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 Earnings

	Three Months Ended March 31,
	2026	2025
(In thousands)
Electric Operating Revenues	$330,011	$333,380
Operating Expenses:
Cost of energy	123,065	130,954
Administrative and general	61,425	57,610
Energy production costs	24,403	24,546
Depreciation and amortization	64,110	59,803
Transmission and distribution costs	17,942	15,826
Taxes other than income taxes	16,925	13,303
Total operating expenses	307,870	302,042
Operating income	22,141	31,338
Other Income and Deductions:
Interest income	3,500	4,217
(Losses) on investment securities	(8,944)	(1,241)
Other income	3,232	1,802
Other (deductions)	(1,088)	(1,518)
Net other income and deductions	(3,300)	3,260
Interest Charges	33,029	29,816
Earnings (Losses) before Income Taxes	(14,188)	4,782
Income Taxes (Benefits)	(2,574)	(37)
Net Earnings (Losses)	(11,614)	4,819
(Earnings) Attributable to Valencia Non-controlling Interest	(4,136)	(3,742)
Net Earnings (Losses) Attributable to PNM	(15,750)	1,077
Preferred Stock Dividend Requirements	(132)	(132)
Net Earnings (Losses) Available for PNM Common Stock	$(15,882)	$945

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended March 31,
	2026	2025
(In thousands)
Net Earnings (Losses)	$(11,614)	$4,819
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
Total Other Comprehensive Income	527	1,122
Comprehensive Income (Loss)	(11,087)	5,941
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(4,136)	(3,742)
Comprehensive Income (Loss) Attributable to PNM	$(15,223)	$2,199

	Three Months Ended March 31,
	2026	2025
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$(11,614)	$4,819
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	73,732	66,622
Deferred income tax expense (benefit)	(2,574)	(35)
Losses on investment securities	8,944	1,241
Allowance for equity funds used during construction	(2,369)	(953)
Other, net	1,294	873
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	21,398	7,877
Materials, supplies, and fuel stock	(1,092)	90
Other current assets	(4,666)	(11,011)
Other assets	(5,938)	(2,035)
Accounts payable	(4,019)	18,617
Accrued interest and taxes	15,164	12,817
Other current liabilities	13,136	(5,823)
Other liabilities	20,836	(4,201)
Net cash flows from operating activities	122,232	88,898
Cash Flows From Investing Activities:
Utility plant additions	(175,095)	(144,676)
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	(177,731)	(147,061)

	Three Months Ended March 31,
	2026	2025
(In thousands)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	$227,800	$203,700
Revolving credit facilities repayments	(278,500)	(269,200)
Short-term borrowings – affiliate, net	—	1,600
Long-term borrowings	—	195,000
Repayment of long-term debt	(3,601)	(3,406)
Equity contribution from parent	105,000	—
Dividends paid	(132)	(132)
Valencia’s transactions with its owner	473	(4,270)
Transmission interconnection and security deposit arrangements	1,713	2,190
Refunds paid under transmission interconnection and security deposit arrangements	(1,377)	(72,252)
Debt issuance costs and other, net	(879)	(558)
Net cash flows from financing activities	50,497	52,672
Change in Cash, Cash Equivalents, and Restricted Cash	(5,002)	(5,491)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	13,716	20,285
Cash, Cash Equivalents, and Restricted Cash at End of Period	$8,714	$14,794
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	$27,502	$24,219
Income taxes paid (refunded), net	$—	$—
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$21,611	$18,207

	March 31,2026	December 31,2025
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$2,498	$19
Accounts receivable, net of allowance for credit losses of $1,498 and $1,394	100,162	115,910
Unbilled revenues	41,482	48,524
Other receivables	34,677	33,422
Affiliate receivables	8,781	17,360
Materials, supplies, and fuel stock	146,754	145,663
Regulatory assets	11,116	8,499
Prepaid assets	15,949	18,502
Income taxes receivable	13,132	13,132
Other current assets	4,575	12,109
Total current assets	379,126	413,140
Other Property and Investments:
Investment securities	494,554	505,655
Other investments	264	302
Non-utility property, net	17,155	17,572
Total other property and investments	511,973	523,529
Utility Plant:
Plant in service and plant held for future use	7,319,012	7,260,670
Less accumulated depreciation and amortization	2,243,443	2,201,687
	5,075,569	5,058,983
Construction work in progress	445,095	371,119
Nuclear fuel, net of accumulated amortization of $32,070 and $27,953	78,381	76,696
Net utility plant	5,599,045	5,506,798
Deferred Charges and Other Assets:
Regulatory assets	826,722	832,791
Goodwill	51,632	51,632
Operating lease right-of-use assets, net of accumulated amortization	48,914	107,986
Other deferred charges	270,579	252,256
Total deferred charges and other assets	1,197,847	1,244,665
	$7,687,991	$7,688,132

	March 31,2026	December 31,2025
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt	$128,100	$178,800
Current installments of long-term debt (includes $7,509 and $7,303 related to ETBC I)	302,768	302,538
Accounts payable	124,781	150,411
Affiliate payables	15,336	18,366
Customer deposits	7,026	6,893
Accrued interest and taxes	71,375	56,211
Regulatory liabilities	11,419	8,430
Operating lease liabilities	7,588	8,913
Dividends declared	132	132
Transmission interconnection arrangement liabilities	14,487	15,878
Other current liabilities	46,323	41,737
Total current liabilities	729,335	788,309
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $320,752 and $324,531 related to ETBC I)	2,556,074	2,559,359
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	819,780	813,528
Regulatory liabilities	494,033	488,406
Asset retirement obligations	255,646	254,353
Accrued pension liability and postretirement benefit cost	6,740	6,736
Operating lease liabilities	40,317	96,246
Other deferred credits	238,615	227,998
Total deferred credits and liabilities	1,855,131	1,887,267
Total liabilities	5,140,540	5,234,935
Commitments and Contingencies (Note 11)
Cumulative Preferred Stock
without mandatory redemption requirements ($100 stated value; 10,000,000 shares authorized; issued and outstanding 115,293 shares)	11,529	11,529
Equity:
PNM common stockholder’s equity:
Common stock (no par value; 40,000,000 shares authorized; issued and outstanding 39,117,799 shares)	1,831,218	1,726,218
Accumulated other comprehensive income (loss), net of income taxes	(25,176)	(25,703)
Retained earnings	681,283	697,165
Total PNM common stockholder’s equity	2,487,325	2,397,680
Non-controlling interest in Valencia	48,597	43,988
Total equity	2,535,922	2,441,668
	$7,687,991	$7,688,132

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