PUBLIC SERVICE CO OF NEW MEXICO

For the period ended Sep 30, 2026. Filed Oct 30, 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.

Sep 30, 2026 · Filed Oct 30, 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 September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
(In thousands)
Net Earnings	$168,001	$136,304	$251,396	$175,114
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 $(7), $(36), $(24), and $(164)	21	105	71	481
Reclassification adjustment for (gains) included in net earnings, net of income tax expense of $28, $69, $93, and $155	(82)	(204)	(273)	(456)
Pension Liability Adjustment:
Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax (benefit) of $(16), $(349), $(383), and $(1,047)	46	1,025	1,124	3,076
Fair Value Adjustment for Cash Flow Hedges:
Change in fair market value, net of income tax (expense) benefit of $0, $(242), $0, and $391	—	713	—	(1,147)
Reclassification adjustment for amortization of losses recognized in net earnings, net of income tax (expense) benefit of $(12), $0, $(36), and $0	35	—	105	—
Total Other Comprehensive Income	20	1,639	1,027	1,954
Comprehensive Income	168,021	137,943	252,423	177,068
Comprehensive (Income) Attributable to Valencia Non-controlling Interest	(4,440)	(5,462)	(12,570)	(13,509)
Preferred Stock Dividend Requirements of Subsidiary	(132)	(132)	(396)	(396)
Comprehensive Income Attributable to TXNM	$163,449	$132,349	$239,457	$163,163

	Nine Months Ended September 30,
	2026	2025
(In thousands)
Cash Flows From Operating Activities:
Net earnings	$251,396	$175,114
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	379,835	361,095
Deferred income tax expense	37,342	19,901
Losses on investment securities	(5,580)	(33,691)
Stock based compensation expense	5,732	6,676
Regulatory disallowances	—	(731)
Allowance for equity funds used during construction	(17,284)	(11,319)
Other, net	2,863	2,735
Changes in certain assets and liabilities:
Accounts receivable and unbilled revenues	(94,175)	(76,923)
Materials, supplies, and fuel stock	(20,100)	(6,125)
Other current assets	(76,017)	(13,584)
Other assets	(61,557)	(27,568)
Accounts payable	(7,402)	3,007
Accrued interest and taxes	32,078	28,770
Other current liabilities	24,906	(2,620)
Other liabilities	496	2,053
Net cash flows from operating activities	452,533	426,790
Cash Flows From Investing Activities:
Additions to utility plant and non-utility plant	(903,010)	(886,111)
Proceeds from sales of investment securities	424,925	440,720
Purchases of investment securities	(430,093)	(445,054)
Other, net	111	(75)
Net cash flows used in investing activities	(908,067)	(890,520)

	Nine Months Ended September 30,
	2026	2025
(In thousands)
Cash Flows From Financing Activities:
Short-term borrowings	$2,912,050	$1,910,600
Repayments of short-term borrowings	(2,857,450)	(2,206,100)
Long-term borrowings	945,000	3,153,600
Repayment of long-term debt	(602,303)	(2,990,507)
Issuance of common stock	518,687	842,891
Cancelled common stock previously issued	(400,000)	—
Awards of common stock	(6,469)	(8,433)
Dividends paid	(136,726)	(118,855)
Return of dividends previously paid (Note 12)	13,280	—
Valencia’s transactions with its owner	(8,441)	(15,102)
Transmission interconnection and security deposit arrangements	152,889	33,936
Refunds paid under transmission interconnection and security deposit arrangements	(65,021)	(102,811)
Debt issuance costs and other, net	(7,234)	(17,590)
Net cash flows from financing activities	458,262	481,629
Change in Cash, Cash Equivalents, and Restricted Cash	2,728	17,899
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	31,953	22,085
Cash, Cash Equivalents, and Restricted Cash at End of Period	$34,681	$39,984
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	$5,951	$7,918
Supplemental Cash Flow Disclosures:
Interest paid, net of amounts capitalized	$189,934	$161,677
Income taxes paid, net	$2,048	$2,350
Supplemental schedule of noncash investing activities:
Decrease in accrued plant additions	$43,844	$53,059

	September 30,2026	December 31,2025
(In thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$28,730	$18,256
Accounts receivable, net of allowance for credit losses of $1,616 and $1,394	219,248	151,804
Unbilled revenues	90,961	68,214
Other receivables	60,237	53,875
Materials, supplies, and fuel stock	201,416	181,316
Regulatory assets	109,835	41,785
Prepaid assets	35,487	28,946
Income taxes receivable	8,072	8,322
Other current assets	5,505	12,144
Total current assets	759,491	564,662
Other Property and Investments:
Investment securities	500,225	505,655
Other investments	191	302
Non-utility property, net	43,745	40,729
Total other property and investments	544,161	546,686
Utility Plant:
Plant in service and plant held for future use	12,071,216	11,592,121
Less accumulated depreciation and amortization	3,199,975	3,010,588
	8,871,241	8,581,533
Construction work in progress	938,624	653,206
Nuclear fuel, net of accumulated amortization of $29,647 and $27,953	75,642	76,696
Net utility plant	9,885,507	9,311,435
Deferred Charges and Other Assets:
Regulatory assets	928,553	939,249
Goodwill	278,297	278,297
Operating lease right-of-use assets, net of accumulated amortization	46,123	108,517
Other deferred charges	381,978	310,439
Total deferred charges and other assets	1,634,951	1,636,502
	$12,824,110	$12,059,285

	September 30,2026	December 31,2025
(In thousands, except share information)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt	$236,000	$181,400
Current installments of long-term debt (includes $7,721 and $7,303 related to ETBC I)	127,721	302,538
Accounts payable	191,816	243,062
Customer deposits	7,149	6,893
Accrued interest and taxes	155,842	124,014
Regulatory liabilities	12,993	11,022
Operating lease liabilities	7,324	8,969
Dividends declared	46,660	46,151
Transmission interconnection arrangement liabilities	9,445	15,878
Other current liabilities	146,471	77,610
Total current liabilities	941,421	1,017,537
Long-term Debt, net of Unamortized Premiums, Discounts, and Debt Issuance Costs (includes $316,892 and $324,531 related to ETBC I)	5,632,794	5,116,026
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes	1,026,848	961,230
Regulatory liabilities	780,321	757,319
Asset retirement obligations	260,545	255,097
Accrued pension liability and postretirement benefit cost	6,408	6,736
Operating lease liabilities	34,572	96,735
Other deferred credits	443,689	389,070
Total deferred credits and other liabilities	2,552,383	2,466,187
Total liabilities	9,126,598	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 110,125,757 and 108,921,356 shares)	2,681,880	2,563,930
Accumulated other comprehensive income (loss), net of income taxes	(25,789)	(26,816)
Retained earnings	981,775	866,904
Total TXNM common stockholders’ equity	3,637,866	3,404,018
Non-controlling interest in Valencia	48,117	43,988
Total equity	3,685,983	3,448,006
	$12,824,110	$12,059,285

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