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$58.10-0.3%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 exhibitsContents
Consolidated Statements of Comprehensive Income
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| Net Earnings | $105,541 | $208,252 | $54,718 |
| Other Comprehensive Income: | |||
| Unrealized Gains on Available-for-Sale Debt Securities: | |||
| Net increase (decrease) in unrealized holding gains (losses) 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 |
| Total Other Comprehensive Income (Loss) | 50,005 | (9,203) | 7,830 |
| Comprehensive Income | 155,546 | 199,049 | 62,548 |
| Comprehensive (Income) Attributable to Valencia Non-controlling Interest | (17,936) | (16,040) | (18,533) |
| Comprehensive Income Attributable to PNM | $137,610 | $183,009 | $44,015 |
B - 19
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| Cash Flows From Operating Activities: | |||
| Net earnings | $105,541 | $208,252 | $54,718 |
| Adjustments to reconcile net earnings to net cash flows from operating activities: | |||
| Depreciation and amortization | 280,740 | 250,042 | 202,885 |
| Deferred income tax expense (benefit) | 5,716 | 41,903 | (21,972) |
| Pension settlement charge | 58,768 | — | — |
| (Gains) losses on investment securities | (34,750) | (26,851) | (19,246) |
| Regulatory disallowances | (731) | 8,980 | 70,750 |
| Allowance for equity funds used during construction | (9,707) | (13,043) | (9,832) |
| Other, net | 3,650 | 4,459 | 3,485 |
| Changes in certain assets and liabilities: | |||
| Accounts receivable and unbilled revenues | (20,070) | (11,295) | 51,314 |
| Materials, supplies, and fuel stock | (3,153) | (25,915) | (25,681) |
| Other current assets | 14,204 | 19,943 | (54,934) |
| Other assets | (31,637) | (33,013) | (20,956) |
| Accounts payable | 11,605 | 8,135 | (30,423) |
| Accrued interest and taxes | 12,466 | (3,041) | 16,091 |
| Other current liabilities | (26,643) | (99,353) | 123,048 |
| Other liabilities | (9,853) | (7,691) | 4,588 |
| Net cash flows from operating activities | 356,146 | 321,512 | 343,835 |
| Cash Flows From Investing Activities: | |||
| Utility plant additions | (585,195) | (682,412) | (565,080) |
| 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) |
| Other, net | (118) | 14,885 | 7 |
| Net cash flows used in investing activities | (606,428) | (714,154) | (551,461) |
B - 20
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| Cash Flows From Financing Activities: | |||
| Revolving credit facilities borrowings | $1,118,300 | $1,433,200 | $1,114,300 |
| Revolving credit facilities repayments | (1,303,300) | (1,206,900) | (1,162,700) |
| Long-term borrowings | 965,000 | 398,000 | 673,096 |
| Repayment of long-term debt | (560,907) | (200,529) | (410,000) |
| Equity contribution from parent | 123,300 | 55,000 | — |
| Dividends paid | (528) | (51,529) | (528) |
| Valencia’s transactions with its owner | (20,848) | (19,098) | (21,569) |
| Transmission interconnection and security deposit arrangements | 20,120 | 81,022 | 38,807 |
| Refunds paid under transmission interconnection and security deposit arrangements | (90,779) | (74,161) | (17,624) |
| Debt issuance costs and other, net | (6,645) | (4,664) | (6,555) |
| Net cash flows from financing activities | 243,713 | 410,341 | 207,227 |
| Change in Cash, Cash Equivalents, and Restricted Cash | (6,569) | 17,699 | (399) |
| Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 20,285 | 2,586 | 2,985 |
| Cash, Cash Equivalents, and Restricted Cash at End of Year | $13,716 | $20,285 | $2,586 |
| 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 | $111,691 | $85,100 | $66,456 |
| Income taxes paid (refunded), net | $(13,336) | $(4,058) | $(5,338) |
| Supplemental schedule of noncash investing activities: | |||
| (Increase) decrease in accrued plant additions | $(14,923) | $25,955 | $(8,604) |
B - 21
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