
Accounts receivable	50,984	34,419
Unbilled revenues	22,912	16,193
Other receivables	21,104	15,144
Materials and supplies	30,590	24,351
Regulatory assets	—	5,268
Prepaid and other current assets	7,543	4,908
Total current assets	154,885	100,516
Other Property and Investments:
Other investments	—	75
Non-utility property, net	19,139	13,137
Total other property and investments	19,139	13,212
Utility Plant:
Plant in service and plant held for future use	3,862,646	3,635,550
Less accumulated depreciation and amortization	667,789	616,741
	3,194,857	3,018,809
Construction work in progress	286,455	165,527
Net utility plant	3,481,312	3,184,336
Deferred Charges and Other Assets:
Regulatory assets	113,984	104,693
Goodwill	226,665	226,665
Operating lease right-of-use assets, net of accumulated amortization	191	923
Other deferred charges	17,265	18,780
Total deferred charges and other assets	358,105	351,061
	$4,013,441	$3,649,125

	September 30,2025	December 31,2024
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt	$—	$151,600
Accounts payable	32,582	67,116
Affiliate payables	6,316	7,339
Accrued interest and taxes	62,498	56,740
Regulatory liabilities	2,556	602
Operating lease liabilities	162	713
Other current liabilities	18,186	6,964
Total current liabilities	122,300	291,074
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	1,602,738	1,464,079
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	222,165	208,107
Regulatory liabilities	260,581	230,037
Asset retirement obligations	1,015	955
Accrued pension liability and postretirement benefit cost	408	998
Operating lease liabilities	27	167
Other deferred credits	104,637	88,519
Total deferred credits and other liabilities	588,833	528,783
Total liabilities	2,313,871	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	579,440	495,059
Total common stockholder’s equity	1,699,570	1,365,189
	$4,013,441	$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.