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.

See the whole filing, with its images and exhibits

Contents

Consolidated Statements of Earnings

	Year Ended December 31,
	2025	2024	2023
(In thousands, except per share amounts)
Electric Operating Revenues	$2,165,606	$1,971,199	$1,939,198
Operating Expenses:
Cost of energy	716,005	583,984	802,261
Administrative and general	274,453	247,116	227,900
Energy production costs	98,371	93,748	91,610
Regulatory disallowances	(731)	8,980	71,923
Depreciation and amortization	425,641	384,925	319,503
Transmission and distribution costs	100,794	98,380	98,721
Taxes other than income taxes	109,894	100,580	95,940
Total operating expenses	1,724,427	1,517,713	1,707,858
Operating income	441,179	453,486	231,340
Other Income and Deductions:
Interest income	20,065	23,537	21,963
Gains on investment securities	34,750	26,851	19,246
Other income	29,087	28,621	24,204
Other (deductions)	(73,546)	(24,189)	(15,869)
Net other income and (deductions)	10,356	54,820	49,544
Interest Charges	271,522	228,066	190,355
Earnings before Income Taxes	180,013	280,240	90,529
Income Taxes (Benefits)	10,187	21,518	(16,350)
Net Earnings	169,826	258,722	106,879
(Earnings) Attributable to Valencia Non-controlling Interest	(17,936)	(16,040)	(18,533)
Preferred Stock Dividend Requirements of Subsidiary	(528)	(528)	(528)
Net Earnings Attributable to TXNM	$151,362	$242,154	$87,818
Net Earnings Attributable to TXNM per Common Share:
Basic	$1.49	$2.67	$1.02
Diluted	$1.48	$2.67	$1.02

B - 11

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.