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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Schedule I - Condensed Financial Information of Parent Company

STATEMENTS OF EARNINGS

	Year ended December 31,
	2025	2024	2023
(In thousands)
Operating Revenues	$—	$—	$—
Operating Expenses	21,079	9,406	4,972
Operating (loss)	(21,079)	(9,406)	(4,972)
Other Income and Deductions:
Equity in earnings of subsidiaries	211,603	299,867	133,628
Other income	784	1,427	2,245
Net other income and (deductions)	212,387	301,294	135,873
Interest Charges	57,462	64,916	58,934
Earnings Before Income Taxes	133,846	226,972	71,967
Income Tax (Benefit)	(17,516)	(15,182)	(15,851)
Net Earnings	$151,362	$242,154	$87,818

B - 117

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2025	2024	2023
(In thousands)
Cash Flows From Operating Activities:
Net Cash Flows From Operating Activities	$(62,739)	$(36,927)	$(31,368)
Cash Flows From Investing Activities:
Additions to non-utility plant	(1,568)	839	1,138
Investments in subsidiaries	(373,300)	(112,000)	(85,500)
Cash dividends from subsidiaries	—	153,000	—
Net cash flows from investing activities	(374,868)	41,839	(84,362)
Cash Flows From Financing Activities:
Short-term borrowings (repayments) -affiliate, net	(21,200)	21,100	(5,300)
Revolving credit facility borrowings	927,300	822,000	837,000
Revolving credit facility repayments	(1,018,600)	(797,400)	(777,100)
Long-term borrowings	350,000	550,000	500,000
Repayment of long-term debt	(461,000)	(539,000)	(500,000)
Issuance of common stock	842,739	98,601	198,177
Awards of common stock	(11,972)	(8,460)	(9,646)
Dividends paid	(162,845)	(139,811)	(126,177)
Other, net	(5,258)	(11,945)	(1,221)
Net cash flows from financing activities	439,164	(4,915)	115,733
Change in Cash and Cash Equivalents	1,557	(3)	3
Cash and Cash Equivalents at Beginning of Period	61	64	61
Cash and Cash Equivalents at End of Period	$1,618	$61	$64
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$53,508	$71,917	$47,122
Income taxes paid (refunded), net	$—	$(1,707)	$350

B - 118

BALANCE SHEETS

	December 31,
	2025	2024
(In thousands)
Assets
Cash and cash equivalents	$1,618	$61
Intercompany receivables	6,081	—
Income taxes receivable	4,738	15,326
Other current assets	130	15
Total current assets	12,567	15,402
Property, plant and equipment, net of accumulated depreciation of $19,570 and $19,650	21,104	19,536
Investment in subsidiaries	4,260,519	3,625,611
Other long-term assets	63,813	48,312
Total long-term assets	4,345,436	3,693,459
	$4,358,003	$3,708,861
Liabilities and Stockholders’ Equity
Short-term debt	2,600	93,900
Short-term debt-affiliate	9,119	30,319
Current installments of long-term debt	—	50,967
Intercompany payables	—	1,999
Accrued interest and taxes	8,257	6,428
Dividends declared	46,019	36,757
Other current liabilities	788	571
Total current liabilities	66,783	220,941
Long-term debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	884,399	948,731
Other long-term liabilities	2,803	2,803
Total liabilities	953,985	1,172,475
Common stock (no par value; 200,000,000 shares authorized; issued and outstanding 108,921,356 and 92,659,335 shares)	2,563,930	1,724,444
Accumulated other comprehensive income (loss), net of income taxes	(26,816)	(75,708)
Retained earnings	866,904	887,650
Total common stockholders’ equity	3,404,018	2,536,386
	$4,358,003	$3,708,861

See Notes 7, 8, 11, and 16 for information regarding commitments, contingencies, and maturities of long-term debt.

B - 119

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.