PUBLIC SERVICE CO OF NEW MEXICO

For the period ended Mar 31, 2026. Filed May 1, 2026.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed May 1, 2026

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

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Contents

Condensed Consolidated Statements of Comprehensive Income

	Three Months Ended March 31,
	2026	2025
(In thousands)
Net Earnings	$8,005	$12,797
Other Comprehensive Income:
Unrealized Gains on Available-for-Sale Debt Securities:
Net increase in unrealized holding gains arising during the period, net of income tax (expense) of $0 and $(68)	1	199
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $38 and $35	(112)	(102)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(217) and $(349)	638	1,025
Fair Value Adjustment for Cash Flow Hedges:
Reclassification adjustment for amortization of losses recognized in net earnings, net of income tax (expense) benefit of $(12) and $0	35	—
Total Other Comprehensive Income	562	1,122
Comprehensive Income	8,567	13,919
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(4,136)	(3,742)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)
Comprehensive Income Attributable to TXNM	$4,299	$10,045

	Three Months Ended March 31,
	2026	2025
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$8,005	$12,797
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	125,431	114,300
Deferred income tax expense (benefit)	(547)	618
Losses on investment securities	8,944	1,241
Stock based compensation expense	5,110	2,972
Allowance for equity funds used during construction	(5,014)	(1,555)
Other, net	1,202	861
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	23,500	8,546
Materials, supplies, and fuel stock	(8,197)	(1,383)
Other current assets	(17,871)	(4,401)
Other assets	(11,432)	(5,067)
Accounts payable	(4,196)	21,652
Accrued interest and taxes	11,043	(1,409)
Other current liabilities	1,617	(12,681)
Other liabilities	15,593	4,766
Net cash flows from operating activities	153,188	141,257
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant	(312,716)	(342,624)
Proceeds from sales of investment securities	110,074	90,103
Purchases of investment securities	(112,748)	(92,457)
Other, net	38	(31)
Net cash flows used in investing activities	(315,352)	(345,009)

	Three Months Ended March 31,
	2026	2025
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	$667,800	$513,000
Revolving credit facilities repayments	(586,000)	(528,600)
Long-term borrowings	—	335,000
Repayment of long-term debt	(3,601)	(3,406)
Issuance of common stock	103,687	—
Awards of common stock	(5,385)	(6,307)
Dividends paid	(46,151)	(37,891)
Valencia’s transactions with its owner	473	(4,270)
Transmission interconnection and security deposit arrangements	18,213	12,640
Refunds paid under transmission interconnection and security deposit arrangements	(5,136)	(80,752)
Debt issuance costs and other, net	(1,853)	(1,854)
Net cash flows from financing activities	142,047	197,560
Change in Cash, Cash Equivalents, and Restricted Cash	(20,117)	(6,192)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	31,953	22,085
Cash, Cash Equivalents, and Restricted Cash at End of Period	$11,836	$15,893
Restricted Cash included in Other Current Assets and Other Deferred Charges on Condensed Consolidated Balance Sheets:
At beginning of period	$13,697	$17,587
At end of period	$6,216	$9,840
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$46,310	$52,333
Income taxes paid (refunded), net	$—	$—
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$81,423	$62,988

	March 31,2026	December 31,2025
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$5,620	$18,256
Accounts receivable, net of allowance for credit losses of $1,498 and $1,394	135,926	151,804
Unbilled revenues	59,213	68,214
Other receivables	72,809	53,875
Materials, supplies, and fuel stock	189,512	181,316
Regulatory assets	61,713	41,785
Prepaid assets	24,912	28,946
Income taxes receivable	7,784	8,322
Other current assets	4,730	12,144
Total current assets	562,219	564,662
Other Property and Investments:
Investment securities	494,554	505,655
Other investments	264	302
Non-utility property, net	41,376	40,729
Total other property and investments	536,194	546,686
Utility Plant:
Plant in service and plant held for future use	11,685,689	11,592,121
Less accumulated depreciation and amortization	3,083,085	3,010,588
	8,602,604	8,581,533
Construction work in progress	763,659	653,206
Nuclear fuel, net of accumulated amortization of $32,070 and $27,953	78,381	76,696
Net utility plant	9,444,644	9,311,435
Deferred Charges and Other Assets:
Regulatory assets	938,500	939,249
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	49,740	108,517
Other deferred charges	328,776	310,439
Total deferred charges and other assets	1,595,313	1,636,502
	$12,138,370	$12,059,285

	March 31,2026	December 31,2025
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt	$263,200	$181,400
Current installments of long-term debt (includes $7,509 and $7,303 related to ETBC I)	302,768	302,538
Accounts payable	157,444	243,062
Customer deposits	7,026	6,893
Accrued interest and taxes	134,520	124,014
Regulatory liabilities	13,538	11,022
Operating lease liabilities	7,701	8,969
Dividends declared	46,906	46,151
Transmission interconnection arrangement liabilities	14,487	15,878
Other current liabilities	75,315	77,610
Total current liabilities	1,022,905	1,017,537
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $320,752 and $324,531 related to ETBC I)	5,112,431	5,116,026
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	970,171	961,230
Regulatory liabilities	773,662	757,319
Asset retirement obligations	256,405	255,097
Accrued pension liability and postretirement benefit cost	6,740	6,736
Operating lease liabilities	41,046	96,735
Other deferred credits	429,929	389,070
Total deferred credits and other liabilities	2,477,953	2,466,187
Total liabilities	8,613,289	8,599,750
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock of Subsidiary
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
Equity:
TXNM common stockholders’ equity:
Common stock (no par value; 200,000,000 shares authorized; issued and outstanding 110,707,257 and 108,921,356 shares)	2,667,342	2,563,930
Accumulated other comprehensive income (loss), net of income taxes	(26,254)	(26,816)
Retained earnings	823,867	866,904
Total TXNM common stockholders’ equity	3,464,955	3,404,018
Non-controlling interest in Valencia	48,597	43,988
Total equity	3,513,552	3,448,006
	$12,138,370	$12,059,285

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