PUBLIC SERVICE CO OF NEW MEXICO

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

About this filing

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

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	$187,438	$164,048	$362,409	$313,460
Operating Expenses:
Cost of energy	43,958	43,286	87,385	81,514
Administrative and general	13,570	14,994	28,868	27,035
Depreciation and amortization	39,572	34,926	78,136	70,139
Transmission and distribution costs	10,003	10,711	17,948	20,390
Taxes other than income taxes	12,751	11,444	25,850	22,948
Total operating expenses	119,854	115,361	238,187	222,026
Operating income	67,584	48,687	124,222	91,434
Other Income and Deductions:
Interest income	367	159	535	313
Other income	3,783	1,764	7,088	4,284
Other (deductions)	271	(229)	(35)	(497)
Net other income and deductions	4,421	1,694	7,588	4,100
Interest Charges	22,030	23,942	43,431	41,264
Earnings before Income Taxes	49,975	26,439	88,379	54,270
Income Taxes	10,041	5,471	17,755	11,019
Net Earnings	$39,934	$20,968	$70,624	$43,251

	Six Months Ended June 30,
	2026	2025
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$70,624	$43,251
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	78,593	75,899
Deferred income tax expense	18,235	10,464
Allowance for equity funds used during construction and other, net	(5,561)	(2,319)
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(11,992)	(9,880)
Materials and supplies	(13,685)	(3,938)
Other current assets	(51,467)	(11,469)
Other assets	(11,604)	(4,716)
Accounts payable	20	8,036
Accrued interest and taxes	(14,161)	(23,947)
Other current liabilities	4,072	13,888
Other liabilities	15,458	6,994
Net cash flows from operating activities	78,532	102,263
Cash Flows From Investing Activities:
Utility plant additions	(216,504)	(317,739)
Net cash flows used in investing activities	(216,504)	(317,739)
Cash Flows From Financing Activities:
Short-term borrowings	524,300	264,600
Repayments of short-term borrowings	(415,800)	(416,200)
Long-term borrowings	—	1,224,300
Repayment of long-term debt	—	(1,084,300)
Equity contribution from parent	—	250,000
Transmission interconnection and security deposit arrangements	19,100	18,800
Refunds paid under transmission interconnection and security deposit arrangements	(3,760)	(20,750)
Debt issuance costs and other, net	(1,071)	(5,207)
Net cash flows from financing activities	122,769	231,243
Change in Cash and Cash Equivalents	(15,203)	15,767
Cash and Cash Equivalents at Beginning of Period	15,251	233
Cash and Cash Equivalents at End of Period	$48	$16,000
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$41,193	$46,365
Income taxes paid, net	$2,048	$2,350
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$24,016	$44,636

	June 30,2026	December 31,2025
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$48	$15,251
Accounts receivable	42,159	35,894
Unbilled revenues	25,417	19,690
Other receivables	46,476	22,633
Affiliate receivables	—	565
Materials and supplies	49,338	35,653
Regulatory assets	72,014	33,286
Prepaid and other current assets	6,242	5,603
Total current assets	241,694	168,575
Other Property and Investments:
Non-utility property, net	26,006	21,153
Total other property and investments	26,006	21,153
Utility Plant:
Plant in service and plant held for future use	4,154,633	4,065,890
Less accumulated depreciation and amortization	719,274	679,035
	3,435,359	3,386,855
Construction work in progress	347,423	254,810
Net utility plant	3,782,782	3,641,665
Deferred Charges and Other Assets:
Regulatory assets	112,791	106,458
Goodwill	226,665	226,665
Operating lease right-of-use assets, net of accumulated amortization	331	39
Other deferred charges	33,415	23,163
Total deferred charges and other assets	373,202	356,325
	$4,423,684	$4,187,718

	June 30,2026	December 31,2025
(In thousands, except share information)
LIABILITIES AND STOCKHOLDER’S EQUITY
Current Liabilities:
Short-term debt	$108,500	$—
Accounts payable	33,448	57,444
Affiliate payables	12,255	8,100
Accrued interest and taxes	57,969	72,129
Regulatory liabilities	—	2,592
Operating lease liabilities	76	15
Other current liabilities	14,526	14,618
Total current liabilities	226,774	154,898
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs	1,672,334	1,672,267
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	248,998	229,375
Regulatory liabilities	292,880	268,913
Asset retirement obligations	775	744
Operating lease liabilities	257	24
Other deferred credits	171,563	122,018
Total deferred credits and other liabilities	714,473	621,074
Total liabilities	2,613,581	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	689,973	619,349
Total common stockholder’s equity	1,810,103	1,739,479
	$4,423,684	$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.