PUBLIC SERVICE CO OF NEW MEXICO

For the period ended Jun 30, 2026. Filed Jul 31, 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.

Jun 30, 2026 · Filed Jul 31, 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 June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
(In thousands)
Net Earnings	$75,390	$26,013	$83,395	$38,810
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 $(17), $(60), $(17), and $(128)	49	177	50	376
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $27, $51, $65, and $86	(79)	(150)	(191)	(252)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(150), $(349), $(367), and $(698)	440	1,026	1,078	2,051
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) benefit of $0 $633, $0, and $633	—	(1,860)	—	(1,860)
Reclassification adjustment for amortization of losses recognized in net earnings, net of income tax (expense) benefit of $(12), $0, $(24), and $0	35	—	70	—
Total Other Comprehensive Income	445	(807)	1,007	315
Comprehensive Income	75,835	25,206	84,402	39,125
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(3,994)	(4,305)	(8,130)	(8,047)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)	(264)	(264)
Comprehensive Income Attributable to TXNM	$71,709	$20,769	$76,008	$30,814

	Six Months Ended June 30,
	2026	2025
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$83,395	$38,810
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	253,039	235,245
Deferred income tax expense	11,123	1,796
Losses on investment securities	(15,470)	(22,315)
Stock based compensation expense	4,278	5,266
Allowance for equity funds used during construction	(10,756)	(5,266)
Other, net	2,189	1,753
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(18,510)	(30,921)
Materials, supplies, and fuel stock	(12,478)	(4,313)
Other current assets	(63,473)	(20,651)
Other assets	(59,518)	(8,211)
Accounts payable	(2,879)	(3,669)
Accrued interest and taxes	7,985	(19,588)
Other current liabilities	15,766	(17,140)
Other liabilities	28,328	(6,001)
Net cash flows from operating activities	223,019	144,795
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant	(577,560)	(608,800)
Proceeds from sales of investment securities	329,672	198,728
Purchases of investment securities	(333,215)	(201,174)
Other, net	75	(53)
Net cash flows used in investing activities	(581,028)	(611,299)

	Six Months Ended June 30,
	2026	2025
(In thousands)
Cash Flows From Financing Activities:
Short-term borrowings	$1,856,250	$1,398,900
Repayments of short-term borrowings	(1,554,650)	(1,662,500)
Long-term borrowings	—	1,719,300
Repayment of long-term debt	(3,601)	(1,442,706)
Issuance of common stock	123,297	645,309
Awards of common stock	(6,365)	(8,249)
Dividends paid	(93,057)	(75,781)
Valencia’s transactions with its owner	(4,172)	(8,918)
Transmission interconnection and security deposit arrangements	44,954	21,215
Refunds paid under transmission interconnection and security deposit arrangements	(6,363)	(95,028)
Debt issuance costs and other, net	(3,252)	(9,599)
Net cash flows from financing activities	353,041	481,943
Change in Cash, Cash Equivalents, and Restricted Cash	(4,968)	15,439
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	31,953	22,085
Cash, Cash Equivalents, and Restricted Cash at End of Period	$26,985	$37,524
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	$12,395	$15,354
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$119,999	$132,849
Income taxes paid, net	$2,048	$2,350
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$45,576	$53,154

	June 30,2026	December 31,2025
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$14,590	$18,256
Accounts receivable, net of allowance for credit losses of $1,573 and $1,394	145,410	151,804
Unbilled revenues	90,358	68,214
Other receivables	67,064	53,875
Materials, supplies, and fuel stock	193,794	181,316
Regulatory assets	91,215	41,785
Prepaid assets	32,582	28,946
Income taxes receivable	9,230	8,322
Other current assets	16,107	12,144
Total current assets	660,350	564,662
Other Property and Investments:
Investment securities	513,644	505,655
Other investments	228	302
Non-utility property, net	44,074	40,729
Total other property and investments	557,946	546,686
Utility Plant:
Plant in service and plant held for future use	11,902,839	11,592,121
Less accumulated depreciation and amortization	3,131,594	3,010,588
	8,771,245	8,581,533
Construction work in progress	787,263	653,206
Nuclear fuel, net of accumulated amortization of $25,206 and $27,953	77,937	76,696
Net utility plant	9,636,445	9,311,435
Deferred Charges and Other Assets:
Regulatory assets	933,240	939,249
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	47,935	108,517
Other deferred charges	393,709	310,439
Total deferred charges and other assets	1,653,181	1,636,502
	$12,507,922	$12,059,285

	June 30,2026	December 31,2025
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt	$483,000	$181,400
Current installments of long-term debt (includes $7,509 and $7,303 related to ETBC I)	227,817	302,538
Accounts payable	194,608	243,062
Customer deposits	7,025	6,893
Accrued interest and taxes	132,907	124,014
Regulatory liabilities	14,944	11,022
Operating lease liabilities	7,109	8,969
Dividends declared	132	46,151
Transmission interconnection arrangement liabilities	16,745	15,878
Other current liabilities	100,370	77,610
Total current liabilities	1,184,657	1,017,537
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $320,779 and $324,531 related to ETBC I)	5,187,896	5,116,026
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	990,599	961,230
Regulatory liabilities	781,084	757,319
Asset retirement obligations	258,431	255,097
Accrued pension liability and postretirement benefit cost	6,653	6,736
Operating lease liabilities	34,773	96,735
Other deferred credits	449,892	389,070
Total deferred credits and other liabilities	2,521,432	2,466,187
Total liabilities	8,893,985	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 111,045,010 and 108,921,356 shares)	2,685,140	2,563,930
Accumulated other comprehensive income (loss), net of income taxes	(25,809)	(26,816)
Retained earnings	895,131	866,904
Total TXNM common stockholders’ equity	3,554,462	3,404,018
Non-controlling interest in Valencia	47,946	43,988
Total equity	3,602,408	3,448,006
	$12,507,922	$12,059,285

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