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 Earnings

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
(In thousands)
Electric Operating Revenues	$361,116	$338,372	$691,127	$671,752
Operating Expenses:
Cost of energy	120,181	124,336	243,246	255,290
Administrative and general	59,634	59,526	121,059	117,136
Energy production costs	25,340	26,081	49,743	50,627
Depreciation and amortization	65,310	60,778	129,420	120,581
Transmission and distribution costs	15,374	15,750	33,316	31,576
Taxes other than income taxes	16,294	15,262	33,219	28,565
Total operating expenses	302,133	301,733	610,003	603,775
Operating income	58,983	36,639	81,124	67,977
Other Income and Deductions:
Interest income	3,911	3,729	7,411	7,946
Gains on investment securities	24,414	23,556	15,470	22,315
Other income	4,028	3,561	7,260	5,363
Other (deductions)	(2,876)	(4,301)	(3,964)	(5,819)
Net other income and deductions	29,477	26,545	26,177	29,805
Interest Charges	32,335	31,975	65,364	61,791
Earnings before Income Taxes	56,125	31,209	41,937	35,991
Income Taxes	6,233	2,410	3,659	2,373
Net Earnings	49,892	28,799	38,278	33,618
(Earnings) Attributable to Valencia Non-controlling Interest	(3,994)	(4,305)	(8,130)	(8,047)
Net Earnings Attributable to PNM	45,898	24,494	30,148	25,571
Preferred Stock Dividend Requirements	(132)	(132)	(264)	(264)
Net Earnings Available for PNM Common Stock	$45,766	$24,362	$29,884	$25,307

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
(In thousands)
Net Earnings (Losses)	$49,892	$28,799	$38,278	$33,618
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
Total Other Comprehensive Income	410	1,053	937	2,175
Comprehensive Income (Loss)	50,302	29,852	39,215	35,793
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(3,994)	(4,305)	(8,130)	(8,047)
Comprehensive Income (Loss) Attributable to PNM	$46,308	$25,547	$31,085	$27,746

	Six Months Ended June 30,
	2026	2025
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$38,278	$33,618
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	148,577	134,216
Deferred income tax expense	3,659	2,439
Losses on investment securities	(15,470)	(22,315)
Allowance for equity funds used during construction	(5,562)	(3,095)
Other, net	2,554	1,900
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(6,518)	(21,040)
Materials, supplies, and fuel stock	1,207	(375)
Other current assets	(11,606)	(10,205)
Other assets	(36,654)	1,463
Accounts payable	(3,045)	(14,257)
Accrued interest and taxes	7,610	4,457
Other current liabilities	41,341	9,661
Other liabilities	6,739	(15,943)
Net cash flows from operating activities	171,110	100,524
Cash Flows From Investing Activities:
Utility plant additions	(318,267)	(272,669)
Proceeds from sales of investment securities	329,672	198,728
Purchases of investment securities	(333,215)	(201,174)
Other, net	73	(62)
Net cash flows used in investing activities	(321,737)	(275,177)

	Six Months Ended June 30,
	2026	2025
(In thousands)
Cash Flows From Financing Activities:
Short-term borrowings	$703,800	$627,700
Repayments of short-term borrowings	(667,600)	(756,900)
Long-term borrowings	—	495,000
Repayment of long-term debt	(3,601)	(107,406)
Equity contribution from parent	105,000	—
Dividends paid	(264)	(264)
Valencia’s transactions with its owner	(4,172)	(8,918)
Transmission interconnection and security deposit arrangements	25,854	2,415
Refunds paid under transmission interconnection and security deposit arrangements	(2,604)	(74,278)
Debt issuance costs and other, net	(1,296)	(2,654)
Net cash flows from financing activities	155,117	174,695
Change in Cash, Cash Equivalents, and Restricted Cash	4,490	42
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	13,716	20,285
Cash, Cash Equivalents, and Restricted Cash at End of Period	$18,206	$20,327
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	$62,074	$53,933
Income taxes paid, net	$—	$—
Supplemental schedule of noncash investing activities:
Decrease (increase) in accrued plant additions	$(448)	$11,569

	June 30,2026	December 31,2025
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$5,811	$19
Accounts receivable, net of allowance for credit losses of $1,573 and $1,394	103,251	115,910
Unbilled revenues	64,941	48,524
Other receivables	22,470	33,422
Affiliate receivables	8,747	17,360
Materials, supplies, and fuel stock	144,456	145,663
Regulatory assets	19,201	8,499
Prepaid assets	22,034	18,502
Income taxes receivable	13,132	13,132
Other current assets	10,881	12,109
Total current assets	414,924	413,140
Other Property and Investments:
Investment securities	513,644	505,655
Other investments	228	302
Non-utility property, net	16,192	17,572
Total other property and investments	530,064	523,529
Utility Plant:
Plant in service and plant held for future use	7,486,643	7,260,670
Less accumulated depreciation and amortization	2,278,270	2,201,687
	5,208,373	5,058,983
Construction work in progress	408,151	371,119
Nuclear fuel, net of accumulated amortization of $25,206 and $27,953	77,937	76,696
Net utility plant	5,694,461	5,506,798
Deferred Charges and Other Assets:
Regulatory assets	820,449	832,791
Goodwill	51,632	51,632
Operating lease right-of-use assets, net of accumulated amortization	47,136	107,986
Other deferred charges	319,256	252,256
Total deferred charges and other assets	1,238,473	1,244,665
	$7,877,922	$7,688,132

	June 30,2026	December 31,2025
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt	$215,000	$178,800
Current installments of long-term debt (includes $7,509 and $7,303 related to ETBC I)	227,817	302,538
Accounts payable	147,814	150,411
Affiliate payables	37,153	18,366
Customer deposits	7,025	6,893
Accrued interest and taxes	63,821	56,211
Regulatory liabilities	14,944	8,430
Operating lease liabilities	6,989	8,913
Dividends declared	132	132
Transmission interconnection arrangement liabilities	16,745	15,878
Other current liabilities	62,396	41,737
Total current liabilities	799,836	788,309
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $320,779 and $324,531 related to ETBC I)	2,631,441	2,559,359
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	834,008	813,528
Regulatory liabilities	488,204	488,406
Asset retirement obligations	257,656	254,353
Accrued pension liability and postretirement benefit cost	6,653	6,736
Operating lease liabilities	34,074	96,246
Other deferred credits	233,074	227,998
Total deferred credits and liabilities	1,853,669	1,887,267
Total liabilities	5,284,946	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	(24,766)	(25,703)
Retained earnings	727,049	697,165
Total PNM common stockholder’s equity	2,533,501	2,397,680
Non-controlling interest in Valencia	47,946	43,988
Total equity	2,581,447	2,441,668
	$7,877,922	$7,688,132

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