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 PNM | ||||||
|---|---|---|---|---|---|---|
| CommonStock | AOCI | RetainedEarnings | Total PNMCommonStockholder’sEquity | Non-controllingInterestin Valencia | TotalEquity | |
| (In thousands) | ||||||
| Balance at December 31, 2022 | $1,547,918 | $(74,335) | $433,747 | $1,907,330 | $52,994 | $1,960,324 |
| Net earnings | — | — | 36,185 | 36,185 | 18,533 | 54,718 |
| Total other comprehensive income | — | 7,830 | — | 7,830 | — | 7,830 |
| Dividends declared on preferred stock | — | — | (528) | (528) | — | (528) |
| Valencia’s transactions with its owner | — | — | — | — | (21,569) | (21,569) |
| Balance at December 31, 2023 | 1,547,918 | (66,505) | 469,404 | 1,950,817 | 49,958 | 2,000,775 |
| Net earnings | — | — | 192,212 | 192,212 | 16,040 | 208,252 |
| Total other comprehensive income (loss) | — | (9,203) | — | (9,203) | — | (9,203) |
| Dividends declared on preferred stock | — | — | (528) | (528) | — | (528) |
| Equity contributions from parent | 55,000 | — | — | 55,000 | — | 55,000 |
| Dividends declared on common stock | — | — | (51,000) | (51,000) | — | (51,000) |
| Valencia’s transactions with its owner | — | — | — | — | (19,098) | (19,098) |
| Balance at December 31, 2024 | 1,602,918 | (75,708) | 610,088 | 2,137,298 | 46,900 | 2,184,198 |
| Net earnings | — | — | 87,605 | 87,605 | 17,936 | 105,541 |
| Total other comprehensive income | — | 50,005 | — | 50,005 | — | 50,005 |
| Dividends declared on preferred stock | — | — | (528) | (528) | — | (528) |
| Equity contribution from parent | 123,300 | — | — | 123,300 | — | 123,300 |
| Valencia’s transactions with its owner | — | — | — | — | (20,848) | (20,848) |
| Balance at December 31, 2025 | $1,726,218 | $(25,703) | $697,165 | $2,397,680 | $43,988 | $2,441,668 |
B - 24
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| Electric Operating Revenues | $681,316 | $592,111 | $535,250 |
| Operating Expenses: | |||
| Cost of energy | 166,849 | 149,066 | 138,647 |
| Administrative and general | 57,190 | 54,711 | 53,963 |
| Regulatory disallowances | — | — | 1,173 |
| Depreciation and amortization | 143,942 | 125,915 | 113,142 |
| Transmission and distribution costs | 37,445 | 37,078 | 36,996 |
| Taxes other than income taxes | 47,174 | 44,441 | 41,311 |
| Total operating expenses | 452,600 | 411,211 | 385,232 |
| Operating income | 228,716 | 180,900 | 150,018 |
| Other Income and Deductions: | |||
| Other income | 16,056 | 12,305 | 10,127 |
| Other (deductions) | (1,441) | (3,580) | (1,759) |
| Net other income | 14,615 | 8,725 | 8,368 |
| Interest Charges | 86,956 | 58,983 | 46,152 |
| Earnings before Income Taxes | 156,375 | 130,642 | 112,234 |
| Income Taxes | 32,085 | 27,114 | 17,297 |
| Net Earnings | $124,290 | $103,528 | $94,937 |
B - 25
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| Cash Flows From Operating Activities: | |||
| Net earnings | $124,290 | $103,528 | $94,937 |
| Adjustments to reconcile net earnings to net cash flows from operating activities: | |||
| Depreciation and amortization | 153,692 | 126,868 | 113,854 |
| Deferred income tax (benefit) | 18,184 | 26,363 | 2,888 |
| Regulatory disallowances | — | — | 1,173 |
| Allowance for equity funds used during construction and other, net | (9,585) | (5,222) | (5,145) |
| Changes in certain assets and liabilities: | |||
| Accounts receivable and unbilled revenues | (4,972) | (2,053) | 1,916 |
| Materials and supplies | (11,302) | (7,889) | (5,620) |
| Other current assets | (27,666) | 11,063 | 3,650 |
| Other assets | (6,875) | (33,601) | 3,109 |
| Accounts payable | 5,464 | (832) | 171 |
| Accrued interest and taxes | 15,389 | (818) | 2,886 |
| Other current liabilities | 10,623 | (5,355) | (156) |
| Other liabilities | (2,188) | 1,564 | 949 |
| Net cash flows from operating activities | 265,054 | 213,616 | 214,612 |
| Cash Flows From Investing Activities: | |||
| Utility plant additions | (563,127) | (541,604) | (464,436) |
| Net cash flows used in investing activities | (563,127) | (541,604) | (464,436) |
B - 26
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| Cash Flow From Financing Activities: | |||
| Revolving credit facilities borrowings | $454,200 | $637,000 | $407,600 |
| Revolving credit facilities repayments | (605,800) | (540,500) | (389,200) |
| Long-term borrowings | 2,378,600 | 285,000 | 185,000 |
| Repayment of long-term debt | (2,168,600) | (80,000) | — |
| Transmission interconnection arrangements | 37,280 | 11,250 | 11,000 |
| Refunds paid under transmission interconnection and security deposit arrangements | (21,000) | (4,850) | (3,500) |
| Equity contribution from parent | 250,000 | 24,000 | 40,900 |
| Debt issuance costs and other, net | (11,589) | (3,679) | (1,976) |
| Net cash flows from financing activities | 313,091 | 328,221 | 249,824 |
| Change in Cash and Cash Equivalents | 15,018 | 233 | — |
| Cash and Cash Equivalents at Beginning of Year | 233 | — | — |
| Cash and Cash Equivalents at End of Year | $15,251 | $233 | $— |
| Supplemental Cash Flow Disclosures: | |||
| Interest paid, net of amounts capitalized | $68,962 | $50,956 | $41,847 |
| Income taxes paid, net | $7,519 | $11,021 | $16,904 |
| Supplemental schedule of noncash investing activities: | |||
| (Increase) decrease in accrued plant additions | $15,136 | $(16,328) | $(17,297) |
B - 27
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