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	$174,971	$149,412
Operating Expenses:
Cost of energy	43,427	38,228
Administrative and general	15,298	12,041
Depreciation and amortization	38,564	35,213
Transmission and distribution costs	7,945	9,679
Taxes other than income taxes	13,099	11,504
Total operating expenses	118,333	106,665
Operating income	56,638	42,747
Other Income and Deductions:
Interest income	168	154
Other income	3,305	2,520
Other (deductions)	(306)	(268)
Net other income and deductions	3,167	2,406
Interest Charges	21,401	17,322
Earnings before Income Taxes	38,404	27,831
Income Taxes	7,714	5,548
Net Earnings	$30,690	$22,283

	Three Months Ended March 31,
	2026	2025
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$30,690	$22,283
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	38,751	35,468
Deferred income tax expense	8,312	3,339
Allowance for equity funds used during construction and other, net	(2,718)	(614)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	2,089	669
Materials and supplies	(7,105)	(1,474)
Other current assets	(11,750)	7,922
Other assets	(7,265)	(1,612)
Accounts payable	(372)	1,773
Accrued interest and taxes	(20,074)	(21,187)
Other current liabilities	(2,026)	981
Other liabilities	(2,839)	7,306
Net cash flows from operating activities	25,693	54,854
Cash Flows From Investing Activities:
Utility plant additions	(106,732)	(184,161)
Net cash flows used in investing activities	(106,732)	(184,161)
Cash Flows From Financing Activities:
Revolving credit facilities borrowings	143,600	112,700
Revolving credit facilities repayments	(88,600)	(124,400)
Long-term borrowings	—	140,000
Transmission interconnection and security deposit arrangements	16,500	10,450
Refunds paid under transmission interconnection and security deposit arrangements	(3,760)	(8,500)
Debt issuance costs and other, net	(317)	(1,176)
Net cash flows from financing activities	67,423	129,074
Change in Cash and Cash Equivalents	(13,616)	(233)
Cash and Cash Equivalents at Beginning of Period	15,251	233
Cash and Cash Equivalents at End of Period	$1,635	$—
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$18,789	$19,813
Income taxes paid (refunded), net	$—	$—
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$34,023	$43,759

	March 31,2026	December 31,2025
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$1,635	$15,251
Accounts receivable	35,764	35,894
Unbilled revenues	17,731	19,690
Other receivables	40,163	22,633
Affiliate receivables	85	565
Materials and supplies	42,758	35,653
Regulatory assets	50,597	33,286
Prepaid and other current assets	2,932	5,603
Total current assets	191,665	168,575
Other Property and Investments:
Non-utility property, net	22,313	21,153
Total other property and investments	22,313	21,153
Utility Plant:
Plant in service and plant held for future use	4,093,434	4,065,890
Less accumulated depreciation and amortization	699,939	679,035
	3,393,495	3,386,855
Construction work in progress	293,899	254,810
Net utility plant	3,687,394	3,641,665
Deferred Charges and Other Assets:
Regulatory assets	111,778	106,458
Goodwill	226,665	226,665
Operating lease right-of-use assets, net of accumulated amortization	345	39
Other deferred charges	27,918	23,163
Total deferred charges and other assets	366,706	356,325
	$4,268,078	$4,187,718

	March 31,2026	December 31,2025
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt	$55,000	$—
Accounts payable	23,050	57,444
Affiliate payables	6,764	8,100
Accrued interest and taxes	52,056	72,129
Regulatory liabilities	2,119	2,592
Operating lease liabilities	70	15
Other current liabilities	12,871	14,618
Total current liabilities	151,930	154,898
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	1,672,288	1,672,267
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	238,325	229,375
Regulatory liabilities	279,629	268,913
Asset retirement obligations	759	744
Operating lease liabilities	276	24
Other deferred credits	154,702	122,018
Total deferred credits and other liabilities	673,691	621,074
Total liabilities	2,497,909	2,448,239
Commitments and Contingencies (Note 11)
Common Stockholder’s Equity:
Common stock ($10 par value; 12,000,000 shares authorized; issued and outstanding 6,358 shares)	64	64
Paid-in-capital	1,120,066	1,120,066
Retained earnings	650,039	619,349
Total common stockholder’s equity	1,770,169	1,739,479
	$4,268,078	$4,187,718

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.