PUBLIC SERVICE CO OF NEW MEXICO

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 27, 2026

TXNM$58.28+0.1%Stored close · as of Nov 9, 2026

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

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Contents

Consolidated Balance Sheets

	December 31,
	2025	2024
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$18,256	$4,498
Accounts receivable, net of allowance for credit losses of $1,394 and $1,398	151,804	130,351
Unbilled revenues	68,214	69,176
Other receivables	53,875	37,236
Materials, supplies, and fuel stock	181,316	166,861
Regulatory assets	41,785	41,492
Prepaid assets	28,946	25,452
Income taxes receivable	8,322	7,684
Other current assets	12,144	16,086
Total current assets	564,662	498,836
Other Property and Investments:
Investment securities	505,655	475,524
Other investments	302	259
Non-utility property, including financing leases	40,729	28,832
Total other property and investments	546,686	504,615
Utility Plant:
Plant in service and plant held for future use	11,592,121	10,697,774
Less accumulated depreciation and amortization	3,010,588	2,829,296
	8,581,533	7,868,478
Construction work in progress	653,206	495,976
Nuclear fuel, net of accumulated amortization of $27,953 and $28,245	76,696	72,554
Net utility plant	9,311,435	8,437,008
Deferred Charges and Other Assets:
Regulatory assets	939,249	962,003
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	108,517	272,894
Other deferred charges	310,439	258,080
Total deferred charges and other assets	1,636,502	1,771,274
	$12,059,285	$11,211,733

B - 15

	December 31,
	2025	2024
(In thousands, except shareinformation)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt	$181,400	$609,300
Current installments of long-term debt (includes $7,303 and $6,907 related to ETBC I)	302,538	611,603
Accounts payable	243,062	204,468
Customer deposits	6,893	6,533
Accrued interest and taxes	124,014	104,756
Regulatory liabilities	11,022	34,173
Operating lease liabilities	8,969	14,293
Dividends declared	46,151	36,889
Transmission interconnection arrangement liabilities	15,878	68,085
Other current liabilities	77,610	84,998
Total current liabilities	1,017,537	1,775,098
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $324,531 and $331,726 related to ETBC I)	5,116,026	4,311,765
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	961,230	899,392
Regulatory liabilities	757,319	748,738
Asset retirement obligations	255,097	244,618
Accrued pension liability and postretirement benefit cost	6,736	23,065
Operating lease liabilities	96,735	255,376
Other deferred credits	389,070	358,867
Total deferred credits and other liabilities	2,466,187	2,530,056
Total liabilities	8,599,750	8,616,919
Commitments and Contingencies (See Note 16)
Cumulative Preferred Stock of Subsidiary
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
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)	2,563,930	1,724,444
Accumulated other comprehensive income (loss), net of income taxes	(26,816)	(75,708)
Retained earnings	866,904	887,649
Total TXNM common stockholders’ equity	3,404,018	2,536,385
Non-controlling interest in Valencia	43,988	46,900
Total equity	3,448,006	2,583,285
	$12,059,285	$11,211,733

B - 16

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.