PUBLIC SERVICE CO OF NEW MEXICO
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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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.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Changes in Equity
| Attributable to TXNM · Non-controllingInterestin Valencia | |||||||
|---|---|---|---|---|---|---|---|
| Total TXNM Common Stockholder’s Equity | |||||||
| CommonStock · AOCI · RetainedEarnings · TotalEquity | |||||||
| (In thousands) | |||||||
| Balance at December 31, 2022 | $1,429,102 | $(66,048) | $828,878 | $2,191,932 | $52,994 | $2,244,926 | |
| Net earnings before subsidiary preferred stock dividends | — | — | 88,346 | 88,346 | 18,533 | 106,879 | |
| Total other comprehensive income | — | 3,208 | — | 3,208 | — | 3,208 | |
| Subsidiary preferred stock dividends | — | — | (528) | (528) | — | (528) | |
| Dividends declared on common stock | — | — | (129,586) | (129,586) | — | (129,586) | |
| Awards of common stock | (9,646) | — | — | (9,646) | — | (9,646) | |
| Issuance of common stock | 198,177 | 198,177 | 198,177 | ||||
| Stock based compensation expense | 7,190 | — | — | 7,190 | — | 7,190 | |
| Valencia’s transactions with its owner | — | — | — | — | (21,569) | (21,569) | |
| Balance at December 31, 2023 | 1,624,823 | (62,840) | 787,110 | 2,349,093 | 49,958 | 2,399,051 | |
| Net earnings before subsidiary preferred stock dividends | — | — | 242,682 | 242,682 | 16,040 | 258,722 | |
| Total other comprehensive income (loss) | — | (12,868) | — | (12,868) | — | (12,868) | |
| Subsidiary preferred stock dividends | — | — | (528) | (528) | — | (528) | |
| Dividends declared on common stock | — | — | (141,615) | (141,615) | — | (141,615) | |
| Awards of common stock | (8,460) | — | — | (8,460) | — | (8,460) | |
| Issuance of common stock | 98,601 | — | — | 98,601 | — | 98,601 | |
| Stock based compensation expense | 9,480 | — | — | 9,480 | — | 9,480 | |
| Valencia’s transactions with its owner | — | — | — | — | (19,098) | (19,098) | |
| Balance at December 31, 2024 | 1,724,444 | (75,708) | 887,649 | 2,536,385 | 46,900 | 2,583,285 | |
| Net earnings before subsidiary preferred stock dividends | — | — | 151,890 | 151,890 | 17,936 | 169,826 | |
| Total other comprehensive income | — | 48,892 | — | 48,892 | — | 48,892 | |
| Subsidiary preferred stock dividends | — | — | (528) | (528) | — | (528) | |
| Dividends declared on common stock | — | — | (172,107) | (172,107) | — | (172,107) | |
| Awards of common stock | (11,972) | — | — | (11,972) | — | (11,972) | |
| Issuance of common stock | 842,739 | — | — | 842,739 | — | 842,739 | |
| Stock based compensation expense | 8,719 | — | — | 8,719 | — | 8,719 | |
| Valencia’s transactions with its owner | — | — | — | — | (20,848) | (20,848) | |
| Balance at December 31, 2025 | $2,563,930 | $(26,816) | $866,904 | $3,404,018 | $43,988 | $3,448,006 | |
B - 17
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| Electric Operating Revenues | $1,484,290 | $1,379,088 | $1,403,948 |
| Operating Expenses: | |||
| Cost of energy | 549,156 | 434,918 | 663,614 |
| Administrative and general | 240,852 | 226,560 | 206,650 |
| Energy production costs | 98,371 | 93,748 | 91,610 |
| Regulatory disallowances | (731) | 8,980 | 70,750 |
| Depreciation and amortization | 244,205 | 221,780 | 177,633 |
| Transmission and distribution costs | 63,349 | 61,302 | 61,725 |
| Taxes other than income taxes | 56,485 | 49,807 | 48,790 |
| Total operating expenses | 1,251,687 | 1,097,095 | 1,320,772 |
| Operating income | 232,603 | 281,993 | 83,176 |
| Other Income and Deductions: | |||
| Interest income | 17,487 | 23,454 | 21,355 |
| Gains on investment securities | 34,750 | 26,851 | 19,246 |
| Other income | 14,533 | 15,329 | 11,638 |
| Other (deductions) | (68,796) | (4,140) | (10,881) |
| Net other income and (deductions) | (2,026) | 61,494 | 41,358 |
| Interest Charges | 129,478 | 106,018 | 86,574 |
| Earnings before Income Taxes | 101,099 | 237,469 | 37,960 |
| Income Taxes (Benefits) | (4,442) | 29,217 | (16,758) |
| Net Earnings | 105,541 | 208,252 | 54,718 |
| (Earnings) Attributable to Valencia Non-controlling Interest | (17,936) | (16,040) | (18,533) |
| Net Earnings Attributable to PNM | 87,605 | 192,212 | 36,185 |
| Preferred Stock Dividends Requirements | (528) | (528) | (528) |
| Net Earnings Available for PNM Common Stock | $87,077 | $191,684 | $35,657 |
B - 18
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