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$58.10-0.3%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Comprehensive Income

	Year Ended December 31,
	2025	2024	2023
(In thousands)
Net Earnings	$169,826	$258,722	$106,879
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase (decrease) in unrealized holding gains arising during the period, net of income tax (expense) benefit of $(201), $225, and $(2,928)	590	(660)	8,601
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $199, $3,330, and $1,828	(586)	(9,778)	(5,371)
Pension Liability Adjustment:
Experience gains (losses), net of income tax (expense) benefit of $(701), $815, and $(353)	2,059	(2,395)	1,036
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(16,323), $(1,236), and $(1,212)	47,942	3,630	3,564
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) of $379, $3,876, and $3,933	(1,113)	(11,384)	(11,550)
Reclassification adjustment for (gains) losses included in net earnings, net of income tax expense (benefit) of $0, $(2,629), and $(2,359)	—	7,719	6,928
Total Other Comprehensive Income (Loss)	48,892	(12,868)	3,208
Comprehensive Income	218,718	245,854	110,087
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(17,936)	(16,040)	(18,533)
Preferred Stock Dividend Requirements of Subsidiary	(528)	(528)	(528)
Comprehensive Income Attributable to TXNM	$200,254	$229,286	$91,026

B - 12

	Year Ended December 31,
	2025	2024	2023
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$169,826	$258,722	$106,879
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	483,378	423,010	353,692
Deferred income tax expense (benefit)	8,475	43,050	(13,509)
(Gain) on sale of NMRD	—	(4,449)	—
Pension settlement charge	58,768	—	—
(Gains) losses on investment securities	(34,750)	(26,851)	(19,246)
Stock based compensation expense	8,719	9,480	7,190
Regulatory disallowances	(731)	8,980	71,923
Allowance for equity funds used during construction	(18,598)	(17,887)	(14,978)
Other, net	2,957	4,165	804
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(25,042)	(13,349)	53,229
Materials, supplies, and fuel stock	(14,455)	(33,804)	(31,301)
Other current assets	(12,431)	31,967	(52,225)
Other assets	(50,677)	(83,541)	(25,820)
Accounts payable	18,309	10,021	(33,536)
Accrued interest and taxes	18,621	5,114	17,526
Other current liabilities	(17,697)	(106,374)	125,580
Other liabilities	(10,183)	(94)	4,963
Net cash flows from operating activities	584,489	508,160	551,171
Cash Flows From Investing Activities:
Additions to utility and non-utility plant	(1,195,922)	(1,247,041)	(1,075,812)
Proceeds from sale of plant assets (Note 8)	—	2,840	32,654
Proceeds from sales of investment securities	693,278	707,338	574,199
Purchases of investment securities	(714,393)	(756,805)	(593,241)
Proceeds from sale of NMRD	—	116,936	—
Investments in NMRD	—	(12,550)	(26,250)
Other, net	(109)	14,910	44
Net cash flows used in investing activities	(1,217,146)	(1,174,372)	(1,088,406)

B - 13

	Year Ended December 31,
	2025	2024	2023
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	$2,499,800	$2,892,200	$2,358,900
Revolving credit facilities repayments	(2,927,700)	(2,544,800)	(2,329,000)
Long-term borrowings	3,693,600	1,233,000	1,358,096
Repayment of long-term debt	(3,190,507)	(819,529)	(910,000)
Issuance of common stock	842,739	98,601	198,177
Awards of common stock	(11,972)	(8,460)	(9,646)
Dividends paid	(163,373)	(140,339)	(126,705)
Valencia’s transactions with its owner	(20,848)	(19,098)	(21,569)
Transmission interconnection and security deposit arrangements	57,400	92,272	49,807
Refunds paid under transmission interconnection and security deposit arrangements	(111,779)	(79,011)	(21,124)
Debt issuance costs and other, net	(24,835)	(20,482)	(9,836)
Net cash flows from financing activities	642,525	684,354	537,100
Change in Cash, Cash Equivalents, and Restricted Cash	9,868	18,142	(135)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year	22,085	3,943	4,078
Cash, Cash Equivalents, and Restricted Cash at End of Year	$31,953	$22,085	$3,943
Restricted Cash Included in Other Current Assets and Other Deferred Charges on Consolidated Balance Sheets:
At beginning of period	$17,587	$1,728	$—
At end of period	$13,697	$17,587	$1,728
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$234,160	$207,972	$155,273
Income taxes paid (refunded), net	$2,350	$(998)	$1,505
Supplemental schedule of noncash investing and financing activities:
(Increase) decrease in accrued plant additions	$(20,285)	$10,728	$(23,002)

B - 14

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